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Corporate Presentation – Painted Pony Petroleum Ltd

Painted Pony Petroleum Ltd · Dec 12, 2013 · 34 slides

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Slides

  1. Corporate Presentation – Painted Pony Petroleum Ltd – slide 1
    Corporate Presentation December 12, 2013 1
  2. Corporate Presentation – Painted Pony Petroleum Ltd – slide 2
    The Painted Pony Story Where we started Successful explorer and producer of light oil in Saskatchewan Successful builder of premium Montney gas & NGL asset in northeast British Columbia Where we are High working-interest Montney…
  3. Corporate Presentation – Painted Pony Petroleum Ltd – slide 3
    Corporate Snapshot - Financial PPY TSX Trading Symbol 88.5 million Shares Outstanding 96.3 million Diluted Shares Outstanding (9.23 average strike price) 6.25 - 10.83 52-Week Trading Range 575 million Market Capitalization…
  4. Corporate Presentation – Painted Pony Petroleum Ltd – slide 4
    Corporate Snapshot 8,925 boed Average Production (Q3-2013) 17% Oil & Liquids Weighted 1.15 Tcfe Proved + Probable Reserves(1)G 1.07 billion NPV10 Proved + Probable Reserves(1)G 3.15 Tcfe Best Estimate Contingent Resources(1)G…
  5. Corporate Presentation – Painted Pony Petroleum Ltd – slide 5
    Impressive & Consistent Reserves Growth 250 2.50 Probable Reserves Reserves Per Share (boe/Share) Proved Reserves 200 2.00 P+P Reserves Per Share Reserves (MMboe) 150 1.50 100 1.00 50 0.50 0 0.00 2007 2008…
  6. Corporate Presentation – Painted Pony Petroleum Ltd – slide 6
    Impressive & Consistent Production Growth 10,000 100 Gas Oil & Liquids boe per day / Million Shares 8,000 80 Production Per Million Shares Production (boe per day) 6,000 60 4,000 40 2,000 20 0 0 2007 2008 2009…
  7. Corporate Presentation – Painted Pony Petroleum Ltd – slide 7
    Undervalued on Price / NAV Basis 3.5x 3.0x 2.5x Peer 1.8x Group 2.0x Average P / NAV* 1.5x 3.1x 2.9x 1.0x 2.2x 0.5x 0.9x 1.0x 0.8x 0.0x Painted Pony Birchcliff Advantage Tourmaline Peyto Paramount * RBC Capital…
  8. Corporate Presentation – Painted Pony Petroleum Ltd – slide 8
    Canadas Proposed West Coast LNG Projects Proposed LNG Projects Capacity Exxon Imperial WCC LNG: 2022 4.0 bcf/d British Fort Nelson Shell PetroChina, Mitsubishi, KOGAS Proposed TransCanada Columbia LNG Canada: 2019 3.2 bcf/d…
  9. Corporate Presentation – Painted Pony Petroleum Ltd – slide 9
    The Montney Gas Fairway in B.C. PPY Montney Project The Montneys marketable gas resource is one of the largest in the world . . . with most of it located in British Columbia. (1) 3.2 times larger than the Marcellus shale(2) High…
  10. Corporate Presentation – Painted Pony Petroleum Ltd – slide 10
    PPY Montney Strong Progress To Date PPY Montney Project 130,200 net acres (203 net sections)L 73% Average working interest 46 (27.7 net) horizontal Montney wells drilled to date 47 mmcfe/d (7,811 boe/d) Q3 2013 gas & gas-liquids…
  11. Corporate Presentation – Painted Pony Petroleum Ltd – slide 11
    Our Montney Advantage PPY Lands are situated in a Montneyspot Extremely thick - average 300 meters thick; up to 500 meters thickR Stacked layers proven commercial - upper, middle, & lower Montney Fully gas-charged - with no…
  12. Corporate Presentation – Painted Pony Petroleum Ltd – slide 12
