C O R P O R AT E P R E S E N TAT I O N SEPTEMBER 2019 BOLD IDEAS FOR ENERGY 1
Financial Profile Financial Profile (TSX: PMT) June 30, 2019 except as noted Common Shares o/s (1) 60.3 million Management & Insider ownership 49% Share price (1) 0.18 Market capitalization 11 million Net bank debt (2)(4) 48 million…
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…
Q4 2016 to Q3 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…
Capital Spending Q1-Q2 2019 Q3-Q4 2019 2019 2017 2018 Guidance (1) ( millions) Guidance (1) 65 14 9 - 10 10 - 11 West Central 1 gross 1.1 14 gross Up to 2 gross Up to 2 gross Liquids-Rich Gas (13.4 net) drills (1.0 net)…
Market Diversification Strategy 2019 Price Exposure Net of Royalties(1) Natural gas market shift to diversify portfolio AECO fixed price, 9% 40,000 MMBtu/d; 5 year term Nov/17 - Oct 31/22 Crude Oil, 11% Receive Daily Index market…
2019 Adjusted Funds Flow Guidance H1 2019 Net cash flows from operating activities - 13.6 million (0.23/share) H1 2019 Adjusted funds flow - 10.0 million (0.17/share) 2019 Adjusted Funds Flow Sensitivities (1)(3) NYMEX gas price (+/-…
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 Positioning for short…
STRATEGIC PRIORITY 1 IMPROVE BALANCE SHEET AND MANAGE RISK
2019 Financing Initiatives Available liquidity (1)(2) of 20.5 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)…
Balance Sheet Amount Balance Sheet (1) Security Maturity ( millions) Tourmaline Shares (1) 1.66 million shares 12.88/share N/A N/A (21.3) Tourmaline Share Demand Loan 55% loan to value margin trigger TOU Shares Demand 14.1 Net…
Sequoia Litigation Date Action (1) October 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…
STRATEGIC PRIORITY 2 GROW VALUE OF GREATER EDSON LIQUIDS-RICH GAS
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…
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…
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…
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…
STRATEGIC PRIORITY 3 GROW VALUE OF EASTEN ALBERTA PORTFOLIO
Eastern Alberta Mannville Heavy Oil Mannville Q2 2019 Production Area production of 1,938 boe/d (62% oil) 6 oil pools producing 1,194 bbl/d Increase of 30% from Q4 2016 Power Generation of 800 kW/d improves natural gas production…
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…
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…
STRATEGIC PRIORITY 4 ADVANCE HIGH IMPACT, DIVERSIFYING NEW VENTURES
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…
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…
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…
INVESTMENT THESIS COMPELLING DISCOUNT TO NET ASSET VALUE TORQUE TO GAS PRICE RECOVERY
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…
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…
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,…
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…
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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