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Q1 2011 EARNINGS CALL – Gulfport Energy Corp.

Gulfport Energy Corp. · May 5, 2011 · 35 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. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 1
    Gulfport Energy Corporation Corporate Presentation May 5, 2011
  2. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 2
    Gulfport Today Company Overview Primary Areas of Operation Canadian Oil Sands Acreage: 178,081 Net Acres 2P Reserves: 24.5 MMbo Ticker: Recoverable Resource: 513 MMbo Utica Shale Acreage Commitments: Market Cap(1): 1.3…
  3. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 3
    Key Investment Highlights Oil-focused producer with multiple production growth catalysts enables continued NAV accretion 2010 production 90% crude oil (before NGLs); proved reserves 88% crude oil at 2010YE Permian, oil sands, Niobrara…
  4. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 4
    Large Captured Oil Resource Base Large exploitable oil-rich resource base of 613 Net MMBOE + significant upside 513 (1,2) Additional Upside MMBOE Contingent resource assigned to 25% of Grizzlys acreage; 75% yet to be…
  5. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 5
    2011 Gulfport Guidance Gulfport currently expects to spend 127 to 133 million of capital during 2011 (excluding acreage acquisitions), which is to be entirely funded from within internally generated cash flow based upon current…
  6. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 6
    Utica Shale - Three Windows of Maturity The Utica Shale generally shallows and becomes less mature moving east to west Currently expect the Utica to have three windows of maturity similar to the Eagle Ford in South Texas Oil…
  7. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 7
    Utica Shale - Industry Activity Chesapeake / Ohio Gulfport is targeting acreage Buckeye Energy Range Resources within the wet gas / retrograde 7-Day Average Test Rate of 4.4 MMCFE condensate and mature oil Chesapeake / windows…
  8. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 8
    Utica Shale Illustrative Development Economics(1) (1) (1,2) (1,2) Utica Shale Bakken Eagle Ford Low High Well Cost (MM) 6.0 6.0 7.0 5.5 Total Vertical Depth 7,500 9,500 Feet 7,500 9,500 Feet 10,000 Feet 11,000 13,000 Feet Lateral…
  9. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 9
    Unique Oil Sands Position 2010/2011 Winter Drilling Program Areas of Focus Gulfport has an interest in the Canadian oil sands which is unique asset for a mid-cap independent Gulfports interest in the Canadian oil sands comes…
  10. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 10
    2010/2011 Grizzly Activity Update Land base has expanded to 712,327 acres (178,081 net to GPOR interest) through acquisitions at Crown land sales Algar Lake Project Expect regulatory approval in 3Q111 Begin major facility module…
  11. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 11
    Oil Sands Reserves & Resources Proved + Best Estimate Best Estimate Discovered Undiscovered (1) Grizzly Interest Probable (2P) (P50) Contingent (P50) Prospective Bitumen Initially Bitumen Initially (Millions of Barrels) Reserves…
  12. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 12
    Algar Lake SAGD Project Status Update In March 2010 Grizzly submitted a regulatory application Why Develop Algar Lake First for a 10,000 BOPD oil sands project at Algar Lake Low Geologic Risk Will be developing Regulatory approval…
  13. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 13
    Algar Lake SAGD Project Cost Update Detailed engineering escalated due to addition of equipment shop inspections Six additional miles of water source pipelines Additional equipment identified in detailed engineering Construction…
  14. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 14
    Algar Lake SAGD Project Relative Capital Cost Source: Regulatory filings, Company reports and presentations Based on facility oil processing capacity Based on current stabilized production rates for Connacher's projects,…
  15. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 15
    Thailand Gulfport owns interests in four onshore concession blocks in Thailand Sin Phu Horm gas field in block 15/43 produced 88.85 MMCF per day of natural gas and 405 barrels per day of condensate in 1Q11 Gulfport owns 0.7%…
  16. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 16
    Thailand TEW-E Well TEW-E Shot 250 square mile 3-D seismic survey in 2009 to unlock the geology behind TEW-E TEW-E was drilled to a total depth of 15,026 feet and logged over 5,000 feet of apparent possible gas saturated…
  17. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 17
    Permian Asset Overview(1) 14,700 net acres; primarily targeting Wolfberry play Net proved reserves of 14.45 MMBOE (65% of total) 226 gross PUD locations Net probable reserves of 9.51 MMBOE 234 gross probable locations Potentially…
  18. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 18
