Zargon Oil & Gas Ltd. March 2014 Corporate Presentation
|
|
- Cornelius Sims
- 8 years ago
- Views:
Transcription
1 Zargon Oil & Gas Ltd. March 2014 Corporate Presentation
2 Advisory Forward-Looking Information Forward Looking Statements This presentation offers our assessment of Zargon's future plans and operations as at March 11, 2014, and contains forward looking statements. Such statements are generally identified by the use of words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "should", "plan", "intend", "believe" and similar expressions (including the negatives thereof). In particular, this presentation contains forward looking information as to Zargon s corporate strategy and business plans, Zargon s oil exploration project inventory and development plans, Zargon s dividend policy and the amount of future dividends, future commodity prices, Zargon s expectation for uses of funds from financing, Zargon s capital expenditure program and the allocation and the sources of funding thereof, Zargon s cash flow and dividend model and the assumptions contained therein and the results there from, anticipated payout rates, 2014 and beyond production and other guidance and the assumptions contained therein, estimated tax pools, Zargon s reserve estimates, Zargon s hedging policies, Zargon s drilling, development and exploitation plans and projects and the results there from and Zargon s ASP project plans 2014 and beyond, plans to sell unstrategic assets, the source of funding for our 2014 and beyond capital program including ASP, capital expenditures, costs and the results therefrom. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including such as those relating to results of operations and financial condition, general economic conditions, industry conditions, changes in regulatory and taxation regimes, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling and processing problems, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel. Risks are described in more detail in our Annual Information Form, which is available on our website. Forwardlooking statements are provided to allow investors to have a greater understanding of our business. You are cautioned that the assumptions, including, among other things, future oil and natural gas prices; future capital expenditure levels; future production levels; future exchange rates; the cost of developing and expanding our assets; our ability to obtain equipment in a timely manner to carry out development activities; our ability to market our oil and natural gas successfully to current and new customers; the impact of increasing competition; our ability to obtain financing on acceptable terms; and our ability to add production and reserves through our development and acquisition activities used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward looking information contained in this presentation is expressly qualified by this cautionary statement. Our policy for updating forward looking statements is that Zargon disclaims, except as required by law, any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Barrels of Oil Equivalent Natural gas is converted to a barrel of oil equivalent ( Boe ) using six thousand cubic feet of gas to one barrel of oil. In certain circumstances, natural gas liquid volumes have been converted to a thousand cubic feet equivalent ( Mcfe ) on the basis of one barrel of natural gas liquids to six thousand cubic feet of gas. Boes and Mcfes may be misleading, particularly if used in isolation. A conversion ratio of one barrel to six thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio on a 6:1 basis may be misleading as an indication of value. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. Estimated reserve values disclosed in this presentation do not represent fair market value. Discovered Petroleum Initially In Place ( DPIIP ) is 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. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year. 2
3 Zargon: Long life oil exploitation projects fund dividends and then deliver growth commencing in Conventional Waterflood Projects: Provide very low oil production declines, Provide substantial inventory of low risk oil exploitation wells to offset low decline, Support dividend through the rest of the decade. Little Bow ASP Enhanced Recovery Project: Provides oil production growth, then stabilized oil production well into the next decade, Scalable technology that can be used for subsequent Little Bow phases and ultimately other fields. Oil Exploitation Long lived Assets Dividend Paying 6,630 boe/d (Q guidance) 4,300 bbl/d stable oil exploitation base 75+ prospective oil exploitation locations 21.0 Mmbbl of 2P oil reserves (12.4 yr. rli) 68% of 2P oil reserves are developed producing reserves Low oil decline rates Payout ratio of 35% (2013 w/o DRIP) Yield of 9.1% (based on share price of $7.94) $343 million in dividends/distributions paid over history
4 Zargon Overview (As at March 7, 2014 unless otherwise stated) Capitalization Toronto Stock Exchange: Symbols: ZAR; ZAR.DB Common Shares Outstanding: million (basic) Market Capitalization: $239 million ($7.94 per share) (1) Net Debt at Dec. 31, 2013: $116 million Historical Returns Returns in dividends and distributions: $343 million ($17.30 per share) since inception Total Equity Investment since inception: $210 million Dividend & Yield Annualized Current Dividend: $0.72 per share Yield at current share price: 9.1% (1) 2013 Production Equivalent: 7,468 boe/d Oil: 4,870 bbl/d (65% of production) Gas: mmcf/d (1) Based on a monthly dividend rate of $0.06/share and using the March 7, 2014 closing share price of $
5 Financial Highlights Financially Strong $165.0 million bank line with approximately $40 million drawn at December 31, $57.5 million Convertible Debenture maturing in 2017, yielding 6% annually. Net debt at December 31, 2013 (including bank debt, debentures and working capital deficiency) is $116 million; leaving over $100 million of available credit Results Funds Flow from Operations, $1.95 per basic share. $58.48 million Dividends Paid, $0.72 per basic share ($0.06 per month). $20.35 million (after DRIP) Payout ratio of 35% based on 2013 funds flow; (37% before DRIP). Commencing September 2013, DRIP program was suspended Capital Program Conventional Spending, $41 million. Little Bow ASP Spending, $35 million (long term facility construction). Net Property Dispositions, $34 million. Net Capital Program, $42 million 5
