Slide 1: Corporate Presentation April 2019
Corporate Presentation April 2019 KeltExploration.com David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer www.keltexploration.com 0
Slide 2: Why Invest in Kelt?
Why Invest in Kelt ? CREATING VALUE DURING DOWNTURNS ● The Kelt management team has a track record of creating shareholder value during downturns, previously during the 2008-2009 period with Celtic Exploration Ltd., eventually sold in February 2013 for $3.2 billion. ● Kelt focuses on long-term growt
Slide 3: Common Share Information
Common Share Information ● Stock Exchange listing TSX ● Trading symbol KEL ● Market capitalization $ 1.0 billion ● 52-week trading range $ 3.97 – $ 10.01 ● Common shares issued ( @ Feb/2019 ) 184.0 million ● Stock options ( 9.7 MM ) & RSUs ( 1.1 MM ) 10.8 million ( 5.9% ) → average exercise price of
Slide 4: Convertible Debentures
Convertible Debentures ● TSX trading symbol KEL.DB ● Principal amount issued $ 90.00 million ● Principal amount outstanding $ 89.91 million ● Coupon / Maturity date 5.0% / May 31, 2021 ● 52-week trading range $ 105.00 – $ 186.05 → D&O’s purchased $14.7 million (16%) of the total Debenture offering.
Slide 5: Insider Commitment
Insider Commitment Insider Purchases Offering / Market Purchases Date Shares (MM) Amount (MM) Price/share $ 13.9 MM Equity Private Placement Feb-2013 3.7 $ 8.7 $ 2.32 $ 94.4 MM Equity Private Placement Apr-2013 5.7 $ 31.5 $ 5.55 $ 92.0 MM Equity Private Placement Aug-2013 0.5 $ 4.0 $ 8.00 $ 19.6 MM
Slide 6: Capital Expenditures
Capital Expenditures 2019 2019/18 ( $ millions ) 2017 2018 Budget Change Drilling & Completions 154.7 168.7 201.0 + 19% Equipment, Facilities, & 78.0 117.7 60.0 − 49% Pipeline Infrastructure Land, Seismic & Asset Acquisitions 11.6 9.2 9.0 − 2% Capital Expenditures 244.3 295.6 270.0 − 9% Property Dis
Slide 7: Drilling Program
Drilling Program 2018 2019 Budget Drills Gross ( Net ) Wells Gross ( Net ) Wells Alberta 16 ( 15.1 ) 8 ( 8.0 ) British Columbia 17 (17.0 ) 25 ( 25.0 ) Total [1, 2, 3] 33 ( 32.1 ) 33 ( 33.0 ) 2018 2019 Budget Completions Gross ( Net ) Wells Gross ( Net ) Wells Alberta 21 ( 19.6 ) 8 ( 8.0 ) British Co
Slide 8: Expected Timing of 2019 Production Additions
Expected Timing of 2019 Production Additions Expected Expected Production Expected Number PROJECT On-stream (IP30) Range Oil/NGLs (IP30) of Wells Date BOE/d Percentage Inga (5-9/4-9) 24-well pad 6 Q2 2019 5,800 − 6,200 60% − 65% Fireweed (B-33-I/A-34-I) pad [1] 5 Q3 2019 5,200 − 5,500 60% − 65% Wemb
Slide 9: 2019 Production Outlook
2019 Production Outlook 2019 2019/2018 2017 2018 Budget Change Oil ( bbls/d ) 6,634 8,403 11,200 − 11,800 33% − 40% NGLs ( bbls/d ) [1] 2,608 3,186 4,300 − 4,600 35% − 44% Gas ( Mcf/d ) 77,330 92,502 105,000 − 112,000 14% − 21% Combined ( BOE/d ) 22,130 27,006 33,500 − 34,500 24% − 28% Per MM Shares
Slide 10: Product Mix
Product Mix Production Operating Income Operating Income 2018 Actual Split (MM) Split Oil & NGLs 43% $ 158.8 78% Gas 57% $ 43.8 22% Total 100% $ 202.6 100% Production Operating Income Operating Income 2019 Budget Split (MM) Split Oil & NGLs 47% $ 222.1 85% Gas 53% $ 39.4 15% Total 100% $ 261.5 100%
Slide 11: Commodity Prices
Commodity Prices ( CA$, unless otherwise specified ) 2017 2018 2019 Budget YOY Change WTI Crude Oil ( USD/bbl ) [1] US $ 50.95 US $ 64.94 US $ 67.50 + 4% MSW Crude Oil ( CAD/bbl ) [2] $ 62.91 $ 69.29 $ 66.97 − 3% WTI-MSW Basis Differential ($3.27 or 5%) ($14.87 or 18%) ($19.43 or 22%) + 31% NYMEX Na
Slide 12: Gas Market Risk Management
