Corporate Presentation April 2025 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 1
Why Invest in Kelt VALUE CREATION Kelt Exploration Ltd. (Kelt or the Company) focuses on value creation for shareholders over the long-term. The Company emphasizes low-cost land accumulation in resource-style plays with the…
Capital Structure Stock Exchange listing TSX Trading symbol KEL Market capitalization ( 6.29 effective Apr/3/2025 ) 1.2 billion 52-week stock trading range 5.44 7.59 Common shares issued 198.9 million Stock options ( 8.4 MM ) & RSUs…
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…
Capital Expenditures Three Year Comparative 2025 2025 / ( millions ) 2023 2024 Budget 2024 Drilling & Completions 193.2 212.1 209.0 (1%) Infrastructure: Equipment, Facilities, 85.8 112.7 97.0 (14%) Pipelines & Tangible Inventory…
Drilling & Completions Program 2023 2024 2025 Budget Drills Gross / Net Wells Gross / Net Wells Gross / Net Wells Alberta 21 20.0 30 27.3 31 26.5 British Columbia 7 7.0 5 5.0 4 4.0 Total 28 27.0 35 32.3 35 30.5 2023 2024 2025 Budget…
Production and Operating Income Product Mix 2023 2024 Operating Operating Operating Production Product Production Product Income [3] Income Netback [3] ( BOE/d ) Mix ( BOE/d ) Mix ( MM ) Split ( /BOE ) Oil 7,979 26% 8,623 26%…
Commodity Prices Three Year Comparative ( CAD, unless otherwise specified ) 2023 2024 2025 Budget WTI Crude Oil ( /bbl ) [1] US 77.63 104.76 US 76.56 104.89 US 69.00 97.18 MSW Crude Oil ( /bbl ) [2] US 74.40 100.40 US 72.04 98.70 US…
2025 Budget Commodity Price Sensitivities Kelt Kelt 2025 Oil/NGLs Price Gas Price Forecast Plus 10% Plus 10% Kelt Oil Price ( CAD/bbl ) 87.33 96.06 +10% 87.33 Kelt NGLs Price ( CAD/bbl ) 47.64 52.40 +10% 47.64 Kelt Gas Price (…
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 2025 at each respective price…
Raw Gas Processing Arrangements GAS PLANT DIVERSIFICATION Kelt has entered into various agreements that provide the Company with the ability to double its raw gas processing capacity as follows: Operating Division During During During…
Commodity Price Risk Management Derivative Instruments ( 1 of 2 ) Remaining Commodity Index Type Quantity Contract Price Term Apr/2025 to 20,000 CAD 6.405 / MMBtu Natural Gas NYMEX Financial Dec/2025 MMBtu/d [ equivalent to USD 4.547…
Commodity Price Risk Management Derivative Instruments ( 2 of 2 ) Remaining Commodity Index Type Quantity Contract Price Term Apr/2025 to 250 USD 33.60 / bbl ( USD 0.80 / gallon ) Propane OPIS Conway Financial Mar/2026 bbls/d […
Netbacks Three Year Comparative 2024 / 23 2025 2025 / 24 ( / BOE ) 2023 2024 change Budget change Net realized price 43.01 37.31 ( 13% ) 38.84 4% Realized hedging gain ( loss ) 1.35 0.35 ( 74% ) 0.08 ( 77% ) Royalties ( % of net…
Financial Summary Three Year Comparative 2025 2025/24 ( MM, unless otherwise specified ) 2023 2024 Budget change P&NG sales 495.6 468.4 671.2 43% Adjusted funds from operations [1] 276.2 222.0 345.0 55% AFFO per share diluted (…
ROACE Three Year Comparative Return on average capital employed (ROACE) measures the efficiency of Kelts utilization of the capital that it employs. In this calculation, ROACE is defined as earnings for the period adjusted for interest…
Reserves Future Development Capital Proved Reserves [1] P+P Reserves [1] December 31, 2024 FDC Net FDC Net ( MM ) Wells ( MM ) Wells Alberta Montney wells 1,141 166 1,888 265 B.C. Montney wells 443 62 585 81 Alberta Charlie Lake…
2022-2024 Three Year FDA&D Costs & Recycle Ratios PDP Proved P+P ( M, unless otherwise specified ) Reserves Reserves Reserves Capital expenditures, net of dispositions 933,333 933,333 933,333 Change in FDC costs required to develop…
