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ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc.

Panhandle Oil and Gas Inc. · May 28, 2015 · 45 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. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 1
    PHX LISTED NYSE
  2. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 2
    Panhandle Oil and Gas Inc. (PHX) Overview UNCONV ENTIONAL BUSINESS MODEL = THE MINERAL ACREAGE ADV ANTAGE Non-operator, participating principally with the largest E&Ps Selective participation with working interest in most economically…
  3. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 3
    Mineral Acreage Ownership Definition Mineral rights are property rights (separate from surface rights) to extract minerals (including oil, natural gas, NGLs) below the surface Property rights in U.S. are special Americans are…
  4. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 4
    PHX Business Model Lower Risk, Higher Returns DIRECT O WNERSHIP O F M INERAL RIGHTS = THE M INERAL A CREAGE A DV ANTAGE PHX mineral acreage has extremely low cost basis (approximately 90/acre) Minerals ownership lowers PHX well costs…
  5. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 5
    PHX Business Model Lower Risk, Higher Returns N ON -O PERATED DRILLING PROGRAM = U SE M INERAL O WNERSHIP A S LEV ERAGE Large mineral acreage ownership position provides diversity in drilling projects without additional acreage costs…
  6. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 6
    THE MINERAL ACREAGE ADVANTAGE (Economic Impact of Working Interest Participation on Mineral Acres) Typical Fayetteville Shale Well Finding Cost, /Mcfe Rate of Return, % (BTAX) 1.6 30 ASSUMPTIONS: 1.4 25 W.I. NRI 1.2 22% PHX…
  7. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 7
    PHX Business Model Diversified Revenue Sources 72% of revenues from non-operated W.I. production Oil and gas revenues from non-operated working interest (W.I.) production with premier operators Ability to participate in the best…
  8. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 8
    Royalty Production and Revenue History 50 6.00 Royalty V olume Bcfe Royalty Revenue Million 5.50 45 PHX has over 4,000 identified undeveloped locations and over 185,000 open mineral 5.00 40 acres available to feed continued royalty…
  9. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 9
    Financial Highlights - Fiscal 2015 CONDENSED BALANCE SHEET M ARCH 31, 2015 Current assets 21,643,831 Property and equipment 444,599,923 Less accumulated DD&A (216,596,904) Net property and equipment 228,003,019 Other 2,037,067…
  10. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 10
    Financial Highlights Fiscal Second Quarter 2015 SIX M ONTHS ENDED M ARCH 31, 2015 2014 Oil, NGL and natural gas sales 31,957,249 39,581,383 Total revenue (1) 45,678,204 38,148,801 Net income 10,937,968 10,580,891 Earnings per…
  11. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 11
    Price Risk Mitigation Through Hedging DURATION MONTHLY VOLUME PRICES Gas Jan-Dec 2015 100,000 mmbtu 3.50 floor/4.10 ceiling Jan-Dec 2015 70,000 mmbtu 3.25 floor/4.00 ceiling May-Oct 2015 70,000 mmbtu 3.50 floor/3.95 ceiling…
  12. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 12
    Asset Pyramid Non-proved undeveloped reserves on fee mineral acres and held by production leasehold in the Eagle Ford Shale, Probable Fayetteville Shale, Oklahoma Woodford Shales and Western and Oklahoma/Texas Panhandle horizontal…
  13. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 13
    10 15 20 25 30 0 5 12. 31 .19 99 12. 31 .20 00 12. 31 .20 01 12. 31 .20 02 12. 31 .20 03 12. 31 .20 04 PHX Stock Price History 12. 31 .20 05 12. 31 .20 06 12. 31 .20 07 12. 31…
  14. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 14
    Panhandles Mineral Acreage Strategy Results Ability to maximize return on Company assets through working interest participation in wells drilled on mineral acreage or taking lease bonus payments and non-cost bearing royalty interests…
  15. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 15
    April 2015 Operations Update Current Industry Backdrop Oil and natural gas prices remain below replacement value and futures remain relatively low Service cost declines have not kept pace with the product price drop U.S. oil and…
  16. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 16
    April 2015 Operations Update PHX Strategy Maintain discipline and consistent long term corporate and investment philosophies throughout commodity price cycles Only participate in wells/projects that we believe will earn reasonable…
  17. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 17
    April 2015 Operations Update Current PHX Operations Our first quarter of fiscal year 2015 (Oct- Dec 2014) capital expenditures reflect the much higher product price environment of that time Second quarter FY 2015 capital expenditures…
  18. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 18
    April 2015 Operations Update (Continued) Current PHX Operations The majority of our current drilling and completion investment activity is in the SCOOP Woodford and Springer play in south central Oklahoma where operators continue to…
  19. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 19
    Mineral Holdings Significant Mineral Acreage Holdings 120 Net Acres (Thousands) 100 80 60 40 20 0 20 OK NM TX ND AR Leasehold Benchmark Company 1x1 Investor Conference May 28, 2015
  20. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 20
