GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy

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GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
LARGE GAS DEVELOPMENT   GIANT HEAVY OIL PROJECT
    IN COLOMBIA             IN ARGENTINA

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GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
DISCLAIMER

    This document is a presentation of general background information about PentaNova Energy Corp., (“PentaNova” or the “Company”). The information contained herein has been prepared by the Company solely for information purposes and does not purport to be all-inclusive or to contain all the information
    that the recipient may desire or that may be required in order to properly evaluate the business, prospects or value of the Company.

    This material has been prepared solely for informational purposes and is not to be construed as a solicitation, an invitation, or an offer to buy or sell any securities and should not be treated as giving investment advice. Neither this material nor anything contained herein shall form the basis of any contract or
    commitment whatsoever. It is information in a summary form and does not purport to be complete. This presentation contains statements based on information from third-party sources, which has not been independently verified. It is not intended to be relied upon as advice to investors or potential investors
    and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

    No representation or warranty either express or implied is made as to, and no reliance should be placed on future financial performance, or the fairness, validity, accuracy, or completeness of the information, statements or opinions contained herein including in relation to, statistical data, predictions, estimates
    or projections contained in this presentation, which are used for informational purposes only. It should not be regarded by recipients as a substitute for the exercise of their own judgment.

    This presentation contains forward-looking information within the meaning of applicable securities laws, including Canadian securities laws and Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-
    looking information may relate to PentaNova’s future outlook and anticipated events or results and may include statements regarding the future financial position, production targets, sales projections, business strategy, budgets, projected costs, financial results and plans and objectives of PentaNova and the
    future condition of the oil and natural gas industry and regulatory environment in Colombia and Argentina, as well as other countries in Latin America, in general. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”,
    “intend”, “estimate”, “predict”, “potential”, “continue”, “upside” or other similar expressions concerning matters that are not historical facts. Any “financial outlook” or “future oriented financial information” in this presentation, as defined by applicable securities laws, has been approved by management of the
    Company. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other circumstances.

    Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of PentaNova to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
    statements. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to the Company’s management, the Company cannot guarantee future results or events. There can be no assurance that (i)
    the Company has correctly measured or identified all of the factors affecting its business or the extent of their likely impact, (ii) the publicly available information with respect to these factors on which the Company’s analysis is based is complete or accurate, (iii) the Company’s analysis is correct or (iv) the
    Company’s strategy, which is based in part on this analysis, will be successful.

    The forward-looking statements contained herein should not be relied upon as representing PentaNova’s views as of any date subsequent to the date of this Presentation. Except as required by law, PentaNova will not update this information at any particular time and the Company, the placement agents and
    their respective affiliates, agents, directors, partners and employees assume no obligation to update or revise forward-looking statements should circumstances or management’s estimates or opinions change and accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or
    any part of this presentation or the content contained herein.

    All references to “$” herein means the currency of the United States, unless otherwise stated.

    Oil and Gas Reserves and Resources Information

    Information and statements in this presentation relating to reserves and resources are deemed to be forward-looking statements which are subject to certain risks and uncertainties, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described
    exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future.

    Certain information in this presentation may constitute “analogous information” as defined in National Instrument 51-101 (“NI 51-101”), including, but not limited to, information relating to areas with similar geological characteristics to the lands held by the Company. Such information is derived from a variety
    of publicly available information from government sources, regulatory agencies, public databases or other industry participants (as at the date stated therein) that the Company believes are predominantly independent in nature. The Company believes this information is relevant as it helps to define the
    reservoir characteristics in which the Company may hold an interest. The Company is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor and in accordance with the the Canadian Oil and Gas Evaluation (“COGE”) Handbook. Such information is not an
    estimate of the reserves or resources attributable to lands held or to be held by the Company and there is no certainty that the reservoir data and economics information for the lands held by the Company will be similar to the information presented therein. The reader is cautioned that the data relied upon by
    the Company may be in error and/or may not be analogous to the Company’s land holdings.

    The Company has adopted the standard of 6 Mcf:1 bbl when converting natural gas to oil equivalent. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based roughly on an energy equivalency conversion method primarily applicable at the burner tip and does not
    represent a value equivalency at the wellhead.

    Reserves

    The oil and natural gas reserves of the Llancanelo properties in Argentina described herein and the related future net revenue attributable to such reserves were evaluated by Gaffney, Cline & Associates, Patagonia Oil Corp.’s independent reserves evaluator, in accordance with the requirements of NI 51-101 and
    the COGE Handbook, effective as of December 31, 2016. The oil and natural gas reserves of the Maria Conchita properties in Colombia described herein and the related future net revenue attributable to such reserves were evaluated by Petrotech, PentaNova’s independent reserves evaluator, in accordance with
    the requirements of NI 51-101 and the COGE Handbook, effective as of December 31, 2016.

    The determination of oil and gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty. Categories of proved, probable and possible reserves have been established to reflect the level of these uncertainties and to provide an indication of the probability of
    recovery. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The reserves and associated cash flow information
    set forth in this presentation are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquid reserves may be greater than or less than the estimates provided in this presentation. The discounted and undiscounted net present value
    of future net revenues attributable to reserves do not represent the fair market value of reserves. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of
    aggregation.

