Annual General Meeting Presentation July 2014 Annual General Meeting Presentation - July 2014
Executive Summary Focused Vertical Producer in Northern Oklahoma Mississippi Lime Company Highlights July 2014 Capitalization, Liquidity and Directors Lease acreage, develop and drill vertical wells targeting the Mississippi Ordinary…
Accomplishments since last AGM Substantially stabilized and grown the company Grown daily production by 127% Drilled 35 new wells Raised 25mm AUD in new equity Retired Convertible Notes with all Noteholders electing to receive…
Acreage Overview 8,700 acres outside Ponca City Just beginning the long term field development Highlights Significant acreage yet to be drilled but in a concentrated area with finite geological risk Moving toward greater well…
Substantial Historical Well Data Long history of operations in the surrounding area Highlights The area has been the subject of 100+ years of exploration drilling for oil in a well known oil field Technological advances…
Best Targeted Vertically Large HZ Operators Leaving Formation is poorly suited to horizontal completion Cross Section Showing Substantial Vertical Movement 80ft of vertical variation in mile. Hard to stay in zone…
Located Near Key Infrastructure Co-location with refinery and good gas infrastructure in the area Unlike many of the major oil plays in the US where transport is expensive AOK is well located REFINERY and transport costs are…
Converting Potential into Production Companys activities have ramped up significantly over the last 24 months Daily Gross Flowing Barrel Equivalent per Day New Wells Drilled per Quarter 1,400 14 1,200 12 Net BOE per Day…
Compelling Returns on New Well Capital Given low cost to extract, returns remain attractive at oil prices much lower than today Standard Type Curve for AOK vertical wells. EUR 65K BOE 1,500 6,000 Current Type Curve Economics :…
Type Curve Remains on Target Individual well performance registering generally ahead of type Actual Performance Tracking Ahead of Type. (EUR 65K BOE) 15,000 AVERAGE Type Curve 12,500 10,000 Cumulative BBLs of Oil…
Hedging Position Conservatively hedging just existing production along our decline curve Hedging Position Today Current Total Hedged (bbls) Wtd Avg Hedged Price 16,000 106.00 14,000 104.00 12,000 102.00 10,000 99.48 100.00…
Current Reserve Base Reserve report assumed acreage position of 6,500 acres vs. 8,700 today 31-Dec-13 Reserve Report Discounted Cash Flow Discount Rate (000 USD) 0% 5% 10% 15% 20% PDP 54,781 37,160 29,952 24,755 21,854 PDNP…
Value of Reserves Not Yet Fully Recognized Low relative value versus universe of 211 publicly traded E&P companies with reported PV10 statistics Current Austex EV/PV10 Value versus E&P Universe Median 100MM - 500MM EV/PV101 400%…
Update on Goals for 2014 Tracking slightly ahead of expectations but always more to do What we said in January Status Update Exit 2014 with 1,600 flowing gross BOE per day (Dec14 run rate) ON TRACK Gross production excludes non-owned…
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