net asset value (nav) - Primera Energy Resources Limited

PRIMERA ENERGY RESOURCES LTD LTD. 

(PERL) 

CORPORATE PRESENTATION 

August 2012

Legal Disclaimer and General Notes 

LLegal l Di Disclaimer l i 

This presentation contains forward-looking financial and operational information 

including earnings, cash flow, debt levels, production and capital expenditure 

projections projections. These projections are based upon the Company’s Company s expectations and are 

subject to a number of risks and uncertainties that are generally related to the 

industry and could materially affect projected results. The risks include, but are not 

limited to, future commodity prices, exchange rates, interest rates, geological risk, 

reserves risk, political risk, product demand and transport restrictions 

General Notes 

(i) CConversion i rate t (US$ tto CDN$) of f $1 $1.00 00 usedd th throughout h t thi this presentation t ti 

(ii) Economic analyses done at WTI Forecast excepted by 15 March 2012 (by AJM) 

unless otherwise stated 

(iii) The calculations of barrels of oil equivalent ("boe") ( boe ) are based on a conversion rate 

of six thousand cubic feet ("mcf") of natural gas to one barrel of crude oil. Boe's 

may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 

1 bbl is based on an energy equivalency conversion method primarily applicable at 

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the burner tip and does not represent a value equivalency at the wellhead 

2 

PRIMERA ENERGY RESOURCES LTD.

Corporate Overview 

Primera Energy Resources Ltd. (“PERL”) - TSX-V Exchange (Symbol: “PTT”) 

� International exploration and development opportunities with “in-country” experience and 

established contacts in Trinidad 

� One (1) producing property with significant upside potential 

� Current production 632 bopd 

� 16.2% working interest in the highly prospective Cory Moruga Block ‘E”, Trinidad (carried for 

2 wells - both wells cased, , encountered objectives j with oil shows. Exploration p activities are 

in progress with the Sidetracking and testing of Firecrown-1 and drilling of Green Hermit-1 

� Multi-disciplined and experienced management team - proven track record 

� PERL has the ability to source international deal flow and evaluate high quality international 

plays 

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Corporate Structure 

OPTIMAL ST. LUCIA LTD. 

(OSLL) 

ST. LUCIA 

100% 

OPTIMAL SERVICES LTD. 

(OSL) 

TRINIDAD & TOBAGO 

100% 

� PERL is a public company trading on the TSX-V 

� PERL owns 100% of the equity of OSSL. 

� PERL owns 100% of the equity of Optimal Bahamas 

� OSL is a wholly owned subsidiary of OSLL, and is engaged in Petroleum 

operations in Trinidad & Tobago. 

� PERL has 16.2% WI in the Cory / Moruga block, 

PRIMERA ENERGY RESOURCES LTD. 

(PERL) 

CANADA 

(TSX VENTURE LISTED) 

OPTIMAL SERVICES BAHAMAS LTD. 

BAHAMAS 

100% 

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CORY MORUGA BLOCK ‘E’ 

TRINIDAD & TOBAGO 

16.2% 


Directors and Management 

Board of Directors: 

Philip EE. Collins Collins, PP.Geol. Geol Chairman 

Geoffrey Leid, LLB Chief Executive Officer 

Trevor Wong-Chor, Wong Chor, LLB Corporate Secretary 

Gordon Harris, P.Eng., MBA Director 

Ian Anthony, LLB, LLM, CEPMLP Director 

Ron Bryant, P Eng Director 

KKey MManagement: t 

Geoffrey Leid, LLB Chief Executive Officer 

St Stephen h Austin, A ti CA Chi Chief f Fi Financial i l Offi Officer 

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Corporate Snapshot 

Exchange (Stock Symbol): TSX-V PTT 

Common Shares Outstanding (MM): 55.6 

Stock Options Outstanding (MM): 52 5.2 

Warrants Outstanding (MM): 0.0 

Shares Fully Diluted (MM): 57.1 

One-Year Trading Range (CDN$): 0.11 – 0.32 

Current Production: 632 BOPD 

Net Debt: Nil 

Working Capital ~ 0.2 MM (as of June 30, 2012) 

