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December 2021 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Dec 1, 2021 · 42 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. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation December 2021 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 1
  2. December 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. December 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. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Capital Structure Stock Exchange listing TSX Trading symbol KEL Market capitalization ( 4.36 effective December 6, 2021 ) 825 million 52-week stock trading range 1.73 5.44 Common shares issued 189.1 million Stock options ( 10.6 MM )…
  5. December 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. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Capital Expenditures Three Year Comparative ( millions ) 2020 2021 (E) 2022 (E) Drilling & Completions 70.2 120.0 125.0 125.0 130.0 Equipment, Facilities, & Pipeline 79.1 75.0 80.0 60.0 65.0 Infrastructure [1] Land, Seismic & Asset…
  7. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 7
    Drilling Program October 2021 to December 2022 Wembley / Pipestone MONTNEY: Complete THREE wells ( DUCs ) 02/4-18, 4-13 & 1-36. Drill and Complete THREE wells 4-22, 13-20 & 13-18. Drill and Complete SEVEN wells 4-20 (4-well pad) &…
  8. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 8
    Production Three Year Comparative 2020 2021 (E) 2022 (E) Oil ( bbls/d ) 7,057 28% 4,700 22% 6,800 23% NGLs ( bbls/d ) [1] 4,161 17% 3,300 15% 4,650 15% Gas ( Mcf/d ) 82,646 55% 81,000 63% 111,300 62% Combined ( BOE/d ) 24,992 100% 21,500…
  9. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 9
    2021 Forecasted Commodity Prices ( CAD, unless otherwise specified ) Jan-Sep Oct-Dec (E) 2021 Forecast WTI Crude Oil ( USD/bbl ) [1] US 64.86 US 77.50 US 68.05 MSW Crude Oil ( CAD/bbl ) [2] 75.95 91.03 79.75 NYMEX Henry Hub [ L3D ]…
  10. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    Commodity Prices Three Year Comparative ( CAD, unless otherwise specified ) 2020 2021 (E) 2022 (E) WTI Crude Oil ( /bbl ) [1] US 39.24 52.62 US 68.05 84.87 US 72.00 88.34 MSW Crude Oil ( /bbl ) [2] US 33.82 45.34 US 63.94 79.75 US 67.75…
  11. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 11
    Gas Market Risk Management GAS MARKET DIVERSIFICATION Kelt 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 2022 at each respective price…
  12. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 12
    Commodity Price Risk Management Remaining Commodity Index Term Quantity Contract Price Nov/1/2021 WTIMSW Nov/2021 to 1,500 Minus USD 4.75 / bbl Crude Oil Basis Differential Dec/2022 bbls/d [ equivalent to Minus CAD 5.83 / bbl at a…
  13. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    2022 Forecast Commodity Price Sensitivities 2022 Kelt Oil/NGLs Price Kelt Gas Price Forecast plus 10% plus 10% Net realized Oil price ( CAD/bbl ) 82.19 90.41 10% 82.19 Net realized NGLs price ( CAD/bbl ) 38.91 42.79 10% 38.91 Net…
  14. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Netbacks Three Year Comparative 2022/21 ( / BOE ) 2020 2021 (E) 2022 (E) change Net realized price 21.73 39.25 40.18 2% Realized hedging gain ( loss ) 0.99 ( 1.75 ) ( 0.24 ) Royalties ( % of net realized price ) 5.2% 10.1% 11.3% 12%…
  15. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Financial Summary Three Year Comparative 2022/21 ( MM, unless otherwise specified ) 2020 2021 (E) 2022 (E) change P&NG sales 207.2 313.7 444.7 42% Operating income [1] 76.9 168.1 257.5 53% Adjusted funds from operations [1] 58.8…
  16. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 16
    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% Proved…
  17. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 17
    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…
  18. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 18
    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…
  19. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 19
    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…
  20. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 20
    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…
  21. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 21
    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…
  22. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 22
    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 ( November 1, 2021 ) T86 T86 Oak Developed + Gross Net Net T84 Fort T84 Undeveloped Acres…
  23. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 23
    Kelt Montney Framework 23
