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Investor Day A – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Feb 28, 2017 · 92 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. Investor Day A – Tourmaline Oil Corp. – slide 1
    Investor Day A February 28, 2017
  2. Investor Day A – Tourmaline Oil Corp. – slide 2
    Tourmaline Oil Corp. Investor Day 1. INTRODUCTION 1
  3. Investor Day A – Tourmaline Oil Corp. – slide 3
    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…
  4. Investor Day A – Tourmaline Oil Corp. – slide 4
    The Ever Changing EP Landscape Jan 2017 The size, style, and life cycle of EP start-ups have changed considerably over the past 10 years. BKP/DDV started life as event/well driven microcaps TOU required scale rapidly, target was…
  5. Investor Day A – Tourmaline Oil Corp. – slide 5
    Historical EP Performance Feb 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 2011…
  6. Investor Day A – Tourmaline Oil Corp. – slide 6
    TOU Positioning and Peer Group Analysis: TOU vs Canadian E&P Average Production per Share Growth Production Per Share Growth 50% 350 45% 300 Production per Thousand Shares (BOE) 40% 35% 250 30% 200 CAGR % 25%…
  7. Investor Day A – Tourmaline Oil Corp. – slide 7
    Largest Canadian Gas Producers; 2015 & 2016 Feb 2017 Canadian WCSB Gas Production 2015A & 2016E** 1,700 1,600 2015A Natural Gas (MMcf/d) 1,500 2016E Natural Gas (MMcf/d) 1,400 2017E Natural Gas (MMcf/d) 1,300 1,200 Production…
  8. Investor Day A – Tourmaline Oil Corp. – slide 8
    Current Status Feb 2017 Production Overview 2017 average production forecast of 240,000-260,000 boepd (approx. 30% annual growth, range accounts for firm service interruptions) 2017 liquids production in excess of 40,000 bpd (oil,…
  9. Investor Day A – Tourmaline Oil Corp. – slide 9
    Alberta Deep Basin Feb 2017 T65 R9 R7 R5 Current Production 155,000 -160,000 boepd Current Reserves 871.9 mmboe (Jan 1, 2017) T63 Tourmaline Land Base 3,000 gross sections Drilling Inventory 2,760 locations (vertical) TCPL Main…
  10. Investor Day A – Tourmaline Oil Corp. – slide 10
    Sunrise/Dawson NEBC Montney/Doig Development Feb 2017 Westcoast McMahon Gas Plant Current Prod. 250-270 mmcf/d 4,500-5,000 bopd (cond,ngls) Current Reserves 394.4 mmboe (Jan 1, 2017) Montney Drilling In excess of 2,100 horizontal…
  11. Investor Day A – Tourmaline Oil Corp. – slide 11
    Gundy Ck Acquisition/ Northern Montney Complex Oct 2016 Gundy Current Production: 6,214 boepd (July) No of wells drilled: 25 No of potential locations: 1647 (100% TOU) Liquid content: 30-50 bbls/mmcf Northern Montney Complex post Gundy…
  12. Investor Day A – Tourmaline Oil Corp. – slide 12
    Peace River High Complex Charlie Lake Play Feb 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 1,596 Horizontal Locations* along Regional Play Fairway Mulligan 4-13 Upper Trcl…
  13. Investor Day A – Tourmaline Oil Corp. – slide 13
    Significant Recent EP Highlights Feb 2017 Deep Basin Minehead 16-15 Notikewin hz has averaged 29.7 mmcfpd over initial 60 days, cum gas prod of 2.20 bcf Kakwa 12-35 Falher C hz has averaged 20.5 mmcfpd over initial 50 days, 26…
  14. Investor Day A – Tourmaline Oil Corp. – slide 14
