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Corporate Presentation – Manitok Energy Inc.

Manitok Energy Inc. · Jul 31, 2014 · 31 slides

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Slides

  1. Corporate Presentation – Manitok Energy Inc. – slide 1
    Manitok Energy Inc. (MEI TSXV) Corporate Presentation July 2014
  2. Corporate Presentation – Manitok Energy Inc. – slide 2
    Corporate The CompanySnapshot MEI on TSX-V Market Capitalization at 2.92/share 219 million Common Shares Outstanding at June 17, 2014 69,251,374 Options (wgt avg exercise price of 2.09/share) 5,293,240 Insider Ownership, Undiluted…
  3. Corporate Presentation – Manitok Energy Inc. – slide 3
    Successful Corporate Strategy Focus on Areas with Underexploited Conventional Reservoirs A successful strategy used in the industry for decades; Less reliance on new equity to drive production and reserves growth due to short pay…
  4. Corporate Presentation – Manitok Energy Inc. – slide 4
    Exceptional Production Growth Average Production Volumes by Quarter (boe/d) 8,000 Established Track Record of Successful Capital Allocation 7,000 Disposition of Natural Gas Assets of Gas (boe/d) 777 boe/d for 22 million. Doubled…
  5. Corporate Presentation – Manitok Energy Inc. – slide 5
    Growth Per Share Continues in 2014 At 2.92 per share (July 4th, 2014), MEI is trading at 3x forecast 2014 cash flow. Annual 2014 Annual 2012 Actual 2013 Actual Increase Guidance Increase Production Annual (boe/d) 2,389 4,113 72%…
  6. Corporate Presentation – Manitok Energy Inc. – slide 6
    Net Asset Value MEI on TSX-V May 27, 2014 Diluted Net Asset Value per Share Proved plus Probable Reserves Dec 31, 2013 - NPV 10% (excluding disposition announced on February 27th, 2014) (1)(2) 268,793,000 Undeveloped Land Value…
  7. Corporate Presentation – Manitok Energy Inc. – slide 7
    Outstanding Value Cheap ATTRACTIVE DEBT ADJUSTED CASH FLOW MULTIPLE EV / 2014E DACF (1)(2) 10.0x 9.0x 8.0x 7.0x EV / 2014E DACF (x) 6.0x Avg. EV / 2014E DACF: 5.6x 5.0x 4.0x MEI 3.0x 2.0x 1.0x…
  8. Corporate Presentation – Manitok Energy Inc. – slide 8
    Pristine Balance Sheet Low Risk FINANCIAL STRENGTH AND FLEXIBILITY CURRENT NET DEBT / 2014E CASH FLOW (1)(2)(3) 5.0x 4.0x Debt / 2014E Cash Flow (x) 3.0x 2.0x Avg. Net Debt / 2014E CF: 1.6x 1.0x MEI 0.0x…
  9. Corporate Presentation – Manitok Energy Inc. – slide 9
    Normal Course Issuer bid (NCIB) - Growth Through Acquisition Buying MEI shares at less than 3x cash flow is very accretive to shareholders Number of Price / Shares Share Total Dollars NCIB from Nov. 8, 2013 to June 17, 2014…
  10. Corporate Presentation – Manitok Energy Inc. – slide 10
    Board of Directors The People Bruno Geremia, C.A. - Chairman VP Finance & CFO, Birchcliff Energy (BIR TSE) Massimo Geremia President & CEO, Manitok Energy (MEI TSX) Wilfred A. Gobert Retired, former Vice Chairman of Peters & Co;…
  11. Corporate Presentation – Manitok Energy Inc. – slide 11
    Experienced Management Team Massimo Geremia, President & CEO 21 years of public company experience in Oil &Gas, Real Estate and Finance; previously with Birchcliff Energy Ltd., Equatorial Energy Inc. & Boardwalk Equities Inc.; Cameron…
  12. Corporate Presentation – Manitok Energy Inc. – slide 12
    Potentially 100% Production Growth Remaining at Stolberg Future drilling locations at Stolberg: 8 Cardium oil wells into backlimb; 4 Cardium oil wells into new pool; 10 Cardium oil wells into forelimb; 3 Mannville natural gas…
  13. Corporate Presentation – Manitok Energy Inc. – slide 13
    Stolberg Continue to Find New Pools on the Old Structure Backlimb - 85% of production and drilling to date has Forelimb - Three well penetrations at the south end been delineating the main backlimb of the Stolberg of the field have…
  14. Corporate Presentation – Manitok Energy Inc. – slide 14
    Large Scale Opportunity at Entice New Pool Log Leads 55 have been identified. R 25 24 23 Mannville well density plotted on map Swallwell Nisku Pools Viking Wbmn Swalwell Cum 5 MMBO Nsku Wayne A Pool Glauconitic D-1 A Pool 17 wells,…
  15. Corporate Presentation – Manitok Energy Inc. – slide 15
    Balanced Corporate Risk/Reward Adding Entice as a Second Core Area Reduces Risk Profile and Increases Exposure to Oil Achieving a corporate production level greater than 10,000 boe/d in the next 2 years, along with a large transparent…
  16. Corporate Presentation – Manitok Energy Inc. – slide 16
