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February 2019 Corporate Presentation – Journey Energy Inc

Journey Energy Inc · Feb 28, 2019 · 26 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. February 2019 Corporate Presentation – Journey Energy Inc – slide 1
    TSX: JOY Corporate Presentation February, 2019 exploring new roads
  2. February 2019 Corporate Presentation – Journey Energy Inc – slide 2
    Why Journey Why JOY Experienced management Skilled board of directors Team Acquire and develop mentality Experience in resource play development Control legacy under-developed conventional oil pools Business Balance…
  3. February 2019 Corporate Presentation – Journey Energy Inc – slide 3
    Snapshot 9,400 boe/d balanced producer; 49% liquids(1) 16% corporate decline; interest in early stage oil resource play (funded by others for 2019) 0.84-0.94/share funds flow; 33-37 million annual funds flow for 2019 210 million…
  4. February 2019 Corporate Presentation – Journey Energy Inc – slide 4
    Road Map for Value Creation 165 gross sections of Duvernay lands concentrated in the oil window World Class World class partner with proven expertise Duvernay Well tests in 2019 being funded by partner 37.5% WI in commercial…
  5. February 2019 Corporate Presentation – Journey Energy Inc – slide 5
    Growth in Funds Flow for 2019(1) 2017 2018 2019 Operating Highlights Actual Estimate Forecast Production Average (boe/d) 9,962 10,075 9,200 9,600 Oil and NGLs (%) 46% 47% 49% Corporate Decline Rate (%) 17% 16% 16% Reference…
  6. February 2019 Corporate Presentation – Journey Energy Inc – slide 6
    Funds Flow Sensitivity Based on 2019 Guidance WTI (USD/bbl) Funds Flow (millions) (Including Hedges) 48.50 51.00 53.50 56.00 58.50 61.00 63.50 66.00 68.50 1.35 13.3 17.9 22.5 27.1 31.5 36.1 40.5 44.9 49.3 1.45 14.6 19.2…
  7. February 2019 Corporate Presentation – Journey Energy Inc – slide 7
    Base Core Areas Southern Core Area (5,300 boe/d; 41% oil and NGLs(1) ) Key properties at Skiff, Matziwin, Herronton and Edmonton Countess Brooks Waterflood expansion, Red Deer extensive drilling upside Calgary Impressive…
  8. February 2019 Corporate Presentation – Journey Energy Inc – slide 8
    Base - 2018 YE Reserves Summary Gross Company (WI) Reserves(1) Oil Gas NGLs Reserve Category Mboe RLI (Mbbl) (Bcf) (Mbbl) Proved Developed Producing 8,680 84.3 2,357 25,087 7.6 Total Proved 13,103 112.9 3,495 35,412 10.0 Proved +…
  9. February 2019 Corporate Presentation – Journey Energy Inc – slide 9
    Base - PDP Reserve Life Index(1) 11 Peer Group Includes; AAV, ARX, BNP, BTR, CJ, CR, DEE, GXE, GXO, IPO, 10 JOY, KEL, NVA, PONY, PRQ, PEY, SPE, SRX, SGY, TVE, TOG, WCP, YGR Lowest Declines 9 8 7 6 Highest Declines 5…
  10. February 2019 Corporate Presentation – Journey Energy Inc – slide 10
    Base Lowering Corporate Decline Put another 310 MMbbls of OOIP on waterflood 75 MM conventional 385 MM on waterflood 60 MM to be delineated & flooded 250 MM to be flooded JOY net barrels of OOIP by category 770 MM…
  11. February 2019 Corporate Presentation – Journey Energy Inc – slide 11
    Conventional - Economic Plays DUVERNAY Unbooked World class JV partner selected CONVENTIONAL Duvernay Wells for 2019 funded by JV partner BASE World Class No reserve value assigned Resource 3.61/P+P boe FDC is lower than the…
  12. February 2019 Corporate Presentation – Journey Energy Inc – slide 12
    Conventional - 2018 Half Cycle Results Skiff Sawtooth Drilling and Waterflood Development Drilled 8 HZ wells in 2018: 17.2 million for DCET and 1 water injector conversion (425k in 2019) Total IP30: 2,016 boe/d (65% oil and NGLs);…
  13. February 2019 Corporate Presentation – Journey Energy Inc – slide 13
    Conventional 25 Years of Drilling Booked Projects(3) 207 million in Capital Waterflood Journeys inventory includes over 500 million in booked(3) and Other HZ & Vertical Horizontal unbooked(2) conventional oil projects Oil…
