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Corporate Presentation – Angle Energy, Inc.

Angle Energy, Inc. · Jul 1, 2013 · 45 slides

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Slides

  1. Corporate Presentation – Angle Energy, Inc. – slide 1
    CORPORATE PRESENTATION July 2013 More reach. From every angle. More growth. More value. TSX: NGL
  2. Corporate Presentation – Angle Energy, Inc. – slide 2
    STRATEGY: CREATE VALUE THROUGH LIGHT OIL The transition to light oil is on track with a 113% increase in _2012 light oil reserves Reserve additions in 2012 are substantially all from Cardium _projects Cardium 2P F&D costs:…
  3. Corporate Presentation – Angle Energy, Inc. – slide 3
    STRATEGY: CREATE VALUE THROUGH LIGHT OIL 3,500 Innovation Harmattan Cardium Development Ferrier Cardium Development = Total Corporate Oil Production (bbl/d) 3,000 Harmattan Cardium Opportunity 2,500 Technology &…
  4. Corporate Presentation – Angle Energy, Inc. – slide 4
    ANGLE ENERGY PROFILE TSX: NGL SHARES OUTSTANDING (BASIC) 81.1 MM INSIDER OWNERSHIP = 8.1% B.C. ALBERTA SASK. MARKET CAP 3.39/share 275 MM DEBT(1) / BANK LINE 158.7MM / 215MM Edson 60 MM DEBENTURE 12.55 STRIKE EDMONTON H1…
  5. Corporate Presentation – Angle Energy, Inc. – slide 5
    2013 GUIDANCE H1 2013 Cardium Business Angle Corporate Gross / Net Wells 15.0 / 11.9 20.0 / 16.9 Capital Expenditures 52 57 MM 75 85 MM Cash Flow 21.5 24.5 MM 43 49 MM 3,700 3,900 boe/d 11,300 11,500 boe/d H1 2013 Average…
  6. Corporate Presentation – Angle Energy, Inc. – slide 6
    CARDIUM GROWTH IN H1 2013 4,000 H1 2013 Production (est.) H1 2013 Average 3,700 3900 boe/d 3,700 3,900 boe/d 3,500 3,000 Cardium Production (boe/d) 2,500 2,000 1,500 Cardium 1,000 Production 500 boe/d 0…
  7. Corporate Presentation – Angle Energy, Inc. – slide 7
    113% LIGHT OIL GROWTH YEAR END 2012 RESERVES Net Oil Total NPV 10% Undeveloped (MMbbl) (MMboe) (MM) FDC (MM) Wells Booked Corporate Reserves Total Proved 5.2 32.7 358.6 190.1 53.8 Total 2P 11.1 60.9 584.3 379.0 107.1 Cardium…
  8. Corporate Presentation – Angle Energy, Inc. – slide 8
    ANGLE CARDIUM H1 2013 AVG 3,800 BOE/D (70% OIL & LIQUIDS) Cardium Reserve Growth 150 MM 18 17.1 Capital Investment to Date Gas 16 Oil & Liquids 5.2 45 MM 14 Cardium Reserves (MMBOE) 12 Q4 2012 Annualized CF 10 8.7…
  9. Corporate Presentation – Angle Energy, Inc. – slide 9
    SIGNIFICANT CARDIUM BASE 1,039 400 350 5th LARGEST 300 300 CARDIUM LANDHOLDER 265 209 250 219 Net Sections (1) 204 200 149 132 124 150 120 118 110 102 100 91 100 81 80 75 71 67…
  10. Corporate Presentation – Angle Energy, Inc. – slide 10
    ANGLES CARDIUM ASSETS H1 2013 AVG 3,800 BOE/D (70% OIL & LIQUIDS) EDSON H1 2013 Avg 300 200 boe/d Net Locations (80% Unbooked) EDMONTON 88% Average Working Interest FERRIER H1 2013 Avg 1,700 boe/d 17 mmboe 2P Reserves…
  11. Corporate Presentation – Angle Energy, Inc. – slide 11
    HARMATTAN CARDIUM OPERATIONS AND RESERVES Cardium Resource Per Section 3-3 IP30 458 bbl/d 13-10 IP30 377 bbl/d OOIP 4 6 MMbbl Recoverable 0.6 0.9 MMbbl (15% RF) 15-27 IP30 274 bbl/d Unbooked Inventory H1 4-3 Forward Booked 2P…
  12. Corporate Presentation – Angle Energy, Inc. – slide 12
