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NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd.

Gastar Exploration, Ltd. · Nov 5, 2012 · 43 slides

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Slides

  1. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 1
    J. Russell Porter Chief Executive Officer November 2012 E X P A N D I N G O U R H O R I Z O N S 2012 Gastar Exploration Ltd.
  2. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 2
    Gastar Overview 65.7 million shares outstanding 48.6 million equity market capitalization(1) 195.9 million enterprise value(2) Focused on exploration, development and production of natural gas and oil in the U.S. 167.0 Bcfe of…
  3. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 3
    Asset Overview 3Q 2012 Net Production by Region Marcellus Shale 38.0 MMcfe/d June 30, 2012 Proved Reserves by Region Bossier Play Eaglebine Play 105,100 Net Acres(1) (1) Net acres as of 9/30/2012; includes 12,500 net…
  4. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 4
    Historical Reserve Growth Proved Reserves 180.00 PDP PDNP PUD 160.00 140.00 46% 120.00 100.00 Bcfe 34% 80.00 15% 15% 60.00 37% 38% 17% 40.00 27% 13% 18% 14% 50% 39% 35% 22% 20.00 28% 50% 59% 66% 40%…
  5. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 5
    Historical Reserve Growth Proved Reserves 180.00 160.00 Gas Liquids 27% 140.00 120.00 Bcfe 23% 100.00 80.00 0.1% 60.00 0.1% 0.7% 73% 0.8% 77% 40.00 0.6% 99.9% 99.9% 99.3% 99.2% 20.00 99.4% 0.00 2006…
  6. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 6
    Historical Production Growth Daily Production Gas Oil NGLs 40.0 35.0 12.0% 30.0 6.7% 0.3% 25.0 0.3% MMcfe/d 0.8% 1.6% 20.0 0.7% 3.2% 15.0 1.5% 81.3% 99.7% 99.7% 10.0 99.2% 95.2% 99.3% 98.5% 5.0 0.0…
  7. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 7
    Accelerating Liquids Growth 1400.0 1200.0 Barrels of Liquids/day 1000.0 800.0 600.0 1,230 1,107 1,068 400.0 809 200.0 278 152 167 0.0 3Q11 4Q11 1Q12 2Q12 2011 YTD 2012 2012E 2012 Gastar…
  8. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 8
    Major 2011 Accomplishments Gastar utilized the promote from its Marcellus JV to accelerate development: More than doubled proved reserves to 120 Bcfe (1) Increased PV-10 by 223% to 217 million (1) Increased production by 13%…
  9. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 9
    Setting the Stage for 2012 2012 capital budget of 152 million Production projected to grow materially 4Q production guidance of 38 - 40 MMcfe/d with liquids comprising 23% - 26% of volumes Increase liquids portion of total…
  10. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 10
    Aggressively Shifting Capital to Liquids ( in millions) Area Capital 2012 Capital Investment Marcellus 124 Mid-Continent 23 Capitalized Costs & Mid-Continent Other East Texas 4 23 1 15% 1% Capitalized Costs (1) 1 East Texas…
  11. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 11
    Great Assets with Room to Grow 2012 Gastar Exploration Ltd.
  12. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 12
    Strong Position in the Marcellus Shale Near-term activity concentrated in highly prospective liquids-rich portion of the play 75,500 net acres with Marcellus exposure Two rigs currently operating Marshall & Wetzel Counties JV…
  13. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 13
    Liquids-Rich Window of Marshall & Wetzel Counties High Btu gas and condensate yields 30-50 bbls/MMcf condensate 40-50 bbls/MMcf NGLs Active development program 38 horizontal wells drilled to date in Marshall County 29 completed…
  14. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 14
    Liquids-Rich Window of Marshall & Wetzel Counties 2012 Gastar Exploration Ltd. 15
  15. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 15
    2012 Gastar Exploration Ltd. 16
  16. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 16
    2012 Gastar Exploration Ltd. 17
  17. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 17
    2012 Gastar Exploration Ltd. 18
  18. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 18
    2012 Gastar Exploration Ltd. 19
  19. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 19
    2012 Gastar Exploration Ltd. 20
  20. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 20
    2012 Gastar Exploration Ltd. 21
  21. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 21
    2012 Gastar Exploration Ltd. 22
  22. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 22
    2012 Gastar Exploration Ltd. 23
  23. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 23
    2012 Gastar Exploration Ltd. 24
  24. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 24
    Marcellus West Economics 6.4 Bcfe EUR 63% Gas 37% Liquids 38% IRR(1) Cost 7.3MM (5000 lateral) 1.52/MMcfe F&D Costs (1) Based on third party reservoir engineering curve and the NYMEX futures curve on August 20, 2012.…
