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Q4 2012 EARNINGS CALL – Gulfport Energy Corp.

Gulfport Energy Corp. · Feb 27, 2013 · 48 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. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 1
    Investor Presentation February 2013
  2. Q4 2012 EARNINGS CALL – 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): 2.8…
  3. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 3
    Key Investment Highlights Most levered to the core of the Utica Shale of eastern Ohio with approximately 137,000 gross (128,000 net) acres under lease today Acreage in one of the most promising up-and-coming oil-levered plays in North…
  4. Q4 2012 EARNINGS CALL – 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. Q4 2012 EARNINGS CALL – 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 = 458 - 512 Million Average Daily Oil Equivalent Midpoint Boepd 21,370 22,192 Hackberry…
  6. Q4 2012 EARNINGS CALL – 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. Q4 2012 EARNINGS CALL – 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. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 8
    Asset Overview 9
  9. Q4 2012 EARNINGS CALL – 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. Q4 2012 EARNINGS CALL – 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) 1.68 1.49 0.54 0.50 0.48 0.38 0.35 0.35 Net…
  11. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 11
    Utica Shale Overview Utica Shale Activity Map Chesapeake Mangun 8H Enervest 3.1 Mmcfpd + 1,015 Bblpd liquids Six 400 Bbl tanks on location Asset Overview (1) Frank 2H Chesapeake 24-Hour Test Rate of 1.2 MMcfd + Conglio 6H Rex…
  12. Q4 2012 EARNINGS CALL – 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 ten Gulfport-operated wells averaged a peak rate of 798 barrels of condensate per day, 10.0…
  13. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 13
    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…
  14. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 14
    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…
  15. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 15
    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…
  16. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 16
    Utica Shale MarkWest Midstream Facilities Cadiz Processing Complex in Harrison County, Ohio Total Cadiz Interim Refrigeration (4Q2012) 60 MMcf/day Harrison Sarsen & Cadiz I (1Q2013) 125 MMcf/day Fractionator Bluestone Proposed…
  17. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 17
    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-…
  18. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 18
    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)…
  19. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 19
    Hackberry Asset Overview (1) 2012 Activities (2) Net proved reserves of 2.15 MMBoe Average net production of 2,366 Boepd 11 gross PUD locations 36% of Gulfports total net production Net probable reserves of 0.28 MMBoe 97% oil…
  20. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 20
    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…
  21. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 21
    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…
  22. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 22
    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…
  23. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 23
    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…
  24. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 24
    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,…
  25. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 25
    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…
  26. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 26
    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…
  27. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 27
    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…
  28. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 28
    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…
  29. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 29
    Diamondback Energy Gulfport has interest in a position in the Permian Basin in West Texas by way of a 21.4% interest in Diamondback Energy, Inc. (NASDAQ: FANG) Diamondback Energy Summary (1) Oil-focused operator in the Permian…
  30. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 30
    Appendix A 31
  31. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 31
    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…
  32. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 32
    Hedged Production Gulfport Energy Corporation Fixed Price Swaps 2013E Month Weighted Average Daily Price Barrels Per Day Feb-13 101.96 5,000 Mar-13 101.96 5,000 Apr-13 101.96 5,000 May-13 101.96 5,000 Jun-13 101.96 5,000 Jul-13…
  33. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 33
    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…
  34. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 34
    2012 Proved Reserve Summary Net Reserves as of December 31, 2011 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…
  35. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 35
    Utica Shale Summary of Well Results Production Mix Completion Length of Lateral Frac IP Rate Well Name County Oil Gas NGLs Shrink Factor (1) Date (feet) Stages (Boe/d) (1) Wagner 1-28H Harrison 5/28/2012 8,143 28 4,650 9% 50% 41%…
  36. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 36
    Niobrara Asset Overview (1) 11,788 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…
  37. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 37
    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%…
  38. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 38
    Appendix B Grizzly Update 39
  39. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 39
    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%…
  40. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 40
    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…
  41. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 41
    Algar Lake: Construction Update Evaporator Tower & Construction Tank Farm Office / Phase 2 Site Well Pad Algar Lake Facility Central Processing Facility 42 Note: Gulfport Energy Corporation owns 24.9% of Grizzly Oil Sands…
  42. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 42
    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…
  43. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 43
    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…
  44. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 44
    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…
  45. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 45
    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…
  46. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 46
    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…
  47. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 47
    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…
  48. Q4 2012 EARNINGS CALL – Gulfport Energy Corp. – slide 48
    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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