    HARMATTAN CARDIUM TECHNOLOGY DRIVES THE PLAY Garrington/Harmattan Area 80 SLICKWATER FRACS 600 PAYOUT in 1.5 to 2 Years 70 Highly Economic Profile 500 Slickwater Fracs Daily Average Production (bbl/d) 60 Profitability…
  13. Corporate Presentation – Angle Energy, Inc. – slide 13
    HARMATTAN CARDIUM TYPE CURVE & ECONOMICS ANGLES DRILLING 600 EUR NPV 10% IRR GOR Range 500 2,000 scf/STB 345 mboe 7.0 MM 89% Top Quartile (263 mbbl) Deep Cut NGL Yield 200 bbl/mmcf 230 mboe 3.6 MM 61% P50 (175 mbbl) 500 Budget…
  14. Corporate Presentation – Angle Energy, Inc. – slide 14
    HARMATTAN CARDIUM ANGLES CAPITAL EFFICIENCY TRACK RECORD Cost Efficiency Capital Efficiency 5,500 50 45 IP 90 Day Capital 5,000 Efficiency Average 40 22,000/boe/d 4,500 35 30 DCE (M) M/boepd 4,000 25 Budget 3,500…
  15. Corporate Presentation – Angle Energy, Inc. – slide 15
    FERRIER CARDIUM OPERATIONS AND RESERVES Cardium Resource Per Section OOIP 3 6 MMbbl ANGLE 16-14 IP120 497 boe/d, 66% Oil Recoverable 0.3 0.6 MMbbl (10% RF) Unbooked Inventory ANGLE 1-15 IP120 559 boe/d, 51% Oil Forward Booked 2P…
  16. Corporate Presentation – Angle Energy, Inc. – slide 16
    FERRIER CARDIUM Q1 RESULTS MATERIALLY EXCEED TYPE CURVE 800 EUR NPV 10% IRR Q1 2013 Wells Cum Oil 100 mbbl P50 425 mboe (58% Gas) 3.0 MM 57% 700 59% Paid Out After 4 months Budget Curve 340 mboe (58% Gas) 1.7 MM 30% Break Even 225…
  17. Corporate Presentation – Angle Energy, Inc. – slide 17
    CARDIUM PROJECTS 77% BUDGET ALLOCATION 2013 DRILLING BUDGET ALLOCATION 49% 13% 9% 23% 6% Project Harmattan Ferrier Edson Mannville Ferrier Cardium Oil Cardium Oil Cardium Oil & Other Cardium Gas D/C/E/T Capital Cost (MM) 2.9 4.0 4.0…
  18. Corporate Presentation – Angle Energy, Inc. – slide 18
    DUVERNAY SHALE LATENT OPTION VALUE KAYBOB Vermilion 18 Section Block 30.7MM; 2,665/ac 110.5 Net Sections ANGLE Vermilion 02/15-22 4365217W5 R.R. Apr 6, 2012 EDSON OIL 70,000 CNRL 1-3 HZ R.R. Apr 22, 2012 Net Acres…
  19. Corporate Presentation – Angle Energy, Inc. – slide 19
    WHY ANGLE Low risk oil inventory; Angle is a large undeveloped Cardium land holder with 80% of undrilled inventory unbooked Adept drillers and low cost operators with top tier capital efficiencies Risk appropriate leverage; 2013…
  20. Corporate Presentation – Angle Energy, Inc. – slide 20
    APPENDIX More reach. From every angle. More growth. More value. TSX: NGL
  21. Corporate Presentation – Angle Energy, Inc. – slide 21
    H1 2013 GUIDANCE H1 2013 Cardium H1 2013 Production (est.) Gross / Net Wells 15.0 / 11.9 11,300 11,500 boe/d Capital Expenditures 52 57 MM Cash Flow 21.5 24.5 MM H1 2013 Average Production 3,700 3,900 boe/d NGL H1 2013…
  22. Corporate Presentation – Angle Energy, Inc. – slide 22
    NET ASSET VALUE BASED ON GLJ DEC 31, 2012 EVALUATION Cardium Project December 31, 2012 GLJ 2P NPV 10%(1) 584.3 MM 36% of 2P Value Value of Undeveloped Land(2) 82.1 MM 242 Unbooked Locations 238,000 ac 345/ac 180% Growth over…
  23. Corporate Presentation – Angle Energy, Inc. – slide 23
    ANGLES CURRENT HEDGES Gas Jan. 1 Dec. 31/13 AECO Cdn 3.04/GJ 10,000 GJ/d AECO Cdn 3.135/GJ 5,000 GJ/d AECO Cdn 3.2125/GJ 5,000 GJ/d Average AECO Cdn 3.11/GJ 20,000 GJ/d approx. 61% of forecast 2013 gas production Oil Jan. 1…
