Advantage Energy Ltd · TSX:AAV
Advantage Energy — Investor Day (June 2023)
71 slides from Advantage Energy's investor day presentation, Jun 20, 2023
Slide 1: A Progressive Montney Producer for the New Energy Market
A Progressive Montney Producer for the New Energy Market Analyst Day June 20th, 2023
Slide 2: Corporate Update and Strategy
Corporate Update and Strategy 2
Slide 3: Corporate Strategy – Strength Across the Board
Corporate Strategy – Strength Across the Board Performance Evolving Competitively Entropy Inc. - 10% Annual Production Growth(2) Modular Carbon Capture and StorageTM Net debt(1) target of $170 m to $230 m Advancing liquids development Bought back 15.5% of shares and Technical enhancements delivering
Slide 4: Corporate Strategy – Focusing on the Key Factors for TSR
Corporate Strategy – Focusing on the Key Factors for TSR Factors in our control: Factors outside our control: • “Relative” AFF(1) growth via production growth • Commodity price • Share count reduction and/or dividends • Valuation multiple • Debt level/capital structure • Investor sentiment on return
Slide 5: Three-Year Strategic Plan: Investing in Measured Production Growth
Three-Year Strategic Plan: Investing in Measured Production Growth Net Capital Expenditures (1)(2) Production Range (2) $400 80,000 75,000 $300 70,000 Millions $200 65,000 $100 60,000 $0 55,000 2023 2024 2025 2023 2024 2025 Range 1. See “Specified Financial Measures” in Advantage’s MD&A on page 34 f
Slide 6: Three-Year Strategic Plan: Maximize AFF per Share Growth
Three-Year Strategic Plan: Maximize AFF per Share Growth Adjusted Funds Flow per Share at Strip Pricing(1)(2) 2023 AFF Sensitivity(3) $600 $500 US$90/bbl WTI & US$4.00/mmbtu HH $400 Free Cash Flow Dedicated to Millions US$75/bbl WTI & Shareholder Returns US$3.00/mmbtu HH $300 $200 US$60/bbl WTI & Ca
Slide 7: Subsurface Review / Development Philosophy
Subsurface Review / Development Philosophy 7
Slide 8: Advantage Montney Assets – Multizone Oil, Liquids and Gas Throughout
Advantage Montney Assets – Multizone Oil, Liquids and Gas Throughout Glacier Valhalla Progress Wembley Doig Upper Montney Progress Glacier D4 Middle Valhalla Montney 300m D3 AAV Lands D2 Wembley AAV Facilities D1 2023 Targets Lower Advantage Operated HZ Montney Belloy Offset Operator HZ 8
Slide 9: Performance Driven By High-Powered In-House Data Analytics
Performance Driven By High-Powered In-House Data Analytics Tonnage per Metre Tonnage per Stage Stage Spacing Cumulative Probability Cumulative Probability Cumulative Probability Gas EUR (bcf) Gas EUR (bcf) Gas EUR (bcf) Cluster Spacing Average Fluid Rate per Minute Fluid per Metre Cumulative Probabi
Slide 10: Drilling Inventory and Asset Performance
Drilling Inventory and Asset Performance 10
Slide 11: Glacier Performance – D1 Prolific Gas, Growing Inventory
Glacier Performance – D1 Prolific Gas, Growing Inventory Porosity 2020 D1 Inventory Map 2023 D1 Inventory Map Upper 2-32 Pad 17.2 mmcf/d IP30 14.2 mmcf/d IP90 D4 16.0 mmcf/d IP30 14.4 mmcf/d IP90 D3 D2 2020 Inventory 2023 Inventory Land acquisitions D1 Tier 1 2023 Planned drills will D1 Tier 1 D1 D1
Slide 12: Glacier Performance – D1 Type Curve
Glacier Performance – D1 Type Curve D1 Well Performance Results Type Curve3 Glacier D1 Gas 2-32 pad Wells by vintage Generic IRR1,3 111% 2021+ Well Design (%) 2-32 pad Pre 2021 Well Design Generic Payout1,3 12 (months) Generic NPV101,3 Daily Gas Rate [mcf/d] $18.5 ($MM) 1 Yr Decline1,4 57% (%) G
Slide 13: Glacier Performance – Historic D2 Gas Demonstrates Large Untapped Prize
Glacier Performance – Historic D2 Gas Demonstrates Large Untapped Prize Porosity 2023 D2 Inventory Map Upper Daily Gas Rate [mcf/d] D4 D3 Cumulative Gas [bcf] • Legacy wells demonstrated prolific gas rates D2 despite obsolete frac designs • Future wells expected to deliver consistent 2023 Inventory
