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Corporate Presentation – Delphi Energy Corp.

Delphi Energy Corp. · Dec 31, 2013 · 31 slides

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Slides

  1. Corporate Presentation – Delphi Energy Corp. – slide 1
    CORPORATE PRESENTATION DECEMBER 2013 DELPHI ENERGY CORP TSX: DEE
  2. Corporate Presentation – Delphi Energy Corp. – slide 2
    Bigstone Montney delivering significant results Deep Basin focused with over 400 sections of land and ownership in strategic processing infrastructure Production Current Capability (28% Oil/NGLs) 9,000 boe/d Q3 2013 Production (26%…
  3. Corporate Presentation – Delphi Energy Corp. – slide 3
    Slickwater-Hybrid Frac Technology combined with extended-reach horizontal drilling has been a game-changer: Stronger early time performance with lower declines Acceleration and increased reserves with increased present value After 6…
  4. Corporate Presentation – Delphi Energy Corp. – slide 4
    Cash Generating Capability by Play Type Percent of Capital Recovered Bigstone Montney HZ Bigstone Gething HZ Wapiti Vertical MZ Hythe Falher HZ Dawson Creek Time Hythe Grande Prairie Wapiti Cashflow Concentrated…
  5. Corporate Presentation – Delphi Energy Corp. – slide 5
    Sexsmith Gas Plant 210 mmcf/d Hythe Knopcik Gas Plant 71 mmcf/d Goodfare Gas Plant 24 mmcf/d Wapiti Deep Cut Plant 355 mmcf/d Wapiti Shallow Cut Plant 125 mmcf/d Wapiti Gas Plant 457 mmcf/d Wapiti Bigstone Montney…
  6. Corporate Presentation – Delphi Energy Corp. – slide 6
    East Bigstone: 62.5 sections Held 4 sections of legacy Montney rights below West Bigstone: 27 sections existing DEE production Acquired (100% WI) in 2010/11 Added 12 sections of Montney rights through acquisition and farm-in in…
  7. Corporate Presentation – Delphi Energy Corp. – slide 7
    Montney land position has grown to 122 gross sections since 2010 Delphi one of the largest Montney landowners on map sheet Delphi is a leader in the technical evolution Exxon Chevron of the liquids-rich play 40 100 bbls/mmcf…
  8. Corporate Presentation – Delphi Energy Corp. – slide 8
    Upper/Middle Montney Development +100 Locations East Bigstone 14 producing wells DEE Producing Montney/Horizontals Upper Montney Light Oil/Cond Development +100 Locations Fir 10 producing wells West Bigstone 1…
  9. Corporate Presentation – Delphi Energy Corp. – slide 9
    Drilled 3 HZ wells in 2012: Two mile HZs with average laterals of 2,700 m Fracd using conventional frac designs Superior performance to 17 offsets Consistent performance proves repeatability Drilling 6 HZ wells in 2013: HZs with…
  10. Corporate Presentation – Delphi Energy Corp. – slide 10
    Evolution of Montney Drilling Depths 6000 Extended Reach Over 4,000 Montney wells drilled in last 5 years HZ Drilling 5000 Ave. HZ Length Depth (m) Ave. TVD 2,700 4000 3000 1,680 two - single section HZ 1,315 890 985 14…
  11. Corporate Presentation – Delphi Energy Corp. – slide 11
    150 m Slickwater-Hybrid Frac System Pumping: 5 times the fluid 2+ times the sand Evolution of Montney Completions 200 40 Ave tonnes/frac Average tonnes per frac Larger slickwater fracs Ave number fracs/well 150 30…
  12. Corporate Presentation – Delphi Energy Corp. – slide 12
    Completions Have now completed 5 Slickwater-Hybrid Fracs Significantly greater stimulated rock volume Pumped 5X fluid and 2X sand Water handling in place Lower per frac costs than oil fracs Continue optimize frac design/spacing…
  13. Corporate Presentation – Delphi Energy Corp. – slide 13
    Natural Gas Rate Cumulative Production 4 5 6 7 4 5 6 7 Field Condensate to Gas Ratio Cumulative Revenue 4 5 6 7 4 5 6 7 Price Assumptions: Gas 3.23/GJ Propane 37.88/bbl Butane 72.67/bbl Condensate 99.66/bbl DELPHI…
  14. Corporate Presentation – Delphi Energy Corp. – slide 14
    Initial Production Rate Well Performance (1) HZ Length Number IP30 Sales IP30 NGLs IP30 % Cond IP180 Sales Sales at Day 180 Well (metres) of Fracs (boe/d) (bbls/mmcf) of NGLs (boe/d) (boe/d) Conventional Oil Fracs 16-30 2,760 20 1,099…
  15. Corporate Presentation – Delphi Energy Corp. – slide 15
    Two Section Montney Horizontal w/ 30 stage Slickwater Hybrid Completion Delphi Type Modified Well Type Well* Capital Total MM 9.2 9.2 Initial Production Gas (raw) mmcf/d 6.0 7.5 Field Produced Condensate bbl/mmcf 40 75 Gas Plant…
  16. Corporate Presentation – Delphi Energy Corp. – slide 16
