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IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Apr 17, 2012 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 1
  2. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 2
    Mid-Con Energy Partners, LP Symbol / Exchange: MCEP / Nasdaq 1 Units Outstanding: 18.1MM 2 Market Cap: 423.8MM 3 Debt Outstanding: 45.0MM Enterprise Value: 468.8MM Proved Reserves: 10.0 MMBoe % Pvd. Developed: 69% (1)…
  3. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 3
    Partnership Overview Founded on Secondary Oil Recovery Techniques Private entity established in 2004, with principal investment from Yorktown Energy Partners (Yorktown), focused on waterflood development in the mid- continent area…
  4. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 4
    Asset Overview Production and Reserves at December 31, 2011 10.0 MMBoe Total Proved 1,598 Net Boe/d Average Harker Ranch 69% Proved Developed for December 2011 99% Oil / 99% Operated R/P Ratio of 17 Years CO Hugoton Basin KS…
  5. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 5
    2011 Highlights Mid-Con Energy achieved the following in 2011: Production Growth of 68% 1,191 Boe/d in 2011 compared to 710 Boe/d in 2010 4Q11 production averaged 1,481 Boe/d Increased Total Proved Reserves by 2.8 MMBoe 10.0 MMBoe…
  6. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 6
    Performance Since IPO (Price Indexed to 100) 150 140 130 +29.7% 120 +14.1% 110 +3.7% 100 90 80 MCEP Alerian MLP S&P 500 Source: FactSet *Based on April 12, 2012 market close price of 23.35 per unit. NASDAQ: MCEP…
  7. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 7
    Operating Strategy Exploit Potential of Increase production and recovery from existing reserve portfolio (99% Oil) Existing Property Base Daily production in December 2011 increased over 90% YoY Mid-Con currently operates 99% of its…
  8. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 8
    Acquire New, High Quality Properties Four Sources of Potential Acquisitions Yorktown Mid-Con Mid-Con Mid-Con GP & Partners & Energy III Energy IV Management (Private Affiliate) (Private Affiliate) Affiliates Waterflood Broader…
  9. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 9
    Operations Overview NASDAQ: MCEP www.midconenergypartners.com 10
  10. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 10
    Southern Oklahoma Property Highlights Long-lived assets that are in the early stages of waterflooding Carter Includes units in Love and Carter Love Counties Battle Springs, Highlands, SE Hewitt, Ardmore West, Twin Forks and other…
  11. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 11
    Northeastern Oklahoma Property Highlights Includes 3 fields / projects Cleveland (Pawnee Co., OK) Cushing (Creek Co., OK) Skiatook (Osage Co., OK) 6,119 gross acres (3,776 net) Average net daily production of 362 Boe/d for month…
  12. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 12
    Hugoton Basin Property Highlights Includes 3 units Cheyenne War Party I (Texas Co., OK) War Party II (Texas Co., OK) Harker Ranch (Cheyenne Co., CO) 5,952 gross acres (4,373 net) Average net daily production of 163 Boe/d for…
  13. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 13
    Financial Overview NASDAQ: MCEP www.midconenergypartners.com 14
  14. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 14
    Liquidity Update Liquidity as of December 31, 2011 was 30.2 million, which consisted of 0.2 million in cash and 30.0 million of available borrowings under our revolving credit facility Initial borrowing base of 75.0 million, subject…
  15. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 15
    Hedging Strategy Mid-Con intends to hedge a significant portion of its production to minimize the impact of commodity price volatility on available cash Protect coverage and distributions over time through a prudent use of hedges…
  16. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 16
    2012 Capital Budget MCEP 2012E CapEx Program 2012E CapEx By Core Area ( in thousands) ( in thousands) 8,000 5,739 6,000 5,632 5,262 603 4,539 4,000 15,614 369 9,982 2,000 4,586 1,153 4,659 4,170 74 0 Southern…
  17. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 17
    Investment Highlights The Right Assets Long life, low decline Relatively low risk waterflood projects Significant up front capex already spent Growth from existing asset base 99% oil high margin cash flow, positive long-term oil…
  18. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 18
    Contact Information Headquarters: Tulsa Operations: 2501 N. Harwood Street, Suite 2410 2431 E. 61st Street, Suite 850 Dallas, TX 75201 Tulsa, Oklahoma 74136 (972) 479-5980 (918) 743-7575 Contact: Jeffrey Olmstead President and Chief…
  19. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 19
    Appendix NASDAQ: MCEP www.midconenergypartners.com 20
  20. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 20
    Non-GAAP Measures This presentation includes Adjusted EBITDA and Distributable Cash Flow, each of which are non- generally accepted accounting principles (Non-GAAP) measures, and should not be considered an alternative to net income,…
  21. IPAA OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 21
    2012 Outlook On March 7, 2012, management reaffirmed its fiscal 2012 outlook set forth in the Final Prospectus filed on December 16, 2011. The following table reflects certain estimates and assumptions per our Final Prospectus: (in…

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