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Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Feb 12, 2015 · 29 slides

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Slides

  1. Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation February 2015 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President, Finance & Chief Financial Officer www.KeltExploration.com
  2. Corporate Presentation – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt 2 For investors who want to be exposed to a growth oriented oil and gas exploration and development business plan TRACK RECORD: the Kelt management team has a strong track record of building shareholder value,…
  3. Corporate Presentation – Kelt Exploration Ltd. – slide 3
    Common Share Information 3 Stock Exchange listing TSX Trading symbol KEL Market capitalization ( Feb / 9 / 2015 ) 0.9 billion 52-week trading range 5.79 - 15.61 Common shares issued 126.9 million Restricted share units (RSUs) 1.8…
  4. Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Capital Expenditure Program 4 2014 2015 2014/2015 ( millions ) Change Estimate Budget Spending Drilling & Completions 188.0 90.0 - 52% 278.0 Facilities, Equipment & 46.0 30.0 - 35% 76.0 Pipeline Infrastructure Land, Seismic &…
  5. Corporate Presentation – Kelt Exploration Ltd. – slide 5
    2014 / 2015 Drilling Program 5 2014: 36 gross (27.1 net) wells drilled 2015: 17 gross (12.9 net) wells planned Gross Net D&C Avg / Well % Wells Wells ( MM ) ( MM ) Grande Prairie [1] 29 24.0 154 55% 6.4 Karr [2] 8 7.8 59 21%…
  6. Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Production Outlook 6 2014 Change 2015 Change Actual Split from Budget Split from (average) 2013 (average) 2014 Oil ( bbls/d ) 3,413 27% + 561% 5,050 30% + 48% NGLs ( bbls/d ) 924 7% + 211% 1,330 8% + 44% Gas ( mcf/d ) 50,516…
  7. Corporate Presentation – Kelt Exploration Ltd. – slide 7
    Production Growth ( since inception ) 7 PRODUCTION ( BOE / d ) PRODUCTION PER MILLION SHARES ( BOE / d ) 20,000 160 16,600 131 16,000 120 12,756 105 12,000 10,220 81 80 8,419 69 8,000 53 3,961 40 4,000 42 6,380 50…
  8. Corporate Presentation – Kelt Exploration Ltd. – slide 8
    Commodity Prices 8 ( CA , unless otherwise specified ) 2014 (E) 2015 (E) Change WTI Crude Oil ( USD/bbl ) US 93.00 US 59.50 - 36% WTI Crude Oil ( CAD/bbl ) 102.75 69.60 - 32% NYMEX Natural Gas ( USD/mmbtu ) US 4.35 US 3.25 - 25%…
  9. Corporate Presentation – Kelt Exploration Ltd. – slide 9
    Netbacks 9 ( / BOE ) 2014 (E) 2015 (E) Change Oil & gas revenue 46.00 34.50 - 25% Realized hedging gain ( loss ) ( 0.10 ) 0.10 n/a Royalties ( % of revenue ) ( 13.0% ) ( 12.5% ) - 4% Production & transportation exp. ( 14.30 ) (…
  10. Corporate Presentation – Kelt Exploration Ltd. – slide 10
    Financial Outlook 10 2014 (E) 2015 (E) Change Revenue, before royalties ( MM ) 213.0 210.9 - 1% Funds from operations ( MM ) [1] 115.0 88.0 - 23% Per share diluted ( /share ) 0.92 0.68 - 26% Capital expenditures ( MM ) [2]…
  11. Corporate Presentation – Kelt Exploration Ltd. – slide 11
    2015 Commodity Price Sensitivities Funds from Operations 11 Forecasted 2015 Funds from Operations ( millions ) - Sensitivities to Commodity Prices : WTI Oil US 47.60 US 59.50 US 71.40 US 83.30 US 95.20 AECO Gas CA 2.48 58 73 87…
  12. Corporate Presentation – Kelt Exploration Ltd. – slide 12
    2015 Commodity Price Sensitivities Debt 12 Forecasted year-end 2015 Debt ( millions ) - Sensitivities to Commodity Prices : ( Available bank credit line is currently 235 million ) WTI Oil US 47.60 US 59.50 US 71.40 US 83.30 US…
  13. Corporate Presentation – Kelt Exploration Ltd. – slide 13
    2015 Commodity Price Sensitivities Debt Ratio 13 Forecasted year-end 2015 Debt to 2015 Funds from Operations Ratio - Sensitivities to Commodity Prices : WTI Oil US 47.60 US 59.50 US 71.40 US 83.30 US 95.20 AECO Gas CA 2.48 3.5 x…
  14. Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Core Areas 14 Grande Prairie ( includes Pouce Coupe, Spirit River & Valhalla / La Glace ) : Montney/Doig gas development Montney light oil development Charlie Lake light oil development Inga / Fireweed Halfway light oil…
