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OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp.

Gulfport Energy Corp. · Oct 10, 2012 · 45 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. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 1
    Investor Presentation October 2012
  2. OCTOBER 2012 INVESTOR PRESENTATION – 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: 11.75 Net MMBbl Contingent Resource: 771 Net MMBbl Market Cap(1): 1.7…
  3. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 3
    Key Investment Highlights Oil-focused producer with multiple production growth catalysts enables continued NAV accretion 2011 production 94% crude oil and NGL; proved reserves 86% crude oil and NGL at 2011YE Permian, Utica, Oil Sands,…
  4. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 4
    Strategy Over time Gulfport has focused on building an oil-levered asset base while also diversifying its geographic presence, as evidenced by the Company's move into the Permian Basin in 2007 and more recent acquisitions of acreage…
  5. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 5
    Large Captured Oil Resource Base Large exploitable oil-rich resource base of 878 net MMBoe + significant upside 771.50 (1) Proved + probable pre-tax PV 10 = MMBoe Niobrara Thailand Utica Oil Sands 917 million at NYMEX strip(2) Oil…
  6. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 6
    2012 Gulfport Guidance Year Ending 12/31/2012 2012E E&P CAPEX (in millions) Forecasted Production Oil Equivalent Boe 2,900,000 - 3,100,000 Total = 212 - 226 Million Average Daily Oil Equivalent Midpoint Boepd 7,923 8,470…
  7. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 7
    Attractive Cash Margins High revenue per barrel of production due to liquids weighted production 90% - 95% crude oil with 85% enjoying attractive premium for Louisiana sweet crude Results in free cash flow that is being redeployed…
  8. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 8
    Track Record of Growth Annual Production Gulfport has consistently delivered production growth 9,000 8,197 Approximately quadrupled production since 2005 while also increasing crude oil 8,000 component (84% in 2005; 91% in 2011)…
  9. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 9
    Asset Overview 10
  10. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 10
    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…
  11. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 11
    Utica Shale Utica Shale Activity Map Chesapeake Chesapeake East / Shell Asset Overview (1) Conglio 6H Thompson 3H Peak Rate 5.0 Mmcfpd + Patterson 6.4 MMcfpd 290 Bopd 2013 1HU Chesapeake Completed Mangun 8H 3.1 Mmcfpd + 1,015…
  12. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 12
    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…
  13. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 13
    Utica Shale MarkWest Midstream Facilities Harrison Processing and Fractionation Complex Under Construction Total Proposed Harrison Interim (3Q2012) 60 MMcf/day Mariner West Shell ethane Harrison I (1Q2013) 125 MMcf/day cracker…
  14. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 14
    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…
  15. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 15
    Permian Basin Asset Overview (1) 19,036 net acres (2) Net proved reserves of 12.88 MMBoe 252 gross PUD locations Net probable reserves of 10.94 MMBoe 281 gross probable locations Net possible reserves of 2.35 MMBoe 64 gross…
  16. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 16
    Permian Basin Horizontal Upside Plan of action Reliance Atoka Monitor industry horizontal activity Devon Wolfcamp Delineate potential horizontal targets Determine areal extent Devon Averitt 17H Selective completion tests in…
  17. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 17
    Hackberry Asset Overview (1) Production (2) Net proved reserves of 1.91 MMBoe Average net production of 2,630 Boepd Net probable reserves of 0.25 MMBoe 36% of Gulfports total net production 6 gross PUD locations Proprietary 42…
  18. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 18
    West Cote Blanche Bay Asset Overview (1) 2012 Current and Planned Activities (2) Net proved reserves of 3.97 MMBoe Currently running one rig at WCBB Net probable reserves of 10.37 MMBoe Plan to drill 22 to 24 wells and perform…
  19. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 19
    Niobrara Asset Overview (1) Upside 14,713 net acres (2) Utilizing application of 3-D seismic to aid in well Gulfport continues to pursue attractive acreage positioning acquisition opportunities Application of modern hydraulic…
  20. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 20
    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…
  21. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 21
    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…
  22. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 22
