Kelt Exploration Ltd. · TSX:KEL
Kelt Exploration — Investor Presentation (April 2018)
64 slides from Kelt Exploration's investor presentation, April 2018
Slide 1: Corporate Presentation
Corporate Presentation APRIL 2018 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President & Chief Financial Officer www.KeltExploration.com
Slide 2: Why Invest in Kelt?
Why Invest in Kelt? 1 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 gro
Slide 3: Common Share Information
Common Share Information 2 • Stock Exchange listing TSX • Trading symbol KEL • Market capitalization $ 1.2 billion • 52-week trading range $ 5.56 – $ 8.20 • Common shares issued ( @ Mar/31/2018 ) 180.5 million • Stock options ( 8.3 MM ) & RSUs ( 0.7 MM ) 9.0 million ( 5.0% ) → average exercise price
Slide 4: Convertible Debentures
Convertible Debentures 3 • TSX trading symbol KEL.DB • Principal amount outstanding $ 90.0 million • Coupon / Maturity date 5.0% / May 31, 2021 • 52-week trading range $ 133.51 – $ 162.00 → D&O’s purchased $14.7 million (16%) of the total Debenture offering. Conversion privilege: Each debenture will
Slide 5: Insider Commitment
INSIDER COMMITMENT 4 Insider Purchases Offering / Market Purchases Shares (MM) Amount ($MM) Price/share $ 13.9 MM Equity Private Placement 3.7 8.7 $ 2.32 $ 94.4 MM Equity Private Placement 5.7 31.5 $ 5.55 $ 92.0 MM Equity Private Placement 0.5 4.0 $ 8.00 $ 19.6 MM Flow-through Equity Private Placeme
Slide 6: Capital Expenditures
Capital Expenditures 5 2018 2018/17 ( $ millions ) 2016 2017 Forecast Change Drilling & Completions 47.4 154.7 135.0 - 13% Facilities, Equipment & 28.5 78.0 65.0 - 17% Pipeline Infrastructure Land, Seismic & Asset 28.3 11.6 10.0 - 14% Acquisitions Capital Expenditures 104.2 244.3 210.0 - 14% Propert
Slide 7: Drilling Program
Drilling Program 6 2017 Gross 2017 Net 2018 Gross 2018 Net Drills Wells Wells Wells Wells Alberta 16 15.0 8 7.1 British Columbia 13 13.0 12 12.0 Non-operated Properties 11 3.2 1 1.0 Total 40 31.2 21 20.1 2017 Gross 2017 Net 2018 Gross 2018 Net Completions Wells Wells Wells Wells Alberta 15 14.0 14 1
Slide 8: Reserves
Reserves 7 LIQUIDS WEIGHTING CONTINUES TO GROW: 2017 proved plus probable reserve additions, before dispositions, were weighted 63% to oil/ngls and 37% to gas compared to 40% and 60% respectively in 2016. The 2018 drilling program will continue to target oil and condensate rich Montney wells. Oi
Slide 9: Finding, Development & Acquisition Costs
Finding, Development & Acquisition Costs 8 Proved + As at December 31, 2017 Proved Probable 2017 capital expenditures + change in FDC ( $M ) 315,436 343,953 Reserve additions, net ( MBOE ) 32,837 49,592 FD&A cost ( $/BOE ) 9.61 6.94 2017 operating netback ( $/BOE ) 15.28 15.28 Recycle ratio ( lookin
Slide 10: Production Outlook
Production Outlook 9 2018 2018/17 2016 2017 Forecast Change Oil ( bbls/d ) 5,070 6,634 10,200 − 10,600 54% − 60% Ngls ( bbls/d ) 2,709 2,608 3,200 − 3,300 23% − 27% Gas ( mcf/d ) 79,009 77,330 90,600 − 93,600 17% − 21% Combined ( BOE/d ) 20,947 22,130 28,500 − 29,500 29% − 33% Per MM Shares 121 125
Slide 11: 2018 Product Mix
2018 Product Mix 10 Production 2018 Forecast Income Split ( $MM ) Split Oil 36% 173.0 80% Ngls [1] 11% 20.0 9% Gas 53% 24.0 11% Operating income 100% 217.0 100% G&A and interest expense ( 17.0 ) Funds from operations 200.0 Note: [1] The 2018 forecasted Ngls production mix is as follows: Pentane ( C5
Slide 12: Commodity Prices
Commodity Prices 11 ( CA$, unless otherwise specified ) 2016 2017 2018 (E) YOY Change WTI Crude Oil ( USD/bbl ) [1] US $ 43.32 US $ 50.95 US $ 58.50 + 15% CLS Crude Oil ( CAD/bbl ) [2] $ 52.79 $ 61.85 $ 69.80 + 13% NYMEX Natural Gas ( USD/MMBtu ) US $ 2.43 US $ 3.07 US $ 3.05 − 1% CHICAGO City Gate
Slide 13: Gas Market Risk Management
Gas Market Risk Management 12 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.
