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BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc.

Panhandle Oil and Gas Inc. · May 29, 2014 · 41 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. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 1
    PHX LISTED NYSE
  2. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 2
    Panhandle Oil and Gas Inc. (PHX) Overview Unconventional business model = The Mineral Acreage Advantage Non-operator, participating with largest E&Ps in USA Selective participation with working interest in most economically attractive…
  3. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 3
    Mineral Acreage Ownership Definition Mineral rights are property rights (separate from surface rights) to extract minerals (including oil, natural gas, NGLs) below the surface Property rights in U.S. are special Americans are…
  4. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 4
    PHX Business Model Lower Risk, Higher Returns Direct o wnership o f mineral rights = The Mineral Acreage Advantage 255,300 acres held across 10 states PHX mineral acreage has extremely low cost basis (approximately 90/acre)…
  5. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 5
    THE MINERAL ACREAGE ADVANTAGE (Economic Impact of Working Interest Participation on Mineral Acres) Typical Fayetteville Shale Well Finding Cost, /Mcfe Rate of Return, % (BTAX) 45 1.4 ASSUMPTIONS: 40 19% Lower 55% Higher W.I. NRI…
  6. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 6
    PHX Business Model Lower Risk, Higher Returns N o n-o perated drilling pro gram = use mineral o wnership as leverage Majority of working interest drilling is on perpetually-owned fee mineral acres Large mineral acreage ownership…
  7. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 7
    PHX Business Model Diversified Revenue Sources 70% of revenues from non-operated W.I. production Oil and gas revenues from non-operated working interest (W.I.) production with premier operators Ability to participate in the best…
  8. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 8
    Financial Highlights - Fiscal 2014 Condensed Balance Sheet March 31, 2014 Current assets 19,774,023 Property and equipment 327,540,969 Less accumulated DD&A (193,194,710) Net property and equipment 134,346,259 Other 1,937,219 Total…
  9. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 9
    Financial Highlights Six Months Ended March 31, 2014 Six Months Ended March 31, 2014 2013 Oil, NGL and natural gas sales 39,581,383 26,859,798 Total revenue 38,148,801 26,762,421 Net income 10,580,891 3,170,785 Earnings per share…
  10. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 10
    Price Risk Mitigation Through Hedging Period Volume/Month Costless Collars Gas July - Dec 2014 140,000 mmbtu 3.75 - 4.50 Gas Jan - June 2014 40,000 mmbtu 3.25 - 3.90 Gas Jan - June 2014 50,000 mmbtu 3.50 - 4.30 Gas Jan - June 2014…
  11. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 11
    Cost Structure 6.00 Mcfe Margin 5.00 2.51 Mcfe Margin Mcfe Margin 1.44 4.00 1.41 Average /Mcfe Mcfe Margin 0.46 3.00 G&A, 0.67 G&A, 0.60 G&A, 0.52 G&A, 0.50 LOE/Prod Tax LOE/Prod Tax LOE/Prod Tax 2.00 1.11 1.00 1.06…
  12. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 12
    Asset Pyramid Non-proved undeveloped reserves on fee mineral acres, Fayetteville Shale, Woodford Shales and Western Probable Oklahoma/Texas Panhandle horizontal oil plays and Possible (superior economics due to royalty retention)…
  13. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 13
    Panhandles Mineral Acreage Strategy Results Allows the Company to generate positive financial results, even during low natural gas price environments Ability to maximize return on Company assets through working interest…
  14. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 14
    Cumulative 5-Year Return on Common Stock COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Panhandle Oil & Gas Inc., the S&P Smallcap 600 Index, and the S&P Oil & Gas Exploration & Production Index 300 250 200 150…
  15. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 15
    Current Operating Highlights Rate of Return/Value Creation driven investment philosophy Oil & NGL focused 2014 YTD drilling capital commitments Western Oklahoma/Texas Panhandle oil 29% Cana Woodford NGL and Southern Oklahoma Woodford…
  16. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 16
    Pending Eagle Ford Acquisition Locator Map 17 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  17. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 17
    Pending Eagle Ford Acquisition Highlights Located in the core of the Eagle Ford Shale oil window in La Salle and Frio Counties, TX Proximal operators include EOG, Chesapeake, Cabot and Carrizo Contiguous held by production acreage…
  18. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 18
    Mineral Holdings Significant Mineral Acreage Holdings 120 Net Acres (Thousands) 100 80 60 40 20 0 OK NM TX ND AR Leasehold 19 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  19. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 19
    Reserve Statistics Ex ceptio nal Reserve Gro wth Proved reserves at Mid-Year 2014 Proved reserves increased to 159.0 Bcfe SEC Flat Pricing PV10 - 207.5 million (3.72/Mcf, 94.95/Bo & 27.99/Bngl wellhead) NYMEX Futures Pricing PV10 -…