6 Forecast Oil Production Trends 7,000 6,000 Oil Production (bbl/day) 5,000 4,000 3,000 2,000 1,000 0 Q History Q2 Q3 Q4 Q Base 14% decline Estimate Q2 Q3 Q4 Q ASP Phase 1 &2 increment Drilling Increment Base production and drilling increment are funded by annual $35 million conventional (non ASP) capital budget. Q2 Q3 Q4 Q Q2 Q3 Q4 Zargon estimates base oil production is declining at 14% per year. McDaniel proved and probable developed producing case estimates a 15% decline (2015 versus 2014). Drilling increment assumes an annual $35 million conventional budget (18 net oil wells in 2014). Historical data identifies the property sales that were used to fund the ASP project. 6
7 2014 Objectives Zargon s 2014 objectives are: Finish the commissioning of the Little Bow ASP project on budget, with first chemical injections occurring by the end of the 2014 first quarter. Deliver Little Bow Phase 1 ASP operational and production targets of an incremental 350 barrels of oil per day by year end (increasing to a 2015 average rate of 900 barrels of oil per day). Finalize the design of the Little Bow Phase 2 ASP project and advance the Little Bow Phase 3 and 4 ASP engineering studies. Deliver a consistent dividend of $0.06 per common share per month. Execute a continuing property divestiture program designed to high grade and concentrate the Company s asset portfolio on our core oil exploitation projects. Direct a high graded oil exploitation program focused on our five long life low decline oil exploitation properties (Williston Basin, Taber, Bellshill Lake, Little Bow non ASP and Hamilton Lake). Maintain a strong balance sheet. 7
8 8 Oil Exploitation Properties (Conventional Oil Exploitation Projects)
9 Conventional Oil Exploitation Projects Current Drilling Inventory Property Project Net Locations Comments Hamilton Lake Multi frac horizontals 25+ Will require waterflood re implementation, large upside Bellshill Lake Increase fluid withdrawal 10 Facility optimization; infills and step outs Bellshill Lake Killam Develop Glauconite pool 10 Implement waterflood concurrently with development Taber Expand & enhance waterflood 5 Expand waterflood Williston Basin Elswick, Midale, Weyburn, Ralph, Steelman, Mackobee 25+ Horizontal drainage wells in relatively tight reservoirs; pressure support required in some cases Total Available 75+ Large inventory of oil exploitation opportunities The 18 well 2014 conventional oil exploitation drilling budget includes 9 Williston Basin, 4 Taber and 5 Bellshill Lake oil wells. The existing oil exploitation well inventory will support stable oil production volumes for many years. 9
10 Long-Life, Low-Decline Oil Production Base 7,000 Zargon Corporate Decline Analysis Total Oil Production Rate Gross W.I. Oil Production Rate ( bbl/day ) 6,000 5,000 4,000 3,000 2,000 1, Additions 2011 Additions 2010 Additions 2009 Additions 2008 Additions Base Production Severe Breakup Spring Data to Dec 31, 2012 Production Wedge Base Dec 2012 Contribution 58% 4% 5% 9% 14% 11% Average 2013 Decline Rate 5.4% 20.7% 21.8% 14.4% 28.0% 37.5% 14.3% Vintage Zargon operated production plot highlights Zargon s low decline oil production decline of 14%. 10
11 Conventional Assets: Low Corporate Decline and High PDP Reserves Average Annual Decline Rate (%) Proved Producing Reserves (% of P+P) Zargon 11 Average 31% Source: Peters & Co. Limited, Intermediate & Junior Universe (February 10, 2014) Generally, reflects 2012 year end reserve data Average 36%
12 Existing Canadian Alkaline Surfactant Polymer ASP Projects 9 Canadian ASP Projects in operation 4 additional projects have regulatory approval Major operators: Husky, CNRL, Cenovus Significant implementation in Saskatchewan: favourable EOR royalty treatment Technology utilized in Asia since 1980 s Grande Prairie Mooney (Black Pearl) 2011 In Progress Scheme Approved Edmonton Strathmore Suffield (Terrex) (Cenovus) 2007 Calgary Little Bow (Zargon) Taber (Husky) 2008 Lethbridge Taber South (Husky) 2006 Alberta Sask. Coleville (Penn West) 2011 Battrum (Hyak Energy) Fosterton 2013 (Husky) 2012 Gull Lake (Husky) Bone Creek 2009 (Husky) Medicine Hat Instow Grand Forks (Talisman) (CNRL) 2007/11 12
13 ASP Enhanced Oil Recovery by Tertiary Methods Process: Dilute concentrations of chemicals (Alkali, Surfactant and Polymer) in water are injected into an existing oil pool to scrub out oil that waterflooding alone could not recover. Objective Wash out more oil from an existing reservoir. a) Water Injection: More than half of oil is trapped Rock b) Alkali / Surfactant Mobilizes trapped oil Rock Surfactants (Detergent): Mobilizes trapped oil Water Injection Trapped Oil Droplet Water Alkali & Surfactant Solution Mobilized Oil Droplet Alkali: Increases effectiveness of the surfactant Polymer (Thickener): Thickened water helps sweep oil from the reservoir Water Injector a) Water Injection b) Polymer Injection Producer Polymer Solution Injector Increased Contact Volume Producer 13
14 ASP Chemical Flooding Injection Sequence 1 ASP Injection A Blend of Alkali, Surfactant & Polymer mobilizes trapped oil 2 Polymer Push Polymer displaces mobilized oil to producing wells 3 Terminal Waterflood Completes the Displacement OIL BANK ASP POLYMER WATER Little Bow Phase 1 & 2 Injection Schedule Phase 1 ASP Polymer Waterflood Phase 2 ASP Polymer 14
15 Little Bow ASP Project Enhanced Oil Recovery EOR With Proven Technology EOR in a mature, southern Alberta Waterflood Little Bow ASP: Phase 1&2 Development Alberta 15-18W4 Project Capital: $61 Million (excludes chemical) $42 million incurred through Q (from 2012/01) Little Bow Little Bow Mannville P Pool $7 million remaining in 2014 to Phase 1 Startup $12 million in 2015 (Phase 2) Little Bow Mannville I Pool Zargon Land Zargon Wells Phase 1 Area Phase 2 Area Current Little Bow Oil: 400 bbl/d First ASP Injection: March 2014 Zargon Forecast Incremental Oil Rate: 2014 Exit: 350 bbl/d 2015 Avg: 900 bbl/d 2016 Avg: 1,550 bbl/d Zargon Forecast Incremental Oil Recovery: 5.2 Million Barrels (12% DOIIP) McDaniel Proved and Probable Incremental Oil Recovery: 4.5 Million Barrels (1.5 Million Barrels Proved) 15
16 Little Bow ASP Project Milestones ACCOMPLISHMENTS Essentially, have completed ASP project, meeting November 2012 cost estimates On track for March 2014 first injections (August 2013 updated schedule) 2014 Q1 ASP facility construction & battery upgrades complete Commissioning and Startup First ASP injections in March 2014 November 12, 2013 Photo Courtesy STRIKE Energy Services 16