Cash in Bank 3.0 MM 

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6 


Current Net Asset Value (NAV) - CDN$ 

NAV 

ASSETS Before Tax After tax 

$ $ 

Reserves: Proved + Probable, PV 10% 49,110,000 

(as at December 31, 2011) 

Seismic – Cory Moruga 2,700,000 

51,810,000 

Working Capital (June 30, 2012) 200,000 

NET ASSETS 53,666,000 

Common shares outstanding 57,114,750 

Fully Diluted 57,114,750 

NET ASSET VALUE (NAV) 0.93 

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Block WD-4 reserves not booked because of Lease Operatorship arrangement with the Petroleum Company of Trinidad 

and Tobago (Petrotrin) 

7 


7

Regional Location Map: Trinidad & Tobago 

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Trinidad & Tobago 


Location Map - Operations 

Undeveloped 

Producing 

Office 

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Block WD-4 

Trinidad 

Cory Moruga Block 

9 


Background on Trinidad and Tobago’s (TT) Oil & Gas Industry 

• Proven prolific hydrocarbon basin: 

Oil: Onshore 50-300 bopd/well 

Offshore 5,000-15,000 bopd/well 

Trinidad Activity Map (2010) 

Canadian Operators in Area 

Gas: Onshore 5-60 MMscf/d/well Block 22 0.6- 

Offshore 50-150 MMscf/d/well 

12 12.TCFG TCFG 

• One of the largest exporters of LNG to 

USA (~2 Bcf/d gas) - production capacity 

15MMTA* 

• World scale methanol plants - production 

capacity over 4MMTA* 

• TT one of the world’s largest urea and 

ammonia producers 

• Well developed metals sector 

• Stable government and British-based rule 

of law - Democracy 

• Potential for large discoveries both 

onshore and offshore 

* MMTA - Million Metric Tonnes per Annum 

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20 TCF of 

Proven Gas 

Reserves 

Block 

WD-4 

10 

5 TCF of 

Proven Gas 

Reserves 

Parex Resources, 

Niko Resources, 

Central Range Block 

Cory 

Niko Resources 

Moruga ‘E’ E Guayaguayare Block 

Niko Resources, 

Voyager Energy 

Block 2(ab) 

Columbus Sub- 

Basin, 30 TCF 

of 2P Gas 

Toucan 

0.5 TCF 

Niko 

Resources 

Pot. 2.6 

TCFG 

Endeavor-1 

Bounty-1 

Victory-1 

Chachalaca 

>2TCF, 1,400 ft pay 

Loran 

5 TCF gas, 755 ft pay 


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CORY MORUGA BLOCK ‘E’ 

(Offsetting Carapal Ridge Field) 

ONSHORE ONSHORE, TRINIDAD 


Location and Historical Block Data 

Working Interests Primera Energy Resources Ltd Ltd. 16 16.2% 2% 

Parex Resources (Trinidad) Ltd. 83.8% (Operator) 

State Exploration and Production License renewed in August 2007 (term: 25 years) 

Location: Southern Basin, Onshore Trinidad 

Acreage: 7,442 acres (gross) 

Wells drilled: 15 wells (drilled ( 1950’s), ), deepest p well Rochard-1 (11,535 ( , ft) ) 

Formation depth: 3,500 ft to 10,000 ft 

Oil Gravity: 29-37 degree API 

Cumulative production: 113,677 BO (Dec. 1991) 

Seismic coverage: 85 sq km of full fold 3-D data (2007) 

Costs incurred to date (gross): approx approx. US$29 US$29.0MM 0MM (License payments payments, seismic seismic, studies studies, 

drilling, testing) 

Herrera prospect, with several other leads and prospects identified 

Carried on two (2) wells thru farm-out period (carry involved a 5% participating interest by 

PERL) 

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12 


Exploration Drilling Update 

SSnowcap-1 1 (fi (first t onshore h li light ht oil il di discovery iin 51 years): ) 

• Well spudded 16 July 2010 and drilled to approved depth of 8,600 feet 

• Well penetrated and encountered hydrocarbon bearing zones in both the primary and 

secondary objectives in the Herrera 

• Well testing completed in the primary zone of interest (hanging wall) in the Herrera formation 

- Initial rates up to 1,450 bopd (37 0API), gas at rates up to 6.2 MMcf/d 

- Well flowing since August 9th , 2012. 

