July 2016 - Eagle Energy Inc.

EXPERTISE • QUALITY • INCOME
TSX: EGL
EAGLE ENERGY INC.
Investor Presentation | July 2016
Advisories
Advisory Regarding Forward Looking Statements:
This presentation includes statements that contain forward looking information (“forward-looking statements”) in respect of Eagle Energy Inc.’s (“Eagle”) expectations regarding its future operations, including Eagle’s
business strategy, and forecast estimates for Eagle’s capital budget, production, drilling plans, operating costs, funds flow from operations, commodity split, debt to trailing cashflow, corporate payout ratios, dividends, tax
pools, estimated field netback, hedging, and reserves and resources. These forward looking statements involve estimates and assumptions including those relating to timing to drill and bring wells on production, production
rates, operating and capital costs, marketability of crude oil, natural gas and natural gas liquids, future commodity prices, future currency exchange rates, anticipated cash flow based on estimated production, size of
reserves and reservoir performance, among other things. These estimates and assumptions necessarily involve known and unknown risks, delays, challenges and other uncertainties inherent in the oil and gas industry
including those relating to geology, production, drilling, technology, operations, human error, mechanical failures, transportation, processing problems and poor reservoir performance, among others things, as well as the
business risks discussed in Eagle Energy Trust’s (the predecessor reporting issuer to Eagle Energy Inc.) annual information form (“AIF”) dated March 17, 2016 under the headings “Risk Factors” and “Advisory-ForwardLooking Statements and Risk Factors”.
The forward-looking statements included in this presentation should not be unduly relied upon. Actual results may differ from the forward-looking information in this presentation, and the difference may be material and
adverse to Eagle and its shareholders. No assurance is given that Eagle’s expectations or assumptions will prove to be correct. Accordingly, all such statements are qualified in their entirety by reference to, and are
accompanied by, the information and factors discussed throughout this presentation. These statements speak only as of the date of this presentation and may not be appropriate for other purposes. Eagle does not
undertake any obligation, except as required by applicable securities legislation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or
otherwise. Eagle’s AIF contains important detailed information about Eagle. Copies of the AIF may be viewed at www.sedar.com and on Eagle’s website at www.eagleenergy.com.
Advisory Regarding Non-IFRS Financial Measures:
Statements throughout this presentation make reference to the terms “funds flow from operations,” “field netbacks”, ”basic payout ratio” and “corporate payout ratio”, which are non-IFRS financial measures that do not have
any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Investors should be cautioned that these measures should not be construed as an
alternative to earnings (loss) calculated in accordance with IFRS. Management believes that these measures provide useful information to investors and management since they reflect the quality of production, the level of
profitability, the ability to drive growth through the funding of future capital expenditures and the level of dividends to shareholders.
“Funds flow from operations” is calculated before changes in non-cash working capital and abandonment expenditures. Management considers funds flow from operations to be a key measure as it
demonstrates Eagle’s ability to generate the cash necessary to pay dividends, repay debt, fund decommissioning liabilities and make capital investments. Management believes that by excluding the temporary
impact of changes in non-cash operating working capital, funds flow from operations provides a useful measure of Eagle’s ability to generate cash that is not subject to short-term movements in non-cash working
capital.
“Field netback” is calculated by subtracting royalties and operating expenses from revenue.
“Basic payout ratio” is calculated by dividing shareholder dividends by funds flow from operations.
“Corporate payout ratio” is calculated by dividing capital expenditures plus shareholder dividends by funds flow from operations.
See the “Non-IFRS financial measures” section of Eagle’s management discussion and analysis relating to its financial statements for a reconciliation of funds flow from operations and field netback to earnings (loss) for the
period, the most directly comparable measures in Eagle’s financial statements.
Advisory Regarding Oil and Gas Measures and Estimates
This presentation contains disclosure expressed as barrel of oil equivalency (“boe”) or boe per day (“boe/d”). All oil and natural gas equivalency volumes have been derived using the conversion ratio of 6:1 Mcf of natural
gas: 1 bbl of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and
does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent of six to one,
utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.
The estimated values of the future net revenues of the reserves disclosed in this presentation do not represent the market value of such reserves. There is no assurance that such price and cost assumptions will be attained
and variances could be material. The recovery and estimates of reserves provided in this presentation are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be
greater than or less than the estimates provided.
2
Strategy
“Eagle is created to provide investors with a sustainable business while
delivering stable production and overall growth through accretive investments
and acquisitions.”
Expertise
Quality
Eagle’s trusted management team brings
an average of 25 years of experience in the oil and
gas sector.
Eagle owns stable petroleum producing assets
in Canada and the U.S.
Income
Eagle strives to deliver a sustainable business
to its shareholders.
3
Highlights
“Eagle is dedicated to monitoring key performance metrics, exercising capital
discipline, improving cost efficiency and conducting the business within cashflow; all
of which will better position Eagle as oil prices improve.”

