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The production composition is forecast to become lighter and less gassy as recently implemented waterfloods take effect and simple, lucrative development materializes.
Venturion – 5,700 boepd (~84% oil) Conventional Waterflood Opportunity
Opportunity Highlights - 100% Conventional Waterflood Asset Base
100% W.I. properties with 100% W.I. facilities and infrastructure
Simple, effective approach develops cash-flow generators
Bank credit facility recently increased to $100MM
Estimated March realized oil price of approximately $56/bbl
Improving realized price: $62.55/bbl on April 3 closing prices
Low-risk opportunities to add production and reserves
Increase of 2.3 MMbbl of TP and 2.6 MMbbl of TPP reserves in under six months (PDP increase of 1.8 MMbbl and PPDP increase of 2.7 MMbbl)
Geologically similar oil pools with large original oil-in-place (OOIP) volumes and low current recovery factors
Conventional waterflood oil pool production creates a multitude of
opportunities to improve recovery factors and expand OOIP
Three new waterfloods implemented in the last year set up future development drilling; four-year inventory identified
Routine drilling can have exceptional results
Boundary Lake North 04-29-087-14W6 (02-31 surface) flowed at 1,000 bbl/d for six months with no frac
Killam 102/04-14-046-12W4: July 2017 well produced at 300 bbl/d flat for the first six months
Excellent liability management ratios (LMR) of 8.16 in Alberta and 5.50 in British Columbia
Source: geoSCOUT, Venturion Oil Limited, Alberta Energy Regulator, BC Oil & Gas Commission Production values are company estimates for the week of March 20 - 26, 2018. Reserve increase references the increase from October 31, 2017 report to March 31, 2018 report. March realized price is an approximation as actual values are not yet available. Production composition is based on sales volumes from December 2017 lease operating statements.
Light Oil (API >31°)
30%
NGL1%
Gas16%
Medium Oil (API <31°)
53%
Boundary Lake North (BLN) 815 boepd 630 bopd 41O API
ALBERTA BRITISH COLUMBIA
Fort St. John
Edmonton
Grand Prairie
Worsley 495 boepd 440 bopd 31O API
Mica 790 boepd 440 bopd 44O API
Viking Kinsella 665 boepd 575 bopd 20O API
Killam 2,240 boepd 2,170 bopd
24O API
South Assets 2,920 boepd 2,755 bopd 24O APIavg
North Assets 2,780 boepd 2,010 bopd 40O APIavg
Calgary
Venturion Oil Limited (“Venturion”), a private Canadian oil and gas company, has retained BMO Capital Markets as its sole financial advisor to conduct a sale process for a corporate transaction.
Venturion Operating Areas
Boundary Lake (BL) 680 boepd 500 bopd 42O API
Cessford 15 boepd 10 bopd 30O API
Shallow declines and low operating expense generate positive cash flow. Production flat for last half of 2017 with no drilling and only 12% of cash flow reinvested for maintenance and optimization.
Venturion Oil Ltd. 5,700 boepd 4,765 bopd 30O APIavg
2
Conventional Waterflood Strategy - Proven Winner
Source: geoSCOUT, Venturion Oil Limited 1. Current as of March 31, 2018 2. Q1 2018
Large OOIP
Shallow, medium-to-light oil pools with large original oil-in-place
Proven Waterflood Potential Conventional reservoirs with proven waterflood response
High Working Interest Almost exclusively 100% W.I. facilities and waterflood infrastructure in place
Shallow Decline Cash-flow generating engine with minimal capital
Low Recovery Factors Low risk with future growth
Low Operating Costs and High Netbacks Efficient Operations
237 MMbbl
All 8 fields
100% W.I.
