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MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Mar 19, 2015 · 30 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. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 1
    Investor Presentation March 2015
  2. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 2
    Investment Highlights Significant Reserve, 11.7 MMBoe of 1P reserves, 1P PV-10 of 447(1) million and net daily production of 4.0(2) MBoepd Resource, and Long term growth potential; total 3P reserves of 32.2 MMBoe(1) and significant…
  3. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 3
    Focused and Accountable Management and Board Management Board Members Name Title Name Title Carl Giesler, Jr. CEO & Director Scott Boruff Executive Chairman David Hall COO Carl Giesler, Jr. CEO and Director Jeff McInturff CAO &…
  4. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 4
    Company Overview
  5. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 5
    Company Snapshot Key Statistics General and Financial Ticker NYSE: MILL Share Price (3/16/15) 1.08 52 Week High/Low 6.92 / 0.94 Shares Outstanding (1/31/15) Diluted 46.4 MM Public Float 75% Market Capitalization (3/16/15) 50.4…
  6. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 6
    Miller Energys New Approach Liquidity / Cash Drilling Growth and Management Drilling Discipline Management Exploration Focusing on cost and Focusing on lower Prioritizing lower Pursuing deliberate capital discipline cost / lower…
  7. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 7
    Company Field Locations Cook Inlet North Slope North Slope Cook Inlet 8
  8. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 8
    Four Consolidated Areas of Operation Cook Inlet, AK North Slope, AK North Fork W. McArthur River Redoubt Badami (Savant) Total Commodity Type Gas Oil Oil Oil Production 1.2 MBoepd(1) 1.4 MBoepd(1) 0.8 MBoepd(1) 0.6 Boepd(1) 4.0…
  9. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 9
    Favorable Alaskan Drilling Support and Pricing Alaska State Tax Cash Credits CY2015 Estimated Cash Tax Credit Receipts State rebate credits were 35.0 State of designed to encourage capital 30.0 33.0 Alaska Seal expansions and…
  10. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 10
    Reserves Reserves Summary(1) Net Proved Reserves as of July 31, 2014 Oil (MMbbls) Gas (Bcf) Total (MMBoe) PV-10 PDP 3.9 5.2 4.7 215.2 PDNP 0.3 8.2 1.6 56.2 Total Proved Developed 4.1 13.3 6.4 271.5 PUD 3.1 13.2 5.3 176.1 Total…
  11. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 11
    North Fork Unit Highlights Current CapEx focus given high contracted gas prices Proved, producing field with 11.34K acres Lower risk, on-shore drilling 24 Bcf+ in Proved reserves Good quality 3D seismic 5 incumbent wells…
  12. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 12
    Redoubt Unit Highlights Proved, producing field with large four-way structure on the western side of the Cook Inlet On trend with adjacent McArthur River Field (produced over 640 MMBO see top left map) Recent 3rd party OOIP report…
  13. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 13
    West McArthur River Unit Highlights Proved, producing field 6 mi. north of Redoubt Unit Like Redoubt, on trend with adjacent McArthur River Field (produced over 640 MMBO) 13.3 MMBBO recovered from WMRU to date OOIP estimated at…
  14. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 14
    North Slope Highlights Proved, producing field (Badami) east of Prudhoe Bay on North Slope with 18.5K acres Most easterly-located active production facility with capacity Explore value accretive JV / sale of WI Currently…
  15. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 15
    Infrastructure Highlights Osprey Platform Modern state-of-the-art facility Designed for 21 wells producing 25 MBoed Transfers crude oil via sub-sea pipeline to Kustatan Production Facility Kustatan Production Facility…
  16. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 16
    Drilling Rigs Rig Terms Size/Type Location Status Future Plans Mgmt. Est. Value Rig-34 Company 750Hp, land Nikiski Stacked Being moved to L48 for sale 3 million Owned based, 6,000' depth Rig-35 Company 2,000Hp, Osprey Transitioning to…
  17. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 17
    Business Strategy
  18. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 18
    Business Strategy Overview Improve Cash Efficiency Grow Production in a Capital Efficient Manner Methodically Develop Our Resource Base Leverage Our Owned Infrastructure Pursue Opportunistic Acquisitions 19
  19. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 19
    Improve Cash Efficiency Cash G&A LOE / Boe Produced 12 50 10.4 10 40 45 4.9 8 ( in millions) ( per Boe) 6.8 6.6 30 28 6.1 30 6 5.4 2.2 5.4 27 7 4.8 0.7 1.8 20 5.4 5.4 1.4 5.5 22 21 4 4.8 20 4.8 4.6 18 4.0 10 2 - -…
  20. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 20
    Grow Production in a Capital Efficient Manner Focused on developing lower risk opportunities while deploying capital as efficiently as possible Prioritizing production growth and cash flow generation over reserve growth Grading…
  21. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 21
    Methodically Develop Our Resource Base Immediate Remainder CY 2015 Long-term Given oil prices, pivot to gas 40 million remaining gross CapEx Redoubt Sell gas at 6.50+/Mcf under for CY2015 Hydraulic fracturing gas sales contracts…
  22. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 22
    Leverage Our Owned Infrastructure Company-owned infrastructure provides both near-term and long-term advantages to the Company Near term advantages i. Provides capacity to grow ii. Vertical integration and wholly-owned infrastructure…
  23. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 23
    Pursue Opportunistic Acquisitions Go-Forward Approach History of Opportunistic Acquisitions Continue to seek acquisition opportunities to Pacific Energy Assets (12/10/09) complement our existing assets Acquired for 5.0 million…
  24. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 24
    Financial Overview
  25. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 25
    Financial Overview Revenues(1) Adjusted EBITDA 30.0 35.0 25.0 30.0 25.4 11.7 25.0 ( in millions) 24.2 ( in millions) 20.0 22.1 20.3 20.0 10.2 15.0 18.8 16.6 15.0 10.0 13.0 21.5 10.0 16.3 14.0 5.0 5.0 9.4 1.2 5.9…
  26. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 26
    Capital Structure As of 1/31/2015 Capitalization Actual Coupon Maturity Cash and Cash Equivalents 2.2 Debt First Lien RBL 44.0 L+300 - 400 Jun-17 (1) (2) Second Lien Term Loan 175.0 12.75% Feb-18 Other Debt 7.1 Various…
  27. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 27
    Hedging Hedging Summary 90% of net oil production hedged at 96/barrel through April 2016, outstanding hedges have a MTM value of 44.0 MM at FQ3 2015 end North Fork Unit has the vast majority of its gas production effectively hedged…
  28. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 28
    Conclusion Significant Reserve, Resource, and Infrastructure Asset Base Ability to Meaningfully Lower Drilling Risk Profile and Lower CapEx State of Alaska Incentives Favorable Hedge Position and Attractive Commodity…
  29. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 29
    Appendix
  30. MARCH 2015 INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 30
    Reconciliations to Non-GAAP Measures Reconciliation of Adjusted EBITDA The table below represents a reconciliation of Adjusted EBITDA to the Companys net loss, which is the most directly comparable financial measure calculated in…

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