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NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp.

Spyglass Resources Corp. · Feb 12, 2014 · 24 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. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 1
    Intermediate, Commodity Balanced Resource Company with a Sustainable Dividend Model NBF Intermediate Energy Growth & Yield Conference February 12, 2014
  2. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 2
    Sustainable Yield Model Attractive Valuation 14 % current yield(1)(2) 16,445 boe/d Q3 production 20 % base decline rate, low compared to peers 548 million enterprise value(1) 100 % targeted all- in payout ratio…
  3. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 3
    Core Focus Areas Low Decline and Balanced Production Dixonville: Corporate Data: Q3 2013 production: 3,322 boe/d Q3 2013 average production: 16,445 boe/d Base decline rate: 10% Oil & Liquids 89% Base decline rate: 20% Oil & Liquids…
  4. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 4
    2013 Production Production (boed) - Company 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Oct-13 Jun-13 Feb-13 Mar-13 Nov-13 Apr-13 Jan-13 Aug-13 Sep-13 Dec-13…
  5. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 5
    Capital Program Total Gross 2013: Wells MM Drilling Provost Viking & Ellerslie 5 9 14 gross wells (13 net) focused Matziwin Pekisko 4 14 primarily in Southern Alberta SAB Glauc Channel 3 5 Non Operated 2 1 (Glauconite,…
  6. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 6
    Dixonville Asset Overview Stable Production Excellent Cash Flow SPYGLASS DIXONVILLE Dixonville Q3 2013 Results Production [boe/d] 3,322 % Oil & liquids [%] 89% Operating Costs [boe] 12.64 Dixonville Reserves Dec. 31, 2012(1)(2)…
  7. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 7
    Dixonville Waterflood Development History Hines Creek Graben North Wall Phase 2 Phase 3 December 2010 Phase 4 Montney C Pool Outline 2 March 2010 3 September 2012 Phase 1 Phase 5 4 July 2006 Q4 2012 1 5 Expansion Sept…
  8. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 8
    Dixonville Field History Low future development capital = Strong free cash flow generation 9
  9. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 9
    Southern Alberta Asset Overview Southern Alberta Q3 2013 Results Production [boe/d] 5,014 SPYGLASS MATZIWIN Pekisko Subcrop % Oil & liquids [%] 59% Operating Costs [boe] 22.56 Base Decline Rate [%] 23% Assumption SPYGLASS…
  10. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 10
    Matziwin Pekisko New Resource Development Area Resource 65,111 net acres 100% working interest 25-28 API oil gravity 60 100 net well locations Potential to down space to 4 wells per section Pekisko Subcrop Current…
  11. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 11
    Halkirk Provost Asset Overview SPYGLASS 2013 ELLERSLIE DRILLING PROGRAM HALKIRK Halkirk-Provost Q3 2013 Results Production [boe/d] 669 % Oil & liquids [%] 61% Operating Costs [boe] 36.86 Base Decline Rate [%] 37%…
  12. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 12
    Why Halkirk-Provost Viking Oil Large oil in place: 6 10 MMbbls OOIP per Single Well Economics section Halkirk-Provost Viking (Crown) Capital Expenditures [MM] 1.7 Light oil (30o - 35o API) % Oil & liquids [%] 72% EUR [Mboe] 103…
  13. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 13
    Reserves Pro Forma Selected Reserves Information as at Dec. 31, 2012(1)(4) Total Proved plus Probable Reserves by Category Nat. Gas Total Btax NPV Oil (Mbbl) (MMcf) NGL (Mbbl) (Mboe)(2) 10% (M) Proved Developed Producing 25,662…
  14. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 14
    Managing Commodity Price Volatility Natural Gas Hedging Crude Oil Hedging 60% 70% 4.40 99.00 60% 50% 4.20 50% 40% 4.00 96.00 40% 30% 3.80 30% 20% 20% 3.60 93.00 3.40 10% 10% 0% 3.20 0% 90.00 Q1 2014 Q2 2014 Q3 2014 Q4…
  15. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 15
    Peer Benchmarking Decline & Capital Efficiency Capital Efficiency (1)(2) Base Decline Rate (1) 40% 45,000 Assumed Corporate Decline Rate Assumed Development Capital Efficiency Average Decline Rate 40,000 Average Development…
  16. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 16
    Peer Benchmarking 2013E EV/DACF & Dividend Yield (1)(2) 2013E EV//boed & Dividend Yield (1)(2) 200,000 TOG 14 180,000 VET BNE TET PEY 160,000 12 TOG ARX 2013E EV/DACF 2013E EV//boed VET BNE 140,000 WCP BTE 10 120,000…
  17. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 17
    Investment Highlights Sustainable dividend-paying model Target all-in payout of 100% of cash flow Cdn 0.0225 monthly cash dividend (0.27/share/year) Mature, low decline producing assets coupled with capital efficient light oil…
  18. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 18
    Appendix 19
  19. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 19
    Experienced Leadership Management Team Board of Directors Tom Buchanan, FCA CEO & Director Randy Findlay, P.Eng Independent Chairman Dan OByrne, P.Eng, President George Armoyan, P.Eng Director MBA Mark Walker, CMA Senior VP Finance &…
  20. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 20
    Underpinning the Model Low Decline, Balanced Production Base Q3 2013 Q3 2013 Production (boe/d) Production Oil & Est. Base Core Area (boe/d) Liquids Decline Rate Southern AB 4,781 52% 23% Provost-Halkirk 4% Dixonville 3,322 89% 10%…
  21. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 21
    Sustaining the Model Low Risk, High Return Development Portfolio 1st yr Development Plays 30 day Op 1st yr NPV at Capital F&D Unrisked Single Well Prospective EUR Capex IP Costs Netback 10% Efficiency IRR Costs Economic Indicators (1)…
  22. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 22
    Noel Asset Overview Over 90 prospective locations Locations are low risk infill or extensions to a well established gas play Potential to add over 200 bcf of reserves High initial production rates Single Well Economics Noel…
  23. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 23
    Key Attributes & Outlook Operational Risk Management Q3 2013 Production [boe/d] 16,445 Crude Oil Hedged for 2014 [Avg. fixed price CWTI/bbl] 46% 94.51 % Oil & Liquids [%] 48% Crude Oil Hedged for 2015 [Avg. fixed price CWTI/bbl] 6%…
  24. NBF Intermediate Energy Growth & Yield Conference – Spyglass Resources Corp. – slide 24
    Corporate Information Lead Bankers: National Bank of Canada Toronto Dominion Bank Transfer Agent: Olympia Trust Company Auditors: PricewaterhouseCoopers LLP Legal Counsel: Norton Rose Canada LLP Blakes, Cassels & Graydon LLP…

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