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IPAA OGIS – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Oct 1, 2013 · 35 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 Miller Energy Resources NYSE: MILL NYSE: MILL Investor Presentation January 2013 millerenergyresources.com
  2. IPAA OGIS – Miller Energy Resources, Inc. – slide 2
    Transaction Summary Issuer: Miller Energy Resources, Inc. Security: 10.5% Series D Fixed Rate / Floating Rate Cumulative Redeemable Preferred Stock Size: 25,000,000 Book Runners: MLV & Co. and Maxim Group LLC Co-Managers: Aegis…
  3. IPAA OGIS – Miller Energy Resources, Inc. – slide 3
    Company Snapshot Stock Ticker (NYSE) MILL Miller Energy Resources, Inc. is an oil and natural gas exploration, production and drilling company operating in: Price (9/18/2013) 6.63 Cook Inlet, Alaska Market Capitalization Appalachian…
  4. IPAA OGIS – Miller Energy Resources, Inc. – slide 4
    Shareholder Value With Milestones 9.00 Guggenheim RU-1A Added 3 New IPO of Preferred 8.00 Financing online Independent Directors Series C, NYSE listed Hired Apollo 7.00 KPMG as Apollo Financing Auditor Financing amended 6.00 RU-4…
  5. IPAA OGIS – Miller Energy Resources, Inc. – slide 5
    Investment Highlights Proven track record of Alaskan growth in last 3+ years Production increased from 133 BOED in December 2009 to an average of 3,200 BOED in August 2013 Successful development of 11 out of 12 reworked wells Low…
  6. IPAA OGIS – Miller Energy Resources, Inc. – slide 6
    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)…
  7. IPAA OGIS – Miller Energy Resources, Inc. – slide 7
    Near-Term Alaskan Asset Potential Production Rate PDP Potential 14 7,000 6,000 12 +88% +557 % 5,000 10 4,000 8 BOEPD 3,000 6 2,000 4 1,000 2 - 0 FY13 August 2013 FY14E FY13 1H14E* 2H14E ** FY14E Average…
  8. IPAA OGIS – Miller Energy Resources, Inc. – slide 8
    History 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 Purchases…
  9. IPAA OGIS – Miller Energy Resources, Inc. – slide 9
    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, six redoubt unit wells, and one west foreland well Redevelopment…
  10. IPAA OGIS – Miller Energy Resources, Inc. – slide 10
    Map of Locations Cook Inlet, Alaska 11
  11. IPAA OGIS – Miller Energy Resources, Inc. – slide 11
    Alaska Osprey Platform Modern state of the art facility Located 3.5 miles South East of the Kustatan Production Facility Located in only 60 of water Originally designed for 21 wells producing 25,000 BOED Has additional room for…
  12. IPAA OGIS – Miller Energy Resources, Inc. – slide 12
    Alaska - West McArthur River Unit Two onsite wells producing over 600 BOED brought back into production in 2010 Originally developed for seven well sites Has potential to target untapped gas sands, which overlay much of the…
  13. IPAA OGIS – Miller Energy Resources, Inc. – slide 13
    Alaska - Kustatan Production Facility Processes crude oil and natural gas from Osprey Platform Onsite natural gas well brought online in 2010 to power the facility Produces sales quality oil per Cook Inlet Pipeline specs Provides…
  14. IPAA OGIS – Miller Energy Resources, Inc. – slide 14
    Miller Thesis Original Completions Incorrect 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…
  15. IPAA OGIS – Miller Energy Resources, Inc. – slide 15
    Miller Thesis Validation RU-2A Sidetrack Rework Completed June 20, 2013 Cash Cost 13.3MM Pre-Miller Production 91 BOED Post-Miller Production 1,281 BOED Production Avg daily production 1,268 BOED* Almost 92,000 bbls produced post…
  16. IPAA OGIS – Miller Energy Resources, Inc. – slide 16
    Miller Thesis Validation RU-7 Case RU-7 Previous Operator Miller Energy Rework completed: Steady…
  17. IPAA OGIS – Miller Energy Resources, Inc. – slide 17
    Average Daily Production 8/13 Average Daily 4/30/13 RED Gross Well Production (BOE) Reserves (MBOE) RU-1A 754.0* 531.5 RU-2A 1,237.0 1,348.2 RU-3 Gas 287.0 10.4 RU-4 Gas 103.2 18.3 RU-5B 0.0 1,124.7 RU-7 186.0 278.8 WMRU-1A 0.0…
