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MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Mar 31, 2014 · 28 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. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 1
    Mississippi Tuscaloosa Marine Shale Summit March 31, 2014 1 Copyright 2013 Goodrich Petroleum Corporation
  2. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 2
    TUSCALOOSA MARINE SHALE Emerging shale oil play covering approximately 2.5 million acres Low cost basis on 300,000+ net acres Vintage wells define oil saturation and rock quality Average depth 10,500 14,500 TVD Thickness 100…
  3. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 3
    TUSCALOOSA MARINE SHALE Geologic Setting La Salle Arch Tuscaloosa Marine Shale San Marcos Arch South Texas Eagle Ford Shale Geologic Setting at Eagle Ford / TMS Time 91 93 MYA 4 Copyright 2014 Goodrich Petroleum…
  4. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 4
    BASE OF TMS STRUCTURE MAP Source: Basin Research Institute. 5 Copyright 2014 Goodrich Petroleum Corporation
  5. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 5
    GEOLOGIC CHARACTERISTICS The TMS lies between the upper and lower Tuscaloosa Type Log - Beech Grove 68H-1 Tuscaloosa Sand intervals Marine outer shelf, highly laminated lithology High resistivity target in lower 2/3 of the TMS…
  6. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 6
    NATURAL FRACTURES Significant vertical and horizontal fracture system provides permeability and meaningful contribution to production and EURs Beech Grove 68H-1 - Core and Log Section 7 Copyright 2014 Goodrich Petroleum…
  7. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 7
    EARLY WELL HISTORY 1962: Humble - Spears 1 (Amite County, MS). Dry hole but cored 3 of oil saturated TMS 1975: Callon-Cutrer 2 (Tangipahoa PH, LA). Vertical well produced 2,500 BO over 15 years. Core showed 5-7% porosity, vertical…
  8. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 8
    TMS VERTICAL WELL ANALOGY Long life, flat decline with b=2.0 and terminal decline < 2% Dmin = 5% Dmin = 10% 9 Copyright 2014 Goodrich Petroleum Corporation
  9. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 9
    TMS DECLINE CURVE ANALYSIS Initial Encore Wells 3,100 Lateral 3 Frac Stages (1,033 spacing) 46 MBO EUR 15 MBO/Stage 2,050 Lateral 3 Frac Stages (683 spacing) 63 MBO EUR 21 MBO/Stage 1,650 Lateral 3 Frac Stages (550…
  10. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 10
    TUSCALOOSA MARINE SHALE ECA Anderson 17H 1 GDP GDP WI: 7% GDP ECA GDP IP: 1,083 Boe/d (72-hr avg.) Crosby 12H 1 CMR/Foster Creek 20-7H-1 Ash 31-2H Huff 18-7H 1 7,200 lateral / 30 frac stages GDP WI: 50% GDP WI: 99% GDP WI: 20%…
  11. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 11
    TMS CORE DATA From West to East Average Clay 60 Average Quartz 100 90 50 80 70 40 Weight % 60 50 30 Weight % 40 20 30 20 10 10 0 0 Murphy 63 Crosby Lane 64-1 Beech Richland Soterra 6 Thomas Murphy Crosby Lane…
  12. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 12
    TMS RECENT WELLS (Data: Public Sources) DVN Richland Farms 74 H-1 01/19/12 12,900 4,020 Lower 20 99,000 380 320 DVN Weyerhaeuser 14H-1 03/24/12 13,000 5,670 Lower 19 319,000 1,053 692 DVN Murphy 63 H-1 04/01/12 13,800 5,170 Lower…
  13. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 13
    TMS COMPLETION ANALYSIS EUR vs IP (30) EUR vs Lateral Length R = 0.8944 R = 0.7949 900 900 800 800 700 700 600 600 EUR (Mboe) EUR (Mboe) 500 500 400 400 300 300 200 200 100 100 0 0 0 200 400 600 800 1,000 1,200 0 2,000…
  14. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 14
    FRAC STAGE LENGTH VS. PERFORMANCE Source: Brigham Exploration Corporate Presentation. 15 Copyright 2014 Goodrich Petroleum Corporation
