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9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Jan 4, 2012 · 36 slides

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Slides

  1. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 1
    9th Annual Pritchard Capital Partners Energize 2012 Conference January 4-5, 2012
  2. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 2
    Market Data Headquartered: Houston, Texas (NYSE:GDP) Market Data as of December 20, 2011 Price 12.75 Per Share Shares Of Common Stock Outstanding (Basic) 36.1 Million Market Capitalization 460 Million Enterprise Value 1,140…
  3. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 3
    Capitalization Table ( in 000s) As of September 30, 2011 Cash, Restricted Cash & Equivalents 32,727 Current Debt: Senior Credit Facility (1) 79,500 Convertible Senior Notes due 2026 (2) 25,043 Long-term Debt: Convertible Senior…
  4. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 4
    Company Profile & Strategy Growth oriented low cost E&P company focused on unconventional resource plays in Louisiana and Texas. Proved Reserves Growth Multiple objectives with long life reserves and repeatability (Bcfe) Proven…
  5. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 5
    MY 2011 Reserve Overview Proved Reserves by Area 3P Resource Potential by Area (Unrisked) (1) Shelby Trough / ART Eagle Ford 3% CV - Vertical 3% Eagle Ford 1% 12% CV - Vertical 15% Shelby Trough Cotton Valley Taylor Sand / ART…
  6. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 6
    2012 Drilling Program Area ( MM) 2012 Capex Allocation Eagle Ford Shale Trend 155 Tuscaloosa Leasehold / Marine Shale 35 Infrastructure Haynesville Core (NW La.) 6% 8% Haynesville ART / Shelby Trough 25 Haynesville ART / Shelby…
  7. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 7
    Production Volumes (Average Net Daily Mcfe) 120,000 40 36.60 110,000 35 100,000 32.24 92,400 30 81,600 GDP Stock Price 80,000 MCFE Per Day 25 66,100 24.94 60,000 20 15.80 43,800 15 40,000 12.75 10 20,000…
  8. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 8
    Hedging Summary Daily Natural Gas & Crude Oil Hedged Volumes (NYMEX) Natural Gas: 4Q11 2012 2013 2014 Swaps (MMBtu/day) (1) 20,000 20,000 (1) 20,000 (1) NYMEX Price (/MMBtu) 5.35 5.35 5.35 Collars (MMBtu/day) 40,000 40,000 NYMEX…
  9. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 9
    GDP Cash Flow Growth 60 50 GDP Quarterly EBITDAX (MM) 40 30 20 10 0 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 EBITDAX 10
  10. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 10
    Cash Margin Expansion 8.00 3.00 Cash Operating Expense per Mcfe 7.50 2.50 7.00 Revenue Per Mcfe 6.50 2.00 6.00 1.50 5.50 5.00 1.00 4.50 4.00 0.50 1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10…
  11. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 11
    Core Properties EAST TEXAS NORTH LOUISIANA COTTON VALLEY / HAYNESVILLE HAYNESVILLE CORE Gross (Net) Acres: 50,550 (47,850) Gross (Net) Acres: 32,600 (16,400) Proved Reserves (MY11): 217 Bcfe Proved Reserves (MY11): 247 Bcfe…
  12. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 12
    Eagle Ford Shale Trend Overview Pay Zones OLMOS ANACACHO TEXAS AUSTIN CHALK TEXAS EAGLE FORD 90 105 feet BUDA 13
  13. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 13
    Eagle Ford Shale Trend Oil Window La Salle and Frio Counties, Texas Acquisition Summary: Approximately 55,000 gross (39,000 net) acres with average working interest of 72.5% (56% NRI). 6,000 foot laterals with 100-acre spacing…
  14. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 14
    Eagle Ford Shale Trend Goodrich Acreage: 55,000 gross (39,000 net) acres 15
  15. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 15
    Eagle Ford Shale Activity -2000 -4000 GDP GDP GDP Chesapeake Carnes 7H (Buda) Carnes 6H (Buda) Shiner Ranch G 4H -3000 Traylor North 1H IP: 1,167 BOE/day IP: 1,635 BOE/day Buda Lime IP: 980 BOE/day (Completing) -5000 -4000 GDP…
  16. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 16
    Eagle Ford Shale Type Curves 1200 Normalized Production (BOE/day) 1000 800 600 400 200 0 0 6 12 18 24 30 36 42 48 54 60 Production Month Low TC - 315 MBoe Mid TC - 475 MBoe High TC - 635 MBoe ANNUAL DECLINE RATES:…
  17. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 17
    Eagle Ford Shale Estimated Well Economics Mid-Case Type Curve (475 MBoe / 6,000 ft lateral) High-Case Type Curve (635 MBoe / 9,000 ft lateral) 250% 250% 200% 200% 150% 150% 100% 100% 50% 50% 0% 0% 70.00 80.00…
  18. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 18
    Haynesville Shale Overview Pay Zones GDP 90,000 Net Acres TAYLOR TAYLOR SAND SAND TEXAS 100 300 feet LOUISIANA TEXAS LOUISIANA 19
  19. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 19
