Corporate Presentation - tanglecreekenergy.com · Corporate Presentation July 2020. This...
Transcript of Corporate Presentation - tanglecreekenergy.com · Corporate Presentation July 2020. This...
Corporate PresentationJuly 2020
This presentation contains forward-looking statements. More particularly, this presentation contains statements concerning anticipated: business strategies,
plans and objectives; potential development opportunities and drilling locations, expectations and assumptions concerning the success of future drilling and
development activities, the performance of existing wells, the performance of new wells, decline rates, recovery factors, the successful application of technology
and the geological characteristics of our properties; cash flow; oil & natural gas production growth and mix; reserves; debt and bank facilities; amounts and
timing of capital expenditures; hedging results; primary and secondary recovery potentials and implementation thereof; and drilling, completion and operating
costs.
Statements relating to "reserves" are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and
assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual
reserve values may be greater than or less than the estimates provided in this presentation.
The forward-looking statements are based on certain key expectations and assumptions made by Tangle Creek, including expectations and assumptions
concerning the performance of existing wells and success obtained in drilling new wells, anticipated expenses, cash flow and capital expenditures and the
application of regulatory and royalty regimes. Although Tangle Creek believes that the expectations and assumptions on which the forward-looking statements
are based are reasonable, undue reliance should not be placed on the forward-looking statements because Tangle Creek can give no assurance that they will
prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated
with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs
and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development projects or capital expenditures.
Readers are cautioned that the foregoing list of risk factors is not exhaustive. Furthermore, new risk factors emerge from time to time, and it is not possible for
Tangle Creek to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The above summary of
assumptions and risks related to forward-looking statements in this presentation has been provided in order to provide potential investors with a more complete
perspective of our current and future operations and as such information may be not appropriate for other purposes. The forward-looking statements contained
in this presentation are made as of the date hereof and Tangle Creek undertakes no obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Forward-Looking Statement
2
Tangle Creek Energy Ltd. - Corporate Overview
3
▪ Private company founded in 2010
▪ Focused on high margin, large resource, light-tight oil plays
▪ Culture of high Environmental, Social & Governance standards
▪ Concentrated assets – strategically positioned in West Central
Alberta
▪ 2019 production 6,145 boed (51% light oil)
▪ Sustainable organic growth potential in high margin, high working
interest light oil properties:
▪ Light oil drilling inventory of over 300 locations
▪ EOR Potential - Dunvegan waterflood pilot on-stream since 2015 with
expansion in 2017 – excellent flood response
▪ Short-term gas injection pilots at Waskahigan Montney and Kaybob
Dunvegan showed promising early results
▪ High working interest ownership in significant infrastructure:
▪ Owned and operated facilities with low operating costs
▪ Facilities include refrigeration, compression, oil treating, VRU’s, 500 km of
pipelines and gathering, over 10,000 bbls of tankage, etc.
▪ Field office located in Whitecourt
▪ LLR of 4.5 (May 2020)
Waskahigan
Kaybob
Windfall
Carrot Creek
Tangle Creek Field Office
Hwy 43
Hwy 16
Hwy 32
Hinton
Drayton Valley
Edson
Westcourt
Fox Creek
Swan Hills
Private oil producer with concentrated land position in West Central Alberta
Environmental, Social & Governance Performance
4
Tangle Creek in relation to Energy Industry
Tangle Creek production emissions rank well below the average for crude oil
consumed in the United States in 2014 (the most recent baseline). Innovations and
programs include:
✓ VRU’s (Vapor Recovery Units) installed and operational on all major facilities –
ongoing program to add VRU’s to smaller facilities
✓ Fugitive emissions and leak detection – ongoing program of detection, repair
and replace – Tangle owns and operates new emissions technology monitoring
equipment to meet MSAPR (Multi-Sector Air Pollution Regulations) requirements
✓ Ongoing program to reduce producing site visits through technology applications
✓ Ongoing program to electrify multi-well pads
✓ Program to reduce field gathering system pressures in conjunction with VRU’s
✓ Installation & conversion of wells from gas lift to GAPL (Gas Assisted Plunger Lift) –
reduce site visits, repair and maintenance and service rig work
✓ Example 2019 installation - AFR (Air-Fuel Ratio Controller) installed on K200
Compressor in Waskahigan, reduced GHG by 1,100T annually
Tangle Creek was one of the first producers to use up to 100% produced
(versus fresh) water in its completions systems.
