Historical Performance Funds Flow Growth Proved + Probable Reserves Growth 400 2.40 160 0.84 Funds Flow Funds Flow per Share P+P Reserves P+P Reserves per Share 350 140 2.00 0.70 P + P Reserves (Reserves/Share) 300 120…
Corporate Profile (TSX: LEG) Common Shares 199.7 million Options & Restricted Shares 8.0 million Insider Ownership (Fully Diluted) 5.4% Enterprise Value 1.25 billion Average Liquidity (TSX) 3.8 million shares/day Net Debt (estimated at…
Bank Line and Term Debt Term Debt US200 million, 7.5% coupon Unsecured and covenant light basically pay the interest matures in November 2017 Bank Line 800 million approximately 165 million of surplus capacity at year end 10 bank…
2014 Reserves, FD&A and NAV 2014 Reserves Proven + Probable (P+P) 154.1 MMBoe +31% YoY Total Proved 93.6 MMBoe Total Proved/P+P 61% NAV Calculation - December 31, 2014 PDP/Total Proved 56% (MM except share and per share amounts) P+P…
2015 Guidance Disciplined budget with focus on balance sheet and value preservation spend within cash flow Majority of drilling capital allocated to Midale and Turner Valley generates returns well above cost of capital at current strip…
High Quality Light Oil Plays (results based on Sproule Dec. 31/14 price forecast) Oil DCET NPV Capital (1) Weighting Net Cost IP30 IRR 10% BT Payout Efficiency Play (%) API Locations (M) (BOED) (%) (M) (yrs) (/BOED) Midale 85…
Other Initiatives Asset sales are under consideration Elmworth sale is ongoing Given current low equity valuation, additional asset sales would be highly accretive to valuation Impactful to balance sheet improvement and therefore…
Focused + Light Oil Asset Base Two core areas - each area has focused development assets and new play MAXHAMISH development opportunities: Williston Basin Development Taylorton, Heward, Star Valley, Spearfish, Frys/Antler,…
Williston Basin Resource Plays + Conventional Production of 21,000 Boe per day High quality light oil, averaging 38o API SOUTHEAST 1,980 net drilling locations on 464,000 SASKATCHEWAN net acres Multiple play types: High impact…
Steelman/Pinto Midale High impact conventional play with S.E. SASK. unconventional completion technique MANITOBA Light oil (34-40 API) E V G E G V J GV G IIIG VG AJDJ DD V EEEA V J G G G IG G G GGE A JG G EDSVDAE E…
Turner Valley Rundle 40o API light oil, liquids-rich solution and non-associated natural gas with SOUTHERN U G G low historical oil decline rate of 4% R4 G M JV IG G R3 F U G G G R2W5M ALBERTA ME E M S J S EVD J UV G D F…
Pierson + North Dakota Spearfish Play Attributes S.E. SASK. MANITOBA 1,000 m depth 12 MMBbl DOIP per section EE R29 G GG R28 G R27 GU R26 G R25 A R24 R23 R22W1M JJJ EJ JA G VM EE J E VSVJEV V V E E JJJ E EJ VG JJJV…
Conventional Mississippian Plays Main producing and target zones include Souris Valley, SOUTHEAST SASKATCHEWAN Tilston, Alida, Frobisher and Midale MANITOBA Wells not fracd, payouts 12 months or less Average well cost 1.1 million…
Waterflood Benefits Add reserves cost-effectively Typically double primary recovery factor Finding & development costs low double digit Leverage existing lands and infrastructure Moderates declines Oil production plateaus and can…
Impact of Waterflood Potential to Legacy Gross OOIP WF Reserves NPV10% BT Area (MMBbl) Net Sections (MMBbl) ( million) Bakken 377.3 80.5 30.0 954.7 Torquay 219.5 33.3 15.4 394.9 Spearfish 599.6 51.7 52.7 613.1 Midale 177.6 36.1 15.6…
Independent Reserve Engineers Contact Information Sproule Associates Limited 4400, 525 8th Avenue SW Bank Syndicate Eighth Avenue Place Bank of Montreal Calgary, Alberta T2P 1G1 National Bank The Bank of Nova Scotia Tel:…
APPENDIX 21
Southern Alberta Bakken IP90: 305 BOPD FD SOUTHERN F I FV CURR: 61 BOPD Alberta Basin Big Valley/Banff Play R26 V E F IP4 DAYS: UE C 715 BOPD G G R24 R23 CUM: 109 MBBL SOUTHERN ALBERTA R21 ALBERTA R23W4M F G V IP90:…
Maxhamish, BC Chinkeh F F F FNORTHWEST F FV U TERRITORIES F F F F UG F G F F UV FKC Chinkeh Formation light oil resource play A D C FC G UVU F B F F G A F F F Significant resource of 42o API light sweet oil, C F F F F…
Heward + Taylorton Waterflood Heward Heward Oil Production Pilot Waterflood Response Start of Injection Taylorton Taylorton Pilot Waterflood Oil Production Response Start of Injection 24
Frys + Pierson + Steelman Waterflood Frys Frys Oil Production Response Pilot Waterflood Start of Injection Pierson Steelman Proposed Pilot Proposed Pilot Waterflood Waterflood Pilot Waterflood 25
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