DELIVERING GROWTH OSUM OIL SANDS CORP. AGM MAY 3, 2018
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1 DELIVERING GROWTH OSUM OIL SANDS CORP. AGM MAY 3, 2018
2 Disclaimer Forward Looking Statements This presentation contains statements that may constitute "forward-looking statements within the meaning of applicable securities legislation. These statements include, among others, statements regarding business strategy, beliefs, plans, goals, objectives, assumptions or statements about future events or performance. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, competition from other industry participants, lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by any forward looking statements in this presentation, and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Reserves and Resources Except where noted to be from another source, the reserve estimates herein were extracted from reports prepared by GLJ Petroleum Consultants Ltd. (GLJ), an independent professional petroleum engineering firm, in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (COGEH). Reserves are classified according to the degree of certainty associated with the estimates. Proved reserves are those reserves which can be estimated with a high degree of certainty to be recoverable. It is 90 percent likely that actual remaining quantities will exceed estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. Other criteria that must also be met for the categorization of reserves are provided in the COGEH. The preparation of an evaluation requires the use of judgement in applying the standards and definitions contained in the COGEH. As the Company s independent reserve evaluator, GLJ applies those standards and definitions based on its experience and knowledge of industry practice. However, because the application of the standards and definitions contained in the COGEH requires the use of judgement there is no assurance that governing securities regulator(s) will not take a different view than GLJ as to some of the determinations in an evaluation. Presentation of Financial Information Unless otherwise stated, all figures presented are in Canadian Dollars. 2
3 Corporate Overview Osum is a well capitalized, pure-play, private oil sands company Focused on building a robust growing oil business Established base of production and cash flow generation in the Cold Lake region Near-term focus is on growing the Orion SAGD project in small, smart steps through brownfield expansions Additional organic growth opportunities include the Taiga SAGD project in the Cold Lake region and extensive holdings in the Grosmont carbonates Led by an experienced management team and Board of Directors 3
4 2017 Corporate Highlights Strong Operational Performance Delivered First Expansion Phase Financed Growth Production up 12% YOY with lower unit operating costs, G&A, and improved realized bitumen pricing Orion Phase 2A was delivered on time and budget, with significant production contribution late in the year The project provides a successful demonstration of Osum s design and execution capabilities that are being applied to our next expansions Sold a Gross Over-Riding Royalty for $92.5 MM that significantly enhanced our financial capacity, enabling the sanction of the Orion Phase 2BC project Initiated Next Expansion Phases Maintained Solid Financial Position The Phase 2BC project is well underway, targeting a doubling of production and significant reduction in unit costs by year end 2019 Working capital of $213 million (1) at year end Average netback after hedging of $17.29 per bbl, up 10% YOY More than doubled Proved reserves, and increased Proved plus Probable reserves 1 As at December 31, Excludes net unrealized hedging liabilities and deferred consideration. 4
5 Results: 2017 Production Steam injection increased 18% Significant new steam capacity was brought online in Q This enabled us to achieve higher steam rates in From mid-year significant steam was dedicated to the start-up of the Phase 2A well pairs. Production increased 12% The significant production ramp up over the last two quarters reflects the Phase 2A wells being converted to production Bitumen Production (bbl/day) 12,000 10,000 8,000 6,000 4,000 2, ,000 6,000 4,000 2,000 0 Steam Injection (T/d) Bitumen production Steam injection 5
6 Results: Netbacks $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $- $(10) Netback after Hedging C$/bbl Field Netback C$/bbl WTI US$/bbl
7 Operating Results Change % Bitumen Production (1) bbl/d 8,100 7, % WTI US$/bbl % Cold Lake Blend US$/bbl % Differential US$/bbl % Differential % 25% 34% Foreign Exchange Rate US$/C$ AECO Gas Price $/mcf % Bitumen Field Price $/bbl % Royalties $/bbl % Operating Costs $/bbl % Field Netback Before Hedging $/bbl % Realized Gains (Losses) on Risk Management $/bbl (2.68) % Cash Operating Netback After Hedging $/bbl % Field Netback Before Hedging $MM % Realized Hedging Gains (Losses) $MM (7.9) % Cash Operating Netback After Hedging $MM % 7
