Economics : Rates of Return/ IRR

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2017 Activity Economic Focus During 2017, 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% 100% 2017 109% 100% 2017 91% Drilling Plan 85% Drilling Plan 89% IRRs 80% 80% 86% 78% 65% 77% 57% 57% 60% 60% 52% 55% 48% 46% 53% 52% 35% 49% 40% 36% 40% 29% 42% 28% 43% 27% 32% 32% 26% 15% 23% 20% 20% 12% 26% 24% 11% 19% 13% 10% 11% 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) 139 83 130 191 456 255 Net Undeveloped Locations 65 182 33 72 70 Net Undeveloped Locations 104 62 97 143 342 191 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. 7
Gulfport Energy Corp.
May 2017

STACK - Meramec Overview Activity Map(5) Meramec activity - 103 active permits and 354 completed wells in the area(1) Non-operated participation in 11 wells 7 producing Meramec potential net acres: 23,600(2) Est. locations(3): Zone Gross Wells Net Wells Meramec 572 212 19 horizontal operated Meramec wells drilled (17 producing) 1 operated rig currently running in DrillCo contract area 14 Meramec PUDS on STACK acreage Meramec Summary Economics(4) EUR % Oil Well Cost IRR PV-10 716 MBoe 37% 4.5MM 31% 1.9MM Average Type Curve Daily Rate 2-Stream Post Peak 3-Stream Peak 1 30 Days 1st 60 Days 1st 90 Days st Boe/d 1,056 951 830 747 1. Based on data obtained from DrillingInfo as of 5/1/2017 since 2012 2. Acreage as of 3/31/2017 3. Well locations assumed using six wells per section and are developed by the Company based on assumptions and methodology described on page 3 of this presentation. 4. EURs: three-phase estimated ultimate recoveries per well based on estimated future production type curves using assumptions and methodologies described on page 3 of this presentation 5. Other operator production rates obtained from third-party company data, investor presentations, public filings and other sources that have not been independently verified by Gastar Exploration Inc 2017 Gastar Exploration Inc. 15
Gastar Exploration, Ltd.
May 2017

2017 Capital Focused on High ROR Oil Plays Capital (1) % of D&C (2) (3) Est. Total Play ROR % Oil (4) ( in MM) Budget % Liquids Bakken DUCs (5) 550 32% 100%+ 80% 90% Bakken Drilling 490 28% 40% - 75% 80% 90% STACK (6) 375 22% 100%+ 60% 70% (7) SCOOP 245 14% 70% 25% 55% NW Cana (8) 60 4% 100%+ 2% 20% Total D&C Program 1,720 100% - 60% 75% (weighted avg) Non-D&C Capital (land, facilities, other) 230 - - - Total 2017 Capital 1,950 - - - 1. Inclusive of capital for outside operated activity, except for Bakken DUCs 5. ROR is on the incremental cost forward cost of completion 2. At 55 WTI and 3.15 gas, see footnote 1 on slide 20 6. STACK ROR is based on STACK over-pressured oil wells 3. Estimates based upon 2-stream oil volumes at the wellhead 7. SCOOP ROR is based on SCOOP Woodford condensate wells 4. Estimates based upon theoretical NGL recoveries after processing 8. NW Cana as part of the JDA with SK E&S 7
Continental Resources, Inc.
May 2017

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