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August 2017 Investor Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Aug 23, 2017 · 34 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. August 2017 Investor Presentation – Bonavista Energy Corp – slide 1
    All together better.
  2. August 2017 Investor Presentation – Bonavista Energy Corp – slide 2
    Identity This is Bonavista: Our leadership team is We are ALIGNED with our EXPERIENCED: shareholders: average tenure with 9% insider ownership, 3x our Bonavista of 13 years peer group average We are EFFICIENT: We have a…
  3. August 2017 Investor Presentation – Bonavista Energy Corp – slide 3
    Identity Concentration Strategy Focused on two core areas: Deep Total Core Non-Core Basin Net operating income ( millions) 337 99% 1% 2016 Edmonton Production (boe/d) 68,550 93% 7% E&D capital expense ( millions) 154 99%…
  4. August 2017 Investor Presentation – Bonavista Energy Corp – slide 4
    Identity Performance Improvements with Focus Concentration strategy has led to a higher quality portfolio: 10.00 16.00 35,000 PRODUCTION ADDITION EFFECIENCY 14.00 FINDING & DEVELOPMENT COSTS 30,000 9.00 12.00 25,000…
  5. August 2017 Investor Presentation – Bonavista Energy Corp – slide 5
    Identity Sustainable Growth Includes Reducing Footprint Socially responsible: REDUCING AIR CONTAMINANTS 700 2,000 5.0 7,800 1.8 1,800 4.1 4.5 7,600 1.6 TOP TIER PIPELINE RECORD 600 3.7 1,600 4.0 7,400 1.4 3.0 3.0 3.0…
  6. August 2017 Investor Presentation – Bonavista Energy Corp – slide 6
    2017 Sustainable Growth Guidance - remaining flexible with our capital program: Flexible second half capital spending program 2017E Capital Expenditures ( millions): will be influenced by Exploration and Development future…
  7. August 2017 Investor Presentation – Bonavista Energy Corp – slide 7
    2017 Sustainable Growth Meaningful production growth in 2017: 90,000 80,000 +12 %* 80%* Production (boe/d) 70,000 60,000 growth in Spirit River 50,000 production 40,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov…
  8. August 2017 Investor Presentation – Bonavista Energy Corp – slide 8
    2017 Sustainable Growth Strengthening NGL prices*: Ethane (C2) Propane (C3) Butane (C4) Condensate (C5+) Total 10 20 40 70 30 18 38 28 65 9 16 319% 36 26 14 34 20% 24 34% 60 8 12 32 22 /bbl /bbl /bbl /bbl /bbl 10…
  9. August 2017 Investor Presentation – Bonavista Energy Corp – slide 9
    2017 Sustainable Growth NGL a growing component of revenue stream: 40% NGL Revenue as % of Production Revenues 35% 30% 41% 25% growth in NGL 20% revenue in 2017* 15% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec…
  10. August 2017 Investor Presentation – Bonavista Energy Corp – slide 10
    2017 Sustainable Growth Growing our key play footprint: Total Gross Acres: June 2016 June 2017 % Change ANSELL 56,640 58,240 3 STRACHAN 31,360 59,360 89 MORNINGSIDE 24,844 29,116 17 14 All together better.
  11. August 2017 Investor Presentation – Bonavista Energy Corp – slide 11
    All together better.
  12. August 2017 Investor Presentation – Bonavista Energy Corp – slide 12
    2017 Enhance Asset Quality Self-funded growth: providing excess net vehicle for growth operating income Deep Basin 30 Edmonton 25 Production (mboe/d) 40% West 20 Central 15 WEST CENTRAL DEEP BASIN 10 5…
  13. August 2017 Investor Presentation – Bonavista Energy Corp – slide 13
    2017 Enhance Asset Quality 2017 E&D capital allocation: Remaining Wells Capital Inventory Development (net) ( millions) (net) (years) Spirit River 35 152 430 12 Glauconite 15 58 310 21 Other 4 25 207 52 Total Value Capital…
  14. August 2017 Investor Presentation – Bonavista Energy Corp – slide 14
    2017 Enhance Asset Quality Production improvement at a similar cost per meter: 7,000 IP90 of 4,390 mcf/d at 6,000 50% 1,950/m * increase from average horizontal 5,000 length of 1,850 m Raw Natural Gas (mcf/d) 4,000…
  15. August 2017 Investor Presentation – Bonavista Energy Corp – slide 15
    Spirit River - Ansell Wilrich Vehicle for growth - strong start to 2017 development program: R20 R18 R16 ERH (1.5 Mile) Ansell Wilrich Well Tests T53 20 80% 20,000 increase Raw Natural Gas Test Rate (MMcf/d) 15…
  16. August 2017 Investor Presentation – Bonavista Energy Corp – slide 16
    Spirit River - Ansell Wilrich Vehicle for growth - extended reach horizontals enhancing efficiencies: Year over Year Improvements (1.5 mile wells) Well Characteristics (1.5 mile wells) 6,000 Ansell Wilrich 5,000 2017Q1 2016 %…
  17. August 2017 Investor Presentation – Bonavista Energy Corp – slide 17
    Spirit River Ansell Wilrich Section 36 frac spacing test - doubled stages between the wells with same sand tonnage: 10,000 9,000 90% increase 8,000 Raw Gas Production (mcf/d) 7,000 6,000 5,000 4,000 3,000 2,000…
