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Corporate Presentation – Nuvista Energy Ltd.

Nuvista Energy Ltd. · Nov 1, 2014 · 38 slides

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Slides

  1. Corporate Presentation – Nuvista Energy Ltd. – slide 1
    CORPORATE PRESENTATION November 2014 All amounts in Canadian dollars unless indicated otherwise
  2. Corporate Presentation – Nuvista Energy Ltd. – slide 2
    We have sharpened our Focus Growth Model based on Condensate-Rich Wapiti Montney 1. Focus of Growth in Wapiti - Montney 2. Strong Economics - condensate-rich natural gas WAPITI Grande Prairie 3. Early Development Phase - increasing…
  3. Corporate Presentation – Nuvista Energy Ltd. – slide 3
    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 and…
  4. Corporate Presentation – Nuvista Energy Ltd. – slide 4
    The Alberta Condensate-rich Montney Surge in activity, new well data, new entrants Elmworth to Kakwa Montney HZ Activity Update* High and growing level of industry activity 500 Montney HZ wells licensed and/or T71 drilled to date…
  5. Corporate Presentation – Nuvista Energy Ltd. – slide 5
    2014 Business Plan what we've done Development, infrastructure, and delineation On track to meet annual and Q4 2014 Production Guidance and Cashflow despite divestiture volumes of 2,200 Boe/d YTD Efficient capital program of 310 - 320…
  6. Corporate Presentation – Nuvista Energy Ltd. – slide 6
    2015 Business Plan Development, infrastructure, and delineation Focus on Montney Development Drilling in Bilbo and Elmworth 60% of wells in condensate-rich Bilbo area 20% in Elmworth 20% wells for prudent management of expiries and…
  7. Corporate Presentation – Nuvista Energy Ltd. – slide 7
    NuVista Wapiti Montney Our activity and landholdings Increasing Activity NVA Producing Wells 23 wells on production (IP30) ramping NVA Vertical Cored Wells production up through Q4 T 69 NVA In-Progress Wells 2-3 rigs on average in 2014…
  8. Corporate Presentation – Nuvista Energy Ltd. – slide 8
    NuVista Wapiti Montney Third party 2014 Production planned and unplanned downtime and facility delays impacted Q2 Total Montney Production production 16,000 14,000 12,000 10,000 Boe/d 8,000 6,000 4,000 2,000 - 2011 FY 2012 FY 2013-Q1…
  9. Corporate Presentation – Nuvista Energy Ltd. – slide 9
    Bilbo Development Block All future locations no more than 1 mile from existing proven typecurve producers Liquids Typecurve 100* total locations in development area Bbls/MMcf Trend of improving liquids yields Condensate 8 5 Butane…
  10. Corporate Presentation – Nuvista Energy Ltd. – slide 10
    Montney Performance South Block (Bilbo) 1,800 24 Cumulative-to-Date Bbls/MMcf Condensate 11 9 1,500 Continue to see 20 Butane strong condensate Propane 85 yield 75 Bbls/MMcf 2014 YTD September Field Netbacks 1,200 16 60…
  11. Corporate Presentation – Nuvista Energy Ltd. – slide 11
    Well Clean-outs Example of recent success with Coil Tubing Mill-outs 4.4 Bcf Type Curve Gas Rate (mcf/d) Tbg (psig) Csg (psig) Avg CGR (bbl/MMscf) 18,000 540 Coil tubing mill-out 16,000 operation yields 480 significantly increased…
  12. Corporate Presentation – Nuvista Energy Ltd. – slide 12
    Elmworth Development Block All future locations no more than 1 mile from existing proven typecurve producers 100 Total locations identified within development area Liquids Typecurve Bbls/MMcf Typecurve increased from 4.4 Bcf to 6.0…
  13. Corporate Presentation – Nuvista Energy Ltd. – slide 13
