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May 2017 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · May 31, 2017 · 45 slides

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Slides

  1. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Corporate Presentation May 2017
  2. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status May 2017 Production Overview 2017 average production forecast of 240,000-260,000 boepd (approx. 30% annual growth, range accounts for firm service interruptions) 2017 liquids production in excess of 40,000 bpd…
  3. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 Historical EP Performance Mar 2017 Production Growth Per Share* Reserves Growth Per Share* 350 7 Production per Thousand Shares Reserves per Share (BOEs) 300 6 250 5 200 4 (BOEs) 150 3 100 2 50 1 0 0 2009 2010…
  4. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 4
    4 Largest Canadian Gas Producers Mar 2017 Canadian WCSB Gas Production 2015A & 2016E** 1,700 1,600 2015A Natural Gas (MMcf/d) 1,500 2016E Natural Gas (MMcf/d) 1,400 2017E Natural Gas (MMcf/d) 1,300 1,200 Production…
  5. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Alberta Deep Basin Mar 2017 T65 R9 R7 R5 Current Production 160,000 -165,000 boepd Current Reserves 871.9 mmboe (Jan 1, 2017) T63 Tourmaline Land Base 3,000 gross sections Drilling Inventory 2,819 locations (vertical) TCPL…
  6. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Top Gas Wells Drilled in Alberta in 2016 (90 Day Average IP) Feb 2017 Calendar- Day Avg Natural Gas Prodcution (Mcf/d) 20,000 Tourmaline has 16 of the top 15,000 20 Alberta gas wells in 2016. 10,000 U. Mannville 5,000…
  7. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    NEBC Montney Gas Condensate and Peace 7 River High Charlie Lake Oil Core Areas May 2017 Current Prod. 80,000-85,000 boepd BC Montney In excess of 4,046 horizontal locations Drilling Inventory* BC Montney Reserves 766.5 mmboe (Jan…
  8. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 8
    8 NEBC Montney Gas/Condensate Complex Apr 2017 Black Swan Current Prod. 315-325 mmcf/d TOU Land Comp. Station, dehy C-60-A Gas Plant 25 mmcf/d 6,500-7,000 bpd condensate TOU Wells 200 MMCF/D Q4 2018 Current Reserves 766.5…
  9. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 9
    9 Peace River High Complex Charlie Lake Play May 2017 Earring 15-16 R. 10 R. 9 R.BOPD, IP90: 130 7 R. 5 1.7 MMSCF/D Peace River High Charlie Lake Play 1,863 Horizontal Locations* along Regional Play Fairway Mulligan 4-13 Upper…
  10. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 Significant Recent EP Highlights Feb 2017 Deep Basin Minehead 16-15 Notikewin hz has averaged 29.7 mmcfpd over initial 60 days, cum gas prod of 2.20 bcf Kakwa 12-35 Falher C hz has averaged 20.5 mmcfpd over initial 50 days, 26…
  11. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 11
    11 Tourmaline Mid-Stream Assets Apr 2017 The infrastructure skeleton in all three core operated complexes is now complete R. 15W6 R. 1W6 R. 15W5 Gundy Inga 18 Working interest gas plants, 15 of which NE Alberta BC are 100%…
  12. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 Historical Reserves Summary Feb 2017 Reserves (GLJ) Reserves 2012 2013 2014 2015 2016 2000 2012 2013 2014 2015 2016 (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) PDP 91.9 122.3 177.8 263.2 352.1 1500 TP 249.2 316.5 472.3 644.1…
  13. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 13
    13 Gas Development Location Inventory and Economics Mar 2017 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lake Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 3.3 4.80 4.40 2.90 2.4 (Drill,…
  14. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 Completed Well Costs and EUR By N. American Play Type Apr 2017 25 Completed Well Cost CDN EUR (Bcfe) 0.50/mcfe 20.3 Bcfe 20 0.78/mcfe 17.2 Bcfe 15 13.4 MM 10.1 1.13/mcfe MM 10 7.9 0.70/mcfe MM 0.47/mcfe 0.79/mcfe…
  15. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 Tourmaline vs US Gas Weighted Peers Cash Costs Per BOE Apr 2017 Operating Transportation G&A Interest 12.00 10.73 10.00 1.55 1.35 8.00 Costs Per BOE 5.91 6.00 5.02 0.88 0.42 0.71 6.22 0.29 4.00 1.44 2.18…