  20. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 20
    MCFE 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 500,000 0 12. 31. 200 7 3.3 1. 2 008 6.3 0. 2 008 9.3 0. 2 008 12. 31. 200 8 3.3 1. 2 009 6.3 0. 2 GAS 009 9.3 0.…
  21. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 21
    Mid-Year 2014 Reserves and Second Quarter 2014 Production and Revenue by Product Gas NGL Oil 100 6% 14% 11.4% 8% 20.3% 8.9% 29.1% 80 37.3% 8.2% 60 86% 40 79.7% 62.7% 20 0 Mid-Year Second Quarter Second Quarter…
  22. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 22
    Unit Costs Per MCFE DD&A LOE/Prod Tax G&A 8.00 7.00 6.00 Total 5.00 4.51 Total /Mcfe 4.24 Total 0.65 3.87 Total Total 4.00 0.49 3.43 Total 3.40 3.27 0.63 1.30 0.90 3.00 0.67 0.60 0.52 1.08 1.11 1.00 1.06…
  23. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 23
    Annual Production Per Debt Adjusted Share Gas-Mcf Oil & NGL Mcfe Gross Producing Wells 2.00 7,000 1.80 6,105 6,000 5,666 1.60 5,107 Total 4,989 1.50 Gross Producing Wells 1.40 4,861 5,000 4,593 0.24 Total…
  24. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 24
    Proved Reserves Per Debt Adjusted Share Proved Developed Reserves Per Share Proved Undeveloped Reserves Per Share 24.00 22.00 20.00 Total 17.56 18.00 Mcfe/Share Total 6.79 16.00 Total 14.09 14.00 Total 13.30 12.31…
  25. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 25
    3P Undeveloped Reserves Per Debt Adjusted Share Reserves per Share 70.0 60.0 50.0 Mcfe/Share 49.92 40.0 41.03 41.63 38.99 30.0 27.52 20.0 19.69 10.0 0.0 2008 2009 2010 2011 2012 2013 Debt Adjusted Shares…
  26. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 26
    Western Oklahoma Anadarko Basin 27 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  27. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 27
    PHX Drilling Activity in Western Oklahoma and the Texas Panhandle Hemphill County Ellis County Cleveland Marmaton Apache Cleveland EOG, CHK Roger Mills County Marmaton Cleveland Apache, CHK Beckham County Hogshooter…
  28. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 28
    Anadarko & Ardmore Basin Woodford Shales 29 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  29. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 29
    Anadarko & Ardmore Basin Woodford Shales Diverse mineral ownership across initial plays Interest (WI or RI) in 11% of all producing wells in the play PHX wells primarily operated by Devon, Cimarex, Continental and XTO Current…
  30. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 30
    Anadarko Basin Cana Woodford Shale Core Core Development Area Devon, Cimarex 31 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  31. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 31
    Southern Anadarko Basin and Ardmore Basin Woodford Continental, Newfield, Marathon XTO 32 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  32. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 32
    Arkansas Fayetteville Shale 33 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  33. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 33
    Arkansas Fayetteville Shale Diverse mineral and leasehold ownership across the play Interest (WI or RI) in 24% of all producing wells in the play PHX wells primarily operated by Southwestern Energy Current production 14.2 Mmcfe per…
  34. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 34
    Arkansas Fayetteville Shale SWN, XTO 35 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  35. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 35
    The Panhandle Oil and Gas Advantage Broadly diversified perpetual mineral holding Total US mineral ownership of 255,000 acres with geographic and product diversity Substantial advantage in capital efficiency due to mineral ownership…
  36. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 36
    Southeastern Oklahoma Woodford Shale 37 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  37. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 37
    Southeastern Oklahoma Woodford Shale Diverse mineral ownership across the play Interest (WI or RI) in 17% of all producing wells in the play PHX wells primarily operated by Newfield, Devon, BP and PetroQuest Current production 4.4…
  38. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 38
    Southeastern Oklahoma Woodford Shale Current Development Area Newfield, Devon, BP, Petroquest, XTO 39 Benchmark One-on-One Investor Conference Milwaukee, WI May 29, 2014
  39. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 39
    Year-End 2013 SEC Proved Reserves SEC Proved Reserves by Reserve Category PDNP 2.1 Bcfe 1.4% PUD 58.7 Bcfe PDP 38.7% 91.0 Bcfe 59.9% 151.8 Bcfe 40 Benchmark One-on-One Investor Conference Milwaukee, WI May 29,…
  40. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 40
    Year-End 2013 Proved, Probable and Possible Reserves Proved, Probable and Possible Proved, Probable and Possible Reserves by Reserve Category Reserves by Field All Other Western Fields Oklahoma, 23.6 Bcfe Texas 4.5% Anadarko…
  41. BENCHMARK ONE ON ONE INVESTOR CONFERENCE – Panhandle Oil and Gas Inc. – slide 41
    PHX LISTED NYSE

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