    Resources

    This presentation includes certain evaluations of resources for the Llancanelo and Sur Rio Deseado Este properties in Argentina and the SN-9 Block in Colombia prepared by an internal qualified reserves evaluator. These evaluations were not prepared by a person “independent” of the Company as that term is
    defined under NI 51-101. These estimates were prepared in accordance with definitions and guidelines in the COGE Handbook and NI 51-101. The product types reasonably expected are shale gas and heavy crude oil resources. Contingent resources are those quantities of petroleum estimated, as of a given
    date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies affecting the classification as reserves versus resources
    relate to the following issues as detailed in the COGE Handbook: ownership considerations, drilling requirements, testing requirements, regulatory considerations, infrastructure and market considerations, timing of production and development, and economic requirements. Contingencies may include factors
    such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Not all technically feasible development plans will be
    commercial. The commercial viability of a development project is dependent on the forecast of fiscal conditions over the life of the project. For contingent resources, the risk component relating to the likelihood that an accumulation will be commercially developed is referred to as the “chance of development.”
    For contingent resources the chance of commerciality is equal to the chance of development. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The economic
    status of the resources is undetermined. Not all exploration projects will result in discoveries. The chance that an exploration project will result in the discovery of petroleum is referred to as the “chance of discovery.” Thus, for an undiscovered accumulation the chance of commerciality is the product of two risk
    components: the chance of discovery and the chance of development. With respect to discovered resources (including contingent resources), there is uncertainty that it will be commercially viable to produce any portion of the resources. With respect to undiscovered resources (including prospective resources),
    there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. The estimates of the resources provided in this presentation are estimates only and there is no guarantee that the estimated
    resources will be recovered. Actual shale gas and heavy crude oil resources may be greater or less than the estimates provided in this presentation, and the difference may be material.

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GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
Introduction

    Industry Overview

    Asset Overview

    Appendix

3
GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
INTRODUCTION
    EXECUTIVE MANAGEMENT

               Serafino Iacono                              Luciano Biondi
              Executive Chairman                                 CEO
      Over 30 years of experience developing oil    Over 40 years of experience in South
        and mineral resource projects, raising      American oil and gas operations from
        more than $5Bn in Latin America and          exploration through to production
                       abroad

                                                            Warren Levy
                 Gregg Vernon
                                                   President, Argentina Operations
                   President
                                                   Over 20 years of experience in upstream
       Professional engineer with over 38 years
                                                     and downstream projects from Latin
        of experience in the petroleum industry
4                                                            America to Vietnam
        managing operations from Colombia to
                         China
GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
ACHIEVEMENTS
    IN THE FIRST SIX MONTHS OF 2017

      ü      Established operations in Colombia and Argentina

      ü      We have the have the Right Board and a proven Management Team

      ü      Llancanelo heavy oil field is a world class development project

      ü      Gas growth platform in Colombia, drilling in September

      ü      Closed two financings in six months for a total value of +US$70 million

      ü      Partnerships with the right players – YPF joint venture in Llancanelo

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GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
INTRODUCTION
    OVERVIEW
                                                Our Company

    An Energy company with immediate production and significant upside in Colombia and Argentina

      Significant Heavy Oil                                                         Gas Development
           & Light Oil                                                               & Exploration

      Acquired four Argentine Heavy and Light                 Acquired three Colombian gas blocks
      oil and gas blocks in July 2017                         in January 2017
          ■ Llancanelo Heavy Oil Block                           ■ Maria Conchita
          ■ Km8 Light Oil Property,                              ■ Sinu 9, and
          ■ La Mariposa Gas Area, and                            ■ Tiburon
          ■ Sur Rio Deseado Heavy Oil Block
              ■ Development Area
              ■ Exploration Area

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GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
INTRODUCTION
    COMPANY TIMELINE
                                 Fast Paced Execution, Establishing a First Class Growth Platform

       Acquisition of Colombian assets                                                  Successfully closed a $35MM
             § Maria Conchita
                                                                                        financing, $12.2MM cash &
             § Sinu 9
                                                                                        $22.8MM equivalent in shares,
             § Tiburon
                                                                                        to acquire the Argentina assets
                                                  Completion of RTO process
                                                  of PentaNova Resources

      December 2016     January 2017 February          March     April    May        June      July

                                                                              Agreement to acquire Argentinean
                       Successfully closed a $34MM capital                    assets
                       raise to finance the acquisition of the                      ü Llancanelo
                       Colombian assets                                             ü KM8
                                                                                    ü Sur Rio Deseado Este

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GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
INTRODUCTION
    QUALITY BOARD MEMBERS
      Blue Chip Board with a Strong Track Record of Overseeing High Growth Companies and Creating Value for Shareholders

                                   ■ Involved in the financing and                              ■ External Relations Director for LNG
            Serafino Iacono          development of oil, mining and other   Susannah Pierce
                                                                                                  Canada, a joint venture of Shell,
                                     resource projects in Latin America,                          PetroChina, Mitsubishi and Korea
            Chairman & Executive     the United States and Europe raising                         Gas, which proposes to build BC's
            Director                 more than $5 billion for numerous      Director              largest LNG export facility
                                     natural resource projects

                                   ■ Mr. Keep has extensive business                            ■ Mr. Scott has decades worth of deep
            Gordon Keep              experience in investment banking       Jeffrey Scott         energy related management and
                                     and creating public natural resource                         operating experience and currently
                                     companies and is currently the CEO                           serves as the President at Postell
                                     of Fiore Management & Advisory         Director              Energy, and Executive Chairman at
            Director
                                     Corp., a private financial advisory                          Sulvaris. He is also the founder of
                                     firm.                                                        Gran Tierra.