    Haynesville / Bossier Shale Activity GDP GreenwoodWaskom Field Harrison Co. Core Haynesville horizontal GDP Bethany-Longstreet Field Avg. EUR: 7.0 Bcfe Bossier Ph. Caddo Ph. EXCO (Cameron Minerals 1H) IP: 23.9 MMcfe/day EOG…
  20. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 20
    Haynesville Type Curves North Louisiana Core Technical EUR Low (6.5 Bcfe) Base (7.5 Bcfe) High (8.5 Bcfe) 100,000 IP rate (MMcf/d) 14.0 15.5 19.5 IP rate (30 day avg. MMcf/d) 10.0 11.0 15.5 Gross EUR (Bcf) 6.5 7.5 8.5 Pretax IRR…
  21. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 21
    Haynesville Well Performance North Louisiana Core Bethany Longstreet, Greenwood-Waskom & Metcalf Fields Haynesville Horizontal Well Performance 11,000 300 10,000 Well Count 9,000 250 Hay Hz Well Group Average Daily Production…
  22. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 22
    Haynesville Shale Well Economics Mid-Case Type Curve Estimate (7.5 Bcfe) 150% 125% 100% 75% 50% 25% 0% 4.00 5.00 6.00 7.00 8.0 MM 9.0 MM 10.0 MM Note: NYMEX pricing shown. IRR calculation assumes NYMEX pricing less 0.50/Mcf…
  23. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 23
    Shelby Trough Haynesville Shale Activity Haynesville Shale Penetrations GDP Minden / Beckville GDP Acreage Panola Co. Haynesville Shale Permits Haynesville Rig Activity GDP Bethany Longstreet DeSoto Ph. GDP South Henderson…
  24. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 24
    Angelina River Trend Haynesville Type Curves (Restricted Choke Program Nelson 1H) 100,000 10,000 Gas Rate (Mcfpd) 1,000 10 Bcfe 12 Bcfe 14 Bcfe 100 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 Producing…
  25. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 25
    ART Haynesville Shale Well Economics Estimated 12.0 Bcfe Curve 150% 125% 100% 75% 50% 25% 0% 4.00 5.00 6.00 7.00 11.0 MM 12.0 MM 13.0 MM Note: NYMEX pricing shown. IRR calculation assumes NYMEX pricing less 0.50/Mcf price…
  26. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 26
    Shelby Trough Bossier Shale Activity Haynesville Shale Penetrations GDP Minden / Beckville GDP Acreage Panola Co. Haynesville Shale Permits Haynesville Rig Activity GDP Bethany Longstreet GDP (R. Dean 2H) Bossier Shale…
  27. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 27
    Potential Impact of the Haynesville Shale Net Proved Gross Net Per Well Gross Reserve Estimates (1): Reserves Probable & Probable & Area (Bcfe) Possible Wells(1) Possible Wells(1) 6.5 Bcfe 7.5 Bcfe 8.5 Bcfe Potential Net Impact on…
  28. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 28
    Cotton Valley (Taylor Sand) Beckville, Minden & South Henderson Fields / Rusk & Panola Counties, Texas Beckville & Minden: Shallow Deep GDP Gross Acres: 46,000 acres 46,000 acres KF WH Carter A2 GU B2H Net Acres: 39,800 acres 37,200…
  29. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 29
    Cotton Valley Taylor Sand Type Curves 12,000 Normalized Production (Mcf/day) 10,000 8,000 6,000 4,000 2,000 0 0 6 12 18 24 30 36 42 48 54 60 Production Month Low TC - 7.5 Bcfe Mid TC - 8.5 Bcfe High TC - 9.5 Bcfe…
  30. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 30
    Cotton Valley Taylor Sand Estimated Well Economics Mid-Case Type Curve (8.5 Bcfe) 250% 200% 150% 100% 50% 0% 70 Bbl / 4.00 Mcf 80 Bbl / 5.00 Mcf 90 Bbl / 6.00 Mcf 100 Bbl / 7.00 Mcf 7.5 MM 8.0 MM 8.5 MM Note: NYMEX pricing…
  31. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 31
    Tuscaloosa Marine Shale Emerging shale oil play 80,000 net acres leased Net cost 15 million or 175 / acre Vintage wells define oil saturation and rock quality Average depth 11,000 13,000 TVD Thickness 100 200 High quality…
  32. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 32
    Tuscaloosa Marine Shale Activity Map ECA Prospective Area 100 TMS Thickness ECA Anderson 17H 1 Horseshoe Hill 10H 1 Permitted Completing ECA Board of Education 1H Horizontal Re-Entry IP: 373 Bopd, 12/64 choke 1770 FCP 8 successful…
  33. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 33
    Drilling Inventory (Unrisked) 2012 Capital Program Total Inventory Net Net Proved, 2011 Net Gross Net Probable / Probable, Unrisked MY11 Probable Probable Possible Possible Capital Proved and and Resource Resource Gross Net…
  34. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 34
    Estimated Sum of the Parts Valuation Range Asset Amount (1) Metric ( in millions) Low High Low High Flowing Production Multiple 116,200 Mcfe/day 8,000 / Mcfe 12,000 / Mcfe 930 1,395 Proved Undeveloped Reserves 275 Bcfe 1.00 / Mcfe…
  35. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 35
    Why Invest in Goodrich Petroleum Quality of reserves and inventory has never been this good Excellent exposure to Eagle Ford and core Haynesville Shale plays. Great leverage to the Tuscaloosa Marine Shale play and higher natural gas…
  36. 9TH ANNUAL PRITCHARD CAPITAL PARTNERS ENERGIZE 2012 CONFERENCE – Goodrich Petroleum Corp. – slide 36
    37

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