Built for Purpose Decline focused acquisitions Low debt structure Strong capital efficiency Risk Management 2 2
Cardinal Energy Ltd. - Profile TSX: CJ Shares Outstanding (1): Basic 56,819,301 Fully Diluted 58,906,424 Annual dividend (/share): 0.84/share 2015 average production (boe/d): 11,200 % oil and NGLs 92% Reserves (Mboe) (1)(2) Total…
Manage Debt Corporate goal to always maintain a ratio of less than 1.0 x net debt to cash flow from operations Significant undrawn liquidity 220 million credit facility borrowing base 54 million year end 2014 net debt No…
Debt to Cash Flow Ratio(1) 1. Source cite: FirstEnergy Capital (February 2015) 5 5
Low Decline 1. Source cite: FirstEnergy Capital (February 2015) 6
Hedging Strategy Cardinal currently has the following crude oil hedges for 2015: 7 7
Hedging Strategy Cardinal has the following crude oil hedges for 2016: 1. Required volume to fund development capital and dividend at US 65 WTI. 8 8
Production Growth Per Share 10,821 9
Reserve Growth Per Share 14.73 10.73 10,821 1. Net present value before tax discounted at 10% (See advisory) 10
Asset Characteristics Base production decline rate approximately 10% 97% operated production 90% working interest 92% oil weighted Concentrated in 2 Core Areas Multi year drilling inventory 11 11
Cardinal Asset Base Solid Base of Oil Production from 2 Core Areas Wainwright Approximately 5,500 boe/d production forecast for Q1 2015 Bantry Approximately 5,700 boe/d production forecast for Q1 2015 Both areas have extensive…
Wainwright Dominant land position with over 55 sections of land Oil production under waterflood with less than 10% decline 98% operated, average 95% working interest Control key infrastructure By pass uphole drilling targets…
Wainwright Drilling Average well cost 1.0 mm (estimated) IP (365) < 40,000/flowing boe Reserves 83 mboe(1) F&D 12.05/boe(1) Multiyear drilling inventory in excess of 30 locations Only 2.5 net locations booked 1. Based on TPP…
Wainwright Sparky Pools Large oil in place (241 mmbbls) The Wainwright B pool is a model for the Wainwright Sparky Pools Due to effective line drive water flood the recovery is 45% to date Current 2P reserve bookings forecast a…
Bantry Dominant land position with over 246 sections of land 97% operated, average 94% working interest oil production Solid Glauc drilling results to date with over 80 locations identified. The majority of base production is…
Bantry Glauc Type Curve Economics Type Drilled Curve results to SAL* date* D&C (MM) 2.1 2.1 Production, IP30 (boepd) 240 350 Production IP365 (boepd) estimate 140 200 Total P&P Reserves (Mboe) * 150 185 Year 1 Oil & NGLs (%) 92% 92%…
Sensitivities Oil (USD WTI) 55.00 65.00 75.00 85.00 WCS (CAD) 53.00 62.50 70.00 78.00 FX (USD/CAD) 0.8 0.82 0.84 0.86 Aeco (CAD) 2.75 2.75 2.75 2.75 Netback (/boe) after risk management 26.50 28.75 31.25 33.50 Average production target…
2015 Guidance 2014 2015e % change Operational Average production (boe/d) 7,815 11,200 43% Development capital (MM)(1) 36 30 17% Wells drilled 7 7 0% Financial Cashflow from operations (MM)(2) 95 95 % per share (basic) 2.18 1.67 23%…
Track Record Value Creation Proven performance across commodities and throughout the cycle Positive return on all equity issued in all companies Midway Energy Ltd. 2009-2012 AB - Cardium - Beaverhill Lake 118 Million - 550 Million…
Corporate Information Corporate Headquarters: 600, 400 3rd Avenue S.W. Calgary, AB T2P 4H2 Bankers: ATB Financial CIBC World Markets Inc. RBC Dominion Securities Inc. Scotia Capital Inc. Auditors: KPMG LLP Legal: Burnet Duckworth &…
Research Coverage Target Target BMO 15.00 Macquarie Equity Research 19.00 (Feb 26-2015) CIBC World Markets Inc. 15.75 National Bank Financial 15.50 (Feb 26-2015) FirstEnergy Capital 17.25 RBC Capital Markets 18.00 (Feb 27-2015)…
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