BUILDING OUR FUTURE IN THE MONTNEY 16+ billion +40% BOE of TPIIP Forecast Montney production growth resource from Q4 16 to Q4 17 5,780 FINANCIAL 71% Identified drilling Condensate as a percentage of STRENGTH & DISCIPLINE…
ABOUT CREW (TSX: CR) Track Record of Successful Growth-oriented Montney producer with large, contiguous land Montney Execution base in NE BC Montney Production(2) (BOE/D) Forecast Access to diversified markets with operated…
TRACK RECORD OF PROFITABILITY SUPPORTED BY LOW CASH COSTS 2016 PDP FD&A Costs 2016 Cash Costs (US/boe) (US/boe, net of royalties) 60 30 Canadian Co's Canadian Co's US Co's US Co's Median 50 Median 25 40 20 30 15…
LONG-TERM TOP QUARTILE CAPITAL EFFICIENCIES DRIVE STRONG RECYCLE RATIOS 3-Year Proved Developed FD&A costs 3-Year Proved Developed Recycle Ratio (US/boe, net of royalties) (US/boe, net of royalties, including hedging) 60 3.5x…
VALUATION / PROFITABILITY DISCONNECT 14 US Co's Revenue - PDP FD&A Costs - Cash Costs = PXD Canadian Co's Full Cycle Profitability CXO 12 XEC EOG Increasing PE valuation EGN 10 APA NFX COG CHK AREX RRC EV/DACF 2018…
RISING NETBACKS & LOWER COSTS High Quality Montney Assets Support Strong Q1 2017 Results Top Quartile Operating Netbacks (Pre-Hedging) Top Quartile Montney Operating Costs Among 25 Among Montney-Focused Peers (/boe) Montney-Focused…
MASSIVE LAND POSITION IN THE SWEET SPOT OF THE MONTNEY 13% of land Has Upper Montney reserves assigned Crew Goose…
CREW MONTNEY STRATIGRAPHIC STACK 2 HZ Wells 3 HZ Wells 3 HZ Wells 54 HZ Wells 77 HZ Wells 1 HZ Well 10 HZ Wells West Portage Groundbirch Attachie West Septimus Septimus Goose Tower Doig 5 23 1 AA Upper Montney 1 7 2 1 A 35…
WEST SEPTIMUS Economics(1): 512 Identified Locations(2) Condensate - Rich Up to 220 bbl/mmcf(3) Full Cycle Half Cycle Outperformance of Initial Capital Expenditures (MM) 4.3 3.5 10000 West Septimus Type Curve(4)(5) 1 Month IP…
SEPTIMUS: FREE CASH FLOW GENERATION Economics(1): Full Cycle Half Cycle 104 108 MM Free cash flow Identified Locations(2) generated 16 19(3) Capital Expenditures (MM) 4.3 3.5 100 1 Month IP (boe/d) 809 809 Free cash flow directed…
ULTRA CONDENSATE-RICH AREA IS NEW FOCUS AT GREATER SEPTIMUS Economics(1): Ultra Condensate-Rich Half Cycle Capital Expenditures (MM) 4.3 C7-30: 60,000 bbls condensate in 180 days; avg CGR of 188 1 Month IP (boe/d) 1,064 Crew…
OUR MONTNEY ASSETS CAN GENERATE COMPELLING RETURNS ACROSS VARIOUS PRICE & COST CYCLES Project Area Cost Increase Effect on IRR Project Area Price Increase Effect on IRR 140 180 4.3MM 160 120 70% IRR even with 25% cost escalation…
FUTURE GROWTH OPPORTUNITIES Over-pressured, liquids-rich natural gas areas 90+ Lower Montney identified locations at Greater Septimus(1) ATTACHIE 1,000 thick pay (Upper + Lower Montney) 97 net sections LOWER MONTNEY Multiple…
GROUNDBIRCH Delineation Area with Long-Term Upside Similar liquids content to Septimus at 30-40 bbls / mmcf, 60% condensate Groundbirch Crew 2-4 Pad 2018/19 Planned Facility Large pay thickness (500 ft. Upper Montney) with…
