Resolute overview Picture goes here Market capitalization1 984.1million Long term debt2 127.9 million Shares outstanding 54.7 million Debt to total market cap 11.5% SEC case proved reserves3 65 MMBoe Oil 78% NGL 12% Gas 10% R/P…
Why invest in Resolute Oil weighted assets with organic growth potential 90% liquids Producing properties generate strong cash flow Shallow decline Internally funded capital program Balanced portfolio of projects Aneth Field -…
Property overview Resolute net daily production by quarter 8,000 Year-end 2010 SEC case1 Proved reserves: 65 MMBoe 7,800 PV10 848 million Boe per day 7,600 Year-end 2010 strip case1 7,400 Proved reserves: 78 MMBoe PV10 1.2…
Aneth
Aneth Field a giant legacy property Large field with long production history Discovered in 1956 1.5 billion Bbl original oil in place Production to date of 422 million barrels (28%) Recovery expected to be 34% (proved reserves…
Aneth Field properties SEC case reserves by product SEC case reserves by category NGL 11% Gas 6% PDP 37% PUD 49% Oil 83% PDNP 14% Aneth Field net daily production by quarter 6,000 Year-end 2010 SEC case1 Boe per day…
Existing and new CO2 flood projects Completed CO2 flooding McElmo Creek Unit - 1985 Aneth Unit pilot - 1998 Recent CO2 flooding Aneth Unit 1, 2 and 3 begun 2008; approximately 25% flooded at year end 2010 Future CO2 projects…
Aneth Unit Phases 1, 2 and 3 CO2 injection and response 2 2 2 2 2 Key Recognizable CO2 response Cumulative CO2 injection 10
McElmo Creek Unit Desert Creek IIC (DC IIC) Ten wells producing for one to nine months as of December 31, 2010 130 Bbl per day per well average incremental production from DC IIC 50 locations for future drilling activity…
Other Aneth Field projects Membrane plant production Remove natural gas and NGL from reinjected gas stream Reinject pure CO2 Realize value of entrained hydrocarbons Target start-up 2012 Infill drilling Three locations identified…
Significant production upside and free cash flow Estimated production increase of 84% over the next five years Total capital to support proved developed reserves over next five years = 53 million Average annual maintenance capital of…
Wyoming
Wyoming Highlight Field SEC case reserves by product SEC case reserves by category Oil 13% Gas 60% PUD 21% NGL 27% PDP 57% PDNP 22% Wyoming net daily production by quarter 2,500 Year-end 2010 SEC 2,250 case1 2,000 Boe per…
Hilight Field growth opportunities 45,000 acres HBP Emerging Mowry oil shale Termo play Fractures and oil shows in Hilight wells 400 penetrations, many logs and cores Orion Undertook two well testing EOG program in 2010 Four…
Mowry oil play areas in Wyoming 17
Mowry activity and Resolute acreage Big Horn Basin Mowry Play Regional Location Map Mowry Oil Play Area (green) Cirque Resources and Resolute Acreage (yellow) 3 horizontal Mowry Plains Exploration wells permitted * 3 horizontal…
Bakken
Williston Basin Update Net acreage Thermally mature Bakken New Home 23,528 Paris 8,425 Shep 1,423 Total NESSON ANTICLINE 33,415 New Home Drilling activity (gross) Five wells drilled in 2010 ROUGH RIDER PARSHALL…
Williston Basin Bakken Trend Unit Working Size Frac Prospect and Well Name Interest Operator County (acres) Stages Status New Home prospect area Tested 685 BOPD on 24 hour test; currently G3 Carlson 1-11H 41.6% GeoResources…
Financial Overview
Resolute production and financial data Production Revenue 3,000 2,500 225,000 2,000 Thousands MBoe 175,000 1,500 125,000 1,000 500 75,000 - 25,000 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010…
Strong Balance Sheet Low leverage: Debt to EBITDA*: 1.3x Debt to total market cap*: 8.8% Substantial liquidity Four year bank revolver: 260 million reserve-based credit line 96.6 million drawn Downside commodity price…
2011 Guidance 2011 estimated production: 2.95 - 3.05 MMBoe Daily rate 8,000 - 8,400 Boe per day Revenue weighted Volume weighted % Oil 90% % Oil 81% % Oil and NGL 94% % Oil and NGL 86% Operating and overhead expenses Lease…
Resolute Investor Contacts
Resolute investor contacts HB Juengling Vice President Investor Relations (hbjuenglingresoluteenergy.com) Theodore Gazulis Senior Vice President and Chief Financial Officer (tgazulisresoluteenergy.com) Corporate Headquarters: 1675…
Conclusion and Q&A
Appendix A Economic parameters SEC case economic parameters Oil 79.43 per Bbl (NYMEX) Gas 4.38 per MMBtu ( Henry Hub) Strip case economic parameters Oil Gas /Bbl /MMBtu 2011 93.30 4.59 2012 93.95 5.08 2013 92.95 5.33 2014…
Appendix B Reconciliation of non-GAAP measures ( in millions) 2007 2008 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 2010 Net income (loss) (104.4) (90.4) (52.9) 4.7 19.1 (7.1) (10.5) 6.2 Adjustments: Interest 35.9 33.1 4.3 1.1 1.3 1.3 1.2…
Quarterly prices and volumes Product prices and production volumes Quarterly data for 2009 and 2010 2009 2010 First Second Third Fourth First Second Third Fourth Average prices: Crude oil ( per Bbl) 36.83 53.19 61.75 69.48 72.38…
25 years of CO2 response at McElmo Creek Unit McElmo Creek Unit CO2 response 1,000,000 Monthly Volume (Bopm) 100,000 Begin CO2 injection 1/85 10,000 1-Jan-75 1-Jan-80 1-Jan-85 1-Jan-90 1-Jan-95 1-Jan-00 1-Jan-05…
Demonstrated Response Aneth Unit Aneth Unit CO2 response 3,400 50 3,200 45 3,000 40 Aneth Phases 1, 2 and 3 substantially completed in 2,800 35 late 2008 2,600 30 First measured response in Daily Rate (Bopd) Well Count…
Demonstrated Response McElmo Creek Unit McElmo Creek Unit Desert Creek IIC recompletion response 3,000 2,800 2,600 Daily Rate (Bopd) 2,400 2,200 2,000 1,800 Jan-2010 Apr-2010 Jul-2010 Oct-2010 Jan-2011…
Pro forma summary financials ( in millions, except as noted) 2007 2008 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 2010 Sales volumes Total MBoe 2,760 2,823 2,715 1 636 1 661 1 702 1 731 1 2,730 1 2 Revenue including hedging 170.9 206.0…
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