Peters & Co. 2012 North American Oil & Gas Conference September 11, 2012 The Game Plan Robert J. Waters, Senior Vice-President and Chief Financial Officer
Corporate Profile Ticker Symbol (TSX & NYSE) ERF Enterprise Value (1) 4.3 billion Average Daily Trading Value (2012 YTD) 50 million 2012E Average Daily Production 83,500 BOE/day 2012E Exit Production 88,000 BOE/day Oil and…
Our Assets 2012E Production Montney Waterfloods Waterfloods Lloydminster 20% Medicine Hat Glauc C Deep Tight Wilrich/Stacked Ratcliffe Gas Oil Viking Mannville Cardium 23% 18% 9% Duvernay Marcellus 6% Shale Gas Other…
Delivering Organic Production Growth 2012 Forecast: Annual average daily 90,000 production: 80,000 83,500 BOE/day 70,000 11% expected growth 60,000 over 2011 AA BOE/day 50,000 40,000 Exit production: 30,000 88,000…
Financial Flexibility Debt/funds flow ratio at June 30, 2012 was 2.0x Debt composition* Sold shares in Laricina in August for 141MM** Issued 405 million of private placement long Senior Notes US753MM & term debt in May CAD70MM 7…
Our Operational Focus in 2012 Execution at Fort Berthold, ND Reduce cycle times on new wells Reduce downtime Continue to advance on our waterflood projects Advance EOR pilots at Giltedge & Med Hat Expected exit Drilling/injector…
Fort Berthold Leads the Charge in Oil Growth Current Operated and Non-Operated Locations Key Facts Net Acreage (90% WI) 76,000 (119 sections) 2011 P+P Reserves 55.4 MMBOE 2011 Contingent Res. Est. 49 MMBOE Future Drilling Locations…
Delivering Organic Oil Growth at Fort Berthold Well results continue to meet our expectations 12,000 Bakken long type well: EUR: 905 MBOE 10,000 Oil 800 Mbbls 8,000 Gas 330 MMcf NGLs 50 Mbbls BOE/day 6,000 Continue to…
Fort Berthold Bakken Economics Bakken Long Laterals 9,500 ft. 20 - 24 frac stages, 12 MM/well* Type Curve EUR: 905 MBOE Oil 800 Mbbls Gas 330 MMcf NGLs 50 Mbbls IRR 48% Net Present Value (10%)* 11.5 million Payout Period 2.0…
Canadian Waterflood Assets Key Facts OOIP 1.6 billion barrels (net) P+P Reserves (YE 2011) 90 million barrels net (26% recovery) Recovery to date 21% Best Est. Contingent 56.3 million barrels Resources Average Oil Quality 30…
Stable Crude Oil Production Base from Waterfloods Low base decline of 12% 25 Sold 2,800 non-core BOE/day 50% of net operating 20 income reinvested to maintain production MBOE/day 15 340 net locations to 10 unlock potential…
Attractive Valuation 30 High: 28.88 Recent trading price of 25 16/share, trading at 80% of NAV estimates 20 Average: 19.41 14 analysts have an Current share 15 price 15.75 average NAV estimate of Low: 14.52 19.41/share 10…
Outlook Delivering organic reserve replacement and production growth Good mix of early stage, high growth, and mature oil and gas properties with abundance of growth opportunities Liquids focused capital spending program: Production…
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