Corporate Presentation - Investor Documents - Novus …€¦ · · 2014-09-25This Presentation is...

Corporate Presentation

November 2010

2

Forward Looking Statements

This Presentation is for information purposes only and is not intended to, and should not be

construed to, constitute an offer to sell or the solicitation of an offer to buy securities of Novus

Energy Inc.

Certain disclosures set forth in this Presentation constitute forward-looking statements. Any

statements contained herein that are not statements of historical facts may be deemed to be

forward-looking statements. Forward-looking statements are often, but not always, identified by

the use of words such as “anticipate”, “believes”, “budget”, “continue”, “could”, “estimate”,

“forecast”, “intends”, “may”, “plan”, “predicts”, “projects”, “should”, “will” and other similar

expressions. All estimates and statements that describe the Company’s future, goals, or objectives,

including Management’s assessment of future plans and operations, may constitute forward-looking

information under securities laws. Forward-looking statements involve known and unknown risks and

uncertainties which include, but are not limited to: exploration, development and production risks;

assessments of acquisitions; reserve measurements; availability of drilling equipment; access

restrictions; permits and licenses; aboriginal claims; title defects; commodity prices; commodity

markets, transportation and marketing of crude oil, liquids and natural gas; reliance on operators

and key personnel; competition; corporate matters; funding requirements; access to credit and

capital markets; market volatility; cost inflation; foreign exchanges rates; general economic and

industry conditions; environmental risks; Climate control legislation; and government regulation and

taxation.

Forward-looking statements relate to future events and/or performance and although considered

reasonable by Novus at the time of preparation, may prove to be incorrect and actual results may

differ materially from those anticipated in the statements made. Novus does not undertake any

obligation to publicly update forward-looking information except as required by applicable securities

law.

3

Measurements

NON-GAAP FINANCIAL MEASUREMENTS

Included in this Presentation are references to certain financial measures commonly used in the oil and gas industry, such as operating netbacks and recycle ratios. These measures have no standardized meanings, are not defined by Canadian generally accepted accounting principle (“GAAP”), and accordingly are referred to as non-GAAP measures. These measures are used by management to assess operating results between periods and between peer companies as they provide an indication of the results generated by the Company’s principal business activities before they are taxed and how efficiently its resources are replaced.

Novus determines operating netbacks as production revenue less royalty, transportation and operating expenses. Novus determines recycle ratios as operating netbacks per boe divided by finding costs per boe. Novus’ reported amounts may not be comparable to similarly titled measures reported by other companies. These terms should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net income as determined by Canadian GAAP as an indicator of the Company’s performance or liquidity.

Included in this Presentation are references to Original Oil in Place (“OOIP”) which is equivalent to Discovered Petroleum Initially-In-Place (“DPIIP”). DPIIP, also known as discovered resources, is defined as that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially-in-place includes production, reserves and contingent resources; the remainder is unrecoverable. A recovery project cannot be defined for this volume of discovered petroleum initially-in-place at this time. There is no certainty that it will be commercially viable to produce any portion of the resources.

OTHER MEASUREMENTS

The reporting and measurement currency of this Presentation is the Canadian dollar.

Reported production represents Novus’ ownership share of sales before the deduction of royalties. Where amounts are expressed on a barrel of oil equivalent (“boe”) basis, natural gas has been converted at a ratio of six thousand cubic feet to one boe. This ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe’s may be misleading, particularly if used in isolation. References to natural gas liquids (“liquids”) include condensate, propane, butane and ethane and one barrel of liquids is considered equivalent to one boe.

4

Company Snapshot

November 4, 2010

Ticker Symbol (TSX-V) NVS

Recent Share Price $0.96

Shares Outstanding (Basic) 166.4 million

Market Capitalization $160 million

Positive Working Capital $12 million

Unused Bank Lines $5 million

Current Production 1,475 boe/d

Dodsland Viking Oil Acreage 105.25 net sections

Tax Pools $176 million

5

Corporate Evolution

• New management appointed in March 2009

• Company name changed to Novus Energy Inc. and 10:1 share consolidation completed in August 2009

• Completed $30 million Financing on November 24, 2009 ($0.65/share)

• Acquired Ammonite Energy Ltd. on December 11, 2009 for $22.5 million in common shares of Novus

