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IPAA OGIS – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Apr 21, 2015 · 32 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 – Miller Energy Resources, Inc. – slide 1
    Investor Presentation April 2015
  2. IPAA OGIS – Miller Energy Resources, Inc. – slide 2
    Investment Highlights Significant Reserve, 11.7 MMBoe of 1P reserves, 1P PV-10 of 447(1)MM and net daily production of 4(2) MBoepd Resource and Long term growth potential; total 3P reserves of 32.2 MMBoe(1) and significant contingent…
  3. IPAA OGIS – Miller Energy Resources, Inc. – slide 3
    Focused and Accountable Management and Board Management Board Members Name Title Name Title Carl Giesler, Jr. CEO & Director Scott Boruff Executive Chairman David Hall COO Carl Giesler, Jr. CEO and Director Phil Elliott CFO Bob…
  4. IPAA OGIS – Miller Energy Resources, Inc. – slide 4
    Snapshot Market and Financial Ticker NYSE: MILL Share Price (4/17/15) 1.02 52 Week High/Low 6.60 / 0.62 Shares Outstanding (1/31/15) 45.8 MM Public Float 75% Market Capitalization (4/17/15) 46.7 MM Fiscal Year End(1) April 30…
  5. IPAA OGIS – Miller Energy Resources, Inc. – slide 5
    Recent Developments Received 21MM cash tax credits in Mar. 2015 Expect to receive 33MM by early Jun. 2015 and another 14MM 2H CY 2015 Reduced the amount outstanding on the First Lien RBL to 29MM Total debt outstanding now 210MM…
  6. IPAA OGIS – Miller Energy Resources, Inc. – slide 6
    New Approach Management Liquidity / Cash Drilling Discipline Measured Growth Focusing on cost and Substantially Prioritizing lower Pursuing measured capital discipline reducing capex near- cost capital projects growth through term…
  7. IPAA OGIS – Miller Energy Resources, Inc. – slide 7
    Operations 8
  8. IPAA OGIS – Miller Energy Resources, Inc. – slide 8
    Field Locations Cook Inlet North Slope 9
  9. IPAA OGIS – Miller Energy Resources, Inc. – slide 9
    Areas of Operation Cook Inlet, AK North Slope, AK North Fork W. McArthur River Redoubt Badami (Savant) Total Commodity Type Gas Oil Oil Oil Production 1.2 MBoepd(1) 1.3 MBoepd(1) 0.9 MBoepd(1) 0.6 Boepd(1) 4.0 MBoepd % Net…
  10. IPAA OGIS – Miller Energy Resources, Inc. – slide 10
    Favorable Alaskan Drilling Support and Pricing Alaska State Tax Cash Credits CY2015 Cash Tax Credit Receipts State rebate credits were 35 State of designed to encourage capital 30 33 Alaska Seal expansions and reinvestments 25 in…
  11. IPAA OGIS – Miller Energy Resources, Inc. – slide 11
    Reserves 07/31/14(1) Reserves Summary(1) Net Proved Reserves as of July 31, 2014 Oil (MMbbls) Gas (Bcf) Total (MMBoe) PV-10 PDP 3.9 5.2 4.7 215.2 PDNP 0.3 8.2 1.6 56.2 Total Proved Developed 4.1 13.3 6.4 271.5 PUD 3.1 13.2 5.3…
  12. IPAA OGIS – Miller Energy Resources, Inc. – slide 12
    Substantial Asset Value Beyond Reserves 235 50 70 44 300 in MM 10 (4) Cook Inlet 3P Badami Producing Contingent Resources (3) Oil Hedges Regulated Additional Rigs (7) Reserves As of Assets (2) Infrastructure (5)…
  13. IPAA OGIS – Miller Energy Resources, Inc. – slide 13
    North Fork Unit Capex focus given high contracted gas prices Proved, producing field with 11K acres Lower risk, on-shore drilling 24 Bcf+ in Proved reserves Good quality 3D seismic 6 incumbent wells Currently producing 8.3 MMcfd…
  14. IPAA OGIS – Miller Energy Resources, Inc. – slide 14
    Redoubt Unit Proved, producing field with large four-way structure on the western side of the Cook Inlet On trend with adjacent McArthur River Field (produced over 640 MMBO) Recent 3rd party OOIP report shows 150 MMBO Only produced…
  15. IPAA OGIS – Miller Energy Resources, Inc. – slide 15
    West McArthur River Unit Proved, producing field 6 mi. north of Redoubt Unit Like Redoubt, on trend with adjacent McArthur River Field (produced over 640 MMBO) 13.3 MMBO recovered from WMRU to date OOIP estimated at 45+ MMBO…
  16. IPAA OGIS – Miller Energy Resources, Inc. – slide 16
    North Slope - Badami / Yukon Gold Proved, producing field (Badami) east of Prudhoe Bay on North Slope with 18.5K acres Most easterly-located active production facility with capacity Exploring value accretive JV / sale of WI and…
