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July 2017 Corporate Presentation – Karve Energy Inc

Karve Energy Inc · Jul 31, 2017 · 47 slides

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Slides

  1. July 2017 Corporate Presentation – Karve Energy Inc – slide 1
    JULY 2017
  2. July 2017 Corporate Presentation – Karve Energy Inc – slide 2
    ACQUISITION FINANCING Issuer: Karve Energy Inc. (Karve) Brokered Offering: Up to 18,750,000 common shares at 2.00 per common share for gross proceeds of up to 37,500,000 NonBrokered Offering: 52,250,000 common shares at 2.00 to certain…
  3. July 2017 Corporate Presentation – Karve Energy Inc – slide 3
    CORPORATE SUMMARY Stand Alone Pro Forma Basic shares outstanding 64.8 MM 135.8 MM Options1 6.4 MM 13.5 MM Performance warrants2 16.1 MM 33.9 MM Fully diluted shares 87.3 MM 183.2 MM Basic Management ownership 10 % 6% Fully diluted…
  4. July 2017 Corporate Presentation – Karve Energy Inc – slide 4
    CORPORATE SUMMARY CURRENT ASSET BASE TCPL was down for 5 days and temporarily limited production; production is now back on. Source: Karve Energy Inc. 5
  5. July 2017 Corporate Presentation – Karve Energy Inc – slide 5
    KARVE SPROULE RESERVES SUMMARY CURRENT ASSET BASE June 30/2017 Dec 31/2016 Dec 31/2015 % Change Dec. 31, WI Liquids WI Gas Total Total 6 Month % Total 2016 vs. Jun. 30, (Mbbl) (MMcf) (MBoe) (MBoe) Change (MBoe) 2017 Proved Proved…
  6. July 2017 Corporate Presentation – Karve Energy Inc – slide 6
    RESERVOIR SUMMARY CURRENT ASSET BASE Karve Current Asset Base MMbbls Recovery Factor Estimated OOIP 350.0 Estimated recoverable reserves at 10% 35.0 10.0% Cumulative production to date(1) 14.6 4.2% June 30, 2017 Sproule remaining…
  7. July 2017 Corporate Presentation – Karve Energy Inc – slide 7
    ASSET OVERVIEW CURRENT ASSET BASE Karve Viking Rights Waterflood Gas Units Q1 2017 Drill Program Q4 2016 Drill Program Current Production: 2,100 BOE/d (91% oil) Source: IHS AccuMap Initial production 450 BOE/d (75%…
  8. July 2017 Corporate Presentation – Karve Energy Inc – slide 8
    OIL FAIRWAY CURRENT ASSET BASE Viking Oil Fairway OMEGA Karve Land North Unit Waterflood Gas Unit Q1 2017 Drill Program Q4 2016 Drill Program Hamilton Lake OMEGA South Waterflood Unit Source: IHS AccuMap 9
  9. July 2017 Corporate Presentation – Karve Energy Inc – slide 9
    OMEGA NORTH VIKING WATERFLOOD UNIT CURRENT ASSET BASE Current Production: 400 bbl/d Q1 2017 Drill Program Q4 2016 Drill Program Source: IHS AccuMap Source: IHS AccuMap Current production of 400 bbl/d of oil Drilled…
  10. July 2017 Corporate Presentation – Karve Energy Inc – slide 10
    OMEGA SOUTH VIKING WATERFLOOD AREA CURRENT ASSET BASE Current Production: 350 bbl/d Q1 2017 Drill Program Q4 2016 Drill Program Source: IHS AccuMap Source: IHS AccuMap Current production of 350 bbl/d of oil Drilled 4…
  11. July 2017 Corporate Presentation – Karve Energy Inc – slide 11
    HAMILTON LAKE VIKING WATERFLOOD CURRENT ASSET BASE Q1 2017 Drill Program Q4 2016 Drill Program Current Production: 350 bbl/d Source: IHS AccuMap Source: IHS AccuMap Current production of 350 bbl/d of oil Drilled 5…
  12. July 2017 Corporate Presentation – Karve Energy Inc – slide 12
