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APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Apr 10, 2012 · 33 slides

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Slides

  1. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 1
    Investor Presentation April 2012
  2. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Wattenberg Field Market Cap: 830 million (Niobrara & Codell) North Park Basin Share Price: 21.00 (Niobrara) 20,817 Mboe 1P Shares Outstanding(1): 39.5 million 611 Mboe 1P 59% Oil 100% Oil 100+% Production…
  3. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 3
    Growing Up FAST Proved Reserves(1) (MBoe) Production(1) (Boe/d) 50,000 10,000 RANGE 9,000 40,000 8,000 7,000 G 30,000 6,000 U I 5,000 D A 20,000 4,000 N C 3,000 E 10,000 2,000 1,000 0 0 2007 2008 2009 2010…
  4. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 4
    YE 2011 Proved Reserves PDNP Gas 13% 36% PUD Oil PDP 61% 56% 26% NGL 8% YE 2011 YE 2010 33% Increase in Proved Reserves 43.7 MMBoe 32.9 MMBoe 72% Increase in PV-10 794.0 MM 461.6 MM 5 * Proved reserve pricing based…
  5. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 5
    Organic Growth Pipeline Wattenberg North Park Brown Niobrara Niobrara Dense 30-60 MMBoe 30 MMBoe 67 MMBoe 6
  6. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 6
    Significant Leverage to Oil & Liquids 2011 Revenue Contribution Cash Margin Percentage (/Boe) (1) 112 Million 70.09 12% Natural Gas 64% Cash Margin 88% Liquids 12% Cash G&A 5% Prod. Taxes 19% LOE 7 (1) Average…
  7. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 7
    2012 Capital Program 2011 CAPEX 2012 CAPEX Budget 165 MM 250 MM Rocky Mountains Vertical: 52 MM Vertical: 72 MM 66 wells (Wattenberg) 92 wells 2 wells (North Park) Horizontal: 99 MM Horizontal: 25 MM 24 wells (Wattenberg) 4…
  8. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 8
    Solid Foundation for Growth 30,000 net acres in oil-weighted sweet spot Wattenberg Horizontal Niobrara Outstanding results from BCEI, NBL & APC 215 horizontal drilling locations at 80 acre spacing 1,200 drilling locations; 400…
  9. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 9
    Rocky Mountain Operations (Colorado) 10
  10. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 10
    Horizontal Niobrara Growth Engine Boe/d 12,000 10,000 Vertical + Horizontal Niobrara 8,000 6,000 4,000 2,000 Vertical Only 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 By 2013 HZ Niobrara production 2x…
  11. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 11
    Consistent Results from Wattenberg State Whitetail 14-11-36HZ NBL Wells Ranch 9,000 Lat. IP: 642 BOEPD IP: 900 BOEPD 30-day: 356 BOEPD EUR: 750,000 BOE 3D SEISMIC State Antelope 11-14-1HZ IP: 886 BOEPD 30-day: 516 BOEPD…
  12. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 12
    Wattenberg Horizontal Niobrara Economics Economic Assumptions EUR(1) 312,000 Boe; 65% Oil 30-day IP 469 Boe/d Cost per Well 4.0 MM NPV-10 at 80/BO 4.1 MM NPV-10 at 100/BO 6.1 MM Locations 215 Oil Price Sensitivity(2) ( /…
  13. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 13
    Wattenberg Horizontal Upside Technology Drives Potential 1) Extended Reach Laterals (9,100 +/- ft.) 2) Codell Horizontal Development NBL: 750 MBoe EUR Anadarko Results (30-day rate) NBL: 7.5 MM well cost (reported) PSC 12C-13HZ:…
  14. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 14
    Wattenberg Resource Targets CURRENT DEVELOPMENT FUTURE TARGETS 15
  15. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 15
    North Park Basin Niobrara Economic Assumptions EUR(1) 211,000 Boe 30-day IP 304 Boe/d % Oil 90% Cost per Well 5.1 MM NPV-10 at 80/BO 2.1 MM NPV-10 at 100/BO 3.9 MM Bonanza Creek acreage Type Curve(2) (Boe/d) 350 300…
  16. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 16
    Mid-Continent Operations (Arkansas) 14,980 gross (13,474 net) acres; 100% HBP ERA SYSTEM SERIES GROUP FORMATION CENOZOIC EOCENE Claiborne PALEOCENE Wilcox TERTIARY Midway Primary Target: Cotton Valley: 4,000 7,000 feet CRETACEOUS…
  17. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 17
    Mid-Continent Stable, Long-Life Growth Boe/d 6,000 5,000 4,000 3,000 2,000 1,000 0 2008 2009 2010 2011 2012 2013 2014 400% increase in production since acquisition Forecast based on 10-acre spacing 18
