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IPAA OGIS 2015 NEW YORK – SRC Energy Inc

SRC Energy Inc · Feb 22, 2015 · 22 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 2015 NEW YORK – SRC Energy Inc – slide 1
    NYSE MKT: SYRG At Home In the Wattenberg Corporate Presentation April 2015
  2. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 2
    Features of the Wattenberg Field Stacked Pay Horizons Depth Core Targets Low Drilling and Completion Low Costs Operating Rapid Return Costs on…
  3. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 3
    Experienced Management Team Over 200 Years Combined Experience Operating in the Wattenberg Edward Holloway, co-CEO 33 years as an executive of oil and gas companies focused on the Wattenberg Field in the D-J Basin Built three…
  4. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 4
    Cycle Tested Team with World Class Assets Managing Through Down Cycle Results in a Stronger Company in Up Cycle Strong Low debt to market capitalization Balance…
  5. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 5
    Wattenberg Focused Position Colorado 75,065 net acres in the NE Wattenberg Extension Area Greater Wattenberg Area Core Wattenberg Area (approximately 90% operated) 36,643* net acre position in the Core Wattenberg (approximately…
  6. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 6
    Core Wattenberg Stacked Pay HZ Well Inventory 1,060 Total Horizontal Drilling Location Estimated Aerial Extent of the Niobrara Benches & Codell Formations(1) Niobrara A Niobrara B HZ Drilling Locations Core Wattenberg Assumes 20…
  7. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 7
    Focus On Recycling of Capital Targeting Projects With Less Than 3-Year Cash-on-Cash Payout Cash-on-Cash Payout (Months)(1) 50 Strip Price Deck (3/3/15) Cash-on-cash payout is a function of 3 Year Hurdle Target D&C costs 45 43…
  8. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 8
    Core Wattenberg HZ Operated Wells Leffler Pad 6 36,643 net acre position in the Core Colorado wells Wattenberg 39 Horizontal wells drilled and completed Renfroe Pad on 7 SYRG pads with 100% success rate 5 wells Details on 39…
  9. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 9
    Wattenberg HZ Drilling and Completions One rig contracted - Drilling 8th of 11 HZ wells on Colorado Cannon Pad finishing in late May, completion Geis Pad 8 planned to begin late June. wells Started completing Kiehn/Weis Pad in March…
  10. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 10
    NE Wattenberg Extension Area 38,422 Net Acres pro forma for recent transaction with non-op partner Red Tail Project Increased SYRG working interest to 65% and added 10,000 net acres to its leasehold Operated Horizontal Drilling…
  11. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 11
    Nebraska Conventional Oil Play 184,603 Net Acres Targeting Conventional Oil Prone Zones Exploration agreement with a private operator on SYRG Leasehold: Participate in up to 10 wells covering 8,000 net acres in Dundy Co. Nebraska…
  12. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 12
    Proved Reserves 32MM BOE, PV-10 value 534MM (8/31/14) 93% Compound Annual Increase in Proved Reserves 35,000 32,188 MBoe 30,000 25,000 Reserves MBoe 20,000 15,000 13,829 MBoe 10,660 MBoe 10,000 5,000 4,447…
  13. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 13
    Production, Revenue and EBITDA Growth Growing Production and Profitability Rapidly and Responsibly 10,000 Daily Net Production Revenue & Adjusted EBITDA* 135 128 8,011 8,000 120 108 104 105 Margin: 6,000 90 84% BOEPD…
  14. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 14
    Revenue Mix & Average Sales Price Revenue Mix: 76% Oil, 24% NGL & Gas (02/28/15) 100% 90% 80% % of Revenue by Commodity 70% 60% 50% 40% 30% 20% 10% 0% 3Q FY-13 4Q FY-13 1Q FY-14 2Q FY-14 3Q FY-14 4Q FY-14 1Q FY-15 2Q…
  15. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 15
    Fiscal 2015 Cash CAPEX Budget 270 Million Operational and Financial Flexibility Focused on Return of Capital Fully Funded Budget: 97% Wattenberg Focused Drilling Budget: 98% Horizontal Wells and 90% Operated Acquisition NE Extension,…
  16. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 16
    Strong Balance Sheet Ample Liquidity Balance to Fund Sheet Supports Fiscal Returns 2015Approach Driven CapEx Capital expenditures fully-funded 400 with a healthy capital structure 350 Cash Flow from 115 Operations 300…
  17. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 17
    Key Takeaways Significant Exposure to Wattenberg Field Experienced Operational Control in Returns Driven Low Risk Basin Management Team Near-term Upside Fully Funded Fiscal from Wattenberg 2015 CAPEX Budget Extension &…
  18. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 18
    Appendix 19
  19. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 19
    Eastern Colorado Assets 63,465 net acres, with long term leases and 85% NRI Proven shallow Niobrara dry gas field, economic above 4/mcf 2 days to drill and complete vertical wells (est. cost 250k) Area has existing gas gathering…
  20. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 20
    Adjusted EBITDA Reconciliation SYNERGY RESOURCES CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) Three Months Ended Six Months Ended February 28, February 28, February 28, February 28, ADJUSTED…
  21. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 21
    Hedging Summary as of April 1, 2015 Crude Oil and Natural Gas Hedges Hedges in Place as of April 1, 2015 Collar Volumes Average Collar Prices (1) Oil Gas HH Gas CIG Oil Gas HH Gas CIG Month (Bbl) (MMBtu) (MMBtu) (Bbl) (MMBtu)…
  22. IPAA OGIS 2015 NEW YORK – SRC Energy Inc – slide 22
    Sell-Side Research Coverage Firm Analyst Brean Capital Curtis Trimble Canaccord Genuity Stephen Berman, CFA Clarkson Capital Markets Jeffrey R. Connolly, CFA Cowen and Company Christopher Walling Euro Pacific Equities Joel Musante,…

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