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IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co.

Callon Petroleum Co. · Apr 16, 2012 · 25 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 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 1
    IPAA OGIS Conference New York, NY April 16, 2012 CALLON PETROLEUM COMPANY Fred Callon, Chairman and CEO Bob Weatherly, EVP and CFO G Gary Newberry, N b SVP Operations O ti NYSE: CPE Callon Petroleum Corporate…
  2. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 2
    Callon Overview CALLON PETROLEUM COMPANY (CPE) CALLON PETROLEUM COMPANY ( CPE ) Enterprise Value: 290MM Permian Basin SEC PV10 (12/31/11): 310MM Foundation of onshore strategy 16 MMBOE Proved Reserves (70%+ liquids) 24,010 net acres…
  3. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 3
    Successful Onshore Transition Onshore Growth (2009 Inception) 147MM onshore investment Redeployed offshore cash flow 14/Boe onshore field 14/Boe onshore field level F&D level F&D Increased reserves by 65% Replaced GoM Shelf…
  4. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 4
    Deepwater GoM Overview CPE WI: 15% CPE WI: 11.25% 2 200 W t D th 2,200 Water Depth 2 013 W t D th 2,013 Water Depth Spar Facility Subsea Tieback (Auger TLP) MEDUSA HABANERO Field Overview Planned Activity MC 582 MC 582…
  5. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 5
    Deepwater GoM Benefits Net Production Profile Net Production Profile Worldclass fields and operators World class fields and operators Production stability Ongoing recompletions/sidetracks Leverage existing infrastructure Managed…
  6. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 6
    Permian Operations 24,000+ Net Acres 2 000 100% Operated Production Dedicated Technical and Operational Team Operational Team 7 NYSE: CPE Callon Petroleum Corporate Presentation
  7. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 7
    Legacy Permian: Vertical Program Wolfberry Program Wolfberry Program Wells drilled to date: 65 Remaining locations (40acre): 129 95% WI / 71% NRI Legacy program 2011 exit rate: 1,300 Boepd 75 120 Boepd (100 Mboe EUR) Tested…
  8. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 8
    Permian Horizontal Drilling Program Gamma Ray Resistivity Horizontal Evolution Horizontal Evolution 0 100 200 0.2 2000 Leverage existing assets Jo Mill Legacy Midland Basin acreage Lower Extensive technical work Spraberry…
  9. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 9
    Callon Wolfcamp B Prospective Acreage E Bloxom CALLON Increasing Target ACREAGE Zone Thickness Block 5 E i ti Acreage Existing A Well-Positioned W ll P iti d As A Wolfcamp W lf B Activity A ti it Progresses North…
  10. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 10
    Midland Basin Wolfcamp B Horizontal Activity Pioneer XBC Giddings 2041H 5800 L t l (30 St Lateral Stages)) 854 BOEPD A EOG 2 2803H 7100 Lateral (28 Stages) WOLFCAMP B Pioneer XBC Giddings 2073H 5800 Lateral (30 Stages) 736 BOEPD…
  11. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 11
    East Bloxom Wolfcamp B A A Target Zone Flooding Surface Targett T Zone CALLON Upton East Bloxom Log Properties Analogous To Offsetting Horizontal Producing Wells Several Precedents To Determine Optimal Lateral…
  12. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 12
    Wolfcamp B (Midland) Evolution IP Rates (EOG/AREX/EP)* IP vs Lateral Length (Howard Weil) 1/1/2011 Completion Date CALLON Planned Lateral Length (7,500) Horizontal Wolfcamp B Results Benefiting From Accumulation Of…
  13. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 13
    Cline Shale Horizontal Prospectivity HORIZONTAL WELLS DRILLED SINCE 1/1/09 Gross thickness: 250400 Similar to Glasscock County HORIZONTAL WELLS CALLON Shale thickens in northern CURRENTLY DRILLING ACREAGE B d C Borden County…
  14. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 14
    Cline Shale Horizontal Prospectivity OOIP 37 MMBO/Sect OOIP 39 MMBO/Sect 132 NE 129 NE OOIP 25 91 NET M M 5 MMBO/Sect ET PAY ET PAY N PAY CALLON Borden Acreage Laredo Hz Cline Glasscock…
  15. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 15
    Horizontal Permian Activity Timeline E t Bl East Bloxom Q112 Q212 Q312 Q412 2013 gp Finalize initial drilling plans Plan Commence drilling Drill Evaluate results Evaluation Optimize /program drilling /program drilling Program…
  16. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 16
    Resulting Permian Exposure N tP i A P MM Of E t i V l (1/19/12) Net Permian Acreage Per MM Of Enterprise Value (1/19/12) PRO FORMA FOR PRO FORMA FOR NEW ACREAGE ACQUISITION Source: Howard Weil Incorporated research (January…
  17. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 17
    Financial Fi i l Review NYSE: CPE Callon Petroleum Corporate Presentation
  18. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 18
    2011 Financial Highlights 10.1 million share public offering 10 1 million share public offering Successful Equity Net proceeds of 74 million Offering Expanded investor base Expanded investor base Clawback of 2016 Senior Notes…
  19. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 19
    Strong Balance Sheet Capitalization (MM) Capitalization (MM) Total Debt/Proved Reserves(1) Total Debt / LTM EBITDA(1,2) (1) CPE Total Debt does not include noncash deferred credit of 27.5MM, 19.2MM and 18.4MM at 12/31/09,…
  20. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 20
    2011 Hydrocarbon Exposure Production By Commodity Revenue By Commodity 72% Crude Volumes Received LLSComparable Index Pricing Crude Oil NGLs Natural Gas Li id B dP Liquids-Based i i Leverage Pricing L Sh ld Continue…
  21. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 21
    Cash Reinvestment Efficiency Cash Margin Analysis Reinvestment Efficiency 69 26 69.26 51.43 53.69 1.9x Strong Cash Margins Support Onshore Resource Capture Initiatives * (Total net capital expenditures + capitalized items)…
  22. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 22
    2012 Capital Budget: 139MM 2012 C B kd 2012 Capex Breakdown Legacy Permian Legacy Permian Highgrading opportunities 20 vertical / 4 horizontal wells Permian New Initiatives Permian New Initiatives Closed acreage transactions…
  23. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 23
    Investor Highlights Successfully established critical mass in the Permian Leveraged expertise and organizational footprint Assembled multiyear inventory of operated drilling locations y y p g Positioned to capitalize on emerging…
  24. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 24
    Callon Petroleum Company TRADING DATA / KEY STATISTICS TRADING DATA / KEY STATISTICS Founded 1950 Public since 1994 (NYSE 1998) NYSE: CPE Average Daily Volume: 374,033 52week Range: 3.02 7.95 Share Price (4/9/12): 5.75 OFFICES…
  25. IPAA 2012 Oil Gas Investment Symposium – Callon Petroleum Co. – slide 25
    Appendix EBITDA Reconciliation (MM) 26 NYSE: CPE Callon Petroleum Corporate Presentation

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