    PRIMARY PRODUCTION AREA CURRENT ASSET BASE Q1 2017 Drill Program Current Q4 2016 Drill Program Production: 700 bbl/d Wells on primary production Source: IHS AccuMap Source: IHS AccuMap Current production of 700…
  13. July 2017 Corporate Presentation – Karve Energy Inc – slide 13
    ACTUAL RESULTS VS SPROULE TYPE CURVE CURRENT ASSET BASE Source: Karve Energy Inc. See Reader Advisories Oil and Gas Information 14
  14. July 2017 Corporate Presentation – Karve Energy Inc – slide 14
    TYPE WELL DRILLING ECONOMICS CURRENT ASSET BASE Karve Consort Area Results (24 wells) 100 Sproule Tier 5 100% CROWN WTI FX EDM Par Capex EUR BT NPV 10 IRR Payout 90 US/bbl US/CDN CDN/bbl M/Well Mbbl M % Months 40 0.77 47.42 825 50…
  15. July 2017 Corporate Presentation – Karve Energy Inc – slide 15
    SPROULE PROVOST MONTHLY VIKING TIER CURVES Source: Karve Energy Inc. See Reader Advisories Oil and Gas Information 16
  16. July 2017 Corporate Presentation – Karve Energy Inc – slide 16
    CURRENT KARVE OPPORTUNITY SUMMARY & UPDATE Approximately 50 gross prospective oil sections with less than 5% recovery factor(1) to date Multiple sections prospective for 2 Viking intervals 400 + unrisked drilling locations Economic in…
  17. July 2017 Corporate Presentation – Karve Energy Inc – slide 17
    VIKING EXPERIENCE The Karve team has significant experience Cutpick Energy within the Viking Viking Oil Fairway fairway in Alberta and Saskatchewan including its last 3 Karve Energy Acquisition Lands companies: Plenty…
  18. July 2017 Corporate Presentation – Karve Energy Inc – slide 18
    THE ACQUISITION Total acquisition price = 118.0 MM (effective January 1, 2017; subject to closing adjustments; and, expected to close August 15, 2017) Acquisition metrics: 18,150 per BOE/d (based on 6,500 BOED/d) 7.02 per BOE…
  19. July 2017 Corporate Presentation – Karve Energy Inc – slide 19
    ASSET HIGHLIGHTS April 2017 WI sales production of 6,500 BOE/d 2,800 bbl/d of oil and NGLs, 22.2 MMcf/d of gas, 45% liquids 2016 Average Operating cost of 17.81/BOE (April 2017 operating cost of 16.07/BOE) 2016 Net Operating Income…
  20. July 2017 Corporate Presentation – Karve Energy Inc – slide 20
    DRAFT RESERVE SUMMARY Karve Energy Inc. The Acquisition Pro Forma Company BTax 10% Company BTax 10% Company BTax 10% Gross (MBOE) (M) Gross (MBOE) (M) Gross (MBOE) (M) Proved Developed Producing 1,691 42,502 12,724 83,984 14,415…
  21. July 2017 Corporate Presentation – Karve Energy Inc – slide 21
    ACQUISITION PROVOST AREA LAND MAP 1,000,000+ gross acres of land (92% WI) Only 21 sections expiring in the next 5 years 164,000 acres of fee acreage Most is held by current production or is unitized (WI in 12 producing…
  22. July 2017 Corporate Presentation – Karve Energy Inc – slide 22
    ASSET OVERVIEW AND PRODUCTION SUMMARY Source: Internally generated reports of the vendor April 2017 W.I. sales prod, of approximately, 6,500 BOE/d, 45% Acquisition Infrastructure Acquisition Fee Title liquids Acquisition Oil…
  23. July 2017 Corporate Presentation – Karve Energy Inc – slide 23
    OPPORTUNITY RICH ASSET Karve has identified in excess of 1000 mile (600m) Viking locations 200 m spacing Massive network of operated infrastructure providing control over production in the area 8 plants with significant unused…
  24. July 2017 Corporate Presentation – Karve Energy Inc – slide 24
