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IPAA OGIS NEW YORK – LRR Energy LP

LRR Energy LP · Apr 16, 2013 · 19 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. IPAA OGIS NEW YORK – LRR Energy LP – slide 1
    LRR Energy, L.P. IPAA OGIS New York April 16, 2013
  2. IPAA OGIS NEW YORK – LRR Energy LP – slide 2
    LRR Energy, L.P. LRR Energy, L.P. Upstream MLP formed in November 2011 (NYSE: LRE) Operate, acquire, exploit and develop mature oil and gas properties Experienced team with proven acquisition, operational and exploitation track…
  3. IPAA OGIS NEW YORK – LRR Energy LP – slide 3
    LRR Energy, L.P. Recent Events January 2013 Acquisition from Lime Rock Resources 22.8 MM purchase of primarily operated Mid-Continent assets and hedges Proved reserves of 1,987 Mboe 52% PDP, 55% liquids 350 Boe/d, 15.6…
  4. IPAA OGIS NEW YORK – LRR Energy LP – slide 4
    LRR Energy, L.P. Property Summary Mid Continent Current Production (Boe/d) 2,344 LRE Total Proved Reserves (MMBoe) 11.4 Current Production (Boe/d) 6,457 % Proved Developed 92% Proved Reserves (MMBoe)(1) 31.7 % Liquids 24% %…
  5. IPAA OGIS NEW YORK – LRR Energy LP – slide 5
    LRR Energy, L.P. Quality Assets Shallow production decline Low Risk, Mature Assets 84% proved developed reserves 13.5 R/P Focused operations and diversified geographically Focused Portfolio Three operating areas with scale…
  6. IPAA OGIS NEW YORK – LRR Energy LP – slide 6
    LRR Energy, L.P. Permian Basin Region Key fields: Red Lake, Pecos Slope, Corral Canyon Proved reserves(1): 17.0 MMBoe (54% of total) Current net production: 3,357 Boe/d (52% of total) R/P Ratio: 13.9 LRE operates 94% of proved…
  7. IPAA OGIS NEW YORK – LRR Energy LP – slide 7
    LRR Energy, L.P. Mid-Continent & Gulf Coast Regions Mid-Continent Summary Overview Gulf Coast Summary Overview Key fields: Potato Hills, East Velma, Key fields: New Years Ridge, GW-Stratton Putnam Proved reserves(1): 3.3 MMBoe…
  8. IPAA OGIS NEW YORK – LRR Energy LP – slide 8
    LRR Energy, L.P. 2013 Capital Budget Capital budget is 29 MM 25 MM allocated to the Red Lake field 37 drill wells, including 25 Red Lake drill wells 17 recompletes, including 15 Red Lake recompletes 1 waterflood pilot project at…
  9. IPAA OGIS NEW YORK – LRR Energy LP – slide 9
    LRR Energy, L.P. Significant Growth Potential Acquisition Sources Drop-downs Joint Bids Acquisitions Acquisitions from with from from Third Lime Rock Lime Rock Lime Rock Parties Resources Resources Partners 33.7 MMBoe of…
  10. IPAA OGIS NEW YORK – LRR Energy LP – slide 10
    LRR Energy, L.P. Lime Rock Resources Growing Inventory of Assets Annual Revenue 180 2 161.5 160 8% Gas 140 120 1 100 93.4 92% Liquids MM 80 23% Gas 60 40 77% Liquids 20 0 LRE LRR 1 2012 Revenue…
  11. IPAA OGIS NEW YORK – LRR Energy LP – slide 11
    LRR Energy, L.P. Conservative Financial Strategy 2012 total unit coverage was 1.03x Distribution 25% of total units are subordinated Coverage Target total unit coverage of 1.2x Target debt/Adjusted EBITDA…
  12. IPAA OGIS NEW YORK – LRR Energy LP – slide 12
    LRR Energy, L.P. Pro Forma Balance Sheet Capitalization Pro Forma 12/31/12 12/31/12(1) Cash 3.5 3.5 Senior Credit Facility 178.0 185.0 2nd Lien Term Loan 50.0 50.0 Total Debt 228.0 235.0 (1) Borrowing Base 250.0 250.0…
  13. IPAA OGIS NEW YORK – LRR Energy LP – slide 13
    LRR Energy, L.P. Hedge Portfolio Natural Gas Hedges 83% of current PDP is hedged through 2017 Assuming flat production(1), total production is hedged 94% in 2013, 72% in 2014, 57% in 2015, 55% in 2016 and 44% in 2017 Average…
  14. IPAA OGIS NEW YORK – LRR Energy LP – slide 14
    LRR Energy, L.P. Investment Highlights Quality Assets Stable, low-risk and predictable properties Operated, primary production and low cost asset portfolio Large internal project inventory Significant Growth Potential Potential…
  15. IPAA OGIS NEW YORK – LRR Energy LP – slide 15
    Appendix Appendix 15
  16. IPAA OGIS NEW YORK – LRR Energy LP – slide 16
    Appendix Who is Lime Rock Lime Rock Management Lime Rock Founded in 1998 Manages 5.0 BN of private capital Lime Rock Partners Lime Rock Resources LRR Energy, L.P. LRP LRR LRE 3.8 BN capital under Formed in 2005 Mature…
  17. IPAA OGIS NEW YORK – LRR Energy LP – slide 17
    Appendix Management Team & Board of Directors Executive Leadership Years of Name and Position Experience Select Prior Experience Eric Mullins 23 Lime Rock Resources; Goldman Sachs Co-CEO and Chairman Charles Adcock 37 Lime Rock…
  18. IPAA OGIS NEW YORK – LRR Energy LP – slide 18
    Appendix Summary Organization Lime Rock Management LP 100% Class A Member Interest LRE GP, LLC Lime Rock Resources (LRR) Incentive Distribution Rights Fund I Common Units Subordinated Units 0.1% GP Interest 32.7% LP…
  19. IPAA OGIS NEW YORK – LRR Energy LP – slide 19
    Appendix Commodity Hedges Current Hedge Position (Swaps & Puts) 2Q - 4Q 2013 2014 2015 2016 2017 NYMEX HH GAS Swaps Gas (MMBtu) 5,642,670 6,077,016 5,500,236 5,433,888 5,045,760 Wt Avg Price 5.09 5.53 5.72 4.29 4.61 Puts Gas…

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