    Tourmaline Mid-Stream Assets Feb 2017 The infrastructure skeleton in all three core operated complexes is now complete R. 15W6 R. 1W6 R. 15W5 Gundy Inga 17 Working interest gas plants, 14 of which NE Alberta BC are 100% owned and…
  15. Investor Day A – Tourmaline Oil Corp. – slide 15
    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 249.2 316.5 472.3 644.1 859.2…
  16. Investor Day A – Tourmaline Oil Corp. – slide 16
    Gas Development Location Inventory and Economics Feb 2017 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lake Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 3.7 5.25 4.40 2.90 2.7 (Drill, Case,…
  17. Investor Day A – Tourmaline Oil Corp. – slide 17
    Capital Cost Reduction Overview Dec 2016 Tourmaline drill and complete capital costs have been reduced by 30% since Q1 2015. A further 15% reduction was achieved with the 2H 2016 EP program. The Company estimates that 60-65% of…
  18. Investor Day A – Tourmaline Oil Corp. – slide 18
    Continuous Cost Reduction Strategy Nov 2016 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 4.00…
  19. Investor Day A – Tourmaline Oil Corp. – slide 19
    The EP Life Cycle Select EP focus Major Infrastructure buildout Full areas delineation Full development of Development/ Acquire drilling phase delineated assets Harvest in core assets/land Asset Continue delineation drilling areas…
  20. Investor Day A – Tourmaline Oil Corp. – slide 20
    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 significant…
  21. Investor Day A – Tourmaline Oil Corp. – slide 21
    Agenda Investors Day 1. Introduction..................................................................................................................... Mike Rose 2. Reserves…
  22. Investor Day A – Tourmaline Oil Corp. – slide 22
    Tourmaline Oil Corp. Investor Day 2. RESERVES 1
  23. Investor Day A – Tourmaline Oil Corp. – slide 23
    Reserves: A Tourmaline Perspective Feb 2017 TOU Reservoir Engineering Team Historical Reserves Growth and Area Distribution 2016 YE Reserves Summary and Highlights Key Components for a Strong Reserve Report Type Wells A&D…
  24. Investor Day A – Tourmaline Oil Corp. – slide 24
    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 249.2 316.5 472.3 644.1 859.2…
  25. Investor Day A – Tourmaline Oil Corp. – slide 25
    4 Current Reserve Distribution Feb 2017 R. 11W6 R. 1W6 R. 15W5 Peace River High NE Alberta 125 BC Inga Total Natural Gas Reserve Base of 8.93 108.8 TCF, one of the largest in Canada. 100 Gundy T85 Peace River High 75…
  26. Investor Day A – Tourmaline Oil Corp. – slide 26
    2016 Year-End Reserves Feb 2017 PDP TP TP+P 352 MMboe (13% Oil/NGL) 859 MMboe (15% Oil/NGL) 1,747 MMboe (15% Oil/NGL) 3.96 B BT-NPV10 7.53 B BT-NPV10 12.71 B BT-NPV10 2017 Prod = 169 mboed 2017 Prod = 253 mboed 2017 Prod = 272…
  27. Investor Day A – Tourmaline Oil Corp. – slide 27
    2016 Year-End Reserves Feb 2017 PDP 2P Undeveloped 6
  28. Investor Day A – Tourmaline Oil Corp. – slide 28
    2016 Year-End Reserve Highlights Feb 2017 P+P Reserves of 1.75 Bboe - growth of 64% (706 mmboe) before production, including acquisitions Since the beginning in 2008: - growth of 58% (638 mmboe) net of production, including…
  29. Investor Day A – Tourmaline Oil Corp. – slide 29