Gas Market Risk Management GAS MARKET DIVERSIFICATION ● The Company has taken a diversified approach to selling its natural gas in order to reduce exposure to single market risk. ● Kelt has entered into several contracts that result in price exposure to various gas price hubs in North America. ● Est
Slide 13: North American Natural Gas Hubs
North American Natural Gas Hubs Kelt 2019 Budget Gas Netback Forecast Station 2 Hub Price [1] Netback [2] Netback [2,3] Gas Hub % US$/MMBtu US$/Mcf CA$/Mcf AECO Sumas NYMEX 3.00 Empress Emerson Kingsgate Waddington Dawn 21% 2.90 2.01 2.58 Boston Chicago 37% 2.85 1.76 2.25 Stanfield Dawn Opal Malin V
Slide 14: Hedging
Hedging Commodity Index Term Quantity Fixed Price NYMEX to Dawn Basis Jan/2019 to Natural Gas 10,000 MMBtu/d Minus US$0.0975/MMBtu Differential Dec/2019 NYMEX to Chicago Basis Jan/2019 to Natural Gas 10,000 MMBtu/d Minus US$0.14/MMBtu Differential Oct/2019 Jan/2019 to Natural Gas Sumas 7,500 MMBtu/d
Slide 15: 2019 Budget Commodity Price Sensitivities
2019 Budget Commodity Price Sensitivities Kelt Kelt Kelt CAD/USD 2019 Oil Price NGLs Price Gas Price Exchange Rate Budget minus 10% minus 10% minus 10% minus CAD 0.05 Kelt Oil Price ( CAD/bbl ) 67.01 60.31 - 10% 67.01 n/c 67.01 n/c 64.43 - 4% Kelt NGLs Price ( CAD/bbl ) 33.70 33.70 n/c 30.33 - 10% 3
Slide 16: 2019 Discretionary Capital Expenditures
2019 Discretionary Capital Expenditures Approximately $30.0 million of capital expenditures that is currently included in the 2019 Budget could be deferred to 2020 if realized commodity prices in 2019 are significantly lower than currently forecasted: 2019 Impact to 2019 Forecasted Capital Average P
Slide 17: 2019 Pro-forma Commodity Prices
2019 Pro-forma Commodity Prices ( CA$, unless otherwise specified ) 2019 Budget 2019 Pro-forma Difference Percent Change WTI Crude Oil ( USD/bbl ) [1] US $ 67.50 US $ 55.00 − 12.50 − 19% MSW Crude Oil ( CAD/bbl ) [2] $ 66.97 $ 63.75 − 3.22 − 5% WTI-MSW Basis Differential ($19.43 or 22%) ($8.85 or 12
Slide 18: Netbacks
Netbacks 2019 2019/18 2019 ( $ / BOE ) 2017 2018 Budget Change Pro-forma Revenue/Price 31.51 37.30 37.50 + 1% 36.10 Realized hedging gain ( loss ) ( 0.13 ) ( 0.60 ) 0.13 − 0.12 Royalties ( % of revenue/price ) ( 9.3% ) ( 8.3% ) ( 10.2% ) + 23% ( 10.4% ) Transportation expense ( 3.13 ) ( 3.92 ) ( 3.9
Slide 19: Financial Outlook
Financial Outlook 2019 2019/18 2019 2017 2018 Budget Change Pro-forma Revenue ( $ MM ) 257.6 389.3 473.9 + 22% 449.5 Operating income ( $ MM ) [1] 123.4 202.6 261.5 + 29% 241.8 Adj. funds from operations ( $ MM ) [1] 108.0 186.8 240.0 + 28% 220.0 Per share – diluted ( $/share ) 0.61 1.01 1.23 + 22%
Slide 20: Core Areas
Core Areas Fort St. John ( BC ) : Inga/Fireweed & Oak/Flatrock ● Stacked Montney light oil and condensate-rich gas ● Doig condensate-rich gas Grande Prairie ( AB ) : Fort St. John Pouce Coupe/Progress, Valhalla/La Glace & Grande Prairie Pipestone/Wembley ● Stacked Montney light oil Grande Cache ● Mo
Slide 21: Kelt Land Fairway
Kelt Land Fairway Fireweed Corporate Land Holdings Inga February Net Net Flatrock 2019 Acres Sections Oak Developed 225,797 353 Fort Undeveloped 596,895 933 St. John Total 822,692 1,286 Pouce Coupe Progress Montney Rights Spirit River Net Net Acres Sections Valhalla / La Glace British Columbia 363,8
Slide 22: Reserves
Reserves NPV 10% BT NPV 10% BT Dec/31/2017 Dec/31/2018 Percent Dec/31/2018 Dec/31/2018 ( MBOE ) ( MBOE ) Change ( $ MM ) ( $/BOE ) Proved Developed 37,858 40,701 + 8% $ 481 $ 11.82 Producing Total Proved 132,973 158,443 + 19% $ 1,499 $ 9.46 Proved plus Probable 235,601 302,678 + 28% $ 3,129 $ 10.34
