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July 2022 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Jul 1, 2022 · 44 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. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation July 2022 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 1
  2. July 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. July 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. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Capital Structure Stock Exchange listing TSX Trading symbol KEL Market capitalization ( 5.30 effective Jul/6/2022 ) 1.0 billion 52-week stock trading range 2.71 8.32 Common shares issued 191.7 million Stock options ( 11.1 MM ) &…
  5. July 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. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Capital Expenditures Three Year Comparative ( millions ) 2020 2021 2022 (E) Drilling & Completions 70.2 123.5 193.0 Infrastructure: Equipment, Facilities, 78.7 95.7 98.0 Pipelines & Tangible Inventory [1] Land, Seismic, Corporate…
  7. July 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 14 12.6 Pouce Coupe / Progress / Spirit River 2 2.0 10 9.7 16 14.5 Oak /…
  8. July 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. July 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 90.00 112.95 MSW Crude Oil ( /bbl ) [2] US 33.82 45.34 US 64.08 80.29 US 87.20…
  10. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    2022 Forecasted Commodity Prices ( CAD, unless otherwise specified ) Jan-Mar Apr-Jun (E) Jul-Dec (E) 2022 Forecast WTI Crude Oil ( USD/bbl ) [1] US 94.55 US 91.55 US 87.00 US 90.00 MSW Crude Oil ( CAD/bbl ) [2] 115.96 113.29 104.38 109.45…
  11. July 2022 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. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 12
    Commodity Price Risk Management derivative financial instruments Remaining Commodity Index Term Quantity Contract Price Jul/1/2022 WTIMSW Jul/2022 to 1,500 Minus USD 4.75 / bbl Crude Oil Basis Differential Dec/2022 bbls/d [ equivalent…
  13. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    Commodity Price Risk Management physical delivery contracts Remaining Commodity Index Term Quantity Contract Price Jul/1/2022 AECO 15,000 CAD 5.94 / GJ ( CAD 6.26 / MMBtu ) Natural Gas Jul/2022 Fixed Price GJ/d [ equivalent to USD…
  14. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Netbacks Three Year Comparative 2022/21 ( / BOE ) 2020 2021 2022 (E) change Net realized price 21.73 40.52 53.21 31% Realized hedging gain ( loss ) 0.99 ( 2.14 ) ( 2.75 ) 29% Royalties ( % of net realized price ) ( 5.2% ) ( 8.8% ) (…
  15. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Financial Summary Three Year Comparative 2022/21 ( MM, unless otherwise specified ) 2020 2021 2022 (E) change P&NG sales 207.2 316.8 608.2 92% Adjusted funds from operations [1] 58.8 161.4 340.0 111% AFFO per share diluted (…
  16. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 16
    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…
  17. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 17
    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…
  18. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 18
    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…
  19. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 19
    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…
  20. July 2022 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. July 2022 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 ( February 14, 2022 ) T86 T86 Oak Developed + Gross Net Net T84 Fort T84 Undeveloped Acres…
  22. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 22
    Kelt Montney Framework 22
  23. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 23
    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…
  24. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 24
    Oak Recovery of D&C Capital ( Payout Calculation ) Cumulative D&C Capex to Cumulative Daily Average Operating Recover ( Excess Production Production D&C Capex Income [1] Recovered ) to May/31/22 [2] June 2022 [3] Upper Montney Well…
  25. July 2022 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 ELECTRONIC FLARE STACK* Annual CO2E reduction of Elimination of continuous pilot…
  26. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 26
    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…
  27. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 27
    Pouce Coupe / Progress Division Montney Kelt Lands T82 Gas Plants NRM Fourth Creek T81 Gas Plant NRM Gordondale Gas Plant Pouce T79 Pouce Coupe Coupe (oil-prone) West (gas-prone) Progress T77 Progress (oil-prone) Proven…
  28. July 2022 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 107,773 acres…
  29. July 2022 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. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    Wembley / Pipestone / La Glace Division Infrastructure Kelt 14-29 INFRASTRUCTURE La Glace Facility (100% WI) T75 Ownership in extensive pipeline infrastructure and minor interests in the Sexsmith ( 200 MMcf/d ) and Kelt 11-31…
  31. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    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…
  32. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 32
    Progress / Spirit River Charlie Lake CHARLIE LAKE LAND HOLDINGS Spirit River 1-30 LCL T79 Gross: 37,600 acres ( 59 sections ) Progress (sfc 10-7) KEL 50% 1-25 LCL Net: 24,739 acres ( 39 sections ) 8-25 UCL (sfc 8-27) 9-25 UCL…
  33. July 2022 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. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 34
    Appendix Changes to 2022 Guidance 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…
  35. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 35
    Changes to 2022 Guidance Nov/2021 Mar/2022 May/2022 Commodity Prices WTI Crude Oil ( USD/bbl ) 72.00 85.00 90.00 NYMEX Natural Gas ( USD/MMBtu ) 4.10 4.15 5.35 Exchange Rate ( CAD/USD ) 1.227 1.250 1.255 Production Oil & NGLs (…
  36. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 36
    Economic Environment COVID-19 Pandemic The COVID-19 pandemic has had a substantial impact on peoples lives, and it also impacted the way companies conducted their business. Kelt's highest priority during the pandemic was the health…
  37. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 37
    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…
  38. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 38
    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…
  39. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 39
    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…
  40. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 40
    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…
  41. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 41
    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…
  42. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 42
    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 26,160,442…
  43. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 43
    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…
  44. July 2022 Corporate Presentation – Kelt Exploration Ltd. – slide 44
    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 52

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