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IPAA OGIS SAN FRANCISCO – Callon Petroleum Co.

Callon Petroleum Co. · Oct 14, 2013 · 24 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. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 1
    Investor Presentation October 2013 NYSE: CPE Callon Petroleum Company
  2. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 2
    Overview Cactus YE2012 RESERVES PRODUCTION 14.1MMBOE 4,250 BOEPD* Permian GoM/Other Patterson Oil Gas/NGLs TRADING INFORMATION Common Stock: CPE / Preferred Stock: CPE.A Market Capitalization: 210MM Enterprise Value:…
  3. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 3
    Investment Highlights Well-positioned for horizontal upside in Permian (Midland) Basin Increasing inventory as horizons de-risked Growth visibility with target Permian exit rate of 3,500 Boepd Balance sheet positioned to support…
  4. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 4
    Midland Basin Focus Proven oil resources 35,000 net acres (100% operated) 106 vertical wells / 11 horizontal wells Established infrastructure 3Q Permian guidance: 2,350 Boepd (mid) Expanding development horizons Consolidation…
  5. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 5
    Operational Strategy Horizontal development of Wolfcamp resource base Unlock Significant production and reserve growth visibility Permian 100%-operated position with horizontal infrastructure Asset Value Two horizontal rig program…
  6. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 6
    Near-Term Permian Asset Potential Production Rate PDP-Only Potential 65% 145% 120% Visible Growth Potential Driven by Horizontal Program Development Focus on Converting Acreage to Cash Flow Following Resource Capture 7 NYSE:…
  7. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 7
    Horizontal Execution Upper Wolfcamp B Program Development 7,000+ Laterals 5,000 Laterals Time Time Continued Optimization of Completion Techniques and Spacing Established Infrastructure for Multiple Bench Development Recent EUR…
  8. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 8
    Horizontal Economics East Bloxom Extended Production 480 Mboe Type Curve 83% Oil 554 Boepd Avg 30-Day 6.7MM D&C Benchmark (90/4) 53% IRR NPV(10) = 6.7MM Type Curve (480 Mboe) Neal 321H Neal 343H Neal 342H 9 NYSE: CPE…
  9. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 9
    Development Focus: De-Risked Asset Base Identified Horizontal Locations (Southern/Central Only) % Acreage Locations Est. EUR Target Prospective as of 8/13 Range (BOE)* Lower Spraberry/Jo Mill 49% 54 350 450 Wolfcamp A 68% 74 400…
  10. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 10
    Identified Horizontal Locations: Southern Midland E BLOXOM GARRISON DRAW TAYLOR DRAW Upton Co. Reagan Co. Reagan Co. 9,971 net acres (86% WI) Ongoing program development with 11 horizontal wells producing established…
  11. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 11
    Industry Activity Hz Wells Hz Permits Laredo Sugg A 1421H Pioneer XBC Gid. Est. Lateral: 6,968 3049H 24-Hr: 726 boepd Lateral: 2,628 24-Hr: 546 boepd EOG Univ 9 28 2803H Lateral: 6,930 24-Hr: 736 boepd E Bloxom/4 WCB Wells…
  12. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 12
    Identified Horizontal Locations: Central Midland PECAN ACRES CARPE DIEM KAYLEIGH Midland Co. Midland Co. Ector Co. Deeper into basin with more formation 3,343 net acres (76% WI) pressure 102 remaining Hz locations…
  13. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 13
    Industry Activity Hz Wells Hz Permits RSP Parks Bell 3304H Lateral: 4,814 24-Hr: 594 boepd RSP Parks Bell 4003 Lateral: 3,968 24-Hr: 226 boepd 2 Deep Vertical Wells 30-Day: 123 boepd Pioneer Hutt C 2H RSP Headlee 3910H…
  14. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 14
    Ongoing Delineation Program: Northern Midland Mississippian Mississippian Lime Chat 21,617 net acres (89% WI) Two horizontal MSSP plays Offsetting success Large oil in place Other zones being evaluated Tight limestone High…
  15. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 15
    Industry Activity Hz Wells Hz Permits Lacey Newton SM Roy 1803H 3Q13 Vert MSSP Test Lateral: 7,091 24-Hr: 1,153 boepd Vertical Science 12-Day: 988 boepd Well SM Roy 2403H MSSP Lime Hz Test Lateral: 3,755 24-Hr: 219 boepd…
  16. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 16
    Vertical Optimization Isolated Deep Test Uphole Completions Demonstrated Pecan Acres 23-3 contribution from deep zones (below Atoka) High oil content Testing concept at Initial Completion All Zones (IP 24 = 520 BOEPD) Carpe…
  17. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 17
    2013 Operations Budget 170MM Permian Wells Drill Complete Horizontal 125MM 1H13 9 6 2H13 13 11 TOTAL 22 17 Vertical 1H13 3 5 Execution pace exceeding expectations 2H13 6 6 Addition of 2nd horizontal rig in mid 3Q13 TOTAL 9…
  18. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 18
    Balance Sheet Strength Capitalization Positioned for acceleration Proactive preferred stock offering Undrawn bank facility Selective acquisitions with PDP and upside balance PV10 (YE12) / Net Debt = 3x coverage Hedged 55% of 2H13E…
  19. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 19
    Summary Demonstrated horizontal drilling execution Permian inventory firmly established Acceleration of projects with attractive returns on capital Infrastructure in place for improved cycle times Growth inflection point is…
  20. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 20
    APPENDIX 21 NYSE: CPE Callon Petroleum Company
  21. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 21
    Hedging Position Oil Natural Gas Fixed Price Swaps Fixed Price Swap 2H2013: 1,700 BOPD 101.53 Avg 2H13: 3,000 MMBtu/d 3.52 2014: 1,300 BOPD 93.63 Avg 22 NYSE: CPE Callon Petroleum Company
  22. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 22
    Non-GAAP Reconciliation EBITDA Reconciliation (MM) 23 NYSE: CPE Callon Petroleum Company
  23. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 23
    Non-GAAP Reconciliation Adjusted Net Income (MM, except per share amounts) 24 NYSE: CPE Callon Petroleum Company
  24. IPAA OGIS SAN FRANCISCO – Callon Petroleum Co. – slide 24
    Non-GAAP Reconciliation Discretionary Cash Flow (MM) 25 NYSE: CPE Callon Petroleum Company

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