✓ Tangle Creek successfully utilized 100% Montney Produced water for hydraulic
fracturing in the 2019 Drill Program
✓ Installed and licensed ‘Bi-directional’ pipelines prior to completions
US Average63 kgCO2e/BOE
Greenhouse Gas Emissions IntensityWide Boundary Upstream Production Emissions
ARC Portfolio Water Usage IntensityWide Boundary Upstream Production Emissions
Corporate Production and Financials
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0
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9-10
Pro
du
cti
on
(M
boe/d)
Oil Gas NGL
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Pro
du
cti
on
(M
boe/d)
Kaybob Waskahigan Other
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Total Production (boe/d) 7,016 6,260 6,601 6,798 6,426 5,808 5,791 5,495 6,416 6,226 5,681 5,235 6,146
Total Revenue1 (000s) $8,193 $7,494 $9,730 $9,589 $8,591 $6,011 $6,537 $6,146 $7,681 $7,158 $7,164 $7,014 $91,306
Less: Royalties (000s) $451 $451 $660 $812 $359 $468 $338 $645 $626 $387 $573 $540 $6,311
Royalty Rate 2 (%) 5.5% 6.0% 6.8% 8.5% 4.2% 7.8% 5.2% 10.5% 8.2% 5.4% 8.0% 7.7% 6.9%
Less: Transportation Costs (000s) $870 $1,444 $1,609 $1,472 $1,307 $1,141 $1,352 $1,264 $1,292 $1,290 $1,050 $1,046 $15,137
Less: Operating Costs (000s) $2,000 $2,419 $2,322 $2,064 $2,298 $1,959 $2,072 $1,802 $2,142 $1,883 $1,996 $1,765 $24,723
Net Operating Income (000s) $4,872 $3,179 $5,139 $5,242 $4,626 $2,443 $2,774 $2,434 $3,619 $3,598 $3,545 $3,663 $45,135
Netback
Revenue ($/boe) $37.67 $42.76 $47.55 $47.02 $43.13 $34.50 $36.41 $36.08 $39.90 $37.09 $42.04 $43.22 $40.71
Royalties ($/boe) $2.07 $2.57 $3.22 $3.98 $1.80 $2.69 $1.89 $3.79 $3.25 $2.01 $3.36 $3.33 $2.81
Transportation Costs ($/boe) $4.00 $8.24 $7.86 $7.22 $6.56 $6.55 $7.53 $7.42 $6.71 $6.68 $6.16 $6.44 $6.75
Operating Costs ($/boe) $9.20 $13.80 $11.35 $10.12 $11.54 $11.24 $11.54 $10.58 $11.13 $9.76 $11.71 $10.88 $11.02
Netback ($/boe) $22.40 $18.14 $25.12 $25.70 $23.22 $14.02 $15.45 $14.29 $18.80 $18.64 $20.80 $22.57 $20.12
▪ Over 1 billion bbls OOIP provides stable base production and cash flow to fund future growth
▪ Enhanced Oil Recovery projects underway provide low cost reserve additions and reduce natural declines
2019 Lease Operating Summary
Historical Production by ProductHistorical Production by Area
Kaybob / Kaybob South
40%
Waskahigan46%
Carrot Creek11%Others
3%
Oil51%
Gas43%
NGL6%
32%Producing
2%Non-Producing
66%Undeveloped
Proved
Probable
Proved
Proved
Probable
Probable
Reserves and DCF Summary
6
1. Source: Sproule January 1, 2020 reserve report adjusted by Company for price forecast and June 1, 2020 effective date.
