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The Oil and Services Conference – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Feb 18, 2015 · 17 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. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 1
    Enercom San Francisco February 2015 CONFIDENTIAL
  2. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 2
    Company Snapshot 11.7MMBoe(1) Ryder Scott Proved Reserves 447MM(1) Proved Reserves % Oil 62% North Slope Badami Company Operated % 100%(2) of Net Production AK Lease and Exploratory Acre 620K gross acres(3) Position Cook…
  3. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 3
    Enabling Investment In Alaskas Oil and Gas Resources Substantial Hydrocarbon Modern Infrastructure Resources Alaska D&C Funding and Balance Sheet Commodity Price Simplification/Cost of Environment Capital Efficiencies…
  4. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 4
    Four Distinct Fields Cook Inlet, AK North Slope, AK Redoubt W. McArthur River North Fork Badami (Savant) Commodity Type Oil Oil Gas Oil Net Boed 825 Boed(1) 1,450 Boed(1) 1,375 Boed(1) 600 Boed(1) % Net Boed 20% 34% 32% 14% P1…
  5. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 5
    Cook Inlet Upper Cook Inlet Lower Cook Inlet 6
  6. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 6
    North Slope 7
  7. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 7
    Total Reserves P1 Reserve PV-10: 447mm P1 Reserve Volumes: 11.7MMBoe Additional / 500 14,000 450 Contingent Resources Reserve PV-10 Value (mm) Total Volumes (mboe) 12,000 400 176.1 39% 350 10,000 RU-12 300 8,000…
  8. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 8
    LT Growth Avenues Area Options Redoubt Hydraulic fracturing Work North fault blocks Sword JV / develop on-own Sabre JV / develop on-own Badami JV / Farm-out / Sell-down Iniskin JV / develop on-own Susitna JV / develop on-own AK…
  9. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 9
    Favorable Alaskan Drilling Support and Pricing State Drilling Support Estimated Cash Tax Credit Receipts Through tax credits, the state reimburses MILL in 35 cash for 35% - 65% of its D&C costs and its carried- 30.0 30 forward…
  10. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 10
    Hedging Hedging Summary Over 80% of current net oil production hedged, outstanding hedges have a MTM value of 47.8MM at 1/16/15 The North Fork Unit has the vast majority of its gas production effectively hedged through ENSTAR and an…
  11. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 11
    New Management Approach Management CEO: Carl Giesler appointed Sep. 2014; Scott Boruff appointed Executive Chairman CFO: Search firm retained and evaluating several candidates; right more important than fast Board: Haag Sherman…
  12. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 12
    Path Forward Immediate Remainder C2015 Post C2015 Given oil prices, pivot to gas Maintain conservative drilling With rate dependent on oil Sell gas at 6.50+/Mcf under program prices, accelerate production term contracts Continued…
  13. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 13
    North Fork Unit Highlights Current capex focus given high contracted gas-prices Proved, producing field with 15.5K acres Lower risk, on-shore drilling 24 Bcf+ in Proved reserves Good quality 3D seismic 5 incumbent wells Currently…
  14. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 14
    Redoubt Unit Highlights 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 see top left map) Recent 3rd party OOIP report…
  15. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 15
    West McArthur River Unit Highlights Proved, producing field 6 mi. north of Redoubt Unit Like Redoubt, on trend with adjacent McArthur River Field (produced over 640 MMBO) 13.3 MMBBO recovered from WMRU to date OOIP estimated at…
  16. The Oil and Services Conference – Miller Energy Resources, Inc. – slide 16
    Badami Field Highlights Proved, producing field (Badami) east of Prudhoe Bay on North Slope with 18.5K acres Most easterly-located active production facility with capacity Explore value-accretive JV / sale of WI Currently…
  17. The Oil and Services Conference – 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 3 million Owned based, 6,000' depth Rig-35 Company 2,000Hp, Osprey Transitioning to…

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