            Frank Giustra          ■ Canadian businessman and               Francisco Sole      ■ Currently a member of the board of
                                     philanthropist with an established                           directors of Mapfre Seguros
                                     track record of building natural                             Generales de Colombia and the
            Director                 resource companies through access                            Chairman of the board of Editorial
                                     to capital and creative deal-making    Director              Planeta Colombiana and the
                                                                                                  Chamber of Commerce Hispano-
                                                                                                  Colombian

            Hernan Martinez        ■ Served as Minister of Mines in         Jaime Perez         ■ Managing Director of Next Ventures
                                     Colombia from July 2006 to August      Branger               Corp. since 2006 and Executive
                                     2010 and previously a Director of                            Chairman of PetroMagdalena
                                     Pacific Exploration and Production                           Energy Corp. from June 2011 to July
            Director                 since 2011                             Director              27, 2012

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GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
INTRODUCTION
    PROFESSIONAL MANAGEMENT TEAM
                     Technical Expertise with Proven Track Record Building Companies and Creating Value

                                       ■ Involved in the financing and development of oil, mining and other resource projects in Latin America, the United States and
           Serafino Iacono               Europe raising more than $5 billion for numerous natural resource projects
                                       ■ Currently serving as a director and Executive Co-Chairman of Colombia’s largest gold producer, Gran Colombia Gold (TSX:
           Chairman                      GCM), and as a director of US Oil Sands (TSXV: USO)
           30+ Years of Experience     ■ Served as Executive Co-Chairman of the Board and co-founder of Pacific E&P (TSX: PEN), and was a director and Co-
                                         Chairman of CGX Energy (TSXV: OYL) and PetroMagdalena Energy (TSXV: PMD)

           Luciano Biondi              ■ Petroleum Engineer who began his career with Shell de Venezuela, and who has held a number of increasingly senior
                                         managerial positions across various oil and gas companies in South America
                                       ■ Served as CEO of PetroMagdalena Energy, a public company with operations in Colombia, and as a member of the board
           Chief Executive Officer
                                         and Vice President of Operations for CPVEN, an oil well cementing and services company operating in Venezuela
           48+ Years of Experience

                                       ■ Professional engineer with vast experience in the petroleum industry across various international operations, reservoir
           Gregg Vernon                  characterization, negotiations, and project management in China, Colombia, Argentina, and Canada
                                       ■ Served as the founding president of Petro Andina Resources Inc and as a founder and Chairman of Prospero
           President                     Hydrocarbons, private companies which operated in Argentina and Colombia, as well as serving as interim CEO and COO
           38+ Years of Experience       of PetroMagdalena Energy

           Christopher Reid            ■ Chartered Accountant of the institute of Alberta, as well as a CPA, with significant experience in the domestic and
                                         international oil and gas industry
                                       ■ Served as the President and CEO of Petrodorado Energy, a petroleum company with operations in Colombia, where he led
           CFO & Corporate Secretary     the turnaround of the company through a divesture program resulting in a market capitalization increase of approximately
           10+ Years of Experience       400% in 2015

           Warren Levy                 ■ Involved in the operations of various upstream and downstream companies from Argentina to Vietnam and Thailand
                                       ■ Served as the founder and CEO of Estrella International Energy Services, a public oilfield services company in Argentina, as
            President, Argentina         well as the founder and CEO of Frontier Hydrocarbons, where he was actively involved in raising over $800 million in capital,
            Operations                   and also held a variety of operational and senior management positions at Schlumberger
            20+ Years of Experience

           Francisco Bustillos         ■ Currently Director and Founder of F&B Consultores Asociados, a Financial and Strategy Consulting Firm, incorporated in
                                         February 2003, that advises on an extensive range of financial and strategic services
           VP, Corporate Development   ■ Served as Vice President of Administration & Performance for Petrominerales Ltd. from November 2013 until October 2015
           and Administration          ■ Served at Pacific Stratus Energy as Vice President of Finance from May 2011 until May 2012 and then Vice President of
           30+ Years of Experience       Administration & Performance from May 2012 until November 2013
9
GIANT HEAVY OIL PROJECT IN ARGENTINA - LARGE GAS DEVELOPMENT IN COLOMBIA - CruzSur Energy
Introduction

     Industry Overview

     Asset Overview

     Appendix

10
INDUSTRY OVERVIEW
     EARLY MOVER ADVANTAGE IN ARGENTINA HEAVY OIL AND GAS

                        Why Argentina?                                            Argentina Is Investment Ready

     ■ Exceptional opportunities in the oil and gas                  ■ Focus on Vaca Muerta shale has left the large
       sector due to 16 years of underinvestment                       heavy oil opportunities in the country
     ■ Constructive pricing framework above                            unattended and ripe for the taking
       international markets                                         ■ In January 2017, President Macri announced
     ■ Extension of concessions for 10 years                           companies engaged in Vaca Muerta
       available                                                       committed to invest ~US$5.0Bn to develop
                                                                       the play during 2017
     ■ The new Macri government has shifted toward
       market friendly government policies:                               Over US$8 Bn+ in Vaca Muerta Multiyear Commitments
        ● Raised US$29Bn in sovereign debt
        ● Lifted foreign currency restrictions
        ● Pushing tax and labor reforms
        ● Tackling union issues
        ● Clear movement to international price
          parity for oil and gas

           High quality heavy oil resource position while the industry has focused on light oil development at Vaca Muerta

11
INDUSTRY OVERVIEW
     ATTRACTIVE HYDROCARBON PRICING – ARGENTINA

                                                                                      Developing Pricing Environment

     ■ Gas Pricing
             ● Government plans to eliminate end-user natural gas tariff subsidies by 2019
                   Ø Strategy will be implemented via gradual increase in end-user tariffs until 2019 which contemplates an increase in gas
                     prices for upstream producers
             ● In January 2017, President Macri announced an extension of the Plan Gas program from 2017 to 2020 for companies investing
               in E&P projects in the Vaca Muerta, guaranteeing minimum gas prices
             ● Gas prices have increased to over US$7/MMbtu from US$0.15/MMbtu over the past 10 years
     ■ Oil Pricing
             ● The current administration seeks to deregulate prices in an effort to converge to free competition international prices in 2017