17 Little Bow ASP Analog ASP Project: Husky Taber Mannville B Taber Mannville B ASP Project Most mature Canadian ASP Project; Husky Operated Same geological setting, oil quality, reservoir size and was at same state of depletion as Zargon s Little Bow Pool First ASP Injection: 2006 Incremental recovery is greater than 12% Oil Production (bbl/d) 10,000 1, First ASP Injection May, 2006 Oil Rate, bbl/d Sep-05 Oil Cut (%) Sep-07 Taber Production History Sep-08 Sep-10 Sep-12 Sep-11 Sep-09 Sep-06 8 % R.F.?? 10 % R.F. ERCB DPIIP = 43.1 mmbbl ASP Recovery Ult. Recovery * % mmbbl mmbbl * Ultimate Recovery where ASP flood returns to pre ASP levels 12 % R.F. 14 % R.F. 16 % R.F. 1000% 100% 10% Oil Cut (%) Little Bow Mannville I and P Pools (Zargon) Taber Mannville B Pool (Husky) 14.5 % R.F. (Husky Application) 8 % R.F. (Zargon PV10 Breakeven) 10 % R.F. 12 % R.F. (Zargon Base Case) 14 % R.F. 16 % R.F. 10 1% 15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000 24,000 25,000 Data to July-2013 Cumulative Oil Production (mbbl) 17
18 Little Bow ASP Development Optimization Study (Phases 1 & 2) Oil Recovery 1,276 cases run ASP Oil Recovery (mbbl) Zargon 2013 Optimized: 6,500 Zargon 2013 Economics: 5,200 McDaniel 2013 Year End: 4,500 ASP Oil Recovery Base Waterflood Recovery Reservoir simulation model used to optimize ASP flood design Multiple scenarios: ASP chemical formulation Drilling & workover locations Pattern design Optimized case with increased polymer bank predicts 6.5 million barrels incremental ASP oil recovery Using a conservative 5.2 million barrels for economics which equates to a 12% incremental recovery factor 18
19 Little Bow ASP Full Cycle Before Tax Economics Phases 1 & 2 (Discounted back to Jan. 2013) Phases 1&2 IRR (%) 19.4 PV 10 ($ millions) 38.1 F&D ($/bbl)* 26.2 Netback ($/bbl)* 52.4 Recycle Ratio* 2.0 Reserves (mbbl) 5,237 Capital ($ millions)** 61.0 Chemical ($ millions) 77.8 BOPD Base Waterflood Little Bow ASP: Phases 1&2 Production Base W.F. Phase 2 Phase 1 Phase % Recovery 5.2 mmbbl Phase $ 85/bbl Flat Edmonton Pricing * Chemical booked as Capital (Chemical booked as Opex: F&D =11.4 $/bbl, Netback = 37.6 $/bbl, Recycle Ratio = 3.3) ** Capital Incurred to December 31, 2013: $42 Million 19
20 Little Bow ASP Upside Potential Millions of Dollars Little Bow ASP Undiscounted Cash Flow (Net Zargon WI - Before Tax) Little Bow ASP Upside Phases 3&4 Development +2% DOIIP Recovery +10$/bbl Edmonton Price Sask EOR Royalty Little Bow ASP Phases 1&
21 2014 Capital Programs, Dividends and Cash Flows Program Funding Considerations 2014 Capital Budget (February 2014 Press Release) Conventional Capital Program ASP Phase 1 Capital to Complete ASP Phase 1 Chemical Costs Total Capital $35 million $ 7 million $ 9 million $51 million 2014 Funds Flow after Dividends (Two Examples for Illustration Purposes) Funds Flow Examples $50 million $65 million Cash Dividends (DRIP is suspended) ($22 million) ($22 million) Available from Funds Flow $28 million $43 million Capital Requirements exceeding Funds Flow $23 million $8 million 2014 Funding Shortfall provided by Property Sales and Additional Debt 2013 Year End Debt $116 million $116 million Property Sales (Proposed) $5 million $5 million Additional Debt $18 million $3 million Total Sales and Debt $23 million $8 million Calculated 2014 Year End Debt $134 million $119 million Calculated 2014 year end debt levels represent 60% or less of the available debenture and bank lines of $222.5 million. In , significant increases in Little Bow ASP cash flow will permit debt retirement. 21
22 Production Guidance (March 2014 Update) Oil and Liquids Guidance: Q ,150 barrels per day (5,113 bbl/d reported) Q ,800 barrels per day (4,930 bb/d reported) Q ,650 barrels per day (4,816 bbl/d reported) Q ,550 barrels per day (4,625 bbl/d reported) H ,300 barrels per day (incorporates Q property sales) 2014 Exit 4,650 barrels per day (incorporates 350 bbls/d of ASP production) Natural Gas Guidance: Q million cubic feet per day (15.2 mmcf/d reported) Q million cubic feet per day (14.8 mmcf/d reported) Q million cubic feet per day (16.5 mmcf/d reported) Q million cubic feet per day (15.9 mmcf/d reported) Q million cubic feet per day (incorporates Q property sales) 2014 Avg million cubic feet per day (dependant on magnitude and timing of property sales) 2014 Cost Assumptions: Operating average approximately $18.00 per boe (includes transportation and ASP costs) G&A average approximately $4.50 per boe 22
23 Net Asset Value Calculations at 2013 Year End NAV Calculation (Dec 31, 2013) Proved + Prob. McDaniel Est. (PVBT 10%) Undeveloped Land Deduct Est. Net Working Capital & Bank/Debenture Debt Net Asset Value Zargon Proved + Prob. Net Asset Value $ 469 million $ 17 million $ 116 million $ 370 million $12.29 per basic share Reserve Category PDP Total Proved P+PDP Proved & Prob. McDaniel PVBT 10% ($ million) Net Asset Value ($ million) Net Asset Value ($/basic share) (McDaniel January 1, 2014 price forecast and million basic Zargon shares as of December 31, 2013) 2013 Year End Reserves (Long life, low decline producing oil) 2P Equivalent Reserves: 27.7 million boe (RLI: 10.4 years) Oil Reserves: P+P 21.0 million bbl (RLI: 12.4 years) P+P Developed Producing 14.2 million bbl (RLI: 8.4 years) Proved Developed Producing 10.6 million bbl (RLI: 6.2 years) 23
24 Net Asset Value Breakdown: McDaniel Proved and Probable Reserves (2013 Yr. End) Core Conventional Properties Williston Basin Taber South Bellshill (incl. Killam) Little Bow Conventional Hamilton Lake Q4/13 Oil Prod. (bbl/d) 1, Q4/13 Gas Prod. (mmcf/d) McD. Oil Res. (mmbbl) FDC Capital ($million) Subtotal Core 4, $ 30 $ 362 Core conventional property value of $362 million less December 31/13 net debt of $116 million leaves $246 million or $8.17 per Zargon share McD. Gas Res. (bcf) $ 8 $ 3 $ 10 $ 1 $ 8 PV10 Asset Value ($million) $ 171 $ 66 $ 62 $ 48 $ 15 Other Assets Q4/13 Oil Prod. (bbl/d) Q4/13 Gas Prod. (mmcf/d) McD. Oil Res. (mmbbl) McD. Gas Res.(bcf) FDC Capital ($million) PV10 Asset Value ($million) Other Oil & Gas $ 8 $ 41 Undeveloped Land From Seaton Jordan Report (230 thousand net acres) $ 17 Impact of Sales & Prior Period Adj s. in Q n/a n/a n/a n/a Subtotal Other $ 8 $ 58 Incremental ASP Assets Q4/13 Oil Prod. (bbl/d) Q4/13 Gas Prod. (mmcf/d) McD. Oil Res. (mmbbl) McD. Gas Res.(bcf) FDC Capital ($million) PV 10 Asset Value ($million) Subtotal ASP nil nil $ 83 $ 66 Grand Total 4, $ 121 $ Little Bow ASP and other assets add $124 million of value, or $4.12/share; resulting in a total net asset value of $12.29 per share (30.09 million shares).
