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  Economics : Rates of Return/ IRR

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Corporate Highlights 67,000 core STACK Acres(1) in Kingfisher and Garfield Counties, Oklahoma Quality Asset Highly contiguous position is 84%(2) operated and 66% held by production Robust Drilling 3,381 gross and 1,510 net drilling locations(1) Highly attractive IRRs at current and even lower prices, Meramec and Osage IRR of 37% and Inventory 33% respectively(3) Significant Operational Reduction of 34% in drilling times comparing 2H17 to 1H17 Enhanced completion design resulting in initial well performance at or exceeding type curve Improvements Implementing cost reduction initiatives to further improve well level IRRs and NAV Significant oil within reservoir system, net resource potential of 277(3) MMBbls among Oil Weighted Reserves Meramec, Osage, Oswego and Hunton formations Excluding WEHLU, current proved reserves have grown 184%(4) over YE 2016 No Near Term Debt Post refinancing in March 2017, no debt maturities before 2022 Maturity With WEHLU sale proceeds, ample liquidity to execute current drilling plan Liquidity Operational control provides ability to highly influence level of expenditures Significant hedges to mitigate downside pricing environment Strong Hedge Position 100%+ of oil PDP and 61% of gas volume hedged on average for 2018(5) (1) Acreage and well counts developed by the Company based on assumptions and methodology described on page 3 of this presentation as of 1/19/18. (2) Calculated using net effective acres as of 1/19/18 and based on assumptions generated by the Company. (3) EURs, related type curves and drilling locations are developed by the Company based on assumptions and methodologies described on page 3 of this presentation. (4) Based on Wright and Company, Inc. reserve report utilizing SEC pricing. (5) PDP volumes include WEHLU production 7 2018 Gastar Exploration Inc.
Gastar Exploration Inc
February 2018

JONE Well Performance In The Merge Meramec Woodford Completion optimization on-going with positive results Meramec high initial rates drive IRRs JONE testing Gen 4 design today Industry pilots testing well spacing assumptions Proven resource with long life, low decline production IP30 boepd / 1,000 comparable to STACK & Permian Gen 3 completions use 30% more proppant and 15% more fluid compared to Gen 2 3-Stream and Oil Peak IP30 per 1,000 of Lateral Length 3-Stream and Oil Peak IP30 per 1,000 of Lateral Length 400 Boepd / 1,000' Average Boepd / 1,000' Bopd / 1,000' 400 Boepd / 1,000' Average Boepd / 1,000' Bopd / 1,000' Gen 3 Avg 300 300 Shows Significant Gen 3 Frac Uplift 200 200 Gen 2 Frac 100 100 0 0 [1] [1] 1st production 5/30/17 6/24/17 8/1/17 10/17/17 10/19/17 10/20/17 10/25/17 12/14/17 1st production 3/18/17 3/18/17 4/8/17 5/28/17 10/22/17 10/22/17 12/24/17 Drilling days 20 15 18 21 17 19 15 10 Drilling days 20 25 26 31 24 16 12 Lateral (ft) 4,428 4,697 4,576 4,586 4,579 4,586 4,476 4,375 Lateral (ft) 4,346 4,370 4,895 4,196 4,362 4,382 4,322 Proppant (lb/ft) 2,776 2,823 2,761 2,459 2,429 2,558 2,435 2,548 Proppant (lb/ft) 1,623 1,501 1,692 2,181 2,011 2,046 2,138 Fluid (gal/ft) 2,763 2,456 1,704 2,444 2,320 2,379 2,222 2,173 Fluid (gal/ft) 1,365 1,259 1,402 2,323 3,028 2,892 2,563 [1] Well has not yet reached Peak 30-day IP. 8
Jones Energy Inc.
February 2018

2018 Activity Economic Focus Plan to focus Utica Shale activity in the dry gas windows and SCOOP activity in the wet gas window of the play Allocation of capital split between two top-tier basins with dry gas and liquids inventory SCOOP Single Well Economics(1,2) Utica Single Well Economics(1,2) 140% 140% 130% 122% 129% 120% 120% 125% 120% 109% 100% 100% 91% Current 85% Current 89% Drilling Plan IRRs 80% Drilling Plan 80% 86% 78% 65% 77% 57% 57% 60% 60% 52% 55% 48% 46% 53% 52% 35% 49% 40% 40% 36% 29% 42% 28% 43% 27% 32% 26% 32% 15% 23% 20% 20% 12% 26% 24% 11% 19% 13% 11% 10% 0% 0% Gas 2.50 / Oil 42.50 Gas 3.00 / Oil 50.00 Gas 3.50 / Oil 58.00 Gas 4.00 / Oil 67.00 Gas 2.50 / Oil 42.50 Gas 3.00 / Oil 50.00 Gas 3.50 / Oil 58.00 Gas 4.00 / Oil 67.00 Woodford Dry Gas Woodford Wet Gas Woodford Condensate Condensate West Condensate East Wet Gas Springer Oil Springer Gas / Condensate Dry Gas West Dry Gas Central Dry Gas East Woodford Woodford Woodford Springer Gas Springer Condensate Condensate Wet Dry Gas Dry Gas Dry Gas Dry Gas Wet Gas Condensate Condensate Oil West East Gas West Central East Gross Undeveloped Locations 402 528 249 215 354 Gross Undeveloped Locations(3) 134 77 119 182 444 258 Net Undeveloped Locations 65 182 33 72 70 Net Undeveloped Locations 100 58 89 137 333 193 1. Assumes ethane rejection. 2. Well economics are adjusted for transport fees and regional price differentials. 3. Assumes net undeveloped locations grossed up from 75% working interest. WWW.GULFPORTENERGY.COM 5
Gulfport Energy Corp.
January 2018

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