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IPAA OGIS San Francisco – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Sep 30, 2014 · 23 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 San Francisco – Miller Energy Resources, Inc. – slide 1
    Miller Energy Resources (NYSE: MILL) Unlocking Alaska September 2014 / IPAA OGIS San Francisco
  2. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 2
    Executive Summary Company Highlights Alaska Assets Miller Resources, Inc. Highlights (1) Stock Ticker (NYSE) MILL Common Stock Price 4.96 Market Capitalization 229.9 million Total Capitalization 570.2 million Ryder Scott Total…
  3. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 3
    Miller Energy Value Proposition State-Of-the-Art Large Undeveloped Infrastructure Oil Potential Favorable Alaska Tax Near-term Value & Commodity Price Catalysts Environment 4
  4. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 4
    Four Distinct Fields in Alaska Cook Inlet, AK North Slope, AK Redoubt West McArthur River (WMRU) North Fork Badami (Savant)(1) Current net production of Current net production of Current net production of Net production of 600…
  5. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 5
    Favorable Alaskan Tax Policy and Pricing Cook Inlet Tax Credits Tax Credit Receipts 35.0 Tax credits substantially reduce risks 30.0 associated with exploration and production 28.0 These credits allow 20% to 65% of 21.8…
  6. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 6
    Increasing Capital Availability at a Decreasing Cost Decreasing Cost of Capital Guggenheim: 1st Lien Apollo: 1st Lien Apollo / HighBridge 2nd Apollo / HighBridge 75mm Lien 2nd Lien: 11.75% 175mm 175mm 30.00% KeyBank, CIT, Mutual…
  7. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 7
    Pro Forma Capitalization Table (in 000s) Pro Forma Revolving Credit Facility (1) 9/15/2014 Revolving Credit Facility ( L+300 - L+400 ) 36,000.0 250 million facility Second Lien Term Loan ( 11.75% ) 175,000.0 60 million initial…
  8. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 8
    Proven Acquisition & Development Success Production Growth (Net BOE/D) 4,000 3,070 3,000 436% Increase 2,000 899 1,000 573 0 2012 2013 2014 34.0 million 37.9 million 139.3 million Estimate 160 million net capital invested in…
  9. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 9
    Improving Historical Production, Revenue & EBITDA Production Growth (Net BOE/D - Excluding Savant) 4,000 3,349 3,070 3,000 2,450 2,124 2,000 1,375 1,000 0 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Quarterly Revenue…
  10. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 10
    Proved Developed Reserve PV-10 & Volume Proved Developed PV-10 (mm) Proved Developed Volume (mmboe) 300.0 7.0 271 265 6.4 6.1 250.0 6.0 5.0 mmboe 200.0 million 4.0 150.0 108 3.0 100.0 2.0 1.6 50.0 1.0 0.0…
  11. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 11
    Total Reserves Total 3P Reserves Total 1P Reserves PV-10: 829.2mm, 32.2 MBOE PV-10: 447.6mm, 11.7 MBOE 198mm 3P 176mm 448mm PUD 1P 271mm 184mm PD 2P 3P total reserves do not include credit for RU-12 and other step out…
  12. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 12
    Large Reserve Base & Strong Asset Coverage ( in millions) 1,200.0 1,034.2 Significant asset 1,000.0 coverage above P3, 198.0 corporate capitalization 800.0 463.9 P2, 183.6 600.0 547MM current EV at 4.96/share Equity, P1,…
  13. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 13
    Redoubt Shoal Hemlock Structure Highlights Step out drilling commenced with RU-9 and we expect to have drilled into four new fault blocks by end of 2015 Positive DST tests in North & South Osprey Step Outs in 1960s Platform…
  14. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 14
    Redoubt Shoal Hemlock Structure Highlights RU-9 drilled logged and cased to TD and now included as PUD, about to complete and bring online RU-9 in the Southern Step out of the Redoubt Shoal structure Large four way structure…
  15. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 15
    West McArthur River Unit Highlights 13.3 MMBbls recovered from WMRU to date Greater than 20% primary recovery based on estimated oil in place Positive initial results from WMRU-2B with indications of additional primary recovery…
  16. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 16
    North Fork Unit Includes six (6) natural gas wells, production and processing equipment and 15,464 acres Multi-year firm natural gas sales contract with ENSTAR (Alaska Utility) currently at 7.03/mcf Expected to add 20MM in annual…
  17. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 17
    North Slope Savant Acquisition Badami Binding agreement to acquire Savant Alaska, LLC subject to due diligence and regulatory approval, for 9.0 MM Savant to become wholly-owned subsidiary of MILL MILL to indirectly own 67.5% working…
  18. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 18
    Alaska Drilling Rig Status Rig Terms Size/Type Location Status Future Plans Mgmt. Est. Value Rig-34 Company 750Hp, land Nikiski Stacked Possibly use to drill Susitna 5 million Owned based, 6,000' well depth Rig-35 Company 2,000Hp,…
  19. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 19
    Drilling Inventory FY 2015 Outlook Cook Inlet, AK North Slope, AK Redoubt West McArthur River (WMRU) North Fork Badami (Savant) RU 9: South Step Out WF 3 Multiple PUD locations 2 potential fracs RU 12: Northern Fault Block WMRU-8…
  20. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 20
    Miller Energy Value Proposition Step out drilling program with potential to significantly increase 1P reserves 4 distinct, world-class producing fields (Redoubt, WMRU, North Fork, Badami Large Undeveloped Oil Plays (acquisition…
  21. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 21
    Contact Information Miller Energy Resources, Inc. 9721 Cogdill Road, Suite 302 Knoxville, TN 37932-3425 Phone: 865-223-6575 infomillerenergyresources.com www.millerenergyresources.com Investor Relations MZ Group - North…
  22. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 22
    Appendix: Management Biographies Scott M. Boruff - Mr. Boruff serves as our Executive Chairman and has previously served as a director and CEO from August 2008 to September 2014. Prior to joining our company, Mr. Boruff was a licensed…
  23. IPAA OGIS San Francisco – Miller Energy Resources, Inc. – slide 23
    Appendix: Hedging Hedging Summary Over 90% of current net oil production hedged Charge for novation of hedges to KeyBanc reduced price by 0.30/bbl The North Fork Unit has the vast majority of its gas production effectively hedged…

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