    An Exceptional Stacked Gas Resource Play . . . Exploitable Gas Column On equivalent Thickness Scale Hz 1 Upper 300 m. ThickR Hz 2 449 Tcf of marketable Middle gas(1) Hz 3 Horn River Thicker Than + Marcellus Lower 141…
  13. Corporate Presentation – Painted Pony Petroleum Ltd – slide 13
    With Industry-Leading BC Montney Well Performance MMcf/d PPY Blair-Townsend Wells 56% Decline Top Decile Well Performance: 6.0 Initial 3-month average rate (5.2 MMcf/d) 47% Decline First year average rate (3.7 MMcf/d) 5.0 12th-month…
  14. Corporate Presentation – Painted Pony Petroleum Ltd – slide 14
    Stacked Exploitable Horizons - Substantially De-risked West PPY Well Test Results Blair PPY has participated in a total of Cypress 51 (30.6 net) Montney wells to-date 46 (27.7 net) horizontal Montney wells Blair Upper Montney 7.0…
  15. Corporate Presentation – Painted Pony Petroleum Ltd – slide 15
    Montney Development EconomicsR PPY Montney Production PPY Average Montney Well Production 14,000 6,000 PPY Wells (Lower) Average of all PPY Wells 12,000 PPY Wells (Middle) 5,000 6 Bcf Type Well 10,000 PPY Wells (Upper) 7 Bcf…
  16. Corporate Presentation – Painted Pony Petroleum Ltd – slide 16
    Montney Development Economics Flat Price SensitivitiesR Flat NYMEX Pricing Sensitivities 5.50 Flat NYMEX P+P reserves per well: 7 BcfR Liquids: 14 bbls/MMcf IP30: 5.5 MMcf/d 5.00 Flat NYMEX Drill, complete, and tie-in cost: 7.2…
  17. Corporate Presentation – Painted Pony Petroleum Ltd – slide 17
    5 Year Montney Model for GrowthR* 1,820 million Total cash flow Blair 99,000 boe/d 2018 exit production rate (92% natural gas) West Blair 7,700 bbls/d 2018 liquids exit production rate 14 bbls/MMcf Average liquids content 14% Of…
  18. Corporate Presentation – Painted Pony Petroleum Ltd – slide 18
    5 Year Montney Model for GrowthR 99,000 boe/d Dec. 2018 exit production *Outlook derived by utilizing, among other assumptions, historical Montney production performance and reserve addition costs. 2014 and beyond provided for…
  19. Corporate Presentation – Painted Pony Petroleum Ltd – slide 19
    Montney Reserves & Contingent Resources* (Dec. 31, 2012) PPY Montney Reserves & Resources Map Total Proved + Probable ReservesG NPV10% 932.4 mm Cypress West Blair Blair 185.5 mmboe (1.11 Tcfe) Including 17.0 mmbbl of NGLs (C3+)…
  20. Corporate Presentation – Painted Pony Petroleum Ltd – slide 20
    With an Impressive All-In Production Cost 9 Months Ended September 30, North American Natural Gas Price Forecast, Q3-2013 2013 Operating Netback 4.00 (U/MMBtu) 3.00 2.19/Mcfe Operating Netback / Mcfe 2.00 1.00…
  21. Corporate Presentation – Painted Pony Petroleum Ltd – slide 21
    Continuing Cost Reduction from Technology Advances Ball-Drop vs Perf & Plug Completions Comparison PPY-operated Ball-Drop Completions 8,000 7,000 32% Improvement at 6,000 P90d Producing Rate (mcf/d) 5,000 Blair 91-F (1)…
  22. Corporate Presentation – Painted Pony Petroleum Ltd – slide 22
    Townsend 2014: drill 6 (6.0 net) Montney wells Facility operational Q1 2014: 25 MMcf/d New Montney gas producer: a-A11-J/94-B-09 lower Montney producing 1,460 boe/d High liquids content tested: a-B11-J/94-B-09 upper Montney 149…
  23. Corporate Presentation – Painted Pony Petroleum Ltd – slide 23