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Exploration Drilling Update 

Firecrown-1: 

• First exploration well Firecrown-1 spudded 15 April 2010 

• The well was drilled to a depth 10,331 feet 

• Well penetrated and encountered both the primary and secondary objectives in the Herrera 

formation, oil and gas shows 

- Primary objective 8,150 feet to 8,275 feet 

- Secondary objective 6,600 feet to 7,220 feet 

• C1 C1-C5 C5 (gas detector readings indicative of wet gas) present in both zones 

• Well deepened to 10,331 feet to explore lower formation prior to testing. Wellbore stability 

problems resulted in the deepened section being abandoned – no prospective horizons 

encountered 

• Severe mechanical problems precluded testing of potentially productive zones. Sidetrack 

• Sidetracking operation resume February 2012 of the well are in progress. 

• Reached a TD of 8315 feet on 12/4/2012. 

• Testing to commence shortly. 

Green Hermit-1 

• This well is programmed to be drilled to TVD 8,200 feet. 

• DDrilling illi completed. l t d TTesting ti to t commence shortly. h tl 

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14 


Snowcap I Production Update 

• Start Flow Rate August 9 th , 2012 

• Current Oil Production (bbl) 290.0 

• Current Gas Production (Mscf) 756.8 

(THP of 1123.0 psig on 8/32” choke, CHP of 59.0 psig) 

• Cumulative Oil Production (bbl) ( ) 

2126.0 

• Cumulative Gas Production (Mscf) 5138.0 

• PERL’s Working interest (%) 16.2 

• PERL’s Oil Share (bbl) 344.4 

• PERL’s Gas Share (Mscf) 832.4 

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Cory Moruga Block ‘E’ - Offset Fields and Discoveries 

Penal/Barrackpore/ 

Mandingo 

125mmbbls, 100 bcf 

Cory Moruga Block ‘E’ 

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Snowcap -1 

iinitially iti ll ttested t d 

1450 bopd 

Moruga West 

12mmbbls 

Central Block 

(Carapal Ridge) 

92mmbbls * 

Firecrown -1 

Inniss/ Trinity 

20mmbbls, 11 bcf 

Catshill 

25mmbbls, 

27 bcf 

1 st well stratigraphic trap 

2 nd well structural trap 

Proposed stratigraphic trap 

* Gilbert Laustsen Jung and Associates Ltd (Source: www.epmag.com/archives/worldMap/3177) 

16 

Proposed structural trap 

Corosan-1 tested 

8.2 MMcf/d* 

Baraka East -1 tested 

27 MMcf/d MMcf/d, 1,020 1 020 bcpd bcpd* 

Baraka-1 tested 

22 MMcf/d, 660 bcpd* 

Carapal Ridge -1 tested 

50 MMcf/d, 1,500 bcpd* 


Cory Moruga Block ‘E’, Onshore Trinidad 

Economic/Sensitivity Analysis (Gross) 

KKey AAssumptions: ti GGross Revenue R Distribution Di ib i US$MM 

- Phase I work commitments ~ US$24.0MM Royalties 628.8 

- Drill 18 development wells ~ US$72.0MM 

to develop 60.0 MMBO 

- Pipeline and facilities ~ US$4.0MM 

- Net cost to Primera ~ US$ 17.3MM 

Pre-Profit Taxes (SPT, PPL, GFL) 