  17. IPAA OGIS – Miller Energy Resources, Inc. – slide 17
    Drilling Rigs Rig Terms Size/Type Location Status Future Plans Mgmt. Est. Value Rig-34 Company 750Hp, land Nikiski Stacked Being moved to L48 for sale 3MM Owned based, 6,000' depth Rig-35 Company 2,000Hp, Osprey Transitioning to RU-7B…
  18. IPAA OGIS – Miller Energy Resources, Inc. – slide 18
    Business Strategy
  19. IPAA OGIS – Miller Energy Resources, Inc. – slide 19
    Business Strategy Overview Improve Cash Efficiency Grow Production in a Capital Efficient Manner Methodically Develop Our Resource Base Leverage Our Infrastructure Pursue Opportunistic Acquisitions 20
  20. IPAA OGIS – Miller Energy Resources, Inc. – slide 20
    Improve Cash Efficiency Cash G&A LOE / Boe Produced 12 50 10.4 10 40 45 4.9 8 ( per Boe) 6.8 ( In MMs) 6.6 30 28 6.1 30 6 5.4 2.2 5.4 27 7 4.8 0.7 1.8 20 5.4 5.4 1.4 5.5 22 21 4 4.8 20 4.8 4.6 18 4.0 10 2 - -…
  21. IPAA OGIS – Miller Energy Resources, Inc. – slide 21
    Grow Production in a Capital Efficient Manner Focused on developing lower risk opportunities while deploying capital as efficiently as possible Prioritizing production growth and cash flow generation over reserve growth Grading…
  22. IPAA OGIS – Miller Energy Resources, Inc. – slide 22
    Methodically Develop Our Resource Base Completed Remainder CY 2015 Long-term Given oil prices, pivot to gas 20MM gross capex for CY2015 Redoubt Sell gas at 6.50+/Mcf under Maintain conservative drilling Hydraulic fracturing gas sales…
  23. IPAA OGIS – Miller Energy Resources, Inc. – slide 23
    Leverage Our Infrastructure Company-owned infrastructure provides both near-term and long-term advantages to the Company Near-term advantages Provides capacity to grow Vertical integration and wholly-owned infrastructure allows…
  24. IPAA OGIS – Miller Energy Resources, Inc. – slide 24
    Pursue Opportunistic Acquisitions Go-Forward Approach History of Opportunistic Acquisitions Continue to seek acquisition opportunities to Pacific Energy Assets (12/10/09) complement our existing assets Acquired for 5MM Expect a…
  25. IPAA OGIS – Miller Energy Resources, Inc. – slide 25
    Financial Overview
  26. IPAA OGIS – Miller Energy Resources, Inc. – slide 26
    Financial Overview Revenues(1) Adjusted EBITDA 30.0 35.0 25.0 30.0 25.4 11.7 24.2 25.0 20.0 ( In MMs) ( In MMs) 22.1 10.2 20.3 20.0 15.0 18.8 16.6 15.0 10.0 13.0 21.5 10.0 16.3 14.0 5.0 5.0 9.4 1.2 5.9 4.3 - - - -…
  27. IPAA OGIS – Miller Energy Resources, Inc. – slide 27
    Capital Structure As of 1/31/2015 Capitalization Actual Coupon Maturity Cash and Cash Equivalents 2.2 Debt First Lien RBL 44.0 L+300 - 400 (1) Jun-17 Second Lien Term Loan (2) 175.0 12.75%(3) Feb-18 (4) Other Debt 7.1 Various…
  28. IPAA OGIS – Miller Energy Resources, Inc. – slide 28
    Hedging Hedging Summary As of FQ3 2015 end, outstanding hedges had a MTM value of 44.0MM 90% of net oil production hedged at 96/barrel through April 2016 North Fork Unit has the vast majority of its gas production effectively hedged…
  29. IPAA OGIS – Miller Energy Resources, Inc. – slide 29
    Conclusion Significant Reserve, Resource, and Infrastructure Asset Base Ability to Lower Drilling Risk Profile and Lower Capex State of Alaska Incentives Favorable Hedge Position and Attractive Commodity Pricing…
  30. IPAA OGIS – Miller Energy Resources, Inc. – slide 30
    Contact Information Miller Energy Resources, Inc. 1001 Louisiana, Ste. 3100 Houston, TX 77002 Phone: 865-223-6575 infomillerenergyresources.com www.millerenergyresources.com Investor Relations MZ Group - North America Derek…
  31. IPAA OGIS – Miller Energy Resources, Inc. – slide 31
    Appendix
  32. IPAA OGIS – Miller Energy Resources, Inc. – slide 32
    Reconciliations to Non-GAAP Measures Reconciliation of Adjusted EBITDA The table below represents a reconciliation of Adjusted EBITDA to the Companys net loss, which is the most directly comparable financial measure calculated in…

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