Download - Altima Resources Corporate Presentation
Corporate Presentation January 2014
DISCLAIMER
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Certain information regarding Altima Resources Limited (“Altima Resources”) including management’s assessment of future plans and operations, may constitute forward looking statements under applicable securities law and necessarily involve risks, including risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in any forward-looking statements. Plans, intentions or expectations disclosed in any forward-looking statements or information should not be read as guarantees of future results or events, and will not necessarily be accurate indications of whether or the times at or by which such results or events will be achieved. Except as required by law, Altima expressly disclaims any intention and undertakes no obligation to update any forward-looking statements or information as conditions change. Any offer is subject to normal commercial risk that the offer may not be completed on the terms negotiated or at all.
Cautionary Statement: The information provided herein includes references to undiscovered natural gas potential. 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 resource.
This presentation is confidential and is not for distribution or reproduction without the written permission of Altima Resources
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PROPERTY OVERVIEW
► The Chambers-Ferrier Property represents an under exploited opportunity over a large contiguous land block near Rocky Mountain House, Alberta in Townships 41-42, Ranges 10-12 W5M
► High working interest and Operatorship ► Surrounded by Majors including EnCana-Baytex, Devon,
and ConocoPhillips ► Regional and On-Trend Proven Production from
Cretaceous, Jurassic and Mississippian Formations ► High initial production rates ► In place production infrastructure and attractive Crown
Royalty Structure ► Producing condensate and gas since October 2011
Highlights Upside Opportunity ► Altima has identified 35+ primary drill targets and has
the potential for 80+ wells and 7-10 years of drilling inventory
► Targeting multiple stacked Conventional and Resource plays for Vertical drilling
► Focused Horizontal Drilling for Notikewin and Cardium Cretaceous reservoirs
► Several locations ready to License ► 2560 Acres pooled with ConocoPhillips and first joint
horizontal well drilled ► Forecasting 2,500 BOE/d within 2-3 years
Chambers-Ferrier
Altima Lands
6 Miles
Altima Chambers-Ferrier Land Holdings
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Attractive Fiscal Regime ► Significant government monetary incentives for
deep drilling for gas and oil/condensate ► Extended benefits for horizontal and shale gas ► Current incentive programs guaranteed to 2017 ► Deep gas drilling royalty credits $750M-$2.75
MM/well
Significant Presence by Majors ► Bellatrix, Devon Energy, ConocoPhillips, Taqua
North, Baytex, Peyto, and Husky Energy all drilling in proximity to property
Analogous Success Surrounding Altima’s Assets ► A gas saturated high liquids basin ► Twp. 40-42, Rge. 8-12 W5M over 300 Wells
drilled between 2001-2011, 4 wells abandoned and only 2 deeper than the Cardium; 99% success
► In the nine townships encompassing Altima property; 97% success rate in 43 wells drilled from 2006 -2012
Established Infrastructure ► 10.4 km of Altima production infrastructure in
place ► Baytex, Conoco, Devon and Keyera pipelines and
facilities passing through and to the south of Altima’s land
Large Asset Base in Alberta, Canada; a prolific hydrocarbon producing region ► Land Holdings covering 26 sections (16,640 gross
acres) and varying interests in 11 wells ► Operatorship & high working interest ► Strong analogous well economics
Producing and prepared for growth ► Producing condensate and gas since October
2011 ► Comprehensive 140 sq. miles 3D Seismic across
Altima’s acreage
Near-term expansion ► Four sections pooled and first well drilled with
ConocoPhillips ► Chambers HZ well 14-15 on production November