June 1 Evaluation Cases 1
(includes full Corporate ARO)
Reserve
Cat
Reserves
(mboe)
NPV10
($MM)
NPV20
($MM)
2020 NOI
(7mo) ($MM)
2021 NOI
($MM)
Net Wells
Drilled
FDC
($MM)
$US45 oil /$CAD2.00 gas PDP 9.4 79.3 64.6 15.4 22.2
$US45 oil /$CAD2.00 gas TP 17.3 89.9 59.8 18.1 42.7 40.2 128.6
$US55 oil /$CAD2.25 gas PDP 10.5 117.3 92.2 20.8 29.8
$US55 oil /$CAD2.25 gas TP 21.7 171.3 112.8 28.2 66.9 56.9 189.6
$US65 oil /$CAD2.50 gas PDP 11.3 155.5 119.7 26.1 37.2
$US65 oil /$CAD2.50 gas TP 24.9 260.6 171.7 35.5 88.0 74.9 239.0
2P Reserves by Product 2P Reserves by Area 2P Reserves by Category
ARO Evaluation
7
▪ Good alignment between TCE and
Sproule. Overall Discounted @10%
ARO of $11MM - $12MM
▪ Timing and discounting currently
being updated based on
participation in Alberta ABC
program
▪ Sproule $12.2MM Discounted @10%
ARO broken down into:
▪ $5.2MM Discounted @10% ARO
embedded within PD entities (i.e.
active wells)
▪ An additional $7.0MM Discounted
@10% ARO will be required to
abandon all existing pipes,
facilities, and non-reserve wells
(i.e. inactive wells)
Gross Abandoned Cost,
Undiscounted
Net Abandoned Cost,
Undiscounted
Gross Abandoned Cost,
Discounted at 10%
Net Abandoned Cost,
Discounted at 10%
Kaybob Dunvegan 23.74 17.89 3.32 2.38
Waskahigan Montney 12.12 12.11 2.79 2.79
Kaybob Montney 3.71 3.13 1.38 1.16
RMP Minor 2.97 2.07 0.96 0.67
Carrot Creek / Chip Lake 18.63 13.80 5.91 3.82
Windfall 1.08 0.97 0.13 0.13
Grand Total 62.25 49.97 14.49 10.93
Undiscounted Discounted at 10% Undiscounted Disc at 10%
PD
Entities
Non-PD
Entities
PD
Entities
Non-PD
EntitiesTotal ARO Total ARO
Kaybob Dunvegan 12.83 9.61 1.92 1.39 22.44 3.30
Waskahigan Montney 5.18 8.64 1.41 1.46 13.82 2.87
Kaybob Montney 1.22 1.89 0.40 0.75 3.11 1.15
RMP Minor 0.61 0.98 0.18 0.36 1.59 0.54
Carrot Creek / Chip Lake 3.71 10.88 1.12 3.05 14.59 4.17
Windfall 0.41 0.62 0.18 0.03 1.03 0.20
Grand Total 23.95 32.63 5.20 7.02 56.58 12.23
TCE Full ARO Summary (Existing Assets)
Sproule Summary (PDP) – On WTI55/AECO2 Price Deck
Oil Price Thresholds – What oil prices do we need to be active?
8
-2.72
1.35 5.43 9.51 13.7018.86
22.94
-$10.00
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00
C$
/BO
E
WTI (US$/BBL)Royalties Operating Transportation Carbon Tax G&A Cash Interest Hedging Netback
2020 Q4 Corporate Netback per BOE Operating Netback per BOE by Major Facility
Single Well Economics – Kaybob Dunvegan1 Single Well Economics – Waskahigan Montney2
