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Corporate Presentation – Delphi Energy Corp.

Delphi Energy Corp. · Jan 21, 2015 · 31 slides

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Slides

  1. Corporate Presentation – Delphi Energy Corp. – slide 1
    2015 JANUARY 2015 CORPORATE PRESENTATION
  2. Corporate Presentation – Delphi Energy Corp. – slide 2
    FOCUS: CONDENSATE-RICH BIGSTONE MONTNEY Bigstone Montney the driver of significant growth Built an 8,000 boe/d 138 gross sections Payout achieved on 5 Forecast average asset on net capital with a drilling wells (6 to 18 months) Montney…
  3. Corporate Presentation – Delphi Energy Corp. – slide 3
    BIGSTONE MONTNEY: ASSEMBLED 138 SECTIONS East Bigstone: 78 sections Held 4 sections of legacy Montney rights West Bigstone: 27 sections below existing DEE production 26.3 sections of Cretaceous added Sept/14 Added 12 sections of…
  4. Corporate Presentation – Delphi Energy Corp. – slide 4
    BIGSTONE MONTNEY: A GREAT PIECE OF REAL ESTATE Montney land position has grown to 138 gross (116.5 net) sections since 2010 Delphi one of the largest Montney landowners on map sheet Delphi is a leader in the technical evolution of…
  5. Corporate Presentation – Delphi Energy Corp. – slide 5
    BIGSTONE MONTNEY: PLAY EVOLUTION East Bigstone Development/Manufacturing Mode +100 Locations East Bigstone 20 producing wells West Bigstone Upper Montney +100 Locations Area of Focus Fir 10 producing wells West Bigstone…
  6. Corporate Presentation – Delphi Energy Corp. – slide 6
    BIGSTONE MONTNEY: STRATEGIC INFRASTRUCTURE Rge25W5 Rge24 Rge23 Rge22 Rge19 Rge18 SemCAMS KA TCPL Delphi owns significant existing infrastructure in Alliance the Bigstone area Sour processing capacity at SemCAMS K3 Lower fee…
  7. Corporate Presentation – Delphi Energy Corp. – slide 7
    WEST BIGSTONE MONTNEY: DE-RISKING West Bigstone Montney: 27 sections (100% WI) Athabasca Completed in 2014 Upper and middle Montney thicken Delphi 9-4 Well Conventional Natural gas is sweet to marginally sour Gelled Oil Frac…
  8. Corporate Presentation – Delphi Energy Corp. – slide 8
    BIGSTONE MONTNEY: PLAY EVOLUTION Drilled 3 HZ wells in 2012: ATH To KA Sour Two mile HZs with laterals of 2 wells Plant 15-30 2,200 m to 3,000 m 16-27 13-30 16-30 DEI Fracd using conventional gelled 10-27 3 wells 13-23 15-24 oil…
  9. Corporate Presentation – Delphi Energy Corp. – slide 9
    BIGSTONE MONTNEY: PRODUCTION GROWTH YTD Q314 Production 10,050 boe/d Montney Production Ramped Up in 2014 Hythe Eleven fold increase in Montney production from 700 boe/d Bigstone Cretaceous in Feb 2013 to over 8,100 boe/d in Nov 2014…
  10. Corporate Presentation – Delphi Energy Corp. – slide 10
    BIGSTONE MONTNEY: WELL PERFORMANCE 3,000 12 Typecurve Total Sales (boe/d) Average 30 Stage HZ Total Sales Typecurve Field Condensate (boe/d) Average 30 Stage HZ Field Condensate 2,500 10 2,000 Production volumes of 500 to 700…
  11. Corporate Presentation – Delphi Energy Corp. – slide 11
    BIGSTONE MONTNEY: PRODUCTION TRENDS Value creation remains robust on GLJ January 2015 Price Deck Type Well NPV = 13.2 million IRR = 74% PI = 2.4 Payouts = 18 months Lower intial gas rate: Decline profile less than type curve…
  12. Corporate Presentation – Delphi Energy Corp. – slide 12
    BIGSTONE MONTNEY: ECONOMIC MODEL Two Section Montney Horizontal w/ 30 stage Slickwater Hybrid Completion Revised Type Well (1) Capital Total MM 9.2 Initial Production (day 1) Gas mmcf/d raw 7.0 Initial Field Condensate bbl/mmcf…
  13. Corporate Presentation – Delphi Energy Corp. – slide 13
    BIGSTONE MONTNEY: WELL PAYOUTS Slickwater Wells Achieving Payout 5 wells to date Payout achieved on approximately 20% of well EUR Average production at payout of 500- 700 boe/d Cash operating income after payout funding continuous…
  14. Corporate Presentation – Delphi Energy Corp. – slide 14
    BIGSTONE MONTNEY: WELL PAYOUTS Slickwater Wells Achieving Payout 6 of the first 9 Slickwater 30 stage wells will have achieved payout in 6 to 18 months Leading to self sustainability of Bigstone Montney Program January 2015…
  15. Corporate Presentation – Delphi Energy Corp. – slide 15
    BIGSTONE MONTNEY: NETBACKS Liquids Yield (bbls/mmcf) Cash Netbacks Increasing with Montney Growth Field Condensate Plant Condensate Butane Propane Ethane 120 Montney Montney average liquids yield in 2014 YTD of 98 100 bbls/mmcf (71%…
