East Texas Acquisition Overview Ideal MLP Assets 440 million acquisition of mature, low-decline, gas- weighted PDP properties & midstream assets in East Texas Meaningful accretion to DCFPU, short and long-term Anderson Approximately…
Hedging & Financing the Transaction 25,000,000 3.45 100% 3.40 90% 3.37 3.37 3.37 3.38 20,000,000 3.35 80% 3.30 70% Production Hedged (BBtu Hedged) % of Current 15,000,000 3.25 60% 3.20 50% 10,000,000 3.15 40% 3.10…
Pro Forma Assets Standalone(1) Acquisition(2) (95% Pro Forma (89.5% PDP) PDP) (91% PDP) 139.0 MMBoe 70.0 MMBoe 209.0 MMBoe 100% 33% 7% 4% 43% 29% 50% 33% Permian Basin Rocky Mountain Mid-Continent East Texas 6%…
Financing the Transaction ( in millions) March 31, 2015 Adj. Pro Forma Cash and cash equivalents 3.5 3.5 Long-term debt: Revolving credit facility due 2019 (1) 112.0 440.0 552.0 8% Senior Notes due 2020 300.0 300.0 6.625%…
Joint Development Agreement (JDA) Overview and Key Deal Terms Legacy and TSSP1 signed definitive agreements to jointly develop certain of Legacys Spraberry, Wolfcamp and Bone Spring rights in the Permian Basin TSSP initially commits…
Transaction Merits Accelerates Development of Premier Asset in MLP-Friendly Structure Single-well returns well in excess of 30% at current commodity prices Structure provides win-win solution to both parties Investor receives most of…
JDA Acreage Target acreage includes 6,000 net acres across 3 Blocks AMI includes broader Permian horizontal development Lea Unit / Hamon (2,312 Net Acres) RTF (1,413 Net Acres) University (2,346 Net Acres) 9
Why is the JDA so powerful Efficient development of our horizontal potential with TSSP funding 95% of the development costs; through our 7.5% carried interest, Interim and Final Reversions, we are able to participate in the early part…
Estimated Production Range and D&C Capital (1) 2,500 2,350 10,000 Net Capital to Legacy (000s) 2,000 8,000 1,920 Production (Boe/d) 1,500 6,000 1,270 1,000 1,040 4,000 500 460 2,000 380 0 0 Q4 2015 2016 2017…
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