Slide 23: Finding, Development & Acquisition Costs
Finding, Development & Acquisition Costs As at December 31, 2018 Proved Proved + Probable 2018 capital expenditures + change in FDC ( $M ) 381,046 596,004 Reserve additions, net ( MBOE ) 35,298 76,905 FD&A cost ( $/BOE ) 10.80 7.75 2018 operating netback ( $/BOE ) 20.56 20.56 Recycle ratio 1.9 x 2.7
Slide 24: Sproule P+P Reserves – Future Development Capital
Sproule P+P Reserves – Future Development Capital December 31, 2018 December 31, 2017 ( $MM ) FDC Net HZ Wells FDC Net HZ Wells Alberta Montney wells 332 59 176 37 B.C. Montney wells 744 140 638 103 TOTAL Montney wells 1,076 199 814 140 Other formation wells 355 77 342 74 Other expenditures 43 - 7 -
Slide 25: Kelt Montney Framework
& kelt exploration Kelt Montney Framework I Inga / Fireweed Oak / Flatrock ; Pouce Coupe Progress La Glace Pipestone / Wembley Middle (02) Lower Middle (D1 £ idle F 3 (O2Montney 4) _ = T ~ Lower Middle (01) == Lower Lower Middle Montney (O1/Sexsmith) ; | Lower Middle (D1/Sexsmith) Belloy — J Proven
Slide 26: British Columbia Montney Lands
British Columbia Montney Lands Land ( Montney Rights ) Gross: 368,618 acres ( 576 sections ) Net: 363,852 acres ( 569 sections ) Fireweed Operations ● Kelt has been successful delineating the Flatrock Upper and Middle Montney at Inga/Fireweed. ● Kelt is pleased with the initial results from Inga Oak
Slide 27: British Columbia Montney Wells
British Columbia Montney Wells PRODUCTION RESERVES Kelt British Columbia Montney Drills Typical Well EUR’s Top 10 IP30 Wells ( gross sales, BOE/d ): Inga/Fireweed Upper Montney (UM) (1) Fireweed 00/C-31-I/94-A-12 UM 2,068 ( 68% oil/ngls ) Sproule 2P EUR = 860 MBOE: (2) Inga 02/15-33-087-23W6 MM 2,06
Slide 28: Inga / Fireweed Montney Lands
Inga / Fireweed Montney Lands A-65-I MM B-90-A UM LAND (Montney Rights) 02/A-65-I UM 03/A-65-I UM (sfc C-10-H) 222 gross sections ( 220 net sections ) B-65-I UM (sfc B-33-I) C-26-A UM A-58-I UM (sfc D-A79-I) (sfc A-6-A) C-85-I UM 2019 DRILLING PLANS (sfc A-65-I) 00/15-25 MM • Remaining 20 wells from
Slide 29: Inga / Fireweed - Stacked Montney Resource Potential
Inga / Fireweed - Stacked Montney Resource Potential THE MONTNEY CUBE ● Kelt has been successful MULTIPLE STACKED MONTNEY HORIZONS delineating the Upper and Middle Montney at Inga/Fireweed. ● Initial results from the Montney IBZ have been encouraging and Kelt will continue with its delineation progr
Slide 30: Inga 6-Section / 3-Pad / 72-Well Development Plan
Inga 6-Section / 3-Pad / 72-Well Development Plan ● Kelt’s 2018/2019 capital expenditures to include 24 drills at Inga from the Company’s first 24-well multi-layer Montney cube pad that will include 8 Upper, 8 IBZ and 8 Middle Montney wells. ● Wells in each Montney interval will be spaced at approxi
Slide 31: Inga / Fireweed Montney CGR
Inga / Fireweed Montney CGR (Condensate to Gas Ratio) 02/14-24 IP30 – 1,609 BOE (CGR - 402 bbls/MMcf) 1 Year Cum = 268,000 BOE Inga 24 Well Pad Inga 24 Well Pad 00/14-24 IP30 – 1,412 BOE (CGR - 278 bbls/MMcf) 1 Year Cum = 202,000 BOE 02/15-33 IP30 - 2,066 BOE (CGR - 509 bbls/MMcf) 1 Year Cum = 286,0
Slide 32: Inga Doig Development Wells
Inga DOIG Development Wells ● Kelt drilled two Doig wells in 2017 and two more wells in 2018. The Company has one Doig well planned in the Company’s 2019 capital expenditure budget. ● 2P Type Curves target EURs of 1,300 MBOE (51% gas / 49% oil/ngls). ● Kelt has 36 (33.4 net) future 2P HZ wells booke
Slide 33: Inga Gas Processing & Liquids Handling
