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19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc

Emerald Oil Inc · Apr 10, 2013 · 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. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 1
    Investor Presentation April 2013 1
  2. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 2
    Executive Management Team CEO Emerald Oil & Gas NL from 2009 and Emerald Oil Inc. since 2011 Mike Krzus Petroleum engineer with over 30 years of international experience developing oil and gas assets Director & CEO Has held various…
  3. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 3
    Executing Goals September 2012 Goals Current Results th Commence operated drilling program early 2013 in Commenced drilling in 4 quarter of 2012. McKenzie County - results by mid-2013. Three operated wells expected to be batch…
  4. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 4
    Corporate Overview Emerald Oil, Inc. Listing: NYSE MKT - EOX Common Shares Outstanding: 26.9 million shares (1) Market Cap. at 7.04/share (2) : 189 million Total Debt: 23.5 million outstanding (3) / 27.5 million available (3)…
  5. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 5
    Company Overview Emerald Oil, Inc. Acreage Overview Focus on development of the Tiger Ridge gas play Williston Basin acreage 73,000 Net Acres in Blaine, Hill, and Williston Basin 51,000 Net Acres in 12-month drilling budget - 86…
  6. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 6
    Williston Basin Overview Williston Basin Bakken Lodgepole Total Petroleum System Oil focused play 90% is premium crude (42 API) Size and scale of de-risked play 8 million acre or 12,500 square-mile continuous oil accumulation(1)…
  7. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 7
    Williston Basin Overview Williston Basin Overview Williston Basin Acreage Map 51,000 net acres proforma for closed & pending acquisitions 19,500 net operated acres 31,500 net non-operated acres 4Q:2012 avg. production: 1,197…
  8. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 8
    Investment Considerations Significant Williston Oil 51,000 net acre position in the core of the Williston Basin Exposure at Compelling EOX at 7.04 per share would trade at 2,347 per net Bakken acre vs. the peer group average of 8,577…
  9. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 9
    Oil-Weighted Reserve & Production Growth Average Daily Net Production Per Period (Boe/d) Williston Reserves and Potential Upside (12/31/2012) 120 3,000 106.0 2,600+ 100 2,500 80 2,000 1,500 60 1,197 972 1,000 938 40 625…
  10. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 10
    12-Month Drilling Program & Multi-Year Inventory Over the next 12-months Emerald anticipates spending 86 million to drill 7.5 net operated wells and 0.8 net non-operated wells in the Williston Basin Emerald has identified a…
  11. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 11
    Williston Basin 51,000 net acres 12
  12. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 12
    Williston Basin McKenzie County, ND Operated Area & Producing Wells Williston Basin Focus Area Map McKenzie County, ND Producing Bakken & Three Forks Wells Near Operating Area 30 Day IP Avg. IP Company Well (Boe/d)(1) (Boe/d)…
  13. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 13
    Williston Basin Focus Area McKenzie County, ND Operated Position Williston Basin Focus Area Drilling & Completion Plan McKenzie County, ND Emerald Oil - Operated Bakken Wells Well 3 Pirate 1-11-2H - completed & producing 1 Mongoose…
  14. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 14
    Operated Williston Basin Economics McKenzie County, ND Sensitivity Case Assumptions*(1) Representative Type Curve / Development Economics* High Base Low 1,200 1,100 500 MBOE 1,000 600 MBOE EUR (Mboe) 750 600 500 900 750 MBOE…
  15. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 15
    Williston Basin Dunn County, ND Operated Area & Producing Wells Williston Basin Operated Area Map Dunn County, ND Selected Bakken Producing Wells 24 Hour IP 30 Day Avg. Company Well (Boe/d)(1) IP (Boe/d) Stages 1 Hunt Dunn 1-12-1H…
  16. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 16
    Operated Williston Basin Economics Dunn County, ND Sensitivity Case Assumptions*(1) Representative Type Curve / Development Economics* High Base Low 900 350 MBOE 475 MBOE 800 EUR (Mboe) 600 475 350 600 MBOE 700 600 PV-10 (MM)…
  17. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 17
    Emerging Oil Plays 18
  18. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 18
    Emerging Oil Plays Sand Wash Basin Niobrara (Northwest Colorado) Sand Wash Basin - Niobrara Overview Sand Wash Basin - Niobrara Overview 14,000 net non-operated acres in Sand Wash Basin Niobrara, following March 2013 sale of…
  19. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 19
    Emerging Oil Plays Heath Shale Oil (Central Montana) Heath Shale Oil Overview Cirque Rock Happy 33-3H Implied Economics 33,500 net acres prospective for Heath shale oil 4.5 million D&C cost with 12-stage frac Musselshell, Petroleum,…
  20. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 20
    Financial Overview 21
  21. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 21
    Summary Capitalization Table & Capital Spending Budget Summary Capitalization Table 12-Month Capital Spending Budget (96 Million) Emerald Oil - Capitalization Summary Pro Forma (1) Cash (2) 66,800 Acreage Acquisition Debt: 10.0 Wells…
  22. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 22
    Summary Sources & Uses Summary Sources & Uses Emerald Oil - Sources & Uses 12 Months Ended 12/31/13 Sources Uses Beginning Cash (12/31/12) 10,192 - End Cash (12/31/13) - 965 Net Proceeds from Perpetual Preferred Stock 47,425 -…
  23. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 23
    Peer Company Valuation - EV / Bakken Acre After adjusting for production and net acreage in other project areas, Emerald trades at 2,347 per net Williston acre vs. the peer average of 8,577 per net Williston acre Williston Public…
  24. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 24
    Appendix 25
  25. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 25
    Adjusted Enterprise Value Derivation Peer Enterprise Values(1) 4/10/2013 4/10/2013 Companies Symbol Price Shares Mkt. Cap Debt+Pref Cash EV Kodiak Oil and Gas KOG 9.09 265.3 2,412 1,101 24 3,488 Northern Oil & Gas NOG 14.38 63.6…
  26. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 26
    Recent Highlighted Transactions Comparable Bakken Transactions(1) - Transaction Value Per Acre Average 9,941 Emerald McKenzie Acquisition 3,467 1. /Acre information taken from publicly available information and includes…
  27. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 27
    Recent Highlighted Transactions Supporting Information Comparable Bakken Transactions(1) Total Consideration Date Buyer Seller (MM) Acreage /Acre Counties 01-11 Magnum Hunter Resources Nuloch Resources 327 71,600 4,567 Divide,…
  28. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 28
    Hedging Summary Emerald Oil Hedging Contracts as of April 2013 Volumes Volumes Quantity Contract Counterparty Swap (S) Product Contracted Remaining Type Price Months Wells Fargo Bank S Oil 263,902 220,027 Bbls 91.00 4/13 -…
  29. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 29
    Strategy & Execution Strategies Ability To Execute 2013 Year End Goals Leverage operated DSUs to consolidate and increase lease positions Identify and consolidate core operated Increase net operated Williston basin Williston Basin…
  30. 19TH ANNUAL IPAA OGIS NEW YORK SYMPOSIUM – Emerald Oil Inc – slide 30
    Zero Cost Acreage Swap Mechanics The below diagrams show an example of how EOX can convert non-operated working interest acreage into operated acreage through entering into a zero cost acreage swap with Company A to benefit both…

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