    June 2013 Categories June 2013 Reserve Update TP reserves increased 35 percent from YE 2012 29% 26% PDP PA PV10 reserve value increased 56 percent PDNP 56,082 P+P reserves increased 30 percent from YE 2012 3% PUD PV10 reserve…
  17. Corporate Presentation – Delphi Energy Corp. – slide 17
    Montney production growth starting to show Gas (boe/d) 2012 a year of transition to Montney resource 9,500 10,000 Oil (bbls/d) Montney production started May 2012 NGLs (bbls/d) 8,870 31 percent of production in 2013 Q3YTD 8,276…
  18. Corporate Presentation – Delphi Energy Corp. – slide 18
    5 Year Outlook Bigstone Montney Development (April 2013) PDP PUD Prob Location DEE Producing East Bigstone development inventory: Montney/Horizontals +100 well inventory of 2 section HZ locations DELPHI ENERGY CORP TSX:…
  19. Corporate Presentation – Delphi Energy Corp. – slide 19
    25,000 150 Other Hythe Wapiti Bigstone Montney Prod per Million Shares 20,000 120 Boe/d per million shares 2013 to 2017 Forecast Growth Prod per million shares: 147% CAGR: 26% 15,000 90 Boe/d 10,000 60 5,000 30…
  20. Corporate Presentation – Delphi Energy Corp. – slide 20
    Gross Field Revenue Cash Netbacks moving higher in 2013 (excluding hedging) /BOE 50.00 Montney production growth: Nat Gas Liquids 40.00 Montney netback 2 times greater than 30.00 61% 46% 2012 Corporate average 72% 45% 46% 45%…
  21. Corporate Presentation – Delphi Energy Corp. – slide 21
    200 2.00 Cash Flow ( millions) CFPS 2013 to 2017 Forecast Growth 150 Cash netbacks: 83% 1.50 Cash flow per share CAGR: 16% Cash flow per share: 353% Cash Flow ( millions) CAGR: 46% 100 1.00 50 0.50 0 0.00…
  22. Corporate Presentation – Delphi Energy Corp. – slide 22
    ( millions) 200 2013 to 2017 Forecast Cumulative Cash Flow: 510 mm Cumulative Capital: 560 mm 150 Near term source of funding: cash flow, credit capacity, dispositions, mezz debt, JV partnership 100 Development becomes self…
  23. Corporate Presentation – Delphi Energy Corp. – slide 23
    ( millions) 400 4.0 Total Debt Credit Capacity Total Debt/CF 170 million excess credit 300 capacity by 2017 funding 3.0 additional growth opportunities 200 2.0 100 1.0 0 0.0 2013 2014 2015 2016 2017 Debt capacity…
  24. Corporate Presentation – Delphi Energy Corp. – slide 24
    Natural Gas Oct Dec 2013 2014 2015 2016 Volume (mmcf/d) 26.9 19.5 12.3 8.5 % Hedged * 69 50 32 22 Fixed Price (/mcf) 3.44 3.59 3.59 3.62 Crude Oil Jul Dec 2013 Jul Dec 2013 Jan Jul 2014 Volume (bbls/d) 150 383 357 % Hedged * 10 25…
  25. Corporate Presentation – Delphi Energy Corp. – slide 25
    2014 Program Drilling Program 2H 2013 Slickwater Fracs 1H 2013 Slickwater Fracs 2012 Conv Oil Fracs 12 10 8 5 1 East Bigstone 9 3 6 7 16 Drilling 14 Area of 5 year / 50 well 15 Development plan 4 2 11 13 2013…
  26. Corporate Presentation – Delphi Energy Corp. – slide 26
    Encana Drill West Bigstone: 27 sections Acquired (100% WI) in 2010/11 Delphi 9-4 Well Conventional Gelled Oil Frac Exxon License Conoco Drilling Conoco Completion DELPHI ENERGY CORP TSX: DEE 27
  27. Corporate Presentation – Delphi Energy Corp. – slide 27
    2013 2014 Forecast Estimate Production (BOE/d) average 8,100 8,300 9,500 10,000 Percentage NGL/light oil 27% 28% Natural gas price (AECO /mcf) 3.10 3.35 Oil price (Cdn /bbl at Edmonton) 94.00 93.50 Funds flow (millions) 38 - 40…
  28. Corporate Presentation – Delphi Energy Corp. – slide 28
    Current inventory of scalable development opportunities: Montney land base has grown to 122 sections Application slickwater frac technology is successful Gas rates / NGL yields / costs Field operations benefiting from continuous…
  29. Corporate Presentation – Delphi Energy Corp. – slide 29
    David Reid, P. Eng. - Director, President and CEO Brian Kohlhammer, CPA CA - Senior Vice President Finance and CFO Tony Angelidis, P. Geol. - Director, Sr. Vice President Exploration Rod Hume, P. Eng. - Senior Vice President…
  30. Corporate Presentation – Delphi Energy Corp. – slide 30
    Harry Campbell - Burnet Duckworth & Palmer Robert Lehodey - Osler, Hoskin & Harcourt Andrew Osis - Independent Businessman David Reid - Delphi Energy Corp. Lamont Tolley - Independent Businessman Tony Angelidis - Delphi Energy…
  31. Corporate Presentation – Delphi Energy Corp. – slide 31
    300, 500 4th Avenue S.W. Calgary, Alberta T2P 2V6 Telephone: (403) 265-6171 Facsimile: (403) 265-6207 Email: infodelphienergy.ca Website: www.delphienergy.ca DELPHI ENERGY CORP TSX: DEE

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