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IPAA OGIS NEW YORK – Evolution Petroleum Corp.

Evolution Petroleum Corp. · Apr 8, 2014 · 30 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 – Evolution Petroleum Corp. – slide 1
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  2. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 2
    Maximizing and Producing Petroleum Resources Applying Innovative Engineering Into Known Oil & Gas Fields Building Value per Share To Generate Cash for Growth, Shareholders By Staff & Customers Fully Aligned with…
  3. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 3
    Name/Title Background Achievements Robert Herlin Co-founded EPM in 2003 utilizing 8.3 MM of 30+ years leadership experience in CEO & Chairman common equity invested though 2006. M&A, development, finance and B.S./M.E. Chemical…
  4. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 4
    GROWTH Forecasted production increase at Delhi Field through 2017 Addition of NGL/Methane recovery at Delhi Field Pending reversion of 24% working interest in Delhi Field Increasing deployment of GARP artificial lift technology…
  5. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 5
    6% 5.69% 5% 4.02% Annualized Yield 4% 3.84% 3.14% 3.03% 3% 2.09% 1.89% 2% 1% 0% EPM S&P S&P 500 10-Yr FTSE S&P 500 Alerian Energy Treasury NAREIT Utilities MLP Index Index Index Index EPM yield based on share price of…
  6. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 6
    Oil, NGL & Gas Reserves* Revenue MMBoe M 25,000 30 25 20,000 20 15,000 15 10,000 10 5 5,000 0 0 PD PUD Probable Possible * Note: 2012 & 2013 estimates exclude divested noncore assets; 2013 reserves also exclude Ms…
  7. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 7
    Transformed 8.3 MM common equity cash investment into 455 MM Proved PV10 + 109 MM Probable PV10 + 25 MM Working Capital* 700 109 MM 589 MM 600 455 MM 500 400 3/31/14 EV MM 300 200 100 25 MM 0 Initial Investment…
  8. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 8
    SEC Pretax PV10* 13.8 MM BOE Proved Reserves MM Proved Probable Possible 7% 500 Oil 450 NGL 400 93% 350 300 250 7.4 MMBOE Probable Reserves 200 13% 150 Oil 14% 100 NGL 50 73% Gas 0 2010 2011 2012 2013 as of June…
  9. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 9
    Delhi Field - Producing CO2 EOR GARP Patented artificial lift technology 13.5 MMBO Proved 74% devd for horizontal and vertical wells worldwide 7.4 MMBO Probable 48% devd Successfully installed in commercial JVs in 3.7 MMBO Possible…
  10. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 10
    Foundation Asset CO2 Enhanced Oil Recovery
  11. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 11
    Cash Annuity to Fund Growth and Income Jackson Dome Delhi Historic production 192 MMBO prior to EOR (gross) Production 6,244 gross BO per day (quarter ended 12/31/13) 6/30/2013 Reserves 13.5 MMBOE Proved (PV10: 455 MM) 74% dev.…
  12. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 12
    Calendar 2013 gross CapEx focused on optimizing flood within already developed western half of field EPM bears no share of CapEx until working interest reversion Reversion of WI in late 2014 expected to add up to 1,300 net BOPD to EPM…
  13. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 13
    EPM owns 7.4% of gross revenues in Delhi Field No CapEx or OpExever 7.4% Exempt from state severance tax until project payout of all actual costs plus capital cost Royalty Interest Royalty interest = 28% of EPMs Delhi 3P reserves…
  14. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 14
    Actual and D&M Forecast of 3P Production at Delhi 100,000 Actual Gross Actual EPM Net BOPD D&M 6/30/13 Gross EPM Net D&M 6/30/13 Gross 10,000 EPM Net 24% WI Reversion * 1,000 100 Jul-10 Jul-15 Dec-10…
  15. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 15
    High Probability of Achievement, Driven by Proved Reserves Delhi Gross Oil Production Forecast as of 6/30/2013 Possible Probable Proved Gr BOPD 10,000 Projected production recovery following full resumption of CO2…
  16. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 16
    Operator discovered underground well fluid leak in June 2013 in southwestern portion of field. Operator temporarily suspended CO2 injection in and around leak area to lower pressure, and oil production from wells in affected area…
  17. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 17
    (000) Cumul Pretax NCF Residual PV10 1,400,000 1,200,000 1,000,000 Peak PV-10 800,000 600,000 400,000 200,000 - 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 As of 6/30/13 Notes: From independent…
  18. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 18
    Delhi 3P Pretax Cash Flows Net to EPM (Cal 2014-25) 000 Portion of WI that funds Capex WI net of Capex Royalty 120,000 100,000 WI payout timing is uncertain & in 80,000 legal dispute 60,000 40,000 20,000 -…
  19. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 19
    66 MM in Delhi net CapEx in 2014-17 to grow production, cash flow & PV10 through 2017 Delhi 695 MM PDP CF* Benefit of Reserves 740 MM other 3P CF* Shareholders expansion of GARP * Net of Delhi CapEx, before overhead charges,…
  20. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 20
    Innovation for Increasing Recovery From NGS Technologies, a subsidiary of Evolution Petroleum www.garplift.com
  21. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 21
    Industry at risk of losing vast quantities of reserves and production as mature horizontal wells, vertical wells with multiple pay zones and deep vertical wells encounter liquid loading and depletion issues These problems exist now in…
  22. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 22
    BEFORE GARP AFTER GARP Either fluid level eventually drops Potentially add substantial new reserves to a level where rod pump or gas lift are no longer at low cost effective, or Benefit = 15% to 35+% incremental recovery at low cost…
  23. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 23
    Philip DL 1 Selected Lands 2 BOEPD Daily Rate vs Cumulative Production BOPD Daily Rate vs Cumulative Production 10000 1,000 Installed GARP in Restore production rate previously abandoned well from marginal 1 BOPD to 1000 10-18 BOPD…
  24. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 24
    Well Install Pre-Install Post- Pre-Install Targeted Targeted Date Rate, Install Cumul., GARP GARP BOEPD Stable MBOE Gross Gross Rate, Reserves, Reserves, BOEPD MBOE % of Cumul. Morgan- 12/3/2011 2.7 7.5 345 65 19% Kovar Select Lands…
  25. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 25
    EPM NGS Technologies Delhi interests Other assets NGSIP owns GARP patent GARP Services provides use of GARP technology to customers NGS Resources utilizes GARP in joint ventures and equity deals 26
  26. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 26
  27. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 27
    Mississippi Lime - Kay County, Oklahoma EPM owns 34% share of JV holding 11,700 net acres Leasehold offset by mixed success of RRC and others 2 Ms Lime evaluation wells completed to date with poor results Independent reservoir…
  28. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 28
    Conservative, Strong and Aligned
  29. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 29
    Strong, Debt-Free Balance Sheet with Liquidity to Fund 2014 Strategic Plan & CapEx* Debt to Common Market Cap Liquidity Resources (1/31/14) 180% 171% 160% Revolver 5 MM 140% available* 120% 2H-FY14 100% CFFO* 12/31/13 80% 80%…
  30. IPAA OGIS NEW YORK – Evolution Petroleum Corp. – slide 30
    Total Alignment with Strategy to Selectively Grow and Reward Shareholders Accretive Growth Increasing production at Delhi from: Reversion of 24% working interest and 19% revenue interest Scheduled CapEx projected to more than double…

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