                                                   Price Dynamics Leading to Argentina’s O&G Industry Normalization

                        Domestic Gas Price Dynamics (US$/MMbtu)                                                       Domestic Oil Price Dynamics (US$/boe)

                                                          2017 LNG Import Price: US$6.8/MMbtu            125.0

                                                                                        12%
                                                               31%           23%                         100.0
                                   45%           38%
                     50%
       81%
                                                                                                 6.8      75.0
                                                                                        6.0
                                                                4.7           5.3
                                    3.8           4.2
                     3.4
       1.3                                                                                                50.0                                                            50.8
                                                                                                                                                                          45.8
      Mar-16        Oct-16        Mar-17        Oct-17        Mar-18        Oct-18     Mar-19   Oct-19
                                                                                                          25.0
                             Weighted Average Price for Residential and Commercial Consumers                 Nov-11   Nov-12         Nov-13   Nov-14          Nov-15   Nov-16
                             % Government Subsidy
                                                                                                                               WTI            Domestic Average Price
                             LNG Import Price for 2017

12     ____________________
       Source: El Cronista, Wall Street Research and Ministry of Energy and Mining.
INDUSTRY OVERVIEW
     GAS IN COLOMBIA UNDERPINNED BY ROBUST DEMAND FUNDAMENTALS

                          Why Colombia?                                                           New Gas Production Is Necessary

     ■ Economic stability with a solid and predictable     ■ Gas demand in Colombia is heavily outpacing
       business environment                                  supply
        ● Colombia’s steadfast economic policies have      ■ Increasing use of gas in Colombia (e.g. mandate
          allowed it to maintain investment grade credit     to use gas power in towns with population
          ratings (BBB/Baa2/BBB) while other                 >5,000)
          hydrocarbon dependent economies in the           ■ Chuchupa, Colombia’s largest gas field, is in
          region have faltered                               decline at a rate that requires more than
        ● Legal system also guarantees equal rights to       86MMscf to come on stream every year to
          national and international investors, as well      replace produced molecules
          as the free flow of capital                      ■ Superior natural gas prices to Henry Hub ($5.00 -
     ■ Continued improvements in security with the           $6.00/MMbtu)
       execution of the peace accord and
       demobilization                                                                            CHEVRON GUAJIRA GAS PRODUCTION NORTHERN COLOMBIA

                                                                                       600,000

                                                                                       500,000

                                                             Gas Production (MSCFPD)
                                                                                       400,000
          El Niño
          generates                                                                    300,000

          increased gas                                                                                Chuchupa has declined at
          demand                                                                       200,000
                                                                                                     86MMcfpd per year for the past
                                                                                       100,000
                                                                                                              two years

                                                                                            0
                                                                                            Jan/12        Jan/13       Jan/14    Jan/15      Jan/16           Jan/17
                                                                                                     BALLENA       CHUCHUPA     TOTAL     Linear (CHUCHUPA)
13
INDUSTRY OVERVIEW
     ATTRACTIVE HYDROCARBON PRICING – COLOMBIA

                                  Strong Regional Pricing Dynamics Driven by High Demand and Lack of Infrastructure

     ■ Gas Pricing
           ● Northern Colombia gas price will be affected by the gas supply
             shortfall and the LNG regasification plant pricing at Cartagena
           ● Gas price expected to rise from current level of US$5.00/MMbtu
           ● For each US$1.00 increase in the gas price, the value of gas
             reserves in Colombia is expected to increase by ~25%
           ● Lack of regional pipeline integration results in localized markets
             that experience upside potential during surges of high demand
                  Ø Gas prices reached ~US$15-$18/Mcf during the last La Niña
     ■ Oil Pricing
           ● Colombia’s oil price is not subsidized by the government and as
             a result, it is affected by global petroleum market movements

      Hydrocarbon Prices are Supported by a History of Stable Energy Demand Growth and Use of O&G as the Primary Energy Source

                                                                                    Domestic Oil Price Dynamics (US$/boe)
                                                                                                                                                                                        CAGR
                            60%            62%             56%            56%            53%            57%        58%        57%        58%          59%        60%        59%        (‘04-‘15)

                                                                                                                                                                            852
                                                                                                                                                                            852         4.1%
                                                                                                                                         780
                                                                                                                                         780          782
                                                                                                                                                      782        819
                                                                                                                                                                 819
                                                                                                                              733                                                  7    12.1%
                                                                                         702                       702
                                                                                                                   702        733                                       7
                                                           628            629                           653                                     6            6              203         1.4%
                                                                          629                    3                        5          6                           203
                           549
                           549             553
                                           553                                                                 4                         216          202
                                                                   3               3     210                       184        220                                                       11.4%
                                     2                 3                                                186                                                      120        141
                                                           193            201                                                            103          116
                            174            178                                           116                       108         87
                                                            82             71                            91                                           161        175        170         4.8%
                             43             27                                                                     147        143        158
                                           108             113            120            122            140
                            102
                                                                                                                              277        297          297        314        331         3.4%
                            228            237             237            234            251            232        258

                           2004            2005            2006          2007            2008           2009       2010       2011       2012         2013       2014       2015

                                                 Oil                    Gas                      Coal                Hydro               Renewables                % O&G

14          Note: Canacol reports that it is receiving an average sales price of ~US$5.16/Mcf for 76 MMscf/d production for first 3 months of 2017
       ____________________
       Source: Source: ACP, ANH, Ministry of Mining and Energy and BP Statistical Review 2016.
Introduction