Base decline <10%
Current RF <6.8%(1)
$12/boe(2) (operating) $24/boe(2) (netback)
3
Worsley1.3 MMbbl
5%BLN
2.6 MMbbl10%
BL3.0 MMbbl
12%
Mica A2.8 MMbbl
11%
Mica Doig B1.7 MMbbl
7%VK
3.5 MMbbl13%
Killam10.5 MMbbl
40%
Cessford 0.6 MMboe
2%
Worsley$23.3MM
5% BLN$53.9MM
11%
BL$64.1MM
14%
Mica A$66.7MM
14%Mica Doig B$30.4MM
7%
VK$58.3MM
12%
Killam$168.2MM
36%
Cessford $5.6MM
1%
PDP$296.0MM
63%PADP
$75.1MM16%
PUD+PDNP$50.1MM
11%
PAUD+PANP$49.1MM
10%
0
1,000
2,000
3,000
4,000
5,000
2013 2014 2015 2016 2017 2018
Cal D
ay O
il (b
opd)
North South
Field Cash Flow of ~$51MM Forecast to Increase
Source: geoSCOUT, Venturion Oil Limited, GLJ Reserves Report Effective March 31, 2018 using the GLJ April 1, 2018 Price Forecast
Corporate Production
As the largest and most mature property in the company, Killam has underpinned the company’s flat production profile
Killam accounts for 36% of the total corporate value and generates half of the cash flow to grow the other properties
Expect the remaining properties to see reserve additions as their waterflood projects continue to mature
GLJ 2018 annualized cash flow: $60.8MM
More than half ($75.1MM) of the probable additional reserves are associated with improved performance of the PDP wells
Therefore, minimal capital is required to capture the bulk of the probable reserves
Oil Volumes - 2P Reserves By Area Total: 26 MMbbl
Value - 2P By Area (BT NPV10%) Total: $470MM
Value - 2P by Reserves Category (BT NPV10%)
Only $2.5MM maintenance capital spent from June - Dec. 2017 to keep production flat and generate $20MM cash flow
0
1,000
2,000
3,000
4,000
5,000
Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18
Cal D
ay O
il (b
opd)
North South
4
0
500
1,000
1,500
2,000
2,500
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Oil
Rate
(bop
d)
PPDP TPP
1
10
100
1,000
10,000
100,000
2014 2015 2016 2017 2018
Cal
Day
Oil
(bop
d), I
nj D
ay W
tr (b
wpd
), G
OR
(scf
/bbl
), O
il C
ut (%
)
Oil GOR Inj Wtr Oil Cut
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2013 2014 2015 2016 2017 2018
Oil
Volu
mes
(M
bbl)
PPDP TPP
-10
-5
0
5
10
15
20
25
30
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Net O
pera
ting
Inco
me,
Cap
ital,
Free
Cas
h Fl
ow ($
MM
)
Capital NOI Cash Flow
Killam - Low-Risk Stable Production Base and Cash Flow
Source: geoSCOUT, Venturion Oil Limited, GLJ Reserves Report Effective March 31, 2018 using the GLJ April 1, 2018 Price Forecast
Mannville F2F Pool Production Mannville F2F Pool Reserve Volumes
GLJ 2P Forecast Production GLJ 2P Forecast Cash Flow
Shallow average decline rate of ~8% per year
Only $12.5MM of capital required to execute the 2P forecast of 10.5 MMbbl
Stable production Low GOR
PPDP down only 0.7 MMbbl from 2015 levels despite >2.5 MMbbl of production
5
Corporate Summary Corporate Summary
Operational Highlights(1) Financial Highlights(1)
Management Directors
Consultants
Netback Summary(1)
Tax Pools(1)
Net Asset Value(2) Reserves Summary(2)
Kevin Wesa President & Chief Executive Officer
Patrick Shore Chief Financial Officer
Brian Goodfellow Vice President, Production & Operations
Gordon Moffat Vice President, Exploration
James McCormick Vice President, Land
Legal Norton Rose Fulbright Canada
Auditors PricewaterhouseCoopers
Reserves Evaluators GLJ Petroleum Consultants
1. Data based on fiscal year ended October 31 2. Based on GLJ Reserves Report as of March 31, 2018 utilizing GLJ April 1, 2018 price forecast
Daily Production 2015 2016 2017
Oil & NGL (bopd) 3,945 4,009 4,330
Natural Gas (Mcfpd) 4,836 3,625 5,454
Total (boepd) 4,751 4,614 5,239
2015 2016 2017
Oil & NGL ($/bbl) $51.09 $40.77 $51.33
Natural Gas ($/Mcf) $2.96 $2.10 $2.51
Average Realized Price ($/boe) $45.44 $37.08 $45.03
Royalties ($/boe) -$9.50 -$7.92 -$10.57
Operating Costs ($/boe) -$11.75 -$11.72 -$11.65
