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Celtic Exploration Ltd
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Celtic Exploration Ltd Presentation
| David J. Wilson | Page 1 of 11 |
March 28, 2024
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May 27, 2008 CORPORATE PROFILE ? Celtic Exploration Ltd. (“Celtic” or the “Company”) is a growth oriented oil and gas exploration and production company, based in Calgary, Alberta. ? Celtic has a dual prong business strategy to increase shareholder value: the Company identifies and acquires oil and gas assets with exploitation upside, and at the same time, implements a full cycle exploration program. ? The Company aims to achieve profitable growth as a result of its business strategy with emphasis on per share growth in production, reserves, funds from operations and net asset value. COMMON SHARE INFORMATION Common shares trade on the Toronto Stock Exchange (“TSX”) under the symbol “CLT”. Common shares issued and outstanding (52 week trading range: $10.60 to $18.87) : 40.7 million Stock options issued and outstanding (average exercise price is $11.00 per share) : 2.8 million ? Directors and officers own/control approximately 24% of the issued and outstanding shares. ? Net asset value per share, discounted at 8% before taxes, as at April 30, 2008 was $15.03 (excluding reserve additions from drilling in 2008). SUMMARY OPERATING AND FINANCIAL DATA ($thousands, unless otherwise indicated) 2007 Actual 2008 Estimate Change 2008 Exit Annualized PRODUCTION Oil (bbls/d) 3,107 3,580 15% 3,830 Natural gas (mmcf/d) 28.599 46.920 64% 55.000 Combined (BOE/d) 7,873 11,400 45% 13,000 Production per million shares (BOE/d) 222 287 29% 320 COMMODITY PRICES WTI Oil (US$/bbl) US$ 72.34 US$ 96.00 33% US$ 96.00 NYMEX Natural Gas (US$/mmbtu) US$ 6.92 US$ 9.75 41% US$ 9.75 Exchange rate (US$/CA$) US$ 0.931 US$ 1.000 7% US$ 1.000 Celtic’s realized oil price ($/bbl) $ 68.95 $ 81.16 18% $ 87.17 Celtic’s realized natural gas price ($/mcf) $ 7.76 $ 8.80 13% $ 9.36 FINANCIAL Revenue, before royalties and financial instruments $ 151,443 $ 275,100 82% $ 309,800 Funds from operations $ 83,340 $ 138,000 66% $ 176,500 Per share, diluted ($/share) $ 2.32 $ 3.40 47% $ 4.25 Net earnings (loss) $ 8,198 $ 29,000 254% $ 48,000 Per share, diluted ($/share) $ 0.23 $ 0.71 209% $ 1.16 Capital expenditures, net $ 179,789 $ 180,000 0% Debt, net of working capital, end of period $ 136,249 $ 137,000 1% $ 137,000 Debt to funds flow ratio (years) 1.6 x 1.0 x -37% 0.8 x