1. Assumes 162 mbbl EUR and $2.50mm full cycle capex per well.
2. Assumes 175 mbbl EUR and $5.25mm full cycle capex per well.
ProduceShut-inStart bringing
production back on
when operating
netbacks exceed
~C$7/boe
Return to “full”
production
Execute on low
risk capital
Execute on full
capital program
5.00$ 15.00$ 25.00$ 35.00$ 45.00$ 55.00$ 65.00$
IRR nmf nmf 1% 31% 69% 127% 213%
PV10 - MM -2.7 -1.4 -0.1 0.9 2.0 3.1 4.0
Payout (mo) 0 0 102 30 16 11 8
PI Ratio -0.2x 0.3x 0.9x 1.4x 1.8x 2.2x 2.6x
Edmonton (US$)5.00$ 15.00$ 25.00$ 35.00$ 45.00$ 55.00$ 65.00$
IRR nmf nmf nmf 13% 43% 89% 157%
PV10 - MM -4.8 -3.0 -1.1 0.2 2.0 3.5 4.9
Payout (mo) 0 0 0 47 20 12 9
PI Ratio 0.0x 0.3x 0.7x 1.0x 1.4x 1.7x 1.9x
Edmonton (US$)
Tangle Creek – Major Asset Summary
9
Asset Key PlayGross
SectionsNet Sections
Liquids Production
(bbl/d)
Gas Production
(MMcf/d)
Total Production
(boe/d)
Kaybob Dunvegan 107.5 67.5 1,772 4.9 2,589
Waskahigan Montney 70.8 70.0 711 3.1 1,233
Carrot Creek Rock Creek /
Mannville101.3 78.1 252 2.8 719
Windfall Mannville 65.0 62.2 110 1.2 313
Kaybob Montney 30.8 25.2 91 2.9 575
Pine Creek Wilrich 3.25 1.45 3 0.7 119
TOTAL 2,938 15.6 5,546
Development Opportunity Summary
Land and Production1 Summary
1. YTD Production to Q1, 2020
2. Sproule estimates.
3. Management estimates.
Gross Locations Net Locations
Asset Key Play PUD2 PB2 Un-booked3 Total PUD2 PB2 Un-Booked3 Total
Waskahigan Montney 31 30 125 186 31.0 30.0 122.5 183.5
Kaybob Dunvegan 44 15 109 168 36.6 12.6 53.9 103.1
Carrot Creek Rock Creek /
Mannville11 12 58 81 9.6 11.5 37.9 59.0
Windfall Mannville 1 0 10 11 1.0 0.0 8.5 9.5
Kaybob Montney 0 7 0 7 0.0 5.8 0.0 5.8
TOTAL 87 64 302 453 78.2 60.0 222.8 360.9
▪ Large resource base – over one
billion bbls oil in place
▪ Existing infrastructure includes
424 gross (323 net) wells, 500
km of gathering and direct
pipeline egress
▪ Enhanced oil recovery (EOR)
projects being tested at Kaybob
and Waskahigan – preliminary
estimates of $2/bbl reserves
additions. Extend reserve life
and slow natural declines
▪ Continuous improvement of
drilling and completion costs.
Dunvegan from $4.8MM to
$2.5MM per well over five years.
Waskahigan from $7MM to
$5MM over two years
Kaybob Dunvegan Asset Overview
10
Net Production by Product1
1 Company production based on lease operating statements as of Dec. 2019.
▪ Relatively flat production profile demonstrated from 2017
to mid-2018
▪ Recent declines are a result of capital being focused at
Waskahigan
▪ 4 wells drilled in 2018, no drilling in 2019, 2 wells drilled in
Q1 2020
▪ Extensive drilling inventory and EOR give the ability to
ramp production back to over 4,000 boe/d using existing
infrastructure
Tangle Creek Dunvegan Land and WellsAsset Highlights
▪ Significant free cash flow generating
asset with identified drilling inventory
to maintain flat production for >5 years
▪ ~2,200 boe/d production (~75% light
oil)
▪ ~107.5 gross / 67.5 net Dunvegan
sections
▪ Over 90% working interest production
▪ Inventory of >100 net locations,
including 49.2 booked (1.0, 1.5 and
2.0 mile laterals), over 135 net lateral
miles
▪ Current estimated recovery factor of
4%
▪ Field-wide EOR implementation
(waterflood, gas flood) projected to
provide low cost (est $2/bbl) increase
in future recoveries and overall value
▪ Year-round access; currently being
tied into oil sales pipeline
▪ Low risk, shallow depth wells (~1,600 m) with low
operating costs and high netbacks
▪ Established infrastructure to manage future
development
▪ Since 2011, TCE has operated the drilling of 86
horizontal Dunvegan wells (79.1 net) wells and
participated in a total of 115 horizontal drills
▪ Active multi-zone potential area provides ample
service and infrastructure options
01/2020 TCE Wells103/04-33 & 100/05-33IP30: ~410-630 bbl/d
01-21 Type Log
1-20 Battery
12-15 Battery
11-29 Battery
0
5
10
15
20
25
30
0
1
2
3
4
5
6
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1
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4
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2018-0
1
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4
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2018-1
0
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2019-1
0 Cu
mu
lati
ve N
ew
Well
s
Pro
ducti
on (M
boe/d)
Oil Gas NGL Cum. New Wells
Kaybob Dunvegan and Well Performance
11
10
100
1,000
1 3 5 7 9 11 13 15 17 19 21 23
Oil P
rod
ucti
on
(bbl/
d)
