Resolute overview Market capitalization1 803.4 million Picture goes here Long term debt2 66.5 million Shares outstanding 61.0 million Debt to total market cap 7.6% 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 Williston Basin flow 34,000 net acres Shallow decline Big Horn Basin Internally funded capital program…
Property overview Resolute net daily production 8,200 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 Proved reserves: 78 MMBoe 7,400 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 Year-end 2010 SEC 6,000 case1 Boe per day Proved…
Existing and new CO2 flood projects Fully CO2 flooded McElmo Creek Unit - 1985 Aneth Unit pilot - 1998 Increasing CO2 response Aneth Unit Phases 1, 2 and 3 started 2008 Future CO2 injection Aneth Unit Phase 4 (infrastructure…
Aneth Unit Phases 1, 2 and 3 CO2 injection and response 2 2 2 2 2 Key Recognizable CO2 response One mile Cumulative CO2 injection 10
McElmo Creek Unit Desert Creek IIC Sixteen producers and nine injectors completed to date Producers average incremental oil production of more than 140 Bopd per well Nine projects planned for second half of 2011 four…
Other Aneth Field projects Infill drilling Three locations identified for 2011 Targeting undrilled 40 acre locations; redrill certain older wells Additional opportunities beyond original three locations Membrane plant production…
Significant production upside and free cash flow Pursuant to SEC case engineering report as of December 31, 2010: Estimated production increase of 84% over next five years Total capital to support proved developed reserves over next…
Wyoming Hilight 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 2,500 Year-end 2010 SEC case1 2,250 Proved reserves: 2,000 Boe…
Hilight Field growth opportunities 45,000 acres HBP Emerging Mowry oil shale play Fractures and oil shows in Hilight wells Termo 161 penetrations; many logs and cores Three Mowry recompletions in 2010, four thus far in 2011 Two…
Mowry oil play areas in Wyoming Big Horn and Big Horn Powder River Basins Basin Mowry play Mowry oil play areas (green) ** Cirque and Plains activity *** and Resolute acreage (yellow) Resolute ** Powder River Hilight…
Mowry activity and Resolute acreage Big Horn Basin Mowry play Mowry oil play area (green) and Resolute acreage (yellow) Cirque Resources ** Three horizontal *** Plains Exploration Mo wr Mowry wells yO Four…
Bakken
Williston Basin Bakken Net acreage New Home 23,528 Paris 8,425 Shep 1,423 New Home Total 33,415 Drilling activity (gross) Eight wells drilled Five wells producing Two well cleaning up One well awaiting frac Shep Paris
Permian Basin
Permian Basin Wolfbone Play Acreage position: 18,400 gross acres 7,900 net acres Reeves County, Texas Drilling activity One well cleaning up New Mexico One well drilled and Texas awaiting completion One well drilling Second rig…
Midland Basin producing property Acquired 4.6 MMBoe in Midland Basin Producing 450 Boepd 77% percent liquids Howard and Martin Counties, Texas Seven producing wells, multiple potential locations Cost of 50 million 23
Financial Overview
Strong Balance Sheet Low leverage1: Debt to EBITDA: 0.7x Debt to total market cap: 7.6% Substantial liquidity Four year bank revolver: 300 million reserve-based credit line 66.5 million drawn2 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) 2008 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 2010 Q1 2011 Q2 2011 Net income (loss) (90.4) (52.9) 4.7 19.1 (7.1) (10.5) 6.2 (16.8) 25.7 Adjustments: Interest 33.1 4.3 1.1…
Quarterly prices and volumes Product prices and production volumes Quarterly data for 2010 and Q1 & Q2 2011 2010 2011 2011 First Second Third Fourth First Second Average prices: Crude oil ( per Bbl) 72.38 71.53 69.76 78.66…
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…
Pro forma summary financials ( in millions, except as noted) 2008 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 2010 Q1 2011 Q2 2011 Sales volumes Total MBoe 2,823 2,715 1 636 1 661 1 702 1 731 1 2,730 1 707 729 2 Revenue including…
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