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CORPORATE PRESENTATION – Painted Pony Petroleum Ltd

Painted Pony Petroleum Ltd · Apr 11, 2014 · 34 slides

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Slides

  1. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 1
    Corporate Presentation April 11, 2014 1
  2. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 2
    The Painted Pony Position Positioned to be a leading gas supplier to Canadas west coast LNG exports High working interest, large, contiguous asset base Low cost, ideal heat content natural gas for Asian LNG import markets All Montney…
  3. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 3
    Corporate Snapshot - Financial PPY TSX Trading Symbol 88.9 million Shares Outstanding (1) 96.3 million Fully Diluted Shares Outstanding (8.79 average strike price)(1) 6.05 - 10.70 52-Week Trading Range 900 million Market…
  4. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 4
    Corporate Snapshot 9,312 boe/d Q4 2013 Average Production (16% oil & liquids) 9,750 boe/d Q1 2014 Estimated Production (13% oil & liquids) 13,500 boe/d Q2 2014 Estimated Production (14% oil & liquids) 1.7 Tcfe Proved + Probable…
  5. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 5
    2014 Operational Update 1 (1.0 net) Montney well currently drilling at 91-F/94-B-16 pad 5 (5.0 net) Montney wells drilled to date in 2014 4 (4.0 net) Montney wells completed to date in 2014 All wells completed using open hole…
  6. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 6
    Impressive & Consistent Reserves Growth 350 3.28 3.50 Probable Reserves 300 3.00 Reserves Per Share (boe/Share) Proved Reserves 290.3 P+P Reserves Per Share 2.17 mmboe 250 2.50 Reserves (MMboe) 1.96 200 2.00 191.1…
  7. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 7
    Impressive & Consistent Production Growth 15,000 150 Gas Oil & Liquids 13,000 boe per day / Million Shares boe/d Production Per Million Shares Production (boe per day) 10,000 100 8,693 boe/d 5,000 50 0 0 2007…
  8. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 8
    Natural Gas Hedging: Risk Management Strategy 22.1 MMcf/d average fixed AECO price of 4.09/Mcf in Q2 2014 23.7 MMcf/d average fixed AECO price of 4.14/Mcf in Q3 2014 23.7 MMcf/d average fixed AECO price of 4.14/Mcf in Q4 2014 23.7…
  9. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 9
    Canadas Proposed West Coast LNG Projects Global LNG Supply Challenge(1) British Fort Nelson Proposed TransCanada Columbia Petronas Proposed PPY Land Spectra BG Group Fort St. John Prince Rupert Proposed TransCanada Shell…
  10. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 10
    PPYs Advantage in the Montney Excellent rate of return at domestic gas prices Large contiguous land base located 100% in BC (the BC Advantage) High working-interest On existing & planned pipeline routes High-rate, sweet, liquids…
  11. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 11
    PPY Montney Strong Progress To Date PPY Montney Project 129,600 net acres (203 net sections)L 73% Average working interest 54 (33.7 net) horizontal Montney wells drilled to date 50 MMcfe/d (8,300 boe/d) Q1 2014 gas & gas-liquids…
  12. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 12
    Our Montney Advantage PPY lands situated in a Montneyt - thick, stacked, over-pressured & liquids rich gas Extremely thick - average 300 meters thick; up to 500 meters thickR Stacked reservoir layers proven commercial - upper,…
  13. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 13
    An Exceptional Stacked Gas Resource Play . . . Montney Horn River PPY Montney Attributes Sweet gas (no H2S) Upper Very low CO2 High heat content High liquids content Middle Year-round access 300 m Future Horn River Attributes…
  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 54 (33.7 net) horizontal Montney wells Blair Upper Montney 7.0 MMcf/d average peak test rate 10.8…
  15. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 15
    Montney Reserves & Contingent Resources* (Dec. 31, 2013) PPY Montney Reserves & Resources Map Total Proved + Probable ReservesG West Blair NPV10% 1.4 billion Cypress Blair 1.7 Tcfe (285 MMboe) Including 20.1 MMbbl of recoverable…
  16. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 16
