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IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Sep 27, 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. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 1
    IPAA 9th Annual Oil & Gas Investment Symposium September 27, 2011
  2. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 2
    Market Data Headquartered: Houston, Texas (NYSE:GDP) Market Data as of September 20, 2011 Price 14.91 Per Share Shares Of Common Stock Outstanding (Basic) 36.1 Million Market Capitalization 540 Million Enterprise Value 1,160…
  3. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 3
    Capitalization Table ( in 000s) As of June 30, 2011 Cash, Restricted Cash & Equivalents 31,350 Current Debt: Senior Credit Facility (1) 22,500 Convertible Senior Notes due 2026 (2) 26,500 Long-term Debt: Convertible Senior Notes…
  4. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 4
    Company Profile & Strategy Growth oriented low cost E&P company focused on Proved Reserves Growth unconventional resource plays in Louisiana and Texas. (Bcfe) Multiple objectives with long life reserves and repeatability Proven…
  5. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 5
    FYE 2010 Reserve Overview Proved Reserves by Area 3P Resource Potential by Area (Unrisked) (1) Shelby Trough / ART Eagle Ford 2% CV - Vertical 1% Eagle Ford 1% 12% CV - Vertical 18% Shelby Trough Cotton Valley Taylor Sand / ART…
  6. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 6
    2011 Drilling Program % of Area ( MM) total 2011 Capex Allocation Leasehold / Infrastructure Eagle Ford Shale Trend 175 56% Cotton Valley 6% Taylor Sand Haynesville Core (NW La.) 65 20% 10% Shelby Trough Cotton Valley Taylor Sand…
  7. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 7
    Production Volumes (Average Net Daily Mcfe) 120,000 40 36.60 110,000 35 100,000 32.24 92,400 30 81,600 GDP Stock Price 80,000 MCFE Per Day 25 66,100 24.94 60,000 20 15.80 43,800 15 40,000 14.91 10 20,000…
  8. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 8
    Hedging Summary Daily Natural Gas & Crude Oil Hedged Volumes (NYMEX) 2011 2012 Natural Gas Natural Gas Volume Volume (MBtu/d) Floor Ceiling (MBtu/d) Floor Ceiling Swap 1 20,000 5.35 Collar 1 10,000 6.00 7.40 10,000 6.00 7.40…
  9. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 9
    GDP Cash Flow Growth 50 45 40 GDP Quarterly EBITDAX (MM) 35 30 25 20 15 10 5 0 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 EBITDAX 10
  10. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 10
    Core Properties NORTH LOUISIANA HAYNESVILLE CORE Gross (Net) Acres: 32,600 (16,400) Proved Reserves (YE10): 230 Bcfe Proved Reserves % PD: 34% Proved Reserves PV-10: 155mm Probable/Possible Potential (1): 892 Bcfe Objective:…
  11. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 11
    Eagle Ford Shale Trend Overview Pay Zones OLMOS ANACACHO TEXAS AUSTIN CHALK TEXAS EAGLE FORD 90 105 feet BUDA 12
  12. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 12
    Eagle Ford Shale Trend Oil Window La Salle and Frio Counties, Texas Approximately, 60% of capex budget allocated to EFS Trend, which will drive rapid oil volume growth Eleven Eagle Ford Shale wells (Avg. 800 BOE/day) and three…
  13. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 13
    Eagle Ford Shale Trend Goodrich Acreage: 55,000 gross (39,000 net) acres 14
  14. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 14
    Eagle Ford Shale Activity -2000 -4000 Chesapeake -3000 Traylor North 1H IP: 980 BOE/day GDP -5000 Cabot O & G -4000 Lancaster C 1H (Buda) Patrick West 1H IP: 512 BOE/day GDP IP: 355 BOE/day Carnes 6H (Buda) IP: 1,635 BOE/day…
  15. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 15
    Eagle Ford Shale Type Curve 1200 Normalized Production (BOE/day) 1000 800 600 400 200 0 0 6 12 18 24 30 36 42 48 54 60 Production Month Low TC - 375 MBoe Mid TC - 475 MBoe High TC - 635 MBoe ANNUAL DECLINE RATES:…
  16. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 16
    Eagle Ford Shale Well Economics Mid-Case Type Curve (475 MBoe / 6,000 ft lateral) High-Case Type Curve (635 MBoe / 9,000 ft lateral) 175% 175% 150% 150% 125% 125% 100% 100% 75% 75% 50% 50% 25% 25% 0% 0% 70.00…
  17. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 17
    Haynesville Shale Overview Pay Zones GDP 90,000 Net Acres TAYLOR TAYLOR SAND SAND TEXAS 100 300 feet LOUISIANA TEXAS LOUISIANA 18
  18. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 18
    Haynesville / Bossier Shale Activity GDP GreenwoodWaskom Field Harrison Co. Core Haynesville horizontal Avg. EUR: 7.2 Bcfe Bossier Ph. Caddo Ph. CHK / GDP wells Avg. EUR: 7.0 Bcfe Panola Co. N. LA. Core DeSoto Ph. GDP…