Inga Gas Processing & Liquids Handling KELT FACILITY (“Inga 2-10 Facility”): ● The Company constructed a 100 MMcf/d compression, dehydration, liquids handling and frac water facility located at Inga which is currently in operation. ● The Inga 2-10 Facility will compress raw gas that will be delivere
Slide 34: Oak / Flatrock Montney Lands
Oak / Flatrock Montney Lands LAND Montney Rights: Gross: 206,260 acres ( 322 sections ) Net: 204,988 acres ( 320 sections ) 02/13-13 OPERATIONS (sfc 13-12) ● Oil and gas exploration activity targeting the Upper Montney (D4 / D5) at depths of 1,500 to 02/6-2 (sfc 14-11) 1,600 metres. ● Expectations a
Slide 35: Alberta Montney Lands
Alberta Montney Lands LAND Montney Rights: Gross: 171,200 acres ( 268 sections ) Net: 147,999 acres ( 231 sections ) Pouce OPERATIONS Coupe ● Kelt continues with development of the Lower-Middle Progress (D1) and the Middle (D2) Montney at Pouce Coupe. The first five-well pad was completed Q117. The
Slide 36: Alberta Montney Wells
Alberta Montney Wells PRODUCTION RESERVES Kelt Alberta Montney OIL Drills Typical Well EUR’s Top 10 IP30 Wells ( gross sales, BOE/d ): Pouce Coupe Montney OIL Sproule (1) Pouce Coupe 03/07-18-078-11W6 LMM (D1) 2,045 ( 66% oil/ngls ) 2P EUR = 585 MBOE: (2) Pouce Coupe 02/06-18-078-11W6 MM (D2) 2,004
Slide 37: Pouce Coupe / Progress
Pouce Coupe / Progress 15-13 MM OPERATIONS 920 BOE/d IP30 (KEL 50%) ● Kelt recently completed its first well 14-14 MM 875 BOE/d IP30 (03/5-18) at Pouce Coupe in the Upper- Pouce (KEL 50%) Middle Montney (D4). Coupe Progress 02/5-18 LMM 02/6-18 03/7-18 04/7-18 00/3-9 00/8-9 Progress 1-8 MM ● Results
Slide 38: Valhalla / La Glace and Pipestone / Wembley
Valhalla / La Glace and Pipestone / Wembley OPERATIONS ● Ownership in pipeline infrastructure, minor interests in Kelt 14-29 gas plants and 100% interest in the Kelt La Glace Facility La Glace Facility Encana which has a handling capacity of 3,500 bbls/d of oil and 20 (100% WI) 1-5 Sexsmith MMcf/d o
Slide 39: Spirit River – Charlie Lake
Spirit River – Charlie Lake Land 13-34 Gross: 29,440 acres ( 46 sections ) CL Pad: 14-22 (60%) 15-22 (60%) Net: 22,227 acres ( 35 sections ) 13-33 16-22 (60%) Charlie Lake: 20.00 net sections 16-11 H2O Disposal Charlie Lake: Gamma Ray Density Porosity Worsley (O) Y J Upper 4-15 CL Pad: (60%) 13-23 (
Slide 40: Grande Cache
Grande Cache Narraway Modern 13-4 IP30: 9 MMcf/d LAND 135 MMcf/d Gas Plant Falher/Wilrich TOU 4-29 Gross: 94,240 acres ( 147 sections ) (7% WI) IP30: 20 MMcf/d Falher/Wilrich Net: 56,904 acres ( 89 sections ) OPERATIONS ● Low decline Cretaceous natural gas production ● Ownership interests in gas gat
Slide 41: Net Asset Value
Net Asset Value Dec/31 Dec/31 Dec/31 2018/17 ( millions ) 2016 2017 2018 Change P&NG reserves, NPV10% BT 1,730.7 2,111.5 3,128.6 + 48% Decommissioning obligations, NPV10% BT [1] ( 9.5 ) ( 12.8 ) ( 9.0 ) − 29% Undeveloped land 212.5 239.1 279.7 + 17% Net bank debt ( 138.0 ) ( 136.7 ) ( 196.4 ) + 44%
Slide 42: Future Considerations
Future Considerations ● The Company has numerous potential future drilling opportunities on its existing lands that will provide for continued growth in the years to come. ● The Company has amassed vast Montney acreage in new plays to complement its existing development Montney lands. ● The Company
Slide 43: Management
Management David David J. Wilson Sadiq H. Lalani Douglas J. Errico Alan G. Franks Bruce D. Gigg President & Chief Executive Officer Vice President & Chief Financial Officer Vice President, Land Vice President, Production Vice President, Engineering David A. Gillis Douglas O. MacArthur Patrick W. G.
