Black Swan Energy Corporate Summary Well Financed Junior 500 MM equity (350 MM Mar. 2011 & 150 MM Nov. 2013) Canada Pension Plan; KERN Partners; Warburg Pincus 40 MM bank line, undrawn Experienced Management Significant Deep Basin…
Black Swan Energy Delivering Production and Reserves Growth Development Pilot Drilling Land Drilling Accumulation 4,500 Montney Drilled 18 Hz wells Average Daily Production (Boe/d) 4,000 3,500 Production reached 5,200 boe/d…
Black Swan Energy Scale in Liquid-Rich Resources Positioned for growth with a large land base in the NE BC Montney (Aitken) 207 DSUs (145,000 net acres) developing Montney and emerging Duvernay plays 207 net DSUs (145,000 net…
North Montney Summary Material position in the liquids-rich fairway 207 Net DSUs (145,000 acres) Contiguous position with 199 DSUs at 100% WI 14 Tcfe* of Recoverable Liquids-Rich Gas Resource Includes 475 MMbbl of shallow cut NGLs…
North Montney Most Active Region in BC Quality of position drives capital investment Industry Investment Accelerating Since January 2011, more than 650 MM spent at Crown sales in the north Montney Over 500 Hz wells drilled since…
Focused Position in Proven Top-Tier North American Play Favourable thickness, porosity and pressure Black Swan Beg A-020-H/094-G-01 Thick, Gas-Charged Resource Upper Montney 60m Montney over 820 ft (250 m) thick Up to 4 Hz…
Uniquely Positioned with Scale in Liquids-Rich Fairway Black Swan lands capable of achieving best-in-class economics Montney Success Drivers Industry continues to refine the fairway interpretation with focus Repeatable Deliverability…
Resource and Productivity Established by Activity to Date Delineation over large land position Drilling and Completions 5 Upper Montney and 8 Lower Montney Hz wells drilled and tested over large area Drilled pacesetter well in 16…
Completions strategy is driving improved results To provide repeatable type curve across Black Swan position BC Montney: Normalized Production vs. Regional Type Curve 8000 Significant Statistical Dataset Over 1,000 wells were…
Development Phase Underway Recent results significantly above type curve 7000 Extensive Piloting/Delineation Completed Q3 2013 Q1 2014 Upper Montney wells (3): short stage length, open-hole completions 4.6 Bcf Type Curve…
Actively Drilling In Development Phase Proceeding with infrastructure expansion Drilling and Completions Recently finished drilling a five-well development 5-well development pad pad; final well achieved TD in < 11 days*; completion…
Vast Resource to Unlock Gas-In-Place supports long-term growth Black Swan A-020-H/094-G-01 Large Well Inventory Provides Ability to Upper Montney Ramp Up Production 60m 52 Tcf of Gas-In-Place estimated by management…
Ideally Situated for Long-Term Egress and LNG Multiple egress options BC AB Potential Access to Multiple Markets Spectra T-North Sales Gas Ft. Nelson Line Currently Spectra and Alliance service the Aitken Creek Spectra T-North area…
Robust Montney Economics Driven by heat content of gas, liquids and low cost Black Swan Montney Type Curve Development Type Curve EUR (Raw, Bcf) 5.9 1,200 7,000 Reserves (MBoe) 1,100 IP 30 (MMcf/d) 4.6 6,000 1,000 Liquids Yield…
Duvernay Summary Material position in high potential, emerging play 190 net sections (121,600 net acres)* 100% working interest at Edson and Pembina 50% working interest at Willesden Green KAYBOB Established Productivity along…
South Duvernay High Level of Industry Activity Senior producers have established large positions Active Operations Talisman: 8 Hz wells drilled and 11 licenses EDSON offsetting Black Swans Willesden Green position Shell: 10 Hz wells…
South Duvernay World-Class Shale Similar characteristics to the most active area in Kaybob Thick Shale/Thin Carbonate Comparable pay thickness to the active area in Kaybob, 65 to 130 ft (20 m to 40 m), with 3 to 15 ft (1 m to 5 m) of…
South Duvernay Proving the Liquids-Rich Region Production at Edson/Pembina and new wells at Willesden Green Willesden Green Derisking The Duvernay At Willesden Green 150 bbl/MMcf 15 Hz wells and 22 licenses offsetting Black Swans…
Black Swan Delivering on Strategy Montney Premier North American Natural Gas Play Established a material, contiguous position in the over-pressured and liquids-rich portion of the NE BC fairway, providing strong economics Recent well…
Appendix 22
Black Swan Management and Directors Management Team David Maddison, P.Eng. President and CEO (Talisman Energy, BP Exploration) Marc Mereau, P.Eng. COO (Talisman Energy, BP Canada) Michael Wilhelm, B.Comm., CGA CFO & VP Finance…
Evolution of Completions Design Continuous optimization Initial Completions Design Current Completions Design Perf and plug (cemented liners) 1,700 meter lateral 8 stages, 3 - 5 clusters/stage 200 meter frac spacing Proppant: 175…
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