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Obsidian Energy Corporate Presentation

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Obsidian Energy Corporate Presentation Obsidian Energy Corporate Presentation February 2019 Important Notice to the Readers This presentation should be read in conjunction with the Company’s unaudited consolidated financial statements, Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2018. All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless otherwise indicated. Certain financial measures included in this presentation do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and therefore are considered non- generally accepted accounting practice ("non-GAAP") measures; accordingly, they may not be comparable to similar measures provided by other issuers. This presentation also contains oil and gas disclosures, various industry terms, and forward-looking statements, including various assumptions on which such forward-looking statements are based and related risk factors. Please see the Company's disclosures located in the Appendix & Endnotes at the end of this presentation for further details regarding these matters. All slides in this presentation should be read in conjunction with “Definitions and Industry Terms”, “Non-GAAP Measure Advisory”, “Oil and Gas Information Advisory”, “Reserves Disclosure and Definitions Advisory” and “Forward-Looking Advisory”. Unless noted otherwise, the pricing assumption for slide 3 are applicable for all the of the slides. All locations are considered to be Unbooked locations unless otherwise noted. 2 Corporate Overview Market Summary Peace River Ticker Symbol OBE Cold flow heavy oil Manage base production and Shares Outstanding MM 507 commercialize Market Value MM $269 Net Debt MM $446 Enterprise Value MM $715 Deep Basin Liquids rich deeper development underlying Cardium Corporate Summary Infrastructure capacity management and opportunistic partnering Q3 2018 Production boe/d 27,777 Reserves (2P YE 2018) mmboe` 125 RLI (2P YE 2018) years 13 PDP Decline (YE 2018) % 16 NPV10 (2P YE 2018) MM $1,702 2019 Guidance Cardium Production boe/d 26,750 – 27,750 Light oil conventional development Manufacturing model for exhaustive, Capital Expenditures repeatable inventory MM $120 Inc. Decommissioning Leverage shallow decline base Alberta Viking Production Growth % Flat Higher GOR oil play Operating Costs $/boe $14.00 - $14.50 Strategy is base production management and General & commercialization $/boe $2.00 - $2.50 Administrative 3 Our Strategic Priorities 1. Generate meaningful YoY Cash Flow Growth • Target annual cash flow per share growth 10-15% • Driven by high-graded investment metrics Disciplined (IRR’s >50%, Capital Efficiency $20,000 /boe/d) 2. Improve balance sheet strength • Maintain capital discipline to improve debt picture through spending within Funds Flow from Operations Relentless • Target Debt/EBITDA to 1.5X over coming 2-3 years 3. Simplify and grow the light oil business • Through targeted investment, grow Cardium light oil platform >20% over 3 years • Continue to rationalize the portfolio to Accountable reduce drag on cash flow • Maintain 33 operated secondary recovery projects to support top tier corporate decline (25-35%) 4 The Cardium Advantage Willesden Green H2 2018 Program Summary Actuals exceeding forecast Crimson Lake R8W5 INDEX MAP Rig One 1 8-9 Pad (3 Wells): IP60 477 boepd (71% oil) 2 14-1 Pad (2 Wells): IP60 338 boepd (84% oil) 3 1-36 Pad (2 Wells): IP30 672 boepd (90% oil) 3 kms 4 9-2 Pad (2 Wells): IP10 502 boepd (90% oil) 2 miles Rig Two 1 4-6 Pad (3 Wells): IP60 563 boepd (84% oil) T43 2 5-18 Pad (2 Wells): Fracturing complete 2 4500 H2 2018 Program Forecast 1 4000 H2 2018 Program Actuals 4 3500 2 3000 1 2500 3 BOE/d 2000 OBE 2020 well OBE 2019 well 1500 OBE 2019 optionality well OBE 2018 well 1000 OBE future well Unit land OBE Cardium WI land 500 On Production OBE East Crimson land 0 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 6 8-9 Cardium Pad (3 wells) Oct 18, 2018 Simultaneous Operations Flowback Tanks Flare stack Frac Pumps Testers Water Supply Crane for Coiled Tubing Lubricator Data Van Coiled Tubing Unit Sand Haulers Chem Van Nitrogen Units Communication Shale cheaper than mats Wellsite Trailer Wet conditions 7 Revitalization of the Cardium Play Historical Cardium Pool Historical Cardium Pool Historical Willesden Green Oil Production (bbl/d) Total Well Count (#) Cumulative Oil Production (Mbbl/d) 180,000 7,000 Horizontals 80 Horizontals Deviated 160,000 Deviated 70 6,000 Verticals 140,000 Verticals 60 5,000 120,000 Introduction of horizontal 50 100,000 technology has 4,000 awoken the giant 40 80,000 3,000 30 60,000 2,000 20 40,000 2014 - OBE 26 Wells 2014 - Industry 56 Wells 1,000 2015 - OBE 29 Wells 2015 - Industry 17 Wells 20,000 10 2016 - OBE 3 