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IPAA OGIS – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Apr 15, 2013 · 22 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
    Company Snapshot Stock Ticker (NYSE) MILL Miller Energy Resources, Inc. is an oil and natural gas exploration, production and drilling company operating in: Price (4/12/13) 3.85 Cook Inlet, Alaska Market Capitalization Appalachian…
  3. IPAA OGIS – 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. IPAA OGIS – 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 Hired KPMG as 7.00 Auditor Apollo Financing 6.00 Acquired 5.00 Alaska Assets 4.00 Lease…
  5. IPAA OGIS – Miller Energy Resources, Inc. – slide 5
    Transaction Value of Alaska Acquisition 2009 Miller 1 Billion Purchase 2007 Pacific Energy 100mm of Infrastructure Purchase 600,000 Lease & 500 mm Net Asset Value Exploration Acres 10 Wells5000 BOED Reserves Miller…
  6. IPAA OGIS – Miller Energy Resources, Inc. – slide 6
    Cook Inlet, Alaska Operations
  7. IPAA OGIS – Miller Energy Resources, Inc. – slide 7
    Reserves - Proved with Upside Total Reserves 53.6 MMBOE Proved Reserves SEC Case: PV-10 1.543 Billion 9.043 MMBOE SEC CASE: PV-10 446.7MM Large Drilling Inventory PROBABLE (2P) 9.0 MMBOE PV-10 387MM PUD 6.5 MMBOE PV-10 364MM…
  8. IPAA OGIS – Miller Energy Resources, Inc. – slide 8
    Alaska Acquisition Highlights At Acquisition 15 Wells Previously Producing Wells Could Be Worked Over Previously for Low Cost and With Lower Risk Producing Four WMRU Wells, Four Redoubt Unit Wells, and Two West Foreland Redevelopment…
  9. IPAA OGIS – 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-3 Gas 0 616 616 218 38.83 RU-4 Gas 0 283…
  10. IPAA OGIS – 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. IPAA OGIS – 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. IPAA OGIS – 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 (Net)…
  13. IPAA OGIS – 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. IPAA OGIS – Miller Energy Resources, Inc. – slide 14
    Alaska Redoubt Shoal Hemlock Structure Map 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…
  15. IPAA OGIS – Miller Energy Resources, Inc. – slide 15
    Cook Inlet Redoubt Case Study RU-7 RU-7 Previous Operator Miller Energy Rework completed: Steady…
  16. IPAA OGIS – Miller Energy Resources, Inc. – slide 16
    Alaska - West McArthur River Unit Orig Oil in Place: 50-75 MMBO Cum Production: 13.09 MMBO Avg Porosity: 11-14 % Avg Initial Prod: 1,000 BOPD Avg Annual Decline: 10% (Miller) Avg EUR: 2 MMBO Avg New Well Capex: 9 MM (Net Avg IRR:…
  17. IPAA OGIS – Miller Energy Resources, Inc. – slide 17
    Existing Fields Development Impact
  18. IPAA OGIS – Miller Energy Resources, Inc. – slide 18
    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…
  19. IPAA OGIS – Miller Energy Resources, Inc. – slide 19
    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…
  20. IPAA OGIS – Miller Energy Resources, Inc. – slide 20
    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 RU 5A 1P RU 4A Current Stock RU 3A RU 2A…
  21. IPAA OGIS – Miller Energy Resources, Inc. – slide 21
    Strengthening Capital Position 100MM 5-Year Senior Secured Credit Facility by Apollo Investment 55MM Current Borrowing Base with 45MM drawn 35MM Series C 10.75% Perpetual Preferred (NYSE:MILL.C) 25/share face value 10/share…
  22. IPAA OGIS – Miller Energy Resources, Inc. – slide 22
    Investment Summary 9.03mm BOE of proven reserves Significant Asset Base P1+P2+P3 PV-10 (SEC) of 1.543 Billion 295mm in shareholders equity ( book value = 6.80/share) Equipment and infrastructure in place to support significantly…

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