Slide 44: Board of Directors
Board of Directors Robert J. Dales [2, 3, 4, 7] Geri L. Greenall [2, 3, 6] William C. Guinan [1,5] President, Valhalla Ventures Inc. Chief Financial Officer, Partner, Borden Ladner Gervais LLP Chief Compliance Officer & Portfolio Manager, Camber Capital Corp. Notes: [1] Chairman of the Board [2] Mem
Slide 45: Appendix
Appendix ● Quarterly 2018 Oil Prices & 2019 Budget Oil Price Forecast ● Quarterly 2018 Gas Prices & 2019 Budget Gas Price Forecast ● Annual Production Growth Charts ● Annual Cash Costs Chart ● Well Type Curves ● Abbreviations ● Disclaimers 44
Slide 46: Kelt's 2019 Budget Oil Price Forecast
Kelt’s 2019 Budget Oil Price Forecast ( CA$/bbl ) ( US$/bbl ) 100.00 100.00 KELT Realized WTI ( 2018 Average = CA$65.82 ) ( 2018 Average = US$64.94 ) 90.00 ( 2019 Average = CA$67.01 ) ( 2019 Average = US$67.50 ) 90.00 80.00 80.56 80.62 80.00 74.46 70.38 70.00 68.16 67.88 69.46 67.50 67.50 70.00 67.
Slide 47: Kelt's 2019 Budget Gas Price Forecast
Kelt’s 2019 Budget Gas Price Forecast ( CA$/Mcf ) ( US$/MMBtu ) 7.50 6.50 KELT Realized NYMEX Henry Hub ( 2018 Average = CA$3.76 ) ( 2018 Average = US$3.04 ) 6.50 ( 2019 Average = CA$3.28 ) ( 2019 Average = US$3.00 ) 5.50 6.37 5.50 4.50 3.55 4.50 3.50 3.20 2.95 2.90 3.10 2.87 3.99 2.80 2.78 3.50 2.5
Slide 48: Annual Production Growth (since inception)
Annual Production Growth ( since inception ) PRODUCTION ( BOE / d ) 45,000 CAGR since 2013 = 43% 40,000 33,500 − 35,000 34,500 30,000 27,006 17,500 − 25,000 22,130 18,600 20,947 20,000 18,577 15,417 15,000 12,888 12,756 13,168 11,879 10,000 15,500 − 8,419 16,400 5,000 3,961 11,589 7,779 9,242 3,148
Slide 49: Annual Production per Share Growth (since inception)
Annual Production per Share Growth ( since inception ) PRODUCTION PER MILLION SHARES ( BOE / d ) 250 CAGR since 2013 = 22% 200 174 − 179 148 150 120 121 125 91 − 97 105 100 84 73 77 76 69 53 50 81 − 85 42 64 43 45 52 36 0 11 2013 2014 2015 2016 2017 2018 2019 [E] Oil / NGLs Gas 48
Slide 50: Annual Cash Costs
Annual Cash Costs ( $ / BOE ) CONTROLLING COSTS 24.00 G&A Interest Production & Transportation 20.00 16.00 12.00 8.00 4.00 0.00 2014 2015 2016 2017 2018 2019 [E] 49
Slide 51: Inga / Fireweed Upper Montney Type Curve
Inga / Fireweed Upper Montney Type Curve ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 860 MBOE 48% Oil/Ngls 52% Gas 10 15 10 5 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 Month 00/06-07-088-22W6/0 00/07-12-0
Slide 52: Inga / Fireweed Upper Montney Type Curve
Inga / Fireweed Upper Montney Type Curve ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count [1] ) 5,000 Average Well Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 860 MBOE 48% Oil/Ngls 52% Gas 10 15 10 5 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 Month 51
Slide 53: Inga / Fireweed Middle Montney Type Curve
Inga / Fireweed Middle Montney Type Curve ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 637 MBOE 56% Oil/Ngls 44% Gas 10 10 5 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 Month 00/07-17-087-23W6/0 00/09-27-088
Slide 54: Inga / Fireweed Middle Montney Type Curve
Inga / Fireweed Middle Montney Type Curve ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count [1] ) 5,000 Average Well Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 637 MBOE 56% Oil/Ngls 44% Gas 10 10 5 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 Month Note: [1] See
Slide 55: Pouce Coupe / Progress Montney Oil Type Curve