Slide 14: Glacier Performance – Historic D3 Results Show Underdeveloped Liquids-Rich Resource
Glacier Performance – Historic D3 Results Show Underdeveloped Liquids-Rich Resource Porosity 2023 D3 Inventory Map Upper Daily Gas Rate [mcf/d] D4 Cumulative Gas [bcf] D3 Daily Oil Rate [bbl/d] D2 2023 Inventory D3 Tier 1 D1 D3 Inventory D3 Drilled Cumulative Oil [mmbbl] Liquids-rich D3 future inven
Slide 15: Glacier Performance – D4 Prolific Gas
Glacier Performance – D4 Prolific Gas Porosity 2020 D4 Inventory Map 2023 D4 Inventory Map Upper 14.0 mmcf/d IP30 11.9 mmcf/d IP90 15.1 mmcf/d IP30 12.6 mmcf/d IP90 9-32 Pad D4 14.4 mmcf/d IP30 12.2 mmcf/d IP30 D3 17.6 mmcf/d IP30 12-33 Pad 16.5 mmcf/d IP30 D2 2020 Inventory 2023 Inventory D4 Tier 1
Slide 16: Glacier Performance – D4 Gas Type Curve With Liquids
Glacier Performance – D4 Gas Type Curve With Liquids D4 Well Performance Results Type Curve3 Glacier D4 Gas Wells by vintage Generic IRR1,3 111% 2021+ Well Design (%) Pre 2021 Well Design Generic Payout1,3 11 (months) Generic NPV101,3 Daily Gas Rate [mcf/d] $16.6 ($MM) 1 Yr Decline1,4 65% (%) La
Slide 17: Glacier Performance – Upper Montney
Glacier Performance – Upper Montney 2020 UM Inventory Map Porosity 2023 UM Inventory Map Upper 15.0 mmcf/d IP30 12.7 mmcf/d IP30 13.0 mmcf/d IP90 11.7 mmcf/d IP90 9.5 mmcf/d IP30 9.3 mmcf/d IP90 2-32 Pad 9-32 Pad 11.8 mmcf/d IP30 10.3 mmcf/d IP90 D4 13.7 mmcf/d IP30 12.2 mmcf/d IP90 D3 14.9 mmcf/d I
Slide 18: Glacier Performance – Upper Montney Gas Type Curve
Glacier Performance – Upper Montney Gas Type Curve Upper Montney Well Performance Results Type Curve3 Glacier Upper Montney Gas Wells by vintage Generic IRR1,3 123% 2021+ Well Design (%) Pre 2021 Well Design Generic Payout1,3 11 (months) Generic NPV101,3 Daily Gas Rate [mcf/d] $19.5 ($MM) 1 Yr D
Slide 19: Valhalla Performance - D3 Liquids-Rich Bench Ascending
Valhalla Performance - D3 Liquids-Rich Bench Ascending Porosity 2023 D3 Inventory Map Upper Daily Oil Rate [bbl/d] D4 Cumulative Oil [mbbl] D3 Daily Gas [mcf/d] D2 2023 Inventory D3 Tier 1 Lower D3 Inventory D3 Drilled Cum Gas [bcf] D3 Tier 1 inventory early-phase, high liquids development 19
Slide 20: Valhalla Performance – D4 Liquids-Rich Bench Now Top-Tier
Valhalla Performance – D4 Liquids-Rich Bench Now Top-Tier 2023 D4 Inventory Map Porosity 2020 D4 Inventory Map Upper 1,037 boe/d IP30 (25% Oil and NGLs) D4 2,046 boe/d IP30 (31% Oil and NGLs) 07-07 & 2/07-07; frac’d, pending clean-up D3 2,542 boe/d IP30 (39% Oil and NGLs) 1,356 boe/d IP30 (33% Oil a
Slide 21: Valhalla Performance – D4 Type Curve
Valhalla Performance – D4 Type Curve Valhalla Well Performance Results Type Curve3 Valhalla D4 Wells by vintage Generic IRR1,3 135% (%) 2021+ Well Design Pre 2021 Well Design Generic Payout1,3 10 (months) Generic NPV101,3 $22.3 ($MM) Daily Gas Rate [mcf/d] 2023 Inventory 1 Yr Decline1,4 D4 Tier 1
Slide 22: Valhalla Performance – Upper Montney Gas Prolific and Underdeveloped
Valhalla Performance – Upper Montney Gas Prolific and Underdeveloped Porosity 2023 UM Inventory Map Upper Daily Gas Rate [mcf/d] D4 D3 Cumulative Gas [mmcf] D2 • Early results demonstrated prolific gas; 2023 Inventory recent activity focused on liquids-rich D3 UM Tier 1 Lower UM Inventory and D4 UM
Slide 23: Progress Performance – D1 Early Phase Liquids Prize
Progress Performance – D1 Early Phase Liquids Prize Porosity 2023 D1 Inventory Map Upp er • 16-36 well has produced 2.4 bcf of gas 2023 Inventory D1 Tier 1 and 200 mbbls of light oil and NGLs in 30 D1 Inventory D4 D1 Drilled months • To date, drilling has been a delineation and land validation campa
