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CORPORATE PRESENTATION – Spyglass Resources Corp.

Spyglass Resources Corp. · Sep 23, 2014 · 24 slides

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Slides

  1. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 1
    Dividend Paying Intermediate, Commodity Balanced Resource Company Corporate Presentation September 2014
  2. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 2
    Dividend Yield Model Attractive Valuation 20 % 0.015 75 % base decline Monthly per share dividend target 2014 all-in payout ratio underpinned by: (0.18/share annualized) boe/d 14,000 /d 482 million 4.53 2014…
  3. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 3
    Core Focus Areas Low Decline and Balanced Production Dixonville: Corporate: Q2 2014 production: 2,379 boe/d Q2 2014 average production: 14,474 boe/d Base decline rate: 10% Oil & Liquids 87% Oil & Liquids 46% Key Play: Montney oil…
  4. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 4
    Capital efficient development sustains the model Focused on light-oil development 22 gross (21.3 net) wells Halkirk-Provost: 10 (10.0 net) 2014 Capital Southern Alberta: 11 (10.3 net) Noel: 1 (1.0 net) 72 Million Land,…
  5. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 5
    Dixonville Asset Overview Stable Production Excellent Cash Flow DIXONVILLE Dixonville Q2 2014 Results Production [boe/d] 2,379 % Oil & liquids [%] 87% Decline Rate [%] 10% Dixonville Reserves Dec. 31, 2013(1) Total Proved…
  6. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 6
    Dixonville Waterflood Development History Hines Creek Graben North Wall Phase 2 Phase 3 Mar. 2010 Dec. 2010 Phase 4 Montney C Pool Outline Sept. 2012 Phase 1 July 2006 Phase 5 Q4 2012 Expansion Sept 2006 Spyglass…
  7. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 7
    Dixonville Field History Dixonville Pipeline Incidents - Producing at 42% of capacity(1) Low future development capital = Strong free cash flow generation 8 (1) As at August 12, 2014
  8. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 8
    Southern Alberta Asset Overview CESSFORD Southern Alberta Q2 2014 Results Production [boe/d] 4,838 MATZIWIN % Oil & liquids [%] 57% Base Decline Rate Assumption [%] 23% Southern Alberta Reserves Dec. 31, 2013(1) Total Proved…
  9. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 9
    Matziwin Pekisko Light Oil Development Area Resource 61,000 net undeveloped acres 100% working interest 25-28 API oil gravity 60 100 net well locations Potential to down space to 4 wells per section Current Activity/Future…
  10. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 10
    Retlaw / Enchant Glauconite Resource 20 plus net vertical and horizontal locations 33% - 100% working interest 20 - 27 API oil gravity Current Activity/Future Plans 20 Hz wells drilled to date (Op & Non-op) 3 - 6 wells planned…
  11. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 11
    Halkirk Provost Asset Overview 2014 10 well drilling program underway HALKIRK 2014 LOCATIONS Halkirk-Provost Q2 2014 Results Production [boe/d] 716 % Oil & liquids [%] 59% BROWNSTONE Base Decline Rate [%] 35% Assumption…
  12. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 12
    Why Halkirk-Provost Viking Oil Single Well Economics Large oil in place: 6 10 MMbbls OOIP per Halkirk-Provost Viking(1) section Capital [MM] 1.5 % Oil & liquids [%] 75% Light oil (30o - 35o API) EUR [Mboe] 102 30 day IP [boe/d]…
  13. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 13
    Noel Cadomin Resource Play Over 85 prospective locations Locations are low risk infill or extensions to a well established gas play Potential to add over 200 bcf of reserves High initial production rates Ample infrastructure…
  14. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 14
    Mature, Stable Reserves Selected Reserves Information as at Dec. 31, 2013(1)(4) Total Proved plus Probable Reserves by Category Nat. Gas Total Btax NPV Oil (Mbbl) (MMcf) NGL (Mbbl) (Mboe)(2) 10% (M)(3) Proved Developed Producing…
  15. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 15
    Managing Commodity Price Volatility Natural Gas Hedging Crude Oil Hedging(1) 60% 102.00 70% 4.40 60% 50% 4.20 99.00 50% 40% 4.00 40% 30% 96.00 3.80 30% 20% 3.60 20% 93.00 10% 10% 3.40 0% 3.20 0% 90.00 Q3 2014 Q4 2014 Q1…
  16. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 16
    Peer Benchmarking Payout Ratio 2014E All-In Payout Ratio(1)(2) 200% 180% 2014E All-in Payout Ratio (%) 160% 140% 120% 100% 80% 60% 40% 20% 0% SGL LTS CJ TBE AEI TOG BNE PEY TET ERF BTE ZAR BNP VET SGY…
  17. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 17
    Peer Benchmarking Decline & Capital Efficiency 2014 Estimated Capital Efficiency (1)(2) 2014 Estimated Base Decline Rate (1) 50,000 40% Assumed Corporate Decline Rate Assumed Development Capital Efficiency Average Decline Rate…
  18. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 18
    Investment Highlights Dividend-paying model Target 2014 all-in payout of 75% of cash flow Cdn 0.015 monthly cash dividend ( 0.18/share annualized) Mature, low decline producing assets coupled with and extensive inventory of…
  19. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 19
    Appendix 20
  20. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 20
    Experienced Leadership Management Team Board of Directors Dan OByrne, P.Eng, President, CEO & Director Tom Buchanan, FCA Chairman MBA Mark Walker, CMA Senior VP Finance & CFO Randy Findlay, P.Eng Lead Director Kelly Cowan Senior VP…
  21. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 21
    Underpinning the Model Low Decline, Balanced Production Base Q2 2014 Q2 2014 Production (boe/d) Est. Base Production Decline Core Area (boe/d) Oil & Liquids Rate Southern AB 4,838 57% 23% Provost-Halkirk 5% Other Dixonville 2,379…
  22. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 22
    Sustaining the Model Low Risk, High Return Development Portfolio Development Plays 30 day 1st yr Op 1st yr NPV at Capital F&D Unrisked Single Well EUR Capex IP Costs Netback 10% Efficiency IRR Costs Economic Indicators(1) (Mboe) (MM) %…
  23. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 23
    Key Attributes & Outlook Operational 2014 Guidance Q2 2014 Production [boe/d] 14,474 Average Production [boe/d] 14,000 % Oil & Liquids [%] 46% Operating Costs /bbl 19.00-20.00 Total Proved Reserves (1) [MMboe] 54.7 G & A Expense /bbl…
  24. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 24
    Corporate Information Lead Bankers: National Bank of Canada Legal Counsel: Blakes, Cassels & Graydon LLP Toronto Dominion Bank Norton Rose Canada LLP Transfer Agent: Olympia Trust Company Analyst Coverage: AltaCorp Capital CIBC World…

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