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FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp.

Evolution Petroleum Corp. · Feb 20, 2013 · 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. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 1
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  2. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 2
    Four Factors for Repeating Success and Building Value per Share Every Day Innovative Engineering Redeploying Internal Cash Flows into Building Growth Value per Share Staff Fully Aligned with Shareholders Known Oil…
  3. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 3
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  4. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 4
    Transformed 8.3 MM common equity investment into 409 MM Proved PV10 700 + 174 MM Probable PV10 + Working Capital* 72 MM 596 MM 600 103 MM 500 409 MM 400 MM 300 200 100 18 MM 0 Initial Investment 12/31/12 W/C…
  5. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 5
    Proved and Probable Revenue (Fiscal years ended June 30) MMBoe Reserves* M 25 20,000 18,000 20 16,000 14,000 15 12,000 10,000 10 8,000 6,000 5 4,000 2,000 0 0 PD PUD Probable * 6/30/2012 reserves exclude noncore assets…
  6. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 6
    Ms Lime Drilling Began May 2012 45% in JV spanning 38 sections (5,400 net acres) 2 wells (0.81 net) & 1 SWDW drilled to date 112 gross drilling locations (24 net to EPM) 6.4 MMBOE Probable (57% oil, 43% rich gas) GARPR Patented…
  7. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 7
    11.1 MMBOE SEC Pretax PV10* Proved Reserves as of 6/30/2012* 0.1% MM Proved Probable 450 411 400 375 99.9% 350 300 Oil NGL & Gas 266 250 12.2 MMBOE Probable Reserves as of 6/30/2012* 200 172 150 23% 100 77 64 77%…
  8. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 8
    Foundation Asset CO2 Enhanced Oil Recovery
  9. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 9
    Cash Annuity to Fund Growth Jackson Dome Gross historic production 192 MMBO prior to EOR Delhi Current production 6,872 gross BOPD (quarter ended 12/31/12) 6/30/2012 Reserves 7.5 MMBO Proved Developed (PV10: 326MM) 11.0 MMBO…
  10. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 10
    EPM owns 7.4% of gross revenues No Cap Ex or Op Exever 7.4% Exempt from state severance tax until project payout of all Royalty actual costs plus capital cost Interest Royalty interest = 29% of EPMs Delhi reserves volumes Delhi…
  11. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 11
    Operator completed a planned 64 MM of work during calendar 2012 2012 plan included three patterns and additional facilities Operator expects Calendar 2013 Capex of 40MM gross, with reversion to EPM in late calendard 2013, reducing…
  12. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 12
    Delhi Production: Actual and D&M Forecast of Proved + Probable 1,000,000 Actual Gross D&M 6/30/12 Gross Actual EPM Net D&M 6/30/12 EPM Net BOPM Field Gross 100,000 EPM Net Reversion 10,000 1,000 Jul-10 Jul-15…
  13. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 13
    Reversionary WI Royalty (000) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Cal Year Note: Based on report from independent reserve…
  14. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 14
    (000) Cumulative Pretax NCF Rem'g NPV10 1,000,000 900,000 800,000 Peak 2P 2/7/13 PV10 700,000 stock price 600,000 500,000 400,000 300,000 200,000 100,000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Cal…
  15. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 15
    Louisiana Light Sweet (LLS) Oil Price Impact on Delhi 2P PV10 per Fully Diluted Share / Fully-Diluted Share 18 16 PV-10* vs LLS Oil Price 14 12 10 8 6 EPM 10.57 LLS 117 4 2/7/2013 2 - 60 70 80 90 100 110 120 130 * From…
  16. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 16
    Total 2P PV10 Heavily Driven by Proved Reserves Production MBO/month 1,000 Delhi Gross Production Forecast as of 6/30/2012 Actual Probable 100 Proved 10 7/1/2012 Forecasted production over first 16 years of 36+ year…
  17. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 17
    Growing Per-Share Value
  18. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 18
    Fits selection criteria: Oil-prone, horizontal drilling, onshore U.S., IRR(e) 30%, known oil field, accessible, running room, repeatable Kay County, Oklahoma oily region of play JV holds 12,000 net acres in 38 sections (24,320…
  19. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 19
    Joint venture acreage in oil-prone area, east of the Nemaha ridge. Multi-year visible growth potential for reinvesting early Delhi free cash flow. SD, PQ Spyglass, Vitruvian, Orion, Century D Devon, Calyx, Pablo, CHK, E EPM…
  20. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 20
    Mississippian Lime is well Vitruvian defined by old vertical wells Bowling 2-32H o Numerous vertical logs show thick, IP 527 Bopd continuous pay 566 Boepd o Interpretation of well data and logs Spyglass shows geologic continuity…
  21. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 21
    Estimated Mississippian Lime Type Curves by Operator Assumptions: Range 485 MBOE SDR 486 MBOE EPM JV 311 MBOE 600 EUR: 311 MBOE (57% oil) 500 3.2 MM drilling and completion 400 cost (our 1st two at 3.2MM) BOEPD 300 200 Own…
  22. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 22
    Innovation for Increasing Recovery
  23. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 23
    Industry at risk of losing vast quantities of reserves and production as mature horizontal wells encounter liquid loading and depletion issues These problems exist in many areas Giddings, Barnett, Bakken, Haynesville, Permian Our…
  24. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 24
    BEFORE: Conventional Rod Pump AFTER: GARP Either fluid level eventually drops May add substantial new reserves to a level where rod pump or gas lift at low cost are no longer effective, or Benefit = up to 25% incremental Fluid…
  25. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 25
    Selected Lands 2 w/GARP BOPD Daily Rate versus Time Pre-GARP BOPD 100 Downtime for repairs of inherited equipment BOPD Installed GARP 10 1 2/1/2012 3/1/2012 4/1/2012 5/1/2012 6/1/2012 7/1/2012 8/1/2012 9/1/2012 Selected…
  26. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 26
    LOPEZ FIELD SOUTH TEXAS Steady 100% oil production of 20 BOPD from 1st two producers 37 drilling locations on existing leases 100% working interest Lengthy expansion project development timeline = noncore asset Candidate for…
  27. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 27
    Conservative, Strong and Aligned
  28. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 28
    Strong, Debt-Free Balance Sheet with Liquidity to Fund 2013 Capital Plan and Beyond Debt to Common Market Cap Liquidity Sources & Uses (2/7/13) MM 200% 25 4 FQFQCFFO + FQ3-4 CFFO 180% 172% 160% Credit 160% 20 Line 140% 120% 15…
  29. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 29
    20 17.85 Total Per Fully Diluted Share 16 7.08 Gap 12 10.57 8 4 0 Investment W/C Proved Probable Probable Total Share Price PV10 PV10 PV10 Value (2/7/13) Delhi Delhi Ms Lime *Note: Per-share values are based on…
  30. FEBRUARY 2013 INVESTOR PRESENTATION – Evolution Petroleum Corp. – slide 30
    Cash flow Annuity & debt free = continued growth w/o shareholder dilution 7/diluted share gap between intrinsic and market value (excluding GARP) Premium oil focused reserves (88% of 2P is oil, mostly LLS priced) Incremental…

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