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JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc

SRC Energy Inc · Jun 17, 2015 · 25 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. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 1
    NYSE MKT: SYRG At Home In the Wattenberg Corporate Presentation June 2015
  2. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 2
    & Key Statistics This presentation may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The use Key Statistics of words such as believes, expects, anticipates, intends,…
  3. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 3
    Features of the Wattenberg Field Stacked Pay Horizons Depth Core Targets Low Drilling and Completion Low Costs Operating Rapid Return Costs on…
  4. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 4
    Management Team Experienced in Managing and Monetizing Wattenberg Field Assets Edward Holloway, co-CEO 33 years as an executive of oil and gas companies focused on the Wattenberg Field in the D-J Basin Built three Wattenberg companies…
  5. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 5
    Cycle Tested Team with World Class Assets Managing Through Down Cycle Results in a Stronger Company in Up Cycle Strong Low debt to market capitalization Balance…
  6. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 6
    Wattenberg Focused Position Colorado 90,000 net acres in the NE Wattenberg Extension Area Greater Wattenberg Area Core Wattenberg Area (approximately 90% operated) 36,000 net acre position in the Core Wattenberg (approximately…
  7. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 7
    Core Wattenberg Stacked Pay HZ Well Inventory 1,060 Total Horizontal Drilling Locations Estimated Aerial Extent of the Niobrara Benches & Codell Formations(1) Niobrara A Niobrara B HZ Drilling Locations Core Wattenberg 234…
  8. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 8
    Core Wattenberg HZ Operated Wells Leffler Pad 6 36,000 net acre position in the Core Colorado wells Wattenberg 52 Horizontal wells drilled and completed Renfroe Pad on 8 SYRG pads with 100% success rate 5 wells Weld 152 Pad 6…
  9. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 9
    Operated Pads Production Performance 12 months SRC Renfroe & Leffler Pads vs Offsets 120,000 110,000 100,000 90,000 Leffler Renfroe 80,000 70,000 CUM BOEs 60,000 50,000 40,000 30,000 20,000 10,000 0 1 3 5…
  10. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 10
    Drilling HZ wells on Greater Densities (220 vs 330 Lateral Spacing) Comparing different N lateral spacing within 24 wells/sec 16 wells/sec same section 12 Wells 6 - 330 6 - 220 3 - Niobrara 3 Codell 2 Mid-length Laterals SRC…
  11. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 11
    Operated Pads Production Performance 6 months SRC Phelps & Eberle Pads vs Offsets Standard Length (1) (4,200') 100,000 90,000 80,000 70,000 60,000 CUM BOEs 50,000 Phelps 40,000 Eberle 30,000 20,000 10,000…
  12. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 12
    Operated Mid-length Well Production Performance SRC Eberle Pad vs Offsets Midlength (7,000') 120,000 100,000 80,000 CUM BOEs 60,000 40,000 20,000 Eberle 0 1 2 3 4 5 6 7 8 Mid-length wells comprised of…
  13. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 13
    Wattenberg HZ Drilling and Completions One rig contracted Currently drilling 4 mid- Colorado length lateral wells on Bestway Pad. Geis Pad 8 wells Geis Pad completions began early June, production expected by mid-July. Cannon Pad…
  14. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 14
    Cash-on-Cash Payout Focus Return of Capital In 3 Years or Less is the Primary Objective Months Needed to Achieve Cash-on-Cash Payout EUR 275 MBOE 300 MBOE 325 MBOE 400 MBOE* Using 6/9/15 Monthly Strip Well Cost 3-Stream…
  15. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 15
    NE Wattenberg Extension Area 54,000 Net Acres after the recently closed transaction whereby Synergy acquired remaining working interest from non-op partner, resulting in Red Tail Project 100% working interest for Synergy. Conrad…
  16. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 16
    Proved Reserves 40MM BOE, PV-10 value 510MM (2/28/15*) 93% Compound Annual Increase in Proved Reserves (fiscal 2011-2014) 45,000 40,352 MBoe 40,000 Up 25% 35,000 32,188 MBoe 30,000 Reserves MBoe 25,000 Up 133% 20,000…
  17. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 17
    Production, Revenue and EBITDA Growth Growing Production and Profitability Rapidly and Responsibly 10,000 Daily Net Production Revenue & Adjusted EBITDA* 135 128 8,011 8,000 120 108 104 105 Margin: 6,000 90 84% BOEPD…
  18. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 18
    Revenue Mix & Average Sales Price Revenue Mix: 76% Oil, 24% NGL & Gas (for fiscal 2Q ended 02/28/15) 100% 90% 80% % of Revenue by Commodity 70% 60% 50% 40% 30% 20% 10% 0% 3Q FY-13 4Q FY-13 1Q FY-14 2Q FY-14 3Q FY-14 4Q…
  19. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 19
    Fiscal 8/31/15 Cash CAPEX Budget 270 Million Fully Funded Budget (50 million remaining as of 5/31/15 to be funded with 183 M cash on the Balance Sheet) Acquisition NE Extension, Nebraska & Other 75 Million (cash) 5 Million Land…
  20. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 20
    Key Takeaways Significant Exposure to Wattenberg Field Experienced Operational Control in Returns Driven Low Risk Basin Management Team Fully Funded Fiscal Near-term Upside 2015 & 2016 CAPEX from Wattenberg Budget…
  21. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 21
    Appendix 21
  22. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 22
    Nebraska Conventional Oil Play 185,000 Net Acres Targeting Conventional Oil Prone Zones Exploration agreement with a private operator on SYRG Leasehold: Participate in up to 10 wells covering 8,000 net acres in Dundy Co. Nebraska…
  23. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 23
    Eastern Colorado Assets 65,000 net acres, with long term leases and 85% NRI Proven shallow Niobrara dry gas field, economic above 4/mcf 2 days to drill and complete vertical wells (est. cost 250k) Area has existing gas gathering…
  24. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 24
    Adjusted EBITDA Reconciliation SYNERGY RESOURCES CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) Three Months Ended Six Months Ended February 28, February 28, February 28, February 28, ADJUSTED…
  25. JUNE 2015 CORPORATE PRESENTATION – SRC Energy Inc – slide 25
    Hedging Summary as of May 1, 2015 Crude Oil and Natural Gas Hedges Hedges in Place as of May 1, 2015 Collar Volumes Average Collar Prices (1) Oil Gas HH Gas CIG Oil Gas HH Gas CIG Month (Bbl) (MMBtu) (MMBtu) (Bbl) (MMBtu)…

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