Obsidian Energy Corporate Presentation January 2020
Corporate Overview Market Summary Ticker Symbol OBE Peace River 4,519 boe/d Q3 2019 Shares Outstanding MM 73 Cold flow heavy oil Manage base production Market Capitalization MM 80 Net Debt MM 497 Enterprise Value MM 577 Deep…
Obsidians Go-Forward Strategic Priorities Superior Shareholder Return Generate excess free Drive per share growth cash flow while holding Create scale and via organic development production flat with decrease cost structure…
Investment Highlights Largest acreage holder in the Cardium Cardium is one of Canadas lowest cost light oil resource, with strong IRR and recycle ratios Strong well performance since the beginning of 2018 in the Willesden Green…
2020 Cardium Development Program Focused on Delivering Strong Capital Returns Willesden Green Focused Drilling prioritized to target highest return opportunities Strong Economics Wells ranked by IRR with focus on recycle ratio 2020…
Execute Operationally Crimson 2018/2019 Development Program Summary Development Oil Production vs 2018 Investor Day Crimson Lake - 33 Wells Drilled 5,000 OBE average oil production has exceeded A verage Daily Oil Production…
Execute Operationally H1 2020 Development Program Crimson Lake 2020 H1 9 Well Program R8W5 INDEX MAP Committed to keeping our capital program within full- year Funds Flow from Operations (FFO) Manufacturing-style drilling program,…
Cardium Growth & Operational Improvements Total Cardium Production Commentary 25,000 Our 2017-2019 drilling programs in Crimson Lake have A verage Daily Production (boe/d) 15% Liquids Growth delivered robust production growth…
2019 Optimization Program Overview 2019 Optimization Program Production 2019 Opti Capital Estimate 1,800 2.0 9.0 Cardium Optimization program 1.8 8.0 Cu mulative Capital (MM) 1.6 7.0 M onthly Capital (MM) 1,600 1.4 Peak…
Crimson Lake Cost Reduction Trajectory Drill, Complete, Equip & Tie-In Costs (M) Commentary Construction 4,000 Utilization and expansion of existing pads to reduce construction and ( 65) infrastructure costs Construction timing…
Cardium Play Fairways A Large High-Graded Inventory West Pembina Central Pembina 132 R10W5 INDEX MAP 171 Type Curve Locations Type Curve Locations Well established Individual fairways and productive trend unit boundaries in…
Crimson Lake Near Term Focus Summary Economics* Q3 2019 average production of 8,137 boe/d Total Capex (MM) 3.5 Obsidian Energy cornerstone for revitalized primary EUR (Mboe) 229 development on our Cardium acreage Banked oil from…
East Crimson Mid Term Focus Summary Economics* Q3 2019 average production of 1,553 boe/d Total Capex (MM) 3.5 Continued Eastward extension of the successful EUR (Mboe) 203 Crimson Lake development program Oil IP365 (bbl/d) 136 Area…
West Pembina Mid Term Focus Summary Economics* Q3 2019 average production of 4,604 boe/d Total Capex (MM) 3.2 Proven oil rich Cardium trend with undeveloped EUR (Mboe) 200 primary development acreage Significant offsetting…
Central Pembina Long Term Focus Summary Economics* Q3 2019 average production of 3,976 boe/d Total Capex (MM) 2.5 The epicenter of low decline and pressure maintained EUR (Mboe) 290 development Strong technical model is the…
Peace River Oil Partnership (PROP) Summary PROP Q3 2019 average production of 4,519 boe/d R25 R20 R15W5 Large contiguous heavy oil resource developed with T90 cold-flow, multi-leg horizontal wells Reliable and steady base…
Corporate Cost Improvements Corporate Opex Commentary 20.00 Operating Costs 18.56 Total reduction in opex per boe of 25% 17.50 from 2015 to year end 2018 Opex per boe () 15.18 15.00 13.50 - 13.75 13.89 per boe Further…
Decommissioning Liability Improvement Commentary YTD Well Abandonment Costs Wa inwright 2019 C a rdium 2019 115 Wells 12 Wells Obsidian is a participant and supporter of the AERs 5.0 0.8 Area-Base Closure (ABC) program 50%…
Current Hedge Strategy and Position Hedging Strategy Hedge up to 50% of production volumes after royalty Hedge at price levels to protect FFO and support economic capital program and accelerate debt repayment Hedges are done on…
Environmental, Social & Governance Environmental Social Governance Obsidian Energy is committed to Obsidian Energy is committed to Obsidian Energy makes it a minimizing the impact of our making a positive impact in the priority to…
Experienced management and strong technical team Stephen E. Loukas, Interim President and Chief Executive Officer Financial and commercial Vast experience in corporate transactions, capital markets, corporate finance Strong financial,…
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