Appointed as Operator of Dixonville Properties effective June 1, 2016.

To date, have successfully drilled both wells of its two well drilling program in Salt Flat, with costs coming in
considerably under budget. Both wells are expected to be on-stream late in the second quarter.

Reduced first quarter 2016 operating costs by 27% on a per-boe basis when compared to a year ago.

First quarter 2016 average sales volumes of 3,854 barrels of oil equivalent per day (“boe/d”).

2015 year-end reserves highlights:


Achieved a total proved reserve replacement ratio of 234% and a total proved plus probable reserve
replacement ratio of 307%(2).

10% increase in year-over-year proved developed producing (“PDP”) reserves.

14% increase in year-over-year total proved reserves.

16% increase in year-over-year total proved plus probable (“2P”) reserves.
Closed the acquisition of Maple Leaf Royalties Corp. on January 27, 2016, acquiring additional oil and gas
interests in Alberta and simplifying Eagle’s asset structure by converting to a corporate entity:

Notes:
1)
2)
Added an additional 0.94 million boe of proved reserves and 1.09 million boe of proved plus probable
reserves (as of January 1, 2016, calculated by Eagle’s internal qualified reserves evaluator).
For more information, see Eagle’s news releases issued on May 31, 2016, May 5, 2016 and March 17, 2016.
The reserve replacement ratios are calculated by dividing total reserve additions by total working interest production for the year. Reserve replacement ratio does not
have a standardized meaning and should not be used to make comparisons.
4
Semi-Annual Borrowing Base Redetermination &
Credit Agreement Amendments
“Eagle posted solid results in our year-end 2015 report on oil and gas reserves. We
increased year-over-year proved developed producing reserves by 10%, and total
proved reserves by 14%. However, our borrowing capacity is being adversely
impacted by the drop in oil prices. Although current and forward crude prices have
recovered from their previous lows, the price forecasts used by the banks remain
conservative. ”

Sustained weakness in global commodity prices has resulted in downward pressure on the price decks used
by lenders to determine borrowing base levels. Results of the semi-annual redetermination finalized on May
31, 2016 set the borrowing base level at $CA 70 million.

At the end of the first quarter of 2016, Eagle’s bank debt, net of positive working capital was $CA 66.7
million. Eagle accelerated a portion of its capital program into the first quarter.

For subsequent quarters of 2016, it is expected that funds flow from operations will exceed capital
expenditures.

Eagle’s 2016 capital budget, production and operating cost guidance remains the same as previously
disclosed in Eagle’s May 5, 2016 news release, in which Eagle had revised its initial guidance to include
royalty interest barrels thereby increasing its production guidance and reduced its expected monthly
operating costs.