Wells 2016 - Industry 5 Wells 2017 - OBE 5 Wells 2017 - Industry 22 Wells 2018 - OBE 13 Wells 2018 - Industry 36 Wells 0 0 0 0 20 40 60 Months The Cardium remains one of the premier plays in the Western Canadian Sedimentary Basin with six decades of production history and significant remaining untapped potential 8 The Broader Cardium Opportunity Value proposition is unique to each area 12 Month Cumulative Oil (Mbbl) per well Pembina Cardium Hz well Willesden Green Cardium Hz well OBE ‘17/ H1 ’18 R5W5 Ferrier Cardium Hz well Willesden Green OBE Crimson Lake well 50 OBE Cardium WI land Peer lands 40 Pembina Recent Oil rates Willesden Pembina 2,337 Wells 30 Green that far exceed Ferrier 20 horizontal wells drilled to date 10 0 12 Month Cumulative Gas (MMcf) per well 400 Ferrier 300 Development focused on T45 Willesden Willesden Green 200 Green oil-prone or 428 Wells OBE ‘17/ H1 ’18 flood- 100 Willesden Green Pembina supported Ferrier 286 Wells 0 reservoirs 12 Month Cumulative Production (boe/d) per well 80 Ferrier OBE ‘17/ H1 ’18 11 Willesden Green - 12 - 60 Willesden Green Balanced Ferrier 6 Ferrier Pembina WG 14 WG 40 production with top quartile 15 kms 20 10 miles recent results 0 9 Breaking Down the Cardium Play Fairways - A Large High-graded Inventory West Pembina Central Pembina R10W5 INDEX MAP • Well established • Individual fairways and productive trend unit boundaries in significantly de-risked by historically pressure major Cardium players supported properties • Halo underdeveloped • Ability to waterflood for acreage minimal capital through West • Easy access to existing existing infrastructure Pembina OBE facilities with egress • Technical de-risking Central through geo-modelling Pembina 132 171 Type Curve Locations Type Curve Locations Crimson Lake East Crimson T45 • Banked oil from historical • Continued Eastward pressure maintenance 15 kms extension of Crimson • Top quality reservoir Lake development 10 miles previously ignored by East program vertical development Crimson Crimson • De-risked by new • Recent top quartile Lake competitor drilling in results 2018 • Existing flexible and • Existing flexible and OBE Cardium WI land scalable infrastructure Peer lands scalable infrastructure 59 448 type curve assigned locations 86 Type Curve Locations 600+ total identified inventory Type Curve Locations 126 YE 2018 Booked Cardium Locations 10 Crimson Lake The Obsidian Energy flag pole for revitalized primary development on our Cardium acreage • Banked oil from historical pressure maintenance in WGCU#9 • Top quality reservoir previously ignored by historical development due to topographic and infrastructure challenges for vertical drilling Crimson Lake • Recent top quartile results from 2018 program R8W5 INDEX MAP • Existing flexible and scalable infrastructure at the Crimson 13-27 Facility with optionality to East Crimson Crimson Lake Statistics 517 bopd, 09/17 OBE 40% Total Acreage (gross sections) 89.25 T43 Current Production (boe/d) 7,200 AveragePotential Working inventory Interest (%) build up89% 5 kms with tiers? 3 miles WGCU#9 2018 YE 2P Booked Locations (#) 36 OBE 2020 well OBE 2019 well OBE 2019 optionality well OBE 2018 well Inventory shown on map (#) 59 OBE future well Peer well Unit land OBE Cardium WI land OBE East Crimson land 11 Crimson Lake Economics Type Curve Rate vs Time Cost Inputs Cumulative Oil vs. Time 2,200m 2,600m 900 180 Drill & Complete $MM $3.2 $3.5 Equip & Tie $MM $0.5 $0.5 800 160 Total $MM $3.7 $4.0 H2 2018 Program IP30: (10 of 14 wells) 700 - 105% of average type-curve oil-rate 140 Economics - 100% of boe rate EUR Mboe 180 210 600 120 Oil IP30 bbl/d 410 484 Total IP30 boe/d 532 627 500 100 Oil IP365 bbl/d 157 186 Total IP365 boe/d 243 286 400 80 2,600m Type Curve 300 2,200m Type Curve 60 Production Production Rate (boe/d) H2 2018 Program Average IP30 Cumulative Prod (mboe) NPV BTAX 10% $MM $2.0 $2.7 200 40 PIR 10% x 0.5 x 0.7 x IRR % 90% 120% 100 20 Payout years 0.9 0.8 12M Efficiency $/boe/d $15,500 $14,000 0 0 F&D $/boe $20.75 $19.10 0 12 24 Months H2 2018 Program Average Well Cost (DCET) $3.6 MM (6% under average type-well cost) 12 Drilling Longer Wells, Efficiently OBE Intermediate Wells Well Length 0 • Drilling two mile wells reduces fixed 2015 Wells drilling costs Surface Casing 2016 Wells • Mobilization 2017 Wells • Construction 1,000 2018 Wells • Infrastructure • Longer wells have proportionally higher rates and EUR Intermediate Casing 2,000 Faster Drilling Drilling Speed Technical improvements and • High speed motors and optimized drill quicker parameters improve rate of penetration connections • Modelled and standardized well planning 3,000 for reservoir quality and lateral placement for fast drilling • Single bit laterals MEASURED DEPTH (M) MEASURED Longer Laterals 4,000 Lower
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