  24. Corporate Presentation – Angle Energy, Inc. – slide 24
    LEASE OPERATING DETAIL NETBACKS BY PROJECT NOV. 2012 ACTUALS Harmattan Cardium Ferrier Cardium Edson Cardium Angle Corporate(1) Production 1,828 boe/d 1,288 boe/d 88 boe/d 11,176 boe/d Production % Oil 82% 25% 91% 18% WTI…
  25. Corporate Presentation – Angle Energy, Inc. – slide 25
    PRICE DECK COMPARISON Edmonton Light Oil AECO Natural Gas C2 Ethane 120.00 10.00 20 9.00 18 100.00 8.00 16 7.00 14 80.00 /bbl /mmbtu 6.00 12 /bbl 60.00 5.00 10 4.00 8 40.00 3.00 6 2.00 4 20.00 1.00 2 0.00…
  26. Corporate Presentation – Angle Energy, Inc. – slide 26
    ANGLE CURRENT PROJECT INVENTORY Budgeted Unbooked Unbooked Cost/Well NPV10% Upside Area Project Locations Locations IP EUR/Well (MM) (M) (MM) Harmattan Viking Gas 60 60 260 450 4.3 800 48 Viking Oil 60 65 360 280 4.3 2,700 162…
  27. Corporate Presentation – Angle Energy, Inc. – slide 27
    ANGLE UNRISKED OIL INVENTORY TARGET LOCATIONS AT PRICE VARIABILITY First 3 Year Average Gas Price 3.00/GJ 400 Harmattan Viking 350 65 Ferrier Cardium Total Company Inventory Locations 300 35 Harmattan Mannville 40 250…
  28. Corporate Presentation – Angle Energy, Inc. – slide 28
    ANGLE UNRISKED GAS INVENTORY TARGET LOCATIONS AT PRICE VARIABILITY 500 First 3 Year Average Price /bbl Condensate 94.50 450 Butane 55.80 Propane 27.90 Duvernay 250 400 Ethane 8.50 Total Company Inventory Locations 350…
  29. Corporate Presentation – Angle Energy, Inc. – slide 29
    ANGLES CARDIUM POSITION 82,000 NET UNDEVELOPED ACRES, 300 LOCATIONS Harmattan Area Ferrier Area Edson Area H1 2013 Avg 1,900 boe/d H1 2013 Avg 1,700 boe/d H1 2013 Avg 200 boe/d Legend Angle Lands Other PNG Angle Cardium Lands…
  30. Corporate Presentation – Angle Energy, Inc. – slide 30
    HARMATTAN CARDIUM TYPE CURVE & ECONOMICS ANGLES DRILLING 600 EUR NPV 10% IRR Top Quartile (263 mbbl) 345 mboe 7.0 MM 89% P50 (175 mbbl) 230 mboe 3.6 MM 61% 500 Budget Curve (140 mbbl) 183 mboe 2.0 MM 32% GOR Range 500 2,000…
  31. Corporate Presentation – Angle Energy, Inc. – slide 31
    HARMATTAN CARDIUM DRILLING & COMPLETIONS Harmattan Cardium Vertical Depth 1,950 m 2,200 m Horizontal Lateral Length 1,300 m Drilling Time 14 days Budget Drill Cost 1.5MM 1,950 m Budget Completion Cost 1.0MM to 2,200 m Budget…
  32. Corporate Presentation – Angle Energy, Inc. – slide 32
    HARMATTAN CARDIUM P50 ECONOMICS CROWN VS. FREEHOLD 100% Crown 60% Crown/40% FH 100% Freehold Economics Economics Economics D/C/E/T Capital Cost (MM) 2.9 2.9 2.9 IP 1 Month (boe/d) 250 250 250 IP 12 Month (boe/d) 106 106 106 IP 12…
  33. Corporate Presentation – Angle Energy, Inc. – slide 33
    FERRIER CARDIUM DRILLING & COMPLETIONS Ferrier Cardium Vertical Depth 2,250 m 2,450 m Horizontal Lateral Length 1,100 m Drilling Time 18 days Budget Drill Cost 2.2MM 2,250 m Budget Completion Cost 1.2MM to 2,450 m Budget…
  34. Corporate Presentation – Angle Energy, Inc. – slide 34
    FERRIER CARDIUM TYPE CURVE & ECONOMICS 800 Ferrier Cardium Oil 800 Ferrier Cardium Liquids Rich Gas 700 Liquids Yields C3 28 bbl/mmcf Last 4 Angle Wells C4 15 bbl/mmcf 600 600 C5+ 15 bbl/mmcf 500 Production (boe/d) P50…