  24. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 24
    British Columbia Montney - Oak / Flatrock Division 8-16 UM 02/8-16 UM 1-9 UM (sfc 13-12) 4-10 UM 16-23 UM (sfc 5-33) 14-24 UM (sfc 13-12) Montney Land Holdings 16-6 MM 02/13-13 UM 13-5 UM (sfc 5-31) (sfc 13-12) Gross 202,307…
  25. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 25
    Pioneering a Model for Sustainable Oil & Gas Development at Oak Kelts Green Initiatives for Sustainable Oil & Gas Development at Oak in British Columbia ELECTONIC FLARE STACK* Annual CO2E reduction of Elimination of continuous pilot…
  26. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 26
    Alberta Montney Lands Alberta Montney Land Holdings T80 Gross 178,090 acres ( 278 sections ) Net 158,392 acres ( 247 sections ) Pouce Pouce Coupe Coupe T78 POUCE COUPE WEST West High deliverability dry gas wells. Progress Recent…
  27. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 27
    Pouce Coupe / Progress Division Montney T80 Pouce Pouce Coupe Coupe (oil-prone) West T78 (gas-prone) Progress (oil-prone) T76 Kelt Lands Proven Productive Montney Horizons R13 R11 R9 R7W6 Kelt Future Exploratory Horizons…
  28. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 28
    Wembley / Pipestone / La Glace Division Montney ( D3 ) 02/13-32 Montney Land Holdings 13-10 (sfc 14-34) 1-35 13-18 (sfc 9-17) (sfc 12-19) T75 Gross 111,690 acres ( 175 sections ) 13-6 5-9 (sfc 11-31) (sfc 15-29) Net 107,746 acres…
  29. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 29
    Wembley / Pipestone / La Glace Division Montney ( D2 / D4 ) 02/14-1 (D2) 02/1-5 (D2) (sfc 9-6) 03/16-32 (D2) OPERATIONS (sfc 9-6) 02/13-33 (D2) (sfc 15-29) T75 The D2 Middle Montney formation at La Glace is 03/14-32 (D2) 15-33…
  30. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    Wembley / Pipestone / La Glace Division Infrastructure Kelt 14-29 Existing Pipeline INFRASTRUCTURE La Glace Facility (100% WI) New Pipeline Construction T75 Ownership in extensive pipeline infrastructure and minor interests in the…
  31. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    Alberta Charlie Lake Lands Alberta Charlie Lake Land Holdings T80 Gross 100,320 acres ( 157 sections ) Progress Net 68,272 acres ( 107 sections ) Pouce Coupe T78 Spirit River Lower Charlie Lake Type Curve Spirit ( Sproule, December…
  32. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 32
    Progress / Spirit River Charlie Lake CHARLIE LAKE LAND HOLDINGS 8-25 UCL 1-25 LCL Spirit T79 Gross: 36,160 acres ( 56 sections ) 1-30 LCL (sfc 8-27) River Progress (sfc 10-7) KEL 50% Net: 23,528 acres ( 37 sections ) 02/16-11…
  33. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 33
    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…
  34. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 34
    Appendix Economic Environment COVID-19 Pandemic 2020 Asset Disposition Sale of Inga/Fireweed Division ESG GHG Emissions ESG Carbon Tax ESG Corporate Governance Corporate Governance Board of Directors Leadership Management…
  35. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 35
    Economic Environment COVID-19 Pandemic The COVID-19 pandemic has had a substantial impact on peoples lives and continues to impact the way companies conduct their business. Kelt's highest priority remains the health and safety of its…
  36. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 36
    2020 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…
  37. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 37
    ESG Greenhouse Gas Emissions Kelt supports innovative strategies, clean technology (including alternative energy and renewable energy), green products and utilizing lower emitting solutions to improve air quality by reducing greenhouse…
  38. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 38
    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 40/tonne; 50/tonne in Apr/22; and proposing…
  39. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 39
    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…
  40. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 40
    Corporate Governance - Board of Directors Geri L. Greenall [ 1, 2, 5 ] William C. Guinan [ 4 ] Lead Director, Independent Board Chair, Independent Common shares 38,500 Common shares 1,154,459 Stock options 163,000 Stock options…
  41. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 41
    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 25,019,992…
  42. December 2021 Corporate Presentation – Kelt Exploration Ltd. – slide 42
    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 51

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