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CORPORATE PRESENTATION – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Nov 1, 2014 · 40 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. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 1
    Tourmaline Oil Corp. Corporate Presentation November 2014
  2. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 2
    2 Current Status Nov 2014 Production Overview Current production 135,000-140,000 boepd. Revised 2014 average production forecast of 115,000 boepd (54% year over year growth) Approximately 43,300 boepd (230 mmcfpd, 5,000 bpd oil and…
  3. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 3
    3 Historical EP Performance Mar 2014 Production Growth Per Share* Reserves Growth Per Share* 160 3.5 Production per Thousand Shares Reserves per Share (BOEs) 140 3 120 2.5 100 2 (BOEs) 80 60 1.5 40 1 20 0.5 0 0…
  4. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 4
    4 EP Program Overview and Growth Perspective 20 rig program in 2H 2014/2015 will lead to a free cash flow positive situation commencing in 2016. 2016 production in excess of 200,000 boepd, CF 1.75 2.0 billion Accelerated…
  5. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 5
    5 Deep Basin Overview Nov 2014 Tourmaline has assembled the largest land position (1.3 million acres), delineated the largest drilling inventory (7,200 locs) and has become the second largest producer (current 85,000 boepd) in the…
  6. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 6
    6 Alberta Deep Basin Nov 2014 R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Current Production 85,000 boepd Current Reserves 304.9 mmboe (Jan 1, 2014) Tourmaline Land Base 2,150 sections T. 61 Musreau Tourmaline Drilling…
  7. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 7
    Alberta Deep Basin: 7 Notikewin/Falher Hz Program Sept 2014 R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Kakwa 1-2 25.8 mm/d 14.1MPa Kakwa 13-20 21.0 mm/d 12.8MPa Wild R 12-28 T. 61 Musreau/ 30 day IP 22.4 mmcfpd…
  8. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 8
    8 Alberta Deep Basin: Wilrich Regional Resource Play Sept 2014 R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Tourmaline Lands Kakwa 13-15/4-10 Pad (Nov/13) 54.6 mmcf/d IP, 360 bbls/day cond Tourmaline Gas Plant Musreau…
  9. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 9
    9 Alberta Deep Basin Infrastructure Sept 2014 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 Tourmaline Tourmalines 1.3 MM Acres, the largest land position in the Musreau 8-13 TCPL Main Line Deep Basin, is serviced by a network of 6…
  10. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 10
    NEBC Montney Gas Condensate and Peace 10 River High Charlie Lake Oil Core Areas Oct 2014 R23 R21 R19 R17 R15 R13 R11 R9 R7 R5 R3 R 1, W6M NE Alberta BC T85 Parkland Wabamun Gas Pool Devonian Parkland Non-Deposition T83 Montney…
  11. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 11
    11 Sunrise/Dawson NEBC Montney/Doig Development Oct 2014 Current Prod. 220 mmcf/d Westcoast 4,000 bopd (cond,ngls) McMahon Gas Plant 6,500 boepd tested behind pipe Current Reserves 235.0 mmboe (Jan 1, 2014) 2014 Drilling 40…
  12. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 12
    12 Tourmaline Regional Montney Play BC/AB Sept 2014 R9 R5 R1W6 R20Tourmaline R16 is the 5th R8W5 T95 largest Montney producer in Canada through development of only one of its four Montney play areas The companys T91 Montney…
  13. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 13
    Peace River High Regional Charlie Lake 13 Resource Play Sept 2014 Tourmaline Earring 15-16 R. 10 R. 9 R. 730 API Oil 440 bbls/d R. 5 2013 Spirit River Charlie Lake Drilling Summary 2.7 mmcfpd Gas 1,200 Horizontal Locations…
  14. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 14
    14 Peace River High Joint Venture Rationale Significant capital injection that further strengthens balance sheet during a period of heavy capital spending. Balance sheet insurance during a period of uncertain natural gas prices and…
  15. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 15
    15 New E&P Plays and Opportunities Sept 2014 Paleozoic Gas Play Regional Charlie Lake Oil Play 200-300 bcf targets 2013 regional discovery. Est 10 Prospects ultimate Reserves of 0.5 billion boe (Company estimate), 1 suspended…
  16. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 16
    16 Production & Reserves Growth Feb 2014 Production 120,000 100,000 80,000 BOEPD 60,000 40,000 20,000 0 2009 Avg 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg (F) Reserves (GLJ) 2010 2011 2012 2013 Reserves 600…
  17. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 17
    17 Tourmaline Improving Capital Efficiencies Nov 2014 60,000 53,484 Migration to 90% hz wells in 2H 2012/2013 50,000 47,643 Migration to multi-well pads in 2013/2014 Fewer vertical pilots in 2014 vs 2013 40,000 32,170…
  18. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 18
    18 Gas Development Location Inventory and Economics Nov 2014 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lk Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 4.0 5.25 5.80 4.2 4.0 (Drill,…
  19. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 19
    19 5 Year Development Outlook (Tourmaline delivered the first 100,000 boepd in 5.25 years, the Company will deliver the second 100,000 boepd in approx. 2 years) Nov 2014 270,000 Capital and Production numbers in the 2015 2018…
  20. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 20
    20 5 Year Development Outlook - Upside (Tourmaline delivered the first 100,000 boepd in 5.25 years, the Company will deliver the second 100,000 boepd in approx. 2 years) Nov 2014 300,000 2018 Production Capital and Production…
