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JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp.

Gulfport Energy Corp. · Jul 10, 2013 · 52 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. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 1
    Investor Presentation July 2013
  2. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 2
    Gulfport Today Company Overview Primary Areas of Operation Grizzly(3) Ticker: Acreage: 200,054 Net Acres Proved Reserves: 16.75 Net MMBbl Probable Reserves: 17.75 Net MMBbl Contingent Resource: 765 Net MMBbl Market Cap(1): 3.9…
  3. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 3
    Key Investment Highlights Most levered to the core of the Utica Shale of eastern Ohio with approximately 128,000 net acres under lease today Acreage in one of the most promising up-and-coming oil-levered plays in North America…
  4. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 4
    Large Captured Oil Resource Base Large exploitable oil-rich resource base of 848 net MMBoe + significant upside (4) 765.00 (3) Proved + probable pre-tax PV 10 = 935 MMBoe Utica Oil Sands Niobrara Thailand million at NYMEX strip (5)…
  5. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 5
    2013 Gulfport Guidance Year Ending 12/31/2013 2013E E&P CAPEX (in millions) Forecasted Production Oil Equivalent Boe 7,800,000 8,100,000 Total = 570 - 590 Million Average Daily Oil Equivalent Midpoint Boepd 21,370 22,192 Hackberry…
  6. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 6
    Attractive Cash Margins High revenue per barrel of production due to liquids weighted production Crude oil from South Louisiana enjoys attractive premium for Louisiana sweet crude Results in free cash flow that is being redeployed…
  7. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 7
    Track Record of Growth Annual Production Gulfport has consistently delivered production growth 25,000 Approximately quadrupled production since 21,781 2005 while also increasing crude oil component (84% in 2005; 90% in 2012)…
  8. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 8
    Asset Overview 9
  9. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 9
    Utica Shale Overview Point Pleasant Thickness (Isopatch Mapping) Point Pleasant TOC (Organic Carbon) Utica Shale Summary Erie Erie 1 1 1 2 Lake Ashtabula 1 Lake Ashtabula 2 Warren 2 Warren 2 50…
  10. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 10
    Utica Shale Market Leading Utica Acreage Exposure Gulfports large acreage position in Utica provides higher exposure per share than any C-Corp peers Net acres / Share (000s) 1.65 1.52 0.54 0.49 0.48 0.38 0.38 0.35 Net…
  11. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 11
    Utica Shale Overview Utica Shale Activity Map Chesapeake Enervest Chesapeake Shaw 5H Peak rate 2.9 Mmcfpd + Conglio 6H Peak Rate 5.0 Mmcfpd + Asset Overview (1) Frank 2H 180 Bpd of NGL + 770 Bpd of oil 290 Bopd 24-Hour Test…
  12. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 12
    Utica Shale Gulfport Drilling Best in Class Wells Gulfport wells drilled to date in the Utica have been some of the best in the region First fourteen Gulfport-operated wells averaged an initial rate of 807 barrels of condensate per…
  13. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 13
    Utica Shale Wagner 1-28H Type Curve Wagner 1-28H Type Curve (1st 36 Months) (1) Gross EURs Oil (MBbl) 74.9 NGL (MBbl) (1) 1,341.4 1,400 8,000 Gas (Bcf) 10.0 1,200 7,000 Total (MMBoe) 3.1 6,000 Oil/NGL (Bbl/day) 1,000…
  14. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 14
    Utica Shale Boy Scout 1-33H Type Curve Boy Scout 1-33H Type Curve (1st 36 Months) (1) Gross EURs Oil (MBbl) 430.1 600 2,500 NGL (MBbl) (1) 587.9 Gas (Bcf) 3.1 500 2,000 Total (MMBoe) 1.5 Oil/NGL (Bbl/day) 400 Gas…
  15. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 15
    Utica Shale Focused Ion Beam SEM Images Analysis of Ion-milled Scanned Electron Microscopy (SEM) images of the Point Pleasant formation indicate: Horizontal organic extrusion fractures may be indication of overpressure Significant…
  16. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 16
    Utica Shale Eagle Ford Analog Utica Shale Point Pleasant Interval Eagle Ford Porosity Associated with Organic Material Organic Material Lower Eagle Ford, wet gas window Porosity 11.5 % Kerogen 7.7 % Perm = 1034 nD High…
  17. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 17
    Utica Shale Eagle Ford Analog The Point Pleasant member of the Utica is similar to the The Point Pleasant member of the Utica delivers Eagle Ford excellent economics 50% calcite and 20% clay content (which is similar to the…
  18. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 18
