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March 2014 Investor Presentation – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Apr 7, 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. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 1
    NYSE: MILL
  2. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 2
    Financial Snapshot Stock Ticker (NYSE) MILL Price (3/7/2014) 6.99(1) Market Capitalization (3/7/2014) 316.16 MM Shares Outstanding 45.23 MM(2) Insider Ownership 29% 1-Year Stock Price Performance +78% Stock Performance Since Aug 1,…
  3. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 3
    Top Quartile Stock Returns in Peer Group 1-Year Historical Performance of Suntrust Small Cap E&P Index Constituents Cumulative Return Through Mar 7, 2014; Percent (%) 400% 300% Mean group 1-Year Return 200% performance of 39%…
  4. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 4
    Investment Highlights Alaska Operations Overview Proven Track Record Miller has continued to grow production in Alaska for past 3+ years Growth Visibility Expected FY14 exit rate of 6,000 boe/d Low Risk Path to Production Growth…
  5. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 5
    Asset Overview Existing Alaskan Operations Approximately 3,249 boe/d of production at 12/31/13 Significant development opportunity through 3P Osprey platform designed for 21 wells producing 25,000 boe/d with additional Capacity for 13…
  6. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 6
    Shareholder Value With Milestones Historical Stock Price Performance 2008-Present; /share (closing price) 1. Scott M. Boruff joined as 10.00 14 CEO 2. Acquired KTO assets 15 3. Acquired ETC 7 13 16 4. Acquired Alaska Assets 8.00 12…
  7. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 7
    Production Historical and Forecast Production (Calendar Year Exit Rates Except 2008 and 2014 FY End Forecast) 2009-2014 Fiscal Year End; Gross volumes - boe/d 6,000 6,000 4,000 3,496 Realized CAGR of 146% 2,000 1,430 1,260…
  8. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 8
    Reserves - Proved with Upside (Excludes North Fork Acquisition) Ralph E. Davis Report Dated April 2013 Total Reserves Proved Reserves 54.8 MMBOE 8.4 MMBOE SEC Case: PV-10 1.4 Billion SEC CASE: PV-10 367.2MM Large Drilling…
  9. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 9
    Reserves Proved Developed (Including North Fork Acquisition) Ryder Scott Reserve Report Dated December 2013 Total Proved Developed Composition of Total Proved Developed Reserve Volumes Reserves (in mboe) 8.4 MMBOE 8,000 SEC Case:…
  10. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 10
    North Fork Acquisition Closed 100% working interest in 185 million of Proved and Probable PV-10 Probable SEC PV-10: 93.1 Million Total Proved SEC PV-10: 92.3 Million Includes six (6) natural gas wells, production and processing…
  11. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 11
    Acquisition Financing Closed a 175 million second lien credit North Fork Acquisition facility with Apollo Investment (in millions) Capital Sources Corporation and Highbridge Principal (in millions) Strategies on 2/3/2014 Apollo…
  12. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 12
    Tax Friendly Environment Osprey Rig 35 Strong Incentives Exist for Development in Alaska Tax Incentives & Commodity Prices No severance tax on oil Oil contracts based on ANS pricing (premium to WTI, similar to Brent) Fixed contract…
  13. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 13
    Operational Update & Capital Budget Redoubt Shoals Osprey Well Room Moved rig over to service RU-7 and drill RU-9, oil wells Adding perforations on RU-7 Plan to drill RU-9 immediately following RU-7 work over West McArthur River and…
  14. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 14
    Hedging Monthly Hedge Volumes and Average Hedge Pricing Mixed measures 2,500 104.00 102.00 2,000 100.00 Average Hedge Pricing (/bbl) Hedged Volumes (bbls/d) 98.00 1,500 96.00 1,000 94.00 92.00 500 90.00 0…
  15. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 15
    Investment Summary 4 Distinct producing fields Redoubt, WMRU, North Fork, TN Significant Asset Base 54.8 MMBOE of P1, P2 and P3 Reserves (per R.E.D, excluding North Fork) 1.4 Billion of PV-10 (per R.E.D., excluding North Fork)…
  16. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 16
    Appendix Dynamic High Growth Leader
  17. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 17
    Management Bios Deloy Miller - Mr. Miller, our founder, has been Chairman of the Board of Directors since December 1996, and was CEO from 1967 to August 2008, and COO from August 2008 to July 2013. Since then, Mr. Miller has been…
  18. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 18
    Miller Thesis Original Completions Optimized ORIGINAL COMPLETION: OPTIMIZED COMPLETION: RESTRICTED FLOW PATH UN-RESTRICTED FLOW PATH Highlights Completed optimization on RU-7 Flow rates increased over 100% Annual decline curve…
  19. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 19
    Alaska Redoubt Unit Field (Osprey) Highlights Proved, producing field with existing infrastructure 100% working interest Average Porosity: 11-13% Average Annual Decline: 10% (Miller) Average New Well CapEx: 10 million (Net)…
  20. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 20
    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 & 10 mmbbls PUD RU-2 drilled in South fault 2002 1,954 IP & 40 mmbbls PUD…
  21. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 21
    Alaska - West McArthur River Unit Highlights Proved, producing field with existing infrastructure 100% working interest Average Porosity: 11-14% Average Annual Decline: 10% (Miller) Average New Well CapEx: 9 million (Net)…
  22. March 2014 Investor Presentation – Miller Energy Resources, Inc. – slide 22
    Contact Information Miller Energy Resources, Inc. 9721 Cogdill Road, Suite 302 Knoxville, TN 37932-3425 Phone: 865-223-6575 infomillerenergyresources.com www.millerenergyresources.com Investor Relations MZ Group - North…

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