    Montney Performance North Block (Elmworth) 4.4 bcf Type Curve 6 bcf Type Curve First 3 NVA Wells Last 4 NVA Wells 10,000 Cumulative-to-Date Bbls/MMcf 9,000 Condensate 11 Increased typecurve to Butane 9 6 Bcf based on recent…
  14. Corporate Presentation – Nuvista Energy Ltd. – slide 14
    Lower Montney Activity NuVista data collection in progress Industry Hz well results coming available early 2015 R11 R10 R9 R8 R7 R6 R5 R4 R3 R2 R1W6 R26W5 T71 Multiple pilot wells in progress by industry No public test results…
  15. Corporate Presentation – Nuvista Energy Ltd. – slide 15
    Montney D&C Drilling Drilling time and cost reduction continues Steady Days versus Depth Steady progress reducing drilling times 0 progress reducing and drill cost per meter 1,000 Q1 2013 AND PRIOR 2013 WELLS drilling times,…
  16. Corporate Presentation – Nuvista Energy Ltd. – slide 16
    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 Large volume slickwater fracs Boe/d Longer Laterals With More…
  17. Corporate Presentation – Nuvista Energy Ltd. – slide 17
    Wapiti Montney Egress Access to mid-stream facilities for short and medium term egress and still more options for the long term Loop pipeline to existing SemCAMS K3 gas plant; expected startup mid-2015 SemCAMS compressor station…
  18. Corporate Presentation – Nuvista Energy Ltd. – slide 18
    Wapiti Montney Processing Capacity Firm Capacity and line-of-sight to long term growth Wapiti Montney Raw Gas Processing Capacity And Estimated Equivalent Montney Production 200 New Sour Gas Plant 45,000 180 Additional Capacity…
  19. Corporate Presentation – Nuvista Energy Ltd. – slide 19
    Driving down costs on all fronts Total Cash Costs (/Boe)* 17 16 15 14 General and Administrative (/Boe) 13 3.50 12 11 3.00 10 2.50 2013 2014E 2015E 2.00 Royalties (%) 12% 1.50 10% 1.00 2013 2014E 2015E 8%…
  20. Corporate Presentation – Nuvista Energy Ltd. – slide 20
    Line-of-Sight to Significant Production and Cash Flow Growth Capital Expenditures (MM) Production (MBoe/d) 750 60 Accelerated Case Base Case Accelerated Case Base Case 600 50 40 450 30 300 20 150 10 0 0 2014E 2015E 2016E…
  21. Corporate Presentation – Nuvista Energy Ltd. – slide 21
    NuVista 2014 & 2015 Guidance GUIDANCE - 2014 Production Guidance Actual Production (Boe/d) (Boe/d) Full Year 17,750 - 18,500 On track Q4 21,000 22,500 On track Q3 17,300 18,300 18,030 Q2 13,000 14,000 14,493 Q1 n/a 17,823…
  22. Corporate Presentation – Nuvista Energy Ltd. – slide 22
    NuVista: Looking Forward The corner has been turned Now we grow Focused, repeatable and profitable Costs falling, condensate production rising, completions improving Two project development areas define certainty Long-term gas…
  23. Corporate Presentation – Nuvista Energy Ltd. – slide 23
    APPENDIX November 2014 23
  24. Corporate Presentation – Nuvista Energy Ltd. – slide 24
    The Montney - A World Class Play EURs and investment growing, capital efficiency improving, and sub plays expanding Why is the Montney Getting Better 1. The Scale stretching from NE BC into AB, difficult to find an analogue commercial…
  25. Corporate Presentation – Nuvista Energy Ltd. – slide 25
    The Montney - A World Class Play Competitive with US plays and increasing activity Massive Thickness: Montney is akin to stacking four separate shale plays on top of one another All Montney Lithology and Fracability: Low clay content,…
  26. Corporate Presentation – Nuvista Energy Ltd. – slide 26
    Commodity Price Risk Management WTI Oil we are well hedged Crude Oil Hedge Position 4,000 100.00 98.00 3,500 96.00 3,000 Hedged Volume, Bbl/d 94.00 2,500 Price, C/Bbl 92.00 2,000 90.00 88.00 1,500 Floor C WTI…