Slide 14: Annual Production Growth (since inception)
Annual Production Growth ( since inception ) 13 PRODUCTION ( BOE / d ) : CAGR since 35,000 2013 = 49% 28,500 – 30,000 29,500 25,000 22,130 20,947 15,100 – 15,600 20,000 18,577 12,888 15,000 13,168 12,756 11,879 10,000 8,419 13,400 – 13,900 5,000 3,961 9,242 6,698 7,779 3,148 4,337 0 813 2013 2014 20
Slide 15: Annual Production per Share Growth (since inception)
Annual Production per Share Growth ( since inception ) 14 PRODUCTION PER MILLION SHARES ( BOE / d ) : 200 CAGR since 2013 = 25% 158 - 164 150 125 120 121 84 - 87 105 100 73 77 76 69 53 50 74 - 77 42 45 52 43 36 11 0 2013 2014 2015 2016 2017 2018 [E] Oil / Ngls Gas
Slide 16: Netbacks
Netbacks 15 2018/17 ( $ / BOE ) 2016 2017 2018 (E) Change Price 24.08 31.51 37.42 + 19% Realized hedging gain ( loss ) 0.02 ( 0.13 ) − − Royalties ( % of price ) ( 8.6% ) ( 9.3% ) ( 10.8% ) + 16% Transportation expense ( 2.86 ) ( 3.13 ) ( 3.32 ) + 6% Production expense ( 9.29 ) ( 10.05 ) ( 9.54 ) −
Slide 17: Financial Outlook
Financial Outlook 16 2018 2018/17 2016 2017 Forecast Change Revenue ( $ MM ) 184.6 257.6 396.1 + 54% Operating income ( $ MM ) [1] 75.7 123.4 217.0 + 76% Adj. funds from operations ( $ MM ) [1] 58.4 108.0 200.0 + 85% Per share – diluted ( $/share ) 0.34 0.61 1.10 + 80% Capital expenditures, net ( $
Slide 18: 2018 Commodity Price Sensitivities
2018 Commodity Price Sensitivities 17 Kelt Kelt CAD/USD 2018 Oil/NGLs Price Gas Price Exchange Rate Forecast minus 10% minus 10% minus CAD 0.05 WTI Crude Oil ( USD/bbl ) 58.50 52.61 - 10% 58.50 n/c 58.50 n/c NYMEX Natural Gas ( USD/MMBtu ) 3.05 3.05 n/c 2.84 - 7% 3.05 n/c Exchange Rate ( CAD/USD ) 1
Slide 19: Core Areas
Core Areas 18 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, La Glace & Grande Prairie Pipestone/Wembley Grande Cache → Stacked Montney light oil → Montney/
Slide 20: Kelt Land Fairway
Kelt Land Fairway 19 Fireweed Corporate Land Holdings Inga Dec/31 Net Net Flatrock 2017 Acres Sections Stoddart Oak Developed 210,783 329 Fort St. John Undeveloped 637,853 997 Total 848,636 1,326 Progress Pouce Coupe Spirit River Montney Rights Net Net Valhalla / La Glace Acres Sections Pipestone /
Slide 21: British Columbia Montney Lands
British Columbia Montney Lands 20 LAND (Montney Rights) Gross: 295,043 acres ( 461 sections ) Net: 290,091 acres ( 453 sections ) Fireweed OPERATIONS ● Kelt has successfully delineated the Upper Montney at Inga/Fireweed Stoddart Flatrock ● Kelt is pleased with the initial results from the Middle Mon
Slide 22: British Columbia Montney Wells
British Columbia Montney Wells 21 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 ( 32% gas ) Sproule 2P EUR = 795 MBOE ◦ 54% oil/ngls ( 429,000 bbls )
Slide 23: B.C. - Stacked Montney Resource Potential
B.C. - Stacked Montney Resource Potential 22 MULTIPLE STACKED MONTNEY HORIZONS ● Kelt has successfully delineated the Upper Montney at Inga/Fireweed and currently estimates an un-risked drilling inventory of over 700 locations ● Initial results from the Middle Montney at Inga/Fireweed are very encou
Slide 24: Inga / Fireweed Montney Lands
Inga / Fireweed Montney Lands 23 B-90-A UM LAND − MONTNEY RIGHTS (sfc C-10-H) A-58-I UM C-26-A UM 207 gross sections ( 204 net sections ) (sfc D-A79-I) (sfc A-6-A) C-85-I UM OPERATIONS (sfc A-65-I) B-65-I UM (sfc A-34-I) ● Delineation drilling to date has been 00/15-25 MM 02/15-25 UM C-31-I UM focus
Slide 25: Inga / Fireweed Upper Montney Type Curve