Transportation Costs ($/boe) -$4.00 -$3.23 -$3.80
Operating Netback ($/boe) $20.19 $14.21 $19.01
2015 2016 2017
Oil & Gas Sales ($MM) $78.8 $62.6 $86.1
Funds Flow ($MM) $30.1 $21.9 $28.6
Per Share - Basic ($/share) $0.33 $0.21 $0.25
Capital Expenditures ($MM) $41.3 $47.5 $47.8
Heavy Oil Light Oil NGL Gas Total
(Mbbl) (Mbbl) (Mbbl) (MMcf) (Mboe)
Proved Developed Producing 9,284 5,288 62 13,877 16,947
Total Proved 10,682 7,869 82 22,611 22,401
Probable 3,303 4,149 36 10,918 9,307
Total Proved + Probable 13,984 12,018 117 33,529 31,708
P+P PV10 BT ($MM)(1) $470.4
Undeveloped Land at cost ($MM) $1.0
Net Debt ($MM) -$62.8
Dilutive Stock Options and Warrants: Proceeds on Exercise ($MM) $33.4
Net Asset Value ($MM) $442.0
Total Dilutive Shares (MM) 137.4
NAV/share ($/share) $3.22
Class 2017
Canadian Development Expense ($MM) $31.1
Canadian Exploration Expense ($MM) $6.2
Canadian Oil and Gas Property Expense ($MM) $72.1
Non-Capital Losses ($MM) $32.3
Capital Cost Allowance ($MM) $60.3
Other ($MM) $0.0
$202.1
Vincent Chahley (Chairman) Independent Businessman
M. Bruce Chernoff Independent Businessman
Jody Forsyth Managing Partner, Annapolis Capital
D. Keith MacDonald Independent Businessman
Gary Simpson Independent Businessman
Kevin Wesa President & Chief Executive Officer, Venturion
Peter Williams Managing Partner and CEO, Annapolis Capital
6
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2013 2014 2015 2016 2017 2018
Cal D
ay O
il (b
opd)
BLN Worsley BL Mica Mica Doig B
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2013 2014 2015 2016 2017 2018
Cal D
ay O
il (b
opd)
Killam Viking Kinsella Cessford
North Production
South Production
Venturion Production - Medium & Light Oil Growth Opportunities
South Assets
Viking Kinsella Sparky Oil
Killam Lloydminster Oil
Mica, Charlie LK and Doig Oil
BLN Halfway Oil Worsley Montney Oil
British Columbia
Alberta
North Assets
BL Halfway Oil
Cessford Asset
No drilling for six months Production is flat at ~1,700 bopd
~2,755 bopd ~2,920 boepd
(Including Cessford) ~2,010 bopd
~2,780 boepd
Cessford Ellerslie Oil
Sparky Oil prospect
~2,800 bopd
Source: geoSCOUT data up to January 2018, Venturion Oil Limited
Cessford was acquired in December 2017
Up ~300 bopd
since January
7
The Waterflood Advantage - Developing Cash Flow Machines
Stages of Development - Increasing Free Cash Flow Venturion Oil Pools - Development Stage
History of primary production
Pressure decline coupled with elevated GORs adversely affecting oil rates
Commence waterflood in a capital efficient manner
Watch producer pressures
Declines shallow and then production slowly increases
Initial reserve recognition
Field responding, time to invest
Upsize pumps in producers
Drill infill wells
Add facilities to handle fluid
Convert wells where more water is required
Expand pool size with
step-out wells
Major reserve recognition
Reservoir pressure restored
Shallow declines
Minimal maintenance capital
Positive and increasing free cash flow
Positive technical reserve revisions over time
North
South
ALBERTA
BRITISH COLUMBIA
Stage 1 Generate the opportunity
Stage 2 Invest
Stage 3 Harvest
+
-
0
Edmonton
Grand Prairie
Calgary Cessford
Viking Kinsella
Killam
Boundary Lake North
Boundary Lake
Mica
Worsley
8
10
100
1,000
10,000
2013 2014 2015 2016 2017 2018
Cal
Day
Oil;
Inj W
tr (b
pd);
GO
R (s
cf/b
bl)
Oil Inj Water GOR
10
100
1,000
10,000
100,000
2013 2014 2015 2016 2017 2018
Cal
Day
Oil;
Inj W
tr (b
pd);
GO
R (s
cf/b
bl),
Oil
Cut
(%)
Oil Inj Water GOR
Killam Upper Mannville F2F
Viking Kinsella Production
Killam Production
Viking Kinsella Sparky Z4Z
Source: geoSCOUT
South - Medium Oil Waterflood
July 2017 104/03-21-046-12W4/02,03
155 bopd
July 2017 102/04-14-046-12W4
325 bopd
Pool extension June 2017
100/04-33-045-12W4 ~35 bopd
June 2017 100/09-32-048-13W4
~200 bopd
Flat production for over two years
