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Ikkuma Resources Corp.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 2700, 605 – 5th Avenue SW
Calgary, AB
Canada T2P 3H5
Tel No.: 403-261-5900
Fax No.: 403-261-5902
Web Site: www.ikkumarescorp.com
Contact Person: Tim de Freitas, President & CEO
tim@ikkumarescorp.com

Carrie Yuill, VP Finance & CFO
carrie@ikkumarescorp.com


Company Data

Traded Market: TSX-V
Traded Symbol: IKM
Outstanding Shares: approx. 94.2 million
52 Week High: $ 1.10
52 Week Low: $ 0.56
Present Price: Click Here


Introduction

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Ikkuma Resources Corp. is a diversified junior public oil and gas company, with holdings in conventional and unconventional projects in Western Canada. The technical team has worked together for over a decade in the Foothills Region of Western Canada, through two successful, publicly traded companies. The unique skills and repeat success at exploiting a complex, potentially prolific play type are fundamental ingredients for a successful growth-oriented company in Western Canada.


Projects in Hand

Ikkuma Resources Corp. is a Growth-Oriented Oil and Gas Company in the Alberta and BC Foothills.

Core Asset

Northern Alberta & BC Foothills

  • Low decline, stacked reservoirs (Montney, Wilrich, Falher, Cadomin, Cadotte, Dunvegan, Cardium), containing oil and gas.
  • Identified multiyear drilling inventory for gas and potentially large (bypassed) light oil pools.
  • Team was involved previously in building the asset; 9 facilities, incl. 4 gas plants, ~560 km pipelines.
  • Highly focused business with a core area containing numerous undeveloped stacked, conventional structured reservoirs.

Gas Processing Optionality

  • In the southern part of IKM’s asset base, there is at least 100 MMcf/d gas processing and transporting capability that could bring OPEX to $4.25-$4.50/Boe, thus becoming one of the lowest cost producers in the basin.
  • Potentially lower OPEX and low decline conventional reservoirs provides long term value in a volatile commodity environment. 560 km of pipelines gives Ikkuma several options to deliver gas to multiple processing points.
  • Ownership in 3 gas plants which are significantly underutilized
  • With increasing production, trunk line volumes may be managed more effectively, and OPEX would decrease.

10-15% Annual Decline (Positioned for Growth)

  • Exceptionally low corporate decline drives best-in-class growth capital efficiencies.
  • Late-life production and strong conventional reserve bookings.
  • Successful recompleted wells to date yield strong proven developed producing (PDP) bookings.

Proven Growth

Prolific Bypassed Reservoirs Twice Confirmed with “Top Well” Result

(National Bank top Alberta Wells for January 2016)

  • Best-in-class recompletion results as compared to NBF top wells for January 2016.
  • Proven offsets to drill
  • More than 50 development locations have been identified through its recompletion program or identified as “bypassed reservoir” with geophysical data or other well data
  • Excellent returns, even at low commodity prices.

Expected Northern Alberta Foothills Production from Cardium Analogs

  • Vertical - HZ Well Multiplier (HWM): the Cardium Formation in Elmworth / Wapiti has the most similar reservoir characteristics, based on logs. On average, horizontal wells in Wapiti benefit from a 9.3x increase on IP, 6.8x increase on EUR when compared to near offset vertical wells.
  • The average of the two Cardium wells within the foothills trend was used for an expected vertical IP of 149 Bopd. Applying the Wapiti HWM, wells in their area of operations could deliver initial production rates of up to 1,378 Bopd and 212,215 Bbls of reserves.
  • The work to date has largely de-risked a very large, foothills, light oil pool with 100 – 150 repeatable drilling locations. Only 2 horizontal and two vertical wells have been drilled into the pool to date.

Third Quarter 2016

Highlights

  • Produced an average of 5,866 boe/d for the quarter with approximately 1,000 boe/d of shut-in gas production due to economics and third party curtailments.
  • Achieved funds flow from operations of $2.6 million ($0.03/share) for the third quarter and $7.2 million ($0.08/share) for the nine months ended September 30, 2016.
  • Resumed Foothills drilling and completion operations during the quarter spending $4.1 million; however, due to wet weather delays the stimulation of the Cardium horizontal oil well drilled in the first quarter and the second Cardium horizontal oil drill were in progress at quarter end rather than completed, as planned.
  • Achieved top quartile per unit G&A costs of $1.67/boe for the third quarter and $1.73/boe for the nine months ended September 30, 2016.