    Entice 2014 Drilling Program Lithic Glauc Vertical & planned Hz offset wells 4 out of 5 primary targets successfully encountered hydrocarbons; multi-zone opportunities in 5 wells; MEI Lower BQ vert well (18 boe/d) & planned 6…
  17. Corporate Presentation – Manitok Energy Inc. – slide 17
    Basal Quartz Prospects Basal Quartz Wells are RED 14 bypassed pay opportunities identified to date ( ) ; Cenovus (CVE) analog BQ pool (18 T26 miles east of MEI land) production peaked at about 4,000 boe/d; over 40 BQ…
  18. Corporate Presentation – Manitok Energy Inc. – slide 18
    Initial 90 days (BOE/D) Production 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 100/4-16-27-19W4/0 100/13-28-27-20W4/0 2010 102/14-28-27-20W4/0 100/4-32-26-18W4/0 100/16-15-27-18W4/0 100/2-10-27-18W4/0…
  19. Corporate Presentation – Manitok Energy Inc. – slide 19
    Multi-Stage Fracs - Key to Unlocking Variability of Reservoir Quality CVE 100/11-15-27-18W4 CVE 102/13-15-27-18W4 Vertical, deviated well, RR 2009 Horizontal Well, RR 2011 BQ (ELRL) Cum: 8,163 BO Cenovus (CVE) Operated Wells BQ…
  20. Corporate Presentation – Manitok Energy Inc. – slide 20
    Horizontal Wells vs. Offset Vertical Wells in the Basal Quartz (BQ) Cenovus Wayne-Rosedale - Horizontal BQ vs. Vertical BQ Offset Wells - 120 day Initial Production (IP120) rates (boe/d) 700.0 13 out of 20 (68%) horizontal wells…
  21. Corporate Presentation – Manitok Energy Inc. – slide 21
    Glauconitic Channel Prospects Glauconitic Wells are GREEN 11 bypassed log leads initially identified ( ); Channel prospects being validated by 3D seismic interpretation and reservoir rock analysis; Mostly Lithic Glauc, with…
  22. Corporate Presentation – Manitok Energy Inc. – slide 22
    Hz Frac Results in Lithic Glauconitic Reservoir IP90 Rates Cenovus Hz Drills 2010-2013 Bantry/Cessford Glauconitic (1) NCS Multistage 600.0 (uncemented, Hybrid) 2010 2011 2012 2013 NCS Multistage (cemented) 500.0 PP StackFRAC No…
  23. Corporate Presentation – Manitok Energy Inc. – slide 23
    Lithic Glauconitic Oil Potential Manitok Entice Well Log Spyglass Cessford Well Log 18m Net Pay 23m Net Pay Avg porosity = 10% Avg porosity = 9% Vertical well swabbed 9 bbl of total oil; HZ Well IP30 of 255 boepd (65% oil)…
  24. Corporate Presentation – Manitok Energy Inc. – slide 24
    Why Buy Manitok Shares Bargain basement valuation at 3x forecast 2014 cash flow and at 76% of 2P NAV; Manitoks strong growth profile in the foothills will continue through the exploitation of its large undeveloped land base; The…
  25. Corporate Presentation – Manitok Energy Inc. – slide 25
    Appendix 27
  26. Corporate Presentation – Manitok Energy Inc. – slide 26
    Hedging at May 1, 2014 Subject of Notional Average Contract Contract Quantity Remaining Term Reference Strike Price Traded Oil 500 bbls/d January 1, 2014 to December 31, 2014 CAD WTI 96.00 Swap Oil 500 bbls/d January 1, 2014 to…
  27. Corporate Presentation – Manitok Energy Inc. – slide 27
    Price Deck SPROULE APRIL 1, 2014 - Prices in Canadian Dollars - 1 Synthetic Western 2 WTI Edmonton Crude Oil Cromer Hardisty Canada Hardisty Energy Cost Cost Cushing Par Price Edmonton 34 LSB Heavy Select (WCS) Bow River Cold Lake…
  28. Corporate Presentation – Manitok Energy Inc. – slide 28
    Stolberg Cross Section Main Stolberg structure Cordel structure Additional untested structures 1,000m Structural cross section through T42-15W5 showing both the Cordel and Stolberg Cardium pools along with several…
  29. Corporate Presentation – Manitok Energy Inc. – slide 29
    Horizontal Productivity Multiple vs. Offset Vertical Wells in the Basal Quartz 30 Cenovus Wayne Rosedale Basal Quartz Productivity Multiplier Horizontal vs. Vertical Offset Well (120 day IP) 25 IP 120 (x) 20 15 10…
  30. Corporate Presentation – Manitok Energy Inc. – slide 30
    Analyst Coverage Acumen Capital Trevor Reynolds Canaccord Genuity Anthony Petrucci Clarus Securities Inc. Daniel Choi Dundee Capital Markets Chad Ellison GMP Securities Aaron Swanson Integral Capital Markets Rob Knowles Macquarie…
  31. Corporate Presentation – Manitok Energy Inc. – slide 31
    List of Comparison Companies in Slides 9 and 10 AEI - Arsenal Energy Inc. OIL - LGX Oil + Gas, Inc. ARN - Arcan Resources Ltd. PRY - Pinecrest Energy Inc. BNE - Bonterra Energy Corp. PXL - Palliser Oil & Gas Corporation CJ -…

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