    Reserve Statistics Proved reserves at Mid-Year 2015 Proved developed reserves increased slightly to 116.1 Bcfe as compared to YE 2014 of 115.2 Bcfe PUD reserves declined to 77.7 Bcfe or 40% of total proved reserves. The Company…
  21. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 21
    MCFE 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 500,000 0 3.3 1. 2 008 6.3 0. 2 008 9.3 0. 2 008 12. 31. 200 3.3 8 1. 2 009 6.3 0. 2 009 9.3 0. 2 009 12.…
  22. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 22
    Year-End 2014 Reserves and First Half 2015 Production and Revenue by Product Gas NGL Oil 120 100 22% 19% 31% 29% 80 42% 9% 10% 50% 60 8% 40 69% 71% 50% 20 0 Year-End First Half First Half 2014 2015 2015 SEC…
  23. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 23
    Unit Costs Per MCFE DD&A LOE/Prod Tax G&A 8.00 7.00 6.00 5.00 Total /Mcfe 4.51 Total 4.24 Total 0.65 3.87 4.00 0.49 Total Total Total Total 0.63 3.43 3.40 3.27 3.26 1.30 0.90 3.00 0.67 0.60 0.52 0.53 1.08 1.11…
  24. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 24
    Annual Production Per Debt Adjusted Share Gas-Mcf Oil & NGL Mcfe Gross Producing Wells 2.00 7,000 1.80 6,105 6,019 6,000 Total 5,666 1.60 1.63 Total 5,107 1.50 1.40 5,000 4,989 0.38 4,861 0.24 Total Gross Producing…
  25. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 25
    Proved Reserves Per Debt Adjusted Share Proved Developed Reserves Per Share Proved Undeveloped Reserves Per Share 28.00 26.00 Total 23.84 24.00 22.00 20.00 Mcfe/Share Total 10.51 18.00 17.56 16.00 Total 6.79 Total…
  26. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 26
    3P Undeveloped Reserves Per Debt Adjusted Share Reserves per Share 70.0 60.0 50.0 Mcfe/Share 49.92 50.01 40.0 41.63 38.99 41.03 30.0 27.52 20.0 19.69 10.0 0.0 2008 2009 2010 2011 2012 2013 2014 Debt…
  27. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 27
    Cana Woodford and SCOOP 28 Benchmark Company 1x1 Investor Conference May 28, 2015
  28. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 28
    Cana Woodford and SCOOP Diverse mineral ownership across initial plays Interest (WI or RI) in 11% of all producing wells in the play PHX wells primarily operated by Devon, Cimarex, Continental, Newfield and XTO Current production…
  29. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 29
    Cana Woodford and SCOOP Devon, Cimarex Cana Woodford Continental, Newfield, Marathon SCOOP Woodford/Springer XTO 30 Benchmark Company 1x1 Investor Conference May 28, 2015
  30. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 30
    Arkansas Fayetteville Shale 31 Benchmark Company 1x1 Investor Conference May 28, 2015
  31. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 31
    Arkansas Fayetteville Shale Diverse mineral and leasehold ownership across the play Interest (WI or RI) in 24% of all producing wells in the play PHX wells primarily operated by Southwestern Energy Current production 12.7 Mmcfe…
  32. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 32
    Arkansas Fayetteville Shale SWN, XTO 33 Benchmark Company 1x1 Investor Conference May 28, 2015
  33. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 33
    Eagle Ford Locator Map PHX 34 Benchmark Company 1x1 Investor Conference May 28, 2015
  34. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 34
    Eagle Ford 35 Benchmark Company 1x1 Investor Conference May 28, 2015
  35. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 35
    Eagle Ford Current production 648 Boepd 72 producing wells (66 Eagle Ford, 5 Pearsall and one Buda), 6 wells waiting on completion 102 additional undeveloped Eagle Ford locations Proved Reserves 77% Crude Oil, 13% NGL & 10% Natural…
  36. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 36
    PHX Eagle Ford Shale Leasehold Acreage and Active Wells 37 Benchmark Company 1x1 Investor Conference May 28, 2015
  37. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 37
    Western Oklahoma Anadarko Basin 38 Benchmark Company 1x1 Investor Conference May 28, 2015
  38. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 38
    PHX Drilling Activity in Western Oklahoma and the Texas Panhandle Hemphill County Ellis County Cleveland Marmaton Cleveland Apache EOG, CHK Roger Mills County Marmaton Cleveland Apache, CHK Beckham County Hogshooter…
  39. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 39
    The Panhandle Oil and Gas Advantage Broadly diversified perpetual mineral holding/growing HBP leasehold Total US mineral ownership of 255,000 acres with geographic and product diversity Substantial advantage in capital efficiency…
  40. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 40
    Southeastern Oklahoma Woodford Shale 41 Benchmark Company 1x1 Investor Conference May 28, 2015
  41. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 41
    Southeastern Oklahoma Woodford Shale Diverse mineral ownership across the play Interest (WI or RI) in 17% of all producing wells in the play PHX wells primarily operated by Newfield, Devon, BP and PetroQuest Current production 3.8…
  42. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 42
    Southeastern Oklahoma Woodford Shale Current Development Area Newfield, Devon, BP, Petroquest, XTO 43 Benchmark Company 1x1 Investor Conference May 28, 2015
  43. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 43
    Year-End 2014 SEC Proved Reserves 44 Benchmark Company 1x1 Investor Conference May 28, 2015
  44. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 44
    Year-End 2014 Proved, Probable and Possible Reserves 45 Benchmark Company 1x1 Investor Conference May 28, 2015
  45. ONE ON ONE INVESTOR CONFERENCE 2015 – Panhandle Oil and Gas Inc. – slide 45
    PHX LISTED NYSE

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