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OGIS San Francisco – Callon Petroleum Co.

Callon Petroleum Co. · Sep 23, 2014 · 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. OGIS San Francisco – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY OGIS San Francisco September 23, 2014
  2. OGIS San Francisco – Callon Petroleum Co. – slide 2
    CALLON OVERVIEW Pro Forma Midland Basin Presence Pure-play Permian company Focused and experienced technical team Exclusively Midland Basin Experienced horizontal driller Northern Northern Acreage Acreage Horizontal evolution…
  3. OGIS San Francisco – Callon Petroleum Co. – slide 3
    EXPERIENCED HZ OPERATOR Net Daily Production (BOEPD) Midland Basin Gross Operated Hz Wells(a) Vertical Horizontal Acquisition 120 8,000 7,000 Peer CPE 100 6,000 97% CAGR 80 5,000 4,000 60 3,000 40 2,000 20 1,000 -…
  4. OGIS San Francisco – Callon Petroleum Co. – slide 4
    OPERATIONAL EFFICIENCY D&C Cost (per lateral foot) Lease Operating Expense(b) (per BOE) 1,600 25.00 Drilling Completion 1,400 20.00 1,200 54% DECREASE 1,000 15.00 800 10.00 600 400 5.00 200 (a) (a) - - 1 5 9 13 17 21…
  5. OGIS San Francisco – Callon Petroleum Co. – slide 5
    ACQUISITION SUMMARY 3,862 net acres (62.0% WI / 46.5% NRI) 100% HBP Midland Basin: Midland (67%), Andrews (28%), Ector and Martin Counties Assets 2Q14E net daily production: 1,465 Boe/d (68% oil) Mature production from 164 vertical…
  6. OGIS San Francisco – Callon Petroleum Co. – slide 6
    TRANSACTION HIGHLIGHTS Core Midland Basin acreage Location, Multiple-zone potential with significant calculated oil-in-place, higher Location, reservoir pressure and favorable thermal maturity Location Close proximity to Callons…
  7. OGIS San Francisco – Callon Petroleum Co. – slide 7
    PRO FORMA ASSET BASE Midland Basin Position 2Q14E Daily Production 8,000 Over 100,000 net effective acres 28% Oil-rich reserves and production 6,000 Efficient horizontal pad development Boe/d 4,000 Horizontal Acreage…
  8. OGIS San Francisco – Callon Petroleum Co. – slide 8
    PRO FORMA METRICS Permian Production (Boe/d) Potential Hz Locations: 1,097(a) 325% Growth Since 1Q13 67% Total Increase 6/30/14 8,000 500 446 +74% 7,000 6,745 387 +48% 400 6,000 1,465 189 125 5,000 264 300 +91% 4,000 200…
  9. OGIS San Francisco – Callon Petroleum Co. – slide 9
    ACQUIRED ASSET OVERVIEW CALLON ACREAGE ACQUIRED ACREAGE DIAMONDBACK ACREAGE RSP ACREAGE Tier 2 1-2 Levels Emerging Acquisition Midland Core 3-4 Levels Derisked Tier 1 2-3 Levels Derisked ACQUISITION PRODUCTION…
  10. OGIS San Francisco – Callon Petroleum Co. – slide 10
    DE-RISKED ZONE ACTIVITY RSP Cross Bar Ranch 1717H 6955 IP30 867 BOEPD Wolfcamp B Henry Bohannon 24-2H (3800 - 5300) Drilling Median 30D IP: 750 BOEPD RSP Johnson Ranch 912WB Avg 30D IP: 731 BOEPD 7400 IP30 685 BOEPD Henry…
  11. OGIS San Francisco – Callon Petroleum Co. – slide 11
    HZ WELL (5,000) ECONOMICS Initial Type Curves Base Economics(a) 1,000 60% 738 Observed 731 Avg 30-Day IPs 541 (4688 - 5754) 50% Average Monthly Production (Boe/d) 40% IRR 100 30% 20% WCB LSPRB MSPRB D&C (MM)…
  12. OGIS San Francisco – Callon Petroleum Co. – slide 12
    MULTI-ZONE POTENTIAL Replace Gross Potential rig Horizontal Locations (Pro Forma June 30, 2014) Central Southern Carpe Pecan East Garrison Taylor Target Zone Diem Acres Kayleigh Acquired Bloxom Opal Draw Draw Total Clearfork --…
  13. OGIS San Francisco – Callon Petroleum Co. – slide 13
    EMERGING ZONES Carpe Diem/Pecan Acres Garrison Draw REAGAN MIDLAND * * *FANG Gridiron 1H: *Enduring University 09 906H: 24 HR IP 2757 Boe/d 24 HR IP 1277 Boe/d East Bloxom Taylor Draw UPTON REAGAN * * *PXD…
  14. OGIS San Francisco – Callon Petroleum Co. – slide 14
    FINANCIAL
  15. OGIS San Francisco – Callon Petroleum Co. – slide 15
    FINANCING OVERVIEW Pro Forma Capitalization(a) 12.5 million share offering Committed 275MM term debt financing 250MM undrawn pro forma borrowing base Oil hedging of 3,900 Bopd in 4Q14 and 2,700 Bopd in 2015 Maintain…
  16. OGIS San Francisco – Callon Petroleum Co. – slide 16
    STRONG CASH MARGINS Highlights Adjusted Operating Margin(a) (/BOE) Cash Interest Adj. G&A Production Taxes Total production with 84% oil content vs. 65% peer average 100 LOE Revenue 30% reduction in total operating 80…
  17. OGIS San Francisco – Callon Petroleum Co. – slide 17
    2014 & 2015 OUTLOOK 3rd rig to be added in 4Q14 Preliminary Operational Capital Estimates(a) 300 270 50 Acquisition to be integrated 250 Planned Completions 215 40 into three rig program 200 30 MM 150 Evaluate…
  18. OGIS San Francisco – Callon Petroleum Co. – slide 18
    SUMMARY
  19. OGIS San Francisco – Callon Petroleum Co. – slide 19
    SUMMARY High-quality acreage Multiple de-risked zones with additional upside Deep organizational knowledge of area Significant expansion of drilling portfolio Complements ongoing delineation of new zones on existing acreage and…
  20. OGIS San Francisco – Callon Petroleum Co. – slide 20
    APPENDIX
  21. OGIS San Francisco – Callon Petroleum Co. – slide 21
    CURRENT HEDGED VOLUMES For the S ix For the Year Months Ending Ending December 31, December 31, Oil contracts: 2014 2015 Collar contracts combined with short puts (three-way collar): Volume (M Bbls) 317 Price per Bbl Ceiling (short…
  22. OGIS San Francisco – Callon Petroleum Co. – slide 22
    NON-GAAP RECONCILIATION 2Q-2014 - 1Q-2013 2Q-2013 3Q-2013 4Q-2013 1Q-2014 2Q-2014 ProForma Income (loss) available to common stockholders (800) 78 (892) 1,291 (111) 2,767 4,748 Adjustments: Net (gain) loss on derivative contracts,…

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