  16. Corporate Presentation – Delphi Energy Corp. – slide 16
    BIGSTONE MONTNEY: SELF SUSTAINING 250 ( millions) ACTUALS PROFORMA 200 Quick Payback period and High PI ratios. Expected end of 2015 run-rate annual production of 150 3.5 million boe, requiring 3-4 wells per annum to maintain PDP…
  17. Corporate Presentation – Delphi Energy Corp. – slide 17
    BIGSTONE MONTNEY: 2015 DRILLING PROGRAM Area of 5 year / 70 well Development plan 1 4 East Bigstone 6 53 2 2015 Drilling Plans Include: 6 HZ wells at East Bigstone 2 - 3 wells drilled in first half 3 - 4 wells drilled in…
  18. Corporate Presentation – Delphi Energy Corp. – slide 18
    HEDGING PROGRAM: PROTECTING CASH FLOW Natural Gas (Cdn) Oct - Dec 2014 2015 2016 2017 Volume (mmcf/d) 26.9 30.1 10.9 2.4 % Hedged * 52 58 21 5 Fixed Price (Cdn /mcf) 3.74 3.67 3.68 3.96 Natural Gas (US) Oct - Dec 2014 2015 2016 2017…
  19. Corporate Presentation – Delphi Energy Corp. – slide 19
    MARKET GUIDANCE % 2014 Forecast 2015 Guidance Change Average Annual Production (boe/d) 10,500 11,500 - 12,000 12% Exit Production Rate (boe/d) 11,600 11,800 12,250 12,750 7% AECO Natural Gas Price (Cdn per mcf) 4.50 3.50 (22%)…
  20. Corporate Presentation – Delphi Energy Corp. – slide 20
    DELPHI SUMMARY Current inventory of scalable development opportunities: Montney land base has grown to 138 sections Application of slickwater frac technology is successful Gas rates / NGL yields / costs Field operations benefiting…
  21. Corporate Presentation – Delphi Energy Corp. – slide 21
    APPENDIX 22
  22. Corporate Presentation – Delphi Energy Corp. – slide 22
    CORPORATE FOCUS: DEEP BASIN ASSET BASE Cash Generating Capability by Play Type Concentrated land base of over 340 sections Percent of Capital Recovered Bigstone Montney HZ Significant HZ drilling inventory on multiple Bigstone…
  23. Corporate Presentation – Delphi Energy Corp. – slide 23
    DEEP BASIN: INFRASTRUCTURE IS CRITICAL Sexsmith Gas Plant 210 mmcf/d Hythe Knopcik Gas Plant 71 mmcf/d Goodfare Gas Plant 24 mmcf/d Wapiti Deep Cut Plant 355 mmcf/d Wapiti Shallow Cut Plant 125 mmcf/d Wapiti Gas Plant 457…
  24. Corporate Presentation – Delphi Energy Corp. – slide 24
    BIGSTONE MONTNEY: INDIVIDUAL WELL DATA Initial Production (IP) Rate Well Performance(1) Number IP30 IP30 IP30 IP90 IP180 IP270 Payout Monthly (4) HZ Length of Fracs Total Sales FCond Rate Total NGL Total Sales Total Sales Total Sales…
  25. Corporate Presentation – Delphi Energy Corp. – slide 25
    BIGSTONE MONTNEY: CUMULATIVE PRODUCTION Cumulative Production 500 450 400 Type Well 350 300 Cumulative BOE's (MBOE) 250 200 First 3 Gelled Oil Fracs 150 100 50 All shut in days have been removed 0 0 50…
  26. Corporate Presentation – Delphi Energy Corp. – slide 26
    BIGSTONE MONTNEY: CUMULATIVE REVENUE Cumulative Revenue 22,000 New wells generating up to 3 times more revenue: 20,000 Higher condensate yields Lower decline profiles Faster payouts 18,000 Greater NPVs and ROR 16,000 Pricing…
  27. Corporate Presentation – Delphi Energy Corp. – slide 27
    BIGSTONE MONTNEY: RESERVES Montney Development Dec. 31, 2013 Categories 271% growth in PDP reserves over 2012 Increase in 2P value to 242.7 million and 2P Montney reserves to 33.1 mmboe 24% PDP Delphi Capital Efficiencies (proved…
  28. Corporate Presentation – Delphi Energy Corp. – slide 28
    BIGSTONE MONTNEY: WELL DESIGN Extended Reach Evolution of Montney Drilling Depths HZ Drilling 6000 Over 4,000 Montney wells drilled in last 5 years 5000 Ave. HZ Length Depth (m) Ave. TVD 2,700 4000 Two - single section HZ…
  29. Corporate Presentation – Delphi Energy Corp. – slide 29
    BIGSTONE MONTNEY: EVOLUTION OF FRAC DESIGN 150 m Slickwater Hybrid Frac System Pumping: 5 times the fluid 2+ times the sand Evolution of Montney Completions 200 40 Ave tonnes/frac Average tonnes per frac Larger…
  30. Corporate Presentation – Delphi Energy Corp. – slide 30
    NOTES _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________…
  31. Corporate Presentation – Delphi Energy Corp. – slide 31
    300, 500 4th Avenue S.W. Calgary, Alberta T2P 2V6 Telephone: (403) 265-6171 Facsimile: (403) 265-6207 Email: infodelphienergy.ca Website: www.delphienergy.ca 32

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