Corporate Profile Bakken Investor Conference June 13-15, 2011
Corporate Highlights Balanced Portfolio Long-Term Growth 68,000 net acres in two premier U.S. liquids resource plays Strong Current Cash Flow/Profitability 5,090 Boe/d of production in 2010 24 Mmboe proved reserves; 60% oil (1)…
Company Overview Bakken Independent oil and natural gas 45,000 net acres company focused in the Southwest, Gulf Coast and Williston Basin Significant upside potential through growing positions in liquids-rich resource Eagle Ford…
Reserves and Production Current Proved Reserves 24.0 MMBOE (1) Proved Reserves (MMBOE)(2) Average Daily Production (BOE/d) (BOE/d) (3) (1) As of January 1, 2011. Excludes partnership interests. (2) 2006 2010 proved…
GeoResources Asset Overview Oil Weighted Development 6
Bakken Shale Overview 45,000 net acres in the Bakken trend Bakken operated project 25,000 net acres in Williams County, ND Drilling started in September 2010 3 wells drilled (4th currently drilling) Interests in 100 spacing units…
Bakken Shale Operated 25,000 net acres in NW Williams County, ND 2011 drilling program averages 27% W.I. Interest in 100 spacing units Bakken AMI Partnered with Resolute Energy in March 10 Retained 47.5% W.I. in acreage First 3…
Bakken Shale Activity Carlson 1-11H Anderson 1-24-13H IP: 685 Bo/d IP: 905 Bo/d (640 ac. unit - short lateral) Siirtola 1-28-33H NFX: Christensen 159-102-17- IP: 840 Bo/d 20-1H Waiting on Compl. Results OAS: Grimstvedt 5703 42-34H…
Bakken Shale - Non-operated 11,000 net acres primarily in Mountrail County, ND W.I. ranges from 1% to 18% Average W.I. of 8% Partnered with experienced operator - Slawson Exploration Slawson has 4-5 rigs currently running…
Eagle Ford Shale 23,000 net acres primarily located in Southwest Fayette County, TX 2011 drilling program averages 45% W.I. Eagle Ford AMI Ramshorn Investments, Inc., an affiliate of Nabors Industries, Ltd. purchased a 50%…
Eagle Ford Shale Volatile oil / gas condensate window On strike with operator activity in Gonzales County Actively drilling Completed drilling operations on first well in Fayette County, Flatonia East Unit 1-H, in February 2011…
Development Economics Development Economics(2) Bakken Shale (Williams Co., North Dakota) Eagle Ford Shale (Fayette Co., Texas) 350 MBO EUR 500 MBO EUR 700 MBO EUR 350 MBOE EUR 500 MBOE EUR Well Assumptions Drill & Completion cost…
Additional Assets
Giddings Field Austin Chalk Bell Robertson Madison 29,000 net acres Giddings Field Acreage 16 wells drilled 100% success Milam 20 additional drilling locations Walk WI ranges from 37% - 53% Operating control Brazos Williamson…
Louisiana - St. Martinville & Quarantine Bay St. Martinville Field 1 2,585 net acres of HBP or leased (yellow), 534 1 1 1 1 1 131 132 133 1 2 1 1 1 net acres of owned minerals (green) 2 136 1…
Financial Overview
Development Program Capital Allocations 2011 Capital Budget ( in millions) Budget recently increased to take advantage of leasing success and strong project inventory Project Budgeted Comments 2011 budget increased from 88 MM to 114…
Strong Financial Position Ability to fund current capital budget with cash flow and undrawn debt capacity Conservative use of leverage to maintain strong balance sheet 145 MM borrowing base Last twelve months EBITDAX(1) = 70.5 MM No…
Investment Highlights Significant upside from Bakken and Eagle Ford shale positions Bakken Shale - 45,000 net acres Eagle Ford Shale - 25,000 net acres Ongoing leasing program to further expand acreage Solid proved reserve and…
Appendix
Management History Track record of profitability and liquidity Extensive industry and financial relationships Significant technical and financial experience Long-term repeat shareholders Cohesive management and technical staff Team…
Proved Reserves Proved Reserves SEC Pricing at 1/1/11 ( in millions) Oil Gas Total % of Corporate Interests MMBO BCF MMBOE Total PV-10 (1) PDP 8.9 33.0 14.4 60.0% 239.6 PDNP 2.3 6.1 3.4 14.2% 68.5 PUD 3.2 18.4 6.2 25.8% 70.2 Total…
Hedge Portfolio GEOI uses commodity price risk management in order to execute its business plan throughout commodity price cycles Oil Hedges Natural Gas Hedges Total Hedged Oil Volume Total Hedged Gas Volume (Bbls) (Mmbtu) 600,000…
Operating Performance Historical Operating Data 3 Mos Ended Years Ended December 31, 3/31/2011 2010 2009 2008 Key Data: Average realized oil price (/Bbl) 85.37 70.33 61.09 82.42 Avg. realized natural gas price (/Mcf) 5.20 5.30 3.97…
Reconciliation of non-GAAP Measure EBITDA Reconciliation 3 Mos Ended Years Ended December 31, 3/31/2011 2010 2009 2008 ( in millions) Net Income 6.1 23.3 9.8 13.5 Add Back: Interest Expense 1.3 4.7 5.0 4.8 Income Taxes 3.8 11.9…
Standardized Measure SEC PV-10 Reconciliation to Standardized Measure(1) ( in millions) 1/1/2011 Direct interest in oil and gas reserves: Present value of estimated future net revenues (PV-10%) 378.3 Future income taxes at 10%…
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