    Continuing Cost Reduction from Technology Advances Ball-Drop vs Perf & Plug Completions Comparison PPY-operated Ball-Drop Completions 8,000 7,000 36% Improvement at 6,000 P210d Producing Rate (Mcf/d) 5,000 Blair 91-F (1)…
  17. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 17
    Industry-Leading Unconventional BC Montney Well Performance PPY Blair-Townsend Wells Top Decile Well Performance: 47% Decline Initial 3-month average rate (5.2 MMcf/d) First year average rate (3.7 MMcf/d) 12th-month rate (2.7…
  18. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 18
    Situated in a High-Pressure Cell . . . 2900 PSI 4350 PSI 5800 PSI 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…
  19. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 19
    Montney Development EconomicsR PPY Montney Well Production by Zone PPY Average Montney Well Production 7,000 7,000 Lower Montney (23 wells) Average of all PPY Montney Wells 6,000 Middle Montney (6 wells) 6,000 Ball-Drop Completions…
  20. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 20
    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…
  21. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 21
    2014 Montney Development Plan 2014 activities with 140 million in capital and interest costs Drill 18 (17.0 net) Montney wells & complete using ball-drop technology Completed construction of 100% working interest, 25 MMcf/d gas…
  22. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 22
    Montney Model for Production Growth Capital & Cash Year-End Total Average Debt to Cash NYMEX Net Montney Interest Flow** Debt Production Flow Price Year Wells Drilled (mm) (mm) (mm) (boe/d) (D/CF x) (/MMBtu) 2014 17 140 100 85 13,000…
  23. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 23
    With an Impressive All-In Production Cost North American Natural Gas Price Forecast, 2014 Estimated Price Received by NYMEX Historical PPY in Jan. 2014* NYMEX Futures 5.00 GLJ Jan. 1, 2014 4.00 3.21/Mcfe 3.00 Operating…
  24. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 24
    Townsend Facility operational Q2 2014: 25 MMcf/d 2014: drill 6 (6.0 net) Montney wells Future facility: 2015: 190 MMcf/d Completed 2 (2.0 net) wells in Q1 2014 that were drilled in Q4 2013 New Montney gas producer:…
  25. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 25
    Blair-Daiber 2014: drill 12 (11.0 net) Montney wells Spectra Drilled 5 (5.0 net) wells to date in 2014 and T-North Pipeline completed 2 (2.0 net) wells Currently drilling 1 (1.0 net) wells Drilling 1 (1.0 net) well West Blair Blair…
  26. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 26
    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…
  27. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 27
    Bakken Assets: Expanding South 30 miles/50 km Viewfield Weyburn Kisbey Weyburn Huntoon Midale Hummingbird Border Torquay Play Estevan Trough Flat Lake Oungre Tableland Hoffer Taylorton Canada USA PPY Interest…
  28. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 28
    Painted Pony: The Best Pony in the Race Excellent Montney Asset Base Excellent economics at domestic gas prices Large, contiguous land position located 100% in BC (203 net sections) High working interest (73%) High rate, liquids…
  29. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 29
    Appendices & Disclosures 29
  30. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 30
    Analyst Coverage Analyst Institution Target Price Date Jeremy McCrea AltaCorp Capital 14.00 Apr. 11, 2014 Anthony Petrucci Canaccord Genuity Corp. 16.00 Apr. 10, 2014 Adam Gill CIBC World Markets 11.75 Apr. 11, 2014 Garett Ursu…
  31. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 31
    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…
  32. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 32
    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…
  33. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 33
    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…
  34. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 34
    Endnotes MM: Millions R: Internal Company estimate prepared by a non-independent, qualified reserves evaluator, effective Dec. 31, 2013 L: Land as at Jan. 21, 2014 G: Consolidated report by GLJ Petroleum Consultants Ltd. as at Dec. 31,…

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