2013 ► Altima drilled 3201 meter well at 15-35-41-11
W5M and placed on stream September 2013
Multi-well program ► Additional drilling and work-overs on Altima lands
planned for Q1 2014 ► 15 well program planned for 2014-2015 ► Forecasting 2,500 BOE/d within 2-3 years
Management team with a proven track record in the region
Politically Stable Location ► Alberta, Canada
INVESTMENT OVERVIEW
INVESTMENT STRATEGY & FORMULA FOR GROWTH
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Formula for Growth
Investment Strategy
► Enhance shareholder value with a focused exploration and exploitation drill program supported with targeted industry opportunities and acquisitions
► Pursue E & P program focusing on stacked Multi-Zone plays and Cardium and Notikewin core areas to drive growth through vertical and horizontal drilling and multi-stage hydraulic fracturing
► Maintain large land base with significant inventory of low risk drilling opportunities to guide substantial investor upside
► Target increased oil and liquids weighting while maintaining low F&D costs
► Maintain prudent financial management and follow industry best practices
► Inventory of ready to license locations ► Extensive undeveloped land base of 16,640 gross acres ► Stacked Hydrocarbon Bearing Reservoirs ► 3D Seismic Support over entire project area ► Regional Production Infrastructure In Place Drilling on Altima Land at Chambers-Ferrier
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DRILL SUCCESS AND STRATEGY
Altima Land
15-35 Discovery
Multi-Zone Discovery
HZ Discovery
Pooled Lands with ConocoPhillips
Recent Success/ Near-Term Production Targets ► Multi-Zone Well 14-06-41-10 W5M producing condensate
and gas since October 2011 ► Four-section pooling of lands (2,560 acres) with
ConocoPhillips completed (30% working interest retained by Altima)
► Altima/ConocoPhillips 14-15-41-11 W5M HZ well drilled to a total MD of 4,280 meters, multi stage fracturing completed over 1,150 meters in target zone, new 3.8 km of pipeline and facilities completed and well placed on production November 2013
► Altima operated 15-35-41-11 W5M multi-zone well drilled in February 2013, 3.5 miles north or 14-15 well. Well drilled to 3202 meters in 12 days, a record for the area
► 15-35 well multi-zone fraced, completed, 6.4 km of pipeline and infrastructure constructed and on-stream September 2013
► Acquired six additional off-setting Crown sections to the 15-35 well in April 2013
► Offset locations to 15-35 scheduled for drilling Q1 2014
Medium-Term Targets ► Multi-Zone 3-17 well, workover planned for Q1 2014 ► 15 Wells planned for 2014-2015 with cash flows
expected within 6 months of spud ► Targeting 2,500 BOE/d production within 2-3 years
Long-Term Targets ► Altima has identified 35+ primary drill targets and has
the potential for 80+ wells and 7-10 years of drilling inventory
ASSET SUMMARY / PRODUCTION INFRASTRUCTURE
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Asset Summary ► Geographically concentrated asset base ► Producing, exploration and development wells ► High liquids rich natural gas play ► Horizontal and Vertical wells ► Excellent infrastructure and access for drilling and
services ► Land Base 16,640 gross acres, 80.7% weighted
average in 17/26 sections ► Operatorship
Production Infrastructure ► Gas and condensate from the producing wells
in the North Chambers region flow to the Encana-Baytex compressor station at 12-33-41-10 W5M
► Gas and condensate from the producing wells in the South Chambers region flow to the ConocoPhillips compressor station at 9-4-41-11 W6M
► Gas and condensate from these stations move to the Keyera Strachen Gas Plant at 11-35-37-9 W5M
ConocoPhillips Compressor Station
Encana-Baytex Compressor Station
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AREA ACTIVITY
► Significant industry activity in the area ► Fairborne Energy is extending the Viking gas trend
southeastward directly on trend with Altima’s northern lands ► Bellatrix is exploring for prolific Notikewin gas through
