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September 2018 Corporate Presentation – Cardinal Energy Ltd.

Cardinal Energy Ltd. · Sep 28, 2018 · 23 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. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 1
    SUSTAINABLE DIVIDEND & GROWTH September 2018
  2. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 2
    Cardinal Profile Shares Outstanding TSX: CJ Basic(1) 114.2 MM Diluted (excluding debentures) 117.9 MM 2018 Annual Dividend (/share) 0.42 2018 Average Production Guidance (boe/d) 21,000-21,500 Light oil & NGLs (bbls/d) 9,775 (46%)…
  3. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 3
    Dividend Adjusted Returns 1. January 1, 2018 to September 25, 2018 TTEN (TSX Energy Index) 3
  4. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 4
    2019 Objectives Mandate: Maintain dividend Reduce operating costs Maintain base production with 2-3% growth Reduce debt 4
  5. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 5
    Adjusted Funds Flow (est) (est) 2019 Adjusted Funds Flow 155-160+ 33% 34% 33% Dividend Maintenance Debt Reduction Capital Growth Capital Operation Cost reduction Projects 5
  6. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 6
    1/3 / 1/3 / 1/3 First 1/3: Dividend: 0.035/month (0.42/ year) Target range for simple dividend payout ratio: 30 35% 2018: 50% 2019: 33% 6
  7. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 7
    1/3 / 1/3 / 1/3 Second 1/3: Maintenance Capital: Capital required to maintain assets and keep production flat. 2015 2016 2017 2018 Drilling and Completions 14 21 39 38 Facilities 15 20 17 18 Total 29 41 56 56 Estimate for…
  8. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 8
    1/3 / 1/3 / 1/3 Final 1/3: 50 million A. Growth: 5 10 million 23 % Growth B. Future op cost reduction initiatives: 5 10 million C. ARO: 5 10 million D. Debt reduction: 25 million 8
  9. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 9
    Decline Rates Source: Scotiabank, Statsbook, May 2018 9
  10. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 10
    A. Growth Focus Areas for Growth in 2019: Bantry Midale Grande Prairie 10
  11. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 11
    Bantry Large land base focused on Mannville medium conventional oil development Current area production 4,700 boe/d Owned and operated infrastructure Recently acquired 58 net sections via farmin with identified drilling…
  12. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 12
    Bantry Economics (1) (1) Glauc Economics Ellerslie Economics Capex (MM) 1.8 Capex (MM) 1.2 IP 365 (boe/d) 130 IP 365 (boe/d) 135 EUR (mboe) 160 EUR (mboe) 155 Payout (years) 1.2 Payout (years) 0.5 ROR (%) 88% ROR (%) 400% NPV…
  13. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 13
    Midale = Opportunity (1) Underdeveloped relative to Weyburn analogue Inefficient and insufficient injection Low well density Lower recovery Weyburn Midale Estimated OOIP(1) 1300 761 (1) Current CO2 Inj. Rate 110 17…
  14. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 14
    Inefficient & Insufficient Injection 14
  15. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 15
    Midale Development Weyburn Midale Existing Midale CO2 phases Midale 2018-2019 Q1 Future Development (200 potential locations) CO2 enhancement initiatives CO2 Development Areas 3 conversions to CO2 injection Enhance existing…
  16. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 16
    Grande Prairie 9 well Hz program (2017-2018) Average well performance above expectation Additional drilling 2018 EOR (water flood) to be implemented in 2019 Further development drilling in 2020 2017/2018 New Drills…
  17. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 17
    Inventory - Potential Light Oil Midale GP GP Dunvegan Mitsue Wainwright Forestburg Viking House Mtn Mitsue Gilwood infills House Mtn Swan Hills infills Wainwright Bantry Arcs Medium Heavy Bantry Glauc, Ellerslie Bantry…
  18. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 18
    B. Op Cost Reduction Initiatives Wainwright: Oil blending facility opportunities Independent power generation House Mountain: Independent power generation Mitsue: Oil blending facility opportunities Cogen power generation…
  19. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 19
    C. ARO A recent liability program proposed by the Alberta Energy Regulator would require companies to spend 4% of deemed inactive liability per year to satisfy the new requirements. Estimated Cardinal required spend for 2019: 5…
  20. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 20
    D. Debt Reduction Current: Net Bank Debt 213 million Convertible Debentures 50 million Estimated 2018 Exit: Net Bank Debt 205 million Convertible Debentures 50 million Estimated 2019 Exit: Net Bank Debt 230 million Convertible…
  21. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 21
    Debt Adjusted Free Cash Flow Source: Scotiabank, Statsbook, May 2018 21
  22. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 22
    Cash Flow Growth - Peers Source: Scotiabank, Statsbook, May 2018 22
  23. September 2018 Corporate Presentation – Cardinal Energy Ltd. – slide 23
    Corporate Information Corporate Headquarters Cardinal Energy Ltd. 600, 400 3rd Avenue S.W. Calgary, AB T2P 4H2 Bankers CIBC World Markets Inc. ATB Financial RBC Dominion Securities Inc. Scotia Capital Inc. National Bank of Canada…

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