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March 2018 Investor Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Mar 30, 2018 · 37 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. March 2018 Investor Presentation – Bonavista Energy Corp – slide 1
    CONSISTENTLY ADAPTING TO THE ENVIRONMENT March 2018 1
  2. March 2018 Investor Presentation – Bonavista Energy Corp – slide 2
    Our Approach What enables us to succeed Concentrated position in resource rich basin allows for: Optimal Low Strategic Innovation and Capital Cost Capital Enhancement Efficiencies Operations Allocation 2
  3. March 2018 Investor Presentation – Bonavista Energy Corp – slide 3
    Our Strengths Concentrated land base 2008 Over the years we have concentrated Current our land base from 4 core areas to 2 99% of net operating income generated in two core areas BC Deep Basin NPRA EA West Central…
  4. March 2018 Investor Presentation – Bonavista Energy Corp – slide 4
    Our Strengths Significant owned and operated compression and processing infrastructure Processing Facilities Deep Edmonton 514 189 mmcf/d mmcf/d Basin net capacity Processing Facilities West 17 mmcf/d Central Calgary…
  5. March 2018 Investor Presentation – Bonavista Energy Corp – slide 5
    Our Strengths Optimizing capital efficiencies Capital Efficiencies 3-Year Average FD&A Costs/boe 12,500 Bonavista 2017 4.86 Bonavista 2017 41% improvement 60% improvement Bonavista 2013 Bonavista 2013 Producer Average…
  6. March 2018 Investor Presentation – Bonavista Energy Corp – slide 6
    Our Strengths Low cost operations Operating Expense (/boe) Cash Costs (/boe)1 Bonavista 2017 5.59 8.96 37% improvement 31% improvement Bonavista 2013 Producers Average 20172,3 Low: 1.51 8.78 High: 15.17 Low: 4.09 15.01…
  7. March 2018 Investor Presentation – Bonavista Energy Corp – slide 7
    Our Strengths Enhanced performance through innovation Continued improvement in 800 capital efficiency as drilling activity increases by 50% 700 27 % 600 improvement 9,400 9,200 Capital Efficiency (/boepd)2 500 IP12…
  8. March 2018 Investor Presentation – Bonavista Energy Corp – slide 8
    2017 Reserves F&D costs of 7.60/boe: Reserves Weighting Natural Reserve Category Oil Natural Gas Total Gas Liquids (Mbbls) (Bcf) (Mbbls) (Mboe) Oil and Proved Developed Producing 4,489 642.4 43,267 154,819 Natural Gas…
  9. March 2018 Investor Presentation – Bonavista Energy Corp – slide 9
    2017 Reserves Corporate FD&A Recycle Ratio (3-year weighted average) 59% 3.5 3.0 PDP reserves 2.5 2.0 1.5 28 1.0 % 0.5 PDP reserves 0.0 2015 2016 2017 Total Proved Total Proved + Probable 9
  10. March 2018 Investor Presentation – Bonavista Energy Corp – slide 10
    2017 Accomplishments Adapting with success Adjusted Funds Flow 325 2P Reserves 450 Production 75,000 300 70,000 14% 6% 5% 275 425 ( millions) 65,000 (MMboe) 250 (boe/d) 400 225 60,000 200 growth growth 375…
  11. March 2018 Investor Presentation – Bonavista Energy Corp – slide 11
    Financial Flexibility 11 All together better
  12. March 2018 Investor Presentation – Bonavista Energy Corp – slide 12
    Financial Flexibility Significant strides in strengthening our financial position 1,500 2017 Long-term Debt net of Adjusted Working Capital ( MM)1 Extended bank credit facility for an 1,275 additional two years with a…
  13. March 2018 Investor Presentation – Bonavista Energy Corp – slide 13
    Financial Flexibility Credit facility composition and liquidity position Bank credit facility - 500 million CDN Senior notes (CDN) Recently renewed bank credit facility, matures September 10, 2021 Elected to reduce commitment by 100…
  14. March 2018 Investor Presentation – Bonavista Energy Corp – slide 14
    Financial Flexibility Well hedged and diversified 2018 Industry Natural Gas Hedging1 2018 Bonavista Natural Gas Diversification 70% 60% 50% 40% Station 2 30% Average 20% Dawn 10% Chicago Ventura 0% Numbers…
  15. March 2018 Investor Presentation – Bonavista Energy Corp – slide 15
    Financial Flexibility Reduced AECO Exposure in 2018 100% 100% 4% 4% 8% 13% 14% 13% 90% 90% 20% 30% 80% 80% 70% 70% % of Natural Gas Volumes % of Revenues1 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0%…
  16. March 2018 Investor Presentation – Bonavista Energy Corp – slide 16
    Financial Flexibility Protecting 2018 adjusted funds flow Natural Gas 200 4.00 180 3.60 160 3.20 Hedged Volume (mmcf/d) 140 2.80 120 2.40 Price (/mcf) 100 2.00 80 1.60 60 1.20 40 0.80 20 0.40 0 0.00 Q1'18…
  17. March 2018 Investor Presentation – Bonavista Energy Corp – slide 17
    2018 Guidance 17 All together better
  18. March 2018 Investor Presentation – Bonavista Energy Corp – slide 18
    2018 Operational and Financial Guidance Curtailing development spending at stressed AECO prices 2018E 2018E % Change (February 20, 2018) (October 24, 2017) Capital Expenditures ( millions): Total Exploration and Development 135…
  19. March 2018 Investor Presentation – Bonavista Energy Corp – slide 19
    Agile Capital Program Allocating capital towards liquids rich targets 30% C3+ Production Additions (% of Total Additions) 25% 20% 15% 10% 5% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018E 19