horizontal drilling to the northeast and east of the Chambers-Ferrier land block
► Numerous companies including ConocoPhillips and Bellatrix are exploring for Cardium production along NW-SE trending deposits which appear to trend through the NE portion of the Chambers-Ferrier land block
► Shallower drilling activity targeting the Belly River, multi-zoned Cretaceous and deeper Nordegg has recently been pursued on and surrounding the Chambers acreage block
Area Activity Deep Basin Geologic Setting
Notikewin
Notikewin
Wells Drilled 2006-2012
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GEOLOGY/GEOPHYSICS
Chambers-Ferrier; Geological Discussion ► Altima’s Chambers-Ferrier acreage block offers a large
contiguous acreage position along trend with the NW-SE trending Mesozoic deformation front in west central Alberta
► Multi-zoned prospective horizons are present over the entire block
► Liquids rich gas (average of 36 bbls/MMcf NGL’s) forms the majority of the area production with some opportunity to encounter oil
► Unique under explored opportunity to target developing trends established through recent offsetting activity
► Numerous geological settings including sheet sands, shoreface, barrier, deltaic, estuarine and stacked fluvial channel sand deposits
► Gas saturated section from the Belly River to the Nordegg
► Opportunities through seismic imaging to explore and exploit multi-zoned upside
► Three plays and several emerging opportunities are present for further exploration:
1. Multi-Zone Play: Numerous lower risk stacked Cretaceous and Jurassic targets over the entire acreage block
2. Notikewin Play: Highly productive emerging horizontal play
3. Cardium Play: Horizontal and vertical high liquids play
Emerging Conventional and Resource Play Opportunities ► Edmonton Group sandstones ► Belly River: Prolific opportunity to exploit numerous
stacked Belly River channel sands ► Second White Specks Resource Play: Thick imbricate
faulted play
STRATIGRAPHY
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MULTI-ZONE PLAY
► Stacked Formations across entire land block ► Predominantly liquid rich gas ► Vertical wells ► Limited Entry fracturing techniques
Comingled productive sands
Multi-Zone Producing Well 100/06-11-042-12W5/00
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NOTEKEWIN PLAY
► Within the Chambers-Ferrier area, the Notikewin member is a continental fluvial facies within a coastal plain setting and sealed by tight siltstones and shales
► The Notikewin consists of a number of thick sinuous channel deposits and may be optimally developed through horizontal drilling with multiple completions
► The channels are visible on seismic
► Channels can be over 50 meters thick with pay zones up to 30 meters with effective porosity greater than 6%
► There is a high liquid content to the gas stream (35-70 bbl/MMcf)
► This area is within the Deep Basin Hydrodynamic System characterized by gas saturated sandstones with little or no water production
► In addition to two New Discovery wells at Chambers, there is significant offsetting exploration and development with high initial production rates to the, north, south and east of Altima held lands
Notikewin
14-15
Notikewin Discovery
Multi-zone Discovery
15-35
New Discovery
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CARDIUM PLAY
► The Hydrocarbon Volume Stored in the Cardium Formation places this unit in the category of a Super Giant with initial Oil in place of over 10 Billion Barrels and established gas in place of over 24 Trillion cubic feet
► The Ferrier Cardium Oil field is the third largest with marketable Cardium oil reserves of over 77 million barrels and the second largest Cardium Gas field with marketable reserves of over 647 Bcf
► Cardium stratigraphy of the Chambers-Ferrier area is a series of northwest-southeast coarsening upward sandstone and conglomerate bars encased in thick shales.
► These Cardium bars can be identified with high resolution 3D seismic
► Altima has proprietary 3D seismic interpretations over their entire acreage block and have identified significant Cardium anomalies not drilled