Pursuant to the new term in its credit agreement that restricts Eagle from paying dividends exceeding half a
cent per share per month, Eagle has reduced its monthly dividend to half a cent per share per month
beginning with the June 2016 dividend.
Notes:
1)
For more information, see Eagle’s news releases issued on June 6, 2016 and May 31, 2016.
5
Corporate Profile
3,800 boe/d(1)
Current Estimated Production
3,400 to 3,800 boe/d(1)
2016 Full Year Production Guidance
Production Split
87% oil, 3% NGLs, 10% gas
2016 Ending Debt to Trailing Cashflow
5.7x(2)
2016 Corporate Payout Ratio
80%(2)
Dividend
$0.06 per share (annualized)
US Tax Pools
$US 173 million
CDN Tax Pools
$CA 198 million
Notes:
1)
2016 production guidance and current estimated production include both working interest and royalty interest production.
2)
Based on forecast pricing of $US 50.00 per barrel WTI oil, $CA 1.75 per Mcf AECO gas and $US 17.50 per barrel of natural gas liquids (NGL price is calculated as 35% of
the WTI price), a monthly dividend of $0.005 per share ($0.06 annualized), a foreign exchange rate of $US 1.00 equal to $CA 1.31, a 2016 capital budget of $CA 5.0 million,
average production of 3,600 boe/d (the mid-point of the guidance range) and average operating costs of $CA 2.2 million per month (the mid-point of guidance range).
6
Market Data
Ticker
TSX: EGL
Shares Outstanding (basic)
42.5 million
52 Week Range
$0.40 - $2.79
Recent price
$0.70(1)
Average daily trading volume (30 day)
136,487 shares
Market Cap
$30 million
Equity Research
Acumen Capital Partners
Paradigm Capital
Scotiabank Global
Notes:
1)
TSX closing price on July 8, 2016.
7
2016 Guidance
Eagle’s 2016 capital budget, production and operating cost guidance remains unchanged from previously
announced guidance on May 5, 2016 as follows:
Revised Guidance
Notes
$5.0 million
(1)
Production
3,400 to 3,800 boe/d
(2)
Operating Costs per month
$2.0 to $2.4 million
Capital Budget
Notes:
(1)
The 2016 capital budget of $CA 5.0 million consists of $US 3.0 million for Eagle’s operations in the United States and $0.8 million for Eagle’s operations in Canada. At an
assumed $US 50.00 per barrel WTI oil price, Eagle’s 2016 capital budget of $5.0 million and dividend of $0.005 per common share of Eagle per month ($0.06 per share
annualized) results in a corporate payout ratio of 80%.
(2)
2016 production is expected to consist of 87% oil, 10% natural gas and 3% NGLs. The revised guidance includes both working interest production and royalty interest
production.
8
2016 Capital Budget
“Eagle intends to remain disciplined by managing capital expenditures and
maintaining target project economics based on current realized commodity prices.”
•
Eagle’s 2016 capital budget is $5.0 million:
Texas and Oklahoma ($US 3.0 MM)
•
•
Salt Flat Property
•
2 (2.0 net) horizontal oil wells
•
Seismic processing, facilities, pump changes
Hardeman Property
•
Seismic processing, pump installs
Alberta ($0.8 MM)
•
Dixonville Property (Non-operated)
•
•
Pipeline and facilities capital
Twining Property
•
Facility Capital
Note:
1) The capital budget excludes future corporate and property acquisitions, which are evaluated separately on their own merit.
9
2016 Expected Funds Flow from Operations
and Corporate Payout Ratio
Eagle’s expected funds flow from operations and corporate payout ratio are calculated as follows:
Amount
Funds Flow from Operations
$11.1 million
(1)
Basic Payout Ratio
35%
(2)
Plus: Capital Expenditures
45%
Equals: Corporate Payout Ratio
80%
(3)
Notes:
(1)
(2)
2016 funds flow from operations is expected to be approximately $CA 11.1 million based on the following assumptions:
(a)
average production of 3,600 boe/d (the mid-point of the guidance range);
(b)
pricing at $US 50.00 (previously $US 45.00) per barrel WTI oil, $CA 1.75 per Mcf AECO and $US 17.50 per barrel of NGL (NGL price is calculated as 35% of the WTI price);
(c)
differential to WTI is $US 3.10 discount per barrel in Salt Flat, $US 3.50 discount per barrel in Hardeman, $CA 16.17 discount per barrel in Dixonville and $CA 12.67 discount per barrel in
Twining;
(d)
average operating costs of $CA 2.2 million per month ($US 0.8 million per month for Eagle’s operations in the United States and $CA 1.1 million per month for Eagle’s operations in Canada), the
mid-point of the guidance range;
(e)
foreign exchange rate of $US 1.00 equal to $CA 1.31 (previously $CA 1.26); and
