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EnerComs Oil and Gas Conference – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Aug 14, 2013 · 25 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. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 1
    Investor Presentation Miller Energy Resources NYSE: MILL NYSE: MILL Investor Presentation January 2013 millerenergyresources.com
  2. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 2
    Company Snapshot Stock Ticker (NYSE) MILL Miller Energy Resources, Inc. is an oil and natural gas exploration, production and drilling company operating in: Price (8/8/2013) 5.20 Cook Inlet, Alaska Market Capitalization Appalachian…
  3. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 3
    Basins 95% 5% Cook Inlet, Alaska Acreage: 753,466* Potential Drilling Targets: 200+ The Southern Appalachian Basin Acreage: 49,260* *Gross: includes leases and exploration licenses Potential Drilling Targets: 100+ 4
  4. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 4
    Shareholder Value With Milestones 9.00 Added 3 New Guggenheim Independent Directors Financing IPO of Preferred 8.00 Series C, NYSE listed Apollo Hired Financing 7.00 KPMG as Apollo RU-4 amended Auditor 6.00 Financing online…
  5. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 5
    Transaction Value of Alaska Acquisition 2009 Miller 1 Billion Purchase 2007 Pacific Energy 200mm of Infrastructure Purchase 600,000 Lease & 500 mm Net Asset Value Exploration Acres 10 Wells5000 BOED Reserves Miller…
  6. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 6
    Cook Inlet, Alaska Operations 7
  7. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 7
    Reserves - Proved with Upside Total Reserves Proved Reserves 53.9 MMBOE 8.6 MMBOE SEC Case: PV-10 1.4 Billion SEC CASE: PV-10 366.8MM Large Drilling Inventory PROBABLE (2P) 10.3 MMBOE PV-10 442.6MM PDP 1.8 MMBOE PROVED (1P)…
  8. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 8
    Alaska Acquisition Highlights At Acquisition 15 Previously Producing Wells Could Be Worked Over for Previously Low Cost and With Lower Risk Producing Four WMRU Wells, Five Redoubt Unit Wells, and One West Foreland Well Redevelopment…
  9. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 9
    Rework History To Date Associated PRE- Miller POST-Miller IP Rate Increase Net Reserves Cost Per boe Well Name Well Type Rate (boed) Rate (boed) (boed) (Mboe) () KF-1 Gas 3 12 9 5 265.56 RU-2A Oil 91 1,281 1,190 1,127 7.10 RU-3…
  10. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 10
    Alaska Advantages Majors out, Independents In Apache, Armstrong, Buccaneer, Furie, Hilcorp, Linc, Nordaq Million+ acres acquired recently plus 500MM+ commitment to exploration/production 2 Offshore Jack-Up Rigs Operating in Summer…
  11. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 11
    Cook Inlet Field(s) Comparison Redoubt Shoal: Proved developed producing On trend with largest productive field in the Cook Inlet Originally estimated 70-100 MMBBO, OOIP in two fault blocks OOIP estimate only includes 2 out…
  12. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 12
    Alaska Redoubt Unit Field (Osprey) OOIP: 70-100 MMBO (partial) Cum Production : 2.5 MMBO Avg Porosity: 11-13 % Avg Initial Prod: 1,000 BOPD Avg Annual Decline: 10% (Miller) Avg EUR (estimate): 1 MMBO Avg New Well Capex: 10 MM…
  13. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 13
    Redoubt Shoal Hemlock Structure Map Highlights Positive DST tests in North & South Step Outs in 1960s RU-1 drilled in Central fault in 2001 1,089 IP & 10MM bbls PUD RU-2 drilled in South fault 2002 1,954 IP & 40MM bbls PUD Wells…
  14. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 14
    Alaska Redoubt Unit Optimization RESTRICTED FLOW PATH UN-RESTRICTED FLOW PATH Highlights Completed optimization on RU-7 Flow rates increased over 100% Annual decline curve decreased from 27% to 10% Bottom hole flowing pressure…
  15. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 15
    Cook Inlet Redoubt Case Study RU-7 RU-7 Previous Operator Miller Energy Rework completed: Steady…
  16. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 16
    Redoubt Unit RU-2A sidetrack Rework Completed June 20, 2013 Cash Cost 13.3MM Initial Production 1,281 BOPD Production Avg daily production 1,320 BOPD* Almost 60,000 bbls produced post workover* Remaining Recoverable Oil 1.127MM bbls…
  17. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 17
    Alaska - West McArthur River Unit Orig Oil in Place: 50-75 MMBO Cum Production: 13.09 MMBO Avg Porosity: 11-14 % Avg Initial Prod: 1,500 BOPD Avg Annual Decline: 10% (Miller) Avg EUR: 2 MMBO Avg New Well Capex: 9 MM (Net Avg IRR:…
  18. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 18
    Existing Fields Development Impact 19
  19. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 19
    Production Scenario Matrix Hypothetical Incremental 1 Year EBITDAX from Incremental Alaskan Oil Production (based on 15% annual decline curve) ANS 1,000 BOPD 2,000 BOPD 3,000 BOPD 4,000 BOPD Oil Price 90/bbl 22.4 44.8 67.2 89.6…
  20. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 20
    Tennessee Development Strategy Largest owner/operator of wells in Tennessee, over 49,000 acres. Reworking existing stripper wells, Upgrade/replace lift systems, acid stimulation, etc. Own & Operate drill Rigs and 100% of production…
  21. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 21
    Undervalued Stock Unlocking Additional Upside from Asset Base and Infrastructure 30 3P 3P 20 2P Price / Share SWORD SABRE 2P REDOUBT 10 WMRU 9 WMRU 8 1P RU SSO 9 Current Stock RU 5A 1P RU 4A Price RU 3A RU 2A…
  22. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 22
    Reducing Our Cost of Capital 2013 20MM at 9% under Senior Credit Facility with Apollo Investment Corp. At-the-Market Agreement with MLV for sales of Series C Preferred Stock Series C 10.75% Perpetual Preferred (NYSE:MILL.C) 25/share…
  23. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 23
    Recent Developments 8/5/13 - Apollo Credit Facility - Available Credit Increases By 20 Million; Interest Rate on New Funds Reduced From 18% to 9% 8/5/13 Drilling Update - RU-1A Enters Completion Phase, Sword & Olson Creek Wells Are…
  24. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 24
    Investment Summary 8.611mm BOE of proved reserves Significant Asset Base P1+P2+P3 PV-10 (SEC) of 1.415 Billion 295mm in shareholders equity ( book value = 6.80/share) Equipment and infrastructure in place to support significantly…
  25. EnerComs Oil and Gas Conference – Miller Energy Resources, Inc. – slide 25
    Contact Miller Energy Resources, Inc. 9721 Cogdill Road, Suite 302 Knoxville, TN 37932-3425 Phone: 865-223-6575 infomillerenergyresources.com www.millerenergyresources.com Investor Relations MZ Group - North America Derek…

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