  18. IPAA OGIS – Miller Energy Resources, Inc. – slide 18
    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…
  19. IPAA OGIS – Miller Energy Resources, Inc. – slide 19
    Long-Term Inventory Visibility Proved Reserves + Drillable Locations (4/30/13) 70,000 Net Reserve Potential (MBOE) 60,000 50,000 40,000 30,000 20,000 10,000 - PDP Completed Sidetracks Additional Sidetracks Probable…
  20. IPAA OGIS – Miller Energy Resources, Inc. – slide 20
    Sources & Uses/Pro Forma Capitalization Sources (MM) Capitalization (dollars in thousands) As Of 7/31/2013 Series D Preferred Stock 25.0 Actual As Adjusted* Total 25.0 Cash And Equivalents 3,125 26,375 Debt (including current…
  21. IPAA OGIS – Miller Energy Resources, Inc. – slide 21
    Recent Developments 8/17/13 Brought RU-1A oil well online with IP of over 700 BOED 8/5/13 - Apollo credit facility Available credit increases by 20MM; interest rate on new funds reduced from 18% to 9% 8/5/13 Drilling update -…
  22. IPAA OGIS – Miller Energy Resources, Inc. – slide 22
    Investment Summary 8.611MMBOE of proved reserves Significant Asset Base P1+P2+P3 PV-10 (SEC) of 1.414BN 295MM in shareholders equity ( book value = 6.80/share) Equipment and infrastructure in place to support significantly higher…
  23. IPAA OGIS – Miller Energy Resources, Inc. – slide 23
    Appendix 24
  24. IPAA OGIS – Miller Energy Resources, Inc. – slide 24
    Management Bios Deloy Miller, Age 66 Mr. Miller, our founder, has been Chairman of the Board of Directors since December 1996, and was Chief Executive Officer from 1967 to August 2008, and Chief Operating Officer from August 2008 to…
  25. IPAA OGIS – Miller Energy Resources, Inc. – slide 25
    Management Bios David J. Voyticky, Age 44 Mr. Voyticky has been a member of our Board of Directors since April 2010, our President since June 2011, and our Acting Chief Financial Officer since September 2011. Mr. Voyticky has over 15…
  26. IPAA OGIS – Miller Energy Resources, Inc. – slide 26
    Alaska-Existing Platforms & Pipelines 27
  27. IPAA OGIS – Miller Energy Resources, Inc. – slide 27
    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…
  28. IPAA OGIS – Miller Energy Resources, Inc. – slide 28
    Cook Inlet Field(s) Comparison Redoubt Shoal: Proved developed producing On trend with largest productive field in the Cook Inlet Originally estimated 70-100 MMBOE, OOIP in two fault blocks OOIP estimate only includes 2 out…
  29. IPAA OGIS – Miller Energy Resources, Inc. – slide 29
    Existing Fields Development Impact 30
  30. IPAA OGIS – Miller Energy Resources, Inc. – slide 30
    Alaska Redoubt Unit Field (Osprey) OOIP: 70-100 MMBOE (partial) Cum Production: 2.5 MMBOE Avg Porosity: 11-13 % Avg Initial Prod: 1,000 BOED Avg Annual Decline: 10% (Miller) Avg EUR (estimate): 1 MMBOE Avg New Well Capex: 10 MM…
  31. IPAA OGIS – Miller Energy Resources, Inc. – slide 31
    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…
  32. IPAA OGIS – Miller Energy Resources, Inc. – slide 32
    Alaska - West McArthur River Unit Orig Oil in Place: 50-75 MMBOE Cum Production: 13.09 MMBOE Avg Porosity: 11-14 % Avg Initial Prod: 1,500 BOED Avg Annual Decline: 10% (Miller) Avg EUR: 2 MMBOE Avg New Well Capex: 9 MM (Net) Avg…
  33. IPAA OGIS – Miller Energy Resources, Inc. – slide 33
    Production Scenario Matrix Hypothetical Incremental 1 Year EBITDAX from Incremental Alaskan Oil Production (based on 15% annual decline curve) ANS 1,000 BOED 2,000 BOED 3,000 BOED 4,000 BOED Oil Price 90/bbl 22.4 44.8 67.2 89.6…
  34. IPAA OGIS – Miller Energy Resources, Inc. – slide 34
    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…
  35. IPAA OGIS – Miller Energy Resources, Inc. – slide 35
    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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