  21. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 21
    21 2010-2013 Cost Reduction Strategy Mar 2014 Operating Costs General and Administrative Costs 2.46 8.00 2.50 7.00 2.00 6.51 6.34 6.00 1.50 /boe /boe 5.58 1.29 1.02 5.00 1.00 0.79 4.43 0.74 4.35 4.00 0.50…
  22. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 22
    22 2015 EP Capital Program Overview Total EP Program of 1.60 billion, close to a cash flow budget with current commodity pricing assumptions (Does not include the 100 M via Peace R High JV partner). A 20 drilling rig program for…
  23. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 23
    Financial Transactions Q4 2014 Tourmaline has embarked upon a series of transactions to both further strengthen the balance sheet and provide additional financial flexibility for 2015. Transactions consummated to date will provide…
  24. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 24
    24 2014 and 2015 Base Budget Nov 2014 2014 2015 Capital Spending 1,355.0 million 1,600.0 million Annual Average Production 115,000 boe/d 164,500 boe/d Average Q4 2014 /Q4 2015 Production 139,163 boe/d 183,893 boe/d Annual Cash…
  25. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 25
    25 EP Outlook Q4 2014/Q1 2015 Nov 2014 Major 2H 2014 Facility start-ups at Spirit River (new gas plant with enhanced liquid recovery and power generation), Doe and Sundown BC, Musreau and Wild River AB (existing plant expansions)…
  26. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 26
    26 Capitalization to Date Insiders Public Total millions of shares Price* millions of shares Price* 2008 Financings Common shares 28.50 5.16 22.0 7.00 301.00 2008 Financings Flow through shares 1.25 10.00 1.25 10.00 25.00 2009…
  27. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 27
    APPENDIX
  28. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 28
    Largest Canadian Gas Producers; 28 2013 & 2014 1,700 Canadian WCSB Production 2014E & 2015E** 1,600 1,500 1,400 2014E Production 1,300 2015E Production 1,200 1,100 Production (MMCF/D) 1,000 900 800 700 600 500…
  29. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 29
    Tourmaline Gas Growth Outlook 29 (Realistic Upside Case, Assumes 20 Drilling Rig Program through to Exit 2015) Nov 2014 Area/Plant Exit 2014 Volume (Est) Exit 2015 Volume (Est) (mmcfpd) (mmcfpd) Alberta Deep Basin Wild River 150…
  30. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 30
    30 EP Plan/Capital Estimate Upside Case (2H 2014/2015) Drilling (20 Rig Program) Deep Basin 150 Wells 750 mmcfpd (5 mm/d 30 day IP) 975 M NEBC Montney 75 Wells 375 mmcfpd ( 5 mm/d 30 Day IP) 375 M Peace R High 60 Wells 60 mmcfpd, 9,000…
  31. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 31
    31 Hedging Summary 2015 Nov 2014 2015 Gas Hedges (January December) Volume Weighted Avg Price mcf/d /mcf(2) Fixed Price Hedges AECO (CDN)(1) 103,978 4.32 Fixed Nymex (CDN)(3) 5,000 4.72 Total Fixed Hedges 108,978 4.34 % gas…
  32. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 32
    32 2014 Unscheduled Production Down-Time Analysis Tourmaline builds a production down time provision into the annual production forecast (7,000 boepd) to account for turnarounds, maintenance, pipeline tie-ins, third party equipment…
  33. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 33
    33 EP Growth Plan (Original Business Plan) Sept 2008 Primary growth mechanism will be a conventional EP Program (including Resource plays). Build 2-3 core EP areas during initial three years of operations. Strive for large…
  34. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 34
    34 Western Canadian Sedimentary Basin Selected Exploration & Production Opportunities NORTHWEST TERRITORIES Alta. Deep Basin Peace River High Charlie Lk. Oil. Alta./NEBC B.C. ALBERTA Resource Plays Peace River High…
  35. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 35
    35 Deep Basin Historical Production/Reserves (Remaining Cretaceous Potential) The Alberta Deep Basin is one of the largest sweet gas provinces in the world. The unique geologic setting offers multiple, stacked opportunities in a…
  36. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 36
    36 Alberta Deep Basin Development Summary July 2014 Depositional Seismic TOU Vertical Horizontal Wells/ Environment Mappability Completions Completions (7 Geologists) (3 Geophysicists) (6 Pete Engineers, 4 Ops Engineers)…
  37. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 37
    37 North East BC Montney Water Management July 2013 Non-potable water sourced lined reservoir for frac operations (2 non-freshwater wells) Separate water pipeline system to existing and future pads. Frac water pumped to pads…
  38. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 38
    38 Improving Montney Performance/ Efficiency History (More for Less) Montney Performance/Efficiency History (Duvernay/Tourmaline) 20 10 Initial Production Rate (mmcfpd) 15 Drill/Complete Cost (M) 10 5 5 0 0…
  39. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 39
    39 Growing a 50,000 bpd Liquids Business Sept 2013 The Regional Charlie Lake oil resource play and the ngl/condensate projects in all three core EP areas provide the opportunity to grow to 50,000 bpd within 3 years. Spirit…
  40. CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 40
    40 The Golden Age of Gas Technological change and low prices have dramatically improved the efficiency of the remaining Natural Gas Business. Natural Gas is the logical bridge energy source for the next 2-3 decades. Plentiful,…

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