25 Key Takeaways at Current Share Price (March 7, 2014) Zargon is committed to the current $0.06 per share monthly dividend. Current 9.1% dividend yield is protected by oil hedges, low payout ratios and a strong balance sheet. During the 2013 ASP heavy spend period, Zargon bridged the spending gap between cash flows and capital expenditures by property sales; for 2014 the ASP construction capital is mostly completed and in 2015 the Little Bow ASP project provides significant free cash flow. The Little Bow ASP project provides significant oil production per share growth for the period. Little Bow phase 1 2 production rates are forecast to peak in Phases 1 4 peak rates are in ASP project success could lead to significant follow on projects at Little Bow and other Southern Alberta properties. Zargon shares represent good value at the current share price of $7.94 per share. Investors buy Zargon at a discount to the proved and probable net asset value for Zargon s core conventional assets that require only minimal future development costs to realize cash flows. The Little Bow ASP project value and all other non core assets come for free. 25
26 Appendices
27 Little Bow ASP Full Cycle Economics Phases 1 & 2 Price Sensitivity: Before Tax IRR Little Bow ASP Phases I & 2 Sask. Type EOR Royalty IRR vs. Price (Before Tax) IRR (%) Base Price 5 0 $65.00 $75.00 $85.00 $95.00 $ $ Edmonton Light ($/bbl) Little Bow Field Realization = Edmonton Light less $18/bbl 27
28 Little Bow ASP Development Expansion: Phases 1-4 ZAR W.I. (%) W.I. DOIIP * (mmbbl) Phases 1 & 2 LB I Pool LB P Pool Followup U&W Unit MM Unit C8C / X8X 81 7 Total 72 * ERCB DOIIP Data Little Bow Phase 1-4 Injection Schedule Phase 1 ASP Polymer Waterflood Phase 2 ASP Polymer Waterflood Phase 3 ASP Polymer Waterflood Phase 4 ASP Polymer 28
29 Little Bow ASP Full Cycle Before Tax Economics Phases 1-4 (Discounted back to Jan. 2013) Little Bow ASP: Project Economics Phases 1&2 Phases 1 4 IRR (%) PV 10 ($ millions) F&D ($/bbl)* Netback ($/bbl)* Recycle Ratio* BOPD ASP Development Forecast - Phases 1-4 Base W.F. Phase 1 Phase 2 Phase 3 Phase 4 Zargon W.I. Production Phases 1&2 12% Recovery Phases 3&4 11% Recovery Reserves (mbbl) 5,237 8, * Injectant booked as Capital EDM Flat 85 Pricing Zargon Net W.I Working Interest Capital and Chemical Costs ($ Millions) Phases 1&2 Phases 3&4 Capital ** Chemical ** Capital Incurred to December 31, 2013: $42 Million 29
30 Williston Basin Production Trends & Orientation Map Ongoing Activities Exploit long life low decline pools with horizontal wells and waterflood enhancements. Saskatchewan Manitoba 2014 Activities Drill 9 additional horizontal wells. Upgrade 2 central batteries (Weyburn and Mackobee Coulee). Modify and enhance exisiting waterflood projects (Steelman and Ralph). Ralph Weyburn Frys Steelman Producing Oil Rate (bbl/day) 3,500 3,000 2,500 2,000 1,500 1, Additions 2012 Additions 2011 Additions 2010 Additions 2009 Additions 2008 Additions Base Wells Core Property Group Williston Basin Gross W.I. Basis Elswick Estevan Workman North Dakota Mackobee Coulee Truro Haas 30
31 Taber South Sunburst Hz Oil Development & Waterflood Producing Oil Rate (bbl/day) 1,200 1, Additions 2011 Additions 2010 Additions 2009 Additions 2008 Additions Base Wells Core Property Group Taber Area Gross W.I. Basis Ongoing Activities Exploit long life pool with horizontal wells and waterflood Activities Drill 3 additional horizontal wells. Convert 2 additional wells to water injection. Increase water handling capacity at battery. 31
32 Greater Bellshill Lake Area Production Trends & Orientation Map Bellshill Lake 1,000 Core Property Group Bellshill Lake Group 2013 Q4 Drilling Program Producing Oil Rate (bbl/day) Additions 2011 Additions 2010 Additions 2009 Additions 2008 Additions Base Wells Pilot Waterflood Commenced 2013 Q Bellshill Killam 32 Ongoing Activities Expanded Bellshill Lake fluid handling capacity has providing 2013 and 2014 pumping upgrade opportunities. Bellshill Killam pilot waterflood commenced operations in Q Activities 4 vertical and 1 horizontal wells budgeted at Bellshill Lake.
33 Hamilton Lake Viking Oil Unit Horizontal Drilling Large oil resource opportunity Ongoing Activities 3 Wells drilled in Q4/2012 Waterflood was prematurely suspended in the 1980 s (160 mm bbl DOIIP, 31 API crude). Initially drilled 5 multi frac horizontal wells in 2011 and H with encouraging results. Q program was not successful. Technical review underway to unlock potential; will return to the project in Producing Oil Rate (bbl/day) Additions 2012 Additions 2011 Additions 2010 Additions 2009 Additions 2008 Additions Base Wells Core Property Group Hamilton Lake Gross W.I. Basis Zargon HZ Wells Q4/2012 Horizontal MultiFrac Test Wells
34 Property Disposition Program 2013 Objective: Sell a minimum of $20 million of non strategic properties: Completed property sales: $3.5 million in Q1 for Karr, Alberta undeveloped land (1,100 acres undeveloped land and 0.04 mmcf/d). $11.6 million in Q2 for Workman & Elswick, Saskatchewan (131 bbl/d). $1.4 million in Q3 for Harmattan (and other), Alberta (14 bbl/d). $7.5 million ($6.7 million cash) in Q4 for Twining, Provost and Wayne, Alberta properties (120 bbl/d and 0.18 mmcf/d). $12.0 million in Q4 for Grand Forks and Peace River properties (240 bbl/d and 0.50 mmcf/d). In 2013, Zargon completed the sale of $35 million of properties that had been producing 506 bbl/d and 0.72 mmcf/d Objective: Sell a minimum of $5 million of non strategic properties: Additional properties ( other assets ) may be marketed and/or sold in excess of the $5 million target, provided that the sales improve our organizational focus and reduce our operational footprint. 34
35 Hedging Strategy and Current Hedges Zargon uses hedges to help fund dividends and capital programs during periods of lower commodity prices. Our policies allow for the forward sale of: up to a 70 percent maximum of estimated oil production volumes for the next 12 months. Then 60 percent for the following 12 months and 50 percent for the final 6 month period. not to exceed a 30 month period. Current Forward Oil Sales: Q1 2014: 3,000 bbl/d at $93.22 US/bbl (WTI) Q2 2014: 3,000 bbl/d at $92.61 US/bbl (WTI) Q3 2014: 2,200 bbl/d at $90.51 US/bbl (WTI) and 400 bbl/d at $99.60 Cdn/bbl (WTI) Q4 2014: 2,200 bbl/d at $90.51 US/bbl (WTI) and 400 bbl/d at $99.60 Cdn/bbl (WTI) Q1 2015: 400 bbl/d at $91.73 US/bbl (WTI) Current Forward Natural Gas Sales: Q1 2014: 6,000 gj/d at $3.33/gj (AECO) Q2 2014: 9,000 gj/d at $3.69/gj (AECO) Q3 2014: 9,000 gj/d at $3.69/gj (AECO) Q4 2014: 7,000 gj/d at $4.01/gj (AECO) Q1 2015: 6,000 gj/d at $4.25/gj (AECO) 35
36 Zargon Oil & Gas Ltd. March 2014 Corporate Presentation
RAGING RIVER EXPLORATION INC. ANNOUNCES 2015 YEAR END RESERVES AND UPDATED 2016 GUIDANCE
February 3, 2016 RAGING RIVER EXPLORATION INC. ANNOUNCES 2015 YEAR END RESERVES AND UPDATED 2016 GUIDANCE CALGARY, ALBERTA (February 3, 2016) Raging River Exploration Inc. ("Raging River" or the "Company")
More informationBONTERRA ENERGY CORP.
BONTERRA ENERGY CORP. JULY 2014 YIELD GROWTH SUSTAINABILITY FORWARD LOOKING INFORMATION Certain statements contained in this Presentation include statements which contain words such as anticipate, could,
More informationNOVEMBER 2015 UPDATE
NOVEMBER 2015 UPDATE 1 Started Sept 2010, fourth Storm since Nov 1998 history of per share growth in prod n & asset value 119.3 MM shares + 6.0 MM options, TSX-V symbol SRX management, Board ownership
More informationNEWS RELEASE CHINOOK ENERGY INC. ANNOUNCES ITS DECEMBER 31, 2015 RESERVES AND PROVIDES OPERATIONS UPDATE
NEWS RELEASE CHINOOK ENERGY INC. ANNOUNCES ITS DECEMBER 31, 2015 RESERVES AND PROVIDES OPERATIONS UPDATE CALGARY, ALBERTA February 8, 2016 Chinook Energy Inc. ("Chinook" or the "Company") (TSX: CKE) today
More informationTrilogy completed the sale of its Dunvegan oil assets in the Kaybob area for net proceeds of $45 million.
