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July 2019 Corporate Presentation – Perpetual Energy Inc

Perpetual Energy Inc · Aug 31, 2019 · 35 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. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 1
    TD SECURITIES CALGARY ENERGY CONFERENCE J U LY 2 0 1 9 BOLD IDEAS FOR ENERGY 1
  2. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 2
    Financial Profile Financial Profile (TSX: PMT) March 31, 2019 except as noted Common Shares o/s (1) 60.3 million Management & Insider ownership 49% Share price (1) 0.21 Market capitalization 13 million Net bank debt (2)(4) 45…
  3. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 3
    Operating Profile Edson Wilrich West Central Multi-zone liquids-rich gas Tight oil & gas exploration Mannville heavy oil Heavy oil exploration Eastern Alberta Conventional shallow gas Viking shallow shale gas Bitumen Asset…
  4. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 4
    Q4 2016 to Q2 2019 Executing A Transformation High Grading the Asset Base Shallow Gas Disposition October 1, 2016 Sold non-core assets in 2018 for 13 million Captured new opportunities aligned with strengths and chosen strategies…
  5. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 5
    Capital Spending Q1 2019 Q2 Q4 2019 2019 2017 2018 Guidance (1) ( millions) Guidance (1) 65 14 10 - 12 11 - 13 West Central 1 gross 0.7 Up to 2 gross Up to 2 gross 14 gross Liquids-Rich Gas (13.4 net) drills (1.0 net) drill…
  6. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 6
    Production 14,000 12,000 2019 Guidance(1) = 9,200 - 9,600 Boe/d 10,594 Average Daily Production (Boe/d) 9,876 10,240 9,631 10,000 9,100 8,118 8,449 8,000 6,000 4,000 2,000 0 Q4 2016 2017 Q1 2018 Q2 2018 Q3 2018 Q4…
  7. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 7
    Operating Netback 27.50 Operating Netback (1)(2) 25.00 Q1 2019 = 13.36/Boe 22.50 20.00 17.50 /Boe 15.00 12.50 10.00 7.50 5.00 2.50 0.00 Q4 2016 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019E Q3 2019E Q4…
  8. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 8
    Market Diversification Strategy 2019 Price Exposure Net of Royalties(1) Natural gas market shift to diversify portfolio 40,000 MMBtu/d; 5 year term Nov/17 - Oct 31/22 Crude Oil, 10% AECO fixed price, 11% Receive Daily Index market…
  9. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 9
    2019 Adjusted Funds Flow Guidance Q1 2019 Net cash flows from operating activities - 9.3 million (0.15/share) Q1 2019 Adjusted funds flow - 6.4 million (0.11/share) 2019 Adjusted Funds Flow Sensitivities (1)(3) NYMEX gas price (+/-…
  10. July 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…
  11. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 11
    STRATEGIC PRIORITY 1 IMPROVE BALANCE SHEET AND MANAGE RISK
  12. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 12
    2019 Financing Initiatives Available liquidity (1)(2) of 25 million Comprised of available bank line plus TOU share investment, net of TOU share-based loan Planned capital program fully funded by 2019 adjusted funds flow (3) Credit…
  13. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 13
    Balance Sheet March 31, 2019 Net debt declined 9% (10.2 million) from December 31, 2018 Amount Balance Sheet (1)(2) Security Maturity ( millions) Tourmaline Shares (1) 1.66 million shares 19.92/share N/A N/A (27.6) Tourmaline Share…
  14. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 14
    Sequoia Litigation Date Action (1) Oct 1, 2016 Perpetual closed the Shallow Gas Disposition to an arms length third-party previously unknown to Perpetual (Sequoia) at negotiated fair market value after an extensive and lengthy…
  15. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 15
    STRATEGIC PRIORITY 2 GROW VALUE OF GREATER EDSON LIQUIDS-RICH GAS
  16. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 16
    Edson Activity Area Capacity: 78 MMcf/d West Wolf: 65 MMcf/d Rosevear: 13 MMcf/d ERH pads 2,500 3,500 meters Pre 2017 Drills 2017 Drills 2018 Drills 2019 Drill Ready 66 (63.3 net) locations booked in 2018 Year End…
  17. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 17
