TVE : TSX Predictable, Sustainable & Responsible Per Share Growth ENERCOM - August 2019 See Disclaimers and Forward Looking Statements attached
Environment, Social & Governance Tamarack remains a committed & responsible steward of nature, people and shareholder capital Environment 98% of all gas production conserved in 2018 5 emission reduction projects undertaken in 2018…
Potential Catalysts in 2019 1) Drill Veteran step-outs (to West & South) added estimated 60 mmboe OOIP in 2019 2) Continue to develop waterflood upside in Veteran (invested: 2018 - 30.0 million; 2019 - 25.0 million) No production upside…
Tamarack Valley Sustainable Growth into 2019 Drilling inventory in place for long-term, sustainable per share growth at current commodity prices Market Summary (as at Aug 8/19) TVE: TSX Share price Shares outstanding (mm) 1.90 225.7…
Viking Area Driving Corporate Growth Viking Opportunity 1.3 billion bbls of OOIP on TVE lands 14,000 Production (boe/d) (1) 12,000 Gas Oil 10,000 Closed Spur 8,000 acquisition 250% oil growth 6,000…
Spur Viking Acquisition Look-Back 400 Valuation Pre-Acquisition Jan 2017 (PV10%) 1000 Current Valuation at Dec 31, 2018 (PV10%) Total Value - 254MM Total Value - 920MM 800 640 Total 200 304 Drilling 600 244 Waterflood 396 0…
Veteran Activity Increasing Resource Size Through Delineation 2018 North Veteran Extension o Average P 880 kpa 2018 Veteran Unit Water-flood o Average IP30 45 bbls/d o Sec 29 flood initiated August 2018 o Belly River Hz source well…
Extensive Oil Development Runway Delineation wells increased OOIP from 815MMbbls to 1 billion bbls(1) TPP waterflood reserves booked at 4.9 mmboe (1) Based on Tamaracks internal estimates Reserve Internal Estimate Booking…
Declining Corporate Declines(1) Base 2018 Wedge Waterflood 2019 Wedge 30,000 25,000 Production (BOE/D) 20,000 15,000 2,400 bbls/d 10,000 5,000 0 2018 2019 2020 TVE internal risked forecast has corporate declines…
Veteran Unit Waterflood Pilot North Pattern VRR GOR WC 14-29 North Pattern INJECTED FLUID OIL 1000 1000 Instantaneous Voidage Replacement 100 100 STB 10 10 Ratio 1 1 0.1 0.1 6/1/2018 8/31/2018 12/1/2018…
Veteran Unit Waterflood Pilot South Pattern VRR GOR 14-29 South Pattern 1000 1000 Instantaneous Voidage Replacement 100 100 STB 10 10 Ratio 1 1 0.1 0.1 6/1/2018 8/31/2018 12/1/2018 3/2/2019 6/2/2019…
Veteran East Waterflood Pilot 12-19 (200m Spaced Wells) VRR WC OIl 12-19 100.00 - 200m Spacing (Assumes Pr = 1600 kPa) GOR Fluid Injected 10000 10.00 1000 VRRi, Water Cut STB/d, scf/bbl 1.00 100 0.10 10 0.01 1…
Conservatively Booked PUDs Sustain Future Upside Conservatively booked reserves future development capital (FDC) for P+P reserves of 700 MM = 3.5 years of cash flow(1) at current strip 2019 FDC only 127 MM vs 175 MM 2019 capex budget…
Wilson Creek Cardium Generated Free Cash Flow(1) in 2018 10,000 Gas Oil 8,000 Production (boe/d) 6,000 4,000 2,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 2016 2017 2018 Operating…
2019 Guidance, Price Assumptions & Sensitivities 2019 Guidance(1) Annual production 23,500 24,500 boe/d (64-66% oil & liquids) Exit production between 25,500 26,500 boe/d (64-66% oil & liquids) (3-5% DAPPS growth Q4/19 to Q4/18)…
Forecast Scenarios Depending on Curtailment Outcome Curtailment Ending by September 1, 2019 Curtailment Imposed Until 2020 Exit 25,500 26,500 boe/d (64-66% liquids) Exit lower end of guidance: 25,500 25,750 boe/d (62-65% liquids)…
Historical Netbacks, Capital Efficiencies and Per Share Growth Capital Efficiency(1) (/boepd Q4 to Q4) Q4 Production Growth Operating Netbacks*(1) (/boe) (per million shares O/S) 114 28.02 26,700 109 24.22 21,000 101 20,600…
Higher Oil Weighting Contributes to Increased Netbacks TVE Realized Oil Prices vs Index Prices TVE Light Oil and Total Liquids Weighting 90 WTI (USD/BBL) Edmonton Par (CAD/BBL) WCS (CAD/BBL) 70% 80 Light Oil Weighting Total Liquids…
Improving Cash Costs Leads to Long-term Sustainability All-in cash costs have steadily declined while production continues to grow Total Cash Costs 30,000 20 29% 18.00 2014 to Q1/19 despite increasing 25,000 1.21 oil weighting…
Current Hedges Term Hedge Type Volume Pricing % hedged July 1, 2019 to September 30, 2019 WTI Put 3,105 bbls/d US 60.00/bbl 21% Remainder of 2019 October 1, 2019 to December 31, 2019 WTI Put 2,990 bbls/d US 60.00/bbl 19% 20% hedged…
H1/19 Delivering on Promises & H2/19 Outlook What we said we would accomplish in H1/19 What we accomplished to end of H1/19 Second half 2019 objectives Hold production constant to comply with Alberta government Hold production…
Summary In 2018 results outperformed expectations on less capex which led to two guidance increases in 2018 Investing in long-term projects that will ultimately decrease decline rates, increase sustainability and returns Current…
Appendix
TVE Internally Calculated Full Cycle(1) ROR vs WTI 100 60% 80 40% 60 40 20% 20 0 0% 2014 2015 2016 2017 2018 2019 WTI USD TVE Full Cycle Rate of Return Budget Pricing (Current ROR Outlook) (1) Fully burdened,…
2019 Areas of Focus Q2 2019 Production BOE/D % Liquids Viking light oil 12,299 73% ALBERTA SASKATCHEWAN Cardium light oil 8,416 54% Penny light oil 1,641 79% Other 1,734 19% VIKING OIL Total 24,090 63% CARDIUM OIL Redwater H1…
Why TVE Viking is Different UPPER VIKING 2017 drills UPPER SST-THICKER, 2018 drills TIGHT PERMEABILITY 2017 infrastructure 2018 infrastructure 1980s injectors HAMILTON LAKE HIGHER PERMEABILITY ZONE WATER FLOODED IN 80S By…
Reserves Summary Year End 2018(1) Strong reserves growth with oil weighted reserves up 20% 30 Total Proved + Probable Reserves 60.0 Total Proved Reserves 55.7 101.6 50.0 49.8 25 100 91.4 20.9 90 35.3 40.0 18.7 20 80 FD&A…
New Cardium Efficiencies(1) /m Horizontal m/d Linear (/m Horizontal) Linear (m/d) 2000 600 Drilling: more capable rigs (top drives) due to 1750 greater HP, bigger pumps and more torque Costs per meter drilled and time to drill…
Management Team Spearpoint Energy - President & CEO; sold to NAL Oil & Gas Trust in Aug 2009 Brian Schmidt Apache Canada (7 yrs) President for last 3 yrs. Grew from 17,000 to 120,000 boe/d during tenure; invested 4.5 billion earning…
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