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Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Jan 19, 2015 · 37 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 January 2015
  2. Corporate Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status Jan 2015 Production Overview Current Q1 production estimate 145,000 150,000 boepd. 2015 average production forecast of 164,500 boepd (43% year over year growth) Approximately 90 wells will be tied in during Q1…
  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 Deep Basin Overview Dec 2014 Tourmaline has assembled the largest land position (1.35 million acres), delineated the largest drilling inventory (7,200 locations) and has become the second largest producer (current 90,000-95,000…
  5. Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Alberta Deep Basin Dec 2014 R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Current Production 90,000-95,000 boepd Current Reserves 304.9 mmboe (Jan 1, 2014) Tourmaline Land Base 2,150 sections T. 61 Musreau Tourmaline…
  6. Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Alberta Deep Basin: Wilrich Regional Resource Play Dec 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…
  7. Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Alberta Deep Basin Infrastructure Jan 2015 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 Tourmaline Tourmalines 1.35 MM Acres, the largest land position in the Deep Musreau 8-13 TCPL Main Line Basin, is serviced by a network of 6…
  8. Corporate Presentation – Tourmaline Oil Corp. – slide 8
    NEBC Montney Gas Condensate and Peace 8 River High Charlie Lake Oil Core Areas Dec 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…
  9. Corporate Presentation – Tourmaline Oil Corp. – slide 9
    9 Sunrise/Dawson NEBC Montney/Doig Development Dec 2014 Current Prod. 225 mmcf/d Westcoast McMahon 4,000 bopd (cond,ngls) Gas Plant Current Reserves 235.0 mmboe (Jan 1, 2014) 2014 Drilling 40 Montney Hz Gas, 2 Doig Hz Drilling…
  10. Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 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…
  11. Corporate Presentation – Tourmaline Oil Corp. – slide 11
    Peace River High Regional Charlie Lake 11 Resource Play Dec 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 along…
  12. Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 Production & Reserves Growth Jan 2015 Production 160,000 140,000 120,000 100,000 BOEPD 80,000 60,000 40,000 20,000 0 2009 Avg 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg (F) Q1 2015 Reserves (GLJ) 2010…
  13. Corporate Presentation – Tourmaline Oil Corp. – slide 13
    13 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,…
  14. Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 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) Dec 2014 270,000 2018 Production 240,000 2017 Production 210,000…
  15. Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 2010-2015 Cost Reduction Strategy Dec 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…
  16. Corporate Presentation – Tourmaline Oil Corp. – slide 16
    16 Financial Transactions Q4 2014 Tourmaline has completed a series of transactions to both further strengthen the balance sheet and provide additional financial flexibility for 2015. Transactions consummated to date will provide…
  17. Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 2014 and 2015 Base Budget Dec 2014 2014 2015 Capital Spending 1,355.0 million 1,400.0 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…
  18. Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 2015 Outlook Jan 2015 Current debt to cash flow of approximately 1.0 times. Company can achieve the 2015 forecast production of 164,500 boepd, (40% YOY growth), with an EP capital program significantly less than the reduced…
  19. Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 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…
  20. Corporate Presentation – Tourmaline Oil Corp. – slide 20
    Largest Canadian Gas Producers; 20 2014 & 2015 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…
  21. Corporate Presentation – Tourmaline Oil Corp. – slide 21
    APPENDIX
  22. Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 2015 EP Capital Program Overview Total EP Program of 1.40 billion, close to a cash flow budget with current commodity pricing assumptions. A 16 drilling rig program for 2015, the EP activity pace will be revisited during…
  23. Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 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…
  24. Corporate Presentation – Tourmaline Oil Corp. – slide 24
    24 EP Program Overview and Growth Perspective 16 rig program in 2015 will lead to a free cash flow positive situation commencing in 2016, contingent upon commodity prices. 2016 production in excess of 200,000 boepd, CF 1.75 2.0…
  25. Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 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…
  26. Corporate Presentation – Tourmaline Oil Corp. – slide 26
    Alberta Deep Basin: 26 Notikewin/Falher Hz Program Dec 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…
  27. Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 New E&P Plays and Opportunities Dec 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…
  28. Corporate Presentation – Tourmaline Oil Corp. – slide 28
    28 Hedging Summary 2015 Nov 2014 2015 Gas Hedges (January December) Volume Weighted Avg Price mcf/d /mcf(2) Fixed Price Hedges AECO (CDN)(1) 156,169 4.24 Fixed Nymex (CDN)(3) 12,397 4.74 Total Fixed Hedges 168,566 4.27 % gas…
  29. Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 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…
  30. Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 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…
  31. Corporate Presentation – Tourmaline Oil Corp. – slide 31
    31 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…
  32. Corporate Presentation – Tourmaline Oil Corp. – slide 32
    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…
  33. Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 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)…
  34. Corporate Presentation – Tourmaline Oil Corp. – slide 34
    34 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…
  35. Corporate Presentation – Tourmaline Oil Corp. – slide 35
    35 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…
  36. Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 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…
  37. Corporate Presentation – Tourmaline Oil Corp. – slide 37
    37 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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