► Altima 3D seismic modeling at Chambers-Ferrier has resulted in high grading potentially productive Cardium bars on Altima held lands
► The Cardium is a liquids rich formation which can be developed through horizontal or vertical drilling
Cardium Well Notikewin Well
15-35
14-15
EMERGING COVENTIONAL & RESOURCE PLAYS
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Belly River Play ► The Belly River Formation is a thick clastic wedge of
predominantly non-marine channel sediments ► It is comprised of thick, multiple channel sands overlain by
interbedded siltstones and shales ► In the Chambers area these channels have a general
northwest to southeast orientation ► An extensive meandering channel system is present on the
Altima Chambers block ► These gas charged channel sandstones are clearly visible on
seismic ► Production is from multiple sandstones at various
stratigraphic levels within the same wellbore ► Porosity ranges between 8 – 12% ► Pay thickness may ranges up to 35 meters ► Belly River locations can be drilled as stand-alone targets or
deepened and commingled with multi-zone production from the Lower Mannville and Jurassic formations
► There is developing Belly River oil production to the northwest of Chambers
Second White Specs Play ► Within the Chambers area the Second White Specs has
undergone deformation through imbricate faulting ► This has resulted in an overall increase of formation thickness
and (likely) significant micro-fracturing ► Area wells immediately offsetting Altima lands have tested
gas from the Second White Specs ► Within the Chambers area the Second White Specks is a
medium dark grey marine shale with white calcareous specks and is characterized by a high organic content
► Well logs show high hydrogen indices and radioactivity ► There is developing Second Specs oil production to the
southeast of Chambers
Belly River
2 White Specks
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CHAMBERS-FERRIER MULITPLE ZONE POTENTIAL
Drill targets at Chambers range from 1,100 meters to 3,400 meters with most concentrated between 2,000 and 3,300 meters (approximately 6,500 to 10,000 feet)
Altima’s land holdings have over a dozen known producing zones; many of which are stacked (see diagram below)
* Marketable gas >15 TCF by Stratigraphic Interval (1) Effective April 1, 2010: These formations fall within ERCB DE No. 2. Production from these intervals can be co-mingled with a density of 4 wells per pool (zone) per section *Volumetric reserves using Ave pay parameters
**Average 3 month IP rates (T38-43 & R 5-15 W5M) ***Mannville includes Notikewin & Falher
UP TO 80-100 BCF/SEC (35-50 BBLS/MMCF)
ANALOGOUS WELL ECONOMICS & DECLINE CURVES
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IP: 2.75 MMCF/D RESERVES: 5 BCF 46 BBLS/MMCF
PV10: $12MM NET OF CAPITAL
IRR: >70% INTERNAL RATE OF RETURN
$3.94/BOE CAPITAL COST
CHAMBERS/FERRIER DEEP BASIN MULTI ZONE PLAY
16
1%
2%
5%
10%
20%
30%
40%
50%
60%
70%
80%
90%
95%
98%
99%
1 10 100 1000 10000
Multi zone 3 month IP 1000 MCF/D
CU
MU
LATI
VE
PR
OB
AB
ILIT
Y (%
)
3 MONTH INITIAL PRODUCTION RATE PER WELL (MCF/D)
MOST WELLS UTILIZED OLDER
COMPLETION TECHNIQUES
CHAMBERS/FERRIER MULTI ZONE INITIAL PRODUCTION
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17
1%
2%
5%
10%
20%
30%
40%
50%
60%
70%
80%
90%
95%
98%
99%
1 10 100 1000 10000
Multi zone P50 reserves 2.4 BCF/well
RESERVES PER WELL MMCF
CU
MU
LATI
VE
PR
OB
AB
ILIT
Y (%
)
MOST WELLS UTILIZED OLDER
COMPLETION TECHNIQUES
CHAMBERS/FERRIER MULTI ZONE RESERVES
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ALTIMA POTENTIAL VALUE
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Well type Multi Zone Cardium VERT
Notikewin HZ
Cost Per Well $3,850M $3,850M $4,820M
Company estimate of wells in portfolio
80+ 5+ 7+
Potential Reserves – BCF – MMSTB
>250 >7
>45 >1.5
>23 >0.9
Potential Gross Revenue $2,966MM $483MM $210MM
Potential Value $525MM+ $93MM+ $95MM+
► Altima has identified, through existing seismic data, a large number of wells analogous to those already producing in the area
