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September 2017 Corporate Presentation Update – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Sep 19, 2017 · 52 slides

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Slides

  1. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 1
    Corporate Presentation September 2017 (Sept 19 Update)
  2. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 2
    2 Current Status Sep 2017 Production Overview 2017 average production forecast of 240,000-260,000 boepd (approx. 30% annual growth, range accounts for firm service interruptions) 40,000 bpd production milestone (oil, condensate,…
  3. September 2017 Corporate Presentation Update – 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. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 4
    4 A History of Full Cycle Profitability Sep 2017 400 6.00 350 * Earnings before taxes (000,000s) 5.00 Earnings before tax ( millions) AECO (CAD/mcf) 300 4.00 250 AECO (/mcf) 200 3.00 150 2.00 100 1.00…
  5. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 5
    5 Largest Canadian Gas Producers Aug 2017 1,800 2016A Natural Gas (Mmcf/d) 1,600 2017E Natural Gas (Mmcf/d) 1,400 2018E Natural Gas (Mmcf/d) 1,200 Production (Mmcf/d) Tourmaline is currently producing 1,000 between…
  6. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 6
    6 A Significant Liquids Producer Sep 2017 Tourmaline has doubled liquids production over the past 15 months with strong liquids growth across all three operated complexes. Quarterly Liquids Growth 40,500 36,127 45,000 34,215…
  7. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 7
    7 Alberta Deep Basin Sep 2017 T65 R9 R7 R5 Current Production 165,000 -170,000 boepd Current Reserves 871.9 mmboe (Jan 1, 2017) T63 Tourmaline Land Base 3,000 gross sections Drilling Inventory 2,819 locations (vertical) TCPL…
  8. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 8
    8 Alberta Deep Basin 2H 2017 EP Highlights Sep 2017 T65 R7 R5 Kakwa 3 Well Pad 1-20-62-5W6M Tourmaline Lands 55mmcf/d and 270 bbls/d Cond. NE Alberta T63 Tourmaline Gas Plant BC TCPL Main Line Possible Facility Locations…
  9. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 9
    9 Anderson 16-25 Cardium Gas Condensate Discovery Sep 2017 Anderson 00/16-25-050-23W5 CRDM Horizontal 40.0 00/16-25-050-23W5 (CRDM) 35.0 Anderson CRDM Deloitte 7.5 bcf Type Curve Production Rate (mmcf/d raw) Kakwa Internal…
  10. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 10
    10 Alberta Deep Basin Liquids Rich Cardium Fairway Aug 2017 The combination of extensive 3D seismic coverage T59 T59 and the lowest cost drilling/completion capability Smoky make the liquids rich Cardium play a significant new…
  11. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 11
    NEBC Montney Gas Condensate and Peace 11 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…
  12. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 12
    12 NEBC Montney Gas/Condensate Complex Sep 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…
  13. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 13
    13 Peace River High Complex Charlie Lake Play Sep 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…
  14. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 14
    14 2017 EP Highlights, New Opportunities Feb 2017 R. 11W6 R. 1W6 R. 15W5 Lower Charlie Lake Regional Play 60 day IP of 344 bopd, 1.29 NE Alberta Inga mmcfpd. BC Montney 15 wells on-stream. Gundy Gas/Cond T85 Minimum 284…
  15. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 15
    15 2H 2017 Significant EP Activity, Step-Out Wells Aug/Sept 2017 Five-six horizontal follow-ups to the Anderson-Lambert-Hinton Cardium gas condensate discovery during the 2H 2017. 16-25 discovery well has now produced 2.3 bcf of…
  16. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 16
    16 Tourmaline Mid-Stream Assets Sep 2017 The infrastructure skeleton in all three core operated complexes is now complete. This infrastructure is essentially R. 15W6 R. 1W6 all newR.and 15W5in the growth areas of the WCSB. NE…
  17. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 17
    17 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…
  18. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 18
    18 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,…
  19. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 19
    19 Completed Well Costs and EUR By N. American Play Type Aug 2017 Well Costs (CAD) Vs. EUR by Play Type 25 0.47/mcf Completed Well Cost CDN EUR (Bcfe) 20.5 Bcfe 0.69/mcf 20 17.9 Bcfe 15 0.70/mcf 12.3 MM 12.5 Bcfe…
  20. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 20
    20 Tourmaline vs Natural Gas Peers Cash Costs Per BOE July 2017 Tourmaline Vs. Natural Gas Weighted Peers Cash Costs in USD* per BOE (Q1/17) Operating Transportation G&A Interest 12.00 10.26 10.00 1.45 8.00 7.15 1.54 Costs…
  21. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 21
