2014 Fourth Quarter & Year-end Results and 2014 Reserves Results March 12, 2015
Financial Highlights Q4/14 Funds Flow was 137MM (0.28/sh basic) and 935MM (1.89/sh basic) for the full year 2014 2014 netback improved over 15% to 32.65/boe year-over-year 2014 G&A expenses decreased by 29MM (18%) year-over-year…
Operational Highlights Production in the fourth quarter averaged 97,143 boe/d and was above mid-point of guidance at 103,989 boe/d for the full year 2014 development activities were carried out on full year capital spending of…
Proactive Measures To Ensure Financial Flexibility Effective March 10, 2015, the Company reached agreements in principle with the lenders and the noteholders to, among other things, amend its financial covenants The amendments…
Proactive Measures To Ensure Financial Flexibility The Company also agreed as follows: To reduce the existing 1.7 billion revolving bank facility to 1.2 billion At December 31, 2014, the bank facility was completely undrawn The…
2015 Outlook 2015 capital budget: 625MM Allocated primarily toward development activities in the Cardium and Viking core light oil areas 2015 average production forecast: 90,000 100,000 boe per day 2015 Funds Flow forecast:…
Q3/14 Q4/14 Financial & Operating Bridges Q4/14 Production Reconciliation 105,000 Q4/14 average volumes were lower 101 100,000 Production (boe/d) sequentially primarily as a result of (2.5) 7.7 97 (1.1) 95,000 divestments…
Net Debt Bridges Long-term debt was reduced by approximately 462MM year-over-year excluding approximately 152MM in unrealized foreign exchange rate changes. Q3/14 Q4/14 Net Debt Bridge Q4/13 Q4/14 Net Debt Bridge 3,000 3,000…
2014 2P Reserves & NPV Reconciliation 2P Company Gross (WI) Reconciliation 650 New adds replaced Year-end 2014 Company Gross (WI) 2P 156% of 2014 production 2P W.I. Reconciliation (mmboe) 625 Reserves of 561 mmboe, essentially…
Three Year Average Finding & Development Costs Three year rolling average F&D cost over the last three years remains relatively consistent As of 2014, the three year average 2P F&D cost including change in FDC was 27.09/boe…
Operated Development Activity Q4/14 invested 247MM of development capital, over 73% of which was allocated to our three core light oil plays with a success rate of 100 percent Drilled 61 net, completed 68 net and brought 79 net wells…
Fourth Quarter 2014 Play Update Cardium Invested operated development capital of 108MM; drilled 26 net wells and brought 25 net wells on production Certain of the Cardium programs in the fourth quarter were impacted by completions in…
Operationally Stronger; Torque In Oil Recovery Amendments to debt covenants allow the Company to focus on operational excellence through down cycle Significant leverage to oil price recovery Demonstrated continuous improvement in…
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