Slide 24: Progress Performance – D1 Type Curve
Progress Performance – D1 Type Curve Progress Well Performance Results Type Curve3 Progress D1 Wells by vintage Generic IRR1,3 100% (%) 2021+ Well Design Pre 2021 Well Design Generic Payout1,3 11 (months) Generic NPV101,3 $18.9 ($MM) Daily Oil Rate [bbl/d] 1 Yr Decline1,4 78% (%) Progress Facili
Slide 25: Inventory – Wembley Lower Montney
Inventory – Wembley Lower Montney Porosity 2023 Lower Montney D4 Lower 2023 Inventory Montney LM Inventory LM Drilled Offset LM CGR [bbls/mmcf] D3 D2 Days • Early-stage evaluation; additional Lower development and delineation required Lower prior to full development Montney 25
Slide 26: Inventory – Wembley D3
Inventory – Wembley D3 Porosity 2020 D3 Inventory Map 2023 D3 Inventory Map D4 4-22 Pad – 3 D3; 1 D4 D3 D2 1,390 boe/d IP30 (63% Oil and NGLs) 1,230 boe/d IP30 (62% Oil and NGLs) 1,559 boe/d IP30 (65% Oil and NGLs) Lower 2020 Inventory 2023 Inventory D3 Tier 1 D3 Tier 1 D3 Inventory D3 Inventory D3
Slide 27: Wembley D3 Type Curve Summary
Wembley D3 Type Curve Summary Type Curve3 Wembley Well Performance Results D3 Wells deliver 100 mbbls oil in ~1 year Wembley D3 Oil Wells by vintage Payout in 9 months Generic IRR1,3 123% (%) 2021+ Wembley D4 High oil inventory density via stacked Well Pre 2021 Generic Payout1,3 bench development (
Slide 28: Wembley 4-22 Pad Production Results – D3 and D4
Wembley 4-22 Pad Production Results – D3 and D4 AAV Wembley Flowback Rates Wembley D4 Initial Prod 2023 Inventory Wembley D4 D4 Tier 1 Initial Prod D4 Inventory Daily Oil Rate [bbl/d] Daily Oil Rate [bbl/d] D4 Drilled Wembley D3 Avg flowback rates Wembley D3 Type Curve1 4-22 D3 New Wells Cumulative
Slide 29: Inventory - Wembley D4 Early Development Phase
Inventory - Wembley D4 Early Development Phase Porosity 2020 D4 Inventory Map 2023 D4 Inventory Map D4 2020 Inventory 2023 Inventory D4 Tier 1 D4 Tier 1 D4 Inventory D4 Inventory D4 Drilled D4 Drilled Offset D4 Offset D4 D3 3/3-10 Strong Initial Rates D2 Lower 25 D4 Tier 1 inventory locations valida
Slide 30: Summary: Deep Inventory of Gas, NGLs and Oil
Summary: Deep Inventory of Gas, NGLs and Oil Deep Inventory (1)(2) PROGRESS GLACIER Tier 1 Inventory – 20 Years | Booked Inventory – 10 Years | Unbooked Inventory - ~50 Years 2023 Budget Drill Count VALHALLA WEMBLEY 226 Net Sections AAV Lands Liquids-Rich Tier 1 Inventory Middle Montney Two miles
Slide 31: Tier Inventory: Weighted to Long Wells
Tier 1 Inventory: Weighted to Long Wells Tier 1 Inventory by Well Length Gas EUR (bcf) by Well Length ~80% of wells are longer than one mile NTD – make Lateral Length Distribution [%] Cumulative Probability HZ Tier 1 Well Count cumulative and pair with an asset inventory plat Tier 1 Inventory by Wel
Slide 32: Steady Year/Year Reserve Growth
Steady Year/Year Reserve Growth 3.8 2022 2P Growth 3.3 8% 6% Consistent, 2P Reserves (TCFE) 2.8 2.3 predictable, 1.8 organic growth 1.3 0.8 0.3 -0.2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Gas Oil & NGLs 32
Slide 33: Cost Control
Qroventace Cost Control 33
Slide 34: Low-Cost Structure: Key Factor in Free Cash Flow Generation
Low-Cost Structure: Key Factor in Free Cash Flow Generation Op Exp Royalty Exp G&A Int Exp Trans Exp(1) $30 $25 $20 $/boe $15 $10 $5 $0 Peer 10 Peer 11 Peer 12 Peer 13 AAV Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 1. Transportation expense is not a typical cost as it is generall
Slide 35: Since 2020 - All Wells Have Ranged From 2 to 11 Months Payout
Since 2020 - All Wells Have Ranged From 2 to 11 Months Payout1 2020-2022 Well Payout 1 Performance 2H 2020 average 1x payout: 8 mo 2x payout: 17 mo 28 2021 average 24 1x payout: 5 mo 20 2x payout: 9 mo 2022 average 16 1x payout: 5 mo 12 8 4 0 20 16 12 8 4 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Slide 36: The Low-Cost Producer Wins