  18. August 2017 Investor Presentation – Bonavista Energy Corp – slide 18
    Spirit River - Morningside Falher Piloting extended reach horizontal (ERH) wells in the Falher Channel at Morningside: R1W5 R28 R27 Initial ERH production performance 14,000 T44 12,000 Raw Natural Gas Rate (mcf/d) 10,000…
  19. August 2017 Investor Presentation – Bonavista Energy Corp – slide 19
    Spirit River - Morningside Falher Top tier economic performance: Year over Year Improvements Average Well Characteristics 7,000 Morningside Falher 6,000 2017 2016 % variance ERH 1-Mile 5,000 Drill & complete capital 2.8 2.0…
  20. August 2017 Investor Presentation – Bonavista Energy Corp – slide 20
    Spirit River - Morningside Falher Significant production growth forecasted in 2017: 8,000 7,000 6,000 135%* Production (boe/d) 5,000 4,000 3,000 2,000 1,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4…
  21. August 2017 Investor Presentation – Bonavista Energy Corp – slide 21
    Glauconite Efficiency Improvements in Strachan Continuing to create value: Year over Year Improvements Land Growth Over the Past Year R10 R9 R8 R7W5 4,500 45 4,000 40 Added over T39 3,500 35 40 sections 2 Well Average 3,000…
  22. August 2017 Investor Presentation – Bonavista Energy Corp – slide 22
    Creating Value with Recently Acquired Assets Growing our acquired assets: 9,000 Turnaround Current production of 8,900 boe/d 8,500 impact Optimization projects 8,000 have increased base production by Production (boe/d)…
  23. August 2017 Investor Presentation – Bonavista Energy Corp – slide 23
    All together better.
  24. August 2017 Investor Presentation – Bonavista Energy Corp – slide 24
    2017 Improve Financial Flexibility Net debt and net debt to funds from operations: 1,500 433 million 6.0 15 2.00 net debt reduction Net debt to funds flow from operations in 2016 14 1.90 Funds from operations (/boe) 13…
  25. August 2017 Investor Presentation – Bonavista Energy Corp – slide 25
    2017 Improve Financial Flexibility Production and funds from operations growth while deleveraging: 2017E sustainability and leverage 2017E production growth and valuation 200% 10.0 16.0x 100% 180% 8.0 14.0x 80% 160% 6.0 12.0x 60%…
  26. August 2017 Investor Presentation – Bonavista Energy Corp – slide 26
    2017 Improve Financial Flexibility Hedging to protect future funds from operations: Natural Gas Oil* Propane 11% 9% 5% 27% 2017 43% 57% 76% 235 mmcf/d at 73% 4,748 bbl/d at 3,000 bbl/d at C3.31/mcf C67.33/bbl…
  27. August 2017 Investor Presentation – Bonavista Energy Corp – slide 27
    2017 Improve Financial Flexibility Hedging and diversifying to protect future funds from operations: 2018 industry natural gas hedging 2018 Bonavista natural gas diversification 50% 45% 14 mmcf/d to Station 2 40% 35% 30%…
  28. August 2017 Investor Presentation – Bonavista Energy Corp – slide 28
    2017 Improve Financial Flexibility Total & senior debt: Bank credit facility - 600 million Senior Notes (CDN) 11 banks in credit facility 20 Unsecured, financial covenants Matures September 10, 2019 Currently undrawn Senior notes…
  29. August 2017 Investor Presentation – Bonavista Energy Corp – slide 29
    All together better.
  30. August 2017 Investor Presentation – Bonavista Energy Corp – slide 30
    On Course to Value Creation in 2017 Focused on what we can control: Sustainable growth: 6-9% production growth within funds from operations Enhance asset quality: 20-25% improvement in key play capital efficiencies Improve…
  31. August 2017 Investor Presentation – Bonavista Energy Corp – slide 31
    2017 Second Quarter Performance Three months ended June 30, Financial: 2017 2016 % change ( millions except per share amounts) Production revenues 140.7 90.9 55% Funds from operations 76.6 59.5 29% - per share 0.30 0.27 11%…
  32. August 2017 Investor Presentation – Bonavista Energy Corp – slide 32
    2017 Sustainable Growth Supportive local natural gas fundamentals: ATCO Sheerness generating station ATCO Battle River generating station Oil sands demand grows to 4 bcf/d by 2020 Recently announced coal to natural gas…
  33. August 2017 Investor Presentation – Bonavista Energy Corp – slide 33
    2017 Sustainable Growth Supportive International natural gas fundamentals: The U.S. is becoming a net natural gas exporter through the development of LNG export terminals and pipeline shipments to Mexico 38 Source: EIA,…
  34. August 2017 Investor Presentation – Bonavista Energy Corp – slide 34
    2017 First Quarter Performance Continued cost improvements in rising cost environment: 25% 25% Q117-Q416 change in Q117-Q416 change in 20% operating costs / boe 20% cash costs / boe 15% 15% 10% 10% 5% 5% 0% 0% -5%…

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