Upper Mannville F2F Pool
24O API Fm depth = 820 m
Pi = 5.9 MPa P/Pi = 0.6-1.2
Sparky Z4Z Pool 20O API
Fm depth = 760 m Pi = 5.3 MPa
P/Pi = 0.4-0.6
Reduced GOR and flat production
~2,200 bopd flat production
2% current recovery factor
9
Source: geoSCOUT, Venturion Oil Limited
South Infrastructure, Marketing, and Transport
Killam
Viking Kinsella
Oil Sales
Oil is trucked to Gibson Hardisty terminal
Gas Processing
Viking Kinsella - Gathering and processing through Pine Cliff Energy
Killam - Gathering and processing through Tidewater Midstream
Facilities
All wells flowlined to central batteries
Three major oil batteries including:
▪ Free water knock-outs, oil treaters, water injection pumps, solution gas compressors, and associated tankage
▪ Three phase power
Only minor capital required for any future development
Viking Kinsella Battery
Killam Batteries
Venturion South Infrastructure
Tidewater Killam Gas Plant
Pine Cliff Vernon Lake Gas Plant
10
10
100
1,000
10,000
2013 2014 2015 2016 2017 2018
Cal
Day
Oil;
Inj W
tr (b
pd);
GO
R (s
cf/b
bl)
Oil Inj Water GOR
10
100
1,000
10,000
2013 2014 2015 2016 2017 2018
Cal
Day
Oil;
Inj W
tr (b
pd);
GO
R (s
cf/b
bl)
Oil Inj Water GOR
Boundary Lake North Halfway Oil
Source: geoSCOUT up to January 2018, Venturion Oil Limited
North - Halfway Oil Waterflood with Active Water Drive
Boundary Lake Halfway Oil
North extension demonstrated OIP, will be drilled in 2019
102/16-30-087-14W6 CTD
100 Mbbl
Flat oil production
Halfway D, I, H, T Pools 41O API
Fm depth = 1,400 m Pi = 10.5 MPa P/Pi = 0.4-0.8
Halfway E, K, M Pools 42O API
Fm depth = 1,400 m Pi = 10.7 MPa P/Pi = 0.4-0.6
-
+
-
0
GOR decreasing
Stable GOR and flat production
Boundary Lake Production
Boundary Lake North Production
100/04-29-087-14W6 IP30
1,200 bopd CTD
457 Mbbl Excellent response to
injection program Best oil well drilled in
Western Canada in 2014
11
10
100
1,000
10,000
2013 2014 2015 2016 2017 2018
Cal
Day
Oil,
Inj W
tr (b
pd);
GO
R (s
cf/b
bl)
Oil Inj Water GOR
Mica Production
Mica A and Mica Doig B Pools
Source: geoSCOUT as of January 31, 2018, Venturion Oil Limited
North - Triassic Oil Waterflood
Worsley Montney L Pool
Dec. 2017 268 bopd
GOR < 700 scf/bbl
Montney L Pool 31O API
Fm depth = 1,000 m Pi = 3.9 MPa
P/Pi = 0.3-2.0
+
-
Mica A, Mica Doig B Pools 43O API
Fm depth = 1,500 - 1,750 m Pi = 15.4-15.9 MPa
P/Pi = 0.5-0.8
Mica Doig B Pool Injection started Jan. 2018
Mica A Pool Injection started June 2017
Worsley Production
Oil rate significantly increased in summer 2017
Excellent waterflood response started
summer 2017
Injecting 500 bwpd
Injecting 3,600 bwpd
Pool is now showing classic waterflood response
10
100
1,000
10,000
2013 2014 2015 2016 2017 2018
Cal
Day
Oil,
Inj W
tr (b
pd);
GO
R (s
cf/b
bl)
Mica A Oil Mica A GOR Mica A Inj Wtr
Doig B Oil Doig B GOR
12
Venturion North Infrastructure
Source: geoSCOUT, Venturion Oil Limited
North Infrastructure, Marketing, and Transport
Boundary Lake North (BLN)
Boundary Lake (BL)
Mica
Worsley
Oil Processing
Venturion operates six 100%-owned multi-well oil batteries
All batteries have had major upgrades in the last five years
Oil is trucked to Spectra Taylor or Pembina Gordondale terminals
All facilities are sized to handle forecasted production growth, including FWKOs, treaters, solution gas compressors, water injection pumps, and tankage
Gas Processing and Transportation
Boundary Lake North
Processing through Spectra McMahon
Existing firm service of ~1.1 MMcfpd on Spectra
Boundary Lake
Processing through CNRL Clear Hills
Existing firm service of ~1.1 MMcfpd on NGTL
Mica A
Currently selling gas to a 3rd-party at battery gate
Access to NGTL via AltaGas Pouce Coupe plant
Mica Doig B
Processing through Spectra Pouce Coupe
Existing firm service of 0.6 MMcfpd on NGTL
Worsley - interruptible on NGTL
