TVE : TSX Predictable, Sustainable & Responsible Per Share Growth June 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) expect results mid-2019 added 200 mmboe OOIP in 2018 2) Continue to develop waterflood upside in Veteran (invested: 2018 - 30.0 million; H1/19 - 20 million) No…
Third Party Calculated TSR vs. TVE Peers(1) (2) TVE is in the top 10th percentile 4 out of the past 5 years (1) Information provided and prepared by Lane Caputo Compensation Inc. prepared February 13, 2019 (2) Tamaracks…
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 May 24/19) TVE: TSX Share price Shares outstanding (mm) 2.25…
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 13-18 Pad 25 bbl/d/well o 4-12 Pad 65 bbl/d/well 2018 Veteran Unit Water-flood o Average P 880 kpa o Sec 29 flood initiated August 2018 o…
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…
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…
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 April 1, 2019 to June 30, 2019 WTI Put 3,220 bbls/d US 60.00/bbl 28% Remainder of 2019 April 1, 2019 to June 30, 2019 WTI fixed price 700 bbls/d US 65.45/bbl 23% hedged at an…
2018 Delivering on Promises & H1/19 Outlook What we said we would accomplish in H2/18 What we accomplished to end of Q4/18 First half 2019 objectives H2/18 Production 23,300-24,300 boe/d Exited with Q4/18 average of 24,780 boe/d with…
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
2018 Areas of Focus Q1 2019 Production BOE/D % Liquids Viking light oil 11,967 75% ALBERTA SASKATCHEWAN Cardium light oil 7,781 53% Penny light oil 1,581 79% Other 1,820 21% VIKING OIL Total 23,149 64% CARDIUM OIL Redwater Q1…
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…
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…
TVE Budget Highlights with Planning Price Below Strip With internal budget pricing assumptions of WTI US50.00/bbl, Edm Par 52.33/bbl, US10.75/bbl light oil differential and 0.75 USD/CAD, Tamarack still achieves debt-adjusted…
Tamarack Valley Key Strategic Guidelines Key Strategy & Principles: Growth company with a long-term focus Internal processes and skills to grow to a much larger size than current Multi-play strategy ensures risk management through…
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