    WELLBORE COUNT AND REVIEW Total of 3,391 wellbores; 2,200 of which are operated 1,740 wells are currently producing, 978 suspended; 532 are in various stages of abandonment Status Gross Wellbores Net Wellbores Producing 1,740 1,304…
  25. July 2017 Corporate Presentation – Karve Energy Inc – slide 25
    ASSET ACQUISITION OVERVIEW LIABILITIES AND LLR Wells Facilities Sum of Deemed Liability Sum of Deemed Asset Amount Large Facility Liabilites LLR Liabilities LMR Liabilities LLR LMR Amount 230,657,517 43,338,186 0 212,710,340…
  26. July 2017 Corporate Presentation – Karve Energy Inc – slide 26
    VETERAN ASSET OVERVIEW Karve Current Assets 1,000 Veteran Area W.I. Raw Production 10,000 Acquisition W.I. Land Cal Dly Liquids (bbl/d) Cal Dly Gas (Mcf/d) 100 1,000 1/1/2000 7/1/2000 1/1/2001 7/1/2001…
  27. July 2017 Corporate Presentation – Karve Energy Inc – slide 27
    VETERAN GEOLOGY OVERVIEW Source: IHS AccuMap Several productive sands with significant undeveloped upside; up to 15 metres of Viking pay Management estimates OOIP in excess of 10 MMbbl per section ( 2 MMbbl/metre) Karve has…
  28. July 2017 Corporate Presentation – Karve Energy Inc – slide 28
    VETERAN UPSIDE AND ASSET OVERVIEW 2016 NOI of 3.8 MM 2016 operating costs of 17.11/BOE plus 2.00/BOE transportation Management identified 330 locations (200 metre spacing) 105 primary depletion 225 waterflood supported Could…
  29. July 2017 Corporate Presentation – Karve Energy Inc – slide 29
    VETERAN ECONOMICS Veteran Area Type Wells 100 Sproule Tier 5 86% W.I., 2.5% GOR 90 WTI FX Capex EUR BT NPV 10 IRR Payout 80 US/bbl US/CDN M/Well Mbbl M % Months 40 0.74 820 50 113 19% 39 70 45 0.75 820 50 271 34% 27 60 50…
  30. July 2017 Corporate Presentation – Karve Energy Inc – slide 30
    EAST PROVOST ASSET OVERVIEW Acquisition East Provost W.I. Raw Production 10,000 100,000 Cal Dly Liquids (bbl/d) Cal Dly Gas (Mcf/d) 100 10,000 1 1,000 20000101 20000701 20010101 20010701 20020101 20020701…
  31. July 2017 Corporate Presentation – Karve Energy Inc – slide 31
    EAST PROVOST UPSIDE AND ASSET OVERVIEW 2016 NOI of 5.1 MM 2016 operating costs of 12.28/BOE Management identified 507 locations (200 metre spacing) All primary depletion Competitor currently down spacing to 125 metre interwell…
  32. July 2017 Corporate Presentation – Karve Energy Inc – slide 32
    EAST PROVOST ECONOMICS Sproule tier 5 supported with analogous East Provost Viking Area Results (31 wells) 100 wells offset and directly on lands 90 All primary recovery 80 Capital assumptions: Pad drilling, 70 820k/well 60…
  33. July 2017 Corporate Presentation – Karve Energy Inc – slide 33
    ALLIANCE HALKIRK ASSET OVERVIEW Alliance/Halkirk Area W.I. Raw Production 10000 10,000 1000 1,000 Cal Dly Liquids (bbl/d) Cal Dly Gas (Mcf/d) 100 100 10 10 1/1/2000 7/1/2000 1/1/2001 7/1/2001 1/1/2002…
  34. July 2017 Corporate Presentation – Karve Energy Inc – slide 34
    ALLIANCE HALKIRK UPSIDE AND ASSET OVERVIEW Over 350 half mile (600m) Viking locations identified (200 metre spacing) by Management All primary depletion Acquisition Viking Viking location petroleum rights Viking…
  35. July 2017 Corporate Presentation – Karve Energy Inc – slide 35