3rd-party Gas Plant
Altagas Pouce Coupe
Gas Plant
Spectra Pouce Coupe
Gas Plant
Spectra Fourth Creek
Gas Plant
CNRL Clear Hills
Spectra McMahon
NGTL FT-R Service in 2021
Boundary Lake: 0.5 MMcf/d (15 e3m3/d)
Mica A: 1.4 MMcf/d (40 e3m3/d)
Mica Doig B: 1.3 MMcf/d (35 e3m3/d)
VOL Mica A Battery
VOL Mica Doig B Battery
VOL BL Batteries (2)
VOL BLN Battery
VOL Worsley Battery
13
Summary
Conventional medium and light oil pools with proven waterflood development
Strong anchor with Killam supporting a stable production base of 4,765 bopd and a corporate decline of less than 10% per year
Low capital requirements to execute the reserves forecast
Major facility capital has already been spent to allow for all growth plans
Growth opportunities are light oil and will raise the corporate API
Low operating expenses and improved liquids weighting drive increasing netbacks
March realized price is an approximation as actual values are not yet available
14
Process Timeline
A&D Advisory
Wendy Smith Low Managing Director, Co-head +1.403.515.1528 [email protected]
Cheryl Sandercock, P. Eng. Managing Director, Co-head +1.403.515.1526 [email protected]
Steve Kehoe, P. Eng. Director +1.403.515.3661 [email protected]
Kathleen Dixon, P.Geol., MBA Vice President +1.403.515.3670 [email protected]
Investment Banking
Shane Fildes, CFA Global Head, Energy +1.403.515.1588 [email protected]
Nick Graham, CFA, P.Eng. Vice President +1.403.515.3668 [email protected]
Virtual data room is expected to open the week of April 16, 2018
Dates are subject to revision at any time, at the discretion of Venturion and BMO Capital Markets. Any party that has executed a Confidentiality Agreement will be notified of changes to the schedule
Bids expected in late May - date to be communicated to parties in the process
PROCESS DETAILS: All inquiries relating to the process, and any requests for additional information, should be directed to BMO Capital Markets. Interested parties are required to execute a confidentiality agreement that can be obtained by contacting Mandy Edwards at +1.403.515.1581 ([email protected]). Virtual data room access will be provided to those executing a confidentiality agreement.
Timing
April
S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30
2018 May
S M T W T F S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31
2018
Data room opens week of April 16
Technical presentations begin week of April 23
Holiday
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All estimates, statistics, options and forecasts contained in this IM are, by their nature, based on a number of assumptions, are subjective and may contain errors and omissions. This IM may contain forward-looking statements and future-oriented information which involve risks and uncertainties, contain significant elements of subjective judgment assumptions and analysis, and may prove to be incorrect. Actual results or events could differ materially from the results discussed in the forward-looking statements and future-oriented information.
In furnishing this IM, neither the company nor BMO Capital Markets undertakes any obligation to provide the recipient with access to any additional information or to update or correct any information contained herein. The IM shall not be deemed to represent an indication of the state of affairs of the Company nor shall it constitute an indication that there has been no change in the business or affairs of the Company since the date hereof.
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The calculation of oil equivalency (“boe”) is based on a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil to estimate relative energy content and does not represent a value equivalency at the wellhead. Equivalencies may be misleading, particularly if used in isolation.
Disclaimer
