TSX: JOY Corporate Presentation August, 2019 exploring new roads
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…
Snapshot 9,300 boe/d balanced producer; 48% liquids(1) 16% corporate decline; interest in early stage oil resource play (funded by others for 2019) 0.68-0.75/share funds flow; 27-30 million annual funds flow for 2019 222 million…
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 37.5% WI in commercial development Encouraging test results; (PR:…
Growth in Funds Flow for 2019 2017 2018 2019 2019 Operating Highlights Actual Actual Guidance H1 Actual Production Average (boe/d) 9,962 10,075 9,000 9,400 9,288 Oil and NGLs (%) 46% 47% 49% 47% Corporate Decline Rate (%) 17% 16%…
Base Core Areas Southern Core Area (5,100 boe/d; 39% oil and NGLs(1) ) Key properties at Skiff, Matziwin, Herronton and Countess Brooks Edmonton Waterflood expansion, extensive Red Deer drilling upside Impressive 2018…
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 +…
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…
Base Enterprise Value as a % of NPV(1) 2018 Year End Enterprise Value as a % of PDP NPV 10% 250% Less Expensive More Expensive 200% 150% 100% 50% 0% Peer Group Includes; AAV, ARX, BTE, BIR, BNP, BTR, CJ, CR, CPG, DEE, GXE,…
Conventional - Economic Plays World class JV partner selected DUVERNAY Unbooked and Forecast 7 well tests by spring 2020 CONVENTIONAL Now Tested No reserve value assigned BASE Duvernay Optionality on funding for 20 well early…
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);…
Conventional Below Average Bookings; Above Average Returns Reserve Report FDC per 2P BOE of Reserves(1) 10 Most Booked 8 6 Least Booked 4 2 0 Peer Group Includes; AAV, ARX, BTE, BIR, BNP, BTR, CJ, CR, CPG, DEE, GXE, GXO,…
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…
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…
Duvernay - Emerging World Class Resource Initiate commercial development (JOY 37.5% WI) 2020 Initial 2 yrs of operations: max. 10 wells/yr & Option to take 5% GORR on 100% of production instead of WI (initial 2 yrs) Beyond…
Duvernay Accelerating Activity Levels Accelerating Industry Activity offsetting JV Land Dramatic increase in activity since Q2 2018 Increase from 3 to 17 wells on production delineating the Oil Trend 18 more wells licensed or…
Duvernay World Class Partner Kiwetinohk Resources Corp. JV WI: KRC 62.5% / JOY 37.5% Initial 2 yr. Joint Wells: 10 wells/yr. max. Development Per well option to participate at 37.5% WI or take 5% GORR on 100% of production Phase…
Duvernay Encouraging Results on Journey Lands Commitment Well Commitment Well Option Well Joint Venture Lands & Journey Infrastructure Initial Results(1) 102/16-15-042-03W5 102/15-31-042-03W5 100/13-02-042-04W5 JOY 43.3% ownership in…
Duvernay Resource Capture 8-16 Vertical Strat for 11-2 hz New Vertical Well at 8-16 First Duvernay well penetration in Twp 42-4W5 Duvernay wireline logs corroborate mapping and geological model Porosity at 8-16 higher than…
Appendix- Content Hedging Finding, Development and Acquisition Costs Drilling inventory Central Region Central Region Edmonton South Region Red Deer Calgary South Region Strong Governance Experienced Management 25
Hedging Oil Contracts Contract Volume Pricing reference Strike price per bbl Term type bbls/d Basis swap 500 WTI/WCS (14.35)USD August 1, 2019 to August 31, 2019 Basis swap 500 WTI/MSW (7.75)USD August 1, 2019 to December 31,…
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…
Central Region Conventional Horizontal Oil Well Drilling Locations(2) Booked(1) Unbooked(3) Property Formations Gross Net Gross Net Poplar Creek/ Belly River, Cardium, 5 4.5 14 13.3 Westerose Banff Cherhill Banff 6 5.4 1…
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…
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. Dana Laustsen Reserve Committee Chair Independent…
Experienced Management Team Alex G. Verge, P.Eng., M.Eng. President and Chief Executive Officer, and Director Over 37 years of experience: Seven years as Director of Journey (six as CEO), President and CEO of NuVista Energy, VP…
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