  14. February 2019 Corporate Presentation – Journey Energy Inc – slide 14
    Conventional - Remaining Resource(2) 770 MM net barrels of OOIP(1)(2) 82.1% of oil left behind 13.5% produced to date 1.8% unbooked inventory 2.6% booked inventory Oil left behind becomes 4.4% remains Target Resource…
  15. February 2019 Corporate Presentation – Journey Energy Inc – slide 15
    Duvernay - Emerging World Class Resource Initiate commercial development 2020 JV WI: KRC 62.5% WI, JOY 37.5% WI & Initial 2 yrs of operations: max. 10 wells/yr Beyond Continue to add land and capture resource Two Commitment…
  16. February 2019 Corporate Presentation – Journey Energy Inc – slide 16
    Duvernay Oil Development Taking Off. Accelerating Industry Activity offsetting JV Land Dramatic increase in activity since Q2 2018 15 wells on production delineating the Oil Trend 18 more wells licensed or drilling Appraisal…
  17. February 2019 Corporate Presentation – Journey Energy Inc – slide 17
    Duvernay Resource Captured 12-9 well Total Organic Drill Depth Gamma Ray Total Phi ELAN Swe Carbon frac 15-31 hz 6-28 Pad 16-15 hz 11-2 new drill Significant Infrastructure Ownership Thick Mature Shale 43.3%…
  18. February 2019 Corporate Presentation – Journey Energy Inc – slide 18
    Duvernay World Class Partner Kiwetinohk Resources Corp. JV WI: KRC 62.5% / JOY 37.5% W Initial 2 yr. Initial 2 yrs of JV operations (10 wells/yr max) Development Per well option to participate or take GORR (Option on first 20…
  19. February 2019 Corporate Presentation – Journey Energy Inc – slide 19
    Duvernay - Potential Commercial Development Gilby Duvernay HZ Oil Well (Gross) NPV10%(1) AECO 1.60/MMbtu (flat) 5 NPV 10% Before Tax - millions 4 3 2 1 0 60 70 80 CAN/bbl - EDM Light Sweet Potential Single Well…
  20. February 2019 Corporate Presentation – Journey Energy Inc – slide 20
    Appendix- Content Finding, Development and Acquisition Costs Drilling inventory Central Region Central Region Edmonton South Region Red Deer Calgary Strong Governance South Region Experienced Management 22
  21. February 2019 Corporate Presentation – Journey Energy Inc – slide 21
    Finding, Development & Acquisition Costs For the years ending December 31, 2016 to December 31, 2018 2016 2017 2018 (3 Yr) Acquisitions and Divestiture Capital (millions) (9.3) 33.3 (5.1) 18.8 Exploration and Development Capital…
  22. February 2019 Corporate Presentation – Journey Energy Inc – slide 22
    Improving Recovery in our Legacy Oil Pools 65 CAD/bbl EDM Light Sweet, 55 CAD/bbl WCS, 1.55/MMbtu AECO, No Inflation HZ Drilling Economics(1) Crystal Cherhill Matziwin Herronton Drilling Metric HZ Viking HZ Banff HZ Regional…
  23. February 2019 Corporate Presentation – Journey Energy Inc – slide 23
    Central Region Conventional Horizontal Oil Well Drilling Locations(2) Booked(1) Unbooked(3) Property Formations Gross Net Gross Net Poplar Creek/ Belly River, 5 4.5 14 13.3 Westerose Cardium, Banff Cherhill Banff 6 5.4 1…
  24. February 2019 Corporate Presentation – Journey Energy Inc – slide 24
    South Region Conventional Horizontal Oil Well Drilling Locations(1) Booked(2) Unbooked(3) Property Formations Gross Net Gross Net Matziwin Glauconite, Colony 20 20.0 21 20.0 Skiff Sawtooth 15 15.0 19 18.9 Countess / Brooks…
  25. February 2019 Corporate Presentation – Journey Energy Inc – slide 25
    Board of Directors - Strong Governance Howard Crone Chairman of the Board Executive Vice President of Cequence Energy Ltd.; Director of Cequence Energy Ltd. and Karve Energy Inc. Glenn Hamilton Audit Committee Chair Independent…
  26. February 2019 Corporate Presentation – Journey Energy Inc – slide 26
    Experienced Management Team Alex G. Verge, P.Eng., M.Eng. President and Chief Executive Officer, and Director Over 35 years of experience: Seven years as Director of Journey (six as CEO), President and CEO of NuVista Energy, VP…

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