(f)
field netback (excluding hedges) of $16.59 per boe.
Eagle calculates its Basic Payout Ratio as follows:
Shareholder Dividends
=
Basic Payout Ratio
Funds Flow from Operations
(3)
Eagle calculates its Corporate Payout Ratio as follows:
Capital Expenditures + Shareholder Dividends
=
Corporate Payout Ratio
Funds Flow from Operations
(4) Funds flow from operations, field netback, basic payout ratio and corporate payout ratio are non-IFRS measures. See the “Advisory regarding Non-IFRS Financial Measures” at the beginning of this presentation.
10
2016 Sensitivities
Sensitivity to Commodity Price
2016 Average WTI
(Production = 3,600 boe/d)
$US 45 (F/X 1.34)
$US 50 (F/X 1.31)
$US 55 (F/X 1.28)
Funds Flow from Operations
$10.6 million
$11.1 million
$11.5 million
Corporate Payout Ratio
83%
80%
76%
Debt to Trailing Cash Flow
6.0x
5.7x
5.4x
Sensitivity to Production
2016 Average Production (boe/d)
(WTI = $US 50 / F/X 1.31)
3,400
3,600
3,800
Funds Flow from Operations
$10.0 million
$11.1 million
$12.3 million
Corporate Payout Ratio
89%
80%
72%
Debt to Trailing Cash Flow
6.3x
5.7x
5.1x
Assumptions:
1)
Annualized dividends are assumed to be $0.06 per share per year.
2)
Operating costs are assumed to be $2.2 million per month (mid-point of guidance range).
3)
Differential to WTI is held constant.
4)
Foreign exchange rate is assumed to be $US 1.00 equal to $CA 1.31 unless otherwise indicated in the table.
11
Exercising Fiscal Prudence and Discipline in
a Low Commodity Price Market
“We intend to continue to monitor and realign our
business to operate near or within our cash flow.”
Strong
Balance
Sheet
Stable
Production
Capital
Discipline
Sustainable
Business with
Growth
Potential
12
Our Properties
•
Eagle owns stable, oil producing properties with development
and exploitation potential located in Canada (Alberta) and in the
US (Texas and Oklahoma).
•
Twining Field Properties, AB:
•
•
•
•
Located in the Pekisko oil pool formation at the Twining field in East-Central Alberta
57 gross (33 net) producing oil wells, 9 gross (2 net) producing gas wells
Approximately 41,500 gross (32,650 net) acres
Dixonville Properties, AB:
•
•
•
•
•
Appointed operator effective June 1, 2016
Located 50 kms northwest of Peace River
78 gross (39 net) producing oil wells
81 gross (41 net) water injectors
19,520 gross (7,900 net) acres
•
Maple Properties (WCSB), AB
•
Salt Flat Properties, TX:
•
•
•
•
Located in Salt Flat field in Caldwell County, TX
54 gross (41 net) producing oil wells
3,200 (2,600 net) acres
Hardeman Properties, TX & OK:
•
•
•
Located in Hardeman Basin in Hardeman County, TX, and Greer, Harmon and
Jackson Counties, OK
44 gross (34 net) producing oil wells
28,000 acres (18,000 held by production plus 10,000 undeveloped)
13
CDN Properties – Twining Field (Alberta)
Pekisko Type Log
100/02-07-032-24W4/00
GR
0
L1_SONIC_POROSITY_CALC
0.15
-0.05 0.1
CORE_POROSITY_SHIFTED
0.15
-0.05 0.1
150
CAL
125
375
CORE_KMAX_SHIFTED
1000
IL
1000
T33N-R25W
1610
T33N-R24W
1620
Lower MNVL
Upper Pekisko
Middle Pekisko
1640
1630
W
T32N-R25W
T32N-R24W
Layer 1
1650
06/21/1973
1660
Layer 2
Lower Pekisko
Layer 2B
W
Layer 4
Approx. 70 km from
Three Hills, AB
T31N-R25W
T31N-R24W
1700
Banff
Layer 3
1690
1680
1670
Layer 2C
•
•
•
•
•
70% average working interest production to Eagle from the largest Pekisko oil pool in the Western
Canadian Sedimentary Basin
70% light oil and natural gas liquids
57 gross (33 net) producing oil wells, 9 gross (2 net) producing gas wells
30° API medium/light oil, 4 mD permeability and 7-8% average porosity
41,500 gross (32,650 net) acres
HS=900
14
CDN Properties – Twining Field (Alberta)
Interests in the largest Pekisko oil pool in
the WCSB
Twining Pekisko Pool Production History
Significant upside potential
•
10 horizontal wells drilled to date with
over 30 additional drilling locations
•
Waterflood in certain areas of the field
has the potential to double recovery
factors in the area
Ongoing production improvements
•
Including well workovers, pipeline and
facilities and G&G software
Low declines
•
Decline rate below 5%
Source: IHS public data to April 30, 2016
15
CDN Properties – Dixonville (Alberta)
50 km from
Peace River
•
Appointed operator effective June 1, 2016
•
50% working interest in a horizontal oil waterflood in the Montney “C” Formation
•
Primary development started in 2004 with full scale waterflood by 2012
•