     Industry Overview

     Asset Overview

     Appendix

15
ASSET OVERVIEW
     COLOMBIA PROFILE

                                    Overview                         Asset Locations

         ■ PentaNova owns working interests and is the operator of
           one development and two exploratory blocks in Northern
           Colombia
     1
         Maria Conchita (24,312 hectares)
         Ø Drill ready development block
                                                                                       3
         Ø Located next to Chuchupa, Colombia’s largest gas
           field with +900 MMboe in reserves accounting for                 1
           40% of Colombia’s natural gas output

                                                                     2

     2
         Sinu 9 (126,925 hectares)
         Ø Low-risk exploration play with gas test
         Ø Adjacent to Canacol’s Esperanza block, a major
           producing asset

     3
         Tiburon (99,492 hectares)
         Ø High impact exploration block
         Ø In close proximity to recent multi-TCF discoveries,
           Perla and Orca

16
ASSET OVERVIEW
     MARIA CONCHITA

                         Overview                       2P Reserves (W.I.)                        15.1 MMboe
                                                                             Operational Highlights

     ■ Natural gas block (60,076 acres) in the          2P Reserves (W.I.)
                                                        Management  Target Recovery                    15.1 MMboe
                                                                                                       44.6

       Guajira basin with 3D seismic and a beneficial
                                                        Management
                                                        Current     Target(100%
                                                                Production Recovery
                                                                                )                      44.6 MMboe
                                                                                                         0 bopd
       80% W.I.                                                                         .

                                                        CurrentProduction
                                                        2018E   Production(WI%
                                                                           (100%
                                                                               ) )                       0 bopd
                                                                                                       1,929 bopd

     ■ Drill ready with a 24 year production license                                    .
                                                                                                    8.0% Oil Royalties
                                                        2018E Production (WI% )
                                                        Royalty                                    6.4%1,929 bopd
                                                                                                        Gas Royalties
                                                                                        ..      5.4% Overriding Royalties
     ■ Very attractive prospectivity, given adjacency                                               8.0% Oil Royalties
                                                        Royalty                                   US$5.0M
                                                                                                   6.4% Gas Drill & Case
                                                                                                              Royalties
                                                        Well Cost
                                                                                                   US$7.8  Total Capex
       to the largest gas field in Colombia                                             ..
                                                                                                5.4%  Overriding  Royalties

       (Chuchupa)                                       Well Cost End Date
                                                        Concession
                                                                                                  US$5.0M Drill & Case
                                                                                                   US$7.82041
                                                                                                         Total Capex
                                                                                        ..

     ■ Close proximity (+/- 20 km) to both gas trunk    Concession End Date
                                                        Operator                                         2041 - 80.0% W.I.
                                                                                                    PentaNova
                                                                                        ..
       lines                                                                                 Former partners of -
                                                        Operator
                                                        Partners                             BochicaPentaNova
                                                                                                    Investment - 20.0%
                                                                                                                  80.0% W.I.
                                                                                                                        W.I.
                                                                                        .             Holdings -
                                                                                             Former partners of -
                                                        Partners                             Bochica Investment 20.0% W.I.
                                                                                                       Holdings -

17
ASSET OVERVIEW
     MARIA CONCHITA

         Development Ready Block with 3D Seismic Close to Colombia’s Largest Gas Producing Field and its Infrastructure

                                                                                        Chuchupa

                                                     3D                                          Maria
                                                                                                Conchita

                                                   Seismic
         EIA permit area                            area
18
ASSET OVERVIEW
     SINU 9

                            Overview                                               Operational Highlights
                                                             2P Reserves                                           N/A
                                                             h                                .
     ■ Natural gas block in the Department of Cordoba
                                                             2P Reserves Target Recovery
                                                             Management                                        33.9 N/A
                                                                                                                    MMboe
       with a beneficial 80% W.I. in low-risk exploratory    h                                ..

       gas block with “in-situ” gas accumulations            Management
                                                             Current     Target(100%
                                                                     Production Recovery
                                                                                     )                         33.9 MMboe
                                                                                                                 0 boepd
                                                                                              ..
       (313,638 acres)
                                                             Current
                                                             2018E   Production(W.I.%
                                                                   Production   (100% ) )                        0 boepd
                                                                                                                 0 boepd
     ■ Additional upside in mapped structures on trend                                        ..

       with gas test                                                                                        8.0% Oil Royalties
                                                             2018E Production (W.I.% )                           0 boepd
                                                                                                           6.4% Gas   Royalties
                                                             Royalty
                                                                                              .                12% x-factor
     ■ 18,000 acres of structural closure mapped with                                                    4%8.0%
                                                                                                             Overriding Royalties
                                                                                                                  Oil Royalties
                                                                                              .
                                                                                                          6.4% Gas Royalties
       2D seismic                                            Royalty
                                                                                                             12%   x-factor
                                                             Well Cost                                         $5.0MM
                                                                                                         4% Overriding Royalties
     ■ Hydrocarbon potential on adjacent Canacol                                              ..

                                                             Well Cost End Date
                                                             Concession                                          $5.0MM
                                                                                                                  2041
       Esperanza Block with 411 BCF of 2P reserves
                                                                                              ..
     ■ Gas trunk lines close (+/- 20 km) to the block with   Concession End Date                                  2041 - 80.0% W.I.
                                                             Operator                                        PentaNova
       spare capacity                                                                         ..
                                                                                                Desarrolladora Oleum - 15.0% W.I.
     ■ Additional oil & gas upside from unconventional       Operator
                                                             Partners
                                                                                                           PentaNova
                                                                                                        Clean Energy - 80.0% W.I.
                                                                                              .            Resources - 5.0% W.I.
       resource potential                                                                          Desarrolladora Oleum - 15.0% W.I.
                                                                                                           Clean Energy
                                                             Partners
                                                                                                              Resources - 5.0% W.I.

