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Acquisition of Eagle – Midstates Petroleum

Midstates Petroleum · Aug 1, 2012 · 24 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. Acquisition of Eagle – Midstates Petroleum – slide 1
    Acquisition of Eagle Mississippian Lime Properties A Strategic and Transformative Transaction August 2012
  2. Acquisition of Eagle – Midstates Petroleum – slide 2
    MPO to Acquire Eagle Energy Properties 4 MPO to acquire the assets of Eagle Energy, a private E&P company & leading player in the Mississippian Lime play of northern Oklahoma Pro Forma Assets Consideration & Key Terms: 325 million…
  3. Acquisition of Eagle – Midstates Petroleum – slide 3
    Strategic Acquisition of Eagle Energy 5 Increases scale with oil & liquids weighted portfolio Diversifying & Adds new core area with 600 gross potential drilling locations Leveraging Platform Removes sole-basin concentration risk…
  4. Acquisition of Eagle – Midstates Petroleum – slide 4
    Mississippian Lime: Attractive Oil Play 6 60% oil and NGL content Established type curves of 300-600 MBoe Robust economics Low drilling and completion cost Shallow drilling depths (6,000) Oil Plays Comparison (1) Source:…
  5. Acquisition of Eagle – Midstates Petroleum – slide 5
    Eagle Energy: Leader in the Mississippian Lime 7 Why Eagle Energy Mississippian Lime Operators Comparison Early mover in the Mississippian Lime, with majority of acreage in core of the play 60 horizontal wells drilled since June…
  6. Acquisition of Eagle – Midstates Petroleum – slide 6
    Eagle: Concentrated Holdings in the Heart of the Play 8 78,000 net acres in Oklahoma Mississippian Lime 60 horizontal wells drilled since June 2010 Current salt water disposal capacity of 245,000 Bbls of water per day from…
  7. Acquisition of Eagle – Midstates Petroleum – slide 7
    Growth of Production and Reserves 9 Current Net Daily Production (1) 16,000 15,200 14,000 12,000 10,000 8,200 Boe/d 8,000 7,000 6,000 4,000 2,000 0 MPO Eagle PF MPO Proved Reserves (2) 80 70 63.2 60 50 35%…
  8. Acquisition of Eagle – Midstates Petroleum – slide 8
    Pro Forma Company Overview 10 MPO % Eagle % MPO PF (1) Proved Reserves (MMBoe) 26.2 41% 37.0 59% 63.2 % Oil 60% 35% 45% % NGLs 15% 23% 20% (1) Proved Developed Reserves (MMBoe) 11.3 43% 14.7 57% 26.0 (2) Current Production…
  9. Acquisition of Eagle – Midstates Petroleum – slide 9
    11 MPO Overview Current Louisiana Assets
  10. Acquisition of Eagle – Midstates Petroleum – slide 10
    Focused Operations in Oil Trend 12 Houston-based oil producer IPO in April 2012 (NYSE: MPO) 7,904 Boe/d Q2 2012 Production 121 Producing Wells (95% Operated) 159,000 Net Acres (1) (97% Avg. WI) 26.2 MMBoe Year-End 2011 Proved…
  11. Acquisition of Eagle – Midstates Petroleum – slide 11
    Laterally Extensive Underdeveloped Oil Trend 13 MPO Focus Area Texas Louisiana Key Statistics Louisiana trend cumulative oil production: 800 MMBbls Oil Region Louisiana Wilcox interval: 3,000 to Gas Region 4,000 gross…
  12. Acquisition of Eagle – Midstates Petroleum – slide 12
    Midstates Petroleum Exploitation of the Play 14 N Key Technical and Commercial Enhancements Multi-stage hydraulic fracturing S Commingling productive zones 6,000 Successful downspacing Production allowables relaxed Higher…