    2016 Year-End Reserve Highlights Feb 2017 P+P BT-NPV10 growth of 54%, up to 12.7B from 8.3B PDP BT-NPV10 growth of 40%, up to 4.0B from 2.8B 2016 F&D including FDC change of 1.49/boe F&D LOWER than previous year FD&A slightly…
  30. Investor Day A – Tourmaline Oil Corp. – slide 30
    2016 Year-End Reserve Highlights Feb 2017 FDC increased 42% up to 6.4B (undisc.), with the addition of 596 net locations (623 gross 97% WI avg) FDC/Well DECREASED 10% to 4.0 mm/Well as a result of continuing D&C efficiencies 2P…
  31. Investor Day A – Tourmaline Oil Corp. – slide 31
    Reserves Price Forecast Comparison Feb 2017 Time normalized comparison charts Front-End price increase 2016-YE vs 2015-YE Year 2 price cross-over for Gas Year 3 price cross-over for Oil Ultimately, effect on BT-NPV10 for…
  32. Investor Day A – Tourmaline Oil Corp. – slide 32
    Recipe for a Strong TP+P Reserve Report Feb 2017 Growing sentiment in Investment Community that undeveloped reserves are becoming less and less valid, and hence are being discounted more heavily and in some cases even dismissed in…
  33. Investor Day A – Tourmaline Oil Corp. – slide 33
    Deep Basin Edson WLRC HZ TYPE WELL Feb 2017 EDSON: WLRC HZ (5.5 BCF) AVG (mscfd) TYPE WELL WELL COUNT 20,000 60 Statistical Sample = 53 HZ EUR = 5.5 BCF raw Solid Economics = 942 mboe sales 18,000 = 5.65 BCFe sales HIGH IP = 12…
  34. Investor Day A – Tourmaline Oil Corp. – slide 34
    NEBC Doe Upper MNTN HZ TYPE WELL Feb 2017 NE BC - DOE: Upper MNTN HZ (5.6 BCF) AVG (mscfd) TYPE WELL WELL COUNT 20,000 60 n (exponent) = 1.00 Statistical Sample = 49 HZ EUR = 5.6 BCF raw Solid Economics 18,000 = 1,018 mboe sales…
  35. Investor Day A – Tourmaline Oil Corp. – slide 35
    Gundy MNTN HZ Type Wells Feb 2017 Acquisition in Gundy added 383 net HZ to our 2P undeveloped inventory, with an average BT-NPV10 of 4.1 MM. The total overall Gundy inventory, including unbooked locations is estimated at 1,671 net HZ…
  36. Investor Day A – Tourmaline Oil Corp. – slide 36
    A&D Metrics Feb 2017 Tourmaline focuses on a number of key components when evaluating assets for Acquisition: 1. Reserves volumes/value F&D consistent with TOU area/corporate Development well economics rank well with existing…
  37. Investor Day A – Tourmaline Oil Corp. – slide 37
    Tourmaline Oil Corp. Investor Day 3. ENGINEERING & WELL OPERATIONS 1
  38. Investor Day A – Tourmaline Oil Corp. – slide 38
    TOU Wells Drilled Cumulative Wells Drilled 2000 1800 Cumulative TOU Wells Drilled 894 Wells Drilled Since the Start of TOU as of February 15th 2017 1600 1400 1200 1000 800 600 400 200 0 2009 2010 2011 2012 2013 2014…
  39. Investor Day A – Tourmaline Oil Corp. – slide 39
    Technology and Innovation Utilize latest technology in down hole motors and tools The Right Equipment Use rig walking systems to reduce cycle times and Tourmaline currently operates one of create most value from pad sites the…
  40. Investor Day A – Tourmaline Oil Corp. – slide 40
    Historical Drilling Performance South Deep Basin Development Average Drill Days Average Drill Cost 35 4.5 30 57% 4.0 49% Decrease Since 2013 Decrease Since 2013 3.5 25 3.0 20 2.5 Days MM 15 2.0 1.5 10 1.0 5 0.5…
  41. Investor Day A – Tourmaline Oil Corp. – slide 41