The Low-Cost Producer Wins 2022 PDP F&D Recycle Ratios (Pre/Post Hedging) 5.5x 5.0x Pre-Hedge 4.5x Post-Hedge 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x 10 11 12 13 14 15 16 17 18 19 20 WCP SDE PEY RBY PeerKEL POU PeerBIR PeerCR LOU KEC PIPE ARX JOY SGY TOU PXT NVA TVE TXP AAV 3 2 4 5 6 7 8 9 Peer
Slide 37: Three Year Forecast Overview
Three Year Forecast Overview 37
Slide 38: AAV History and Three-Year Forecast
AAV History and Three-Year Forecast(2) AAV Glacier-Complex Raw Gas Production History1 Q2 2023 Expansion to Q2 2025 Expansion to Daily Raw Gas Throughput 425 mmcf/d 500 mmcf/d AAV 3 Year Forecast Raw Gas Rate mcf/d Three-year plan integrates staged infrastructure growth 1. Production volumes shown a
Slide 39: Infrastructure Expansions - Leveraging off Existing Sites & Design
Infrastructure Expansions - Leveraging off Existing Sites & Design Pre-planned expansion at Integrated & connected Glacier to 425 mmcf/d design of utilizing Plug & Play design Glacier/Valhalla/Progress sites leads to efficient expansion of the complex beyond 425 mmcf/d Added 50 mmcf/d compressor at
Slide 40: Three Year Forecast – Overview
Three Year Forecast – Overview AAV Type Wells by Area1,2 AAV Three Year Forecast Field Dashboard1,2 Internal Rate of Return [%]1 2023 2024 2025 Glacier Near term drilling activity consists of capital efficient Glacier & Wembley Progress development wells to drive returns Valhalla Wembley Limited Val
Slide 41: Advantage Three Year 10% Growth Plan – by Area
Advantage Three Year 10% Growth Plan – by Area AAV Corp1 Wembley1 • Three year forecast efficiently BOE/d BOE/d develops 4 distinct top-tier assets in an integrated platform 2022 2023 2024 2025 2022 2023 2024 2025 • Corporate decline remains Progress & Valhalla1 Glacier1 24%, built from steady legac
Slide 42: Entropy Review and Update
ENTROPY v Entropy Review and Update
Slide 43: Executive Summary
EXECUTIVE SUMMARY Leading the way globally on post-combustion carbon capture Massive Market Opportunity Positioned For Success CCS: IEA Net Zero 2050 Pathway1 7,600 MTPA Pure-play, full-scope CCS offering CCS to play an essential role in • Novel carbon capture solution • Permitting/Licensing global
Slide 44: Global Emissions Are Predominantly Post-Combustion
GLOBAL EMISSIONS ARE PREDOMINANTLY POST-COMBUSTION Commercial Post-Combustion Carbon Capture is necessary for large-scale decarbonization Post-Combustion Canada’s Emissions – Breakdown Pre-Combustion 672 MT CO2 in 2020 Emissions Emissions • CO2 emissions from “burning fuel” • Byproduct of chemical,
Slide 45: World Map of Active Commercial CCS Projects
WORLD MAP OF ACTIVE COMMERCIAL CCS PROJECTS CCS projects are widely referenced and based on known technology; however… • Coloured by year in operation, sized by TPA • ~40 MTPA from existing commercial CCS projects MTPA <0.1 7 Year In Operation 1972 1995 2005 2015 2030 Based on known projects current
Slide 46: World Map of Active Commercial CCS Projects: Post-Combustion
WORLD MAP OF ACTIVE COMMERCIAL CCS PROJECTS: POST-COMBUSTION …only two operating commercial CCS projects on post-combustion emissions; both in Canada • Glacier (natural gas) by Entropy • Boundary Dam (coal) by SaskPower MTPA <0.1 7 Natural Gas Coal Based on known projects currently in operation – pe
Slide 47: Post-Combustion CCS Projects Globally (Two Operating)
POST-COMBUSTION CCS PROJECTS GLOBALLY (TWO OPERATING) Operational Glacier Phase 1A Glacier Phase 1 CE: $660/TPA Average Annual Abatement Rate: 47,000 TCO2e Public Funding: C$20MM Alberta Government Capture vs Design: 90-100%1 Capital Cost: C$31MM On Stream Date: August 2022 Storage Type: Saline Aqui
Slide 48: Glacier Phase 1A Video