    Utica Shale MarkWest Midstream Facilities Cadiz Processing Complex in Harrison County, Ohio Total Cadiz Interim Refrigeration (4Q2012) 60 MMcf/day Hopedale Sarsen & Cadiz I (2Q2013) 125 MMcf/day Fractionator Bluestone Cadiz II…
  19. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 19
    Utica Shale Midstream Update MarkWest experienced challenges to obtain right-of-way and acquire necessary state and federal permitting. Gulfport and MarkWest have been working closely to address these matters and expect the…
  20. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 20
    Utica Shale Condensate Processing Overview Cadiz Gas Hopedale Processing Plant Fractionation Facility Natural Gasoline Markets Y-grade Available for Logistics Blending Canadian Markets Cochin or Southern Lights C4-…
  21. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 21
    Utica Shale Condensate to Canadian Diluent Market Diluent demand in Western Canada is real (1) Alberta In 2011, Canadian producers imported 140,000 BPD of condensate diluent (95,000 BPD via pipeline and 55,000 BPD via rail)…
  22. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 22
    Hackberry Asset Overview (1) Production (2) Net proved reserves of 2.15 MMBoe Average net production of 2,484 Boepd 11 gross PUD locations 39% of Gulfports total net production Net probable reserves of 0.28 MMBoe 96% oil weighted…
  23. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 23
    West Cote Blanche Bay Asset Overview (1) 2013 Planned Activities (2) Net proved reserves of 4.82 MMBoe Currently running one drilling rig 36 gross PUD locations and hundreds of other Plan to drill 22 to 24 wells and perform…
  24. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 24
    Oil Sands Overview Oil Sands Summary Oil Sands resource development commenced in the 1960s Steam-assisted Gravity Drainage (SAGD) technology developed in the 1980s Land grab in 2006 - 2007 resulted in Albertas highly prospective…
  25. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 25
    Grizzly Oil Sands Gulfport has interest in a substantial position in the Canadian oil sands by way of a 24.9% interest in Grizzly Oil Sands ULC (Grizzly) Grizzly is effectively the last major private company in the oil sands without a…
  26. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 26
    Rail Transportation Strategy Grizzly is establishing infrastructure to transport Potential Rail Transportation Routes bitumen via rail, leading to more flexibility to realize consistently higher bitumen values Grizzly is investing in…
  27. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 27
    Benefits of Rail & How it Addresses the Issues Facing Oil Sands Producers Issue Rail Solution 1) Limited Ability to Export Internationally In General: Currently via Pipelines Western Canada is already connected by rail to the West,…
  28. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 28
    Benefits of Rail & How it Addresses the Issues Facing Oil Sands Producers Issue Rail Solution 4) The Cost Associated with the Significant In General: Percentage of Condensate Required to Undiluted bitumen can be moved in coiled and…
  29. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 29
    Algar Lake: 10,000 to 12,000+ bbls/day 100% W.I. in 56,960 contiguous acres Regulatory approved for 11,300 bbls/d 65 cored delineation wells & 21 km2 3-D seismic 10 km northwest of the JACOS Hangingstone SAGD project ( 6,100…
  30. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 30
    Algar Lake: Construction Update Evaporator Tower & Construction Tank Farm Office / Phase 2 Site Well Pad Central Processing Facility 31 Note: Gulfport Energy Corporation owns 24.9% of Grizzly Oil Sands ULC
  31. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 31
    Algar Lake: Construction Update Algar Lake Facility Control Room 32 Note: Gulfport Energy Corporation owns 24.9% of Grizzly Oil Sands ULC
  32. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 32
    May River 100% W.I. in 46,700 acres in MEG Statoil/PTTEP Kai Kos Dehseh THORNBURY the Athabasca oil sands area 10,000 bbls/d Current Prod. 200,000 bbls/d Peak Prod. CENOVUS / COP NEXEN / OPTI STATOIL PTTEP LEISMER On February…
  33. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 33
    Permian Basin Overview Permian Basin Summary Permian Basin Map The first commercial oil well in the Permian Basin was completed in 1921 Production in the Permian had declined from 1993 through 2007 Since 2007, technological…
  34. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 34
    Diamondback Energy Gulfport has interest in a position in the Permian Basin in West Texas by way of a 13.5% interest in Diamondback Energy, Inc. (NASDAQ: FANG) Diamondback Energy Summary (1) Oil-focused operator in the Permian…
  35. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 35
