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INVESTOR UPDATE – Bonterra Energy Corp

Bonterra Energy Corp · Jan 13, 2014 · 26 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. INVESTOR UPDATE – Bonterra Energy Corp – slide 1
    BONTERRA ENERGY INVESTOR UPDATE JANUARY 2014 YIELD GROWTH SUSTAINABILITY
  2. INVESTOR UPDATE – Bonterra Energy Corp – slide 2
    CURRENT SNAPSHOT CORPORATE PROFILE Shares outstanding 31.2 million Market capitalization 1.6 billion(1) Insider ownership 14% Current monthly dividend(1) 0.29 per share Current annualized yield(2) 6.7% Oil and liquids weighting 72% (5%…
  3. INVESTOR UPDATE – Bonterra Energy Corp – slide 3
    2013 GUIDANCE OUTLOOK 12 MONTHS GUIDANCE 9 MONTHS ACTUAL Average production 12,000 boe/d 12,100 boe/d Operating costs 13.00/boe 13.00/boe Operating netbacks(1) 43.78/boe(2) 41.54/boe Forecast funds flow from commodities(3) 192 million 138…
  4. INVESTOR UPDATE – Bonterra Energy Corp – slide 4
    2014 GUIDANCE OUTLOOK Capital development program of 120 million (will include the drilling of light oil wells, infrastructure and gathering systems). Currently 56 gross (41.05 net) wells are planned with 28 gross (27.6 net) wells…
  5. INVESTOR UPDATE – Bonterra Energy Corp – slide 5
    BONTERRA: SIGNIFICANT VALUE YIELD GROWTH SUSTAINABILITY History of increasing Light-oil focused producer Large, concentrated asset dividends (increased with a history of growing base in the Cardium with monthly from 0.12 per production…
  6. INVESTOR UPDATE – Bonterra Energy Corp – slide 6
    SHAREHOLDER VALUE - BNE 90 80 Combined Share Price Dividend 82.15 70 * Based on January 13, 2014 closing price of 52.05 60 50 52.05 40 30 30.10 20 10 0 1998 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Jan-14…
  7. INVESTOR UPDATE – Bonterra Energy Corp – slide 7
    FINANCIAL RESULTS HIGHLIGHTS First nine Year Year (000s except per share amounts) months of 2013 2012 2011 Funds Flow(1) 138,215 80,429 101,988 Per share basic 4.63 4.07 5.27 Payout ratio 53% 77% 58% Funds Flow(2) 142,034 80,429…
  8. INVESTOR UPDATE – Bonterra Energy Corp – slide 8
    - 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Jan-09 Feb-09 0.16 Mar-09 0.12 Apr-09 May-09 Jun-09 Jul-09 Aug-09 0.14 Sep-09 Oct-09 Nov-09 0.16 Dec-09 Jan-10 Feb-10 0.18 Mar-10 Apr-10 May-10 0.21…
  9. INVESTOR UPDATE – Bonterra Energy Corp – slide 9
    YIELD: DIVIDEND CORPORATIONS 10.00% Bonterras strengthened financial and operational position in 2013 may provide additional yield contraction on a go forward basis 9.08% 9.00% 8.25% 8.00% 7.69% 7.33% 6.97% 7.00% 6.70% 6.60%…
  10. INVESTOR UPDATE – Bonterra Energy Corp – slide 10
    INCREASING SHAREHOLDER VALUE Production per Share Production Profile (boe per share) 0.124 0.119 0.109 0.101 0.093 28% Natural Gas 72% Oil/NGLs 12,000 2008 2009 2010 2011 2012 Gross Production (boe per day year over…
  11. INVESTOR UPDATE – Bonterra Energy Corp – slide 11
    INCREASING SHAREHOLDER VALUE Reserves per Share Reserves Profile (boe per share) (Proved plus Probable) (Proved plus Probable) 2.28 2.09 2.13 1.99 1.83 25% Natural Gas 75% Oil/NGLs 2008 2009 2010 2011 2012 70,537…
  12. INVESTOR UPDATE – Bonterra Energy Corp – slide 12
    CARDIUM LANDS PEMBINA WILLESDEN GREEN Bonterra Land AREA OVERVIEW 9 MONTH 2013 HIGHLIGHTS Average working interest 77% Increased average daily production to 12,100 boe/d; if Spartan had Reserve life index (Proved) 12 years been…
  13. INVESTOR UPDATE – Bonterra Energy Corp – slide 13