GLACIER PHASE 1A VIDEO Link to video 48
Slide 49: Entropy Project Selection Criteria
ENTROPY PROJECT SELECTION CRITERIA Regulatory Framework Regulatory Framework Pore Space Policy • Price Certainty Suitable Emitter Steady State • Clean Burning Geology Suitable Geology Quality • Containment • Proximity Emitter 49
Slide 50: Revenue Generation – Carbon Pricing Is Policy Driven
REVENUE GENERATION – CARBON PRICING IS POLICY DRIVEN Canadian and US governments supportive of CCS with policy moving in the right direction to attract investment Canadian Carbon Tax Credits Inflation Reduction Act (IRA) Carbon tax currently $65/tonne escalating to $170/tonne by 2030 US$85/tonne bas
Slide 51: Carbon Price Certainty
TAKING ACTION TODAY TO DERISK TOMORROW FIRST-OF-KIND SCALE UP 20 mtpa1 GLACIER Reciprocating Carbon Price Certainty 200k tpa Engines Gas Plants Value Gap (vs IRA) 40 • SIF, Other mtpa1 LEISMER OTSGs 440k tpa In-Situ Oil Production (Boilers) (Other Industrial Applications) 50 ITC mtpa1 BOW Gas Turbin
Slide 52: Glacier Progress
GLACIER PROGRESS Phase 1A (47,000 tpa, $31 m) • Learnings will be beneficial for future projects – competitive advantage of having an operating facility. Phase 1B (16,000 tpa, $13.7 m) • Under construction with completion in Q4 2023. Phase 2 (137,000 tpa, approx. $100 m) • Shovel-ready but on hold p
Slide 53: Phase 1B Under Construction: First Integrated CCS Compressor Package
PHASE 1B UNDER CONSTRUCTION: FIRST INTEGRATED CCS (iCCSTM) COMPRESSOR PACKAGE Phase 1B – Integrated CCS • Compressor package built in fabrication shop with integrated carbon capture New Integrated equipment CCS (iCCSTM) compressor • Compression package includes o CAT3616 5,000 horse-power engine pac
Slide 54: Modular Carbon Capture and Storage (MCCS) Technology
MODULAR CARBON CAPTURE AND STORAGE (MCCS) TECHNOLOGY Energy-efficient integration of multiple technologies to provide full-cycle solution from carbon capture to permanent sequestration Modular Carbon CaptureTM (MCCTM) Entropy Heat CaptureTM Scalable • Versatile • Retrofit Energy Efficient • Reduced
Slide 55: Data Management and Reporting for CCS
DATA MANAGEMENT AND REPORTING FOR CCS Generating Offsets Requires Integrated Data Management It is critical to integrate control systems, operational measurement, and emissions information to achieve the following datapoints for carbon ENTROPYIQ offset generation. EntropyIQTM is currently in operati
Slide 56: Partner of Choice
PARTNER OF CHOICE Full Service CCS Partner Expertise Geological Assessment/Management • Regulatory • Offset Generation Capital Brookfield (Financial Backer) • Entropy Investment or Co-Investment Technology Solvent (Entropy23TM) • Process Design (MCCSTM) • Monitoring/Verification (EntropyIQTM) We wor
Slide 57: Entropy Roadmap
ENTROPY ROADMAP Enabling the acceleration of emissions reduction Introduction MOU/RFI LOI Subsurface Funding Construction Permit In Emitter Operation Project Commercial NDA FEED FID Scope Agreement Advancing Technology Deploying Capital Enabling Scale-up 57
Slide 58: Path to Value Creation
PATH TO VALUE CREATION Path to IPO(4) and value recognition for AAV involves progressing 2-3 projects to Commercial Operations and demonstrating a robust pipeline of opportunities at earlier stages of development. Project Value Evolution MOU1 Exclusivity LOI2 FID3 Commercial IPO Ready • Abundant res
Slide 59: Advisory - Advantage
Advisory - Advantage Forward-Looking Information and Statements The information in this presentation contains certain forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws relating to Advantage's plans
Slide 60: Advisory - Advantage
