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January 2019 Corporate Presentation – Perpetual Energy Inc

Perpetual Energy Inc · Jan 24, 2019 · 34 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. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 1
    C O R P O R AT E P R E S E N TAT I O N JANUARY 2019 BOLD IDEAS FOR ENERGY 1
  2. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 2
    Financial Profile Financial Profile (TSX: PMT) September 30, 2018 except as noted Common Shares o/s (1) 60.9 million Management ownership 34% Share price (1) 0.19 Market capitalization 12 million Net bank debt (2)(4) 50…
  3. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 3
    Q4 2016 to Q4 2018 Executing the Transition Dispositions Shallow Gas Disposition October 1, 2016 Sold non-core assets in Q2 2018 for 12 million Financing Transactions Positive Impact 118 million of new funding completed in 2017 to…
  4. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 4
    Operating Profile Edson Wilrich West Central Multi-zone liquids-rich gas Tight oil & gas exploration Mannville heavy oil Eastern Alberta Conventional shallow gas Viking shallow shale gas Bitumen Asset Summary Production (1)…
  5. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 5
    Capital Spending 2018 H1 2019 H2 2019 2019 2017 ( millions) Guidance (1) Guidance (1) Guidance (1) Guidance (1) 65 12 11 - 12 11 - 13 West Central 1 gross 0 - 1 2 gross 2 gross 14 gross Liquids-Rich Gas (13.4 net) drills…
  6. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 6
    Production (1) 14,000 Forecast Production Average Daily Production (Boe/d) 12,000 10,500 9,876 9,400 10,000 8,118 8,000 6,000 4,000 2,000 0 Q4 2016 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018E Q1 2019E Q2 2019E Q3 2019E…
  7. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 7
    Operating Netback (1)(2) 27.50 25.00 22.50 Operating 20.00 Netback 17.50 15.00 /Boe 12.50 10.00 7.50 5.00 2.50 0.00 Q4 2016 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018E Q1 2019E Q2 2019E Q3 2019E Q4 2019E Post…
  8. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 8
    Market Diversification Strategy 2019 Price Exposure Net of Royalties AECO fixed price Crude Oil Crude Oil - Fixed 2% Empress 10% 5% 7% Natural gas market shift to diversify portfolio Natural gas liquids - Other 2% Dawn Physical…
  9. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 9
    2019 Adjusted Funds Flow Guidance (1)(2) (1)(4) 2019 Adjusted Funds Flow Sensitivities NYMEX gas price (+/- 0.25 USD/MMBtu) WTI (+/- USD 2.50/bbl) Gas Production (+/- 2.5 MMcf/d) Oil & NGL Production (+/- 250 Bbl/d) 0.0…
  10. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 10
    2019 Strategic Priorities Improve Balance Sheet and Manage Risk Grow Value of Greater Edson Liquids-Rich Gas Grow Value of Eastern Alberta Portfolio Advance High Impact, Diversifying New Ventures Positioned for short and…
  11. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 11
    STRATEGIC PRIORITY 1 IMPROVE BALANCE SHEET AND MANAGE RISK
  12. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 12
    Sequoia Litigation Date Action (1) Aug 3/18 PwC initiates litigation against Perpetual and schedules August 30 court date Aug 27/18 Perpetual files statement of defense and application for summary dismissal based on determination…
  13. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 13
    Sequoia Anticipated Litigation Timeline Application for Summary Q4 2018 Dismissal on threshold issues Jan/Feb 2019 Court decision anticipated Favourable Unfavourable PwC may appeal Unfavourable Perpetual may appeal 6 months…
  14. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 14
    Balance Sheet Amount Security Maturity ( millions) Tourmaline Shares (1) 1.66 million shares 17.80/share N/A N/A (29.5) Tourmaline share loan 55% loan to value margin trigger TOU Shares Demand 15.6 Net working capital deficiency…
  15. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 15
    2019 Financing Initiatives Available liquidity (1)(2) of 23 million Comprised of available bank line plus TOU share investment, net of TOU share-based loan Building additional liquidity through the first half of 2019 with limited…
  16. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 16
    STRATEGIC PRIORITY 2 GROW VALUE OF GREATER EDSON LIQUIDS-RICH GAS
  17. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 17