    Grizzly 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…
  23. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 23
    Grizzly Algar Lake: Timeline to Production ERCB Project Approval Plant Module Fabrication Road Construction Plant & Pad Site Civil Construction SAGD Well Pair Drilling/Completions In-Field Plant Assembly…
  24. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 24
    Grizzly May River Acquisition On February 28th, 2012 Grizzly MEG Statoil/PTTEP Kai Kos Dehseh THORNBURY acquired the May River 10,000 bbls/d Current Prod. 200,000 bbls/d Peak Prod. CENOVUS / COP NEXEN / OPTI property from…
  25. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 25
    Appendix A 26
  26. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 26
    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…
  27. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 27
    Hedged Production Gulfport Energy Corporation Gulfport Energy Corporation Brent Fixed Price Swaps Brent Fixed Price Swaps 2012E 2013E Month Weighted Average Daily Price Barrels Per Day Month Weighted Average Daily Price Barrels Per…
  28. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 28
    Historical Cash Margins Year Ended December 31, ( in millions) 2008 2009 2010 2011 Statement of Operations Oil and Natural Gas Sales 141.7 85.6 128.0 229.0 EBITDA 136.0 55.8 89.7 172.7 Interest Expense 4.8 2.3 2.8 1.4 Net income…
  29. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 29
    Proved Reserve Summary Net Reserves as of December 31, 2011 Oil Gas Total PV-10 (MM) (MMBbls) (MMcf) (MBoe) SEC (1) NYMEX Strip (2) Proved Developed Producing 4.70 4.19 5.39 205 213 Proved Developed Non-Producing 2.79 1.96 3.12 133…
  30. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 30
    Reserves and Production by Region Proved Reserves 2011 Year End Production 2011 Year End Other Other Permian Basin 3% WCBB 2% 13% 20% Hackberry 10% WCBB 56% Hackberry 29% Permian Basin 67% Proved Reserves 19.37…
  31. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 31
    Thailand Gulfport owns interests in four onshore concession blocks in Thailand Sin Phu Horm gas field in block 15/43 produced 101 MMcf per day of natural gas and 476 barrels per day of condensate in 2Q12 Gulfport owns 0.7%…
  32. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 32
    Appendix B Grizzly Update 33
  33. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 33
    Grizzly Reserves & Resources Algar Lake Reserves and Resources Proved Reserves Probable Reserves Algar Lake Contingent Resources Carbonates May River 2% 1% 1% May River 6% 26% Contingent Resources Clastics Contingent Resources…
  34. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 34
    Grizzly Reserve & Resource Summary Current Project Development Schedule (1) 383,000+ Total 91,300 20,400+ 20,400+ May River 74,800 20,400+ 5,500+ 13,600+ Thickwood 5,500 5,500+ Algar Lake 1&2 5,500+ 11,000…
  35. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 35
    Grizzly Algar Lake: Construction Update Road and Infrastructure All-weather road and river crossing During construction After construction Completed module joined to pilings at the Algar Lake plant site Stainless Steel…
  36. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 36
    Grizzly Algar Lake: Construction Update Well Pair Drilling Precision Drilling Rig 188 slant rig Precision Drilling Rig on-site at Algar Lake 188 slant rig top-drive: rig can be operated by only 2 people Precision Drilling Rig…
  37. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 37
    Grizzly Algar Lake: Construction Update Module Fabrication ARMs module in route to Algar Lake ARMs module leaving yard in route to Algar Lake Stainless steel evaporator ARMs module leaving yard crossing the river in route to…
  38. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 38
    Grizzly 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…
  39. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 39
    Grizzly 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…
  40. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 40
    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…
  41. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 41
    Grizzly 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…
  42. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 42
    Grizzly 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…
  43. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 43
    Grizzly Algar Lake: Capital Spending Estimated Cost (mm) Phase 1 Phase 2 Total Engineering & Equipment 53 50 103 Fabrication & Construction 81 74 155 SAGD Drilling & Completions 36 34 70 Commissioning & Offsites 28 12 40…
  44. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 44
    Grizzly 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…
  45. OCTOBER 2012 INVESTOR PRESENTATION – Gulfport Energy Corp. – slide 45
    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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