  27. Corporate Presentation – Nuvista Energy Ltd. – slide 27
    Commodity Price Risk Management AECO natural gas hedging in good shape Natural Gas Hedge Position 100,000 4.50 90,000 4.00 80,000 3.50 Hedged Volume, GJ/d 70,000 3.00 Price, C/GJ 60,000 2.50 50,000 2.00 40,000…
  28. Corporate Presentation – Nuvista Energy Ltd. – slide 28
    Operating and Financial Results Understanding the financial power of the Montney Corporate Cash Flow Corporate Cash Flow Netback 35 31 25 30 27 19.26 20 25 23 22 16.47 Million 20 19 15 13.59 12.99 /Boe 15 11.72…
  29. Corporate Presentation – Nuvista Energy Ltd. – slide 29
    Condensate Pricing Strong demand and premium price for the long term Crude and Condensate Prices Condensate is used in Alberta as a 130 120 110 diluent to ship heavy oil on pipelines Price, C/Bbl 100 90 Condensate in…
  30. Corporate Presentation – Nuvista Energy Ltd. – slide 30
    Advancing the Wapiti Montney Plan The track record to date 2011 2012 2013 2014YTD NVA Producing Horizontal Wells 1 5 16 23 (Cumulative) Rigs Drilling 0-1 1-2 2-3 3 Annual Production 281 1,265 4,650 7,325 (Boe/d) TP+PA…
  31. Corporate Presentation – Nuvista Energy Ltd. – slide 31
    Montney IP30's Well IP30* Cumulative to date (Oct 20, 2014) CGR Cumulative Raw Gas Condensate Total Sales CGR Bbl/MMcf Condensate Total Days on Prod. Bbls/MMcf Sales Gas (MMcf/d) (Bbls/d) (Boe/d) (raw/C5+) (MBbls) (Mboe) (raw/C5+)…
  32. Corporate Presentation – Nuvista Energy Ltd. – slide 32
    Montney IP30's Well IP30* Cumulative to date (Oct 20, 2014) CGR Cumulative Raw Gas Condensate Total Sales CGR Bbl/MMcf Condensate Total Days on Prod. Bbls/MMcf Sales Gas (MMcf/d) (Bbls/d) (Boe/d) (raw/C5+) (MBbls) (Mboe) (raw/C5+)…
  33. Corporate Presentation – Nuvista Energy Ltd. – slide 33
    Montney IP30's Improving annually Well IP30* Cumulative to date (Oct 20, 2014) CGR Cumulative Raw Gas Condensate Total Sales CGR Bbl/MMcf Condensate Total Days on Prod. Bbls/MMcf Sales Gas (MMcf/d) (Bbls/d) (Boe/d) (raw/C5+)…
  34. Corporate Presentation – Nuvista Energy Ltd. – slide 34
    Focus on Wapiti Our lands contain the Montney with the bonus of significant Deep Basin uphole potential CARDIUM Acres 000's Nikanassin Dunvegan MONTNEY Cadomin Falher FAIRWAY DUNVEGAN CADOTTE NOTIKEWIN Gross 79…
  35. Corporate Presentation – Nuvista Energy Ltd. – slide 35
    North Elmworth Land Acquisition Strong addition to the family Announced August 2014 Recently Acquired 12.5 Gross (12.0 net) sections of Acquired Montney Rights for 35MM - 4,560/acre NVA Block Increases NVA Montney position to over…
  36. Corporate Presentation – Nuvista Energy Ltd. – slide 36
    Contingent Resource and Reserves Significant delineation of resource and conversion to reserves in 2014 Middle Montney 'C' Middle Montney 'B' *DPIIP: 115 Sections 51% of Current Gross Sections *DPIIP: 140 Sections 63% of Current Gross…
  37. Corporate Presentation – Nuvista Energy Ltd. – slide 37
    Resources & Reserves Rising Fast Independent Study Updated as of August 2014* Discovered Petroleum Initially-In-Place(1) Cumulative Production(2) 0.02 Tcfe Reserves (Proved Plus Probable)(2)(3) 0.81Tcfe Economic Contingent Resource…
  38. Corporate Presentation – Nuvista Energy Ltd. – slide 38
    2014 July Reserves Report Montney Transition in full-swing ..growth proven to be continuing 2014 Mid-year Reserves Report GLJ Petroleum Consultants Ltd. Montney DPIIP increased by 40% Montney 2P reserves volume increased by 57%…

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