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September 2017 Corporate Presentation – Spartan Energy Corp.

Spartan Energy Corp. · Sep 11, 2017 · 32 slides

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Slides

  1. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 1
    SPARTAN ENERGY CORP. Corporate Presentation September 2017
  2. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 2
    Corporate Snapshot Stock symbol TSX : SPE Market cap / Enterprise value(1)(2) 1.0B / 1.2B Average daily volume(3) 5.7mm shares Shares outstanding 175.6mm (b) / 186.8mm (d) Insider ownership 5% (b) / 10% (d) 2017 forecast production…
  3. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 3
    SE Saskatchewan Asset Base 376,000 net acres (59% Crown) 2.5 billion barrels OOIP on SPE lands (net) Ownership & control of producing infrastructure Scale and Repeatability Significant 3D seismic coverage (1.1mm acres) Top tier…
  4. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 4
    Formula for Success 1) 10%-15% annual organic production per share growth within cash flow + 2) Proactively manage declines x = + 3) Prudent balance sheet management + 4) Reinvest free cash flow to supplement growth Key elements…
  5. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 5
    Per Share Growth 5
  6. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 6
    Drilling Locations 2017 CORE AREA FORMATION WI LOCATIONS BUDGET (%) (Gross) (Net) Conventional Mississippian (Open Hole) 81% 1,500 1,200 82 Frobisher/Alida 79% 975 750 67 Midale 91% 225 200 0 Tilston 76% 125 100 5 Ratcliffe 87%…
  7. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 7
    Type Well Economics (1)(2)(3)(4) AREA COST IP90 EUR NPV BT10% IRR (BT) PAYOUT (M) (Boe/d) (Mboe) (mm) (%) (years) SE Saskatchewan open hole 725 82 75 1.2 1.6 139 240 0.9 0.6 SE Sask. Ratcliffe (open hole) 1,100 76 80 1.9 117…
  8. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 8
    Conventional Mississippian Open Hole Plays Frobisher, Midale, Tilston and Ratcliffe Sub 1 yr. payouts at WTI US50 oil 1,500 (1,200 net) locations Largely unbooked only 32% of locations booked 2017 drilling program = 82 locations…
  9. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 9
    SE Saskatchewan Open Hole Well Performance Open Hole Mississippian (Frobisher/Alida/Kisby + Tilston + Midale) Light Oil Historical drilling program has consistently outperformed SPE internal type curve 169 Wells on production (not…
  10. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 10
    Greater Queensdale Open Hole Frobisher/Alida Production 3,000 boe/d OOIP = 400 MMbbls across 10 pools current 29% RF Average WI = 85% Location Upside: 250 drilling locations 25% downspaced locations 60% of locations unbooked…
  11. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 11
    SE Saskatchewan Queensdale Frobisher Well Performance Open Hole Frobisher/Alida Light Oil Historical drilling program has consistently outperformed SPE internal type curve 69 wells on production (not included strat tests or…
  12. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 12
    Greater Workman-Winmore Open Hole Frobisher Production 2,500 boe/d Multi zone potential in the Frobisher 200 (190 net) locations Only 23% of locations are booked Wells significantly above type curve (Avg. IP 30 200 bbl/d)…
  13. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 13
    SE Saskatchewan Winmore Frobisher Well Performance Open Hole Frobisher Light Oil Historical drilling program has consistently outperformed SPE internal type curve 38 wells on production (not included strat tests or mechanical…
  14. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 14
    Oungre Open Hole Ratcliffe Light Oil Conventional Ratcliffe play additional upside in Upper Ratcliffe and potential unconventional frac play 100% Crown acreage - wells qualify for deep well royalty credit (16,000 m3) Significant…
  15. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 15
    SE Saskatchewan Tight Oil Frac Plays Frac Midale/Bakken/Torquay Exposure to large unbooked reserve upside Low risk repeatable drilling inventory in the frac Midale Significant position in emerging Torquay resource play 450 (375…
  16. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 16
    Frac Midale Play Alameda, Pinto, Elcott Production: 4,000 boe/d Unconventional tight oil resource play Large oil in place with low recovery factor Ownership/control of infrastructure to support future development Significant…
  17. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 17