    PEMBINA CARDIUM ORIGINAL OIL IN PLACE PER SECTION RECOVERY FACTOR KEY CHARACTERISTICS Pembina is the largest conventional oilfield in Canada with more than 9.3 billion barrels of oil in place with just 14 percent recovered to date…
  14. INVESTOR UPDATE – Bonterra Energy Corp – slide 14
    SIGNIFICANT UPSIDE HIGH ORIGINAL OIL IN PLACE WITH LOW RECOVERY FACTOR LARGE OPPORTUNITY Majority of Bonterras land position covers areas with high original oil in place and low recovery factors Bonterra operates 88.5% of its…
  15. INVESTOR UPDATE – Bonterra Energy Corp – slide 15
    PRODUCTION FORECAST Base Spartan Base Hz 2014 Capital 16,000.0 Forecast 14,000.0 12,000.0 10,000.0 Boe/d 8,000.0 6,000.0 4,000.0 2,000.0 - Month 16
  16. INVESTOR UPDATE – Bonterra Energy Corp – slide 16
    AVERAGE BNE CARDIUM ECONOMICS 200 KEY METRICS Total capital costs per well (MM) 2.5 Reserves per well (MBOE) 150 IP (1 month) (boe/d) 193 150 IP (12 months) (boe/d) 100 ECONOMICS Rate (boe/d) Internal rate of return (% BT)…
  17. INVESTOR UPDATE – Bonterra Energy Corp – slide 17
    PEMBINA CARDIUM DEVELOPMENT 18
  18. INVESTOR UPDATE – Bonterra Energy Corp – slide 18
    CARNWOOD AREA 01-10-047-08W5 3-34-047-05W5 16-27-047-05W5 Sections: 38 gross (35 net); Locations (8 wells per section): 305 gross (280 net) 19
  19. INVESTOR UPDATE – Bonterra Energy Corp – slide 19
    CARNWOOD DEVELOPMENT CUMULATIVE OIL PRODUCTION West Carnwood 01-10-048-07W5/0 (1,400 m lateral length) East Carnwood 03-34-047-05W5/0 (2,200 m lateral length) East Carnwood 04-34-047-05W5/0 (2,200 m lateral length) HC Gel Frac…
  20. INVESTOR UPDATE – Bonterra Energy Corp – slide 20
    PEMBINA CARDIUM DEVELOPMENT Section 13-48-6 W5 Estimated Original Oil in Place: 12,000,000 Bbl CURRENT DEVELOPMENT 8 WELLS* PER SECTION DEVELOPMENT Estimated ultimate oil recovery: 378,000 Bbl Estimated ultimate oil recovery:…
  21. INVESTOR UPDATE – Bonterra Energy Corp – slide 21
    A DOMINANT LIGHT OIL YIELD CO. SUSTAINABILITY Concentrated land base with existing infrastructure should provide future growth Combined, sustainable, high-netback production profile Drilling inventory in the Pembina field in excess of…
  22. INVESTOR UPDATE – Bonterra Energy Corp – slide 22
    APPENDIX 23
  23. INVESTOR UPDATE – Bonterra Energy Corp – slide 23
    STRONG NETBACKS 90.00 Gross production revenue ( per boe) Royalties Production costs General and administrative Interest and taxes Cash netback 80.00 76.53 70.33 70.00 10.82 66.48 7.62 6.78 60.00 57.92 58.19 15.98 5.64 15.94…
  24. INVESTOR UPDATE – Bonterra Energy Corp – slide 24
    OIL PRICES 110.00 WTI Bonterra Average Realized Price 105.82 2012 and 2013 continue to be characterized by 103.30 102.56 102.93 volatile price differentials between WTI and 101.30 Edmonton par. The differential is the main factor…
  25. INVESTOR UPDATE – Bonterra Energy Corp – slide 25
    CASH FLOW SENSITIVITIES Per Annum Cash Flow Sensitivity Analysis(1) (estimate for 2013) Cash Flow Per Share(2) Change of U.S. 1.00 per barrel of oil and NGLs 2,654,000 0.09 Change of Canadian 0.10 per MCF of natural gas 658,000…
  26. INVESTOR UPDATE – Bonterra Energy Corp – slide 26
    CORPORATE INFORMATION BOARD OF DIRECTORS BANKERS G. J. Drummond CIBC, Calgary, Alberta G. F. Fink Alberta Treasury Branch, Calgary, Alberta R. M. Jarock National Bank of Canada, Calgary, Alberta C. R. Jonsson TD Securities, Calgary,…

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