Calgary, Alberta November 5, 2015 News Release: Trilogy Energy Corp. Announces Financial and Operating Results for the Three and Nine Months-Ended September 30, 2015 and Provides Revised Guidance Trilogy
More informationFinancial strategy supports business plan
Financial strategy supports business plan Ivor Ruste Executive Vice-President & Chief Financial Officer Investor Day Calgary December 7, 2011 Financial strategy supports business plan Support long-term
More informationCorporate Presentation January 2016
Corporate Presentation January 2016 CAUTIONARY STATEMENTS Certain information regarding the Company contained in this presentation, including our liquidity position, our business strategies, plans and
More informationPRESS RELEASE. November 12, 2013
PRESS RELEASE November 12, 2013 TORC OIL & GAS LTD. ANNOUNCES THIRD QUARTER 2013 FINANCIAL & OPERATIONAL RESULTS, SUCCESSFUL TRANSITION TO SUSTAINABLE DIVIDEND PLUS GROWTH COMPANY AND INCREASE TO 2013
More informationCRESCENT POINT ENERGY ANNOUNCES $1.45 BILLION CAPITAL EXPENDITURES BUDGET FOR 2015
PRESS RELEASE CRESCENT POINT ENERGY ANNOUNCES $1.45 BILLION CAPITAL EXPENDITURES BUDGET FOR 2015 January 6, 2015 CALGARY, ALBERTA. Crescent Point Energy Corp. ( Crescent Point or the Company ) (TSX and
More informationCorporate Presentation October 2015
Corporate Presentation October 2015 CAUTIONARY STATEMENTS Certain information regarding the Company contained in this presentation, including our liquidity position, our business strategies, plans and
More informationSPARTAN ENERGY CORP. ANNOUNCES TWO CONSOLIDATING SOUTHEAST SASKATCHEWAN LIGHT OIL ACQUISITIONS AND BANK LINE REDETERMINATION
Suite 500, 850 2 nd Street SW Calgary, AB T2P 0R8 Canada Ph.: (403) 355-8920 Fax: (403) 355-2779 SPARTAN ENERGY CORP. ANNOUNCES TWO CONSOLIDATING SOUTHEAST SASKATCHEWAN LIGHT OIL ACQUISITIONS AND BANK
More informationRMP Energy Provides First Half 2016 Capital Budget and Highlights New Strategic Acreage Positions
NEWS RELEASE December 17, 2015 RMP Energy Provides First Half 2016 Capital Budget and Highlights New Strategic Acreage Positions Calgary, Alberta RMP Energy Inc. ( RMP or the Company ) (TSX: RMP) is pleased
More informationRMP Energy Reports Third Quarter Financial Results
NEWS RELEASE November 12, 2015 RMP Energy Reports Third Quarter Financial Results Calgary, Alberta RMP Energy Inc. ( RMP or the Company ) (TSX: RMP) is pleased to report for the three months ended September
More informationEPAC: Oil and Gas Investor Showcase. June 10, 2015
EPAC: Oil and Gas Investor Showcase June 10, 2015 Forward Looking Statement Advisories Certain information contained in this presentation constitutes forward-looking information within the meaning of applicable
More informationBLACKPEARL RESOURCES INC. 700, 444 7th Avenue SW, Calgary, AB T2P 0X8 Ph. (403) 215-8313 Fax (403) 265-8324 www.blackpearlresources.
BLACKPEARL RESOURCES INC. 700, 444 7th Avenue SW, Calgary, AB T2P 0X8 Ph. (403) 215-8313 Fax (403) 265-8324 www.blackpearlresources.ca NEWS RELEASE August 5, 2014 BLACKPEARL ANNOUNCES SECOND QUARTER 2014
More informationTOUCHSTONE ANNOUNCES 2015 THIRD QUARTER RESULTS AND ELIMINATION OF NET DEBT; UPDATES TRINIDAD ACQUISITION
TOUCHSTONE ANNOUNCES 2015 THIRD QUARTER RESULTS AND ELIMINATION OF NET DEBT; UPDATES TRINIDAD ACQUISITION Calgary, Alberta November 13, 2015 Touchstone Exploration Inc. ( Touchstone or the Company ) (TSX:
More informationMANAGEMENT S DISCUSSION AND ANALYSIS
MANAGEMENT S DISCUSSION AND ANALYSIS Management s discussion and analysis ( MD&A ) of financial conditions and results of operations should be read in conjunction with NuVista Energy Ltd. s ( NuVista or
More informationFOR IMMEDIATE RELEASE TSXV: SOG OPERATIONS UPDATE. last. $90 million, by. drilled five. the Company. up the casing. well 14 35. resource.
NEWS RELEASE TSXV: SOG February 11, 2016 STRATEGIC OIL & GAS LTD. FOR IMMEDIATE RELEASE PROVIDES OPERATIONS UPDATE, YEAR END RESERVES AND FINANCING ARRANGEMENT Calgary, Alberta Strategic Oil & Gas Ltd.
More informationCreating a Sustainable Business
Creating a Sustainable Business January 2016 T V E : T S X www.tamarackvalley.ca 1 Forward Looking Information Certain information included in this presentation constitutes forward-looking information
More informationTamarack Valley Energy Ltd. Announces Strategic Acquisitions, $72 Million Bought Deal Financing and Increased 2016 Guidance
TSX: TVE NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES Tamarack Valley Energy Ltd. Announces Strategic Acquisitions, $72 Million Bought Deal Financing and Increased 2016
More informationSPARTAN ENERGY CORP. ANNOUNCES THIRD QUARTER FINANCIAL AND OPERATING RESULTS
Suite 500, 850 2 nd Street SW Calgary, AB T2P 0R8 Canada Ph.: (403) 355-8920 Fax: (403) 355-2779 SPARTAN ENERGY CORP. ANNOUNCES THIRD QUARTER FINANCIAL AND OPERATING RESULTS CALGARY, ALBERTA (November
More informationBengal Energy Fourth Quarter and Fiscal 2016 Year End Results
June 17, 2016 Bengal Energy Fourth Quarter and Fiscal 2016 Year End Results Calgary, Alberta Bengal Energy Ltd. (TSX: BNG) ( Bengal or the Company ) today announces its financial and operating results
More informationGran Tierra Energy Inc. Announces 2015 Year-End Reserves and Combined Pro Forma Reserves and Resources
Gran Tierra Energy Inc. Announces 2015 Year-End Reserves and Combined Pro Forma Reserves and Resources CALGARY, Alberta January 21, 2016 Gran Tierra Energy Inc. ( Gran Tierra or the "Company") (NYSE MKT:
More informationCENTURY ENERGY LTD. (the "Company") FORM 51-101F1 STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION
CENTURY ENERGY LTD. (the "Company") FORM 51-101F1 STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION 2 ABBREVIATIONS AND CONVERSIONS In this document, the abbreviations set forth below have the
More informationFOR GROWTH A SPRINGBOARD. 2010 Annual Report
FOR GROWTH A SPRINGBOARD 2010 Annual Report CONTENTS 1 2010 Highlights 2 President s Letter 4 A Conversation with Management 6 Operations Review 16 Oil and Gas Reserves and Resources 23 Management s Discussion
More informationQ1 FOR THE PERIOD ENDED MARCH 31, 2006
Q1 FOR THE PERIOD ENDED MARCH 31, 2006 I N T E R I M R E P O R T HIGHLIGHTS For the Three Months Ended March 31 December 31 March 31 2006 2005 2005 Financial ($000, except $ per unit) Revenue oil and
More informationFor the Three and Six months ended June 30, 2012
Q2 2012 For the Three and Six months ended June 30, 2012 Highlights Twin Butte Energy Ltd. ( Twin Butte or the Company ) (TSX: TBE) is pleased to announce its financial and operational results for the
More informationBUILT TO LAST NOVEMBER 2015
BUILT TO LAST NOVEMBER 2015 Built to Last Low Debt Low Decline Strong Capital Efficiencies 2 Cardinal Energy Profile Shares Outstanding (1) : TSX: CJ Basic 64,961,946 Fully Diluted 67,476,387 Annual Dividend
More informationDeeThree Exploration Ltd. Announces Corporate Reorganization to Create Two Oil-Focused Companies
Page 1 of 6 04/07/2015 17:00 EST DeeThree Exploration Ltd. Announces Corporate Reorganization to Create Two Oil-Focused Companies CALGARY, ALBERTA--(Marketwired - April 7, 2015) - DeeThree Exploration
More informationNOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.