  15. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 15
    WELL COMPLETION COMPARISON IP 1,300 340 383 1,053 460 655 137 IP (30) 1,137 176 320 692 506 505 85 Lateral Length 6,681 3,929 4,020 5,670 5,170 5,086 3,073 of Stages 24 13 20 19 16 16 12 Length per Stage (ft) 270 300 225 300…
  16. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 16
    TMS CUMULATIVE PRODUCTION 200,000 180,000 160,000 140,000 Cumulative Boe 120,000 100,000 80,000 60,000 40,000 20,000 - 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Month ECA - Anderson 18H-1…
  17. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 17
    TMS CUMULATIVE PRODUCTION Cumulative production per 1,000 ft. of horizontal lateral length 26,000 24,000 Cumulative BOE per 1,000' Lateral Length 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000…
  18. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 18
    TMS LOW CASE TYPE CURVE (400 MBOE) 1,000 BOEPD 100 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Month ECA Ash 31 H2 Weyerhaeuser 60 H1 ECA Horseshoe Hill 10H1 ECA Anderson 17H3 EOG Dupuy Land Co…
  19. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 19
    TMS BASE CASE TYPE CURVE (600 MBOE) 1,000 BOEPD 100 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Month DVN Weyerhaeuser 14 H1 ECA Anderson 17H1 ECA Anderson 17H2 ECA Anderson 18H1 GDP Crosby 12H1…
  20. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 20
    TMS HIGH CASE TYPE CURVE (800 MBOE) 1,000 BOEPD 100 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Month ECA Anderson 17H2 ECA Anderson 18H1 GDP Crosby 12H1 GDP Smith 29H1 High Case TMS TC (800…
  21. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 21
    RECENT TMS WORKOVER RESULTS Artificial Lift Impact on Acquired Wells 1,000 Average Production (BOPD) & Well Count 100 10 1 180 150 120 90 60 30 0 30 60 90 Normalized Production Days Oil Production (BOPD) Well Count…
  22. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 22
    TMS WELL ECONOMIC SUMMARY Well Cost: 13.0 MM 10.0 MM Lateral Length: 6,000 6,000 Frac Stages: 22 22 Royalty Burden: 18.5% 18.5% 0% until Payout 0% until Payout Severance Tax: 12.5% after Payout 12.5% after Payout Reserves…
  23. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 23
    TMS WELL ECONOMICS Single Well Development Well 100% (13MM Capex) 200% (10MM Capex) High High 177% Case 90% 180% Case 84% 160% 80% 132% 140% 154% 70% 65% 75% 120% Rate of 60% Rate of 98% 115% Return 49% 57% 100% Return…
  24. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 24
    COST REDUCTION OPPORTUNITIES Drilling Efficiencies Well costs come down as best practices are implemented Proper bit, motor and fluid selection Enhanced directional drilling techniques Continuity among experienced, incentivized rig…
  25. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 25
    EAGLE FORD EXPERIENCE Drilling efficiencies, multi-well pad drilling and service company competition resulted in a 36% reduction in D&C costs in just two years 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000…
  26. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 26
    EAGLE FORD TMS CORRELATION 27 Source: Bloomberg, IHS and BMO Capital Markets. Copyright 2014 Goodrich Petroleum Corporation
  27. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 27
    CHALLENGES & SOLUTIONS Establishing Best Drilling Practices: Vertical Wellbore Challenges: gumbo; depleted zones; building the curve Solutions: chemicals; bit program; intermediate casing depth Horizontal Wellbore Challenges:…
  28. MISSISSIPPI TUSCALOOSA MARINE SHALE SUMMIT – Goodrich Petroleum Corp. – slide 28
    NYSE: GDP 30 Copyright 2014 Goodrich Petroleum Corporation

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