Energy Corporation Resolute Energy is a regionally diversified growth oriented E&P company focused on long-lived Investor presentation domestic oil Energy producing assets Corporation August 2012
Resolute overview Market capitalization1 546.5 million SEC PV10 2 1.14 billion Long term debt 277 million Shares outstanding 61.9 million Debt to EBITDA3 2.7x Interest coverage4 6.9x SEC case proved reserves2 65 MMBoe Oil 82%…
Competitive strengths Oil weighted portfolio 90% liquids Strong technical staff Williston Basin Visible growth potential from Aneth and Hilight fields Big Horn Basin Aneth and Hilight fields provide reliable Hilight Field cash…
Proved reserves Reserves by area/percent liquids 70.0 56.0 64.8 120% Year-end 2011 SEC case1 60.0 100% Proved reserves: 65 MMBoe 50.0 89% 96% 91% 80% PV10 1,143 million MBoe 40.0 75% 60% Reserves to production ratio…
Quarterly production Resolute quarterly production 10,000 9,000 8,000 7,000 Boe per day 6,000 5,000 4,000 3,000 2,000 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Aneth Wyoming Bakken Permian 6
Sources and uses of funds internally generated Aneth 62 - 66 million1 35 million2 Corporate Development and Acquisition Maintenance cash flow growth from Denbury and/or debt Bakken 54 - 56 million1 Development and…
Aneth Field
Aneth Field overview Mature, long-lived oil producing field in San Juan County, Utah ANETH UNIT Giant oil field - 1.5 BBbl OOIP Production through 2011 of 426 MMBbl (29% recovery) Recovery calculated to be 35% based only MCELMO…
Aneth Field overview Aneth quarterly production 7,000 Year-end 2011 SEC case1 6,500 Proved reserves: 56 MMBoe PV10 1,011 million Boe per day 6,000 Reserves to production ratio 26 5,500 years 5,000 4,500 4,000 1 See…
Existing and new CO2 flood projects Timeline Continuous CO2 development Highly economic with average, future PUD and PDNP development costs of 2008 2012 15.29/Boe Demonstrated long-term organic growth Future development costs…
Aneth Field 56 years young Aneth cumulative CO2 injection Aneth Unit Phases 1, 2 and 3: Injection Aneth Unit Phase 4: initiated in 2008; injection initiated in demonstrated CO2 2011; seeing CO2 at response some producer…
McElmo Creek Unit Desert Creek IIC McElmo Creek Unit DC IIC DC IIC is a subzone of the Desert Creek formation Because of excellent reservoir properties the zone processed the early waterflood very quickly and was subsequently shut…
Historical Aneth Field daily gross oil production 18,000 16,000 Nov 2004 Apr 2006 Aneth Phase 1, 2 Chevron ExxonMobil and 3 CO2 14,000 response Oil Production (Bbl per day) acquisition acquisition 12,000 10,000 8,000…
Aneth Field summary Aneth Field refrigeration plant Summary highlights Self funding development with substantial free cash flow over time Low risk development projects using industry standard tertiary recovery methods Infill…
Bakken
Williston Basin Bakken trend 31,900 net acres located in the Bakken trend in Williams and McKenzie counties, North Dakota New Home: 23,500 net acres (outside operated); should be held by production by year-end 2013 Paris: 8,400…
Bakken trend overview Bakken quarterly production 1,000 Year-end 2011 SEC case1 Proved reserves: 1.3 MMBoe 800 PV10 18.1 million Boe per day 600 400 200 0 1 See appendix Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2…
Bakken trend economics EUR of 300 400 MBoe per Bakken well count spacing unit 35.0 Production mix 30.0 29.0 85% to 90% oil 25.0 10% to 15% gas Wells 20.0 18.0 Crude oil pricing Recent oil differential of 15.0 14.0…
Permian Basin
Permian Basin overview Newest core area consists of two Permian Basin map principal project areas 24,000 gross (9,000 net) acres in the Delaware and Midland basins Delaware Basin focus is on the Wolfbone play in Reeves County…