  19. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 19
    Haynesville Type Curve North Louisiana Core Low (6.5 Bcfe) Base (7.5 Bcfe) High (8.5 Bcfe) 100,000 IP rate (MMcf/d) 14.0 15.5 19.5 IP rate (30 day avg. MMcf/d) 10.0 11.0 15.5 Gross EUR (Bcf) 6.5 7.5 8.5 Pretax IRR 20% 30% 49% F&D…
  20. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 20
    Haynesville Well Performance North Louisiana Core Bethany Longstreet, Greenwood-Waskom & Metcalf Fields Haynesville Horizontal Well Performance 11,000 300 Well Count 10,000 Hay Hz Well Group 9,000 250 Average Daily Production…
  21. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 21
    Haynesville Shale Well Economics Mid-Case Type Curve (7.5 Bcfe) 150% 125% 100% 75% 50% 25% 0% 4.00 5.00 6.00 7.00 8.0 MM 9.0 MM 10.0 MM Note: NYMEX pricing shown. IRR calculation assumes NYMEX pricing less 0.50/Mcf price…
  22. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 22
    Shelby Trough Haynesville Shale Activity Haynesville Shale Penetrations GDP Minden / Beckville GDP Acreage Panola Co. Haynesville Shale Permits Haynesville Rig Activity GDP Bethany Longstreet DeSoto Ph. GDP South Henderson…
  23. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 23
    Shelby Trough Bossier Shale Activity Haynesville Shale Penetrations GDP Minden / Beckville GDP Acreage Panola Co. Haynesville Shale Permits Haynesville Rig Activity GDP Bethany Longstreet GDP (R. Dean 2H) Bossier Shale…
  24. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 24
    Angelina River Haynesville Type Curves (Restricted Choke Program) 100,000 10,000 Gas Rate (Mcfpd) 1,000 8 Bcfe 10 Bcfe 12 Bcfe 14 Bcfe 100 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 Producing Month…
  25. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 25
    ART Haynesville Shale Well Economics Estimated 12.0 Bcfe Curve 150% 125% 100% 75% 50% 25% 0% 4.00 5.00 6.00 7.00 11.0 MM 12.0 MM 13.0 MM Note: NYMEX pricing shown. IRR calculation assumes NYMEX pricing less 0.50/Mcf price…
  26. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 26
    Potential Impact of the Haynesville Shale Net Proved Gross Net Per Well Gross Reserve Estimates (1): Reserves Probable & Probable & Area (Bcfe) Possible Wells(1) Possible Wells(1) 6.5 Bcfe 7.5 Bcfe 8.5 Bcfe Potential Net Impact on…
  27. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 27
    Cotton Valley (Taylor Sand) Beckville, Minden & South Henderson Fields / Rusk & Panola Counties, Texas Beckville & Minden: Shallow Deep GDP Gross Acres: 46,000 acres 46,000 acres KF WH Carter A2 GU B2H Net Acres: 39,800 acres 37,200…
  28. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 28
    Cotton Valley Taylor Sand Type Curve 12,000 Normalized Production (Mcf/day) 10,000 8,000 6,000 4,000 2,000 0 0 6 12 18 24 30 36 42 48 54 60 Production Month Low TC - 7.5 Bcfe Mid TC - 8.5 Bcfe High TC - 9.5 Bcfe ANNUAL…
  29. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 29
    Cotton Valley Taylor Sand Well Economics Mid-Case Type Curve (8.5 Bcfe) 200% 150% 100% 50% 0% 70 Bbl / 4.00 Mcf 80 Bbl / 5.00 Mcf 90 Bbl / 6.00 Mcf 100 Bbl / 7.00 Mcf 7.5 MM 8.0 MM 8.5 MM Note: NYMEX pricing shown.…
  30. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 30
    Tuscaloosa Marine Shale Emerging shale oil play 79,000 net acres leased Net cost 14 million or 175 / acre Vintage wells define oil saturation and rock quality Average depth 11,000 13,000 TVD Thickness 100 200 High quality…
  31. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 31
    Tuscaloosa Marine Shale Activity Map ECA Prospective Area 100 TMS Thickness ECA Anderson 17H 1 Horseshoe Hill 10H 1 Permitted Permitted ECA Board of Education 1H Horizontal Re-Entry IP: 373 Bopd, 12/64 choke 1770 FCP 8 successful…
  32. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 32
    Drilling Inventory (Unrisked) 2011 Capital Program Total Inventory Net Net Proved, 2011 Net Gross Net Probable / Probable, Unrisked YE10 Probable Probable Possible Possible Capital Proved and and Resource Resource Gross Net…
  33. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 33
    Estimated Sum of the Parts Valuation Range Asset Amount (1) Metric ( in millions) Low High Low High Flowing Production Multiple 113,300 Mcfe/day 8,000 / Mcfe 12,000 / Mcfe 906 1,360 Proved Undeveloped Reserves 272 Bcfe 1.50 / Mcfe…
  34. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 34
    Why Invest in Goodrich Petroleum Quality of reserves and inventory has never been this good Excellent exposure to Eagle Ford and core Haynesville Shale plays. Great leverage to the Tuscaloosa Marine Shale play and higher natural gas…
  35. IPAA'S 9TH ANNUAL OIL & GAS INVESTMENT SYMPOSIUM – Goodrich Petroleum Corp. – slide 35
    36

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