Pouce Coupe / Progress Montney Oil Type Curve ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 2P EUR Type Curve Well Count 1,000 2P EUR 585 MBOE 35% Oil/Ngls 100 65% Gas 10 30 20 10 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 Month 00/01-09-078-11W6/0 00/03-09-078-11W6/0 00/05-18-078-11W6/0 00/08-
Slide 56: Pouce Coupe / Progress Montney Oil Type Curve
Pouce Coupe / Progress Montney Oil Type Curve ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count [1] ) 5,000 Average Well 2P EUR Type Curve [2] Well Count 1,000 2P EUR [2] 585 MBOE 35% Oil/Ngls 100 65% Gas 10 30 20 10 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 Month Note: [1] See “Appendix” for list of we
Slide 57: La Glace Montney Oil Type Curve
La Glace Montney Oil Type Curve ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 600 MBOE 58% Oil/Ngls 42% Gas 10 10 5 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 Month 00/01-27-074-08W6/0 00/02-28-074-08W6/0 00
Slide 58: La Glace Montney Oil Type Curve
La Glace Montney Oil Type Curve ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count [1] ) 5,000 Average Well Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 600 MBOE 58% Oil/Ngls 42% Gas 10 10 5 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 Month Note: [1] See “Appendix
Slide 59: Abbreviations
Abbreviations GAAP: Canadian generally accepted accounting principles as set out in the CPA Canada Handbook – Accounting. IFRS: International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB’). FFO: Funds from operations WTI: West Texas Intermediate MSW:
Slide 60: Disclaimer
Disclaimer Forward Looking Statements Certain statements included in this corporate presentation (the “Presentation”) constitute forward looking statements or forward looking information under applicable securities legislation. Such forward looking statements or information are provided for the purp
Slide 61: Disclaimer
Disclaimer The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in this Presentation, and such variation may be material. The Company and its management believe that the FOFI has been prepared on a r
Slide 62: Disclaimer
Disclaimer Risks and Uncertainties Forward looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the
Slide 63: Disclaimer
Disclaimer Oil and Gas Advisories Barrel of Oil Equivalent Presentation This Presentation contains various references to the abbreviation BOE which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand
Slide 64: Disclaimer
Disclaimer Reserves Unless otherwise specified, reserve estimates disclosed in this Presentation were prepared by Sproule Associates Limited (“Sproule”) in accordance with National Instrument 51- 101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evalua
Slide 65: Disclaimer
Disclaimer Financial Advisories All dollar amounts are referenced in Canadian dollars, except when otherwise noted. Non-GAAP Financial Measures and Other Key Performance Indicators This Presentation contains certain financial measures, as described below, which do not have standardized meanings pres
Slide 66: Disclaimer
Disclaimer Other Key Performance Indicators Production per common share: is calculated by dividing total production by the basic weighted average number of common shares outstanding, as determined in accordance with GAAP. NPV10% BT: the anticipated net present value of the future net cash flow befor
Slide 67: Corporate Presentation
Corporate Presentation KeltExploration.com Kelt Exploration Ltd. Suite 300, East Tower 311 – Sixth Avenue SW Calgary, Alberta Canada T2P 3H2 Phone: 403-294-0154 Fax: 403-291-0155 Website: www.KeltExploration.com 66