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IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Sep 25, 2012 · 25 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. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP IPAA OGIS San Francisco September 25, 2012
  2. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 2
    Mid-Con Energy Partners, LP Founded on Secondary Oil Recovery Techniques Private entity established in 2004, with principal investment from Yorktown Energy Partners (Yorktown), focused on waterflood development in the mid-continent…
  3. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 3
    Oil Recovery Overview Original Oil in Place OOIP Primary Production 10 to 25% Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the producing…
  4. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 4
    Waterflooding Overview Waterflooding aims to extract additional oil quantities from reservoir rocks as they come into contact with water injected into the formation Historically, the success of waterfloods has been attributable to the…
  5. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 5
    Waterflood Strategy: Successful Response and Growth Primary Production Secondary Production (MCEP) Battle Springs Unit Flood Performance Love Co., OK 3 12/1988: Peak primary 750 Bopd 12/2011: Production rate 969 Bopd Monthly Rate,…
  6. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 6
    Operating Strategy Exploit Potential of Increase production and recovery from existing reserve portfolio (99% Oil) Existing Property Base Average daily production in 2Q 2012 increased over 64% YoY Mid-Con Energy currently operates 99%…
  7. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 7
    Acquisition Strategy Four Sources of Potential Acquisitions Yorktown Mid-Con Mid-Con Mid-Con GP & Partners & Energy III Energy IV Management (Private Affiliate) (Private Affiliate) Affiliates Waterflood Broader geography,…
  8. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 8
    Asset Overview NASDAQ: MCEP www.midconenergypartners.com 9
  9. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 9
    Asset Overview Mid-Con Energy Partners, LP Harker Ranch Core Areas of Operation CO KS Hugoton Basin War Party I & II Skiatook Cleveland Tulsa Office Cushing Proved Reserves at December 31, 2011 Northeastern Oklahoma Other…
  10. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 10
    Southern Oklahoma Property Highlights Ardmore West Long-lived assets that are in the early stages of waterflooding - Production is expected to increase SE Hewitt during the next few years Area was producing 220 Boe/d gross in…
  11. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 11
    Northeastern Oklahoma Property Highlights Includes three fields / projects - Cleveland (Pawnee Co., OK) - Cushing (Creek Co., OK) - Skiatook (Osage Co., OK) Cleveland / Cushing are mature, shallow, multi-pay zone fields with: -…
  12. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 12
    Hugoton Basin Property Highlights Includes three units Cheyenne Harker Ranch (Cheyenne Co., CO) War Party I (Texas Co., OK) War Party II (Texas Co., OK) War Party I & II were acquired in June 2011 5,952 gross acres (4,373…
  13. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 13
    Financial Overview NASDAQ: MCEP www.midconenergypartners.com 14
  14. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 14
    2nd Quarter 2012 Highlights Increased Increased Production 64% YoY Adjusted EBITDA 73% YoY 2Q 2012 average production of 1,747 2Q 2012 Adjusted EBITDA of 10.7 Boe/d, up from 1,066 Boe/d in 2Q 2011 million, compared to 6.2 million in…
  15. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 15
    Acquisitions In June 2012, Mid-Con Energy Southern / Northeastern Oklahoma purchased certain oil properties Areas of Acquisitions and additional working interests in select Southern and Northeastern Oklahoma properties for…
  16. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 16
    Borrowing Base and Liquidity Revolving Credit Facility Current borrowing base of ( in millions) 100.0 100 million Liquidity of 46.0 million 42.0 100.0 80.0 4.0 million in cash at June Borrowings Available Borrowing 30, 2012 At…
  17. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 17
    Hedging Update Mid-Con Energy intends to hedge a significant portion of its production to minimize the impact of commodity price volatility on cash available for distribution Current Volumes Hedged & Average Floor Price 1,600…
  18. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 18
    Hedging Detail Months Settlement Instrument Total Bbls. NYMEX Outstanding Price Floor Ceiling Type Per Month Index Oct-Dec 2012 100.00 117.00 Collar 6,000 WTI Oct-Dec 2012 104.28 Swap 6,000 WTI Oct-Dec 2012 100.00 Swap 8,000 WTI…
  19. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 19
    Current Yield 12.0% 10.0% 10.6% 10.2% 9.4% 9.8% 8.0% Average Yield: 8.9% 8.4% 8.4% 8.0% 7.7% 7.1% 6.0% 4.9% 4.0% 2.0% 10-Year Treasury: 1.8% 0.0% EVEP LINE LGCY PSE VNR MCEP BBEP QRE MEMP LRE *All unit prices…
  20. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 20
    Investment Highlights The Right Assets Long life, low decline Relatively low risk waterflood projects Significant up-front capex already spent Growth from existing asset base 99% oil high margin cash flow, positive long-term oil…
  21. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 21
    Investor Contact Information Headquarters: Tulsa Operations: 2501 N. Harwood Street, Suite 2410 2431 E. 61st Street, Suite 850 Dallas, TX 75201 Tulsa, Oklahoma 74136 (972) 479-5980 (918) 743-7575 Investor Relations Contact: Jeffrey…
  22. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 22
    Questions & Answers NASDAQ: MCEP www.midconenergypartners.com 23
  23. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 23
    Appendix NASDAQ: MCEP www.midconenergypartners.com 24
  24. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 24
    2nd Quarter 2012 Earnings Three Months Ended June 30, March 31, 2012 2011 2012 ( in thousands, except per unit data) Production: Oil (MBbl) 154 91 150 Natural gas (MMcf) 28 36 31 Total (MBoe) (1) 159 97 155 Average net daily…
  25. IPAA OGIS SAN FRANCISCO – Mid-Con Energy Partners Lp – slide 25
    Non-GAAP Measures This presentation includes Adjusted EBITDA and Distributable Cash Flow, each of which are non- generally accepted accounting principles (Non-GAAP) measures, and should not be considered an alternative to net income,…

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