  18. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 18
    Dorcheat-Macedonia Economics Economic Assumptions EUR(1) 152,000 Boe Peak 30-day IP 103 Boe/d % Oil & Liquids 60% Cost per Well 1.7MM NPV-10 at 80/BO 1.9 MM NPV-10 at 100/BO 2.8 MM Oil Price Sensitivity(3) ( / BO WTI)…
  19. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 19
    Financial Overview 20
  20. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 20
    2012 Guidance Category Metric Total: 3,175 - 3,650 Mboe Production Average Net Daily Production: 8,700 - 10,000 Boe/d Percent Oil & NGLs: 69% Lease Operating: 7.20 - 8.20 Operating Costs and Expenses Severance and Ad Valorem:…
  21. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 21
    Capitalization & Liquidity Well Positioned for Continued Growth Borrowing Base 220 Million Outstanding at December 31, 2011 6.6 Million Renegotiating Debt Agreement Increasing Size and Hedging Capabilities 22
  22. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 22
    Company Hedge Positions(1) Commodity & Contract Term Type Volume Floor Ceiling Price Crude Oil April 1 - December 31, 2012 collar 13,956 Bbl./Month 90.00 123.00 - April 1 - December 31, 2012 collar 30,000 Bbl./Month 90.00 102.00…
  23. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 23
    Bonanza Creek High Growth Story Highest company leverage to Wattenberg Niobrara Oil & liquids focused; 100+% production growth in 2012 Proven management team Strong balance sheet considerable cash flow and credit…
  24. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 24
    Corporate Information Company Headquarters Investor Relations 410 17th Street, Suite 1500 James M. Masters Investor Relations Manager Denver, Colorado 80202 (720) 440-6121 (720) 440-6100 Main jmastersbonanzacrk.com (720)…
  25. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 25
    Appendix 26
  26. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 26
    Experienced Management Team Founder of predecessor companies Mike Starzer Prior: Executive and Engineering roles at Unocal and Berry Petroleum President & CEO B.S. in Petroleum Engineering, Colorado School of Mines; M.S. in…
  27. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 27
    Wattenberg Horizontal Niobrara Economics Individual Well Profile Individual Well Type Curve(2) Boe/d 30-day IP (gross) 469 Boe/d 500 EUR (gross)(1) 312,000 Boe 400 % Oil 65% 300 Cost per Well 4.0 MM 200 100 NPV-10 at…
  28. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 28
    Close Proximity Niobrara Results IP 24hr Rate per IP 30-day Completion Company Well Name Test Frac Stage Rate % Oil Notes Date (Boe/d) (Boe/d) (Boe/d) Bonanza Creek State Antelope 11-2HZ 7/24/11 738 46 362 72% 4,672 ft. lateral;…
  29. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 29
    DJ Basin Verticals Predictable Development Inventory (Codell & Niobrara) Development Assumptions 65 Boe/d 30-day IP (gross) Individual Well Type Curve(3) 78,000 Boe EUR (gross)(1) 219 gross PUD locations(2) (Boe/d) Average 80.6%…
  30. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 30
    Cotton Valley Lenticular Oil Sands Focused completion technology Dorcheat Unit 37 DORCHEAT UNIT 37 Bbl/d Mcf/d Boe/d improves recovery Highly repeatable 30-day IP 93 1,326 314 Consistent historical results 1 Year Exit Rate 27 574…
  31. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 31
    DorcheatMacedonia Field Stable and Growing Production Base Development Assumptions Initial 30-day IP: 67 Boe/d; Peak 30-day IP: 103 Boe/d Type Curve(3) 152,000 Boe EUR (gross)(1) (Boe/d) 139 gross PUD locations(2) Average 80.7%…
  32. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 32
    Mid-Continent Gas Processing Facilities General Overview Approximately 150 miles of gathering lines Nevada Processes minor quantities of third party natural gas Facilities interconnect into the CenterPoint Energy pipeline system…
  33. APRIL 2012 INVESTOR PRESENTATION – Bonanza Creek Energy, Inc. – slide 33
    California Region Acreage: 8,940 gross (5,012 net) 100% HBP Thermal development opportunity in Kern River and Midway Sunset 16.5 MMBoe original oil in place(1) Proved Reserves: 0.7MMBoe 100% crude oil 37% developed Operate…

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