    Historical Drilling Performance Peace River High Development Average Drill Days Average Drill Cost 20 3.0 18 41% 2.5 36% Decrease Since 2013 16 Decrease Since 2013 14 2.0 12 Days MM 10 1.5 8 1.0 6 4 0.5 2 0…
  42. Investor Day A – Tourmaline Oil Corp. – slide 42
    Historical Drilling Performance NEBC Development Average Drill Days 4 Average Drill Cost 20 18 55% 16 Decrease Since 2013 3 57% Decrease Since 2013 14 12 MM 2 10 Days 8 6 1 4 2 0 - 2013 2014 2015 2016 2017…
  43. Investor Day A – Tourmaline Oil Corp. – slide 43
    Deep Basin Drilling Cost Projections 6,000,000 5,000,000 3 potential cost scenarios based on various service price recoveries 4,000,000 3,000,000 2,000,000 1,000,000 - 14/15 Cost 15/16 Cost 16/17 Cost 17/18 (25%…
  44. Investor Day A – Tourmaline Oil Corp. – slide 44
    Peace River High Oil Drilling Cost Projections 3,000,000 2,500,000 3 potential cost scenarios based on various service price recoveries 2,000,000 1,500,000 1,000,000 500,000 - 14/15 Cost 15/16 Cost 16/17 Cost 17/18…
  45. Investor Day A – Tourmaline Oil Corp. – slide 45
    NEBC Basin Drilling Cost Projections 3,000,000 2,500,000 3 potential cost scenarios based on various service price recoveries 2,000,000 1,500,000 1,000,000 500,000 - 14/15 Cost 15/16 Cost 16/17 Cost 17/18 (25% Service…
  46. Investor Day A – Tourmaline Oil Corp. – slide 46
    Historical Completions Performance Deep Basin - Completions Peace River High - Completions 3,000 3,500 2,500 47% 3,000 72% Decrease Since 2012 2,500 Decrease Since 2012 2,000 2,000 000 000 1,500 1,500 1,000 1,000 500…
  47. Investor Day A – Tourmaline Oil Corp. – slide 47
    Stimulation Metrics 2016-2017 Stage count Sand 29 1,600 28 1,400 28 1,200 Number of Stages 27 27 1,000 Tonnage 26 800 25 25 600 400 24 200 23 0 PRH NEBC DB PRH NEBC DB Average Hz Length and Measured Depth…
  48. Investor Day A – Tourmaline Oil Corp. – slide 48
    Manufacturing Approach to Well Design and Stimulation Well design is standardized in each core development area lending to repeatability of operational execution Open hole stimulation systems are utilized in each core area. TOU…
  49. Investor Day A – Tourmaline Oil Corp. – slide 49
    Well Construction Progression in South Deep Basin from 2012 to 2017 South Deep Basin Cost Evolution 2012 to 2017 8,000 8,000 53% 7,000 7,000 2013, 6,888 2012, 6,779 Decrease Since 2012 6,000 6,000 2014, 5,828 2015, 5,329…
  50. Investor Day A – Tourmaline Oil Corp. – slide 50
    Well Construction Progression in NEBC South Montney from 2012 to 2017 South Montney Cost Evolution 2012 to 2017 6,000 6,000 2013, 5,678 2014, 5,335 5,000 5,000 2012, 4,465 49% 2015, 4,131 Decrease Since 2012 4,000 4,000…
  51. Investor Day A – Tourmaline Oil Corp. – slide 51
    Well Construction Progression in Peace River High Oil from 2012 to 2017 Peace River High Cost Evolution 2012 to 2017 6,000 6,000 2012, 5,238 5,000 5,000 2013, 4,436 54% 4,000 2014, 4,029 Decrease Since 2012 4,000 2015, 3,473…
  52. Investor Day A – Tourmaline Oil Corp. – slide 52
    Tourmaline Water Management Objective Strategy Use Tourmaline produced and flowback water Security of Supply Divert fresh water to storage at times of abundance Secure long term fresh water diversion licenses Pipeline…
