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APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc.

Parex Resources, Inc. · Apr 6, 2015 · 23 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. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 1
    Leveraging Portfolio Flexibility April 2015 Corporate Presentation PAREXRESOURCES.COM TSX:PXT
  2. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 2
    Snapshot Financial Q1 2015 Production 26,700 bopd 2015 Production Guidance 26,500 bopd Reserves 2P (December 31, 2014) 68.4 MMboe(1) 2P Reserve Life Index (RLI) of 7.1 years NPV 10 AT USD 1,098 MM Capital Structure Market…
  3. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 3
    Colombia Focused Significant land* base 2.6 mm gross acres Working interest in 22 blocks Diversified production base Experienced operator 130 wells drilled 68.4 mmbbls in 2P Reserves 62 2P locations CABRESTERO *Certain…
  4. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 4
    Track Record of Consistent Growth Production Growth Debt Adjusted Reserve Growth Debt Adjusted 25,000 Production (bopd) Production per share 200 LHS RHS 120 Possible - LHS 0.80 20,000 160 100 2P - LHS Reserves (MMboe)…
  5. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 5
    2015 Guidance: Self Funded 18% Growth Brent Oil Price Scenario 50-60 per barrel (USD millions) Maintenance Capital 70-75 Exploration Commitments 75-80 2015 Base Capital 145-155 Discretionary Growth Capital Scenario Growth…
  6. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 6
    Grow & Diversify Production LLA-16 LLA-20 Los Ocarros Cabrestero LLA-32 LLA-34 LLA-30 Other 27 24 21 Bopd (000) by block 18 15 12 9 6 3 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* 2010 2011 2012…
  7. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 7
    Parex Decline Rates: Decreasing with Pool Size 70% 60% 50% 40% 30% 20% Corporate Decline Rate = Sum of the initial rate of all wells drilled within a 10% year compared to the sum of the production rate from…
  8. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 8
    Building A Sustainable Business Track record of progressing reserves from 3P to cash flow Focus on increasing reserve life index (RLI) & sustainability Proved + Probable Proved + 2P Reserves Life After Tax PV10(4) Proved + Possible…
  9. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 9
    Annual FD&A Including FDC 70 Total Company 2P (Proven + Probable) 2014 3 yr F&D /bbl 10.92 14.99 FD&A /bbl 13.79 17.16 60 Recycle Ratio 1 Year /bbl 3 Year /bbl Cash netback/bbl 35.56 44.18 F&D 3.3x 2.9x FD&A 2.6x 2.6x 50 FD&A…
  10. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 10
    Progressively Larger Discoveries Median Llanos Kona Las Maracas Akira 100 acres 300 acres 300 acres 1,000 1,500 acres 1. Size Current trap geometry* Structural Closure 2. Drive Bottom water drive Edge water drive Edge…
  11. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 11
    Llanos Plains Structural Pool Sizes (IHS) 60 Pmean = 3.9 MMBO P50 = 2.0 MMBO 50 2P Reserves MMBO Good fit to a logarithmic distribution Mature distribution 40% of discoveries made since 2010 40 Conforms to Parex Llanos initial…
  12. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 12
    Llanos Stratigraphic Pools: Significant Gaps in the 20-90 MMBO Range 2008 * 160 140 2P Reserves MMBO 2010 120 1989 * 100 Tigana Guadalupe & Mirador likely both fit into this gap 80 60 40 2011 2010 2007 *…
  13. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 13
    Drilling Efficiency: Reducing Cost Operated Wells (11,000 - 13,000 ft) 60 900 800 50 700 Avg. Days to Rig Release 40 600 500 Cost per foot 30 400 20 300 200 10 100 0 0 2010 2011 2012 2013…
  14. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 14
    Parex Exploration Life Cycle Develop Acquire Test Initial Expand Exploitation Concept Land Concept Development Land Traditional LLA-26, Cebucan 3-Ways Low Side Cabrestero, LLA-34, Closures LLA-10 Stratigraphic LLA-24, LLA-30,…
  15. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 15
    Southern Llanos: New Play Trends Cabrestero (100% WI, Operator) Santiago Akira development drilling; swing producer Maniceo -Bandola Balay LLA-32 El Palmar LLA 34 (55% WI, Non-operated) Carmentea Los Trompillos Large discoveries…
  16. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 16
    Southern Llanos: 2015 Focus KANANASKIS Chenchena Chiricoca MaxNorte Tilo 2014 Drill TIGANA TAROTARO Chenchena Sur TUA Aruco Norte ARUCO Jacana Mochuleo PXT-B AKIRA Prospects 2015: Leveraging Portfolio…
  17. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 17
    Capachos Farm-in: Ecopetrol Partnership Capachos (50% WI, Operator)1 Capachos Development & exploration opportunities ANH royalty contract Large structure, light oil, 2 mmbbls produced from 2 wells Leverages our strengths: low cost…
  18. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 18
    Middle Magdalena Basin: New Play Concepts VMM-9 & VMM-11 (100% WI, Operator) 3. Eocene Testing of new play concepts: Subcrop Edge Cold heavy oil production (CHOPS) OPON Conventional structure/sub-thrust 1. Teriatry 4. La Luna La…
  19. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 19
    VMM-11 Leads & Prospects Teca-Nare Field Cum Production: 115 Producing Field MMboe Prospect/Lead 2014 3D Lead 1 Acquisition Lead 2 Parex Block Lead 3 Faults VMM 11 Glauca Prospect Velasquez/Palagua Field Cum…
  20. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 20
    Colombian Netbacks Operating Opex & Royalties Brent Price Netback Transportation US /BBL 140 120 9 Realized Price (US /bbl) 8 8 8 15 100 12 8 14 14 26 12 15 7 8 14 26 29 11 22 23 29 27 80 22 29 26 29 28 28 Price 28…
  21. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 21
    Parex Value Proposition Proven Managements track record Self-funded growth Exposure to Brent Oil Pricing LATAM exposure 2015: Leveraging Portfolio Flexibility 21
  22. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 22
    Appendix Block Summary Operated/ Block Working Interest Partners Gross Acres Basin Non-Operated LLA-10 Operated 50% Petro America 189,544 Llanos LLA-16 Operated 100% N/A 157,611 Llanos LLA-17 Operated 63% Geopark 108,726 Llanos LLA-20…
  23. APRIL 2015 CORPORATE PRESENTATION – Parex Resources, Inc. – slide 23
    Appendix Summary of Quarterly Results (Unaudited) 2014 2013 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 OPERATING Production (thousands of bopd) 22.5 26.5 25.2 19.9 18.4 15.9 17.3 16.2 15.5 14.4 Average realized prices, prior to hedging 88 60 94…

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