78 gross (39 net) producing oil wells, 81 (41 net) water injectors
•
30◦ API Oil, 18 mD permeability and 16-26% average porosity
•
Approximately 19,520 gross (7,900 net) acres
16
CDN Properties – Dixonville (Alberta)
A premier waterflood in Western Canada
• Low decline property
• Low abandonment liabilities due to long life
asset
Long-term potential
• Decline rate below 10%
Refurbished, optimized gathering system
• Pipeline remediation program, including poly
liner installation in emulsion gathering system
Low maintenance and capital costs
• Maintenance capital below $1 million per year
to Eagle
Source: IHS public data
17
CDN Properties – Western Canadian
Sedimentary Basin – Maple
Acquired interests in attractive
Alberta plays located in the
WCSB effective January 27,2016
•
•
230 boe/d of royalty interest
production (30% oil and natural gas
liquids)
200 boe/d of non-operated working
interest production (30% oil and
natural gas liquids)
•
Over 50
producing
non-operated
royalty
interest wells
•
10 nonoperated
working
interest wells
No incremental debt, capital
expenditures or overhead
needed to manage production
Estimated total net proved
reserves of 0.94 million boe(1)
Estimated total net proved plus
probable reserves of 1.09 million
boe(1)
(1)
As of January 1, 2016, calculated by Eagle’s internal qualified reserves evaluator.
17
18
US Properties – Salt Flat (Texas)
Light oil producing
o
• 35 API oil from the Edwards limestone
formation, located in the Salt Flat field in
Caldwell County, South Central Texas
• Acquired an 80% working interest in 2010
Low cost development technology
•
Eagle is redeveloping the pool using low cost
horizontal well drilling technology to capture
additional oil:
• Eagle has drilled over 55 horizontal
wells
• Completed numerous successful
production enhancement and operating
cost reduction projects
• Shot a comprehensive 3D seismic
program in 2014
Additional location opportunity
• Eagle continues to identify additional locations
and optimizations to capture additional
recovery
19
US Properties – Hardeman (Texas &
Oklahoma)
Light oil producing
o
• 45 API oil from the Chappel and Atoka
Conglomerate formations located in
Hardeman County, Texas and Greer,
Harmon and Jackson Counties,
Oklahoma
28,000 gross acres of land
• 18,000 acres held by production
• 44 gross (34 net) producing oil wells,
gathering systems and associated
assets
Low risk, low cost, high opportunity
• Eagle will drill low risk development
wells and deploy capital to reduce
operating costs, while processing newly
acquired seismic data to define future
drilling opportunities
20
2015 Year-End Reserves Highlights
+10%
Increase in year-over-year proved developed producing (PDP) reserves
+14%
Increase in year-over-year total proved reserves
+16%
Increase in year-over-year total proved plus probable reserves volumes
234%(1)
Stability reflected in total proved reserves replacement ratio
307%(1)
Strong total proved plus probable reserves replacement ratio
Note:
1) The reserves replacement ratios are calculated by dividing total reserve additions by total working interest production for the year.
21
2015 Year-End Reserves(1)
Excellent year-over-year reserve performance
•
Total proved plus probable reserves of approximately 18.6 million boe (70% proved, 58% proved producing)
•
PV10 value on total proved plus probable reserves of approximately $229 million
•
Proved plus probable reserve life index of 14 years(2)
Reserves by Category
PV10 Value ($MM)
McDaniel & Associates
Price forecast
(as of Jan 1, 2016)
Year
WTI Crude Oil
$56
29%
$/bbl
2016
45.00
2017
53.60
2018
62.40
2019
69.00
2020
73.10
58%
$24
$141
10%
$8
2%
PDP
PDNP
PUD
Probable
PDP
PDNP
PUD
Probable
Notes:
1)
Per McDaniel & Associates Consultants Ltd., and Netherland, Sewell & Associates, Inc., Eagle’s independent reserves evaluators, with an effective date of December 31, 2015. Note
that reserves associated with the January 27, 2016 acquisition of Maple Leaf are not in these figures.
2)
The reserve life index calculation is based on average daily production of 3,400 boe/d.
22
Hedging Program
Eagle’s approximate 51% coverage through its 2016 hedging program is well above the 25% weighted average
hedge position of its junior peers(1)
• For the remainder of 2016, Eagle has an average 1,665 bbls/d hedged at WTI $US 51.37
• 1,429 Mcf/d (240 boe/d) of natural gas hedged at $CA 2.97/Mcf
