CORPORATE PRESENTATION March 2015 All amounts in Canadian dollars unless indicated otherwise
2015 Focus: Flexibility and Strength 1. Balance Sheet in excellent shape 2015 plans shaped around maintaining this 2. 2015 Guidance 22,500 to 24,000 boe/d & capex reduced to 270-290MM GRANDE PRAIRIE WAPITI 3. Strong Economics…
NuVista: Adjusting to Current World Pricing This too shall pass but the duration is uncertain. In the meantime, NVA has critical success factors in place for times like this Strong balance sheet and it comes first Play economics…
The Alberta Condensate-Rich Montney A sweet spot in a world class play 1. Scalable/Repeatable Deposition on the shelf edge not isolated pockets Gas charged top to bottom Over-pressured low water saturation High Quality 2. Porous…
The Alberta Condensate-Rich Montney Production and HZ Well Count Increasing Dramatically Elmworth to Kakwa Montney HZ Activity Update* High level of industry activity T71 500 Montney HZ wells licensed and/or drilled T70 to date…
2014 Year-end Reserves Report Montney transition in full-swing growth poised to continue 2014 Year-end Reserves Report GLJ Petroleum Consultants Ltd. Montney DPIIP increased by 63%* PDP reserves volume increased 61% before production…
Montney DPIIP Summary On the rise Discovered Petroleum Initially-In-Place(1) * See Appendix for Cumulative Production(2) 0.03 Tcfe important disclosures Reserves (Proved Plus Probable)(2)(3) 1.10 Tcfe regarding Reserves and…
Contingent Resource and Reserves Significant delineation of resource and conversion to reserves in 2014 Middle Montney 'C' Middle Montney 'B' Discovered: 71,894 Acres (112 sections) 50% of Total Gross Acres Discovered: 114,225 Acres…
2015 Business Plan High capital flexibility for low commodity price period Capital reduced, production guidance maintained long term plans intact Using our flexibility to reduce drilling pace and temporarily, less delineation more…
NuVista 2015 Capital Guidance Original Guidance Revised Guidance 4% 6% 7% 19% Other 24% W6 Sweet Total 27 Montney DCT Total 20 Montney Wells 71% 69% Montney Wells 2/3 South, Montney Fac / Water 1/2 South, 1/3 North 1/2…
NuVista Wapiti Montney Our activity and landholdings Flexibility in drilling pace focus on lowest- risk most economic PDP additions Pipestone 33 wells on production year end 2014 Elmworth Development Block 15-20 additional wells…
Bilbo Development Block The best plays still add value while weathering the commodity price storm Liquids Typecurve 100* total locations in development area Bbls/MMcf Well performance continues to improve Condensate 8 5 Butane…
Montney Performance South Block (Bilbo) 1,800 24 1,500 Continue to see 20 Cumulative-to-Date Bbls/MMcf strong condensate yield 75 Bbls/MMcf 7 Condensate 6 Butane 1,200 16 Propane 77 Producing Well Count Original two…
Elmworth Development Block The best plays still add value while weathering the commodity price storm NVA Montney IP30's Liquids Typecurve Bbls/MMcf NVA Drilled / Completed Montney Horizontal Wells Condensate 13 NVA 7-22 Compressor…
Montney Performance North Block (Elmworth) Outperforms 4.4 bcf Type Curve 6 bcf Type Curve First 3 NVA Wells Last 4 NVA Wells (Big Fracs) 10,000 9,000 Cumulative-to-Date Bbls/MMcf 8,000 Condensate 10 Butane 9 7,000 41…
Wapiti Montney Egress Built-in growth with high capital flexibility in the short term and still more options for the long term Loop pipeline to existing SemCAMS K3 gas plant; expected startup mid-2015 SemCAMS compressor station on…
Wapiti Montney Processing Capacity Firm Capacity and line-of-sight to long term growth With TOP flexibility built in Wapiti Montney Raw Gas Processing Capacity And Estimated Equivalent Montney Production 200 New Sour Gas Plant…
Commodity Price Risk Management WTI Oil Very strong hedge position Crude Oil Hedge Position 4,500 100.00 4,000 95.00 3,500 90.00 Hedged Volume, Bbl/d 3,000 85.00 Price, C/Bbl Oil hedging very 2,500 strong through…
Commodity Price Risk Management AECO natural gas Very strong hedge position Natural Gas Hedge Position 90,000 4.50 80,000 4.00 70,000 3.50 Hedged Volume, GJ/d 60,000 and Hedging for 3.00 Price, C/GJ gas is very…
2014 Full Year Results Quarterly Highlights Q1 2014 Q2 2014 Q3 2014 Q4 2014 FY 2014 Funds from Operations (MM) (1) 30.9 15.1 27.3 36.7 110.0 Operating (Field) Netbacks (/Boe) (1) Total NVA Field Netback 26.91 22.39 23.51 18.52 22.52…
2014 Full Year Results Quarterly Highlights Corporate Production (boe/d) 25,000 Wapiti Montney Other Properties 23,165 20,000 17,823 18,030 (boe/d) Actuals Prior Guidance 15,000 14,493 Q414 23,165 21,000 22,500 10,000 66% 2014…
NuVista Revised 2015 Guidance Commodity prices It's a New World Very strong hedge book mitigates the impact We will finish what we started Q1 winter drilling program reduced prudently but still intact North (Elmworth) compressor…
NuVista: Looking Forward Flexibility for Defensive Environment Strength should commodity prices rebound Balance sheet comes first we will use our flexibility to weather the storm Top plays win at any price Focused capital…
APPENDIX March 2015 25
Montney D&C Drilling Drilling time and cost reduction continues and low commodity price environment will surely bring additional service/supplier cost reductions Steady Steady progress reducing drilling times progress reducing and…
Montney D&C - Completions Focused on optimizing recovery Montney IP30 Progress NuVista's Completion Process Open-hole completion with ball-drop frac technology 1,500 Boe/d Large volume slickwater fracs 1,250 Longer Laterals…
Well Clean-outs Example of recent success with Coil Tubing Mill-outs Coil tubing mill-out operation yields significantly increased gas rate and pressure March 2015 28
Condensate Pricing Strong demand and premium price for the long term Crude Oil and Condensate Prices 130 Condensate is used in Alberta as a diluent 120 110 to ship heavy oil on pipelines 100 90 C/Bbl Condensate in Alberta is…
Montney IP30's Improving annually Well IP30* Cumulative to date (March 1, 2015) CGR CGR Cumulative Raw Gas Condensate Total Sales Days on Condensate Total Bbl/MMcf Bbls/MMcf Sales Gas (MMcf/d) (Bbls/d) (Boe/d) Prod. (MBbls) (Mboe)…
Montney IP30's 2013 and earlier (Individual well detail) Well IP30* Cumulative to date (March 1, 2015) CGR Cumulative Raw Gas Condensate Total Sales CGR Bbl/MMcf Condensate Total Days on Prod. Bbls/MMcf Sales Gas (MMcf/d) (Bbls/d)…
Focus on Wapiti Our lands contain the Montney with the bonus of significant Deep Basin uphole potential Acres 000's Nikanassin Dunvegan Cadomin MONTNEY Falher FAIRWAY DUNVEGAN CADOTTE NOTIKEWIN Gross 96 115 110…
Lower Montney Activity NuVista data collection in progress Industry Hz well results coming available early 2015 Multiple pilot wells in progress by Pipestone industry no public test results yet NVA 15-13-68-7W6 Vertical Elmworth…
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