Permian Basin overview Permian Basin quarterly production 500 Year-end 2011 SEC case1 400 Proved reserves: 3.5 MMBoe PV10 52.1 million Boe per day 300 200 100 0 1 See appendix Q3 2011 Q4 2011 Q1 2012 Q2 2012 2011…
Permian Delaware Basin overview Delaware Basin map Type Log 7,885 net acres in Reeves New Mexico 9,000 GR RES County focused on the oil-prone Wolfbone play 3rd Bone Spring and Wolfcamp formations Bone Spring Delaware Plan to…
Permian Midland Basin overview Midland Basin map 750 gross acres (99% WI) in active MIDLAND area - foot hold for future expansion BASIN Producing asset with additional WOLFBERRY development opportunities operated TREND by…
Permian Basin economics EUR of 200 300 MBoe per Permian Basin well count spacing unit 20.0 19.0 Production mix oil/gas/NGL 33% / 33% / 33% in Delaware 15.0 14.0 14.1 60% / 20% / 20% in Midland 12.0 Crude oil pricing Wells…
Wyoming
Hilight Field Hilight quarterly production Year-end 2011 SEC case1 2,000 Proved reserves: 4 MMBoe PV10 62 million 1,600 Boe per day 2011 reflects: 1,200 Asset sales Shut in of uneconomic CBM 800 production 400 0 1 See…
Hilight Field data and opportunity Activity map Legacy Muddy formation field with 3D seismic 150 MMBoe OOIP Hilight Field Mowry 45,000 acres HBP production Stacked pays including: Niobrara 110 sq. mile 3D Turner Devon…
Big Horn Basin Mowry activity and Resolute acreage Mowry activity map Big Horn Basin Resolute leasehold Mowry play 73,000 net acres Federal leases, ten year term, Mowry oil play area average three years remaining and Resolute…
Strong Balance Sheet Substantial liquidity Four year bank revolver: 330 million reserve-based credit line 27 million drawn as of June 30, 2012 Low leverage Debt to EBITDA1: 2.7x Debt to total market cap: 33.6% Interest…
Summary highlights Long-lived, oil producing properties with strong margins Experienced Diversified inventory management and of low-risk and low- operating team cost opportunities Strong financial Significant operating…
Resolute investor contacts HB Juengling Vice President Investor Relations (hbjuenglingresoluteenergy.com) Theodore Gazulis Executive Vice President and Chief Financial Officer (tgazulisresoluteenergy.com) Corporate Headquarters: 1675…
Appendix
2012 Guidance 2012 Guidance Range Total production (MBoe) 3,250 3,450 Boepd 8,880 9,426 Lease operating expense ( million) 60.0 65.0 G&A expense ( million) 14.0 17.0 Production taxes 13.5% 14.5% DD&A rate (/Boe) 20.00 21.00…
Pro forma margins/cost structure 2011 2012 ( in millions, except as noted) 2008 2009 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD Sales volumes Total MBoe 2,823 2,715 1 2,730 1 707 729 729 759 2,924 762 858 1,620 Revenue including hedging…
Quarterly prices and volumes 2010 2011 2012 ( per Boe) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Average prices: Crude oil ( per Bbl) 72.38 71.53 69.76 78.66 87.62 96.17 83.29 87.96 96.16 85.19 NGL ( per Bbl) 46.66 59.77 39.13 44.16 54.62…
Oil-weighted proved reserve base Proved reserve summary (as of 12/31/2011) Total SEC proved PV-10 Net Area (MMBoe) Oil PDP PDNP PUD (MM) % Operated acres Aneth Field Properties 56.0 88% 42% 14% 44% 1,010.5 100% 28,000 Wyoming…
25 years of CO2 response at McElmo Creek Unit McElmo Creek Unit CO2 response 1,000,000 Monthly volume (MBo/month) 100,000 Began CO2 Injection Jan, 1985 10,000 40
Attractive finding and development cost Three year average F&D cost 25.00 22.89 21.24 19.24 20.00 19.00 18.24 15.49 15.63 15.00 14.09 12.90 13.12 /Boe 10.00 5.00 - OAS EOG REN CXO DNR BRY WLL VQ MHR…
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