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CORPORATE PRESENTATION – Delphi Energy Corp.

Delphi Energy Corp. · Feb 28, 2014 · 35 slides

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Slides

  1. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 1
    CORPORATE PRESENTATION FEBRUARY 2014 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 December 2013 Average (29% Oil/NGLs) 9,638 boe/d Q4 2013 Production…
  3. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 3
    Significant Montney production growth in 2013: Montney production increased to 5,000 boe/d in Dec/13 from 700 boe/d in Mar/2013 5 new Montney wells on-stream in 2013 bringing total to 8 producers New well performance exceeding Delphis…
  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
    2013 Categories Year-end 2013 Reserves TP reserves increased 52 percent from YE 2012 24% PDP 31% PA PV10 reserve value increased 79 percent PDNP 61,662 P+P reserves increased 43 percent from YE 2012 3% PUD PV10 reserve value…
  6. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 6
    2013 December Production 9,638 boe/d Montney production growth starting to show Hythe Bigstone 2013 a year of transition with slickwater fracs applied to Montney resource Montney Montney production started May 2012 Wapiti…
  7. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 7
    Montney land position has grown to 124 gross sections since 2010 Delphi one of the largest Montney landowners on map sheet Exxon Delphi is a leader in the technical evolution Chevron of the liquids-rich play Exxon 40 100…
  8. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 8
    East Bigstone: 64.5 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…
  9. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 9
    Encana Drill Liquids-rich Upper Montney being de-risked at West Bigstone Acquired (100% WI) in 2010/11 Delphi 9-4 Well Conventional Gelled Oil Frac Exxon License West Bigstone: 27 sections Conoco w/o Completion…
  10. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 10
    Upper/Middle Montney Development +100 Locations East Bigstone 15 producing wells Upper Montney 10 DEE Producing Montney Horizontals Light Oil/Cond Development +100 Locations Fir 10 producing wells West Bigstone 1…
  11. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 11
    Drilled 3 HZ wells in 2012: Two mile HZs with laterals of 2,200 m to 3,000 m To KA Sour Fracd using conventional frac designs Plant Drilled 6 HZ wells in 2013: HZs with laterals of 1,400 m to 3,000 m Fracd using slickwater hybrid…
  12. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 12
    Extended Reach Evolution of Montney Drilling Depths 6000 HZ Drilling Over 4,000 Montney wells drilled in last 5 years 5000 Ave. HZ Length Depth (m) Ave. TVD 2,700 4000 two - single section HZ 3000 1,680 1,315 14 - 15 mm…
  13. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 13
    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…
  14. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 14
    Completions Have now completed 8 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…
  15. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 15
    8000 16 Bigstone Montney Production Growth 7000 14 Montney Production (boe/d) 6000 12 5000 10 GAS COND NGL wells Well Count 4000 8 3000 6 2000 4 1000 2 0 0 Delphi owns significant existing infrastructure in…
  16. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 16
    Area of 5 year / 50 well Development plan Testing 12 10 1 East Bigstone 9 3 6 7 16 5 8 14 15 4 2 Drilling 11 13 DEE 11-17 2014 drilling plans include: Whipstock 7 HZ wells at East Bigstone 3 wells drilled in…
  17. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 17
    Drivers of Well Production Performance Slickwater fracs generating greater simulated rock volume versus conventional gelled oil fracs Lower initial decline rate with higher production rates at payout Increased wellhead condensate…
  18. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 18
    Natural Gas Rate 100,000 4 5 6 7 8 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 First 3 Wells ( 20 Gelled Oil Fracs each) 15-30: 3014m HZ, 30 Slickwater Hybrid Fracs 10,000 16-23: 2,809m HZ, 30…
  19. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 19
    Field Condensate to Gas Ratio 1,000 4 5 6 7 8 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 First 3 Wells ( 20 Gelled Oil Fracs each ) FIELD CONDENSATE TO GAS RATIO (bbl/mmcf) 15-24: 2,328m HZ, 30…
  20. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 20
    Cumulative Production 400 4 5 6 7 8 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 Type Well First 3 Wells 350 300 10-27: 2,407m HZ, 30 Slickwater Hybrid Fracs 250 16-23: 2,809m HZ, 30 Slickwater…
  21. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 21
    Cumulative Revenue 18,000 4 5 6 7 8 17,000 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23 W5 15-30-60-22W5 First 3 Wells ( 20 Gelled Oil Fracs each ) 16,000 Price Assumptions: 15,000 Gas 3.23/GJ 10-27: 2,407m HZ, 30…
  22. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 22
    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…
  23. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 23
    5 YEAR OUTLOOK: 50 WELL MONTNEY PROGRAM 10 Producers 90 Locations East Bigstone development inventory: +100 well inventory of extended-reach HZ locations Less than 50 percent of total Bigstone land position DELPHI ENERGY…
  24. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 24
    ( 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…
  25. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 25
    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…
  26. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 26
    Gross Field Revenue Cash Netbacks continuing higher in 2014 (excluding hedging) /BOE 50.00 Montney production growth: Nat Gas Liquids Fourth Quarter 2013 40.00 Montney netback almost 2 times greater 30.00 61% 46% than 2013…
  27. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 27
    Natural Gas Oct Dec 2013 2014 2015 2016 Volume (mmcf/d) 20.7 26.2 12.3 8.5 % Hedged * 52 66 31 21 Fixed Price (/mcf) 3.62 3.68 3.59 3.62 Crude Oil Oct Dec 2013 Oct Dec 2013 Jan Jul 2014 Volume (bbls/d) 150 400 357 % Hedged * 10 27…
  28. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 28
    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…
  29. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 29
    ( 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…
  30. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 30
    2014 2013 Forecast (unaudited) (under review) Average Production (BOE/d) 8,241 9,500 10,000 Percentage NGL/light oil 27% 28% Natural gas price (AECO /mcf) 3.17 3.35 Oil price (Cdn /bbl at Edmonton) 92.94 93.50 Funds flow…
  31. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 31
    Current inventory of scalable development opportunities: Montney land base has grown to 124 sections Application of slickwater frac technology is successful Gas rates / NGL yields / costs Field operations benefiting from continuous…
  32. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 32
    APPENDIX DELPHI DELPHIENERGY ENERGYCORP CORP TSX: TSX: DEE DEE
  33. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 33
    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…
  34. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 34
    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…
  35. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 35
    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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