Production Month
Recent Tangle Creek Dunvegan Well Results1
Type Well Economic Summary
IP90 (bbl/d) 163
EUR (Mbbl) 120
EUR (Mboe) 198
CAPEX ($MM) $2.2
IRR (%) 63%
Payout (mo) 18
F&D ($/boe) $11.12
NPV10% ($MM) $1.3
2017 -18 Wells
2020 Wells IP30 Est.
Type Curve
Coarsening
upward
11
Strat Chart
▪ Up to 15 metres thickness
▪ Reworked, well sorted sandstones
▪ Light sweet crude oil; 36º API gravity
▪ Porosity up to 20%, average 10%; 36º API gravity
▪ Estimated OOIP on Tangle Creek lands of 460 MMbbls
Dunvegan Characteristics
1. Type well economics based on flat US$50/bbl Edm. and C$2.00/Mcf AECO price forecast, FX = 0.75 USD/CAD
2. Half cycle costs – drill, case, complete and equip
2
1
▪ Continuing evolution of drilling and completion practices will further increase
production performance and allow for significant future growth
▪ Ability to implement gas EOR with infrastructure largely in place
▪ Evolving lifting technology to gas lift / GAPL to improve well performance and
reduce workovers
▪ 6 of 8 wells drilled by Tangle Creek in top 25% of all 1200 Montney oil wells
drilled since 2011
Waskahigan Asset Overview
12
2019/04 ECA03-11: 40,000 bbl oil15-17: 20,000 bbl oil
2020 POU 04-36 IP~375 bbl/d oil>2 MMcf/d gas
TCE 103/11-15-064-23W5
IP max Oil >700 bopd
IP max Gas >1.1 MMcf/d
Top tier light oil well in AB
▪ ~1,250 boe/d production (~60% light oil)
▪ ~70 gross/net Montney sections (~100% WI)
