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March 2021 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Mar 1, 2021 · 38 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation March 2021 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 0
  2. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt VALUE CREATION Kelt focuses on value creation for shareholders over the long-term. The Company emphasizes low-cost land accumulation in resource-style plays with the potential for high rates of return on capital…
  3. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 3
    Environment, Social and Governance ( ESG ) On January 7, 2021, Kelt released its inaugural ESG Report as part of its ongoing commitment to health and safety, responsible and sustainable resource development, good governance practices and…
  4. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Capital Structure Stock Exchange listing TSX Trading symbol KEL Market capitalization ( effective March 10, 2021 ) 545 million 52-week stock trading range 0.67 2.95 Common shares issued 188.6 million Stock options ( 10.0 MM ) & RSUs…
  5. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 5
    Insider Commitment Insider Purchases Offering / Market Purchases Date Shares (MM) Amount (MM) Price/share 13.9 MM Equity Private Placement Feb-2013 3.7 8.7 2.32 94.4 MM Equity Private Placement Apr-2013 5.7 31.5 5.55 92.0 MM Equity…
  6. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Capital Expenditures Three Year Comparative 2021/20 ( millions ) 2019 2020 2021 (E) change Drilling & Completions 184.7 70.2 78.5 + 12% Equipment, Facilities, & Pipeline 129.0 79.1 38.0 52% Infrastructure [1] Land, Seismic & Asset…
  7. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 7
    2021 Drilling Program + Production Behind Pipe Wells that have been drilled, completed & tested and are awaiting tie-in: Wembley (sfc 10-28) 00/03-04-074-07W6 Middle Montney (D2) tie-in in 2022. Wembley (sfc 12-05) 00/09-04-073-06W6…
  8. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 8
    Production Three Year Comparative 2019 2020 2021 (E) Oil ( bbls/d ) 9,361 31% 7,057 28% 4,270 22% NGLs ( bbls/d ) [1] 4,490 15% 4,161 17% 2,875 15% Gas ( Mcf/d ) 96,658 54% 82,646 55% 71,130 63% Combined ( BOE/d ) 29,961 100%…
  9. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 9
    Commodity Prices Three Year Comparative ( CA , unless otherwise specified ) 2019 2020 2021 (E) WTI Crude Oil ( /bbl ) [1] US 56.98 75.61 US 39.24 52.62 US 59.95 75.95 MSW Crude Oil ( /bbl ) [2] US 52.17 69.19 US 33.82 45.34 US 55.38…
  10. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    Gas Market Risk Management GAS MARKET DIVERSIFICATION The Company has taken a diversified approach to selling its natural gas in order to reduce exposure to single market risk. Estimated % of average gas sales in 2021 at each…
  11. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 11
    Hedging Commodity Index Term Quantity Fixed Price WTI Jan/2021 to 1,500 CAD 56.17 / bbl Crude Oil Fixed Price Mar/2021 bbls/d [ equivalent to USD 44.33 / bbl at a CAD/USD exchange rate of 1.267 ] WTI Apr/2021 to 1,500 CAD 58.52 / bbl…
  12. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 12
    2021 Forecast Commodity Price Sensitivities 2021 Kelt Oil/NGLs Price Kelt Gas Price Forecast plus 10% plus 10% Kelt Oil Price ( CAD/bbl ) 69.22 76.14 + 10% 69.22 Kelt NGLs Price ( CAD/bbl ) 32.42 35.66 + 10% 32.42 Kelt Gas Price (…
  13. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    Netbacks Three Year Comparative 2021/20 ( / BOE ) 2019 2020 2021 (E) change Revenue / Price 34.53 21.73 33.12 + 52% Realized hedging gain ( loss ) ( 0.08 ) 0.99 ( 0.70 ) Royalties ( % of revenue / price ) 5.1% 5.2% 8.5% + 63%…
  14. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Financial Summary Three Year Comparative 2021/20 ( MM, unless otherwise specified ) 2019 2020 2021 (E) change Revenue 394.4 207.2 238.0 + 15% Operating income [1] 206.5 76.9 116.7 + 52% Adjusted funds from operations [1] 182.5 58.8…
  15. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Reserves - Volumes Pro-forma Reserves Reserves Reserves [2] Dec/31/2019 Dec/31/2020 Change Dec/31/2019 ( MBOE ) ( MBOE ) ( MBOE ) Proved Developed Producing 48,854 24,749 29,606 + 20% Total Proved 224,582 85,237 95,956 + 13%…
  16. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 16
    Reserves - Values Net Present Value of Reserves Sproules Forecasted Future Commodity Prices WTI NYMEX Exchange NPV 10% BT Crude Oil Natural Gas Rate Dec/31/2020 ( USD/bbl ) ( USD/MMBtu ) ( USD / CAD ) ( MM ) 2021 46.00 3.00 0.770…
  17. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 17
    Reserves Future Development Capital Proved Reserves P+P Reserves December 31, 2020 FDC Net HZ FDC Net HZ ( MM ) Wells ( MM ) Wells Alberta Montney wells 398 73.3 671 121.3 B.C. Montney wells 24 4.0 58 11.0 TOTAL Montney wells 422…
  18. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 18
    2020 Finding, Development, Acquisition & Disposition Costs Proved P+P Reserves Reserves Capital expenditures 149,981 149,981 Net proceeds from disposition of Inga Assets ( 503,938 ) ( 503,938 ) Change in FDC costs required to…
  19. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 19
    2020 FD&A Costs, excluding disposition of Inga Assets PDP Proved P+P Reserves Reserves Reserves Capital expenditures 149,981 149,981 149,981 Less: capex associated with Inga Assets ( 81,675 ) ( 81,675 ) ( 81,675 ) Change in FDC costs…