19
ASSET OVERVIEW
     SINU 9

     Exploration on trend with gas discovery, shoot 3D Seismic and drill, adjacent to Canacol gas block and 16 km to gas trunk line

                                                                                      Creciente Gas Field

                                                                      Sinu 9 Gas
                                                                    Exploration Block                       Hechizo-1 Gas Discovery
                                                                                                                 drilled in 1992
                                                                                                              tested 10 MMscfpd

       Gas Water Contacts?

                                                                                             Chuchupa

                                                                                                      Maria
                                                                                                     Conchita

                                                                                      Canacol Gas Block
          Sinu 9 structure is over 20 km long with the Hechizo-1
                                                                                    Producing ≈ 80MMscfpd
20        gas discovery on the north end
ASSET OVERVIEW
     TIBURON

                         Overview                      2P Reserves          Operational Highlights      N/A
                                                       h                               .

     ■ High-impact exploratory gas block with 2D       2P Reserves
                                                       Additional Upside                           161.5N/A
                                                                                                         MMboe
                                                       h                               .
       seismic coverage showing several leads with
                                                       Additional
                                                       Current    Upside (100% )
                                                               Production                          161.5 MMboe
                                                                                                     0 boepd
       closure and bright spot gas indicators                                          .

       (245,850 acres) with a beneficial 60% W.I.      CurrentProduction
                                                       2018E   Production(W.I.%
                                                                          (100% ))                   0 boepd
                                                                                       .
                                                                                                 8.0% Oil Royalties
     ■ Located between three giant gas fields          2018E Production (W.I.% )
                                                       Royalty                                       0 boepd
                                                                                                6.4% Gas  Royalties
                                                                                       .     6.0% Overriding Royalties
       collectively holding 28+ TCF: Chuchupa, Perla                                             8.0% Oil Royalties
                                                       Royalty
                                                       Well Cost                                     $5.5MM
                                                                                                6.4% Gas  Royalties
                                                                                             6.0% Overriding Royalties
       and Orca                                                                        .

                                                       Well Cost End Date
                                                       Concession                                    $5.5MM
                                                                                                      2039
                                                                                       .

                                                       Concession End Date
                                                       Operator                                      2039
                                                                                              PentaNova - 60.0% W.I
                                                                                       .

                                                       Operator
                                                       Partners                               PentaNova
                                                                                           Colpan        - 60.0%
                                                                                                  Oil & Gas       W.IW.I.
                                                                                                            - 40.0%
                                                                                       .

                                                       Partners                            Colpan Oil & Gas - 40.0% W.I.

21
ASSET OVERVIEW
     ARGENTINA PROFILE

                                   Overview1                              Asset Locations

             PentaNova has a portfolio of assets in Argentina
             comprised of 125,415 gross acres
     1
         Llancanelo (23,697 acres)
         Ø Discovered in 1937, operated by YPF
         Ø Average production of 1,366 bopd in June 2017

     2                                                            1
         KM8 (4,571 acres)
         Ø Redevelopment of historic field with +38MMbbl
           produced to date
         Ø Current production of 88 boepd

     3
         Estancia La Mariposa (21,780 acres)
         Ø Fully carried working interest in a stable producing           2
           block that will generate ~US$1.0 – US$1.5 million in
                                                                          3
           free cash flow per annum
                                                                      4

     4
         Sur Rio Deseado Este (75,367 acres)
         Ø Heavy oil blocks on southern flank of San Jorge
           basin
         Ø Proven presence of heavy oil (+2.0 Bnbbl OOIP)

22
ASSET OVERVIEW
     LLANCANELO                                          2P Reserves (W.I.)                                    3.3 MMbbl
                                                         h                                    .

                           Overview                      Management          Operational
                                                                     Target Recovery
                                                         2P Reserves (W.I.)          (W.I.) Highlights
                                                                                                     62.7 MMbbl
                                                                                                      3.3 MMbbl
                                                         h                                 .
     ■ Heavy oil exploration & development
                                                         Current Production
                                                         2P Reserves
                                                         Management  (W.I.)
                                                                     Target Recovery (W.I.)                    1,736 bopd
                                                                                                               3.3 MMbbl
                                                                                                               62.7 MMbbl
       concession (23,697 gross acres)                   h
                                                                                              .

                                                         Current Production
                                                         Management  Target(W.I.)
                                                                            Recovery (W.I.)                     868 MMbbl
                                                                                                               62.7
                                                                                                               1,736
                                                                                                              1,366 bopd
                                                                                                                     bopd
     ■ Current 39% working interest in this giant                                             .

