Executive Management Team CEO Emerald Oil & Gas NL from 2009 and Emerald Oil Inc since 2011 Michael Krzus Petroleum engineer with over 29 years of international experience developing oil and gas assets Director & CEO Has held…
Corporate Overview Emerald Oil, Inc. Listing: NYSE MKT - EOX Shares Outstanding: 23.9 million shares Market Cap. at 5.40/share (1) : 129 million Debt Outstanding: 15 million (2) Cash: 20 million (3) Enterprise Value: 124…
Company Overview Emerald Oil, Inc. Assets Focus on development of the Tiger Ridge gas play Williston Basin acreage 74,700 Net Acres in Blaine, Hill, and Williston Basin 48,800 Net Acres in 15-month drilling budget - 72.5 million…
Williston Basin Overview Williston Basin Bakken Lodgepole Total Petroleum System Oil focused play 90% is premium crude (42 API) Low sulfur at 5% Size and scale of de-risked play 8 million acre or 12,500 square-mile continuous oil…
Emerald Oil Company Overview Williston Basin Williston Basin Acreage Overview Emerging Oil Plays 48,800 net acres in the Williston 45,100 net acres in the Sandwash 4,500 net operated acres in Niobrara McKenzie County, ND Other…
Investment Considerations Significant Williston Oil 48,800 net acre position in the core of the Williston Basin Exposure at Compelling EOX at 5.40 per share would trade at 874 per net Bakken acre vs. the peer group average of 7,657…
Oil-Weighted Reserve & Production Growth Average Daily Net Production Per Period (Boe/d) Williston Reserves and Potential Upside (6/30/2012) 120 2,500 101.5 2,000+ 100 2,000 80 1,500 60 938 972 1,000+ 1,000 625 40 500 362 397…
15-Month Drilling Program & Multi-Year Inventory Over the next 15-months Emerald anticipates spending 72.5 million to drill 10 gross (5.0 net) operated wells and 1.9 net non-operated wells in the Williston Basin Emerald has…
Williston Basin 48,800 net acres 11
Williston Basin Acreage Overview Williston Operated Acreage Overview Williston Basin Acreage Overview 4,500 net acres in McKenzie County, ND 6,900 net acres in Dunn County, ND and 6,400 net acres in Richland County, MT 25 gross…
Williston Basin Focus Area Operated Position McKenzie County, ND Williston Basin Focus Area Map McKenzie County, ND Selected Bakken Producing Wells 30 Day IP Avg. IP Company Well (Boe/d)(1) (Boe/d) Stages 1 Zavanna Larsen 32-29 1H…
Williston Basin Focus Area Operated Position McKenzie County, ND Williston Basin Focus Area Drilling Plan McKenzie County, ND Emerald Oil - Planned Operated Wells Well 1 Mongoose 1-8-5H - dual-pad is ready 2 Arsenal 1-17-20H -…
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…
Williston Basin Focus Area Operated Position Dunn County, ND Williston Basin Focus 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 573…
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)…
Emerging Oil Plays 18
Emerging Oil Plays - Sandwash Niobrara Sandwash Niobrara Overview Sandwash Niobrara Overview 45,100 net non-operated acres in Sandwash Niobrara Moffat & Routt Counties, CO & Carbon County, WY 45% working interest in joint…
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,…
Financial Overview 21
Summary Capitalization Table & Well Development Budget Summary Capitalization Table 15-Month Drilling Budget (72.5 Million) Emerald Oil - Capitalization Summary Adjusted 9/30/12 Debt: Tranche A 15,000 80 Tranche B - Operated…
Peer Company Valuation - EV / Bakken Acre After adjusting for production and net acreage in other project areas, Emerald trades at 874 per net Williston acre vs. the peer average of 7,657 per net Williston acre Williston Public Peer…
Investment Considerations Significant Williston Oil 48,800 net acre position in the core of the Williston Basin Exposure at Compelling EOX at 5.40 per share would trade at 874 per net Bakken acre vs. the peer group average of 7,657…
Appendix 25
Adjusted Enterprise Value Derivation Peer Enterprise Values(1) 11/7/2012 11/7/2012 Companies Symbol Price Shares Mkt. Cap Debt+Pref Cash EV Kodiak Oil and Gas KOG 9.24 264.1 2,440 921 2 3,359 Northern Oil & Gas NOG 15.16 63.6 964…
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…
Strategy & Execution Strategies Ability To Execute 2013 Year End Goals Leverage 25 gross operated DSUs to consolidate and increase lease positions Identify and consolidate core operated Increase net operated Williston basin…
Recent Highlighted Transactions Comparable Bakken Transactions(1) - Transaction Value Per Acre 60,000 50,000 40,000 30,000 20,000 Average 10,588 10,000 Emerald McKenzie Acquisition 3,467 0 11-10 02-11 06-11…
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,…
Hedging Summary Emerald Oil Hedging Contracts as of 10/31/2012 Average Average Collar (C) / Volumes Volumes Quantity Floor Ceiling Contract Counterparty Swap (S) Product Contracted Remaining Type Price Price Months Macquarie Bank…
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