  20. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 20
    Operating Divisions Oak/Flatrock Montney light oil/condensate-rich gas Pouce Coupe/Progress/Spirit River Montney light oil Montney and Doig gas Oak/Flatrock Pouce Coupe/ Progress/Spirit River Charlie Lake light oil…
  21. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 21
    Kelt Land Fairway R13 R11 R9 R7 R5 R3 R1W6 R24W5 94-A-14 94-A-15 94-A-16 T90 Land Holdings 94-A-11 94-A-10 94-A-9 T88 T88 Flatrock [ December 31, 2020 ] T86 T86 Oak Developed + Gross Net Net T84 Fort T84 Undeveloped Acres…
  22. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 22
    Kelt Montney Framework 21
  23. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 23
    British Columbia Montney - Oak / Flatrock Division 00/8-16 UM 00/1-9 UM (DUC) 02/8-16 UM 00/4-10 UM (DUC) (sfc 13-12) 00/16-23 UM (DUC) Oak / Flatrock Montney Land Holdings (sfc 5-33) 00/14-24 UM (DUC) 02/13-13 UM 00/16-6 UM * (sfc…
  24. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 24
    Alberta Montney Lands Alberta Montney Land Holdings T80 Gross 186,090 acres ( 291 sections ) Net 164,420 acres ( 257 sections ) Pouce Pouce Spirit River Pouce Coupe West Sproule Montney Gas Type Curve at Coupe Coupe T78 December 31,…
  25. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 25
    Wembley / Pipestone / La Glace Division Montney ( D3 ) 00/13-10 (DUC) Wembley / Pipestone / La Glace Montney Land Holdings 02/13-32 (DUC) (sfc 14-34) Gross 111,850 acres ( 175 sections ) 00/1-35 T75 (sfc 12-19) Net 107,933 acres (…
  26. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 26
    Wembley / Pipestone / La Glace Division Montney ( D2 / D4 ) Kelt 14-29 OPERATIONS La Glace Facility (100% WI) 1-5 (D2) Ownership in pipeline infrastructure and minor interests in the 02/13-33 (D2) Sexsmith T75 Sexsmith ( 200 MMcf/d…
  27. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 27
    Alberta Charlie Lake Lands Alberta Charlie Lake Land Holdings T80 Gross 108,160 acres ( 169 sections ) Net 74,714 acres ( 117 sections ) Progress Pouce Coupe T78 Spirit River Sproule Lower Charlie Lake Type Curve at December 31,…
  28. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 28
    Spirit River Charlie Lake 8-27 Pad: CHARLIE LAKE LAND HOLDINGS 8-25 (Upper CL) 15-15 Pad: 4-5 Pad: 1-25 (Lower CL) 13-34 02/16-11 14-22 (60%) T79 15-22 (60%) Gross: 27,200 acres ( 43 sections ) 03/3-1 (Upper CL) 2 Disposal H O…
  29. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 29
    Future Considerations The Company has numerous potential future drilling opportunities on its existing lands that will provide for continued growth in the years to come. The Company has amassed vast Montney acreage in new plays to…
  30. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    Appendix Current Economic Environment Recent Asset Disposition Sale of Inga/Fireweed Division ESG GHG Emissions ESG Carbon Tax ESG Corporate Governance Governance Board of Directors Leadership Management Abbreviations…
  31. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    Current Economic Environment COVID-19 PANDEMIC Kelts highest priority remains the health and safety of its employees, partners and the communities where it operates. The Company has introduced measures to protect the well-being of…
  32. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 32
    Recent Asset Disposition SALE OF INGA/FIREWEED DIVISION On August 21, 2020, Kelt completed the sale of its Inga/Fireweed Division (Inga Assets) to a multi-national oil and gas company headquartered in Houston, Texas, USA. Kelt…
  33. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 33
    ESG GHG Emissions Kelt supports innovative strategies, clean technology (including alternative energy and renewable energy), green products and utilizing lower emitting solutions to meet industry targets. Emissions Type Units 2018…
  34. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 34
    ESG Carbon Tax CARBON TAX FEDERAL The Federal carbon tax applies where a Province does not have a carbon pricing system that aligns with Federal benchmarks. The current carbon tax rate is 30/tonne; 40/tonne in Apr/21; 50/tonne in…
  35. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 35
    ESG Corporate Governance Corporate Governance The following documents relating to the Companys corporate governance matters are available on the internet at www.keltexploration.com: Advance Notice Policy Disclosure, Confidentiality and…
  36. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 36
    Corporate Governance - Board of Directors Robert J. Dales [ 2, 3, 4, 7 ] Geri L. Greenall [ 2, 3, 6 ] President, Valhalla Ventures Inc. Chief Financial Officer, Spartan Delta Corp. Common shares 1,794,255 Common shares 38,500 Stock…
  37. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 37
    Leadership - Management Douglas J. Errico David J. Wilson Sadiq H. Lalani Senior Vice President, Land President & Chief Executive Officer Vice President & Chief Financial Officer and Corporate Development Common shares 24,003,792…
  38. March 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 38
    Corporate Presentation KeltExploration.com Kelt Exploration Ltd. Suite 300, East Tower 311 Sixth Avenue SW Calgary, Alberta Canada T2P 3H2 Phone: 403-294-0154 Fax: 403-291-0155 Website: www.KeltExploration.com 45

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