Inga / Fireweed Upper Montney Type Curve 24 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count [1] ) 5,000 Average Well Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 795 MBOE 54% Oil/Ngls 46% 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] S
Slide 26: Inga / Fireweed Middle Montney Type Curve
Inga / Fireweed Middle Montney Type Curve 25 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count [1] ) 5,000 Average Well Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 645 MBOE 59% Oil/Ngls 41% Gas 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 27: Oak / Flatrock Montney Lands
Oak / Flatrock Montney Lands 26 OPERATIONS 02/13-13 (sfc 13-12) ● Oil and gas exploration activity with plans to drill and complete two wells in 2018. 00/7-3 (sfc 10-27) ● First well at 02/6-2 was successful and initially produced at restricted rates due to facility 02/6-2 capacity constraints. (sfc
Slide 28: Alberta Montney Lands
Alberta Montney Lands 27 LAND Montney Rights: Gross: 172,640 acres ( 270 sections ) Net: 148,274 acres ( 232 sections ) Pouce OPERATIONS Coupe ● Kelt has successfully delineated the Lower- Progress Middle and the Upper-Middle Montney at Pouce Coupe and completed a five-well development pad at Pouce
Slide 29: Alberta Montney Wells
Alberta Montney Wells 28 PRODUCTION RESERVES Kelt Alberta Montney OIL Drills Typical well EUR’s: Top 10 IP30 Wells (gross sales, BOE/d): (1) Pouce Coupe Montney OIL: 2P EUR = 600 MBOE * (1) Pouce Coupe 03/07-18-078-11W6 LMM 2,045 ( 66% oil/ngls ) ◦ 45% oil/ngls ( 270,000 bbls ) (2) Pouce Coupe 02/06
Slide 30: Pouce Coupe / Progress
Pouce Coupe / Progress 29 Kelt Lands 15-13 MM 14-14 MM 920 BOE/d IP30 Abbreviations: 875 BOE/d IP30 (KEL 50%) UM – Upper Montney (KEL 50%) MM – Middle Montney UMM – Upper-middle Montney (may also be Pouce referred to as “Montney H” Coupe UMM Pad: Progress UMM Pad: 00/3-9 Progress or “Montney D2”) 02
Slide 31: Pouce Coupe / Progress Montney Oil Type Curve
Pouce Coupe / Progress Montney Oil Type Curve 30 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count [1] ) 5,000 Average Well 2P EUR Type Curve* Well Count 1,000 2P EUR * 600 MBOE 100 45% Oil/Ngls 55% Gas * Sproule has a 795 MBOE and a 514 MBOE type curve. Kelt is using a blend of the two curves. 10 15 10
Slide 32: Valhalla / La Glace and Pipestone / Wembley
Valhalla / La Glace and Pipestone / Wembley 31 Drilling has been focused on the Middle Montney. Upper Montney also productive - tested in the 15-33 well Kelt 14-29 La Glace Ownership in pipeline infrastructure, minor Facility (100% WI) 1-5 Encana Sexsmith interests in gas plants and 100% interes
Slide 33: La Glace Montney Oil Type Curve
La Glace Montney Oil Type Curve 32 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count [1] ) 5,000 Average Well Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 590 MBOE 61% Oil/Ngls 39% 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 “Appen
Slide 34: 2017 Montney Development Wells – Paybacks
2017 Montney Development Wells – Paybacks 33 Actual Cumulative to Dec 31, 2017 [3] Remaining to Payback [4] Last Drill & Month’s Complete Production Operating Production Cost Initial Start Operating Operating Production Income Payback Rate at ($ MM) Test Date Production Income Netback Estimate Estim
Slide 35: Spirit River – Charlie Lake
Spirit River – Charlie Lake 34 LAND Gross: 42,880 acres ( 67 sections ) 13-34 CL Pad: 14-22 (60%) Net: 35,352 acres ( 55 sections ) 15-22 (60%) 13-33 16-22 (60%) Charlie Lake: 28 net sections 16-10 H2O Doe Creek: 17 net sections Disposal CHARLIE LAKE: Gamma Ray Density Porosity Worsley (O) Y 4-15 CL
