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Annual and Special Meeting of Shareholders – Spyglass Resources Corp.

Spyglass Resources Corp. · Sep 24, 2013 · 16 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 1
    IIntermediate, di C Commodity di B Balanced l dRResource C Company with iha Sustainable Dividend Model Annual and Special Meeting of Shareholders September 24, 2013
  2. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 2
    Sustainable Yield Model Attractive Valuation 20 % base 16 decline rate % current yield(1) 17,000 boe/d July estimated field production 520 million enterprise value(1) 0.27 dividend/year 50 % oil & liquids 25…
  3. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 3
    Why Spyglass Balanced commodity portfolio, portfolio a strong management team and low decline assets with light oil upside Track record of creating shareholder value in a dividend model familiarity with majority of the asset base…
  4. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 4
    Core Focus Areas Low Decline and Balanced Production Dixonville: Di on ille Corporate Data: Q2 2013 production: 3,558 boe/d Q2 2013 average production: 16,362 boe/d Base decline rate: 10% Oil & Liquids 90% Base decline rate: 20% Oil…
  5. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 5
    2013 Capital Program Total Gross Wells MM 20 gross wells (17 net) focused Drilling Provost Viking & Ellerslie 8 15 primarily on Southern Alberta Matziwin Pekisko 2 6 (Gl (Glauconite, it M Mannville, ill P ki k ) Pekisko)…
  6. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 6
    2013 Production Production ((boed)) - Company p y 18,000 17,000 16,000 15,000 14,000 13 000 13,000 12,000 11,000 10,000 Jan-13 Jan 13 Feb-13 Feb 13 Mar-13 Mar 13 Apr-13 Apr 13 May-13 May 13 Jun-13 Jun 13 Jul-13…
  7. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 7
    Southern Area Activity Drilling Drilling and Completion Costs to Date 2 Pekisko Horizontal Wells Matziwin 5 wells drilled, completed and online 2 Glauc HZ Wells Matziwin 12M spent to date in the Pekisko and in the 3 Gross Glauc HZ…
  8. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 8
    Central and Northern Area Activity Central Area Activity Drilling Drilling and Completion Costs to Date 3 Consort Hz Viking oil wells 5 wells drilled, 3 completed 1 Bellshill Vertical Mannville oil well 5.9M spent to date in the Viking…
  9. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 9
    Dixonville Field History Low future development capital = Strong free cash flow generation 11
  10. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 10
    Managing Commodity Price Volatility N Natural l Gas G Hedging H d i C d Oil Hedging Crude H d i 70% 4.00 60% 97.00 60% 50% 3.80 94.00 50% 3.60 40% 40% 3.40 30% 91.00 30% 3.20 20% 20% 88.00 3.00 10% 10% 0% 2.80 0%…
  11. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 11
    Peer Benchmarking Payout Ratio All In Payout Ratio(1)(2) 2013E All-In 200% 180% 160% Ratio (%) 140% 3E All-in Payout R 120% 100% 80% 2013 60% 40% 20% 0% RPL TBE SGL BNE LNV VET TET ERF BNP LTS…
  12. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 12
    Peer Benchmarking Decline & Capital Efficiency Capital Efficiency (1)(2) Base Decline Rate (1) 45,000 40% Assumed Corporate Decline Rate Assumed Annual Capital Efficiency Average Decline Rate 40,000 Average Assumed Annual…
  13. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 13
    Peer Benchmarkingg 2013E EV/DACF & Dividend Yield (1)(2) 2013E EV//boed & Dividend Yield (1)(2) 250,000 14 AEI 12 200,000 TET PEY ARX 10 VET BTE VET BNE 3E EV/DACF BNE 2013E EV//boed 150,000 8 PGF WCPBNP…
  14. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 14
    2013 Guidance 2013 Outlook (1,2) Exit Production Forecast [boe/d] 17,000 -17,500 boe/d % Oil & Liquids [%] 51% - 53% Average Production Forecast [boe/d] 15,500 -16,000 boe/d % Oil & Liquids [%] 49% - 51% Operating Costs /bbl…
  15. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 15
    Investment Highlights Sustainable dividend-paying p y g model Target dividend payout of 30% - 35% of cash flow (100% All-in Payout) Cdn 0.0225 monthly cash dividend (0.27/share/year) Mature, low decline p producing g assets…
  16. Annual and Special Meeting of Shareholders – Spyglass Resources Corp. – slide 16
    Corporate Information Lead Bankers: National Bank of Canada Toronto Dominion Bank Transfer Agent: Olympia Trust Company Auditors: PricewaterhouseCoopers LLP Legal Counsel: Norton Rose Canada LLP Blakes, Cassels & Graydon LLP…

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