  35. Corporate Presentation – Angle Energy, Inc. – slide 35
    EDSON CARDIUM OPERATIONS AND RESERVES R18 R17 R16 R15 R14W5 B I A E Cardium Resource Per Section F B F B K B T56 U F B 4-35 Non-op F U B F B VV T56 F B IP30 147 bbl/d F B F K B F B F B F B KA B D A E…
  36. Corporate Presentation – Angle Energy, Inc. – slide 36
    EDSON CARDIUM DRILLING & COMPLETIONS Edson Cardium Vertical Depth 1,650 m Horizontal Lateral Length 1,100 m Drilling Time 13 days Budget Drill Cost 2.0MM 1,650 m Budget Completion Cost 1.5MM Budget Equip/Tie Cost 0.5MM Frac…
  37. Corporate Presentation – Angle Energy, Inc. – slide 37
    EDSON CARDIUM TYPE CURVE EUR NPV 10% IRR 300 P50 (175 mbbl) 300 mboe (32% Gas) 3.4 MM 43% Budget Curve (140 mbbl) 240 mboe (32% Gas) 1.9 MM 26% Break Even (85 mbbl) 145 mboe (32% Gas) 10% 250 P50 SLICKWATER COMPLETION 200…
  38. Corporate Presentation – Angle Energy, Inc. – slide 38
    EDSON CARDIUM TYPE CURVE & ECONOMICS Edson Cardium Results and Typecurve Edson Cardium GOR Profile 300 100,000 Suspected Wellbore Plugging Drillout Candidate P50: EUR 175 Mbbl NPV10% = 3.4MM; IRR = 43% 250 Budget Curve: EUR…
  39. Corporate Presentation – Angle Energy, Inc. – slide 39
    ANGLE MANNVILLE GAS & NGL OPTION HZ Project (23 Wells) FERRIER 8,000 CAPEX 100 MM 68% Paid Out to Date 7,000 6,000 Project Production (boe/d) 5,000 4,000 3,000 HZ Wells 2,000 HARMATTAN 1,000 Vertical…
  40. Corporate Presentation – Angle Energy, Inc. – slide 40
    HARMATTAN MANNVILLE DRILLING & COMPLETIONS Harmattan Mannville Vertical Depth 2,450 m Horizontal Lateral Length 1,100 m Drilling Time 20 days Budget Drill Cost 2.2MM 2,450 m Budget Completion Cost 1.4MM Budget Equip/Tie Cost…
  41. Corporate Presentation – Angle Energy, Inc. – slide 41
    HARMATTAN MANNVILLE TRACK RECORD OF VALUE CREATION 50/50 Crown 10,000 Crown & Freehold Freehold Economics Economics Economics D/C/E/T Capital Cost 0311 IP30 4.0 4.0 4.0 420 boe/d (MM) IP 1 Month (boe/d) 700 700 700 IP 12…
  42. Corporate Presentation – Angle Energy, Inc. – slide 42
    FINANCIAL HIGHLIGHTS 2012 2011 2010 2009 Average production (boe/d) 14,639 13,163 9,243 7,528 Cash flow (000s) 84,494 95,686 49,834 40,154 Cash flow per share () diluted 1.05 1.30 1.00 0.90 Cash flow netback (/boe) 15.77 19.92…
  43. Corporate Presentation – Angle Energy, Inc. – slide 43
    MANAGEMENT Directors Noralee Bradley LLB Edward Muchowski P. Eng Partner, Osler, Hoskin & Harcourt LLP Chair of Reserve and EH&S Committee Chair of Board of Directors and on Compensation Committee Scott Bratt CA, CFA Jacob Roorda…
  44. Corporate Presentation – Angle Energy, Inc. – slide 44
    ANALYST COVERAGE AltaCorp Capital Inc. GMP Securities Don Rawson Grant Daunheimer BMO Capital Markets Haywood Securities Jim Byrne CIBC World Markets National Bank Adam Gill Dan Payne Clarus Securities Paradigm Capital…
  45. Corporate Presentation – Angle Energy, Inc. – slide 45
    FOR MORE INFORMATION CONTACT: Heather Christie-Burns 403-263-4534 President & COO investangleenergy.com More reach. From every angle. More growth. More value. TSX: NGL

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