  53. Investor Day A – Tourmaline Oil Corp. – slide 53
    Alberta Deep Basin Water Management 100% of all water flowed back from completion operations is recycled 43% of all water sourced for stimulation operations is recycled 135,000m3 of fresh water storage across the asset base TOU has…
  54. Investor Day A – Tourmaline Oil Corp. – slide 54
    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 South…
  55. Investor Day A – Tourmaline Oil Corp. – slide 55
    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…
  56. Investor Day A – Tourmaline Oil Corp. – slide 56
    Key Contractors to Tourmaline Drilling Completion 20
  57. Investor Day A – Tourmaline Oil Corp. – slide 57
    Alberta Deep Basin Development Pad Edson 4 to 6 well Pad development across TOU Deep Basin lands will save up to 500M per well drilled vs drilling conventional 1 to 2 well pads 21
  58. Investor Day A – Tourmaline Oil Corp. – slide 58
    Peace River High Development Pad Easily accessible locations aid in logistics of the Peace River High operations 22
  59. Investor Day A – Tourmaline Oil Corp. – slide 59
    Peace River High Well Servicing Preparation for stimulation with service rig 23
  60. Investor Day A – Tourmaline Oil Corp. – slide 60
    South Montney Development Pad Six well pad in the South Montney being stimulated 24
  61. Investor Day A – Tourmaline Oil Corp. – slide 61
    Significantly Reduced Surface Impact of Pad Drilling South Montney 6 well Montney pad at Sunrise-Dawson NEBC. IP of 12,500 boepd, equivalent to a small intermediate company initially with minimal surface/agricultural impact. 25
  62. Investor Day A – Tourmaline Oil Corp. – slide 62
    Tourmaline Oil Corp. Investor Day 4. LAND 1
  63. Investor Day A – Tourmaline Oil Corp. – slide 63
    Core Operating Areas Feb 2017 R. 11W6 R. 1W6 R. 15W5 Inga BC Montney Gas/Cond Gundy T85 Mulligan/Earring Acre Net Summary Gross Acres Acres Sunrise-Dawson Deep Basin 1,940,598 1,594,769 Peace River High Charlie Lk Oil BC…
  64. Investor Day A – Tourmaline Oil Corp. – slide 64
    Land Picture Challenges and Opportunities Feb 2017 Regulatory Evolving Political Regimes Regulatory Change Environmental Hurdles Expiries 98% of TOU Landbase Tenure Maintained in 2016 Liabilities Greater emphasis on historical…
  65. Investor Day A – Tourmaline Oil Corp. – slide 65
    Tourmaline Total Land and Peer Comparison Feb 2017 Western Canadian Gross Land Positions (Acres) R. 11W6 R. 1W6 R. 15W5 Inga BC Montney Gundy Gas/Cond 14,356,557 T85 Mulligan/Earring Sunrise- Dawson Peace River High…
  66. Investor Day A – Tourmaline Oil Corp. – slide 66
    Buying Strategic Land Synergies Feb 2017 Gundy/Deep Basin Alberta Deep Basin November 2016 Significant value creation through February 2016 309,120 Acres accretive synergetic acquisitions. 80,320 Acres 2016 Mapan Buying land…
  67. Investor Day A – Tourmaline Oil Corp. – slide 67
    Yearly Core Operating Areas Lookback Feb 2017 TOU Lands 2010 NE Alberta Inga TOU Lands 2011 BC Gundy TOU Lands 2012 TOU Lands 2013 TOU Lands 2014 Montney Mulligan/Earring TOU Lands 2015 Gas/Cond Sunrise-Dawson TOU Lands…
  68. Investor Day A – Tourmaline Oil Corp. – slide 68