  16. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 16
    16 Historical Drilling Performance and Cost Improvements South Deep Basin Peace River High Average Drill Days Average Drill Cost Average Drill Days Average Drill Cost 3.0 35 57% 49% 20 41% 36% 5.0 2.5 30 Decrease Decrease…
  17. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 Historical Completions Performance Improvements Deep Basin - Completions Peace River High - Completions 3,000 3,500 47% 3,000 72% 2,500 Decrease Since 2012 Decrease Since 2012 2,500 2,000 2,000 000 000 1,500 1,500…
  18. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 Continuous Cost Reduction Strategy Mar 2017 Operating Costs General and Administrative Costs 2.46 8.00 2.50 7.00 2.00 6.34 6.00 /boe 1.50 /boe 5.58 1.29 4.87 1.02 5.00 1.00 4.43 4.35 4.37 0.79 0.74 0.60…
  19. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 2017/18 Guidance May 2017 2017(1) 2018(1) Production Boe/d 240,000 - 260,000 290,000 - 320,000 Cash Flow - MM(i) 1,411 1,842 CFPS - Diluted(i) 5.22 6.78 E&P Capital Program - MM 1,331 1,792 Free Cash Flow - MM(ii) 80…
  20. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 Current 5 Year Plan(1) Feb 2017 450,000 400,000 Spirit River 350,000 NEBC 300,000 Deep Basin 250,000 Boe/d 200,000 150,000 100,000 50,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024…
  21. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 Natural Gas Transportation and Marketing Overview May 2017 Natural Gas Portfolio Diversification 38% 20% 8% Station 2 34% 8% US/Other Markets Hedges Stn 2 Aeco AECO Weighted Avg % of Total Current Hedges Volume…
  22. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 Underlying Natural Gas Fundamentals are Strong. Mar 2016 Supply/Demand fundamentals support a strong natural gas price recovery, the warm 2015/2016 winter has temporarily deferred this rally, to 2H 2016/Q1 2017. Natural Gas…
  23. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 2H 2016 Highlights/2017 Outlook Mar 2017 Tourmaline now a senior with 2017 production reaching the 250,000 boepd milestone. (30%+ annual growth) The Company reserves are now 1.75 billion boe (Jan 1, 2017). (60%+ annual…
  24. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    APPENDIX
  25. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 Natural Gas Flows From Western Canada
  26. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 Shell Acquisition Overview Oct 2016 A major step towards the ongoing plan to become Canadas and one of North Americas largest, most efficient, lowest cost and profitable natural gas producers. The acquisition provides a…
  27. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 Shell Deep Basin Assets Overview Oct 2016 The asset is the original Duvernay Oil Corp. Deep Basin position supplemented with incremental acreage by Shell. (2008-2016) The asset was producing approximately 17,500 boepd in 2008…
  28. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 28
    28 Alberta Deep Basin Shell Deep Basin Assets Oct. 2016 Tourmaline had reached production levels of T65 R9 135,000 boepd from the Deep Basin through R7 R5 Current Production* 130,000 -135,000 boepd drilling 300 hz wells to date.…
  29. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 Shell Gundy Ck BC Montney Asset Oct 2016 One of most attractive Montney sub-play areas in Western Canada with a 300m thick overall section, 4 separate lobes and liquid content of 30-50 bbls/mm. Large contiguous 100% working…
  30. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 Tourmaline Montney EP Performance Sep 2016 200,000 1.8 180,000 BC/AB Montney Well Performance Montney Production NEBC 1.6 160,000 Average IP 30 Well Rates (2015/16) 1.4 140,000 120,000 1.2 Boe/d 000 Boe/d 100,000 1…
  31. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    31 Tourmaline Vs. US Shale Plays (1) Apr 2016 Tourmaline Tourmaline Marcellus Shale Marcellus Shale Utica Alberta Deep Basin (2) B.C. Montney (2) Liquids Rich Drill, Case, Complete 3.6MM 2.5MM 8.2MM 8.2MM 12.8MM Costs (USD)…
