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January 2018 Corporate Presentation – Spartan Energy Corp.

Spartan Energy Corp. · Jan 23, 2018 · 31 slides

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Slides

  1. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 1
    SPARTAN ENERGY CORP. Corporate Presentation January 2018
  2. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 2
    Corporate Snapshot Stock symbol TSX : SPE Market cap / Enterprise value(1)(2) 1.3B / 1.6B Average daily volume(3) 1.9mm shares Shares outstanding 176.6mm (b) / 187.8mm (d) Insider ownership 5.5% (b) / 10.1% (d) 2018 forecast production…
  3. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 3
    Formula for Success 1) 10%+ annual production per share growth within cash flow + x = 2) Proactively manage declines + 3) Prudent balance sheet management Key elements of success: 1) Asset Quality Mississippian light oil in SE…
  4. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 4
    399,000 net acres (55% Crown) SE Saskatchewan Asset Base 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…
  5. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 5
    SE Sask Mississippian Geology Conventional Open Hole and Fracd Midale Shallow marine environment Interbedded limestones, dolomites and evaporites Structural and stratigraphic traps Conventional Mississippian: ranks among the top…
  6. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 6
    Drilling Locations 2018 CORE AREA FORMATION WI LOCATIONS BUDGET (%) (Gross) (Net) Conventional Mississippian (Open Hole) 81% 1,500 1,200 93 Frobisher/Alida 79% 1,000 775 56 Midale 91% 275 225 8 Tilston 76% 125 100 0 Ratcliffe…
  7. January 2018 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 800 92 65 1.1 1.6 113 192 1.0 0.7 SE Sask. Ratcliffe (open hole) 1,100 76 80 2.2 135…
  8. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 8
    Conventional Mississippian Open Hole Plays Frobisher, Midale, Tilston and Ratcliffe Ranks among the top plays in North America Sub 1 yr. payouts at WTI US55 oil 1,500 (1,200 net) locations Largely unbooked only 32% of locations…
  9. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 9
    SE Saskatchewan Open Hole Well Performance Open Hole Mississippian (Frobisher/Alida/Kisby + Tilston + Midale) Light Oil 95% success rate Historical drilling program has consistently outperformed SPE internal type curve 197 wells on…
  10. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 10
    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…
  11. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 11
    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…
  12. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 12
    SE Saskatchewan Frac Midale Well Performance Frac Midale Light Oil 100% success rate Unconventional tight oil resource play with large oil in place with low recovery factor 55 Frac Midale wells drilled to date outperforming the SPE…
  13. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 13
    Spartan Torquay Land Position Oungre and Bromhead Areas Southeast Saskatchewan WEST ALL PNG EAST To Base Ratcliffe Over 125 gross (100 net) drilling locations (prospective lands unrisked at 4 wells per section) All…
  14. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 14
    West Central Saskatchewan Tight Oil Frac Viking 1st well IP90 = 60bbld/d Locations 550 gross (500 net) Viking inventory includes infill & pooled locations and unrisked locations on Plato lands at 13 wells/section 23 new…
  15. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 15
    22 projects on Company lands that have waterflood or EOR upside Waterflood / EOR Projects Affects over 50% of existing base production Significant Unbooked Upside Significant unbooked reserve potential Includes optimization/expansion of…
  16. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 16
    Oungre Unit - Ratcliffe Waterflood Project 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…
  17. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 17
    Oungre Unit - Waterflood Development Plan Phase 1 Commencing Q4 2017 OOIP = 90 mmbbl (Oungre unit only) 100% SPE working interest 87mm development capital Phase I commenced in Q4 2017 with peak oil in 2 3 years Scalable to include…
  18. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 18
    Oungre Unit - Waterflood Model Oil Rate 8000 7000 Oungre Unit Development Plan 5 re-entry into existing Hz to add leg in B zone 25 dual leg Hz wells into A & B 6000 26 single leg Hz into the Oungre C 53 injector conversions…
  19. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 19
    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…
  20. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 20
    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,…
  21. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 21
    2018 Budget Spartans 2018 budget is structured to: Capital Spending deliver sustainable growth (6% growth in avg. production per share and 11% exit to exit growth) DCE&T (74%) manage corporate declines (est. at 26% for 2018)…
  22. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 22
    2018 Budget Guidance Production Average daily production (boe/d) 23,400 Exit production (boe/d) 25,000 % oil and liquids 92% Financial Cash flow (MM)(1) 267 Per share basic(1) 1.51 Development capital (MM) 183 Excess cash flow…
  23. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 23
    2018 Cash Flow Sensitivity Oil (USWTI) 50.00 55.00 60.00 65.00 70.00 FX (C/US) 0.78 0.79 0.80 0.81 0.82 Differential to Cromer (C/bbl) 5.00 5.00 5.00 5.00 5.00 Corporate Netback (/boe)(2) 22.81 27.06 31.22 35.24 39.18 Average…
  24. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 24
    Management RICHARD (RICK) MCHARDY, B.Comm., LLB., - President & CEO 20+ years experience in M&A /securities matters and oil and gas President, CEO Spartan Oil Corp.; President, CEO Spartan Exploration Ltd.; President, Titan…
  25. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 25
    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…
  26. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 26
    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…
  27. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 27
    Head Office Suite 3200, 500 Centre Street SE Calgary, Alberta T2G 1A6 Telephone: 403-355-8920 Facsimile: 403-355-2779 E-mail: infospartanenergy.ca www.spartanenergy.ca For Further Information Please Contact: Mr. Richard (Rick) McHardy…
  28. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 28
    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: 240 (180 net) drilling locations 25% downspaced locations Technical Work:…
  29. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 29
    SE Saskatchewan Queensdale Frobisher Well Performance Open Hole Frobisher/Alida Light Oil Historical drilling program has consistently outperformed SPE internal type curve 73 wells on production (not including strat tests or…
  30. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 30
    Greater Workman-Winmore Open Hole Frobisher Production 2,500 boe/d Multi zone potential in the Frobisher 300 (240 net) locations Gainsborough W Wells significantly above SPE type curve (Avg. IP 30 200 bbl/d) Waterflood upside…
  31. January 2018 Corporate Presentation – Spartan Energy Corp. – slide 31
    SE Saskatchewan Winmore Frobisher Well Performance Open Hole Frobisher Light Oil 94% success rate Historical drilling program has consistently outperformed SPE internal type curve 46 wells on production Recent acquisition has…

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