    Montney Land and Corporate Acquisitions Feb 2017 Tourmaline and the Development of N.E. Tourmaline Montney N.E. BC Acquisitions B.C. Montney play. First Acquisition 25 Sections from the (/Acres) 3,500 purchase of Pienza 3,000…
  69. Investor Day A – Tourmaline Oil Corp. – slide 69
    Montney Land and Corporate Acquisitions Feb 2017 Transaction EV/boe/d EV/P+P Acquirer Target Transaction Value Land acres Price per Acre Type % Gas Date (C/boe/d) (C/boe) 1-Jan-17 Undisclosed Kelt (Karr) 100 MM 16,480 6,067 Asset…
  70. Investor Day A – Tourmaline Oil Corp. – slide 70
    Recent Permian Transactions Feb 2017 Cost of Resource Cost of Resource Cost Production /Acre Locations Implied (/boe) (/boe) Date Purchaser Seller (US MM) Net Acres (boe/d) /Boe/d /Acre Adj. Added Loc/Section 1 mmboe/location 0.8…
  71. Investor Day A – Tourmaline Oil Corp. – slide 71
    Acquisitions Montney Vs Two Premiere USA Shale Plays (Marcellus and Permian) Feb 2017 CDN Montney Deals Vs Two USA Shale Plays (CAD/Acre)(1) 45,000 40,000 35,000 30,000 CAD / Acres 25,000 20,000 15,000 10,000…
  72. Investor Day A – Tourmaline Oil Corp. – slide 72
    Deep Basin Land and Corporate Acquisitions Feb 2017 Transaction Transaction EV/boe/d EV/P+P Date Acquiror Target Type Value % Gas (C/boe/d) (C/boe) Shell (Deep Basin & October 2016 Tourmaline Asset 1,369 85% 55,091 2.89 Montney)…
  73. Investor Day A – Tourmaline Oil Corp. – slide 73
    Shell Acquisition Overview Feb 2017 The asset is the original Duvernay Oil Corp. Deep Basin R. 11W6 R. 1W6 R. 15W5 position supplemented with incremental acreage by Shell. Inga BC Montney Gas/Cond (2008-2016) Gundy T85 The…
  74. Investor Day A – Tourmaline Oil Corp. – slide 74
    Alberta Deep Basin Shell Deep Basin Assets Oct. 2016 T65 R7 R5 Shell Acquisition 13-16-057-25-W5M 3 well Pad Spudding 3rd Pad on Shell Deep Basin portion of asset T63 TCPL Main Line Complete drilling 5 wells on 100% Shell…
  75. Investor Day A – Tourmaline Oil Corp. – slide 75
    Gundy Ck Acquisition/ Northern Montney Complex Oct. 2016 Northern Montney Complex post Gundy Transaction Blackswan A-a054-D Upper 6.7 mmcf/d; 130 bbls/d IP30 Spudding the 1st well on a 9 well pad A-78-A to be fully completed end of…
  76. Investor Day A – Tourmaline Oil Corp. – slide 76
    Alberta Deep Basin Edson/Minehead Asset Acquisition Feb 2017 R7 R5 What We Said T65 Bought 4,500-5,000 boe/d T63 Plan to grow to 7,500 boe/d TCPL Main Line T61 48 mmboe in new 2P reserves Fir Musreau Leland Fully developed…
  77. Investor Day A – Tourmaline Oil Corp. – slide 77
    Tourmaline Oil Corp. Investor Day 5. GEOLOGY 1
  78. Investor Day A – Tourmaline Oil Corp. – slide 78
    Outline Feb 2017 Tourmaline Staff Organizational chart of the Exploration team Development Tourmaline 3 core areas Active rigs 2016 well results TOU infrastructure/ midstream assets New EP Opportunities Permeability Play…
  79. Investor Day A – Tourmaline Oil Corp. – slide 79
    Core Operating Areas Feb 2017 R. 11W6 R. 1W6 R. 15W5 NE Alberta Inga BC Montney Gundy Gas/Cond T85 AB Deep Basin Sunrise-Dawson Mulligan/Earring Peace River High PRH Oil Charlie Lk Oil T75 Sundown Spirit River NEBC MNTN…
  80. Investor Day A – Tourmaline Oil Corp. – slide 80