Annual Licence Payments 

Petroleum Profit Tax (PPT) & Levies 

792.3 

29 29.7 7 

1,591.8 

- Oil price US$85.00/bbl (realized average) Project Returns* 1,987.8 

- Opex/G&A average US$12 US$12.98/bbl 98/bbl 

Net to Primera (16.2%) ( ) 

322.1 

Project Returns 

39% 

* Operating costs not deducted 

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Royalties 

13% 

Petroleum Profit 

Tax (PPT) & 

Levies 

31% 

17 

Pre-Profit Taxes 

(SPT, PPL, GFL) 

16% 

Annual Licence 

Payments ay e ts 

1% 

Sensitivity Analysis 

Field Size IRR 

25.0 MMBO 42% 

42.5 MMBO 61% 

60.0 MMBO 74% 

77.5 MMBO 87% 


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ONSHORE BLOCK WD-4 

GRANDE RAVINE, , TRINIDAD 


Field and Well Data 

Location: Southern Basin, Onshore Trinidad 

Acreage: 700 Acres 

Producing Formations: Forest and Cruse (Miocene) 

Formation Depth: 3,000 ft - 7,500 ft 

Average Porosity: 27% 

Average Permeability 250 md 

Net Pay: 100 - 280 ft 

Initial Production Rate: 80 - 100 BOPD/ well 

Average g Oil Gravity: y 23 degree g API 

Wells on production: 17 

Current production rate: 632 BOPD (August 15 th , 2012) 

Average decline rate: 10 10.7% 7% pp.a. a 

WD-4 remaining reserves (2P): 2.352 MMBO (AJM report expected April 25, 2012) 

Infill potential: CEC approval granted for 20 infill wells 

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13 locations initially identified 

(3 infill development wells,1 twin well, 7 sidetrack wells) 

19 


Production and Reserves 

Average BOPPD 

600 

500 

400 

300 

200 

100 

0 

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Daily Production 

June 2009 to July 2012 

December 2011 Net Present Value (CDN$ M) 

Category MBBLS Undiscounted Discounted Discounted 

BTax 10% BTax 10% ATax 

Proved 1,574 47,607 30,213 10,775 

Probable 778 30,626 13,628 6,246 

Total 22,352 352 78 78,233 233 43 43,840 840 17 17,020 

020 

* Reserves not booked because of Lease Operatorship arrangement with the Petroleum Company of Trinidad and Tobago (Petrotrin) 

20 


Block WD- 4, Grande Ravine 

Proposed Sidetrack Program - Offset Field and Well Data 

Upper Miocene Play Fairway 

(Forest & Cruse Formations) 

WD- 

4 

Block WD-3 

Avg. 745 BOPD 

PS-279: 270 bopd 

PS-238X: 140 bopd 

PS- 239X: 60 bopd 

PS-115 

DH-6 

PS-159X: 100 bopd 

PS-111RD: 92 bopd 

PS-173RD PS- 220x: 70 bopd 

DG-5 PS-244 

: 31 bopd 

PS- 554: 280 bopd 

PS-132RD: 33 bopd HO-8 

PS-439: 80 bopd PS-176 

PS-221 

PS-131RD: 67 bo 

Block WD-4 

632 BOPD 

Petrotrin well 

Block WD-4 well (drilled) 

Block WD-4 well (Proposed) 

Recently 21 drilled wells 

PS-182 Twin 

PS-182RD: 47 bopd 

PS-183STRD: 25 bopd 

Block WD-5/6 

Avg. 1,244 BOPD 

PS-211: 30 bopd 

PS-266RD 93 bopd 

N 

PS-263RD: 82 b 

PS-189: 450 bopd 

PS-213X: 30 bopd 

PS-95X: 250 bopd 

PS-252X: 200 bopd

WD-4 Economics (AJM - 13 locations) 

Project Returns* 

37.7% 

Petroleum Profit 

Tax (PPT) & 

Levies 

11.7% 

Annual Licence 

Payments 

0.3% 

Royalties 

41.5% 

SSupplemental pplemental 

Petroleum Tax 

(SPT) 