  13. Acquisition of Eagle – Midstates Petroleum – slide 13
    Continued Development in the Trend 15 2012 Horizontal Drilling Results Second Half 2012 - Planned LA Activity Musser-Davis 33H-1 Full year capital budget of 365mm Target: Miocene (S. Bearhead Creek field) Budget revised down from…
  14. Acquisition of Eagle – Midstates Petroleum – slide 14
    Track Record of Profitable Growth 16 Avg. Daily Production Proved Reserves 10,000 30 Oil & NGLs Gas 8,088 Oil & NGLs Gas 26.2 8,000 7,499 25% 29% 30% 20 16.9 Mmboe 6,000 Boe/d 3,820 28% 75% 4,000 9.9 27% 10…
  15. Acquisition of Eagle – Midstates Petroleum – slide 15
    Future Growth Opportunities in Louisiana (1) 17 Expansion Areas 79,745 net acres leased - Drilled 6 areas in 2011 and 2012 - 414 locations identified to date 55,048 net acres optioned in 2011 & 2012 - 173 locations identified to…
  16. Acquisition of Eagle – Midstates Petroleum – slide 16
    Commitment to a Conservative Financial Policy 18 Targeting strong, stable capitalization with low leverage and adequate liquidity Targeting pro forma Debt / EBITDA of 2x by year-end 2013 Post-acquisition, MPO can fund drilling…
  17. Acquisition of Eagle – Midstates Petroleum – slide 17
    Capitalization & Liquidity Summary 19 Increased Capitalization MPO Transaction PF MPO % of Total millions millions 6/30/2012 Adjustments 6/30/2012 Capitalization Cash 12 -- 12 Debt Revolving Credit Facility (1) 152 (115) 37 3%…
  18. Acquisition of Eagle – Midstates Petroleum – slide 18
    Key Investment Highlights of New MPO 20 Attractive Oil-Weighted Assets Multi-Play Diversification Significant Growth Profile Improved Reserve Life Strong Liquidity Position Experienced and Aligned Management Team
  19. Acquisition of Eagle – Midstates Petroleum – slide 19
    21 Appendix
  20. Acquisition of Eagle – Midstates Petroleum – slide 20
    MPO 2012 Guidance as of August 13, 2012 22 2012 GUIDANCE 2013 PREVIEW Q3 2012 Full Year 2012 Full Year 2013 (Combined Company) (Combined Company) Daily Production (boe/day) 8,100 - 8,500 (1) 9,800 - 10,500 19,000 - 22,000 (2)…
  21. Acquisition of Eagle – Midstates Petroleum – slide 21
    MPO Hedge Positions (Current) 23 Crude Oil Hedges Q3 2012 Q4 2012 2013 2014 WTI Swaps (Bbls) 256,810 387,320 1,700,874 262,450 Average Price (/Bbl) 95.75 95.75 95.55 83.00 WTI Collars (Bbls) 27,450 41,400 - Average Floor (/Bbl)…
  22. Acquisition of Eagle – Midstates Petroleum – slide 22
    Eagle Hedge Positions (as of June 30, 2012) 24 Commodity Hedges (1) Q3 2012 Q4 2012 2013 2014 WTI Swaps (Bbls) 6,404 6,404 16,257 - Average Price (/Bbl) 85.38 85.38 86.30 - WTI Collars (Bbls) 94,500 94,500 203,004 143,400…
  23. Acquisition of Eagle – Midstates Petroleum – slide 23
    Adjusted EBITDA Reconciliation 25 Three Three months months For the years ended December 31 ended ended ( thousands) 2008 2009 2010 2011 3/31/2012 6/30/2012 Net Income (loss) (6,422) (11,752) (15,635) 16,657 (17,507) (112,377)…
  24. Acquisition of Eagle – Midstates Petroleum – slide 24
    Non-GAAP Reconciliations 26 For the years ended December 31 ( thousands) 2008 2009 2010 2011 Finding and development costs per BOE Numerator: Oil and gas capital expenditures 18,290 75,025 166,819 264,218 Denominator: End of…

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