    Blair-Daiber 2014: drill 12 (11.0 net) Montney wells Spectra Daiber well results: T-North Pipeline d-C44-C/94-B-16 upper Montney well tested at West Blair 10.8 MMcf/d (currently awaiting facility) Blair d-D44-C/94-B-16 lower…
  24. Corporate Presentation – Painted Pony Petroleum Ltd – slide 24
    Industry Transactions Comparable Transactions* Painted Pony Comparable Transaction Valuation Acquisitions P+P Reserves Reserves Metric (/boe) ExxonCeltic 138.4 mmboe 24.19/boe1 PetronasProgress 323.0 mmboe 17.93/boe2 PetronasTalisman 0.6…
  25. Corporate Presentation – Painted Pony Petroleum Ltd – slide 25
    Buckinghorse Shale Sweet Gas Resource Play 60 bcf/section per 100 m thickness* 800 m thick on PPY landsR 800 m Vertical well development at 16-32 wells/section Zone is shallow, 400 m (1,300 ft) TVD 1,000 m low cost drilling…
  26. Corporate Presentation – Painted Pony Petroleum Ltd – slide 26
    Bakken Assets: Expanding South 30 miles/50 km Viewfield Weyburn Manor Kisbey Huntoon Weyburn Midale Border Bakken Play Hummingbird Trough Estevan Flat Lake Oungre Canada Taylorton Hoffer USA PPY Interest Lands…
  27. Corporate Presentation – Painted Pony Petroleum Ltd – slide 27
    PPY Current Market Cap Vs. Evaluated Value (Dec. 31, 2012) 3,000 2752 1,445 2,500 Contingent Value 2,000 1,445 Value (mm) 1,500 196 45 Unrecognized Value 1,066 1,000 733 500 575 0 G Market Cap NPV10% (P+P)…
  28. Corporate Presentation – Painted Pony Petroleum Ltd – slide 28
    Analyst Coverage Analyst Institution Target Price Jeremy McCrea AltaCorp Capital (1) 11.00 Anthony Petrucci Canaccord Genuity Corp. (2) 14.00 Adam Gill CIBC World Markets (3) 9.00 Jonathan Fleming Cormark Securities Inc. (4)…
  29. Corporate Presentation – Painted Pony Petroleum Ltd – slide 29
    Appendices & Disclosures 29
  30. Corporate Presentation – Painted Pony Petroleum Ltd – slide 30
    Situated in a High-Pressure Cell . . . 20 MPa 30 MPa 40 MPa 12) Town Approximate High-Pressure Increasing Pressure Boundary Transition to Montney Normal Northern High-Pressure Cell Pressure 11 12 1 11) Blueberry 2 3 PPY…
  31. Corporate Presentation – Painted Pony Petroleum Ltd – slide 31
    Directors & Officers Directors Officers Glenn R. Carley, Chairman, B.A., J.D., MBA, ICD.D Patrick R. Ward, P. Geol. President, Selinger Capital President & CEO Kevin D. Angus, P. Geoph. John H. Van de Pol, B. Comm., C.A.…
  32. Corporate Presentation – Painted Pony Petroleum Ltd – slide 32
    PPY Corporate Overview Legal Burstall Winger LLP Auditor KPMG LLP Evaluation Engineers Sproule Associates Limited GLJ Petroleum Consultants Ltd. Banks National Bank of Canada Alberta Treasury Branch Canadian Imperial Bank of…
  33. Corporate Presentation – Painted Pony Petroleum Ltd – slide 33
    Endnotes MM: Millions R: Internal Company estimate prepared by a non-independent, qualified reserves evaluator, effective Nov. 8, 2013 L: Land as at Dec. 3, 2013 G: Consolidated report by GLJ Petroleum Consultants Ltd. as at Dec. 31,…
  34. Corporate Presentation – Painted Pony Petroleum Ltd – slide 34
    Disclaimer NON-GAAP MEASURES This presentation contains financial terms that are not considered measures under generally accepted accounting principles (GAAP), such as operating netback and working capital. These measures are commonly…

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