  20. March 2018 Investor Presentation – Bonavista Energy Corp – slide 20
    Liquids Rich Portfolio Enhancing revenue portfolio with liquids rich development NGL Revenue as a % of Total Revenue1 Edmonton Spot Propane2 2018E 90 02/28/2018 80 2016 70 US Cents/Gallon) 20% 30% 40% 50% 60 50 40 2016…
  21. March 2018 Investor Presentation – Bonavista Energy Corp – slide 21
    Our Assets 21 All together better
  22. March 2018 Investor Presentation – Bonavista Energy Corp – slide 22
    Economic Program in Volatile Price Environment Adapting our business plan to drill most economic prospects Strip Pricing Realized Price Year (/GJ) (/GJ) 45 Strachan Glauc 2018 1.41 2.28 Months Hoadley Glauc Morningside…
  23. March 2018 Investor Presentation – Bonavista Energy Corp – slide 23
    Economic Program in Volatile Price Environment Allocating capital to liquids rich development Redirecting Value Capital: Capital Drills Completions 2018E ( millions) (net) (net) 9% Oil 10 3.0 3.5 3% 23% 40 bbls/mmcf 66 15.5…
  24. March 2018 Investor Presentation – Bonavista Energy Corp – slide 24
    Mannville Strachan Glauconite Targeting liquids rich growth R10 R9 R8 R7 Allocating 22% of 2018 E&D capital program T38 to high liquid recovery locations in Strachan 5-34 More efficient, lower cost processing solution T37…
  25. March 2018 Investor Presentation – Bonavista Energy Corp – slide 25
    Mannville Strachan Glauconite Allocating capital program to liquids rich development targeting 5 locations yielding +50 6,000 60 bbls/mmcf 5,000 50 4,000 40 bbls/mmcf Raw Gas (mcf/d) 3,000 30 C3 31% 2,000 20…
  26. March 2018 Investor Presentation – Bonavista Energy Corp – slide 26
    Mannville Strachan Glauconite Targeting +50 bbls/mmcf ERH4 ERH4 (50 bbls/mmcf) Capital ( mm)1 5.1 5.1 1,000 IP12 (boe/d)2 573 604 900 /boepd 8,950 8,485 800 EUR (mboe) 736 776 Payout (years) 1.7 1.3 700 Production…
  27. March 2018 Investor Presentation – Bonavista Energy Corp – slide 27
    Spirit River Morningside Falher Enhanced performance with extended reach drilling (ERH) Year over Year Improvements Average Well Characteristics 7,000 Morningside Falher 6,000 2018 Budget (ERH) 3 2018E 2017 % change 3 Budget…
  28. March 2018 Investor Presentation – Bonavista Energy Corp – slide 28
    Spirit River - Morningside Falher 95% increase in lateral length for 20% increase in drilling capital 3,000 600 2,500 500 9 Capital (000s), Meters (m) 2,000 400 ERH2 wells Meters per day planned in 1,500 300…
  29. March 2018 Investor Presentation – Bonavista Energy Corp – slide 29
    Spirit River - Ansell Wilrich Results to date outperforming current forecast ERH4 Budget Capital ( mm)1 4.7 10,000 IP12 (boe/d)2 821 9,000 /boepd 5,780 8,000 EUR (mboe) 995 Raw Natural Gas (mcf/d) 7,000 Payout (years) 1.1…
  30. March 2018 Investor Presentation – Bonavista Energy Corp – slide 30
    2018 Priorities Strengthen financial position with excess adjusted funds flow Maximize adjusted funds flow by allocating capital to liquids rich development Enhance asset base through innovation and concentration We will…
  31. March 2018 Investor Presentation – Bonavista Energy Corp – slide 31
    Spirit River Net prospect inventory growing our ERH locations Prospect Inventory % Prospect Inventory Total Inventory ERH of inventory 1-mile Wilrich 103.2 65% 56.6 159.7 Falher 105.7 72% 40.7 146.4 Notikewin 18.2 23% 61.5…
  32. March 2018 Investor Presentation – Bonavista Energy Corp – slide 32
    Mannville Ample inventory to convert to higher value ERH Prospect Inventory % Prospect Inventory Total ERH of inventory 1-mile Inventory Hoadley Glauc 25.7 12% 190.6 216.3 Strachan Glauc 64.2 72% 24.6 88.9 Bluesky 19.8 26%…
  33. March 2018 Investor Presentation – Bonavista Energy Corp – slide 33
    Spirit River Committed to the Spirit River 30,000 40 35 25,000 30 Net Wells Drilled() 20,000 Production (boe/d) 25 15,000 20 15 10,000 10 5,000 5 0 0 2013 2014 2015 2016 2017 Dec Dec Dec…
  34. March 2018 Investor Presentation – Bonavista Energy Corp – slide 34
    Spirit River Morningside Falher R1W5 R28 R27 Increased land base by 17,000 acres in the 24 Locations added with the addition of 27 last 12 months sections of land in the past 12-months T43 Over 300% increase in available…
  35. March 2018 Investor Presentation – Bonavista Energy Corp – slide 35
    Mannville Glauconite Significant resource in place Reliable and predictable future development Available infrastructure capacity at low cost HOADLEY Drilled 322 gross (268.8 net) locations to the end of 2017 272 gross (216.3…
  36. March 2018 Investor Presentation – Bonavista Energy Corp – slide 36
    Mannville Strachan Glauconite Positioning Strachan for growth Land Growth Over the Past Year 90 R10 R9 R8 R7W5 T39 Access to 60,000 % acres over last 12 months T38 100 90 80 70 of locations 60 50 T37 40 30 20…
  37. March 2018 Investor Presentation – Bonavista Energy Corp – slide 37
    1500, 525-8th Ave SW Calgary, AB T2P 1G1 403.213.4300 investor_relationsbonavistaenergy.com 41

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