       heavy oil field and will enter into a joint       2018E
                                                         CurrentProduction
                                                                 Production(W.I.)
                                                                            (W.I.)                            1,442
                                                                                                              1,736 bopd
                                                                                                               868 bopd
                                                                                                              683
                                                                                              .
       venture with YPF, and hold an option to farm-
                                                         CurrentProduction
                                                         2018E   Production(W.I.)
                                                                            (W.I.)                              868 bopd
                                                                                                               1,442
                                                                                                             15.45%  bopd
                                                                                                                     Royalty
       in to an additional 11% working interest          Royalty
                                                                                              .              [2.00%] GORR
                                                                                              .
     ■ Primary cold multilateral well development for    2018E Production (W.I.)                               1,442 Royalty
                                                                                                             15.45%  bopd
                                                         Royalty
                                                         Well Cost                            .              [2.00%] GORR
                                                                                                                 $4.1MM
       low cost production growth                                                             .
                                                                                                             15.45% Royalty
                                                         Royalty
     ■ Option for thermal enhanced recovery for          Concession
                                                         Well Cost End Date                                  [2.00%]
                                                                                                              May  28,GORR
                                                                                                                 $4.1MM2036
                                                                                              .
       incremental recovery                                                                             PentaNova - 50.0% W.I
                                                         Well Cost End Date
                                                         Concession
                                                         Operator                                            May
                                                                                                  YPF (Operator $4.1MM
                                                                                                                of 28, 2036 - 50.0% W.I.
                                                                                                                   Record)
     ■ Close access to underutilized infrastructure                                           .         Joint Operations Team
                                                                                                        PentaNova - 50.0% W.I
                                                         Concession End Date                                 May 28, 2036
       (pipelines and refinery)                          Operator
                                                                                              .
                                                                                                  YPF (Operator of Record) - 50.0% W.I.
                                                                                                         Joint Operations Team
                                                                                                         PentaNova - 50.0% W.I
     ■ Ability to triple area with proven oil resource   Operator                                 YPF (Operator of Record) - 50.0% W.I.

       potential from rights in the Llancanelo “R”                                                       Joint Operations Team

       surrounding acreage
23
ASSET OVERVIEW
     LLANCANELO
              Application of Proven Heavy Oil Development Technology to Unlock the Potential of a Massive Oil Accumulation

     Horizontal wells have been drilled and are on production proving the
     economic viability of full field cold horizontal well development.

                                                                                                          Llancanelo Block

                                                                               Llancanleo R Block surrounds the Llancanelo Block

24
ASSET OVERVIEW
     KM8
                                                          2P Reserves (W.I.)                                      N/A

                                                          h                                    .

                          Overview                        Management          Operational
                                                                      Target Recovery
                                                          2P Reserves (W.I.)          (W.I.)       Highlights5.0 MMboe
                                                                                                                 N/A

                                                          h                                    .

     ■ 100% W.I. in a shallow light oil development       2P Reserves
                                                          Current     (W.I.)
                                                                  Production
                                                          Management  Target Recovery (W.I.)                      N/A
                                                                                                               88 MMboe
                                                                                                              5.0 boepd
                                                          h                                    .
       concession (4,571 acres) with a 100% W.I.
                                                          Management
                                                          Current     Target(W.I.)
                                                                  Production Recovery (W.I.)                  46
                                                                                                               88boepd
                                                                                                              5.0 MMboe
                                                                                                                  boepd
     ■ Shallow, low cost workover and drilling to                                              .

       target light oil                                   CurrentProduction
                                                          2018E   Production(W.I.)
                                                                             (W.I.)                            88boepd
                                                                                                              46
                                                                                                             1,428boepd
                                                                                                                   boepd
                                                                                               .

     ■ Close proximity to operating center for the        Current
                                                          Royalty Production(W.I.)
                                                          2018E Production   (W.I.)                            88 boepd
                                                                                                              9%
                                                                                                             1,428Royalty
                                                                                                                   boepd
                                                                                               .
       basin ensures low cost
                                                          2018E
                                                          Well  Production (W.I.)
                                                               Cost
                                                          Royalty                                            1,428 boepd
                                                                                                               $1.1MM
                                                                                                              9% Royalty
     ■ Additional production potential from the D-129                                          .

       productive formation, which is undrilled to date   Royalty
                                                          Concession
                                                          Well Cost End Date                                  9%  Royalty
                                                                                                        In Perpetuity
                                                                                                                $1.1MM- No Expiry
                                                                                               .
       on the block
                                                          Well Cost End Date
                                                          Operator
                                                          Concession                                            $1.1MM
                                                                                                        PentaNova   - 100.0%
                                                                                                        In Perpetuity         W.I
                                                                                                                      - No Expiry
                                                                                               .
     ■ Concession exists in perpetuity and comes
                                                          Concession
                                                          Partners
                                                          Operator   End Date                           In Perpetuity
                                                                                                        PentaNova     - No Expiry
                                                                                                                    - 100.0%
                                                                                                                  N/A         W.I
       with an environmental waiver for prior activity                                         .

     ■ YPF has proven the ability to redevelop            Operator
                                                          Partners                                      PentaNovaN/A
                                                                                                                  - 100.0% W.I
                                                                                               .
       shallower formations by drilling wells in 2015-
                                                          Partners                                                N/A
       2016 within meters of the edge of the block
25
ASSET OVERVIEW
     KM8
      Shallow, Mature Field Reactivation with Additional Development in Formations Producing within Meters of the Block Edge

                                                                                                                         660
                                                                                                                         Wells

                                                                                                                          69
                                                                                                                         Wells
                                                                                                                          0
                                                                                                                         Wells

26
ASSET OVERVIEW
     SUR RIO DESEADO ESTE

                                                            2P Reserves                                         N/A
                           Overview                                              Operational Highlights
                                                            h                               .

     ■ Heavy oil asset on the southern flank of the San     2P Reserves
                                                            Additional Upside                               125.0N/A
                                                                                                                  MMbbl
                                                            h                               .
       Jorge basin with a 54.1% W.I. in Sur Rio Deseado
                                                            Additional
                                                            Current    Upside (100% )
                                                                    Production                              125.0 MMbbl
                                                                                                              30 bopd
       Este production area and 7.92% W.I. in Sur Rio                                       .