• Completed 4 other Dodsland area acquisitions in 2009 totalling approximately $7 million

• Acquired a private company on February 3, 2010 for $17.0 million in common shares of Novus

• Completed $25 million financing in May 2010 ($1.10/share)

• Continued consolidation in Dodsland area with 14 further acquisitions and farm-in agreements announced to date in 2010, for consideration of approximately $11 million, totalling 71.25 net sections

6

Business Strategy

• Target significant “Original Oil In Place” (OOIP) opportunities with

low recovery factors

• Apply horizontal multi-stage fracture technology to

exponentially increase recovery factors

• Focus on light oil

• Continuously improve horizontal multi-stage fracing

technology to reduce costs and uncover additional reserves

with improved economics

• Emphasize well delineated, low geological risk reserves with large

development drilling inventories

• Have core areas with large land positions, operatorship and

infrastructure control to facilitate executing larger scale drilling

programs

Focused Asset Base

7

ALBERTA

Oil

Gas

Dodsland(Viking Oil)

Roncott(Bakken Oil)

Wapiti(Cardium Oil & Dunvegan Gas)

Grande Prairie

Edmonton

Calgary

Saskatoon

Regina

Wembley(Halfway Oil)

SASKATCHEWAN

8

Our Cornerstone – Dodsland Viking Light Oil

• Large original oil in place (OOIP) of in excess of 2 billion barrels

• Low risk resource style light sweet oil (35O API)

• Horizontal drilling with multi-stage frac completions

• Horizontal drilling incentive programs from the Saskatchewan

government (1)(2)

• Low geological risk, well delineated reservoir

• Repeatable, scalable, shallow depth play

• Low operating costs, result in high netback production

• Attractive economics with a short payback period and strong

project Internal Rate of Return (“IRR”)

• Upside from technology and cost reductions

(1) 2.5% royalty rate on crown lands on the first 37,000 barrels produced

9

The Viking – A Significant Oil Resource

• The use of horizontal multi-stage

frac technology has the potential

to unlock significant incremental

reserves in the Viking play 2-3 m

3-9m

Sandstone

compartments

isolated with silt

Permeable

sandstone

Previous oil in place estimates

of approximately 2.0 bln.

barrels(1) considered only the

portion of the Viking, which

was economic with traditional

vertical drilling

6.0 bln. Barrel OOIP estimate(2)

includes oil trapped in the silty

“compartmentalized” sections of the play,

which has the potential to be recoverable

with new horizontal completion

techniques

Horizontal Fracturing “Widens” Viking Oil Pools

• The Viking could hold up to

6 billion barrels of original oil in

place(2)

Viking – Resource Potential (2)

(1) Source: Saskatchewan Geological Survey

(2) Source: Report Published September 8, 2010 by CIBC World Markets Inc., report titled “CIBC Resource Play Watch”

Source: GeoScout; CIBC World Markets Inc.

10

Dodsland - Viking Development History

• Producing since the 1950’s from over 7,500 vertical wells

• Currently producing over 12,000 barrels per day of light Viking oil

• First horizontal multi stage fracture technology well drilled by

Reece Energy in November 2007 (1)

• 300 horizontal wells have been drilled to date all with multi-stage

frac completions

• 174 additional horizontal wells are currently licensed for drilling in

the area

• Recent horizontal drilling activity by Penn West Energy Trust,

Novus Energy Inc., Crescent Point Energy Corp., Baytex Energy

Trust, Husky Energy Inc., Wild Stream Exploration Inc., Renegade

Petroleum Ltd., Enerplus Resources Fund, Harvest Energy Trust,

PetroBank Energy and Resources Ltd., Westfire Energy Ltd.

(1) Reece Energy was purchased by Penn West Energy in May 2009 for approximately $92 million

11

Viking Overview(1)

Viking (SW Sask)

Rock Type Sandstone/Siltstone

OOIP/Section (mmboe) 5.0 to 10.0

Wells Per Section +8

Total OOIP (mmboe) 6,000

Recovered to Date (%) 2% to 3%

Incr. Recovery Rate (%)

Primary Only 6% to 12%

Including Waterflood 20%

Porosity +20%

Permeability (millidarcies) 2.0 to +50

Net Pay Thickness (metres) 5 to 10

API (degrees) 31 to 38

Depth (metres) 750

HZ Leg (metres) 450 to 800

Realized Prices (as % Ed. Par) 90% to 100%

Associated Gas 15% Nat. Gas

(1) This table and associated notes were published January 29, 2010 by Scotia Capital, in a report titled “Oil and Gas – Resource

Play Spotlight”

Source: Geological Atlas of the Western Canadian Sedimentary Basin; GeoScout; The Edge, Canadian Discovery Digest;

company reports; Scotia Capital estimates.

