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CORPORATE PRESENTATION – Crew Energy Inc.

Crew Energy Inc. · Feb 5, 2015 · 34 slides

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Slides

  1. CORPORATE PRESENTATION – Crew Energy Inc. – slide 1
    CORPORATE PRESENTATION February, 2015 SHARPENING OUR FOCUS
  2. CORPORATE PRESENTATION – Crew Energy Inc. – slide 2
    INVESTMENT HIGHLIGHTS MONTNEY FOCUS LONG-TERM GROWTH Exposure to world-class Massive resource in early Montney resource (109 TCFE) stages of development (0.6 TCFE 2P reserves booked) Large, contiguous land base (487 net sections)…
  3. CORPORATE PRESENTATION – Crew Energy Inc. – slide 3
    CORPORATE SNAPSHOT Estimated as at, or for the year ended Dec 31, 2014 TSX:CR TSX trading symbol CR Basic shares outstanding (mm) 123.4 Trading range (52 week) 4.84 - 12.74 Average daily trading volume (m) 1,153 Market…
  4. CORPORATE PRESENTATION – Crew Energy Inc. – slide 4
    FOCUSED OPERATIONS Montney (Core focus) Resource play with long-term growth potential Montney Oil / Liquids rich Fort St. John natural gas / dry gas Lloydminster Heavy Oil Low maintenance capex Edmonton generates free cash…
  5. CORPORATE PRESENTATION – Crew Energy Inc. – slide 5
    2015 CAPITAL BUDGET HIGHLIGHTS 185MM MAINTAIN BALANCE SHEET STRENGTH WITH MONTNEY GROWTH Commission West Septimus facility mid-year; on-stream in Q3 Install necessary infrastructure at Septimus to replace trucking of condensate;…
  6. CORPORATE PRESENTATION – Crew Energy Inc. – slide 6
    BALANCE SHEET STRENGTH Financial Flexibility Borrowing capacity: 430MM 150MM high yield bond termed out to Oct. 2020 Covenant light with no material financial covenants 280MM revolving facility, 180MM available capacity at year…
  7. CORPORATE PRESENTATION – Crew Energy Inc. – slide 7
    FIRST HALF 2015 OPERATIONAL FOCUS Optimize Capital Efficiencies and Control Costs Drill wellbores with improved costs; build inventory of wells that can be completed & tied-in when economics warrant Meaningful cost reduction…
  8. CORPORATE PRESENTATION – Crew Energy Inc. – slide 8
    World-Class Montney Resource 9
  9. CORPORATE PRESENTATION – Crew Energy Inc. – slide 9
    NEBC MONTNEY: A GLOBALLY COMPETITIVE PLAY Not a shale: Its a siltstone Montney Competitive Attributes: Exceptionally thick: up to 1,000 feet Permeability 20-80 times greater than comparable resource plays in North America Excellent…
  10. CORPORATE PRESENTATION – Crew Energy Inc. – slide 10
    SEPTIMUS: SWEET SPOT OF THE MONTNEY Crews 487 sections of land are situated in the sweet spot of the play (Area 4) 1 MONTNEY SUB-GROUP REGIONS Altares/Caribou/Farrell/Kobes/Town/ Highest IRR & IP30at Parkland / Septimus / Tower1…
  11. CORPORATE PRESENTATION – Crew Energy Inc. – slide 11
    GROWING MONTNEY ACREAGE Sharpens Focus Montney (2007) Montney (2010) Montney (2015) CREW ACREAGE BREAKDOWN: Oil Sections: 138 Wet Gas Sections: 239 Dry Gas Sections: 110 Total Sections: 487 12
  12. CORPORATE PRESENTATION – Crew Energy Inc. – slide 12
    SUCCESSFUL EXECUTION P+P Montney Reserves Growth (MMBOE) 120.0 Liquids mmbbls Growth in Resource & Reserves 100.0 Gas mboe 99.2 80.0 Montney Resource Estimate 60.0 48.1 46.7 40.0 27.7 120 Liquids tcfe 15.3 21.6 109 TCFE 20.0…
  13. CORPORATE PRESENTATION – Crew Energy Inc. – slide 13
    MONTNEY RESERVES: EARLY STAGES 92% UNDEVELOPED Flatrock Goose Attachie Portage Septimus Tower Groundbirch Crew Montney Gas Tests Crew 2014 Drilled Unbooked Location Sproule 2013 Yearend Booked Reserve Lands Crew…
  14. CORPORATE PRESENTATION – Crew Energy Inc. – slide 14
    Crew Montney ABUNDANT AND Lands GROWING Proposed STN 2 INFRASTRUCTURE Canadian LNG Ports AECO Gas Acreage is optimally situated to Kingsvale Storage Hub feed potential long term demand Spectra P/L Multiple egress…
  15. CORPORATE PRESENTATION – Crew Energy Inc. – slide 15
    ACREAGE PROXIMAL TO INFRASTRUCTURE Multiple infrastructure options Flatrock and growing processing capacity Goose Attachie Portage Tower Groundbirch Septimus Crew Operated Pipeline Proposed North Montney Mainline…
  16. CORPORATE PRESENTATION – Crew Energy Inc. – slide 16
    CREW MONTNEY STRATIGRAPHIC STACK West Portage Groundbirch Attachie West Septimus Septimus Goose Tower Doig 3 19 1 AA Upper Montney 2 7 2 1 A 11 36 1 1 B 500 Feet 2 2 C Lower Montney Monias High of Crew…
  17. CORPORATE PRESENTATION – Crew Energy Inc. – slide 17