  32. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    32 Hedging Summary 2017 May 2017 2017 Gas Hedges (Apr Dec 2017) Volume Weighted Avg Price 480,266 Total price protected volumes mcf/d /mcf(1) (mcf/d) Fixed Price Hedges 237,000 Production volumes committed AECO (CDN) 238,081 3.12…
  33. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 Quarterly Hedge Summary May 2017 Natural Gas Volume Q2 2017 WAVG Price Volume Q3 2017 WAVG Price Volume Q4 2017 WAVG Price Volume Q1 2018 WAVG Price mcf/d /mcf(1) mcf/d /mcf(1) mcf/d /mcf(1) mcf/d /mcf(1) Fixed Price…
  34. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    34 EP Growth Plan (Original Business Plan) Sept 2008 This is essentially the same business plan that was executed for Duvernay Oil Corp. (2001-2008) Primary growth mechanism will be a conventional EP Program (including Resource…
  35. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 35
    35 Alberta Deep Basin Overview Aug 2016 The Alberta Deep Basin is the largest gas producing sub-basin in Western Canada, with current production of 3.2-3.3 bcf/day. The Alberta Deep Basin and the BC/Ab Montney are Canadas two…
  36. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 Alberta Deep Basin: Wilrich Regional Resource Play Apr 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M T. 64 T. 64 Kakwa 4-29 Kakwa 13-12/5-12 30 day IP T.20.2 63 mmcfpd 30 day IP 19.2 mmcfpd T. 63 Tourmaline…
  37. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    Alberta Deep Basin: 37 Notikewin/Falher Hz Program Apr 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M KakwaT. 649-17 Kakwa 1-7 T. 64 30 day IP 21.8 mmcfpd 30 day IP 16.4 mmcfpd T. 63 T. 63 T. 62 Wild R 3-9…
  38. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    38 Banshee Alberta Gas Plant Simple, easy to construct dew point plants tied to the main TCPL sales system Total cost (2 phases) of 80M, capacity of 130 mmcfpd with enhanced liquids recovery capability
  39. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    39 Tourmaline Environmental Performance Tourmaline strives to continually improve all aspects of environmental performance including the impact of its operations on air, land and water. Tourmaline ranks as a top decile performer…
  40. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 40
    40 BC Water Management 100% of all water flowed back from completion operations is recycled 90% of all water sourced for stimulation operations is recycled 187,000m3 of produced water storage capacity 3 produced water ponds…
  41. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 41
    41 Natural Gas Substitution in Operations Raw Natural Gas cost (Feb 2017) 0.10/DLE (Diesel Equivalent Liter) vs 0.69/L rack price for marked diesel 12 Drilling Rigs and all BC completion operations use a combination of NG/Diesel…
  42. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 42
    42 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities Cost saving via novel frac water sourcing/recycling Alternative hz frac programs/processes Concurrent pairs, delayed flow-backs etc. Novel drilling…
  43. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 43
    43 Capitalization to Date Insiders Public Total millions of shares Price* millions of shares Price* 2008 Financings Common shares 28.50 5.16 22.00 7.00 301.0 2008 Financings Flow through shares 1.25 10.00 1.25 10.00 25.0 2009…
  44. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 44
    44 Schedule A DRILLING LOCATIONS Estimated Drilling Inventory This news release discloses drilling locations in four categories: (i) proved undeveloped locations; (ii) probable undeveloped locations; (iii) unbooked locations; and…
  45. May 2017 Corporate Presentation – Tourmaline Oil Corp. – slide 45
    45 Schedule A continued Deep Basin Vertical well count : Approximately 2,746 gross prospective sections at approximately 1.5 wells per section minus 10% for areas that are inaccessible or limited by spacing requirements minus…

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