    SE Saskatchewan Frac Midale Well Performance Frac Midale Light Oil Unconventional tight oil resource play with large oil in place with low recovery factor 49 Frac Midale wells drilled to date outperforming the SPE type well 17
  18. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 18
    Spartan Torquay Land Position Oungre and Bromhead Areas Southeast Saskatchewan WEST ALL PNG EAST To Base Ratcliffe Spartan currently has 45 gross (35 net) sections of land prospective for Torquay light oil production…
  19. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 19
    West Central Saskatchewan Tight Oil Frac Viking Locations 550 gross (475 net) Only 20% booked Viking inventory includes infill & pooled locations and unrisked locations on newly acquired lands at 13 wells/section 23 new sections…
  20. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 20
    Waterflood / EOR Projects 22 projects on Company lands that have waterflood or EOR upside Significant Unbooked Upside Affects over 50% of existing base production Significant unbooked reserve potential Includes optimization/expansion of…
  21. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 21
    Waterflood Illustrative Example Oungre Voluntary Unit No. 1 SPE WI = 100% OOIP = 90 Mmbbls Current Production = 500 bbl/d (5% decline) Base RF = 21% Ultimate RF w/ waterflood = 38% Freda Lake analogy for optimal development…
  22. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 22
    Oungre Waterflood Development Plan Phase 1 Commencing Q4 2017 OOIP = 90 mmbbl (Oungre unit only) 100% SPE working interest 45mm development capital Phase I commencing in Q4 2017 with peak oil in 2 3 years Scalable to include…
  23. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 23
    Conversion of existing verticals into injectors & addition of horizontal infill wells Incremental recoverable reserves = 15 mmbbl F&D = 3.00/bbl 21% RF 38% RF 23
  24. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 24
    CO2 EOR Units Overview Weyburn & Midale Units Weyburn/Midale Largest geological greenhouse gas sequestration project in the world. Over 2.5 million tonnes of CO2 are injected and stored each year 6.95% WI in Weyburn and 15.54% WI in…
  25. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 25
    Lougheed Ownership Average WI: 85.80% Significant Unbooked Upside Oil in Place Large OOIP = 242 gross / 210 net MMbbls RF to Date = 13% Geology Reservoir characteristics are analogous to Weyburn unit (similar porosity,…
  26. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 26
    2017 Capital Program Development Capital 2017 Budget Highlights and Excess Cash Flow 2017 production forecast increased to 21,600 boe/d (14% per share growth over 2016) 180 Excess Cash Flow of Drilling and maintenance capital of 145…
  27. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 27
    2017 Top Tier Growth Within Cash Flow 2016(1) 2017 Forecast(2) % Change Average Production (boe/d) 11,748 21,600 84% Per share (MM) 396 450 14% Cash Flow (MM)(3) 76.8 180.0 135% Per share 0.71 1.03 45% Development Capital (MM)(3)…
  28. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 28
    2H 2017 Cash Flow Sensitivity Second Half 2017 Average Prices Oil (WTI) 40.00 45.00 50.00 55.00 60.00 FX (C/US) 0.75 0.76 0.78 0.80 0.81 AECO (C/Mcf) 2.50 2.50 2.50 2.50 2.50 Impact on 2017 Annual Results Corporate Netback(2) 18.76…
  29. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 29
    Management RICHARD (RICK) MCHARDY, B.Comm., LLB., - President & CEO 18+ years experience in M&A /securities matters and oil and gas President, CEO Spartan Oil Corp.; President, CEO Spartan Exploration Ltd.; President, Titan…
  30. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 30
    BOARD OF DIRECTORS BANKER Michael Stark National Bank Chairman Independent Businessman Don Archibald EVALUATION ENGINEERS Independent Businessman Sproule Associates Limited Reg Greenslade Independent Businessman REGISTRAR & TRANSFER…
  31. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 31
    Analyst Coverage AltaCorp Capital Inc. (Thomas Matthews) BMO Capital Markets (Ray Kwan) Canaccord Capital Corp. (Anthony Petrucci) Clarus Securities Inc. (Daniel Choi) CIBC World Markets Inc. (Dave Popowich) Cormark Securities…
  32. September 2017 Corporate Presentation – Spartan Energy Corp. – slide 32
    Head Office Suite 500, 850 2nd Street SW Calgary, Alberta T2P 0R8 Telephone: 403-355-8920 Facsimile: 403-355-2779 E-mail: infospartanenergy.ca www.spartanenergy.ca For Further Information Please Contact: Mr. Richard (Rick) McHardy…

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