• A differential hedge between the Edmonton Light Sweet oil price and the WTI oil price at $US 3.65 per barrel
on 1,000 bbl/d
For 2017, hedges are in place covering 750 barrels of oil per day at $US 45.00/bbl
BOE/D
•
3400
3200
3000
2800
2600
2400
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
0
60%
50%
40%
30%
20%
10%
0%
Q1 2016 $US 55.86
Q2 2016 $US 51.61
2016 Avg Hedged Oil Price = $US 52.30
Q3 2016 $US 51.42
Q4 2016 $US 51.33
2016 Avg Hedged Gas Price = $CA 3.00/Mcf
Average % Hedged
Note:
1)
Source: Company Reports; National Bank of Canada, “Canadian Producer Hedge Positions – Q1 2016” issued on June 6, 2016.
23
% Hedged
•
Management Experience
• Eagle’s management team has an average of 25 years of experience
Years
Richard Clark
Wayne
Wisniewski
Kelly Tomyn
Scott Lovett
Jo-Anne Bund
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Corporate Finance Law - Shiningbank Energy Trust General Counsel
Petroleum EngineeringAnders Energy,
Occidental Petroleum
Controller - Various Junior
O&G Companies
Pennzoil E&P
15
16
17
18
19
Corporate Finance Law
20
21
Corporate Securities Lawyer at a Boutique Oil
and Gas Law Firm
24
25
26
BP - Various Senior Leadership Engineering and Operations
Roles
Business Development Shiningbank Energy;
Enerplus
Senior Legal
Counsel Alberta
Securities
Commission
23
27
28
Eagle - CFO
In-House
Corporate
Counsel
30
Eagle - COO
Business
Development, Eagle - VP,
COO - Native Corporate
American Res. & BusDev
Ptnrs
Corporate Securities
Lawyer at a National
Law Firm
29
Eagle - President &
CEO
CFO - Various Junior O&G Companies
Senior Reserves Evaluator - GLJ Petroleum
Consultants
22
Eagle - General
Counsel &
Corporate
Secretary
24
Value Proposition
Why Invest in Eagle?
•
Stable production base
•
Capital discipline
•
Experienced management team
•
Focus on improving cost efficiencies
25
APPENDIX
26
Management
Richard Clark, B.A. (Econ), LLB, Director, President and Chief Executive Officer
•
•
19 years in the legal profession as a founding partner at a boutique oil and
gas law firm, then 10 years at a Canadian national law firm, specializing in
corporate finance, securities, M&A and venture capital
Extensive experience in the royalty trust sector
Wayne Wisniewski, P.E., MBA, Chief Operating Officer (Houston)
•
•
30 years of oil and gas engineering and operations experience
Last 13 years of career spent in a senior operations and engineering
management role in the Houston office of a major international E&P
company
Kelly Tomyn, CA, Chief Financial Officer
•
•
Former VP Finance and CFO for numerous public & private companies
with over 25 years of financial experience with E&P companies
Former controller for Shiningbank
Continued..
27
Management
Continued…
Scott Lovett, M.Sc., MBA, P.Eng, Vice President, Corporate & Business
Development
•
20 years experience in the oil and gas industry, including reservoir
evaluations, acquisitions and divestments, business planning and
strategic analysis
Jo-Anne Bund, B.A., LLB, General Counsel and Corporate Secretary
•
20 years of experience in corporate finance, securities, and M&A,
including with a national law firm, with a securities regulator and as
in-house corporate counsel
28
Board of Directors
David Fitzpatrick, P.Eng., Chairman
•
•
President and Chief Executive Officer, Veresen Midstream
Former Chief Executive Officer of Shiningbank
Bruce Gibson, CA, Chair of Audit Committee
•
Former Chief Financial Officer of Shiningbank
Warren Steckley, P.Eng., Chair of Reserves and Governance
Committee and Chair of Compensation Committee
•
Former President and Chief Operating Officer, Barnwell of
Canada, Former Director of Shiningbank
Richard Clark, B.A. (Econ), LLB, Director
•
President and Chief Executive Officer of Eagle; Former Director
of Shiningbank
29
Production History
4,500
Average WI Production per Quarter (boe/d)
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Production
Q1/12
Q2/12
Q3/12
Q4/12
Q1/13
Q2/13
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15
Q4/15
Q1/16
2016
Guidance
2,169
2,400
2,825
2,986
2,928
3,022
3,052
2,994
3,010
3,341
2,859
1,929
2,995
3,034
3,607
3,783
3,854
3,600
Notes:
1)
2016 production guidance includes both working interest and royalty interest production (the mid-point of the guidance range).
2)
Q4/14 production is after the Permian asset disposition and before the Dixonville asset acquisition.
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