       Deseado Este exploration area (75,367 acres)         Current Production (100%
                                                                               (W.I.% )                       30
                                                                                                              14 bopd
                                                                                            .
     ■ Multi billion barrel low sulfur (< 0.5%) heavy oil                                                    12% Royalty
                                                            Current Production (W.I.% )
                                                            Royalty                                            14 bopd
                                                                                                           [2.00%] GORR
       trend on southern flank of San Jorge Basin                                           .
                                                                                                             12% Royalty
     ■ Area has enormous heavy oil potential, every well    Royalty
                                                            Well Cost                                          $0.6MM
                                                                                                           [2.00%] GORR (1)
                                                                                            .
       drilled on the block has encountered heavy oil
                                                            Well Cost End Date
                                                            Concession                                        $0.6MM
                                                                                                           March 27, 2021
     ■ Natural gas available on the block to support                                        .

       thermal oil production                               Concession
                                                            Operator    End Date/ Expl.)
                                                                     (Production                         March
                                                                                                   PentaNova    27, 2021
                                                                                                             - 58.1% / 52.4% W.I
                                                                                            .
     ■ Option on open acreage (>1 MM acres) on trend                                                       Pluspetrol
                                                            Operator
                                                            SRDE     (Production
                                                                  Production     / Expl.)
                                                                              Partners             PentaNova  - 58.1%-/ 52.4%
                                                                                                                        16.9% W.I
                                                                                                                              W.I.
                                                                                                San Enrique Petrolera - 24.9% W.I.
       under negotiation with the Province of Santa Cruz                                    .

                                                                 Production Partners                       Pluspetrol - 44.0%
                                                                                                                        16.9% W.I.
                                                            SRDE Exploration Partners
                                                                                                San Enrique Petrolera - 24.9% W.I.
                                                                                                                        3.6% W.I.
                                                                                            .

                                                                                                           Pluspetrol - 44.0% W.I.
                                                            SRDE Exploration Partners
                                                                                                San Enrique Petrolera - 3.6% W.I.

27
ASSET OVERVIEW
      SUR RIO DESEADO ESTE
                                       Controlling the Southern Flank of the Basin with Heavy Oil Resources

                                                                                           Heavy Oil Province on the Southern
                                                                                           Flank of the San Jorge Basin

                                                                                           • Very large heavy oil accumulation
                                                                                           • Low sulfur heavy oil, less than
                                                                                             0.5%
                                                                                           • Up-hole gas present for thermal
                                                                                             recovery of gas development
            140 MILES (≈ 220 KM)                                                           • Drilled and testing oil and gas in
                                                                                             the early ’90s
                                                                                           • Infrastructure in place, allowing
                                                                                             oil to be loaded on the water for
        Bridas’s Basin Edge Drilling
        Program, 1991-1993                                                                   sale, gas trunk line goes through
                                                                                             block

       SDR: 1,000,000 acres                  SDRE R: 250,000 acres              SDRE: 76,000 acres

28
 28
Introduction

     Industry Overview

     Asset Overview

     Appendix

29
APPENDIX
     KM8

                               Production                                                        Type Curves

     Concession End Date                    In Perpetuity - No Expiry   ■ IP rate of 157 bopd with a 11.5% monthly decline and
     IP Rate (bopd)                                   157                 B=0.6385 and cumulative production of 94,000 bbl
     EUR per well (Mbbl)                              61
     Hydro-carbon Mix                    100% Liquids (28-31° API)

                             Operating Costs                                                          Other

     Lifting Cost                                  $6.79/bbl            Discovery date                               1914
     Other Opex                                    $2.35/bbl            # of wells drilled                            729
                                                                        # of wells on current prod.                    11
                           Capital Expenditures                                                               9% Concession Licence
                                                                        Royalty rates
                                                                                                                     Terms
     Total Cost Per Well                            $1.1MM
     # Days / Well                                    30
     Well Spacing                                   Variable
     # of New Wells to Develop Est.
                                                       51
     Recoverable Reserves

30
APPENDIX
     MARIA CONCHITA

                               Production                                                                Infrastructure

     Concession End Date                             2041                ■ Assumes $11MM to be spent on pipelines and facilities in
                                                                           2018
     IP Rate (Mcfpd)                           Mid-Miocene 6,500
     EUR per well (MMcf)                              24.9
     Hydro-carbon Mix                              100% Gas

                             Operating Costs                                                             Type Curves

                                           Fixed opex of $500,000 plus            Mid-Miocene
     Lifting Cost
                                               $360,000/well/year                 Initial Rate (Mcfpd)                     Decline
     Other Opex                                     $0.28/Mcf                     Aruchara M. Miocene             6,500        0.50%

                                                                                  Offset #1                       6,500        0.50%

                           Capital Expenditures                                   Offset #2                       6,500        0.50%

                                                                                  OffSet #3                       6,500        0.50%
                                              $5.0MM Drill & Case
     Total Cost Per Well                                                          Total Production                26,000
                                              $7.8MM Total Capex
     # Days / Well                                   50
     Well Spacing                                  250 acres
                                                                                  Upper Miocene
     # of New Wells to Develop 2P                      3
                                                                                  Initial Rate (Mcfpd)                     Decline

                                                                                  Aruchara M. Miocene             4,000        0.50%
                                   Other                                          Offset #2                       4,000        0.50%

                                                                                  Offset #3                       4,000        0.50%
     # of wells drilled                                 2
     # of wells on current prod.                        0
                                                8.0% Oil Royalties
     Royalty rates                             6.4% Gas Royalties
                                            5.4% Overriding Royalties

31
INVESTOR RELATIONS

     PentaNova Energy Corp.
     Phone +1 604 609 6110
     HEAD OFFICE

     ADDRESS
     Suite 3123 – 595 Burrard Street
     Vancouver, BC V7X 1J1, Canada

     PHONE
     +1 604 609 6110
     EMAIL
     investorrelations@pentanovaenergy.com
32
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