    3 Core De-risked Plays Feb 2017 R. 11W6 R. 1W6 R. 15W5 Top Alberta Other Oil Wells (Sept-Nov 2016) 80,000 Inga Gas Montney TOU Lands BOE (CTD) Gas/Cond 60,000 Liquids Gundy TOU Top AB Gas Wells T85 TOU Top Oil Wells 40,000…
  81. Investor Day A – Tourmaline Oil Corp. – slide 81
    Tourmaline Mid-Stream Assets Feb 2017 The infrastructure skeleton in all three core operated complexes is now complete R. 15W6 R. 1W6 R. 15W5 Gundy Inga 17 Working interest gas plants, 14 of which NE Alberta BC are 100% owned and…
  82. Investor Day A – Tourmaline Oil Corp. – slide 82
    Resource Play Permeability Spectrum Conventional Tight Gas Hybrid Pure Shale Sandstone Alberta Deep Basin/ Silt/Sand/Shale Plays Hoadley Plays Montney Duvernay/ Horn River/US Shale Plays Permeability 10-1000 md 0.01-1 md…
  83. Investor Day A – Tourmaline Oil Corp. – slide 83
    H New EP Opportunities Feb 2017 R13 R11 R9 R7 R5 R3 R1W6 R23 R21 R19 R17 R15 R13 R11 R9 R25 T87 T87 T85 Peace River High T85 T83 Lower Charlie Lake T83 Montney T81 Discovered 2015 T81 150-300 Locations…
  84. Investor Day A – Tourmaline Oil Corp. – slide 84
    Brazeau Viking Feb 2017 R. 17 R. 16 R. 15 R. 14 R. 13W5 A A T. 47 Legend Tourmaline Lands Tourmaline Viking HZ 2016 A A A A Pool Location Tourmaline Viking HZ 2017 A A Inventory: 30 Tourmaline Viking HZ 2015 A A A A A…
  85. Investor Day A – Tourmaline Oil Corp. – slide 85
    Boe (CTD) TOU/Exshaw Lower Charlie Lake TOU/Exshaw Upper Charlie Lake 0 10,000 30,000 40,000 50,000 60,000 70,000 80,000 20,000 Exshaw 16-14-077-08W6 Boulder 08-08-047-14W5 Tourmaline 04-13-083-08W6 Exshaw…
  86. Investor Day A – Tourmaline Oil Corp. – slide 86
    Montney Turbidite Feb 2017 BC AB A05-05 and D05-05 were drilled based on gas response from offset verticals and successful drills in the Sundown area. NEBC Montney Turbidte Play End of Test Rates: 29 HZ wells drilled A05-05…
  87. Investor Day A – Tourmaline Oil Corp. – slide 87
    Is Exploration Over Feb 2017 Worldwide oil and gas discoveries in 2016 dropped below 1940s levels 2016 offshore liquids discoveries of 2.3 billion boe were 90% below 2010 levels Reserve replacement by Majors in 2016 approached only…
  88. Investor Day A – Tourmaline Oil Corp. – slide 88
    H Tourmaline Deep Exploration Opportunities Feb 2017 R13 R11 R9 R7 R5 R3 R1W6 R23 R21 R19 R17 R15 R13 R11 R9 R25 T87 N.E. B.C and Spirit River T87 T85 Mulligan/Earring T85 Halfway, Doig, Belloy MontneySunrise-Dawson…
  89. Investor Day A – Tourmaline Oil Corp. – slide 89
    Exploration Summary Feb 2017 Tourmaline Staff Tourmaline has a balance of experienced and youthful geotechnical staff By running lean with minimal reporting each geoscientist takes ownership of his/her own areas Development…
  90. Investor Day A – Tourmaline Oil Corp. – slide 90
    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 (iv) an…
  91. Investor Day A – Tourmaline Oil Corp. – slide 91
    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 approximately…
  92. Investor Day A – Tourmaline Oil Corp. – slide 92
    Schedule B Prospective locations are unbooked locations that are not included in inventory. Unbooked locations are internal estimates based on the Company's prospective acreage and an assumption as to the number of wells that can be…

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