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January 2018 Corporate Presentation – Crew Energy Inc.

Crew Energy Inc. · Jan 16, 2018 · 24 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. January 2018 Corporate Presentation – Crew Energy Inc. – slide 1
    BUILDING OUR FUTURE IN THE MONTNEY Location, Location, Location Corporate Presentation January, 2018
  2. January 2018 Corporate Presentation – Crew Energy Inc. – slide 2
    ABOUT CREW (TSX: CR) Liquids-focused, NE BC Montney producer Large, contiguous land base with a massive resource 16 billion boe with only 2% of the resource booked as reserves Access to diversified markets with operated and growing…
  3. January 2018 Corporate Presentation – Crew Energy Inc. – slide 3
    THE WORLD NEEDS MORE ENERGY Demand set to outstrip supply Global LNG(1) Post-2020 limited supply with increased demand = significant growth opportunities An additional 100 million tonnes per annum (mmtpa) of LNG or 16.5 Bcf/d…
  4. January 2018 Corporate Presentation – Crew Energy Inc. – slide 4
    MAXIMIZING RETURNS FROM OUR RESOURCE It starts with the rock Build a material prospective land position at a low cost Define the resource and convert the prospective land to resource Convert the resource into reserves and…
  5. January 2018 Corporate Presentation – Crew Energy Inc. – slide 5
    SIGNIFICANT PROSPECTIVE LAND POSITION BUILT And for low cost 280,000 acres for net 285/acre Montney (2007) Montney (2010) Montney (2017) Value Production Land Date Area Divested (mm) (boe/d) (acres) Apr 2010 Edson Cardium 126…
  6. January 2018 Corporate Presentation – Crew Energy Inc. – slide 6
    CONVERTING PROSPECTIVE LAND TO RESOURCE Montney is a siltstone, not a shale Montney Attributes: Exceptionally thick: up to 1,000 feet Permeability 20-80x greater than comparable resource plays in North America Excellent fracability…
  7. January 2018 Corporate Presentation – Crew Energy Inc. – slide 7
    CREW MONTNEY STRATIGRAPHIC STACK 2 HZ Wells 4 HZ Wells 3 HZ Wells 77 HZ Wells 77 HZ Wells 10 HZ Wells West Portage Groundbirch Attachie West Septimus Septimus Tower Doig Upper Montney 9 1 AA 1 23 7 2 A 42 48 3 B 2 9 3…
  8. January 2018 Corporate Presentation – Crew Energy Inc. – slide 8
    CONVERTING RESOURCE TO PRODUCTION & RESERVES And do it for low cost Forecast 350.0 323.9 30,000 P+P Reserves(2) (MMBOE) Montney Production(1) (BOE/D) 300.0 25,000 246.5 250.0 Liquids mmbbls Natural Gas boepd 20,000 Gas mboe 201.9…
  9. January 2018 Corporate Presentation – Crew Energy Inc. – slide 9
    PROOF OF CONCEPT WITH SEPTIMUS Achieved free cash flow model 85 MM Free cash flow forecast 16 19(2) Long-range growth plan forecasts free cash flow equivalent to Septimus multiplied by 5 (16/17 actuals & 18/19 forecast) 100 90…
  10. January 2018 Corporate Presentation – Crew Energy Inc. – slide 10
    WEST SEPTIMUS: CONDENSATE RICH Plant expansion to 120 mmcf/d plus high condensate rates accelerates free cash flow generation Higher liquids weighting contributes to a better return on 7000 2x Initial Condensate Ratios vs.…
  11. January 2018 Corporate Presentation – Crew Energy Inc. – slide 11
    ULTRA CONDENSATE-RICH AREA New focus at Greater Septimus Focus on ultra-condensate rich development in 18 Condensate ratios of 75-250 bbls/mmcf in area Ultra Condensate-Rich 68% ROR at flat 1.50/GJ AECO & US60/bbl Crew 6-24 Pad Crew…
  12. January 2018 Corporate Presentation – Crew Energy Inc. – slide 12