    Greater Edson Liquids-Rich Gas Wilrich Play Performance 2014: East Edson JV Royalty deal 14,000 20,000 Sold 5.6 MMcf/d plus associated liquids for 120 MM investment 2015: Growth driven by JV Royalty sale commitments 12,000…
  18. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 18
    Edson Type Curves + McDaniel YE 2018 TPP West Type Curve Economics (1) Price Deck 3 Consultant Average Jan 1/2019 Average(2) Capital (D,C & T) 4.5 MM West TPP Type Curve(3) West TPP Low Type Curve(3) NPV 10 % 2.8 MM East TPP…
  19. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 19
    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 2018 PDP…
  20. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 20
    Monthly Operating Costs (000's) (1) 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…
  21. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 21
    STRATEGIC PRIORITY 3 GROW VALUE OF EASTEN ALBERTA PORTFOLIO
  22. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 22
    Eastern Alberta Mannville Heavy Oil Mannville Q1 2019 Production Area production of 1,700 boe/d (66% oil) 6 oil pools producing 1,113 bbl/d Increase of 21% from Q4 2016 Power Generation of 800 kW/d improves natural gas production…
  23. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 23
    Mannville Heavy Oil Drilling Inventory Well Economics Assumptions (1) Capital (D,C & T) 0.8 - 1.1 MM 2019 Pricing CAD44.30/bbl wellhead heavy price (3 Consultant Average WTI US58.80/bbl; WCS CAD51.55/bbl; Offset CAD7.25/bbl Jan 1…
  24. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 24
    Mannville Heavy Oil Pools Waterflood Response Upper Mannville B Pool consists of 3 geological units, all under waterflood 800 Upper Mannville B Pool - Regional Lloyd Mid DPIIP (1) Cumulative TPP Implied 600 production Reserves…
  25. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 25
    Mannville Heavy Oil Pools Waterflood Response 800 500 Upper Mannville I2I Pool Upper Mannville T8T Pool 600 400 Oil Rate, bbl/d Oil Rate, bbl/d; Waterflood commenced McDaniel 300 Waterflood commenced 400 PPDP…
  26. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 26
    STRATEGIC PRIORITY 4 ADVANCE HIGH IMPACT, DIVERSIFYING NEW VENTURES
  27. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 27
    Oil Sands Leases 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…
  28. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 28
    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…
  29. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 29
    LEAD Technology Pilot Low Pressure Electro-Thermally Assisted Drive First stage of pilot single well Cyclic Heat Stimulation complete Electrical resistive heating and production in a single horizontal well to validate reservoir flow…
  30. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 30
    INVESTMENT THESIS COMPELLING DISCOUNT TO NET ASSET VALUE TORQUE TO GAS PRICE RECOVERY
  31. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 31
    Sum of the Parts Net Asset Value Year End 2018 (1) Net asset value (NAV) per share based on 60.2 million shares outstanding. Reserve valuation based on NPV10% McDaniel reserves and Three Consultant Average price forecast as at…
  32. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 32
    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 platform Mannville…
  33. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 33
    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,…
  34. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 34
    Non GAAP Measure Advisories NON-GAAP MEASURES: The terms adjusted funds flow, adjusted funds flow per share, adjusted funds flow per boe, available liquidity, cash costs, gas over bitumen revenue, net of payments, net working capital…
  35. July 2019 Corporate Presentation – Perpetual Energy Inc – slide 35
    Oil and Gas Advisories OIL AND GAS ADVISORIES: The presentation refers to F&D (finding and development costs), FD&A (finding, development and acquisition costs), ROR (rate of return), payout and recycle ratio which have been prepared by…

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