8 Balance Sheet 31-Dec Dec-16 Cash and Cash Equivalents (1) $ MM Working Capital Surplus (2) $ MM Long Term Debt Outstanding (3) $ MM Basic Shares Outstanding (4) MM (1) (2) (3) (4) Includes restricted cash Excludes the current portions of net unrealized hedging assets and liabilities and deferred consideration Consists of the outstanding non-current portion of the term loan translated to C$ at the period-end exchange rate. The current portion is included in the working capital surplus 2017 includes shares issues related to the 8.0 million callable common share purchase warrants with a price of $12.50/share exercised in February
9 Reserves 31-Dec Dec-16 % Reserves (MMbbls) Proved Reserves (1) % Proved + Probable Reserves (1) % Present Value Before Tax 10% ($MM) Proved Reserves (1) $957 $ % Proved + Probable Reserves (1) $1,890 $1,873 1% 1. GLJ Petroleum Consultants as at December 31, See Reserves and Resources Disclaimer on page 2. 9
10 Orion Phase 2A Expansion Project was completed in 2017 Third boiler on stream Q new well-pairs online in Q Crystallizer started up end Q Completed on budget and performing ahead of estimates Significant impact on the business: Approximatley1500 bbl/d of incremental production Unit operating costs reduced Proof of concept for design and execution of next expansion phases Oil (bbl/d) Steam (T/d)
11 Orion Phase 2BC ORION PHASE 2BC EXPANSION 4 th Boiler* The Orion Phase 2BC project is expected to increase total production to 18,000 bbl/d by year end 2019 The project combines the Orion Phase 2B and 2C expansions, sanctioned in September and December 2017 respectively, into a single scope The scope includes the installation of new processing facilities and infrastructure to provide sufficient water and steam capacity to support production from 18 new horizontal SAGD well pairs Execution is progressing safely and in line with expectation To date the project is on schedule and budget and is approaching 50% completion Free Water KO Skim Tank 3 rd Evaporator* 4 th Evaporator* 11
12 Orion Phase 2BC Progress Photos 12
13 Cold Lake Growth 60,000 Oil Rate (bbl/d) 50,000 40,000 30,000 20,000 10,000 0 Clear path for staged production growth in Cold Lake area to 55,000 bbl/d 100% Osum owned and operated Taiga: Phase 3 Taiga: Phase 2 Taiga: Phase 1 Orion 2D Orion 2BC Orion 2A Current Production: Orion 13
14 Future Growth: Saleski Area - Grosmont Carbonates Osum holds a sizeable first mover position in an enormous resource of exceptional reservoir quality Pilot results have shown the potential for commercial development Holding our position at a low cost as an option for future development Carbonate Core: Grosmont C
15 Future capital requirements Timing Cash Flow Cash on Hand Debt Equity Maintenance Capital Ongoing Corporate G&A and debt service Ongoing Orion Optimization Ongoing Orion Expansion Phase 2BC In execution Orion Expansion Phase 2D Taiga (Phase 1) TBD TBD Saleski (Demonstration) TBD 15
16 2018 Priorities Maintain focus on safety and environmental performance Deliver profitable production while continuing to reduce structural costs Continue to deliver on Phase 2A performance Complete the Orion Phase 2BC expansion on time and budget, and deliver the associated increased steam injection, bitumen production, and unit cost reductions Prepare for next growth steps Manage our finances prudently 16
17 Summary 2017 was an important year where we delivered strong results: Improvements in our operations performance and cost structure Built and integrated the Orion Phase 2A expansion generating increased production Financed our next phases of growth and moved into execution Conducted our business safely and responsibly Osum has now exceeded 2 million man hours since our last lost time incident We leave the year with a fully funded growth plan in execution, on our way to 18,000 bbl/d by the end of 2019 The company is well-positioned for further growth with a significant portfolio of opportunities 17
18 Board of Directors Name / Title William A. Friley Chairman Relevant Prior Experience Independent Businessman President and Chief Executive Officer of Telluride Oil and Gas and President of Skyeland Oils Director of Obsidian and Advanced Flow Technologies Angelo Acconcia Senior Managing Director, Blackstone Capital Partners and Blackstone Energy Partners Director of Beacon Oil & Gas, Brix & Harvest, Gavilan Resources, Guidon Energy, Huntley & Huntley, Jetta Energy Permian, Primexx, LLOG, Royal Resources, and Vine Oil & Gas Roy Ben-Dor Principal, Warburg Pincus LLC Director of Black Swan Energy, MainSail Energy and Zenith Energy Vincent Chahley Independent Businessman Director of Venturion Oil, Velvet Energy, and Aequitas Innovations Former Managing Director of Corporate Finance at FirstEnergy Capital George Crookshank Independent Businessman Director of Advanced Flow Technologies Former Vice President of Finance and Chief Financial Officer of OPTI Canada Inc. (2002 to 2007) Jun Hyung (John) Lee Principal, Blackstone Capital Partners and Blackstone Energy Partners Director of Huntley and Huntley, Utility One Source GP LLP and Gavilan Resources LLP Francesco Mele Partner, Azimuth Capital Management Director of Timber Rock Energy, Cequence Energy, and Altex Energy Brian Reinsborough Founder, President & CEO, Venari Resources LLC Former President of Nexen Petroleum U.S.A. Steve Spence President & CEO of Osum 18
19 Thank You.
20 1990, 255 5th Avenue SW Calgary, Alberta T2P 3G6 T F E: Facebook.com/osumcorp osumcorp.com
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