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April 2022 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Apr 1, 2022 · 41 slides

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Slides

  1. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation April 2022 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 1
  2. April 2022 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. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 3
    Environment, Social and Governance ( ESG ) On February 17, 2022, Kelt released its second annual ESG Report as part of its ongoing commitment to health and safety, responsible and sustainable resource development, good governance…
  4. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Capital Structure Stock Exchange listing TSX Trading symbol KEL Market capitalization ( 6.77 effective April 4, 2022 ) 1.3 billion 52-week stock trading range 2.35 7.15 Common shares issued 190.3 million Stock options ( 12.6 MM ) &…
  5. April 2022 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. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Capital Expenditures Three Year Comparative ( millions ) 2020 2021 2022 (E) Drilling & Completions 70.2 123.5 169.0 Infrastructure: Equipment, Facilities, 78.7 95.7 67.0 Pipelines & Tangible Inventory [1] Land, Seismic, Corporate…
  7. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 7
    Operating Divisions Drilling Program 2020 [1] 2021 2022 Forecast Drills Gross / Net Wells Gross / Net Wells Gross / Net Wells Wembley / Pipestone 3 3.0 6 6.0 10 9.6 Pouce Coupe / Progress / Spirit River 2 2.0 10 9.7 14 12.5 Oak /…
  8. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 8
    Production Three Year Comparative 2020 2021 2022 (E) Oil ( bbls/d ) 7,057 28% 4,692 22% 6,960 23% NGLs ( bbls/d ) [1] 4,161 17% 3,154 15% 4,620 15% Gas ( Mcf/d ) 82,646 55% 78,846 63% 116,520 62% Combined ( BOE/d ) 24,992 100% 20,987…
  9. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 9
    Commodity Prices Three Year Comparative ( CAD, unless otherwise specified ) 2020 2021 2022 (E) WTI Crude Oil ( /bbl ) [1] US 39.24 52.62 US 68.03 85.31 US 85.00 106.25 MSW Crude Oil ( /bbl ) [2] US 33.82 45.34 US 64.08 80.29 US 82.00…
  10. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    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…
  11. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 11
    Commodity Price Risk Management Remaining Commodity Index Term Quantity Contract Price Apr/1/2022 WTI Apr/2022 to 3,000 CAD 95.67 / bbl Crude Oil Fixed Price Jun/2022 bbls/d [ equivalent to USD 76.54 / bbl at a CAD/USD exchange rate…
  12. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 12
    Netbacks Three Year Comparative 2022/21 ( / BOE ) 2020 2021 2022 (E) change Net realized price 21.73 40.52 45.42 12% Realized hedging gain ( loss ) 0.99 ( 2.14 ) ( 0.61 ) Royalties ( % of net realized price ) ( 5.2% ) ( 8.8% ) ( 11.2%…
  13. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    Financial Summary Three Year Comparative 2022/21 ( MM, unless otherwise specified ) 2020 2021 2022 (E) change P&NG sales 207.2 316.8 518.8 64% Adjusted funds from operations [1] 58.8 161.4 300.0 86% AFFO per share diluted (…
  14. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Reserves - Volumes ( MBOE ) Dec/31/2020 Dec/31/2021 Change Proved Developed Producing 29,606 43,854 48% Proved 95,956 134,091 40% Proved plus Probable 178,782 254,149 42% Oil & NGLs / Gas Mix 42% 58% 41% 59% ( MBOE ) PDP Proved…
  15. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Reserves Future Development Capital Proved Reserves P+P Reserves December 31, 2021 FDC Net FDC Net ( MM ) Wells ( MM ) Wells Alberta Montney wells 585.6 86.8 1,091.1 158.3 B.C. Montney wells 52.6 9.0 129.5 22.0 Other formation…
  16. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 16
    2021 Finding, Development, Acquisition & Disposition Costs PDP Proved P+P ( M, unless otherwise specified ) Reserves Reserves Reserves Capital expenditures, net of dispositions 213,511 213,511 213,511 Change in FDC costs required…
  17. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 17
    Reserves - Values Net Asset Value per Share Sproules Forecasted Future Commodity Prices M / share WTI NYMEX HH Exchange Crude Oil Natural Gas Rate ( USD/bbl ) ( USD/MMBtu ) ( CAD / USD ) P+P Reserves, NPV 10% BT [3] [4] 2,143,646…
  18. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 18
    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…
  19. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 19
    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 ( February 14, 2022 ) T86 T86 Oak Developed + Gross Net Net T84 Fort T84 Undeveloped Acres…
  20. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 20
    Kelt Montney Framework 20
  21. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 21
    British Columbia Montney - Oak / Flatrock Division 8-16 UM 02/8-16 UM 1-9 UM (sfc 13-12) 16-23 UM 4-10 UM (sfc 5-33) 14-24 UM (sfc 13-12) Montney Land Holdings 02/13-13 UM 16-6 MM 13-5 UM (sfc 13-12) Gross 194,383 acres ( 304…
  22. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 22
    Oak Well Performance Cumulative Cumulative Recent Recent D&C Capex Upper Montney Well [2] [3] Production [1] Oil & NGLs Production [1] Oil & NGLs [1] ( MM ) ( BOE ) (%) ( BOE/d ) (%) 00/13-05-087-18W6 (sfc 5-31) 6.0 99,040 33%…
  23. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 23
    Pioneering a Model for Sustainable Oil & Gas Development at Oak Kelts Green Initiatives for Sustainable Oil & Gas Development at Oak in British Columbia ELECTRONIC FLARE STACK* Annual CO2E reduction of Elimination of continuous pilot…
  24. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 24
    Alberta Montney Lands Alberta Montney Land Holdings T80 Gross 169,610 acres ( 265 sections ) Net 149,912 acres ( 234 sections ) Pouce Pouce Coupe Coupe T78 POUCE COUPE WEST West High deliverability dry gas wells. Progress Wells that…
  25. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 25
    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…
  26. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 26
    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 107,773 acres…
  27. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 27
    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…
  28. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 28
    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…
  29. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 29
    Alberta Charlie Lake Lands Alberta Charlie Lake Land Holdings T80 Gross 107,200 acres ( 168 sections ) Progress Net 72,067 acres ( 113 sections ) Pouce Coupe T78 Spirit River Lower Charlie Lake Type Curve Spirit ( Sproule, December…
  30. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    Progress / Spirit River Charlie Lake CHARLIE LAKE LAND HOLDINGS 8-25 UCL 1-30 LCL 1-25 LCL T79 Gross: 37,600 acres ( 59 sections ) Progress (sfc 10-7) (sfc 8-27) Spirit Net: 24,739 acres ( 39 sections ) KEL 50% River 02/16-11…
  31. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    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…
  32. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 32
    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…
  33. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 33
    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…
  34. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 34
    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…
  35. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 35
    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…
  36. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 36
    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 50/tonne; and proposing annual increases…
  37. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 37
    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…
  38. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 38
    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 193,000 Stock options…
  39. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 39
    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 25,794,842…
  40. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 40
    Disclaimer Net asset value is calculated by adding the present value of proved plus probable petroleum and natural gas reserves discounted at 10% before tax, undeveloped land value, proceeds from exercise of stock options, and net bank…
  41. April 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 41
    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 49

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