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Howard Weil Energy Conference – Kodiak Oil & Gas Corp.

Kodiak Oil & Gas Corp. · Mar 20, 2013 · 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. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 1
    Howard Weil Energy Conference March 2013 Exploring, developing and producing oil and natural gas in the U.S. Rocky Mountains. www.kodiakog.com l NYSE: KOG
  2. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 2
    Kodiak Overview Williston Basin Acreage1 228,000 gross / 154,000 net 2013 Rig Count 6-7 Operated / 1-3 Non-operated 2013E Capex 775 MM / 75 Net Wells Proved Reserves1 94.8 MMBOE (85% oil; 15% gas) Proved PV-10 Value1 1.9 B 2013…
  3. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 3
    Key Highlights Drill-bit focused producer with large acreage position in oil-levered Williston Basin Management has delivered significant growth in production, cash flow, reserves and undeveloped leasehold in past three years…
  4. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 4
    Rapidly Increasing Production Estimated 2013 Avg: 29,000 - 31,000 32500 30000 Actual Sales BOE/d 27500 Projected Range BOE/d 25000 22500 20000 BOE/d 17500 2012 Avg: 14,400 15000 12500 10000 7500 2011 Avg:…
  5. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 5
    2013E Capex 2013E Capex: 775 MM Capital Expenditures Comparison* 740 MM for drilling and completion ( in millions) activities 810 775 75 net wells (61 Op, 14 Non-op) 6-7 operated rigs / 1-3 non-op rigs 35 MM for water disposal…
  6. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 6
    Proved Reserve Summary 12/31/2012 Proved Reserves and PV-10 December 31, 2012 reserves audited by NSAI Kodiak Net Proved Reserves as of December 31, 2012 Reserve Category Oil Gas Total SEC PV-10 (Mbbls) (Mmcf) (Mboe) (MM) Proved…
  7. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 7
    Williston Asset Overview 154,000 Net Acre Position in Heart of Play Polar, Koala & Divide Burke Dunn County Sheridan Smokey North Dakota SM 34,000 Net Montana 70,000 Net Acres Acres EURs: 750 - 950+ EURs: 800 - MBOE…
  8. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 8
    Smokey & Polar Pilot Projects: Reservoir Well Spacing Pattern WELLBORE LOCATION LODGEPOLE 500 UPPER BAKKEN SHALE 11100 MIDDLE BAKKEN 800 LOWER BAKKEN SHALE 70 400 UPPER THREE FORKS 11200 800 800 50 MIDDLE THREE…
  9. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 9
    Polar - Williams County Well Spacing Pilot Project SWD Polar CLR Third Bench Well Charlotte 3-22H Koala 10
  10. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 10
    Smokey - McKenzie County Well Spacing Pilot Project Polar CLR Third Bench Well Charlotte 3-22H Koala Smokey 11
  11. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 11
    Well Economics Overview Projected long lateral wells with EUR of 650-850 MBO with average 10.0 MM well economics Bakken Long Lateral 750 MBO Bakken Long Lateral 850 MBO Well cost Well cost WTI Differential midpoint NPV-10 Payout WTI…
  12. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 12
    Strong Margins and Improving Efficiencies Cash Margin Over Time (/BOE) Average Drilling Days 40 80.95 35 75.84 5.67 72.74 75.11 4.36 3.61 30 8.83 4.75 8.19 8.56 7.05 7.80 5.77 6.00 25 5.60 20 15 59.40 56.79 57.67…
  13. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 13
    Financial Strategy Kodiak Has Historically Employed a Conservative Financial Strategy Swaps Strive to maintain conservative balance sheet 14,605 which preserves financial flexibility 16,000 125 14,000 12,000 87.12 100 Approx.…
  14. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 14
    Takeaway Capacity Based on existing and proposed projects, the Williston is expected to continue to have ample infrastructure to transport crude out of the basin 1H12 estimated transportation of 975 MBbl/d (525 by rail, 450 via…
  15. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 15
    Key Highlights Drill-bit focused producer with large 153,000 net acres in Williston Basin largely de-risked with acreage position in oil-levered Bakken/Three Forks potential Williston Basin Proved reserves of 94.8 Mmboe at 12/31/2012…
  16. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 16
    Appendix Historical Completion Activities 17
  17. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 17
    US Oil Pipeline System Source: ENBRIDGE 18
  18. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 18
    Historical Completion Activities Dunn County Length of Daily Production (Boe/d) Gas/Oil Completion WI/NRI Lateral (1) IP 24hr 30 60 90 180 Ratio Well Name Date (%) (feet) Test Boe/d Days Days Days Days Range Status Long Laterals…
  19. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 19
    Historical Completion Activities Koala Prospect - McKenzie County Daily Production (Boe/d) Length of IP 24hr Gas/Oil Completion WI/NRI Lateral(1) Test 30 60 90 180 Ratio Well Name Date (%) (feet) Boe/d Days Days Days Days Range…
  20. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 20
    Historical Completion Activities Smokey and Grizzly Prospects - McKenzie County Daily Production (Boe/d) Length of IP 24hr Gas/Oil Completion WI/NRI Lateral(1) Test 30 60 90 180 Ratio Well Name Date (%) (feet) Boe/d Days Days Days…
  21. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 21
    Historical Completion Activities Williams County Length of IP 24hr Daily Production (Boe/d) Gas/Oil Completion WI/NRI Lateral(1) Test 30 60 90 180 Ratio Well Name Date (%) (feet) Boe/d Days Days Days Days Range Status Long Laterals…
  22. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 22
    Current Estimate of Well Locations Analysis of estimated net well locations below assuming all long-lateral development Kodiak Oil & Gas Corp. Williston Basin Estimated Drilling Locations Gross Count Net Count Total Total…
  23. Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 23
    Cash Margin Reconciliation Reconciliation of Cash Margin (non-GAAP) to Gross Margin (GAAP) Three Months Ended 1Q12 2Q12 3Q12 4Q12 Sales Price Oil (/Bbls) 87.43 78.93 82.96 83.27 Gas (/Mcf) 1 6.19 5.05 5.20 5.83 BOE (/BOE) 83.04…

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