Annual General Meeting Presentation May 2015 Annual General Meeting Presentation - May 2015
Executive Summary Focused Vertical Producer in Northern Oklahoma Mississippi Lime Company Highlights May 2015 Capitalization, Liquidity and Directors Continue to lease acreage, develop and drill vertical wells targeting the Ordinary…
Acreage Overview 12,000 acres outside Ponca City Infrastructure in place for full field development NORTH Highlights Significant acreage yet to be drilled but in a concentrated area with more finite geological risk Density…
Located Near Key Infrastructure Co-located with refinery and good gas infrastructure in place now Unlike many of the major oil plays in the US where transport is expensive AOK is well located REFINERY and transport costs are…
Best Targeted Vertically Large HZ Operators Leaving Formation is poorly suited to horizontal completion Cross Section Showing Substantial Vertical Movement 80ft of vertical variation in mile. Hard to stay in zone…
Key Achievements since last AGM Reacted prudently to oil price correction Delivered 75% Y/Y growth in production in 2014 Raised USD20M term loan with more stable terms than traditional reserve based lending facility; may be increased…
Key Operating Metrics Steady growth of key operating metrics until oil pricing environment warranted a strategic pullback Key Operating Metrics Total Production (BOE) Net Revenue (USD) 140,000 6,000,000 120,000 5,000,000 100,000…
Responding Well To Volatility Response has positioned AusTex to emerge into a better price environment as a stronger company Oil Pricing since 1/1/14 110 Last AGM 100 90 Entered into term 80 loan & significant hedge to…
Formation Storing Oil Production curtailed with increased well bore pressure and decline in pump pace Response to Well Pressure and Pump Pace Per Well Metrics 160.00% 140.00% 120.00% 100.00% 80.00% 60.00%…
Lessons Learned Since Last AGM Using the drilling pause to diagnose recent well underperformance Poor Results in North Likely Completion Driven 20 Acre Density in Section 20 Too Tight Distribution of Wells by Petrophysically Available…
Response and Plan Forward Capitalized on the industry turmoil to increase human capital. Will likely start drilling in July again Improved Human Capital 2nd Half 2015 Plan New geologist All current activity estimates assume oil price…
Current Reserve Base Based on Nymex Strip at 12/31/14 31-Dec-14 Reserve Report Discounted Cash Flow Discount Rate (000 USD) 0% 5% 10% 15% 20% PDP 58,373 40,645 31,831 26,599 23,127 PDNP 8,022 5,642 4,337 3,524 2,968 PUD 141,964…
Current Hedging Position Meaningful embedded value in the current hedging position Oil and Gas Hedged Volumes and Weighted Average Floor Prices Current Month 120.00 16,000 14,000 Oil Volume (BBLs) 100.00 Oil Price ( per…
Concluding Thoughts Well positioned to capitalize on this oil price correction Key Company Highlights Well Capitalized stable debt facility and net cash credit today Strong Cash Position USD23M in May Compelling Hedging Assets…
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