► Focused plans to develop multiple high impact targets with short lead times to production and rapid payback
► Company is focused on near-term production build-out with additional drilling to increase reserves
► High residual working interest may allow the company to partner with other operators in the area
► Developing wells rich in condensate for near term revenue and highly leveraged to upside on gas prices
► Extensive proprietary seismic interpretations to be utilised to expand acreage
APPENDIX 1 – CORPORATE SNAPSHOT
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Canadian 64% United States 18% International 18% *Approximate percentage, based only on registered shareholders
Joe DeVries 6.21%
Stephen Watts 6.53%
Rick Switzer 0.81%
Jurgen Wolf 0.75%
James O’Byrne 2.08%
Robert Haveman 5.63%
Stock Exchange TSX-V
Trading Symbol ARH
52 Week High/Low $0.16-0.04
Outstanding Shares 315,716,516
Stock Options1 12,000,000
Warrants2 76,296,720
Fully Diluted Share Capital 404,013,236
MAJOR SHAREHOLDERS
MARKET STATISTICS
SHARE PRICE CHART
1 Average Stock Option Exercise Price of 0.115 2 Average Warrant Exercise Price of 0.10
APPENDIX 2 – 2014 Q1-Q2 OPERATIONS BUDGET
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Detail Altima Working Interest % $ (Thousand)
14-15 Pipeline Connection Funded
5-35 Vertical Well 100 Funded
9-35 Vertical Well 100 Funded
3-17 Workover 85.7 Funded
Total NIL
1 Well cost $4.5million may be funded through Whistler Oil and Gas Partnership
2013 2014
WELLS Q3 Q4 Q1 Q2 Q3 Q4
14-15
9-35
3-17
Completed Pipeline Drill Workover Production
5-35
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GAS VALUE
BUTANE VALUE
PROPANE VALUE
CONDENSATE VALUE
$2.81/MCF
$ 0.97/MCF
$ 0.81/MCF
$5.89/MCF
$10.48/MCFe Liquids content more than TRIPLES the value per MCF produced
ALTIMA CHAMBERS 15-35 WELL
Condensate 50 bbls/mmcf
Propane 29 bbls/mmcf
Butane 16.5 bbls/mmcf
Sproule August 31, 2013
Gas $2.81/Mcf
Condensate $117.86/bbl
Propane $27.81/bbl
Butane $58.87/bbl
CHAMBERS 15-35 MULTI-ZONE LIQUIDS RICH DISCOVERY WELL
APPENDIX 3 – CHAMBERS/FERRIER DEEP BASIN LIQUIDS VALUE
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APPENDIX 4 – ALBERTA ROYALTY FRAMEWORK
Alberta Royalty Framework (ARF) – May 2010*
Natural Gas Deep Drilling Program
► Royalty benefit $625/m (2,000-3,500m) and $2,500/m (3,500-4,000m), amounts to approximately $750,000 for a typical Chambers-Ferrier deep basin vertical well ($2.5 million for a Cardium/U. Mannville Horizontal well)
New Well Royalty Reduction Program
► New Gas - 5% royalty rate for the first 12 months up to 500 MMCF (50,000 BOE)
► Horizontal Gas – Extends 5% royalty rate up to 18 months of production
► Shale gas – 5% royalty rate to 36 months of production with no volume limit
* Government will review in 2014 and commit to providing 3 years notice to any revisions
Fracing COPOL HZ 14-15-41-11 W5M
APPENDIX 5 - ANALOGOUS WELL ECONOMICS & DECLINE CURVES
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Well type Multi Zone Cardium VERT Notikewin HZ
Total Cost per Well ($mm) 3.9 3.9 4.8
Average Gross Reserves – BCF 3.1 9.0 3.3
– MSTB 87.5 291.3 127.5
Average Mcf/d (Year 1) 1,009 2,500 1,700
Total Liquids (Bbls/MMcf) 28 32 39
Gross Revenue ($mm) (Year 1) 3.0 5.0 6.0
Net Revenue NPV 10% ($mm) 8.7 18.6 13.5
Average (per well) economics from wells surrounding Altima’s land:
Notikewin Production
* Source: Energy Navigator, Fekete Engineering Report, Bellatrix Exploration Presentation, Altima Resources
Ferrier Multi Zone Well
► 27 Bellatrix, ConocoPhillips and industry Notikewin gas wells greater than 10MMcf/d on test from the regional stacked channel trend
APPENDIX 6 - CHAMBERS/FERRIER MULTI ZONE RATE/RESERVES
RECENT COMPLETION MULTI ZONE FRACS IP: 2.75 MMCF/D EST RESERVES: 5 BCF`
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APPENDIX 7 - CHAMBERS/FERRIER DEEP BASIN MULTI ZONE PLAY
CAPEX (GROSS) $MM
DRILL & CASE $2.80
COMPLETE $1.00
EQUIP & TIE IN $0.35
TOTAL $4.15
OPEX (GROSS) $
FIXED ($/MTH) $3,000