    GAS UNITS MANNVILLE ASSET OVERVIEW Kessler Viking Gas Unit Brownfield North Provost Gas Unit Provost Viking Sand Gas Unit Sullivan Lake Gas Unit No. 1 Source: IHS AccuMap Area includes 6 operated gas units and 1…
  36. July 2017 Corporate Presentation – Karve Energy Inc – slide 36
    GAS UNITS MANNVILLE ASSET OVERVIEW Gas Units Mannville W.I. Raw Production April 2017 W.I. Sales production 4,404 BOE/d 10,000 1,000,000 Oil & liquids: 1,776 bbl/d, Gas: 15,769 Mcf/d 2016 NOI of 6.9MM, 2016 operating costs of…
  37. July 2017 Corporate Presentation – Karve Energy Inc – slide 37
    DEVELOPMENT PLAN Drilling and growth will be focused within the Veteran and East Provost assets Drill 30 additional wells in remainder of 2017 and 75 wells in 2018 and 2019 150 wells each year after Proactively reduce inactive well…
  38. July 2017 Corporate Presentation – Karve Energy Inc – slide 38
    FIVE YEAR CAPITAL PROGRAM Source: Karve Energy Inc. See Reader Advisories Oil and Gas Information 39
  39. July 2017 Corporate Presentation – Karve Energy Inc – slide 39
    OFFICERS: DIRECTORS: Bob Chaisson Chief Executive Officer Don Engle Chairman and Independent Director Derek Kreba President Bob Chaisson Karve Energy CEO Ken McNeill Executive Vice President, Corporate Development Howard Crone…
  40. July 2017 Corporate Presentation – Karve Energy Inc – slide 40
    APPENDIX MANAGEMENT
  41. July 2017 Corporate Presentation – Karve Energy Inc – slide 41
    MANAGEMENT BIOS Bob Chaisson, Director and Chief Executive Officer Mr. Chaisson is a founder and the Chief Executive Officer of the Corporation and is currently a Director of Saguaro Resources Ltd. and Burgess Creek Exploration Inc.…
  42. July 2017 Corporate Presentation – Karve Energy Inc – slide 42
    MANAGEMENT BIOS Silas Ehlers P.Geol., Vice President, Exploration Mr. Ehlers is the VP, Exploration of the Corporation. Most recently, he was the Senior Geologist with Coral Hill Energy from 2009 to February 2015. Prior thereto, he…
  43. July 2017 Corporate Presentation – Karve Energy Inc – slide 43
    APPENDIX VIKING EXPERIENCE
  44. July 2017 Corporate Presentation – Karve Energy Inc – slide 44
    VIKING EXPERIENCE The Karve team has significant experience Cutpick Energy within the Viking fairway in Alberta and Viking Oil Fairway Saskatchewan including its last 3 Karve Energy companies: Plenty (Meridian) Halkirk…
  45. July 2017 Corporate Presentation – Karve Energy Inc – slide 45
    SUMMARY OF BEAUMONT ENERGY INC. Started in Dec. 2012 with 668 BOE/d capitalized with 135.5MM at 2.00 per share Sold to Whitecap Resources Inc. in May 2015 with 5,100 BOE/d for 587.5MM or 5.62 per fully diluted share Fully diluted per…
  46. July 2017 Corporate Presentation – Karve Energy Inc – slide 46
    SUMMARY OF CUTPICK ENERGY INC. Started in July 2009 with 774 BOE/d capitalization over the life of the Company with 144MM at a weighted average price of 3.96 per share Sold to Crescent Point Energy Corp. in June 2012 with 5,600 BOE/d…
  47. July 2017 Corporate Presentation – Karve Energy Inc – slide 47
    SUMMARY OF PLENTY ENERGY INC. Started in 2008 with 70 BOE/d capitalized over the life of the Company with 26.6MM at a weighted average of 0.64 per share. Initial financing raise 4.6MM at 0.25 per share Sold to NAL Resources…

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