  15. Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Land Holdings 15 Gross Acres Net Acres Average WI Net Sections Developed 299,818 142,445 48% 223 Undeveloped 483,118 321,556 67% 502 Total 782,936 464,001 [1] 59% 725 [1] Total net land holdings has increased by 330% from…
  16. Corporate Presentation – Kelt Exploration Ltd. – slide 16
    Reserves 16 As at December 31, 2014 Oil NGLs Gas Combined NPV 10% ( mbbls ) ( mbbls ) ( mmcf ) ( MBOE ) BT ( M ) Proved Developed Producing 6,713 2,430 105,940 26,800 403,584 Proved Developed Non-producing 678 192 5,054 1,712…
  17. Corporate Presentation – Kelt Exploration Ltd. – slide 17
    Finding, Development & Acquisition ( FD&A ) 17 As at December 31, 2014 Proved + FD&A Proved Probable 2014 capital expenditures + change in FDC expenditures ( M ) 587,100 597,900 Reserve additions, net ( MBOE ) 30,495 44,568 Finding,…
  18. Corporate Presentation – Kelt Exploration Ltd. – slide 18
    Extensive Alberta Land Base 18 Gordondale Operations Progress Spirit Kelts main field operating base is in the River Pouce city of Grande Prairie, currently staffed Coupe with 20 full-time employees. All operated properties are…
  19. Corporate Presentation – Kelt Exploration Ltd. – slide 19
    Grande Prairie 19 LAND Gross: 283,148 acres ( 442 sections ) Pouce Coupe Net: 174,354 acres ( 272 sections ) Progress Spirit River PRODUCTION 2014 Production: 6,459 BOE/d ( 60% gas & 40% oil ) Valhalla / La Glace Top five…
  20. Corporate Presentation – Kelt Exploration Ltd. – slide 20
    Pouce Coupe 20 Targeting Montney (upper Progress and middle/lower) and Halfway O Pool Unit 7.8% WI Doig formations. Pouce Coupe Ownership in pipeline South Boundary B Unit 2 67.9% WI Operated CNRL infrastructure, gas…
  21. Corporate Presentation – Kelt Exploration Ltd. – slide 21
    Spirit River 21 Charlie Lake Gamma Ray Density Porosity Worsley (O) 13-34 Y Progress 13-33 Halfway 15-13 Gas Unit 1 (50%) J (Upper) 15.9% WI 16-11 J (Lower) H2O Disposal 15-5 R Spirit River Charlie Lake E & M…
  22. Corporate Presentation – Kelt Exploration Ltd. – slide 22
    Valhalla / La Glace 22 Kelt completed a 167 MM acquisition at Valhalla/La Glace in July 2014. Encana Sexsmith Targeting the Montney 200 MMcf/d Gas Plant formation. (0.3% WI) 13-33 Ownership in pipeline 15-33…
  23. Corporate Presentation – Kelt Exploration Ltd. – slide 23
    Karr 23 LAND Montney Rights: 37.0 sections ( gross ) 16-10 (75%) MM 35.8 sections ( net ) 16-8 (75%) OPERATIONS 2014 Production: 1,353 BOE/d 16-31 MM ( 56% oil & 44% gas ) 4-2 Top three IP30 wells 13-31 ( gross sales,…
  24. Corporate Presentation – Kelt Exploration Ltd. – slide 24
    Grande Cache / Chicken 24 13-20 Cretaceous ExploratoryTest LAND 15-27 Narraway Chinook Exploratory Gross: 137,920 acres ( 216 sections ) 135 MMcf/d Gas Test Plant (7% WI) Net: 100,225 acres ( 157 sections ) OPERATIONS 2014…
  25. Corporate Presentation – Kelt Exploration Ltd. – slide 25
    Inga / Fireweed / Stoddart ( British Columbia ) 25 A-6-A (50% WI) LAND Montney Test A-65-I (50% WI) Montney Test Gross IP30 = 1,147 BOE/d Montney Rights: 151 sections ( gross ) Gross IP60 = 704 BOE/d (34,400 BOE) of which…
  26. Corporate Presentation – Kelt Exploration Ltd. – slide 26
    Future Considerations 26 DRILLING INVENTORY: Kelt estimates that it has numerous years of drilling inventory on its existing lands to continue to grow the Company. BALANCE SHEET: Kelt maintains financial flexibility so that it can…
  27. Corporate Presentation – Kelt Exploration Ltd. – slide 27
    Management 27 David J. Wilson, President & CEO Sadiq H. Lalani, Vice President, Finance & CFO Douglas J. Errico, Vice President, Land Alan G. Franks, Vice President, Production Douglas O. MacArthur, Vice President, Operations Patrick…
  28. Corporate Presentation – Kelt Exploration Ltd. – slide 28
    Board of Directors 28 Robert J. Dales Compensation (Chair), Nominating, Audit, Reserves William C. Guinan Chairman, Nominating (Chair), HSE Eldon A. McIntyre Reserves (Chair), Nominating, Audit, Compensation Neil G. Sinclair Audit…
  29. Corporate Presentation – Kelt Exploration Ltd. – slide 29
    Corporate Presentation February 2015 Suite 300, 311 6th Avenue SW Calgary, Alberta, Canada T2P 3H2 www.KeltExploration.com

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