CMT FirstEnergy Pres 17Nov10.PPT

Nov 17, 2010 - ~CDN$580 MM ... STRONG FOCUSED LAND BASE OF LONG-LIFE ASSETS ... Asset base can achieve 20% ROR at $5.50/ MCF gas price.
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First Energy/Société Générale Energy Conference V November 17, 2010

CORPORATE PROFILE

Operations

Calgary Based E&P Company Operating In Western Canada Sedimentary Basin (85% Natural Gas)

Exchange Listings

TSX

Symbol

CMT

Total Shares*

263 MM

Market Capitalization** ~CDN$124 MM Enterprise Value**

~CDN$580 MM

Trading Volume (daily average, TSX)

~0.5 MM (past 3 months) ~0.7 MM (past 6 months) ~0.9 MM (past 12 months)

Research Coverage

6 analysts

* ISSUED & OUTSTANDING ** PRICE OF $0.47/SHARE AS OF NOVEMBER 8, 2010

2

INVESTMENT VALUE

NATURAL GAS PRICE LEVERAGE STRONG FOCUSED LAND BASE OF LONG-LIFE ASSETS SIGNIFICANT OGIP FOR FUTURE VALUE

LOW-RISK, REPEATABLE RESOURCE PLAYS MAXIMIZING VALUE INCREASED CAPITAL EFFICIENCIES GENERATE MINIMUM 20% ROR IN LOWER HALF OF MID-CYCLE GAS PRICES CONTINUED IMPROVEMENTS IN COST STRUCTURE

EMERGING OIL POTENTIAL UPSIDE VALUE BY MOST METRICS UNDERVALUED RESERVE BASE TO NAV Poised for natural gas up-cycle – inexpensive entry point today 3

SUBSTANTIAL VALUE UPSIDE

EV / 2P Reserves

PRICE / NAV

Potential for multiple expansion w ith current trading Value of reserve potential to be realized in market 4

DRIVING COSTS DOWN

IMPROVEMENTS IN INTERNAL COST STRUCTURES (OPEX, ADMIN, INT) 16% REDUCTION IN 2009 FROM 2008 ADDITIONAL 13% DECREASE YEAR-TO-DATE IN 2010

IMPROVED CAPITAL STRUCTURE LOWER INTEREST RATES & CHARGES

SURPASSED MARKET EXPECTATIONS IN VOLUMES & COSTS FOR 3 QTRS

OPERATING EXPENSES

BANK DEBT & SENIOR TERM NOTES

ADMINISTRATIVE EXPENSES $900

$100

$30

$800

$80

*

$20

$60

$15

$40

$10

2008

2009

2010F

$700

$25

$MM

$MM

$35

$MM

$120

$600 $500 $400 $300

2008

2009

2010F

2008

2009

Nov/10*

GRAPH VALUE IS POST Q3 2010

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IMPROVING EFFICIENCIES

GREATER OPERATING EFFICIENCIES & ECONOMICS IMPROVED HZ DRILLING & COMPLETION RESULTS DECREASED COSTS: $3.6 MM DCT (HISTORICAL) VS. $3.3 MM TODAY INCREASED HZ LENGTHS BY 20%

MEETING RESERVE VOLUME EXPECTATIONS WITH LOWER CAPITAL INVESTMENT 2010 CAPEX FORECAST NSAI* PDP ~ TP ~

$2 MM $35 MM

P+P ~ $73 MM CMT: $37 MM Q3 YTD *Includes capital for sold properties

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Maximizing Resource Value

ASSET BASE – SOLID FOCUSED FOUNDATION

NATURAL GAS RESOURCE FOCUS LARGE, FOCUSED LAND BASE DEEP BASIN AREAS WITH 4 NATURAL GAS PLAYS 3 DEVELOPMENT LOW RISK AREAS: Niton, High River, Southern Plains 1 EMERGING EXPLORATION AREA: Callum/Cowley EMERGING OIL PLAY POTENTIAL SUBSTANTIAL GROWTH POTENTIAL MULTI-ZONE POTENTIAL REPEATABLE, LOW-RISK DEVELOPMENT ECONOMIES OF SCALE 21% BASE DECLINE RATE RESERVE BASE – DECEMBER 31, 2009 164 MM BOE P+P RESERVES VALUED AT $1.7 BILLION (PV10)

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POTENTIAL LOCATIONS

AREA NITON

HIGH RIVER SOUTHERN PLAINS FOOTHILLS – CALLUM

FORMATION

5-YEAR PLAN

ESTIMATED CAPEX ($MM)**

Rock Creek

31

$102

Cardium

8

28

Other

46

92

Basal Quartz

27

124

Belly River*

185

87

Glauc./Mann.

50

38

Belly River

9

23

Cadomin