  25. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 25
    Operational Excellence with Pad Drilling 2012 Gastar Exploration Ltd. 26
  26. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 26
    Production Mix of Marcellus West Wells Gas Oil NGLs 80% 74% 71% 69% 70% 67% 66% 66% 60% 50% 40% 30% 22% 23% 22% 21% 20% 20% 14% 12% 13% 11% 11% 11% 10% 6% 0% 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12E 2012…
  27. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 27
    Pennsylvania Consolidating in two core areas. Butler County 2,400 net acres 4,800 JV net acres 3 wells completed in 2011 4 wells completed in 2012 Btu-rich wet gas Fayette & Somerset Counties 3,500 net acres 7,000 JV net…
  28. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 28
    Marcellus East Large position Low entry price Acquired assets in November 2010 100% WI, 80% NRI Tested Marcellus potential in 2 wells Preston/Tucker tested 1.1 MMcf/d Pendleton tested 0.8-1.0 MMcf/d First horizontal has been…
  29. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 29
    Mid-Continent Horizontal Oil Play Play de-risked by partner activity and historic vertical production Current lease position approximately 30,900 gross (12,500 net) acres Operations commenced in July on the first of three wells to…
  30. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 30
    Mid-Continent Horizontal Oil Play Economics Risked 236 MBOE EUR 43% Gas 57% Liquids 25% IRR Cost 4.3MM (4500 lateral) Un-risked 321 MBOE EUR 43% Gas 57% Liquids 63% IRR Cost 4.3MM (4500 lateral) 2012 Gastar…
  31. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 31
    Shallow Potential Combined With Proven Success in East Texas Combination of Eagle Ford/Woodbine liquids and Bossier gas. Leon Substantial Shallow Potential Identified Eagle Ford/Woodbine (Eaglebine) becoming more active Encana and…
  32. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 32
    Solid Acreage Position in the Emerging Eagle Ford Trend Actively monitoring and evaluating as our peers de-risk the play. 17,100 Net Acres 2012 Gastar Exploration Ltd. 33
  33. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 33
    Abundant Supply of Eagle Ford/Woodbine Opportunities Potential for 100+ horizontal drilling locations. First Class Neighbors 2012 Gastar Exploration Ltd. 34
  34. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 34
    Financial Strength 2012 Gastar Exploration Ltd.
  35. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 35
    Liquidity to Execute Our Plan Base capital program funded from internally-generated cash flow supplemented by borrowings under current credit facility and remaining issuance of 8.625% Cumulative Preferred Stock 9.1 million cash on…
  36. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 36
    Balance Sheet Assets ( in millions) September 30, 2012 Cash and cash equivalents 9.1 Other current assets 20.5 Total current assets 29.6 Total property, plant and equipment, net 220.9 Other assets 3.9 Total assets 254.4…
  37. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 37
    Strong Balance Sheet and Liquidity Borrowing Base Bank Debt 120 110 100 80 70 MM 60 50 48 40 31 30 20 - - - 2009 2010 2011 9/30/2012 September 30, 2012 Bank Debt Outstanding 70.0 MM Total Liquidity(1) 49.0 MM…
  38. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 38
    8.625% Cumulative Preferred Stock is Being Well Received By The Market 98.8 million issued to date(1). Issuer: Gastar Exploration USA, Inc. Symbol: NYSE Amex: GST.PRA Guarantor: Gastar Exploration Ltd. Annual Rate: 8.625% Face…
  39. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 39
    Responsible Hedging Program Natural Gas Gas Hedging Strategy Daily Volumes Hedged, MMBtu/day 30,000 25,957 MMBtu/d 25,000 2,000 MMBtu/d 4.00 / 4.50 Call Spread 16,566 MMBtu/d 20,327 MMBtu/d 20,000 2,500 MMBtu/d 4.75 / 5.25…
  40. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 40
    Responsible Hedging Program Crude Oil and NGLs 2012 Gastar Exploration Ltd. 41
  41. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 41
    Summary 2012 is an active, pivotal year for Gastar. Aggressively shifting to liquids Focusing on liquids-rich Marcellus acreage New Mid-Continent oil play Capital investment program fully funded Realized a 120% increase in our…
  42. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 42
    Gastar Exploration Ltd. General Information Gastar Exploration is an independent energy company engaged in the exploration, development and production of natural gas and oil in the U.S. Our principal business activities include the…
  43. NOVEMBER 2012 CORPORATE PRESENTATION – Gastar Exploration, Ltd. – slide 43
    Q&A 2012 Gastar Exploration Ltd.

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