Net Asset Value Net Asset Value per Share Forecasted Future Commodity Prices December 31, 2024 M /share WTI NYMEX HH Exchange Proved reserves [2] 2,154,375 10.34 Crude Oil Natural Gas Rate (USD/bbl) (USD/MMBtu) (CAD / USD) Probable…
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…
Operating Divisions Summary of Reserves and Production Proved P+P 2024 2024 Production Reserves Reserves P+P Reserves [1] [2] Netback [3] Value [1] Value [1] Division BOE/d Oil/NGLs /BOE MM MM MBOE Oil/NGLs Pouce…
Kelt Land Fairway R13 R11 R9 R7 R5 R3 R1W6 R24W5 94-A-14 94-A-15 94-A-16 T90 94-A-11 94-A-10 94-A-9 T88 T88 Land Holdings T86 Developed + Gross Net Net T86 Oak T84 Flatrock T84 Undeveloped Acres Acres Sections Fort St. John…
Kelt Montney Framework Oak / Flatrock Pouce Coupe Progress La Glace Pipestone / Wembley Proven Productive Montney Horizons Kelt Future Exploratory Horizons within Core Areas Area Oak Pouce Coupe West Progress La Glace Pipestone…
British Columbia Montney - Oak / Flatrock Division 11-26 Pad Montney Land Holdings & Drilling Inventory (1 well) 5-31 Pad Gross 191,742 acres ( 300 sections ) (5 wells) 13-12 Pad T87 ( 5 wells) Net 190,470 acres ( 298 sections )…
Alberta Montney Lands Alberta Montney Land Holdings 49 sections T80 Gross 164,168 acres ( 256 sections ) Net 146,187 acres ( 228 sections ) Pouce Pouce Coupe Coupe T78 POUCE COUPE WEST West High deliverability dry gas wells.…
Pouce Coupe / Progress Division Montney Kelt Lands T82 NRM Fourth Creek Gas Plants Gas Plant T81 NRM Gordondale West NRM Gordondale East Gas Plant Under Construction Gas Plant T79 Pouce Pouce Coupe Coupe (oil-prone) West…
Wembley / Pipestone / La Glace Division Montney Montney Land Holdings & Drilling Inventory 14-34 Pad (2 wells) Gross 114,088 acres ( 178 sections ) 4-20 Pad (4 wells) T75 9-17 Pad Net 110,139 acres ( 172 sections ) (1 well) 15-29…
Wembley / Pipestone / La Glace Division Infrastructure Proposed third-party pipeline construction will T77 INFRASTRUCTURE connect with Kelts existing gas gathering system at Pouce Coupe / Progress, providing the Company with…
Alberta Charlie Lake Lands Alberta Charlie Lake Land Holdings Pouce Gross 131,040 acres ( 205 sections ) Coupe T80 North Net 87,667 acres ( 137 sections ) Spirit River / Progress Charlie Lake Inventory Spirit Progress River Future…
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…
Corporate Governance - Board of Directors William C. Guinan [ 8, 9 ] Jennifer J. Haskey [ 2, 6, 10 ] Board Chair, Independent Director, Independent Common shares 1,154,459 Common shares Nil Stock options 84,000 Stock options 45,000…
Leadership - Officers 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 27,802,742…
Disclaimer In addition to other factors and assumptions which may be identified in this Presentation, assumptions have been made regarding, among other things: commodity prices; the accuracy of geological and geophysical data and its…
Disclaimer Capital expenditures, before A&D and Capital expenditures, net of A&D are non-GAAP measures the Company uses to monitor its investment in exploration and evaluation, investment in property plant and equipment, and net…
Disclaimer Capital Management Measures Funds from operations and adjusted funds from operations Management considers funds from operations and adjusted funds from operations key capital management measures as it demonstrates the Companys…
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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