Advisory - Advantage In addition to the assumptions listed above, Advantage has made the following assumptions with respect to the 2023-2025 forecasts contained in this presentation, unless otherwise specified: • Production growth of approximately 10% annually. • Net capital expenditures of $250 mil
Slide 61: Advisory - Advantage
Advisory - Advantage The future acquisition by Advantage of it's shares pursuant to a share buyback program, if any, and the level thereof is uncertain. Any decision to implement a share buyback program or acquire shares of Advantage will be subject to the discretion of the board of directors of Adv
Slide 62: Advisory - Advantage
Advisory - Advantage Oil and Gas Metrics This presentation contains a number of oil and gas and finance metrics, including CAGR, "FD&A cost", "capital efficiency", "PDP Reserve Replacement", "sustaining capital", "payout", "internal rate of return (IRR)", "operating netback", "corporate decline rate
Slide 63: Advisory - Advantage
Advisory - Advantage Non-GAAP Financial Measures Adjusted Funds Flow Advantage considers adjusted funds flow to be a useful measure of Advantage’s ability to generate cash from the production of natural gas and liquids, which may be used to settle outstanding debt and obligations, support future cap
Slide 64: Advisory - Advantage
Advisory - Advantage Non-GAAP Ratios Adjusted Funds Flow per Share Adjusted funds flow per share is derived by dividing adjusted funds flow by the basic weighted average shares outstanding of Advantage. Management believes that adjusted funds flow per share provides investors an indicator of funds g
Slide 65: Advisory - Advantage
Advisory - Advantage Supplementary Financial Measures Corporate Decline Rate Corporate decline rate is calculated by identifying the actual or forecasted production of all the wells onstream at the start of the year, then tracking their cumulative decline by the end of the year, expressed as a perce
Slide 66: Advisory - Advantage
Advisory - Advantage Oil and Gas Information Barrels of oil equivalent ("boe") and thousand cubic feet of natural gas equivalent ("mcfe") may be misleading, particularly if used in isolation. Boe and mcfe conversion ratios have been calculated using a conversion rate of six thousand cubic feet of na
Slide 67: Advisory - Advantage
Advisory - Advantage Historical Production See “Production” on page 6 in Advantage’s MD&A for the year ended December 31, 2022 and Advantage’s 2023 First Quarter Report for historical production disclosure by product type. Abbreviations The following abbreviations used in this presentation have the
Slide 68: Advisory - Entropy
ADVISORY - ENTROPY Forward Looking Information and Statements The information in this presentation contains certain forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws relating to Entropy Inc.’s (“En
Slide 69: Advisory - Entropy
ADVISORY - ENTROPY Forward Looking Information and Statements (continued) With respect to the forward-looking statements contained in this presentation, Entropy has made a number of material assumptions regarding, but not limited to: conditions in general economic and financial markets; effects of r
Slide 70: Advisory - Entropy
ADVISORY - ENTROPY Forward Looking Information and Statements (continued) Entropy is unable to obtain patents for its patent pending and other technology; the risk that the EntropyIQTM technology may not satisfy the growing industry need for a fully auditable data management system for emissions tra
Slide 71: Advisory - Entropy
ADVISORY - ENTROPY Market, Independent Third Party and Industry Data Certain market, independent third party and industry data contained in this presentation is based upon information from government or other independent industry publications and reports or based on estimates derived from such publi