Why we do what we do Our Mission is to establish Painted Pony as a low-cost supplier of clean natural gas to Canada and the world. We believe: world demand for clean and reliable energy is Oil rapidly growing Percentage of…
Global LNG Market Demand Growth Mtpa (Million Tonnes per Annum) is a typical measurement unit in Global LNG Global LNG Demand LNG markets for production demand forecasted to 500 Approximate conversion: increase 1 mtpa = 0.132…
Proposed West Coast LNG & LPG Projects Game Changer T-North Enbridge Mainline LNG Projects Capacity British LNG Canada Columbia Shell, Petronas, Mitsubishi, Petro- 1.9 3.8 Bcf/d AltaGas Ridley Island China, KOGAS (Under…
Alberta Natural Gas Market Continued Demand Growth Significant demand growth is Alberta is expected to increase taking place in Alberta (Bcf/d) 8.0 8.0 natural gas consumption by over 45% between 2018 and 2023 Steady phase-out…
Corporate Profile TSX: PONY 3-Year Adjusted Funds Flow Growth Profile (YE 2016 2018) 104% Increase in Adjusted Funds Flow Per Share 149% Production Volume Increase Forecasted 2019 Production 324 - 336 MMcfe/d (54,000 56,000…
World Class Resource Montney Pure Play Natural Gas Pipeline Coastal GasLink Pipeline Asset The Montney is the most economic natural gas and natural gas liquids play in Canada British Alberta Columbia 305 net sections (195,187…
Montney Pure Play Location, Location, Location PONYs Montney Sweet Spot is: 38 sections 4x thicker than the Marcellus at greater 36 than 300 meters (approximately 1,000 ft.) sections Beg thick Dry Liquids a continuous sweet…
The Sweet Spot North Montney 6-Month Cumulative Production Volumes British Columbia 2,250,000 PONY has the best well in North Montney with North 6-month average daily Montney PONY 2,000,000 production rate of more than 11…
Development Horizons Deep inventory of untapped Montney opportunities across Significant Unrealized Upside Across 7 Layers of Montney Resource PONYs 305 net sections Doig formation Townsend Blair Beg 1 2 3 4 5 6 Upper Montney…
2018 Reserves Significant Resource, Significant Value 6.9 Tcfe of Total 2P (3) Proven 1.0 Tcfe of PDP reserves Reserves Developed Producing 19% annual growth of PDP reserves at a cost of 0.55/Mcfe (14% of Reserves) 31% annual…
2018 Natural Gas Reserves Fourth-Largest 2P Natural Gas Reserves PONYs 2P natural gas reserves of 6.4 Tcf (excludes liquids) positions PONY 12 11.7 with the 4th largest natural gas Proved plus Probable Reserves (Tcf)…
2018 Reserves Consistently Profitable Recycle Ratios Industry leading PDP recycle ratio delivered returns through Corporate Netback* 1.71/Mcfe corporate netbacks which 2018 PDP PDP Finding, Development = = 3.1x Recycle Ratio…
Land Valuation Recent Land Sales Suggest PONY Undervalued Recent land sales have shown significant value in north east BC Recent land sales have shown acreage significant value in north east BC acreage PONY has five largely…
Market Diversification & Growing US Exports Higher Prices for Natural Gas; PONY 2018 Realized Price 69% Higher than AECO 5A St 2 Market 29 MMcf/d 2019 average PONY Sales / Pricing Exposure (spot) AECO AECO Market Station 132…
Transportation Firm Transportation & Toll Advantage to West Coast Enbridge T-North Tolls Single toll structure 0.24/Mcf Pony can deliver at either Station 2 or Sunset Creek for single toll TransCanada AECO Tolls 0.27/Mcf…
Cost Structure 2019 Q1 Actual Top Line Revenue was Challenging Commodity Price Environment 3.67/Mcfe, (excluding realized hedging) 2018 Top Line providing Adjusted Funds Flow of Revenue (actual) (excluding realized hedging) 2019…
Strong Growth in Adjusted Funds Flow per Share Successful Market Diversification Strategy 2016 PONY began diversifying sales hubs to reduce reliance on AECO- 100% based prices PONY Annual Adjusted Funds Flow per Share PONY Share…
2019 Production Revenue Managing Volatility Expected 2019 Production Revenue by Source 50% of PONYs 2019 production revenue is protected through a AECO combination of physical and financial fixed-price contracts DAWN SUMAS at a…
Production Profile Optimizes Balance Sheet Flexibility Quarterly production per share Quarterly average daily production (actual) Quarterly average daily production (forecast) 400 Enbridge 5 T-South Quarterly Average Daily…
Capital Spending & Adjusted Funds Flow Impressive Per Share Adjusted Funds Flow Growth Annual Average Daily Production Volumes 400 500 Capital Spending Free Adjusted Funds Flow(1) 350 Adjusted Funds Flow(1) 400 300 347 MMcfe/d…
2019 Capital Program Cash Flow Budget Cash Flow Budget - matching capital spending with adjusted funds flow from operations Investing 95 - 110 million Forecast annual average daily production volume of 324 MMcfe/d (54,000 boe/d)…
Historical Costs Drilling & Completions Efficiency As capital well costs fell, production type curves dramatically improved Continued type curve improvement with average Total 2P(1) well Management Perf & Plug Systems Type Curve…
Single Well Economics by Area 2018 Management Type Curves Management Type Curves Single Well Economics IRR NPV10 Pay Out Daiber (dry) Blair (lean) Daiber 49.9% 4.7 mm 23 months (dry) Townsend (liquids-rich) 8,000 Blair 55.7%…
Single Well Development Economics Price Sensitivity (Half Cycle) Townsend (liquids-rich) Blair (lean) Daiber (dry) 200 180 160 High-rate Daiber Rate of Return (% BT) 140 wells provide natural gas pricing torque 120…
Pony Points Checking Off All of the Boxes Well situated to supply Canadian west coast LNG projects Diversified Market Access and Sales Points Industry leading PDP recycle ratio at 3.1x Top well performance Massive reserves…
Appendices & Advisories
Financial Strength Term Debt and Credit Facility Provide Flexibility 375 Million Syndicated Credit Facility Secured, Reserve Based Lending Matures May 2020 Syndicated 138 million drawn as at May 1, 2019 Credit Facility 138 237 25…
Corporate Overview Auditor KPMG LLP Evaluation Engineers GLJ Petroleum Consultants Ltd. Banks The Toronto-Dominion Bank Canadian Imperial Bank of Commerce The Bank of Nova Scotia Alberta Treasury Branches Royal Bank of Canada…
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