VARIABLE ($/MCF) ($/BBL)
$.90 $2.00
P/L TARIFF ($/MCF) $ .15
ASSUMPTIONS
RESERVES BCF MSTB
2.7 140
IP (MMCF/D) 1.5
LIQUIDS (BBLS/MMCF)
CONDENSATE (BBLS/MMCF)
22 24
Sproule Sept 2012 Price Deck 5% NWRR Program NGDDP Incentives ($0.75MM)
GROSS ECONOMICS (UNRISKED)
RATE OF RETURN 44%
PAYOUT (YEARS) 2.4
NET PRESENT VALUE (PV10: $MM per well)
$4.4MM
Per well economics using Ferrier 14-06 Analog and Fekete NI 51-101 Rate/Reserves
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APPENDIX 8 - FERRIER NOTIKEWIN HORIZONTAL PLAY
CAPEX (GROSS) $MM
DRILL & CASE $3.28
COMPLETE $1.19
EQUIP & TIE IN $0.35
TOTAL $4.82
OPEX (GROSS) $
FIXED ($/MTH) $3,000
VARIABLE ($/MCF) ($/BBL)
$.90 $2.00
P/L TARIFF ($/MCF) $ .15
ASSUMPTIONS
RESERVES BCF MSTB
3.2 125
IP (MMCF/D) 4.0
LIQUIDS (BBLS/MMCF) 35
Sproule September 2012 Price Deck 5% NWRR Program NGDDP Incentives ($2.75MM)
GROSS ECONOMICS (UNRISKED)
RATE OF RETURN 74%
PAYOUT (YEARS) 1.4
NET PRESENT VALUE (PV10: $MM per well)
$6.2MM
Per well economics using Bellatrix Notikewin/Falher results as an analog
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APPENDIX 9 - CHAMBERS/FERRIER ECONOMICS
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Liquids rich with an opportunity to apply proven technologies used elsewhere in the Deep Basin
GROSS ECONOMICS
PER WELL (UNRISKED) MULTI-ZONE
CARDIUM
HORIZONTAL
NOTIKEWIN
HORIZONTAL
Cost per Well $4.1MM $4.7MM $4.8MM
Average Reserves 2.7 BCF
140 MSTB
2.4 BCF
100 MSTB
3.2 BCF
127 MSTB
Initial Production 1,500 MCF/D 1,500 MCF/D 4,000 MCF/D
Value (PV10) $8.8MM $7.8MM $11.0MM
Future Wells* 70 14 2
Reserve Potential >185 BCF
>9 MMSTB
>30 BCF
>1.4 MMSTB
>6 BCF
> 0.25 MMSTB
Potential Value $616 MM $109MM $22 MM
Sproule September 30, 2012 Price Deck
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APPENDIX 10 – BOARD & MANAGEMENT
Jim O'Byrne, P.Landman – Chairman
▪ 50 years of experience working with companies in the oil and gas sector
▪ President of O'Byrne Resource Management and a director of Berkley Resources
▪ Previously a director of Quintana Exploration, Range Petroleum Corporation
Richard Switzer, P.Geol – President & CEO
▪ Over 35 years of experience in the petroleum industry
▪ Currently a director of Petrichor Energy Inc
▪ Previously at Texaco, Amoco, Skelly Oil Canada and Mesa Petroleum working for T. Boone Pickens
▪ Member of the American Association of Petroleum Geologists and a Professional Geologist with APEGGA
Richard Barnett, C.G.A. – CFO
▪ Over 20 years of accounting experience serving both public and private corporations
▪ Experience of a wide range of companies, including producing oil & gas, resource & explorations, engineering, and research & development
Joe DeVries – Director
▪ 20 years of experience financing public companies
▪ Currently CEO and a director of Petrichor Energy Inc and director of Precision Enterprises Inc
Jurgen Wolf – Director
▪ Over 15 years of experience working with companies in the oil and gas sector
▪ Currently a director of the following public companies; Petrichor Energy Inc, Iconic Minerals Ltd, and Transamerican Energy Inc
Trevor Hamill, P.Geophysicist – Technical Advisor
▪ Over 35 years of experience in the exploration for oil and gas reserves in the Western Canada Sedimentary Basin (WCSB).
▪ Worked for Calgary based oil companies, including Esso, Alberta Energy Company, and Teck Oil and Gas
Stephen Watts , CA B.Ecc- Director
▪ Over 25 years of accounting experience advising companies on corporate finance in a diverse range of industries including; oil and gas, mining and exploration and manufacturing
▪ Currently a director of several large, private companies
▪ Member of the Institute of Chartered Accountants in Australia and a Fellow Member of the Taxation Institute of Australia
Bernie Goruk, P.Eng – Technical Advisor
▪ 34 years of experience in petroleum engineering and oil and gas operations
▪ Former property management, team leader at AMOCO, including 20 years of varying experience in oil and gas operations, drilling/completions,exploitations/explorations and administration