8.8% 

* Negotiated reduction in Over Riding Royalty rates with State oil company Petrotrin 

** Operating costs not deducted 

TSX-V: PTT 22 

Number of Wells: 13 

Total Reserves (MBO) per Well: 72 

Estimated Program Cost (CDN$M): 11,243 

Probability of success (%): >85 

NPV10% BT (CDN$M): (CDN$M) 88,754 754 

Gross Revenue Distribution US$M 

Royalties* 35,355.6 

Supplemental Petroleum Tax (SPT) 7,496.0 

Annual Licence Payments 234.1 

Petroleum Profit Tax (PPT) & Levies 9,985.4 

Project Returns** 32,123.1 


WD-4 Net Back Analysis Comparison 

2011 2012 

Parameters USD Netback % Parameters USD Netback% 

Actual Projected 

Oil sales - bbls 130,827 Oil sales - bbls 196,705 

Revenue – oil sales 12,250,756 Revenue – oil sales 18,642,170 

Other revenue 6,473 Projected revenue 

Total revenue 12,257,229 Vat refunds 690,077 

ORR Rebates 1,276,764 

Total revenue 20,609,011 

Petrotrin deductions 44,957,470 957 470 40% Petrotrin deductions 77,581,181 581 181 38% 

Oil taxes 949,008 7% Oil taxes 1,192,680 6% 

Expenses 989,223 8% Expenses 1,200,000 6% 

Amort.& Deprec. 943,563 7% Amort.& Deprec. 1,181,102 6% 

Corporate taxes 2,426,152 20% Corporate taxes 5,461,295 27% 

NNet t profit fit 11,993,717 993 717 16% NNet t profit fit 44,468,332 468 332 22% 

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Primera Energy Resources Ltd. 

Summary - Project Status 

Trinidad, Block WD-4 (Producing field) 

• Optimization of existing wells ongoing 

• 13 development and sidetrack locations ~1 million barrels stranded reserves potential 

(2 wells completed) 

• 4 wells drilled and completed in 2011 

Trinidad Trinidad, Cory Moruga Block ‘E’ E 

• Seismic interpretation completed 

• 2 well exploration program - carried on the 2 exploration wells by Parex Resources 

• WWells ll ddrilled ill d and d cased d (S (Snowcap-1 1 and d Fi Firecrown-1) 1) - encountered t d objectives bj ti with ith oil il and d 

gas shows 

• Snowcap-1 well tested up to 1,450 bopd and 6.2MMcf/d 

• Further exploration activities ongoing 

Other 

• Investigate and evaluate potential E&P opportunities in Trinidad and the region 

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24 


Primera Energy Resources Ltd. 

Corporate Summary 

� Producing assets provide cash flow and relatively low risk development opportunities – 

development drilling in progress 

- Bread and butter with infill drilling at WD4 - low risk 

� Proven natural gas and condensate production in BGTT’s Central Block north and adjacent 

to the Cory Moruga Block ‘E’. Objectives encountered with oil shows in first exploration well. 

SSecondd well ll ttested t d significant i ifi t production d ti rates, t up tto 11,450 450 bbopd d andd 66.2MMcf/d 2MM f/d 

Further exploration of block ongoing 

- Parex farm-in - home run potential 

� PERL has the ability to source international deal flow and will continue to evaluate high 

quality international plays 

� Seeking to diversify and expand operations in Trinidad and the region through acquisitions 

while providing a stable cash flow exploiting low risk reserves 

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(PERL) 

43 Carlos Street 

Port of Spain 

Trinidad & Tobago, W.I. 

Phone: (868) 628-1128 

Fax: (868) 622-5612 

Emails: 

gleid@primeraenergyresources.com 

danpatience@primeraenergyresources.com 

info@perlptt.com 

www www.primeraenergyresources.com 

primeraenergyresources com 

August 2012

net asset value (nav) - Primera Energy Resources Limited

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