PRESS RELEASE CRESCENT POINT ANNOUNCES STRATEGIC SOUTHEAST SASKATCHEWAN CONSOLIDATION ACQUISITION OF LEGACY OIL + GAS INC., UPWARDLY REVISED 2015 GUIDANCE AND A CDN$600 MILLION BOUGHT DEAL FINANCING May
More informationStrong Foundation. b BONTERRA ENERGY CORP. 2014 ANNUAL REPORT
Strong Foundation b BONTERRA ENERGY CORP. ANNUAL REPORT Strong Foundation Bonterra Energy Corp. is a high-yield, dividend paying oil and gas company headquartered in Calgary, Alberta, Canada with a proven
More informationCONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED)
CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED) STATEMENTS OF FINANCIAL POSITION (Unaudited; in thousands of Canadian dollars) ($000s) Note September
More informationMANAGEMENT S DISCUSSION AND ANALYSIS
MANAGEMENT S DISCUSSION AND ANALYSIS The following is management s discussion and analysis ( MD&A ) of Perpetual Energy Inc. s ( Perpetual, the Company or the Corporation ) operating and financial results
More informationTD Calgary Energy Conference Stampede 2012
2011 2003 2010 1998 2003 www.peyto.com TD Calgary Energy Conference Stampede 2012 July 2012 Advisory Regarding Forward-Looking Statements This presentation contains forward-looking statements and forward-looking
More informationBAYTEX REPORTS Q3 2015 RESULTS
BAYTEX REPORTS Q3 RESULTS CALGARY, ALBERTA (November 6, ) - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports its operating and financial results for the three and nine months ended (all amounts are
More informationCANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2014 FOURTH QUARTER AND YEAR END RESULTS CALGARY, ALBERTA MARCH 5, 2015 FOR IMMEDIATE RELEASE
CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS CALGARY, ALBERTA MARCH 5, 2015 FOR IMMEDIATE RELEASE Commenting on fourth quarter and year end results, Steve Laut, President
More informationfirst quarter report for the three months ended March 31, 2004
2004 first quarter report for the three months ended March 31, 2004 Selected Financial and Operating Results For the three months ended March 31, 2004 2003 Average Daily Production Natural gas (Mcf/day)
More informationARC Resources Ltd. A CLEAR Line of Sight FIRST QUARTER
ARC Resources Ltd. A CLEAR Line of Sight FIRST QUARTER 2013 FINANCIAL & OPERATING HIGHLIGHTS Three Months Ended March 31 2013 2012 FINANCIAL (Cdn$ millions, except per share and per boe amounts) Funds
More informationSECOND QUARTER HIGHLIGHTS
Crew Energy Inc. (TSX: CR) of Calgary, Alberta ( Crew or the Company ) is pleased to provide our operating and financial results for the three and six month periods. SECOND QUARTER HIGHLIGHTS Production
More informationSPYGLASS RESOURCES CORP. ANNOUNCES 2015 FIRST QUARTER RESULTS
SPYGLASS RESOURCES CORP. ANNOUNCES 2015 FIRST QUARTER RESULTS All values are in Canadian dollars unless otherwise indicated. Conversion of natural gas volumes to barrels of oil equivalent (boe) are at
More informationKELT INCREASES PLANNED 2015 CAPITAL EXPENDITURES IN BRITISH COLUMBIA, PROVIDES OPERATIONS UPDATE AND ANNOUNCES $78.8 MILLION EQUITY FINANCINGS
PRESS RELEASE (Stock Symbol KEL TSX) June 15, 2015 Calgary, Alberta KELT INCREASES PLANNED 2015 CAPITAL EXPENDITURES IN BRITISH COLUMBIA, PROVIDES OPERATIONS UPDATE AND ANNOUNCES $78.8 MILLION EQUITY FINANCINGS
More informationTD Securities Calgary Energy Conference July 2014
TD Securities Calgary Energy Conference July 2014 Forward-Looking Statements Certain statements, estimates and financial information contained in this presentation ("Estimates") constitute forwardlooking
More informationAnnual General Meeting May 5, 2016
Annual General Meeting May 5, 2016 Advisory FORWARD-LOOKING STATEMENTS: This presentation contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking
More informationDecember 2015. Investor Presentation
December 2015 Investor Presentation COS Overview Pure-play exposure to a scarce, irreplaceable oil sands mining asset in a low-risk, geopolitically stable country High quality leases border every oil sands
More informationPEYTO. Exploration & Development Corp. Interim Report for the three months ended March 31, 2016
PEYTO Exploration & Development Corp. 1 Interim Report for the three months ended March 31, 2016 HIGHLIGHTS 3 Months Ended March % 31 2016 2015 Change Operations Production Natural gas (mcf/d) 567,230
More informationEfficient. Sustainable. Disciplined. BONTERRA ENERGY CORP. 2015 ANNUAL REPORT
Efficient. Sustainable. Disciplined. BONTERRA ENERGY CORP. ANNUAL REPORT 1 BONTERRA ANNUAL REPORT Efficient. Sustainable. Disciplined. BONTERRA ENERGY CORP. IS A DIVIDEND-PAYING, CONVENTIONAL OIL AND GAS
More informationPROFITABLE GROWTH IN THE CURRENT PRICE ENVIRONMENT
+ LOW DECLINE ASSETS STRONG+ CASH NETBACKS = CAPITAL EFFICIENCY FOCUS RELIABLE & SUSTAINABLE RETURNS July 2016 PROFITABLE GROWTH IN THE CURRENT PRICE ENVIRONMENT Whitecap Profile TSX: WCP Shares outstanding
More informationThird quarter 2015 results October 29, 2015 Conference call notes
Third quarter 2015 results October 29, 2015 Conference call notes Kam Sandhar Director, Investor Relations Thank you operator and welcome everyone to our third quarter 2015 results conference call. I would
More informationOCCIDENTAL PETROLEUM CORPORATION. Third Quarter 2015 Earnings Conference Call October 28, 2015
OCCIDENTAL PETROLEUM CORPORATION Third Quarter 2015 Earnings Conference Call October 28, 2015 Cautionary Statements Forward-Looking Statements Portions of this presentation contain forward-looking statements
More informationEnCana and Cenovus Oil & Gas Conversion
Creating Two Highly Focused Energy Companies Calgary, Alberta September, 2009 Future Oriented Information In the interest of providing EnCana Corporation ( EnCana or the Company ) shareholders and potential
More informationLow Risk Glacier Montney Development, Strong Balance Sheet & Hedging Program Supports Profitable & Sustainable Growth
Low Risk Glacier Montney Development, Strong Balance Sheet & Hedging Program Supports Profitable & Sustainable Growth Investor Presentation TSX / NYSE: AAV October 2015 ADVANTAGE AT A GLANCE TSX, NYSE:
More informationManagement s Discussion and Analysis
PrairieSky Royalty Ltd. Management s Discussion and Analysis For the three months ended PrairieSky Royalty Ltd. Management s Discussion and Analysis This Management s Discussion and Analysis ( MD&A ) for
More informationPENGROWTH ENERGY CORPORATION. Third Quarter 2011 Results
PENGROWTH ENERGY CORPORATION Third Quarter 2011 Results SUMMARY OF FINANCIAL & OPERATING RESULTS (monetary amounts in thousands, except Three Months ended Nine Months ended per share amounts or as otherwise
