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GHS 100 Energy Conference – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Jun 24, 2014 · 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. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 1
    NYSE: MILL
  2. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 2
    Executive Summary Company Highlights Alaska Assets Miller Resources, Inc. Highlights (1) Savant Alaska Acquisition(3) Stock Ticker (NYSE) MILL 12,675 Net Acres Price (6/23/14) 5.51 Shares Outstanding (6/23/14) 45.24 million…
  3. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 3
    Asset Overview Cook Inlet Region Pacific Assets Net production of 2,500 BOE/D (3,000 BOE/D gross) at April 30, 2014 Significant development opportunity through 3P 3-Mile Creek West The Osprey platform has capacity for 21 wells…
  4. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 4
    Shareholder Value With Milestones Historical Stock Price Performance 1. Scott M. Boruff joined as CEO 2008-Present; /share (closing price) 2. Acquired KTO assets 14 3. Acquired ETC 10.00 4. Acquired Alaska 15 Assets 7 13 5. NASDAQ…
  5. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 5
    Miller Energy Investment Strategy ACQUIRE OPTIMIZE EXPLORE Focus on Alaskan assets Improve on past mistakes Minimize exploration risk Looking for assets with significant Apply new technologies and Acquire additional add-on upside…
  6. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 6
    Acquisition History Pacific Energy Assets North Fork Assets Savant Energy Assets 2.25 million plus cures 65 million 9 million Purchase Price 0 million 0 million Common Equity 11 million to date Contribution Financed through…
  7. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 7
    Miller Growth & Operating Efficiencies Production Growth (including Savant) Proved Developed Value Growth 400 366 7,000 6,100 Proved Developed ( millions) 350 6,000 Production (BOE/D) 5,000 4,600 300 4,000 250 632%…
  8. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 8
    Alaska Operating Environment Cook Inlet Alaska Operations Strong Incentives Exist for Development in Alaska Underdeveloped Basins Both North Slope and Cook Inlet provide additional development opportunities Alaska Cash Rebates 20% to…
  9. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 9
    Inflection Point for Miller Energy Resources Significant access to low cost capital Team has grown from six in 2009 to over 75 employees, excluding Savant, with all key functions in-house Vertically integrated - Own 3 drilling…
  10. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 10
    Redoubt Shoal Hemlock Structure Highlights Step out drilling commenced with RU-9 and we expect to have drilled into four new fault blocks by end of 2015 Positive DST tests in North & South Step Outs in 1960s RU-1 drilled in…
  11. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 11
    West McArthur River Unit Highlights 13.3 MMBbls recovered from WMRU to date Greater than 20% primary recovery based on estimated oil in place Positive initial results from WMRU-2B with indications of additional primary recovery…
  12. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 12
    North Fork Unit 100% working interest in 185 million of Proved and Probable PV-10 Probable SEC PV-10: 93.1 Million Total Proved SEC PV-10: 92.3 Million (Per Dec. 2013 Ryder Scott reserve report) Includes six (6) natural gas wells,…
  13. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 13
    North Slope Acquisition - Savant Binding agreement to acquire Savant Alaska, LLC subject to due diligence and regulatory approval, for 9.0 MM Savant to become wholly-owned subsidiary of MILL MILL to own 67.5% working interest in…
  14. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 14
    Robust Drilling Inventory Year Well Area Discussion WMRU-2B WMRU Oil target, attic play NFU 14-25 NFU Workover RU-9 RU South step out WF-3 WF Gas target NFU 41-35 NFU Behind pipe NFU 23-25 NFU Side track RU-12 RU Oil target,…
  15. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 15
    Miller Energy Value Proposition 4 Distinct producing fields Redoubt, WMRU, North Fork, TN Significant Asset Base 54.8 MMBOE of P1, P2 and P3 Reserves (per R.E.D, excluding North Fork) 1.4 Billion of PV-10 (per R.E.D., excluding North…
  16. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 16
    Appendix Dynamic High Growth Leader
  17. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 17
    Management Biographies Deloy Miller - Mr. Miller, our founder, has been Chairman of the Board of Directors since December 1996, and was CEO from 1967 to August 2008, and COO from August 2008 to July 2013. Since then, Mr. Miller has been…
  18. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 18
    Alaska Activities Sword-1: Total production to date of approximately 116,000 barrels of oil received approval to commingle next two zones on June 19, 2014 WMRU-8: Drilled & completing modifying completion WMRU-2B: Initial…
  19. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 19
    New Rig-36 Recent Land-based Rig Purchase Option Entered into option to purchase rig for 3.25MM, including deposit 2400-HP, 25,000 drilling capabilities Planned rig improvements needed for Sabre prospect (high PSI mud system, pits,…
  20. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 20
    Pro Forma Capitalization (in 000s) As of: 6/21/2014 Revolving Credit Facility Revolving Credit Facility ( L+300 - L+400 ) 20,000.0 250 million facility Second Lien Term Loan ( 11.75% ) 175,000.0 Rig 36 Capital Lease 3,250.0 60 million…
  21. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 21
    Decreasing Cost of Capital Current Financing 250MM RBL facility priced at L+300 L+400 60MM borrowing base available with 20MM drawn at close 175MM 4-Year Second-Lien Secured Credit Facility by Apollo Investment Corp and Highbridge…
  22. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 22
    Hedging Hedging Summary Over 90% of current net oil production hedged Charge for novation of hedges to KeyBanc reduced price by 0.30/bbl The North Fork Unit has the vast majority of its gas production effectively hedged through…
  23. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 23
    Trans-Foreland Pipeline Pioneers of concept, new crude oil pipeline linking west side to east side Partnered with Tesoro pipeline group to fund feasibility, design and engineering Over the last two years our companies have…
  24. GHS 100 Energy Conference – Miller Energy Resources, Inc. – slide 24
    Contact Information 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…

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