Slide 36: Net Asset Value
Net Asset Value 35 Dec/31 Dec/31 % ( millions ) 2016 2017 change P&NG reserves, NPV10% BT 1,730.7 2,111.5 + 22% Decommissioning obligations, NPV10% BT [1] ( 9.5 ) ( 12.8 ) + 35% Undeveloped land 212.5 239.1 + 13% Net bank debt ( 138.0 ) ( 136.7 ) − 1% Proceeds from exercise of stock options [2] 29.7
Slide 37: Future Considerations
Future Considerations 36 KELT: 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
Slide 38: Management
Management 37 David J. Wilson, President & CEO Sadiq H. Lalani, Vice President & CFO Douglas J. Errico, Vice President, Land Patrick Miles, Vice President, Exploration Douglas O. MacArthur, Vice President, Operations Alan G. Franks, Vice President, Production Bruce D. Gigg, Vice President, Engineeri
Slide 39: Board of Directors
Board of Directors 38 Robert J. Dales Compensation (Chair), Nominating, Audit, Reserves Geri L. Greenall Audit, Nominating William C. Guinan Chairman of the Board, HSE Eldon A. McIntyre [1] Reserves (Chair), Nominating, Audit, Compensation Neil G. Sinclair Audit (Chair), Nominating (Chair), Compensa
Slide 40: Appendix
APPENDIX 39 ABBREVIATIONS QUARTERLY FORECAST OF 2018 WTI & NYMEX PRICES QUARTERLY PRODUCTION GROWTH QUARTERLY CASH COSTS MAP OF NORTH AMERICAN NATURAL GAS HUBS GAS MARKETING & TRANSPORTATION CONTRACTS SPROULE RESERVES PLUS FUTURE DEVELOPMENT CAPITAL GRANDE CACHE – CRETACEOUS DRY GAS
Slide 41: Abbreviations
Abbreviations 40 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 C
Slide 42: Kelt's 2018 Oil Price Forecast
Kelt’s 2018 Oil Price Forecast 41 KELT Realized CA$/bbl WTI US$/bbl ( 2018 Average = CA$66.88 ) ( 2018 Average = US$58.50 ) 70.00 70.00 67.30 67.70 65.97 66.49 65.00 65.13 65.00 60.00 60.21 59.75 60.00 59.00 58.25 56.80 56.97 55.00 55.40 55.00 53.22 51.92 50.00 50.00 48.29 48.21 45.00 45.00 Q1 17 Q2
Slide 43: Kelt's 2018 Gas Price Forecast
Kelt’s 2018 Gas Price Forecast 42 KELT Realized CA$/Mcf NYMEX US$/MMBtu ( 2018 Average = CA$3.05 ) ( 2018 Average = US$3.05) 4.50 5.00 3.50 3.52 3.47 3.42 4.00 3.37 3.25 2.79 3.31 2.76 3.13 2.70 3.15 2.50 2.97 2.91 2.99 3.00 2.33 2.77 1.50 2.00 0.50 1.00 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 [E] Q2 18 [E] Q
Slide 44: Quarterly Production Growth
Quarterly Production Growth 43 PRODUCTION ( BOE / d ) 32,000 Oil Ngls 28,000 Gas 24,000 20,000 16,000 12,000 8,000 4,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 [E] 2014 2015 2016 2017 2018
Slide 45: Quarterly Cash Costs
Quarterly Cash Costs 44 CONTROLLING COSTS ( $ / BOE ) 22.00 G&A 20.00 Interest Production and 18.00 Transportation 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 18 2014 2015 2016 2017 [E]
Slide 46: North American Natural Gas Hubs
North American Natural Gas Hubs 45 Station 2 AECO Sumas Empress Kelt 2018 Gas Netback Forecast: Emerson Kingsgate Hub Price Netback Waddington Gas Hub % US$/MMBtu US$/Mcf Stanfield Chicago 16% 2.85 2.02 Opal Dawn Boston Malin Marcellus Dawn 26% 2.80 1.99 Ventura Chicago Malin 16% 2.48 1.73 Sumas 16%
Slide 47: B.C. Gas Marketing / Transportation Contracts
B.C. Gas Marketing / Transportation Contracts 46 Supply Term Volume Upstream Market Term Volume Market Price (Firm Transportation) (MMcf/d) Hub (Sales) (MMcf/d) Nov/1/2017 – Alliance Nov/1/2017 – CHICAGO City Gate USD Gas 10.3 [2] 12.9 Oct/31/2018 Receipt Point Oct/31/2018 Daily Index Nov/1/2017 – T
Slide 48: Alberta Gas Marketing / Transportation Contracts