More informationenergy ltd February 2016 TSX: CQE
cequence energy ltd February 2016 TSX: CQE Forward-Looking Information and Definitions Summary of Forward-Looking Statements or Information Certain information included in this presentation constitutes
More informationCorporate Presentation
Corporate Presentation January 2016 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President, Finance & Chief Financial Officer www.keltexploration.com Advisory Regarding Forward-Looking
More informationBuilding A Premier Oil Company. Great Assets Grow Shareholder Value Corporate Presentation presented at The Oil & Gas Conference, Denver August 2015
Building A Premier Oil Company Great Assets Grow Shareholder Value Corporate Presentation presented at The Oil & Gas Conference, Denver August 2015 Advisory This presentation should be read in conjunction
More informationStaying the Course Investor Presentation June 2016
Staying the Course Investor Presentation June 2016 Disclaimer This presentation is not, and under no circumstances is to be construed to be a prospectus, offering memorandum, advertisement or public offering
More informationCanacol Energy Ltd. Reports Record Adjusted Funds from Operations of US $37 Million in Fiscal Q1 2015
Canacol Energy Ltd. Reports Record Adjusted Funds from Operations of US $37 Million in Fiscal Q1 2015 CALGARY, ALBERTA (November 12, 2014) Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE;
More informationVAALCO ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS
VAALCO ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS HOUSTON MAY 7, 2015 VAALCO Energy, Inc. (NYSE: EGY) today reported results for the first quarter of 2015. First Quarter 2015 highlights: Successfully
More informationSWIFT ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS
17001 NORTHCHASE DR., SUITE 100, HOUSTON, TEXAS 77060 SWIFT ENERGY COMPANY COMPANY CONTACT: Doug Atkinson Manager Investor Relations (281) 874-2700, (800) 777-2412 FOR IMMEDIATE RELEASE SWIFT ENERGY ANNOUNCES
More informationLong-term Value Focus
Long-term Value Focus Q3-2015 Report TSX-V: PNE WWW.PINECLIFFENERGY.COM MESSAGE TO SHAREHOLDERS The industry backdrop in the third quarter of 2015 has continued to be negative, but as a company with a
More informationCENTURY ENERGY LTD. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED AUGUST 31, 2014
CENTURY ENERGY LTD. FORM 51-102F1 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED AUGUST 31, 2014 The following management s discussion and analysis ( MD&A ), prepared as of December 11, 2014, should
More informationVERMILION ENERGY INC. ANNUAL REPORT
VERMILION ENERGY INC. ANNUAL REPORT For the Year Ended December 31, 2010 TABLE OF CONTENTS President s Message to Shareholders... 4 Management s Discussion and Analysis... 7 Management s Report to Shareholders...
More informationHighlights: By The Numbers
Q2 Second quarter 2014 interim report For the Three and Six Months Ended June 30, 2014 Highlights: By The Numbers Three Months Ended June 30, Six Months Ended June 30, 2014 2013 Change 2014 2013 Change
More informationCanadian Oil Sands' Second Quarter Results Reflect Continued Progress on Syncrude's Cost Reduction Efforts
July 30, 2015 TSX: COS Canadian Oil Sands' Second Quarter Results Reflect Continued Progress on Syncrude's Cost Reduction Efforts All financial figures are unaudited, have been prepared in accordance with
More informationCanadian Oil Sands Valuable. For the Long Term. Investor Presentation January 2016
Canadian Oil Sands Valuable. For the Long Term. Investor Presentation January 2016 Reasons to Reject Suncor s Hostile Bid Significantly Undervalued: - Fails to recognize a new era of lower cost production
More informationQ1 2016 Results Conference Call
ENCANA CORPORATION Q1 216 Results Conference Call May 3, 216 DELIVERING INDUSTRY LEADING PERFORMANCE AND LOWER COSTS Significant progress on achieving 216 cost savings target of $55 million year-over-year
More informationCorporate Presentation
Corporate Presentation October 2015 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President, Finance & Chief Financial Officer www.keltexploration.com Advisory Regarding Forward-Looking
More informationManagement s Discussion & Analysis Period Ended March 31, 2004 as compared to March 31, 2003
SUITE 700, 505 THIRD STREET S.W., CALGARY, ALBERTA T2P 3E6 FACSIMILE (403)264-7189 TELEPHONE (403)693-1700 Management s Discussion & Analysis March 31, 2004 as compared to March 31, 2003 This Management
More information2010 financial REVIEW
2010 financial REVIEW Resource Focus Opportunity Sustainability www.crewenergy.com Corporate Profile Crew Energy Inc. ( Crew ) or ( the Company ) is a growth-oriented oil and natural gas producer. Crew
More informationPress Release November 12, 2015
Press Release November 12, 2015 VALEURA ANNOUNCES THIRD QUARTER 2015 FINANCIAL AND OPERATING RESULTS AND COMMENCEMENT OF DRILLING ON THE FIRST BANARLI EXPLORATION WELL Valeura Energy Inc. ("Valeura" or
More informationCorporate Presentation
Montney Focused Growth TSX: CKE Corporate Presentation January 2016 READER ADVISORY Barrels of Oil Equivalent Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 Mcf (thousand
More informationPETROMINERALES ANNOUNCES ANOTHER RECORD QUARTER, PRODUCTION INCREASES AND NEW CORCEL DISCOVERY
NEWS RELEASE PETROMINERALES ANNOUNCES ANOTHER RECORD QUARTER, PRODUCTION INCREASES AND NEW CORCEL DISCOVERY Bogotá, Colombia November 6, 2008 Petrominerales Ltd. ( Petrominerales or the Company ) (TSX:
More informationNorth Dakota's Best-Selling Oil and Natural Gas Strategy for 2013
Investor Update The Game Plan April 2013 Forward Looking Information Advisory FORWARD-LOOKING INFORMATION AND STATEMENTS This presentation contains certain forward-looking information and statements ("forward-looking
More informationBusiness Law Bulletin
October 2015 Business Law Bulletin A Crude Wake Up Call: What the Price of Oil Means for Reserve-Based Lending Introduction Since 2014, energy prices have precipitously declined by nearly 60% and are expected
More informationCanadian Oil Sands Reports Over $1 Billion of Cost Savings Achieved at Syncrude Year to Date
October 29, 2015 TSX: COS Canadian Oil Sands Reports Over $1 Billion of Cost Savings Achieved at Syncrude Year to Date All financial figures are unaudited, have been prepared in accordance with Canadian
More informationEXPERTISE QUALITY INCOME TSX: EGL. EAGLE ENERGY INC. Investor Presentation February 2016
