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Arcan Resources Ltd
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August 2014 Securityholder Presentation
| Doug Penner | Page 5 of 11 |
May 04, 2024
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www.arcanresources.com ? 4 An Untenable “Wall of Debt” 3.9x 8.3x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x ARN PRY ZAR GXE SPE RMP DTX MEI RE TVE CJ PXX Net Debt to 2014 Cash Flow Average = 0.9x Bank Debt Debentures at Face 1.6x 0.0x 25.0x 50.0x 75.0x 100.0x 125.0x 150.0x RE MEI PXX DTX RMP CJ GXE TVE SPE ZAR PRY ARN Interest Coverage (LTM Cashflow / Interest Expense) Average = 36.9 x Note: "ARN" - Arcan; "CJ" - Cardinal; "DTX" - DeeThree; "GXE" - Gear; "MEI" - Manitok; "PRY" - Pinecrest; "PXX" – BlackPearl; "RMP" - RMP Energy; "RE" - Rock; "SPE" - Spartan; "TVE" - Tamarack Valley; "ZAR" - Zargon ? Debt levels far in excess of peers ? Even if Debentures are converted to equity, bank debt would still be far in excess of the light oil peer group average ? Lowest interest coverage ratio of light oil peers ? Situation expected to further deteriorate and likely accelerate in the absence of a deal