    GROUNDBIRCH Delineation area with long-term upside Higher liquids content than Septimus at 40 bbls W. Septimus facility 120 mmcf/d capacity Recent Landsale / mmcf, 60% condensate 2.1MM / section Large pay thickness (500 ft. Upper…
  13. January 2018 Corporate Presentation – Crew Energy Inc. – slide 13
    ATTACHIE Pilot wells successful July 2017 Landsale 21 Sections 77MM 3.7 MM / Section Over-pressured 1.5 - 1.8x with liquids-rich natural gas B13-26-84-24W6 Large pay thickness (1,000 Upper + Lower Montney) Crew 10-22 10.5…
  14. January 2018 Corporate Presentation – Crew Energy Inc. – slide 14
    SEPTIMUS 5X MODEL Inventory of 5,465 identified drilling locations(1) supports processing capacity + growth Future Growth Supported by Operated Infrastructure 1x Septimus: 60 mmcf/d 104 identified locations & 6 wells per year to…
  15. January 2018 Corporate Presentation – Crew Energy Inc. – slide 15
    CONTINUE DE-RISKING AND HIGH GRADING PORTFOLIO WITH STAGED INFRASTRUCTURE BUILDOUT 275 mmcf/d takeaway capacity with 325 mmcf/d of processing Transportation TCPL/Nova: 60 mmcf/d firm increasing to 120 mmcf/d (Jun 19) Spectra: 30…
  16. January 2018 Corporate Presentation – Crew Energy Inc. – slide 16
    REALIZED IMPACT OF GAS MARKET DIVERSITY Ideally positioned with access to 3 major export pipelines 3.50 Commencement of Alliance Pipeline service and initiation of diversified contract portfolio 3.00 Natural Gas Prices (C/MCF)…
  17. January 2018 Corporate Presentation – Crew Energy Inc. – slide 17
    CONTROLLING COSTS & MAXIMIZING NETBACKS Montney assets continue to generate attractive netbacks Rolling One Year (to Q3 17) Rolling One Year (to Q3 17) Operating Netbacks (Pre-Hedging) for Operating Costs Among Montney-Focused Peers…
  18. January 2018 Corporate Presentation – Crew Energy Inc. – slide 18
    TRACK RECORD OF PROFITABILITY SUPPORTED BY LOW 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 50 Median 25 Median 40 20 30 15 20 10…
  19. January 2018 Corporate Presentation – Crew Energy Inc. – slide 19
    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 Canadian Co's…
  20. January 2018 Corporate Presentation – Crew Energy Inc. – slide 20
    VALUE / PROFITABILITY DISCONNECT 14.0x US Co's Revenue - PDP FD&A Costs - Cash Costs = CXO Canadian Co's 12.0x Full Cycle Profitability Increasing valuation 10.0x IBR PE PXD AREX CHK EV/DACF 2018 XEC COG EGN EOG APA…
  21. January 2018 Corporate Presentation – Crew Energy Inc. – slide 21
    KEY MONTNEY BUILDING BLOCKS ARE IN PLACE 16+ billion boe TPIIP with 5,465 identified locations(1) on 280,000 net acres Massive Montney Resource Only 13% of Upper Montney land has reserves assigned Condensate, Light Oil & Focus on…
  22. January 2018 Corporate Presentation – Crew Energy Inc. – slide 22
    Contact Info: 23 Dale O. Shwed, President & CEO John G. Leach, Senior Vice President & CFO Suite 800, 250 - 5th Street SW Calgary, Alberta T2P 0R4 Telephone: (403) 266-2088 Email: investorcrewenergy.com www.crewenergy.com 23
  23. January 2018 Corporate Presentation – Crew Energy Inc. – slide 23
    APPENDIX www.crewenergy.com 24
  24. January 2018 Corporate Presentation – Crew Energy Inc. – slide 24
    HEDGING SUMMARY Hedging Summary as of Jan 4, 2018 Volume Period Derivative Reference Price Natural Gas 2,500 GJ/Day 2018 Swap AECO C2.62/GJ 17,500 mmbtu/Day 2018 Swap Chicago C3.64/mmbtu 5,000 mmbtu/Day 2018 Swap NYMEX US3.05/mmbtu Oil…

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