<h1>Why Delphi?</h1>

<p>Delphi off​ers the following characteristics:</p>

<p><strong>Inventory of scalable development opportunities</strong></p>

<ul>
	<li>Montney land base has grown to 118 sections</li>
	<li>Field operations benefiting from continuous operations</li>
</ul>

<p><strong>Cash generating capability</strong></p>

<ul>
	<li>Montney field netback of +$28/boe at $3.50/mcf</li>
	<li>Montney C3+ NGL Yields 55-95 bbls/mmcf (ave 65% C5+)</li>
	<li>Improved gas prices in 2013 over 2012</li>
	<li>Hedge position in 2013</li>
</ul>

<p><strong>Accelerated reserve growth</strong></p>

<ul>
	<li>TP reserves increased 35% at June 2013 from YE 2012</li>
	<li>P+P reserves increased 30% at June 2013 from YE 2012</li>
	<li>Increased NGLs by 47% at June 2013 to 13.9 mmboe</li>
</ul>

<p><strong>Montney program acceleration</strong></p>

<ul>
	<li>Robust economics and shortened payouts</li>
	<li>Significant unbooked value at Bigstone Montney</li>
</ul>