    Edson Activity Area Capacity: 78 MMcf/d West Wolf: 65 MMcf/d Rosevear: 13 MMcf/d ERH pad 2,500 3,500 meters Pre 2017 Drills 2017 Drills 2018 Drills 2019 Drill Ready 66 (63.3 net) locations booked in 2017 Year End…
  18. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 18
    Greater Edson Liquids-Rich Gas Wilrich Play Performance 14,000 20,000 2014: East Edson JV Royalty deal Sold 5.6 MMcf/d plus associated liquids for 120 MM investment 2015: Growth driven by JV Royalty sale commitments 12,000…
  19. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 19
    Edson Type Curves McDaniel YE 2017 TPP West Type Curve Economics (1) Price Deck McDaniel January 1/2018 Average(2) Capital (D,C & T) 4.5 MM West TPP Type Curve(3) West TPP Low Type Curve(3) NPV 10 % 3.5 MM East TPP Type…
  20. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 20
    East Edson Wilrich Capital Efficiency 1) Capital efficiency = Cost to drill, complete, equip and tie in/first 12 months average daily production, based on actual capital and average daily production to date (with McDaniel 2017 PDP…
  21. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 21
    Monthly Operating Costs (000's) 1,000 1,500 2,000 500 0 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15…
  22. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 22
    STRATEGIC PRIORITY 3 GROW VALUE OF EASTERN ALBERTA PORTFOLIO
  23. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 23
    Eastern Alberta Mannville Heavy Oil Mannville Q4 2018 Production Area production of 1,800 boe/d (70% oil) From 6 oil pools, production of 1,300 boe/d (96% oil) Increase of 35% from Q4 2016 Power Generation of 800 kW/d improves…
  24. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 24
    Mannville Heavy Oil Drilling Inventory Well Economics Assumptions (1) Capital (D,C & T) 0.9 MM 2018 Pricing CAD47.90/bbl wellhead heavy price (McDaniel Jan 2018 WTI US58.50/bbl; WCS CAD51.90/bbl; Offset CAD4.00/bbl forecast) NPV…
  25. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 25
    Mannville Heavy Oil Pools Waterflood Response Upper Mannville B Pool consists of 3 geological units, all under waterflood 800 Regional Lloyd Mid DPIIP (2) Cumulative TPP Implied 600 production Reserves Recovery to YE 2017 booked at…
  26. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 26
    Mannville Heavy Oil Pools Waterflood Response 800 400 Upper Mannville I2I Pool Upper Mannville T8T Pool 600 300 Oil Rate, bbl/d Oil Rate, bbl/d; Waterflood commenced Waterflood commenced 400 McDaniel 200 McDaniel…
  27. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 27
    STRATEGIC PRIORITY 4 ADVANCE HIGH IMPACT, DIVERSIFYING NEW VENTURES
  28. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 28
    Bitumen R9 R5 R1W5 R21 R17 R13W4 T98 Perpetual OS Leases Overriding Royalty Lands Perpetual Panny Pilot T95 Experimental Primary Projects Thermal Projects 255 net sections (163,000 net acres) of oil sand leases…
  29. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 29
    Bitumen Panny Bluesky Low rate cold flow possible without solvent or thermal assistance Average pay thickness 11 m Low viscosity bitumen 15,000 cp at 25oC 50,000 cp at 11oC reservoir temp Highly mobile at 70oC Panny Bluesky…
  30. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 30
    LEAD Process Technology Pilot Low Pressure Electro-Thermally Assisted Drive First stage of pilot single well Cyclic Heat Stimulation completed in Q2 2017 Electrical resistive heating and production in a single horizontal well to…
  31. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 31
    INVESTMENT THESIS COMPELLING DISCOUNT TO NET ASSET VALUE TORQUE TO GAS PRICE RECOVERY
  32. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 32
    Sum of the Parts Year-End 2017 Net Bank Debt Unbooked Inventory Unbooked Inventory (1) Net asset value per share based on 59.3 million shares outstanding. Reserve valuation based on NPV10% McDaniel reserves and pricing;…
  33. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 33
    Key Investment Highlights High Quality Assets Asset base repositioning for resource-style and diversification successful Edson Wilrich liquids-rich gas inventory well-defined providing high capital efficiency growth Mannville heavy…
  34. January 2019 Corporate Presentation – Perpetual Energy Inc – slide 34
    ADDITIONAL INFORMATION Susan Riddell Rose President & CEO Mark Schweitzer Vice President, Finance and CFO infoperpetualenergy.com EMAIL 800.811.5522 TOLL FREE 403.269.4400 PHONE 403.269.4444 FAX 3200, 605 5 Avenue SW Calgary,…

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