    South Louisiana Oil Focused Production Overview South Louisiana operations primarily in two 100% operated fields originally discovered by major oil companies in early-to-mid 1900s Two major fields with salt dome features and…
  19. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 19
    Hackberry Asset Overview(1) 2011 Activities Update(2) Net proved reserves of 3.00 MMBOE Spudded six wells year-to-date 18 PUD locations, 13 preliminarily permitted un- Two wells are currently drilling and one well is booked…
  20. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 20
    West Cote Blanche Bay Asset Overview(1) 2011 Activities Update(2) Net proved reserves of 4.52 MMBOE Drilled four successful wells year-to-date Net probable reserves of 6.15 MMBOE Currently running one rig full-time at WCBB 29 booked…
  21. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 21
    Niobrara Asset Overview 19,172 net acres 3 producing wells and existing well control on acreage 75-150 MMBOE of gross original oil in place per section(1) Gulfport operated Continue to pursue acreage acquisition opportunities…
  22. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 22
    Niobrara Development Plan Well 1 Craig Dome Prospect will be the (1987) Craig Dome Prospect site of Gulfports initial Vertical, Slotted Liner 8,630 Gross / 4,315 Net Acres CUM: 262 MBO 208 MMCFG 322 MBO & 215 MMCFG development in…
  23. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 23
    Key Investment Highlights Oil-focused producer with multiple production growth catalysts enables continued NAV accretion Canadian oil sands provides exposure to over 500 million barrels of oil resource including 24.5 million barrels…
  24. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 24
    Appendix 25
  25. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 25
    Hedged Production Gulfport Energy Corporation Fixed Price Contracts 2011E Weighted Average Barrels Per Month Daily Price Day Jan-11 86.96 2,000 Feb-11 86.96 2,000 Mar-11 86.96 2,000 Apr-11 86.96 2,000 May-11 86.96 2,000 Jun-11…
  26. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 26
    Lower Athabasca Regional Plan Inset Map Area Alberta Lower Athabasca Proposed Conservation & Recreation/Tourism Areas (LARP) - Grizzly Oil Sand Leases - Provincial Recreation Areas - Provincial Parks - Other Oil Sand…
  27. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 27
    Lower Athabasca Regional Plan (cont.) Grizzly continues to review the recent Alberta Lower Athabasca & Lower announcement of the Draft Lower Athabasca Peace River Proposed Conservation & Recreation/Tourism Areas Regional Plan (LARP)…
  28. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 28
    Grizzly SAGD Approach Unique Design, Proven Process Unique modular plant design 5,000 BOPD modular central plant One pad of 10 well pairs initially All equipment on pre-fabricated modules All modules close coupled (no pipe racks)…
  29. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 29
    Grizzly Reserves and Resources Notes Notes: Probable reserves are defined in the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) as those additional reserves that are less certain to be recovered than proved reserves. It…
  30. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 30
    Permian Recent Transactions Imply Significant Value Buyer Deal Announced Purchase Price Acreage Production Proved MM Net Acres BOEPD MMBOE (1) Berry Petroleum 10/25/2010 180 9,300 1,200 N/A Linn Energy 9/7/2010 352 N/A 3,300 30…
  31. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 31
    Permian Deal Comps Linn 3/29/10 Deal Announced: 3/23/2010 Gulfport Energy Linn 3/29/10 Acq. Purchase Price: 305 MM Acreage: N/A Production: 2,800 BOEPD Reserves: 18 MMBOE Transaction Metrics: /Acre: N/A /Flowing Barrel:…
  32. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 32
    Permian Deal Comps Linn Energy 7/1/10 Deal Announced: 7/1/2010 Purchase Price: 90 MM Acreage: N/A Gulfport Energy Linn 7/1/10 Acq. Production: 950 BOEPD Reserves: 7 MMBOE Transaction Metrics: /Acre: N/A /Flowing Barrel: 95,000…
  33. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 33
    Permian Deal Comps Energen 8/23/10 Deal Announced: 8/23/2010 Purchase Price: 185 MM Acreage: 8,700 Net Acres Gulfport Energy Production: 900 BOEPD Energen 8/26/10 Acq. Reserves: 18 MMBOE Transaction Metrics: /Acre: 21,264…
  34. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 34
    Permian Deal Comps Berry 10/25/10 Deal Announced: 10/25/2010 Purchase Price: 180 MM Acreage: 9,300 Net Acres Gulfport Energy Berry 10/29/10 Acq. Production: 1,200 BOEPD P2 Reserves: 35 MMBOE Transaction Metrics: /Acre: 19,355…
  35. Q1 2011 EARNINGS CALL – Gulfport Energy Corp. – slide 35
    Niobrara Play Concept 19,172 net acres focused near a number of structures on the uplift between the Piceance and Sandwash basins 75 to 150 MMBOE(1) of gross original oil in place per section Significant oil in place in an…

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