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3Q 2019 Earnings Presentation – Granite Oil Corp

Granite Oil Corp · Nov 7, 2019 · 17 slides

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Slides

  1. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 1
    November 2019
  2. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 2
    MARKET FACTS Trading Symbols TSX GXO OTCQX GXOCF Financial Highlights Market Capitalization (MM) As at closing 11/6/2019 19 Credit Facility (MM) 50 Net Debt (MM)* 41.1 Common Shares Outstanding Basic / Fully Diluted (MM) * 38.8…
  3. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 3
    WHOLLY OWNED, PURE PLAY, CONCENTRATED, LARGE OIL RESOURCE Large Alberta Bakken Oil Pool in a 30-mile, 80-section 100/14-21-003-16W4 oil fairway T10 Bakken Up To: GXO Upper Bakken Sand 14 m Thick 100% ownership and no competitive…
  4. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 4
    HISTORICAL DRILLING AND RESERVE RESULTS HISTORICAL WELL RESULTS 500 2018 Average (2x200 m 1x400 m spacing) 400 Oil Production (bbl/d) 2019 Well (400 m spacing) 300 200 Average Spacing 100 400 m (2015) 200 m (2016) 0 110…
  5. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 5
    GAS INJECTION EOR PROCESS GRANITE BAKKEN EOR BASICS Injecting gas in the top of the reservoir Increases/maintains reservoir pressure Adding gas to undersaturated oil Decreases viscosity and increases oil mobility Keeping the CO2 in…
  6. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 6
    ROTATIONAL RE-PRESSURIZATION PROGRAM CUMULATIVE PRODUCTION GAIN FORECAST PRODUCTION FROM WELLS PRIOR TO SHUT-IN VS. ACTUAL PRODUCTION FOLLOWING RE-INITIATED PRODUCTION 180,000 Actual Production from Re-Initiated Wells 160,000…
  7. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 7
    CREATING EQUITY VALUE IN A CHALLENGING ENVIRONMENT SIGNIFICANT INCREASE IN EQUITY VALUE WITH DEBT REDUCTION Reducing debt by approximately 15 million from year end 2018 provides a 79% increase in equity value by Q4 2020 (assumes 0.50…
  8. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 8
    REDUCING COST STRUCTURE STREAMLINING COSTS Operating and cash costs are forecast to total 21% in gross quarterly reductions by Q2 2020 Operating costs dropping with optimization and material gas sourcing initiatives G&A costs dropping…
  9. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 9
    TOP-TIER WELL ECONOMICS STRONG ECONOMICS Proven well productivity, 100%-owned facilities and infrastructure with extensive capacity provides strong torque on drilling results GXO TYPE CURVE ECONOMICS (4) 400 Category* Freehold…
  10. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 10
    SIGNIFICANT DRILLING INVENTORY GO-FORWARD DEVELOPMENT PLAN LONG-TERM, SLOW GROWTH MODEL 83 potential Bakken well locations on 200 m offset spacing(3) Drilling 4 wells per year allows for 20 years of future development A…
  11. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 11
    Recovery Factor (%) *Sproule Oil Production (mbbl/d) Oil Production (mbbl/d) Gas Production G R A2012 20% 40% 60% 80% 100% 0% (mmcf/d) Gas Production (mmcf/d) Injected Injected (mmcf/d) Gas(mmcf/d) Gas…
  12. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 12
    SUMMARY Large Oil-in-Place 33 section delineated oil pool in a 30-mile, 80-section oil fairway Early Life Cycle Only recovered 2.5% to date(2) Efficient Recovery Formula 228 MMbbls of OOIP(1) under an effective gas injection…
  13. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 13
    CONTACT INFORMATION Investor Inquiries: Michael Kabanuk President and CEO Office: 587.349.9123 mkabanukgraniteoil.ca Address: Jamieson Place 3230, 308 4th Avenue SW Calgary, AB T2P-0H7 24 Hour Emergency Number:…
  14. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 14
    ENDNOTES 1. This estimate of Original Oil-in-Place (OOIP) was internally generated by management for the area currently approved by the Alberta Energy Regulator for Enhanced Oil Recovery by Gas Injection and represents managements…
  15. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 15
    Appendix
  16. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 16
    HEDGES / TAX POOLS HEDGING SUMMARY TAX POOL SUMMARY Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 WTI HEDGES TAX POOL CATEGORY AMOUNT (MM) USD Volumes 600 400 100 -- -- COGPE 0.6 USD Average Pricing 58.91 60.78 60.15 -- -- CDE 62.7…
  17. 3Q 2019 Earnings Presentation – Granite Oil Corp – slide 17
    RESPONSIBLE OPERATOR Produced solution gas containing 25% CO2 is recycled and reinjected into the reservoir, diverting an estimated 18,900 tons of CO2 from CO2 the atmosphere per year - improving oil recovery Reduced Emissions…

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