Corporate Presentation on our way TSX: JOY January, 2018
Notes 2
Snapshot (Post Share Repurchase) 10,300 boe/d balanced producer; 46% liquids(1) 16% corporate decline 1.00/share cash flow; 38 million for 2018 193 million enterprise value 38.5 million shares 1.90/share; 73 million market cap 125…
Sustainable Growth with Less Risk Resource delineated by existing wells no expiry issues; no new lands required We operate and will scale capital to cash flow projects in the cue until the end of 2018 Multiple options to allocate…
Balanced Production in Two Concentrated Core Areas 10,300 boe/d Q1 target from pools in our Resource Fairway Resource Alberta Fairway Shallow, low-risk development drilling in conventional oil pools Central Region Edmonton (5,000…
Journey Provides Investors with Growth, Value and Upside G U R V P O A S W L I T U D H E E Journeys low decline rates and high producing value provide security in uncertain times 8
How to make a Low Decline even LOWER 160 MM conventional 415 MM on JOY net barrels of waterflood be delineated 50 MM to and flooded OOIP by category 175 MM to be flooded 800 MM net barrels of OOIP 415 MM 385 MM…
PDP Reserve Life Index(1)(2) 10 9 Lowest Declines 8 Pro Forma Post Acquisition(3) 7 6 5 4 3 2 1 Journey Average Journeys declines move to top quartile post acquisition (1) Journey internal estimate…
Sustainable Growth in Future Cash Flow Current Strip Pricing 2016 2017 2018 Operating Highlights Actual Estimate Forecast Production Average (boe/d) 10,100 8,712 10,000 10,500 Oil and NGLs (%) 53% 46% 47% Corporate Decline Rate…
Journey Provides Investors with Growth, Value and Upside G U R V P O A S W L I T U D H E E Journey trades at a significant discount to our peer group at a historically low oil price 14
Reserves Summaries Gross Company (WI) Reserves YE 2016(1) NPV Oil Gas NGL Reserve Category Mboe 10%(1) RLI (Mbbl) (Bcf) (Mbbl) ( million) PDP 8,841 71.4 1,390 22,128 250.0 7.5 Total Proved 13,740 86.4 1,952 30,096 320.5 9.6 P+PDP…
2016/2015 Growth in Net Asset Value Value of Reserves 2016 YE 2015 YE Reserve Category Net Asset Value(1)(2) Net Asset Value(1)(2) Change (/share) (/share) (%) PDP 3.73 2.42 + 54% Total Proved 5.34 3.87 + 38% P+PDP 5.23…
Trading as a % of PDP NPV 10%(1)(2) 600% 550% 500% 450% 400% Most Undervalued 350% 300% 250% 200% 150% 100% 50% 0% Journey Average Journey trades at a very low percentage of net asset value (1) Journey internal…
Finding, Development & Acquisition Costs For Period December 31, 2014 to December 31, 2016 2014 2015 2016 3 Year Acquisitions and Divestiture Capital (MM) 167.6 6.6 (9.3) 164.8 Exploration and Development Capital (MM) 92.8 41.5 16.3…
Journey Provides Investors with Growth, Value and Upside G U R V P O A S W L I T U D H E E Journey is built on a strong foundation of large OOIP reservoirs with low recovery factors 19
Remaining Resource Becomes Future Target 800 MM net barrels of OOIP 2.4% booked inventory 81.9% of oil left 18.1% ultimate behind recovery 2.5% unbooked Ultimate inventory 13.2% recovery to date Recovery Oil left behind…
Journeys Future Growth is Driven by Economic Plays Our plays are valuable add 212MM in P+P Non-Producing NPV 10% with 157MM in FDC; 1.35 of net present value is created for each dollar of FDC spent Our future is currently…
Journeys Projects Generate Top Quartile Rates of Return 2.50 (2P Total Value 2P Producing Value)/ FDC(1)(2) 2.00 Higher Return Plays 50-60% ROR 1.50 30-40% ROR Lower Return Plays…
Extensive Development Drilling Inventory Journey has identified 278 (net) horizontal oil drilling opportunities Horizontal Oil Well Drilling Locations(1) % Booked(3) in Total(2) Reserve Report Region Gross Net South 186 176 27%…
Crystal New Discovery in Viking, Acquisition and Play Expansion Existing Journey Pipelines Acquired Pipelines 9-30 discovery Journey Operated: 100% WI Original waterflood shut down too early and never expanded to 1-30…
Skiff Sawtooth Drilling & Waterflood Development 1-7 4-9 4-8 Journey Operated: 100% WI Recoveries in established portions of the pool exceed 30% of OOIP with very limited recovery to date in the southern portion of the…
Designed to Outperform Security Defensive strategy positions the Company for recovery Value Trades at a discount to produce out value at historically low oil prices Upside Legacy pools will continue to grow in value with time and…
Appendix- Content Drilling inventory Alberta Central Region South Region Edmonton Calgary Strong Governance Experienced Management 28
Appendix - Central Region Drilling program currently planned for Crystal in H2 2018 Horizontal Oil Well Drilling Locations(2) Booked(1) Unbooked(3) Property Formations Gross Net Gross Net Poplar Creek/ Belly River, 9 8 18…
Appendix - South Region Skiff Drilling program currently planned for Matziwin and Skiff 2018 Horizontal Oil Well Drilling Locations(1) Booked(2) Unbooked(3) Property Formations Gross Net Gross Net Matziwin Glauconite, Colony…
Board of Directors - Strong Governance Howard Crone Chairman of the Board Former Executive Vice President and Chief Operating Officer, Cequence Energy Ltd.; Director of Cequence Energy Ltd. and Karve Energy Inc. Glenn Hamilton Audit…
Experienced Management Team Alex G. Verge, P.Eng., M.Eng. President and Chief Executive Officer, and Director 34 years of experience: Five years as Director of Journey (four as CEO), President and CEO of NuVista Energy, VP Engineering…
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