ATTACHIE Pilot Wells Successful ARC Montney Crew 10-22 Wells 10.5 mmcf/d 15 bbls/mmcf condy, Over-pressured with liquids-rich natural gas 4 fracs Large pay thickness (1,000 Upper + Lower Montney) High condensate rates in…
MULTIPLE MARKET ACCESS POINTS Long-term transportation capacity and market planning facilitates growth to 60,000 boe/d to 2019 Flatrock Three pipeline options running west, east and south provide access to North American markets…
FIRM SERVICE ARRANGEMENTS & STAGED PROCESSING SUPPORT GROWTH PLAN 400,000 Transportation Processing TCPL/Nova: 60 mmcf/d firm increasing to 120 mmcf/d (Jun 19) Groundbirch: 120 mmcf/d (Q4 18) Spectra: 13 mmcf/d firm increasing to 30…
ADVANTAGES OF GAS MARKET DIVERSITY 4.00 3.50 Commencement of Alliance Pipeline service and initiation of diversified contract portfolio 3.00 Natural Gas Prices (C/MCF) 2.50 2.00 Stn 2 Chicago 1.50 10% City Gate…
BUILDING BLOCKS ARE IN PLACE +40% Growth Financial Strength Forecast Montney production Q4 16 Q4 17 1.5x debt / FFO(1) Access to Infrastructure And diversified markets Massive Resource Efficiency Improvements 16+ billion boe…
Contact Info: Suite 800, 250 - 5th Street SW Dale O. Shwed, President & CEO Calgary, Alberta T2P 0R4 John G. Leach, Senior Vice President & CFO Telephone: (403) 266-2088 Email: investorcrewenergy.com Robert J. Morgan, Senior Vice…
Appendix
2017 CAPITAL PROGRAM AND FORECAST 2017 Cash Flow (CF) (mm) 131 Hedging Summary as of May 8, 2017 Capex (mm) 200 Volume Period Derivative Reference Price Year-end net debt (mm) 275 Natural Gas Debt to annualized Q4 CF 1.5x 35,000…
SUMMARY OF NEW TERM DEBT Issuer: Crew Energy Inc. (the Company) Issue: 300 million senior unsecured notes (the Notes) Coupon: 6.5% Issue Ratings: DBRS: B S&P: B Term: Seven years (7NC3) Ranking: Senior unsecured ranking pari…
STABLE ASSET: LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Currently in sales process BRIGHTSAND 73,326 net acres of land in the area; SWIMMING Lloydminster average WI of 93% FOREST BANK LOW LAKE LASHBURN…
2016 RESERVES & RESOURCE HIGHLIGHTS Montney Reserves and Resource Growth and Improving Capital Efficiencies Total 2016 2016 2016 3 Year Average F&D(1)(2)(3) Reserves Change Change Reserves NPV10 (BT) (mmboe) (after production) (per…
200MM 2017 BUDGET & GROWTH OUTLOOK 90% Directed to Montney Production Growth & Infrastructure Expansion 140MM Montney Capital by Area Montney Production (BOE/D) Directed to Montney drill, complete, equip & tie-in activities Tower…
NE BC MONTNEY RESOURCE EVALUATION Dec. 31, Dec. 31, Reserves and Risked and Unrisked Economic Contingent Chance of Best Estimate Best Estimate 2016 2015 Resource (1)(2)(3)(6)(7)(8) Development Unrisked Risked Conventional Natural Gas…
NE BC MONTNEY RESOURCE EVALUATION, CONTINUED Chance of Best Estimate Best Estimate Prospective Resources (1)(2)(3)(4)(5)(6)(7) Commerciality Unrisked Risked Conventional Natural Gas (Tcf) 66% 10,311 6,774 NGL (MMbbl) 66% 327 215…
World-Class MONTNEY RESOURCE 16+ billion BOE of TPIIP Resource +40% 285,000 Forecast Montney production growth Net Acres in the Montney Q4 17 over Q4 16 34
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