    SEPTIMUS Initial Montney Development Area Active drilling and development program Adoption of new technology 57 wells drilled to date Crew Operated Pipeline Spectra Westcoast Pipelines Existing 60 mmcf/d gas plant currently…
  18. CORPORATE PRESENTATION – Crew Energy Inc. – slide 18
    SEPTIMUS: EXCELLENT RETURNS & IMPROVING EURs 4.3 bcf EUR per well 500 boe/d IP365 Septimus Type Wells Cumulative Gas Production (mmcf) Attractive well economics at current commodity 2,500 price levels continued development…
  19. CORPORATE PRESENTATION – Crew Energy Inc. – slide 19
    WEST SEPTIMUS Greater porosity, permeability and liquids than Septimus Continuation of Septimus Trend Step-out area - Montney expansion Over pressured area with proven 00/8-22 liquids-rich gas Up to 220 bbls condensate / mmcf…
  20. CORPORATE PRESENTATION – Crew Energy Inc. – slide 20
    TOWER Emerging Montney Light Oil Play 51 net sections First of several light oil weighted areas in Near to mid-term growth potential Crews portfolio to be developed 4 recently drilled wells brought on production in early Q4 14 at…
  21. CORPORATE PRESENTATION – Crew Energy Inc. – slide 21
    TOWER Light Oil/Condensate Support Higher Netbacks 12-15 wells / section drilling plan Able to benefit from industry experience to optimize efficiencies Adoption of new technology will reduce costs + enhance performance Tighter…
  22. CORPORATE PRESENTATION – Crew Energy Inc. – slide 22
    Montney Next Steps: Future Growth 23
  23. CORPORATE PRESENTATION – Crew Energy Inc. – slide 23
    NEXT STEPS: GROUNDBIRCH Planned gas plant and pipeline infrastructure supports area growth Delineation Area with Long-Term Upside Offsetting vertical + horizontal development Over-pressured with liquids-rich natural gas Large pay…
  24. CORPORATE PRESENTATION – Crew Energy Inc. – slide 24
    NEXT STEPS: ATTACHIE Proof of Concept Stage Excellent test rates from Several prolific offsetting producers in Upper and Lower Montney initial wells Crew 10-22 well Over-pressured with liquids-rich natural Crew 15-36 well…
  25. CORPORATE PRESENTATION – Crew Energy Inc. – slide 25
    SIGNIFICANT MONTNEY RESOURCE UPSIDE Achieving our 5 year plan…
  26. CORPORATE PRESENTATION – Crew Energy Inc. – slide 26
    Lloydminster Heavy Oil Low-Risk Funding Source 27
  27. CORPORATE PRESENTATION – Crew Energy Inc. – slide 27
    LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Current production 5,000-5,500 BRIGHTSAND boe/d SWIMMING Low capex and strong capital LLOYD Lloydminster LOW LAKE efficiencies drive stable production FOREST BANK…
  28. CORPORATE PRESENTATION – Crew Energy Inc. – slide 28
    UNIQUE INVESTMENT OPPORTUNITY MONTNEY FOCUS Large, high-quality Montney land base with growing infrastructure; flexibility in capital allocation Access to multiple markets, growing egress and potential to feed long- term demand…
  29. CORPORATE PRESENTATION – Crew Energy Inc. – slide 29
    Contact Info: Dale O. Shwed, President & CEO Suite 800, 250 - 5th Street SW John G. Leach, Senior Vice President & CFO Calgary, Alberta T2P 0R4 Telephone: (403) 266-2088 Rob J. Morgan, Senior Vice President & COO Email:…
  30. CORPORATE PRESENTATION – Crew Energy Inc. – slide 30
    APPENDIX 31
  31. CORPORATE PRESENTATION – Crew Energy Inc. – slide 31
    COMPARATIVE: MONTNEY VS OTHER NORTH AMERICAN RESOURCE PLAYS ECONOMICS Montney half-cycle per-well economics are strong and comparable to many key US shale plays even when including prevailing FX / basis 70% Illustrative half cycle…
  32. CORPORATE PRESENTATION – Crew Energy Inc. – slide 32
    SEPTIMUS MONTNEY: SWEET SPOT OF THE BASIN EQUALS LEADING ECONOMICS Montney Well Economics by Area Capex/ well IP 30 Recovery Liquids Yield BTax IRR BTax NPV Fields (mm) (mmcf/d) (bcfe) (bbl/mmcf) 8.5% (mm) Area 4 Parkland,…
  33. CORPORATE PRESENTATION – Crew Energy Inc. – slide 33
    2015 CAPITAL PROGRAM AND BUDGET Forecast: Fiscal 2015 Average daily production (boe per day) 20,000 22,000 Exit production (boe per day) 24,000 25,000 Capital expenditures (millions) 185 Total debt capacity (millions) 430 High…
  34. CORPORATE PRESENTATION – Crew Energy Inc. – slide 34
    NE BC MONTNEY RESOURCE EVALUATION Natural Gas Resource Categories (1)(2)(3) Tcf Reserves and Contingent Resources (1)(2)(3)(6)(7) Best Estimate Total Petroleum Initially In Place (TPIIP) 60.6 Natural Gas (Tcf) Discovered Petroleum…

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