▪ Inventory of 184 net locations, including 61 booked
(1.0, 1.5 and 2.0 mile laterals), over 240 net lateral
miles
▪ 72 net horizontal wells drilled to date; 8 wells drilled by
TCE to date with active offsetting operator drilling
▪ Estimated primarly recovery factor of 1% - currently
testing gas flood enhanced oil recovery
▪ Operating efficiencies including longer lateral lengths
and higher intensity fracturing materially increasing
production rates and reserves
▪ Over $20 MM invested in infrastructure over past 24
months, existing infrastructure now sufficient to handle
future development
▪ 6,000 bbl/d battery and 20-25 MMcf/d compression
and refrigeration, connected to Alliance & Pembina
▪ Bi-directional water handling allows produced water
completions and flowback; 6,000 bwpd disposal
capacity
▪ Opportunity for land base expansion; area active for
both Montney and Duvernay drilling
▪ Additional upside and de-risking of company lands
shown through third party development
1 Company production based on lease operating statements as of Dec. 2019.
Net Production by Product1
Tangle Creek Montney Land and WellsAsset Highlights
06-29 Type Log
12-7 Batteryand Gas Plant
0
5
10
15
20
0.0
0.5
1.0
1.5
2.0
2.5
201
7-10
201
8-01
201
8-04
201
8-07
201
8-10
201
9-01
201
9-04
201
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201
9-10
Cu
mu
lati
ve N
ew
Well
s
Pro
ducti
on (
Mboe/d)
Oil Gas NGL Cum. New Wells
Waskahigan Montney and Well Performance
13
10
100
1,000
1 3 5 7 9 11 13 15 17
Oil P
rod
ucti
on
(bbl/
d)
Production Month
Tangle Creek Recent Montney Well Results
IP90 (bbl/d) 350
EUR (Mbbl) 172
EUR (Mboe) 318
CAPEX ($MM) $4.6
IRR (%) 99%
Payout (mo) 12
F&D ($/boe) $14.47
NPV10% ($MM) $3.2
Type Well Economic Summary
2017-19 Wells
Average
0% Sst = 3%
Lst
Strat Chart
Montney Characteristics
▪ Primarily Lower Montney development
▪ 15+ meters thick porous productive interval
▪ Light sweet crude oil; 36º API gravity
▪ Average porosity 7% limestone scale with
max. porosity >12% shown on logs
▪ Estimated OOIP of 900 MMbbls on TCE lands
1. Type well economics based on flat US$50/bbl Edm. and C$2.00/Mcf AECO price forecast, FX = 0.75 USD/CAD
2. Half cycle costs – drill, case, complete and equip
2
1
Carrot Creek / Chip Lake / Windfall Overview
14
Land Summary
▪ 800 boe/d of current production
▪ Ownership of key infrastructure at Carrot Creek including two gas processing plants and a large network of gas
gathering infrastructure with direct access to egress
▪ Pipeline connected to Nova with ample egress capacity
▪ ~$600,000 processing revenue earned in 2019
▪ Increasing recent activity in area targeting oil and liquids-rich gas production in the Rock Creek, Lower
Mannville, and Duvernay formations
Highlights Location Summary
▪ Carrot Creek/Chip Lake: 78 net,
largely contiguous sections of
land with an average 75%
working interest
▪ Windfall: 62.5 net sections,
mostly 100% working interest
Strat Chart
10-29-053-10W5Gas Plant
02-26-052-12W5Gas Plant
Windfall
Carrot Creek
Chip Lake
Play / Target HZ Length Gross Net WI % Booked
Rock Creek Oil 1/2 mile 20 17.5 86% 70%
Rock Creek LR Gas 1 mile 19 12.3 65% 0%
Mannville LR Gas 1 mile 24 16.5 69% 33%
Rock Creek Gassy Oil 1/2 mile 18 12.7 71% 0%Total 81 59.0 73% 26%
Total 81 59.0 73% 30%
Total Inventory
Summary of Key Strengths and Challenges
15
Strengths
1. Vision and Scalability – Large oil in place resource base – drilling inventory (over 300 locations) expanding as
technology improves
2. Concentrated, high working interest ownership in infrastructure and land
3. Attractive address – services/years round access/active operating area
4. Egress – pipeline connected
5. Stable-Steady production base
6. Numerous EOR, optimization and consolidation opportunities in geographic proximity and current economic
environment
7. ESG – Environmental, Social and Governance
8. Continuous Improvements in technology, reserves recovery and ESG
Challenges
1. Commodity Prices - COVID-19 and the oil price collapse have challenged drilling and development economics
2. Waskahigan development evolving – lower capital costs and improving well performance
3. Economic environment & access to new capital
Corporate Summary
16
Company Leadership
Management Team
▪ Glenn Gradeen
▪ Jean-Pierre Buyze
▪ Greg Kondo
▪ Ben Makar
▪ Jim Junker
Advisors
Director, President & CEO
Chief Financial Officer
VP, Production & Operations
VP, Engineering
VP, Land
▪ Legal Counsel
▪ Reserves Engineer
▪ Banker
▪ Auditor
Borden Ladner Gervais LLP
Sproule
ATB Financial, CIBC, NBF
PricewaterhouseCoopers
Capitalization (as at Q1 2020)
Share Capital
▪ Basic Shares Outstanding
Outstanding Indebtedness
▪ Accounts Receivable
▪ Prepaid Expenses / Deposits
▪ AP & Accrued Liabilities
▪ Revolving Credit Facility
▪ Net Debt
(MM)
($MM)
($MM)
($MM)
($MM)
($MM)
336.3
$4.4
$2.4
$8.4
$98.1
$99.7
Tax Pools (as at Q1 2020)
▪ COGPE
▪ CDE
▪ CEE
▪ UCC
▪ Non-Capital Losses
▪ Share Issue Costs
▪ Total Tax Pools
($MM)
($MM)
($MM)
($MM)
($MM)
($MM)
($MM)
$99.3
$72.0
$8.7
$60.4
$210.5
$0.4
$451.2