    21 The TOU Engineering Execution Machine Sep 2017 Drill & Complete Costs 8.00 Tourmaline has the lowest completed per stage (Equipping not included) well costs in the overall Montney play in 7.00 Western Canada and the Alberta…
  22. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 22
    22 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…
  23. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 23
    23 2017/18 Guidance Aug 2017 2017(1) 2018(1) Production Boe/d 240,000 - 260,000 280,000 - 300,000 Cash Flow - MM(i) 1,341 1,724 CFPS - Diluted(i) 4.97 6.36 E&P Capital Program - MM 1,331 1,516 Free Cash Flow - MM(ii) 10…
  24. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 24
    24 Current 5 Year Plan(1) Aug 2017 450,000 400,000 350,000 300,000 250,000 Spirit River Boe/d 200,000 NEBC 150,000 Deep Basin 100,000 50,000 - 2016 2017 2018 2019 2020 2021 Ending Annual After-tax After-tax E&P…
  25. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 25
    25 2017 Natural Gas Transportation and Marketing Overview September 2017 2017 Natural Gas Portfolio Diversification 10% 2018 Exit: 440 mmcf/d of gas will be to US/Other Markets 35% 2019 Exit: 540 mmcf/d of gas will be to…
  26. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 26
    26 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…
  27. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 27
    27 2H 2016 Highlights/2017 Outlook May 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…
  28. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 28
    APPENDIX
  29. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 29
    29 Natural Gas Flows From Western Canada
  30. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 30
    30 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…
  31. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 31
    31 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…
  32. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 32
    32 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.…
  33. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 33
    33 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…
  34. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 34
    34 Historical Drilling Performance and Cost Improvements Mar 2017 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…
  35. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 35
    35 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…
  36. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 36
    36 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…
  37. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 37
    37 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)…
  38. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 38
    38 Hedging Summary 2017 September 2017 2017 Gas Hedges (July Dec 2017) Volume Weighted Avg Price 443,232 Total fixed hedges(mcf/d) mcf/d /mcf(1) Fixed Price Hedges 71,494 Total basis differentials (mcf/d) AECO (CDN) (2) 353,232…
  39. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 39
    39 Hedging Summary 2018 September 2017 2018 Gas Hedges Volume Weighted Avg Price (Jan Dec 2018) mcf/d /mcf(1) Fixed Price Hedges 231,545 Total fixed hedges(mcf/d) AECO (CDN) (2) 131,915 2.97 Nymex (less diff) (US) 99,630 2.33…
  40. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 40
    40 Quarterly Hedge Summary September 2017 Natural Gas Volume Q3 2017 WAVG Price Volume Q4 2017 WAVG Price Volume Q1 2018 WAVG Price Volume Q2 2018 WAVG Price mcf/d /mcf(1) mcf/d /mcf(1) mcf/d /mcf(1) mcf/d /mcf(1) Fixed…
  41. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 41
    41 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…
  42. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 42
    42 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…
  43. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 43
    43 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…
  44. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 44
    Alberta Deep Basin: 44 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…
  45. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 45
    45 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
  46. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 46
    46 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…
  47. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 47
    47 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…
  48. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 48
    48 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…
  49. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 49
    49 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…
  50. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 50
    50 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…
  51. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 51
    51 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…
  52. September 2017 Corporate Presentation Update – Tourmaline Oil Corp. – slide 52
    52 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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