12

Novus Viking Horizontal Well Economics(1)

• Novus’ typical horizontal Viking well is estimated to provide

an IRR of 60%, NPV of $1.4 million and recycle ratio of 3.1x

Well Economics

NPV 10% Before Tax $1.4 mm

IRR 60%

Recycle Ratio 3.1x

Reserve Addition Costs $13.73/boe

Production Addition Costs $15,984/boe

(1) Internal Estimates

(2) 90% of reserve and production volumes are comprised of oil

Assumptions

Well Cost $0.975mm

Recoverable Reserves 71,000 boe (2)

One Month IP 61 boe/d (2)

1st yr Decline Rate 58%

2nd yr Decline Rate 30%

Novus Forecast Horizontal Viking Type Curve

0

10

20

30

40

50

60

70

1 12 24 36 48

Avera

ge M

onth

ly P

roducti

on B

OE/D

Normalized Production Month

Novus Whiteside

Oil Battery

Baytex

Novus Avon Hills

Oil Battery

ISH Energy

ARC

Harvest

Compass

ISH Energy

ISH Energy

Baytex

Penn West

Penn West

Enerplus Harvest

Penn West

Baytex

Husky

Husky

Crescent Point

NAL

Husky

Husky

Husky

HuskyFlagstone

Crescent Point

WestFire

Paririedale

Smiley Dewar

Whiteside

Flaxcombe

Kindersley

Verendrye

KerrobertPlenty

Dodsland

Fiske

Plato North

PlatoForgan

9 Novus

Horizontal

Wells Drilling 2 Novus

Horizontal

Wells Drilling

1 Novus

Horizontal

Well Drilling3 Novus

Horizontal

Wells Drilling

Dodsland Area Viking Oil Resource Play

• 560 potential net locations

• 750m Depth

• $975 k to Drill and Complete a

Horizontal well

• Estimated 71,000 boe

reserves/well

• Estimated 61 boe/day/well

production

Legend:

Viking producers Oil/Gas

Novus lands (105.25 Net Sections)

300 Drilled Viking Hz wells

175 Licensed Viking Hz wells

H1 -16 Novus Operated Viking Hz wells

Q4 – 15 Novus Viking well locations

Dodsland – The Size of the Prize

Majority of Opportunity Base is Undrilled and Unbooked

Novus Risked Drilling Locations 560

Wells Drilled to Date 42

Undrilled Inventory 92%

Novus Net Potential Risked Recoverable Oil

5% Recovery Factor 10% Recovery Factor 20% Recovery Factor

35 mmboe 70 mmboe 140 mmboe

Large Original Oil in Place Resource

Potential OOIP/Section (1) 10 mmboe

Novus Net Viking Sections 105.25

Novus Net Risked Sections 70

Potential Risked Novus OOIP 700 mmboe

(1) Internal estimate

14

Wapiti – Exciting Cardium Oil Developments

15

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R4W6R5R6R7R8R9R10R11R12

R4W6R5R6R7R8R9R10R11R12

File: Wapiti Cardium Basemap.MAP Datum: NAD27 Projection: Stereographic Center: N54.59586 W119.08315 Created in AccuMap™, a product of IHS

Wapiti Cardium A & B Pool

Production: 6.6 MM bbls Oil

22.1 Bcf Gas

Bilbo Cardium A Pool


1.6 Bcf Gas

Kakwa Cardium A Pool


353.7 Bcf Gas

Recent Cardium Horizontal

IP: 200 boe/d (85% oil)

3 month IP: 133 bbl/d

Vertical Cardium Type Log

15m Zone

9% Porosity cut-off

Cardium Potential

•11.6 net locations

•1,700m Depth

•$3.5 MM to Drill and Complete a Hz well

•Estimated 125,000 bbls reserves/well

•Estimated 150 bbl/day/well production

Legend:

Cardium Oil producers

Novus lands (13 Sections @ 73% WI)

6 Drilled Cardium Hz wells (2010)

Recent Cardium horizontal

IP: 215 boe/d

Recent Cardium horizontals

IP: 200 bbl/d

IP: 235 boe/d

Wapiti – Proven Dunvegan Liquids Rich Gas Potential

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R4W6R5R6R7R8R9R10

R4W6R5R6R7R8R9R10

File: Wapiti Dunvegan Base Map.MAP Datum: NAD27 Projection: Stereographic Center: N54.66528 W119.01448 Created in AccuMap™, a product of IHS

Nuvista Dunvegan Horizontal

Apr- June 2010 Avg.: 1.8 MMCF/Day

Estimated Liquids: 90 BBl/MMCF

Dunvegan Potential

•19 net locations

•2,500m Depth

•$4.5 MM to drill and complete a Hz well

•Estimated 3.0 bcf reserves/well

•Estimated 2.5 mmcf/day/well production

Nuvista Dunvegan

Horizontal

Licence date: July 12, 2010

Legend:

Dunvegan producers Gas

Novus lands (13 Sections @ 73% WI)

3 Offsetting Hz wells

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Time

1.0

E5

1.0

E6

1.0

E7

1.0

E8

1.0

E9

Cum Prd Gas (mcf)

110

100

1000

1.0

E4

Cal Dly Gas (mcf/d)

1.0

E-4

0.0

01

0.0

10.1

1

Cal Dly Oil (bbl/d)

1.0

E-4

0.0

01

0.0

10.1

1

Cum Prd Oil (bbl)

110

100

1000

1.0

E4

Cal Dly Wtr (bbl/d)

10

100

1000

1.0

E4

1.0

E5

Cum Prd Wtr (bbl)

110

100

1000

1.0

E4

Cal Dly Cnd (bbl/d)

1.0

E-4

0.0

01

0.0

10.1

1

Cum Prd Cnd (bbl)

0.1

110

100

1000

Prd Hours (Hours)

NOVUS ENERGYCurr Licensee: G2Orig Licensee: Gas,FlowStatus: DNVGProd Zone(s):

N/AUnit Code:952960Pool Code:

WAPITIField:August 1, 2006On Prod:

NOVUS 102 WAPITI 8-5-65-8

02/08-05-065-08W6/0 September 7, 2010

0Cum Oil/Cnd (bbl):260559Cum Gas (mcf):

160Cum Wtr (bbl):

Created in AccuMap (TM), a product of IHS Datum: NAD27 Licence Data to: August 13, 2010 / Production Data to: June 30, 2010

Novus Dunvegan Vertical

Production

Novus Dunvegan Type Well

17

Roncott – Major Bakken Oil Activity

• Original Bakken oil discovery

made in 1956

• Produced approximately

800,000 bbls of light gravity oil

• Land offsetting Novus’

properties was purchased for

$47.5 million ($1,915 per acre)

• Novus 50% WI in 7.3 Sections

with Crescent Point

Major Bakken Oil Pools

Legend:

Bakken wells

Novus lands

Recently drilled wells

Land Parcel sold

for $26.7MM

Land Parcel sold

for $20.8MM

Atikwa/Crescent Point

Vertical BakkenWell

2 Novus Wells Licenced Q2 2010

Bakken Potential

•12 potential net locations

•1,800 m Depth

•$1.6 MM to Drill and Complete a Hz well


•Estimated 50 boe/day/well production

•9 Cenovus Wells Licenced

•2 Vertical wells drilled 2009

•1 Vertical well drilled 2010

•2 Horizontal wells drilled 2010

18

Wembley – High Impact Oil

• Wembley Halfway Pool 2.5 mi north

• Novus 96% WI in 2.75 sections land

• 11-36 well placed on production Q4

2010 at 100% WI

Legend:

Halfway Wells > 100,000 bbls oil

Halfway Wells > 1 Bcf gas

Novus lands

Novus Well locations

4” Sour oil effluent line

Wembley Halfway B Unit No.1

• 14 wells, 5 injectors

• Cum Production to Date:

4.218 mmbbls Oil

13.896 bcf Gas

Wembley Development•4 potential net locations

•2,100 m Depth

•$1.3 MM to Drill and Complete a

directional well


•Estimated 125 boe/day/well production

19

Quantifying the Opportunity Base – Potential to Significantly Increase

Reserves and Production

• Novus has an inventory of approximately 600 horizontal drilling locations on its resource

plays. The majority of the inventory is focused on targeting light oil

Oil Drilling Inventory

Area Net Wells

Total

Capital

($mm)

Potential

Reserve

Additions

(mboe)

Potential

Production

Additions

(boe/d)

Risked

F&D

($/boe)

Risked

$ per

boe/d

Dodsland Viking (1) 560 $546.0 39,760 34,160 $13.73 $15,984

Wapiti Cardium (2) 11.6 $40.6 1,450 1,740 $28.00 $23,333

Roncott Bakken (3) 12 $19.2 600 600 $32.00 $32,000

Wembley Halfway(4) 4 $5.2 400 500 $13.00 $10,400

Total 587.6 $611.0 42,210 37,000 $14.48 $16,514

Liquids Rich Natural Gas Drilling Inventory

Area Net Wells

Total

Capital

($mm)

Potential

Reserve

Additions

(mboe)

Potential

Production

Additions

(boe/d)

Risked

F&D

($/boe)

Risked

$ per

boe/d

Wapiti Dunvegan (5) 19 $85.5 9,500 7,915 $9.00 $10,800

1) Assumes 8 wells per section. $0.975 mm drilling and completion cost per well. 71,000 boe of reserves and 61 boe/d of production per well



4) Assumes $1.3 mm drilling and completion cost per well. 100,000 boe of reserves and 125 boe/d of production per well

5) Assumes 2 wells per section. Assumes $4.5 mm drilling and completion cost per well. 3.0 bcf of reserves and 2.5 mmcf/d of production per well

20

Analyst Coverage

Recommendation

Target

Price Date

GMP Securities L.P. Buy $1.50 November 2, 2010

Cormark Securities Buy $1.50 November 2, 2010

Haywood Securities Inc. Out Perform $1.50 November 2, 2010

Clarus Securities Inc. Buy $1.50 November 3, 2010

Jacob Securities Buy $1.50 November 3, 2010

Desjardins Securities Buy $1.25 November 3, 2010

Raymond James Ltd. Out Perform $1.15 August 30, 2010

Mackie Research Capital Buy $1.15 November 3, 2010

Stifel Nicolaus Buy $1.10 October 6, 2010

CIBC World Markets Sector Performer $1.10 November 2, 2010

Jennings Capital Inc. Buy $1.05 October 19, 2010

21

Officers and Directors

Management Team Board of Directors

Hugh G. Ross, B.A.

President & CEO and Director

Michael H. Halvorson (2)(4)

President, Halcorp Capital Ltd.

Ketan Panchmatia, B.Mgt., C.M.A.

VP Finance & CFO

Harry L. Knutson (1)(3)

Chairman, Nova Bancorp Group (Canada) Ltd.

Greg Groten, B.Sc., P.Geoph.

VP Exploration

Al J. Kroontje (1)(4)

President, Kasten Energy Inc.

Julian Din, B.Comm., MBA

VP Business Development

A. Bruce Macdonald (2)

Chairman, Jayhawk Resources Ltd.

Jack Lane, P.Eng.

VP Operations

Larry C. Mah (1)(3)

President, Lawrence C. Mah Professional Corporation

(1) Member of the Audit Committee

(2) Member of the Reserves Committee

(3) Member of the Compensation and Human Resources Committee

(4) Member of the Corporate Governance Committee

22

Corporate Advisors

Evaluation Engineers Sproule Associates Limited

Bank National Bank of Canada

Auditor Collins Barrow Calgary LLP

Solicitor Blake, Cassels & Graydon LLP

Transfer Agent Olympia Trust Company

For further information:

Hugh G. Ross President and CEO (403) 218-8895

Ketan Panchmatia VP Finance and CFO (403) 218-8876

Julian Din VP Business Development (403) 218-8896

E-Mail: [email protected]

Web Site: www.novusenergy.ca

mailto:[email protected]

http://www.novusenergy.ca/

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