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Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Jul 1, 2014 · 36 slides

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Slides

  1. Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Tourmaline Oil Corp. Corporate Presentation July 2014
  2. Corporate Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status July 2014 Production Overview 2014 average production forecast of 120,000 Original Q2 Target 115,000 120,000 boepd production, May 2014 actual average 115,000 boepd Unplanned TCPL outages related to mainline…
  3. Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 EP Performance 2009-2013 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 1.5 60 1 40 20 0.5 0 0…
  4. Corporate Presentation – Tourmaline Oil Corp. – slide 4
    4 Deep Basin Overview July 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 75,000 boepd) in…
  5. Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Alberta Deep Basin June 2014 R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Current Production 75,000 boepd Current Reserves 304.9 mmboe (Jan 1, 2014) Tourmaline Land Base 2,150 sections T. 61 Musreau Tourmaline Drilling…
  6. Corporate Presentation – Tourmaline Oil Corp. – slide 6
    Alberta Deep Basin: 6 Notikewin/Falher Hz Program Apr 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/ 37.0 mm/d 11.0MPa Viking…
  7. Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Alberta Deep Basin: Wilrich Regional Resource Play July 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…
  8. Corporate Presentation – Tourmaline Oil Corp. – slide 8
    8 Alberta Deep Basin Infrastructure July 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…
  9. Corporate Presentation – Tourmaline Oil Corp. – slide 9
    NEBC Montney Gas Condensate and Peace 9 River High Charlie Lake Oil Core Areas July 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…
  10. Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 Sunrise/Dawson NEBC Montney/Doig Development July 2014 Current Prod. 175-180 mmcf/d Westcoast McMahon 3,500-4,000 bopd (cond,ngls) Gas Plant 5,000 boepd tested behind pipe Current Reserves 235.0 mmboe (Jan 1, 2014) 2014…
  11. Corporate Presentation – Tourmaline Oil Corp. – slide 11
    Peace River High Regional Charlie Lake 11 Resource Play July 2014 Tourmaline Earring 15-16 R. 10 R. 9 R. 730 API Oil 440 bbls/d R. 5 2.7 mmcfpd Gas 2013 Spirit River Charlie Lake Drilling Summary 1,200 Horizontal Locations along…
  12. Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 New E&P Plays and Opportunities July 2014 Regional Charlie Lake Oil Play 2013 Regional Discovery. Est ultimate Reserves of 0.5 billion Tourmaline Gas Plant boe (Company estimate), Tourmaline 75-80% capture. Paleozoic Gas…
  13. Corporate Presentation – Tourmaline Oil Corp. – slide 13
    2H 2014/1Q 2015 EP Drilling 13 Program Highlights May 2014 A 20 rig program overall. - 6 Patterson, 3 Jomax, 3 Trinidad, 2 Nabors, 2 Beaver, 2 Precision, 1 Ironhand, 1 DC 82 Deep Basin horizontal wells. - 55 Wilrich, 17…
  14. Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 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…
  15. Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 Tourmaline Improving Capital Efficiencies Apr 2014 60,000 Migration to 90% hz wells in 2H 2012/2013 53,484 Migration to multi-well pads in 2013/2014 Fewer vertical pilots in 2014 vs 2013 50,000 47,643 Proportionately less…
  16. Corporate Presentation – Tourmaline Oil Corp. – slide 16
    16 Gas Development Location Inventory and Economics Apr 2014 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lk Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 4.0 5.0 5.25 3.6 3.6 (Drill, Case,…
  17. Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 5 Year Development Outlook July 2014 Production Outlook 260,000 2018 Production 240,000 220,000 2017 Production 200,000 2016 Production 180,000 160,000 2015 Production BOE/Day 140,000 2014 Production 120,000 Base…
  18. Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 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…
  19. Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 2014 Base Budget/2015 Outlook July 2014 2014 2015 (Prelim.) Capital Spending (not including acquisitions/dispositions) 1,250.0 million 1,250.0 million Annual Average Production 120,000 boe/d 159,500 boe/d Average Q4 2014 /Q4…
  20. Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 EP Outlook Q2 Q4 2014 July 2014 Major 2H 2014 Facility start-ups at Spirit River (new gas plant with enhanced liquid recovery and power generation), Doe BC, Musreau and Wild River AB (existing plant expansions) will yield…
  21. Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 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…
  22. Corporate Presentation – Tourmaline Oil Corp. – slide 22
    APPENDIX
  23. Corporate Presentation – Tourmaline Oil Corp. – slide 23
    Tourmaline Gas Growth Outlook 23 (Realistic Upside Case, Assumes 20 Drilling Rig Program through to Exit 2015) July 2014 Area/Plant Exit 2014 Volume (Est) Exit 2015 Volume (Est) (mmcfpd) (mmcfpd) Alberta Deep Basin Wild River 150…
  24. Corporate Presentation – Tourmaline Oil Corp. – slide 24
    24 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…
  25. Corporate Presentation – Tourmaline Oil Corp. – slide 25
    Production Growth (Boepd) 25 Q4 2013 to Q1 2014 20000 15000 10000 Boepd 5000 0 Intermediate Competitors -5000
  26. Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 YOY Production & CFPS % Growth 2014E Vs 2013 Actual Boe/d 2014E CFPS % Growth 110% 90% 70% YoY % Growth 50% 30% 10% EQT CABOT RANGE ULTRA CHESAPEAKE SOUTHWESTERN TOURMALINE -10%
  27. Corporate Presentation – Tourmaline Oil Corp. – slide 27
    2014 Debt to Cash Flow (Est.) 27 TOU & US Natural Gas Producers 3.55 3.31 3.30 3.05 2.80 2.55 2014 D/CF (Est.) 2.30 2.05 1.80 1.55 1.30 1.05 0.80 0.55 0.30 0.05 EQT CABOT RANGE CHESAPEAKE ULTRA…
  28. Corporate Presentation – Tourmaline Oil Corp. – slide 28
    28 Hedging Summary June 2014 2014 Gas Hedges (June December) Volume Weighted Avg Price mcf/d /mcf(2) Fixed Price Hedges AECO (CDN)(1) 170,532 4.13 Fixed Nymex (CDN)(3) 47,236 4.49 Total Fixed Hedges 217,769 4.21 % gas hedged…
  29. Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 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…
  30. Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 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…
  31. Corporate Presentation – Tourmaline Oil Corp. – slide 31
    31 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…
  32. Corporate Presentation – Tourmaline Oil Corp. – slide 32
    32 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)…
  33. Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 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…
  34. Corporate Presentation – Tourmaline Oil Corp. – slide 34
    34 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…
  35. Corporate Presentation – Tourmaline Oil Corp. – slide 35
    35 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…
  36. Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 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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