Investment Highlights

  1. Unique business
    • Experienced technical team with highly specialized drilling engineering and geoscience skills in an area with little competition.
    • Underexploited part of the basin: prolific conventional reservoirs proven to exist in bypass zones, based on Ikkuma’s recompletion results to date.
    • Asset and land acquisitions have little competition, thus generating better full-cycle economics; acquired 14,354 acres of crown land at ~$4.50/acre in 2016.
  2. Undervalued
    • Leading G&A efficiencies.
    • OPEX decreasing: low cost producer.
    • Low corporate decline, generates exceptional production growth capital efficiency.
    • Natural Gas production well hedged through 2017.
  3. Clear Path to Growth
    • Exceptional results to date: some of the best gas wells in Western Canada.
    • Multiyear drilling inventory (oil and gas) that has been de-risked with current recompletion operations.
    • Gas recompletions extremely economic at very low gas prices; 10 well recompletion inventory to be executed over the next 12 to 18 months.
    • Emerging oil play that could be very material, once de-risked.


Management

Management and Directors

Tim de Freitas, BSc, MSc, PhD, President & CEO, Director

Mr. de Freitas has over 24 years of experience, including 18 years in Canadian and international Foothills. Mr. de Freitas was a co-founder, Vice President, Exploration and COO at Manitok Energy.

Greg Feltham, BSc, MSc, VP Exploration

Mr. Feltham was most recently a senior geologist and the Exploration Manager, Foothills at Manitok Energy. Mr. Feltham has over 12 years of oil and gas experience specializing in Foothills geology and fractured reservoirs.

Kavanagh Mannas, MBA, VP Operations

Mr. Mannas was most recently an Operations and Development Engineer at Manitok Energy. Mr. Mannas' experience includes diverse Foothills expertise in sweet and sour products and gas and oil reservoirs.

Yvonne McLeod, B.Sc. (Eng), Senior VP Engineering

Ms. McLeod was most recently the Vice President, Drilling, Completions and Facilities at Manitok Energy. Ms. McLeod has 20 years of experience in the oil and gas industry.

Rich Rowe, BA, VP Land

Mr. Rowe has over 10 years of experience in Land and was most recently the Land Manager at Manitok Energy.

Robert Dales, Chairman

William Guinan, Corporate Secretary, Director

Charle Gamba, Director

Michael Kohut, Director

David G. Anderson, Director

Dorothy Else, Director

Please refer to Ikkuma's website www.ikkumarescorp.com for complete biographies.


News Update

On September 19, 2017, Ikkuma Resources Corp. announced the following executive team changes:

  • Dorothy Else retired as executive vice-president of the corporation. Ms. Else also joined the board of directors of the corporation.
  • Carrie Yuill has stepped down as chief financial officer of the corporation and is focusing on other opportunities.
  • Kim Benders assumed the role of corporate controller. During the corporation's search for a new chief financial officer, Ms. Benders was appointed to fill the role of interim chief financial officer.

On June 8, 2017, Ikkuma Resources Corp. announced that it has granted 6,159,500 stock options to directors, officers, employees and consultants of Ikkuma at an exercise price of 86 cents.

On June 5, 2017, Ikkuma Resources Corp. announced resource study of its interest in the Cardium and Badheart formations of the northern Alberta foothills. Ikkuma's P50 working-interest total petroleum initially in place (PIIP) is 485.5 million barrels of oil equivalent.

On May 30, 2017, Ikkuma Resources Corp. announced its financial and operating results for the three months ended March 31, 2017.The Company achieved net income for the quarter of $2.5-million (three cents per share).

On May 25, 2017, Ikkuma Resources Corp. announced that it has completed a financing with Alberta Investment Management Corp. (AIMCo), on behalf of certain of its clients, providing for a $45.0-million second lien senior secured term loan which bears annual interest at 7.25 per cent and matures on March 31, 2022.

On March 16, 2017, Ikkuma Resources Corp. announced additional light oil discovery and its 2016 year-end reserves. Ikkuma's 2P net asset value at Dec. 31, 2016, is estimated at $1.91/share, 133 per cent above the last 30-day average trading price.

As part of the corporation's continuing winter operations, a single vertical well in a new oil pool outside the Narraway area was recompleted in order to confirm the presence of oil. A brief test on the new thrust-repeated Cardium pool confirmed the presence of 500 to 520 American Petroleum Institute oil and associated gas. Ikkuma anticipates spudding at least one exploration horizontal well in this new light pool within the next 12 months, pending further technical work.

On January 30, 2017, Ikkuma Resources Corp. provided an operations update with a focus on its new light oil pool. Second Cardium light oil discovery confirms major light oil pool for Ikkuma.

Ikkuma completed drilling its second (offset) horizontal Cardium oil well in mid-October, 2016, performed a 25-stage slick water frac shortly thereafter, and flow-tested during mid-November, 2016, for 6.4 days.

The well was shut in for approximately three weeks through late December, 2016, and early January, 2017, for pressure recording. Subsequent data analysis, together with oil composition, indicates that the corporation has discovered a second light oil pool, which further derisks the large oil pool on the corporation's 40 sections of land (88-per-cent working interest) in the Narraway area of the Alberta Foothills.

Well costs to date have been within the anticipated $3.5-million to $4.5-million. Ikkuma is confident in its ability to reduce the well costs significantly.


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