    Appendix A 36
  36. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 36
    Vertical Integration Gulfport is focused on controlling costs, takeaway capacity, and quality of third party services through vertical integration Control of Costs and Quantity Increased Prices through Control of Takeaway Gator…
  37. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 37
    Hedged Production Gulfport Energy Corporation Fixed Price Swaps 2013E Month Weighted Average Daily Price Barrels Per Day May-13 101.96 5,000 Jun-13 101.96 5,000 Jul-13 99.86 5,000 Aug-13 99.86 5,000 Sep-13 99.86 5,000 Oct-13…
  38. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 38
    Historical Cash Margins Year Ended December 31, ( in millions) 2008 2009 2010 2011 2012 Statement of Operations Oil and Natural Gas Sales 141.7 85.6 128.0 229.0 248.6 EBITDA 136.0 55.8 89.7 172.7 191.4 Interest Expense 4.8 2.3 2.8…
  39. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 39
    2012 Proved Reserve Summary Net Reserves as of December 31, 2012 Oil Gas Total PV-10 (MM) (MMBbls) (MMcf) (MMBoe) SEC (1) NYMEX Strip (2) Proved Developed Producing 1.88 4.95 2.70 119 121 Proved Developed Non-Producing 3.34 13.53…
  40. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 40
    Utica Shale Summary of Initial Results Production Mix Completion Days Length of Frac Initial Rate Well Name County Oil Gas NGLs Shrink Factor (1) Date Rested Lateral (feet) Stages (Boe/d) (1) Wagner 1-28H Harrison 5/28/2012 60…
  41. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 41
    Niobrara Asset Overview (1) 11,515 net acres Net proved reserves of 220 MBoe Net probable reserves of 160 MBoe (2) Gulfport operated Upside Utilizing application of 3-D seismic to aid in well positioning Application of modern…
  42. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 42
    Thailand Gulfport owns interests in four onshore concession blocks in Thailand Sin Phu Horm gas field in block 15/43 produced 103 MMcf per day of natural gas and 461 barrels per day of condensate in 4Q12 Gulfport owns 0.7%…
  43. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 43
    Appendix B Grizzly Update 44
  44. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 44
    Reserves & Resources Reserves and Resources Clastics Contingent Proved Reserves Clastics Probable Reserves 90% Contingent Resources Carbonates Contingent Resources Contingent Proved Carbonates Probable 2% 6% 2%…
  45. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 45
    Reserve & Resource Summary Current Project Development Schedule (1) 355,000+ 5,500+ 154,200+ 15,000+ 16,500+ 81,600+ 5,500+ 13,600+ 5,500+ 5,500+ 2013 2015 2016 2017 2019 2018 2021 2020 2021 2022 2022 2030…
  46. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 46
    May River: Regional Overview Regional Overview of May River Property Project Current and Planned Production Phase Bbl/day Status Cenovus/ConocoPhillips 1 A 8,000 Operating MEG THORNBURY Christina Lake B 10,000 Operating C 40,000…
  47. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 47
    May River: Ideally Situated Near Infrastructure The May River property is in close proximity to Infrastructure Surrounding May River Property existing key infrastructure The May River lease is located 130 km southeast of the City of…
  48. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 48
    Thickwood Hills 10,000+ bbls/day 100% W.I. interest in 38,400 contiguous acres 59 cored delineation wells drilled 107 mmbbls of contingent resources Reservoir characteristics (Wabiskaw D): Bitumen sand covers entire land block…
  49. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 49
    ARMS Development Model Grizzlys Advanced, Relocatable, Modular, Standardized (ARMS) Development Model uses proven technologies in a more flexible, compact form Reduced cost Shop focused construction vs. field 50% smaller footprint…
  50. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 50
    Arms Development Model Requires 50% Smaller Footprint Traditional SAGD Development (10,000 bbls/d) Central Plant footprint of 16 to 33 ha* custom built for reservoir Electrical Buildings Glycol Cooler Glycol Building Tank Building…
  51. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 51
    Oil Sands: Recent Transaction Comps Transaction 2P + BE Announcement Transaction Value Value 2P Reserves Contingent Acquiror Seller Target Date US mm Net Acres US /acre mmbbls mmbbls / 2P + BEC Public Sunshine Oilsands IPO Sunshine…
  52. JULY 2013 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 52
    Gulfport Energy Headquarters Paul Heerwagen 14313 North May Avenue, Suite 100 Director Investor Relations Oklahoma City, OK 73134 (405) 242-4888 www.gulfportenergy.com pheerwagengulfportenergy.com

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