Alberta Gas Marketing / Transportation Contracts 47 Supply Term Volume Upstream Market Term Volume Market Price (Firm Transportation) (MMcf/d) Hub (Sales) (MMcf/d) Nov/1/2017 – NGTL FT-D Nov/1/2017 – 24.6 [2] 23.7 DAWN USD Daily Index Oct/31/2022 [1] Delivery Point Oct/31/2027 [3] Nov/1/2017 – Allia
Slide 49: Reserves
Reserves 48 NPV 10% BT DEC/31/2016 DEC/31/2017 Percent DEC/31/2017 ( MMBOE ) ( MMBOE ) Change ( $ MM ) Proved Developed 34.5 37.9 + 10% $ 423 Producing Total Proved 108.2 133.0 + 23% $ 1,093 Proved plus Probable 194.1 235.6 + 21% $ 2,112 ( P+P ) Oil / Ngls ( P+P % ) 37% 43% Gas ( P+P% ) 63% 57% Note
Slide 50: Sproule P+P Reserves – FDC
Sproule P+P Reserves – FDC 49 December 31, 2017 FDC ( $MM ) Net HZ Wells Alberta Montney wells 176 37 B.C. Montney wells 638 103 TOTAL Montney wells 814 140 Other formation wells 342 74 Other expenditures 7 - TOTAL 1,163 214 Notes: [1] FDC is per the evaluation report prepared by Sproule Associates
Slide 51: Grande Cache
Grande Cache 50 LAND Narraway Modern 13-4 IP30: 9 MMcf/d Gross: 141,120 acres ( 220 sections ) 135 MMcf/d Falher/Wilrich TOU 4-29 Net: 99,716 acres ( 155 sections ) Gas Plant IP30: 20 MMcf/d (7% WI) Falher/Wilrich OPERATIONS ● Low decline Cretaceous natural gas production ● Ownership interests in ga
Slide 52: 2017 B.C. Inga Doig Development Wells – Paybacks
2017 B.C. Inga DOIG Development Wells – Paybacks 51 Kelt drilled two Doig wells in 2017 where 2P Type Curves target an IP30 of 2,000 BOE/d (26% gas / 74% oil/ngls) and EURs of 1,080 MBOE (49% gas / 51% oil/ngls). Kelt has 31 (28.4 net) future 2P HZ development locations booked as inventory in th
Slide 53: Inga / Fireweed Upper Montney Type Curve
Inga / Fireweed Upper Montney Type Curve 52 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 795 MBOE 54% Oil/Ngls 46% 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 00/06-07-088-22W6/0 00/07-12-0
Slide 54: Inga / Fireweed Middle Montney Type Curve
Inga / Fireweed Middle Montney Type Curve 53 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 645 MBOE 59% Oil/Ngls 41% Gas 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 55: Pouce Coupe / Progress Montney Oil Type Curve
Pouce Coupe / Progress Montney Oil Type Curve 54 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 2P EUR Type Curve* Well Count 1,000 2P EUR * 600 MBOE 100 45% Oil/Ngls 55% Gas * Sproule has a 795 MBOE and a 514 MBOE type curve. Kelt is using a blend of the two curves. 10 15 10 5 0 1 3 5 7 9 11 1
Slide 56: La Glace Montney Oil Type Curve
La Glace Montney Oil Type Curve 55 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 Sproule 2P EUR 100 590 MBOE 61% Oil/Ngls 39% 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
Slide 57: Disclaimer
Disclaimer 56 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 p
Slide 58: Disclaimer
Disclaimer 57 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
Slide 59: Disclaimer
Disclaimer 58 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 t
Slide 60: Disclaimer
Disclaimer 59 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 thousa
Slide 61: Disclaimer
Disclaimer 60 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 Eval
Slide 62: Disclaimer
Disclaimer 61 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 p
Slide 63: Disclaimer
Disclaimer 62 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 be
Slide 64: Corporate Presentation
Corporate Presentation Suite 300, 311 – 6th Avenue SW Calgary, Alberta, Canada T2P 3H2 www.KeltExploration.com
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