EXPERTISE QUALITY INCOME TSX: EGL EAGLE ENERGY INC. Investor Presentation February 2016 Advisories Advisory Regarding Forward Looking Statements: This presentation includes statements that contain forward
More information2016 Budget Targets 39% Production Growth, $0.75/mcf Total Cash Costs and 1.6x Debt to Cash Flow @ AECO Cdn $2.50/mcf
2016 Budget Targets 39% Production Growth, $0.75/mcf Total Cash Costs and 1.6x Debt to Cash Flow @ AECO Cdn $2.50/mcf Investor Presentation TSX / NYSE: AAV January 2016 ADVANTAGE AT A GLANCE TSX, NYSE:
More informationEXPERTISE QUALITY INCOME TSX: EGL.UN. EAGLE ENERGY TRUST Investor Presentation January 2016
EXPERTISE QUALITY INCOME TSX: EGL.UN EAGLE ENERGY TRUST Investor Presentation January 2016 Advisories Advisory Regarding Forward Looking Statements: This presentation includes statements that contain forward
More informationEnerCom s The Oil & Gas Conference August 17-21, 2014 Denver, Colorado
EnerCom s The Oil & Gas Conference August 17-21, 2014 Denver, Colorado James Bowzer, President and CEO Brian Ector, Senior Vice President, Capital Markets and Public Affairs Advisory Forward-Looking Statements
More informationCorporate Presentation. October 2015
Corporate Presentation October 2015 Future Oriented Information (See additional advisories at the end of this document) In the interest of providing information regarding Paramount Resources Ltd. ("Paramount"
More informationEPSILON REPORTS THIRD QUARTER 2015 RESULTS
News Release EPSILON REPORTS THIRD QUARTER 2015 RESULTS Houston, Texas October 28, 2015 Epsilon Energy Ltd. ( Epsilon or the Company ) (TSX:EPS) today reported third quarter 2015 financial and operating
More informationJanuary 2016. Crescent Point Energy Corporate Presentation
January 2016 Crescent Point Energy Corporate Presentation 1 FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of applicable securities legislation, such
More informationTHIRD QUARTER RISK MANAGED VALUE CREATION
2015 THIRD QUARTER RISK MANAGED VALUE CREATION FINANCIAL & OPERATIONAL HIGHLIGHTS 1 NEWS RELEASE 2 TABLE OF CONTENTS MANAGEMENT S DISCUSSION & ANALYSIS 14 FINANCIAL STATEMENTS 46 FINANCIAL AND OPERATIONAL
More informationEncana Lowers Costs and Grows High Margin Production in the Third Quarter
November 12, 2015 Encana Lowers Costs and Grows High Margin Production in the Third Quarter CALGARY, AB --(Marketwired - November 12, 2015) - Encana Corporation (TSX: ECA) (NYSE: ECA) Encana continued
More informationPresident s Message HIGHLIGHTS OPERATIONS REVIEW
President s Message HIGHLIGHTS On August 17, 2010, Storm Resources Ltd. ( Storm or the Company ) commenced operations after certain assets were transferred to Storm under the Plan of Arrangement involving
More informationCRESCENT POINT ENERGY CORP. ANNUAL INFORMATION FORM. For the Year Ended December 31, 2014. Dated March 10, 2015
CRESCENT POINT ENERGY CORP. ANNUAL INFORMATION FORM For the Year Ended December 31, 2014 Dated March 10, 2015 SPECIAL NOTES TO READER... 1 GLOSSARY... 3 SELECTED ABBREVIATIONS... 6 CURRENCY OF INFORMATION...
More informationInter Pipeline Fund Announces Strong Third Quarter 2009 Results
News Release Inter Pipeline Fund Announces Strong Third Quarter 2009 Results CALGARY, ALBERTA, NOVEMBER 5, 2009: Inter Pipeline Fund ( Inter Pipeline ) (TSX: IPL.UN) announced today its financial and operating
More informationLAREDO PETROLEUM ANNOUNCES 2015 SECOND-QUARTER FINANCIAL AND OPERATING RESULTS
15 West 6 th Street, Suite 900 Tulsa, Oklahoma 74119 (918) 513-4570 Fax: (918) 513-4571 www.laredopetro.com LAREDO PETROLEUM ANNOUNCES 2015 SECOND-QUARTER FINANCIAL AND OPERATING RESULTS RAISES ESTIMATED
More informationQ1 2014 RESULTS CONFERENCE CALL MAY 7, 2014
Q1 2014 RESULTS CONFERENCE CALL MAY 7, 2014 CAUTIONARY STATEMENT This presentation may include certain statements that may be deemed to be forward-looking statements within the meaning of the U.S. Private
More informationProgress Announces First Quarter Results
Progress Announces First Quarter Results Positioning Progress for the next up cycle FINANCIAL HIGHLIGHTS Three Months Ended 2009 2008 Income Statement ($ thousands, except per share amounts) Petroleum
More informationPROVEN PAST. PROMISING FUTURE.
3 Third Quarter Interim Report For The Nine Months Ended September 30, 2007 PROVEN PAST. PROMISING FUTURE. ARC Energy Trust Third Quarter Report 2007 Three Months Ended Nine Months Ended September 30 September
More informationQ1 2016 First Quarter Report
Q1 2016 First Quarter Report Financial and Operating Highlights 2016 2015 Financial ($000, except as otherwise indicated) Sales including realized hedging $ 41,625 $ 39,991 Funds from operations $ 30,236
More informationCORPORATE PRESENTATION OCTOBER 2015
CORPORATE PRESENTATION OCTOBER 215 DELPHI: FORWARD-LOOKING STATEMENTS The presentation contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities
More informationTALISMAN ENERGY INC. TELEPHONE CONFERENCE CALL TO REVIEW 2009 THIRD QUARTER RESULTS
Refer to Talisman s advisories in the November 3, 2009 news release concerning forward looking statements and non-gaap measures. TALISMAN ENERGY INC. TELEPHONE CONFERENCE CALL TO REVIEW 2009 THIRD QUARTER
More informationEnergy Lending Industry Review Investor Conference Call. January 20, 2015
Investor Conference Call January 20, 2015 Factors Impacting Borrowing Base Loan Amount Lower prices / price deck Higher prices / price deck Energy Lending Industry Review Borrowing Base Decrease Borrowing
More informationTalisman Energy Inc. Transcript from the Q1 Results Analyst Call May 1, 2013
Talisman Energy Inc. Transcript from the Q1 Results Analyst Call May 1, 2013 Please refer to Talisman s advisories in the May 1, 2013 news release re: forward-looking statements and non-gaap measures.
More informationPivotal Third Quarter Puts Encana Two Years Ahead on Strategy Execution
November 12, 2014 Pivotal Third Quarter Puts Encana Two Years Ahead on Strategy Execution CALGARY, AB --(Marketwired - November 12, 2014) - Encana (TSX: ECA) (NYSE: ECA) delivered strong results in a pivotal
More information23FEB201120562758 ANNUAL INFORMATION FORM. For the year ended December 31, 2015
23FEB201120562758 ANNUAL INFORMATION FORM For the year ended December 31, 2015 February 19, 2016 TABLE OF CONTENTS Page Page GLOSSARY OF TERMS 1 SUPPLEMENTAL OPERATIONAL INFORMATION 34 ABBREVIATIONS AND
More informationCorporate Presentation. November 2015
Corporate Presentation November 2015 Future Oriented Information (See additional advisories at the end of this document) In the interest of providing information regarding Paramount Resources Ltd. ("Paramount"
More information