positioned for GROWTH Company Presentation February 2012
Crimson Overview Geographic Focus Area CO Key Information 2012 Target Areas Exchange/Ticker: NasdaqGM:CXPO Share Price(1): 3.06/share 52-week Range(1): 2.00 - 4.45 East Texas TX Southeast Market Capitalization: 138 million…
Investment Highlights Strategy Crimson is transitioning towards a liquids weighted production profile; 50/50 by mid 2012 Focused on developing the following resources, while staying within cash flow: STX Eagle Ford 8,160 net acres…
Track Record of Reserve Growth 200.4 19% 166.5 19% 97.5 28% 81% 81% 72% Note: 2009 2011 reserves at SEC pricing per NSAI. Crude Oil and Natural Gas Liquids converted on a 6:1 basis. positioned for GROWTH…
Reserve Summary 1P Reserves by PV-10 Unproved Potential by PV-10 (1) Based on 12/31/2011 SEC pricing. PV-10 value includes hedging effects. See Hydrocarbon Quantities & Drilling Locations. (2) Calculated using NYMEX Strip…
Transitioning to a Balanced Oil / Gas Profile 2010 2011 production increased by 28% as Crimson ramped its operations following the downturn in 2009 Production Flat production in 2012 expected as Crimson shifts away from higher rate…
LARGE liquids exposure at a SMALL Price 2012E liquids exposure by Market Cap High liquids exposure per market cap Attractive price point for liquids upside Source: Stifel Nicolaus. Note: Calculated as of February 13, 2012;…
2011 & 2012 Capital Budget Goals: Improve oil/gas production mix to 50/50 by mid-2012 Monitor Niobrara and James Lime Industry Activity 2011 Capital Expenditures 88.5mm 2012E Capital Expenditures 73.9mm Area Gross/Net CAPEX MM…
Eagle Ford Overview High impact oil opportunity in developing Eagle Ford Shale Crimson (95.5% WI) Zavala/Dimmit Co. (6,550 net acres) Glasscock A 1 Karnes Co. (1,050 net acres) Crimson (50% WI) Waiting on Completion KM Ranch 1H…
Eagle Ford Karnes County Karnes County EOG Estes Unit Eagle Ford Type Log EOG Lyssy Unit EOG Horse Thief Unit EOG Orr Unit Top Eagle Ford Crimson (100% WI) Glasscock Lease 2012 Locations EOG Whiteside Unit EOG Joseph…
Eagle Ford Zavala/Dimmit County Graham 1 Winterbotham Top TRANSITION EAGLE FORD CHK Traylor 2H HK ZAVALA FRIO Top EAGLE FORD 34 MBO 4 mos MAVERICK CHK Crimson GDP Crimson NFX KM 2H KM 1H CHK COG Top BUDA CHK GDP NFX…
Eagle Ford Bee County Conoco Phillips Crimson (20% WI) Windham 1H Pioneer Crimson (20% WI) Born 1H Crimson (20% WI) 2012 Locations Live Oak BEE positioned for GROWTH (NASDAQ:CXPO) 13
Woodbine Formation Madison County High impact oil re-development opportunity using horizontal and multi-stage frac technology Industry has drilled over 100 horizontal Woodbine wells in the Industry Horizontal -8500 Woodbine…
James Lime Liquids Play Crimson Blue 1 Crimsons Exposure: Eagle Halbert 1 San Augustine Co, Texas San Augustine Co, Texas 5,340 Net Acres (7,365 Gross) Avg WI% = 58% (44% NRI) 77 Gross Locations on 80 Ac James Lime James Lime 20…
Haynesville/Mid-Bossier High impact gas opportunity Superior Mid-Bossier performance Multi-year inventory for reserve growth Approx. 5,340 net acres (69% HBP) 192 unproved drilling locations - 390 Bcf net potential(1) Multiple…
Haynesville/Mid-Bossier Shale: Hedge on Gas Price Significant PV-10 upside with price improvement positioned for GROWTH (NASDAQ:CXPO) 17
Niobrara Play DJ Basin 12, 8 93 12, 7 00 12, 53 2 EO G 12, 184 FO X CRE EK 02- 25H 12, 93 1 6 12N 58W 6 12N 57W 1 1, 659 L ON EO G EG OH GO RN B LO NG3-H36H EO G LO NG HO RN B 5- 36H 6 12N 62W PETE WA LS…
NAV Estimate Category Base Case Upside Case Comments Proved Developed Reserves(1) 4.85 4.85 PV-10 at NYMEX Strip pricing Risked 85% of PV-10 at NYMEX Proved Undeveloped Reserves(1) 1.94 1.94 Strip pricing Less: Net Debt(2)…
Investment Highlights Attractive asset base 200.4 Bcfe of proved reserves(1) 5x unproved reserve potential Operational control 80% Near term catalysts Eagle Ford Horizontal Woodbine/Georgetown Haynesville/Mid-Bossier/James…
Appendix positioned for GROWTH (NASDAQ:CXPO) 21
Conservative Financial Policy Maintain Financial Flexibility 100 million borrowing base Utilize cash flow from conventional assets to fund growth in low risk resource plays Generally fund capex through cash flow Aggressive hedging…
Balance Sheet positioned for GROWTH (NASDAQ:CXPO) 23
Income Statement positioned for GROWTH (NASDAQ:CXPO) 24
Strong Hedge Position positioned for GROWTH (NASDAQ:CXPO) 25
Experienced Senior Management Team Current Position and Past Experience President, Chief Executive Officer and Director (since 2005) Allan D. Keel VP / GM, Westport Resources President / COO, Mariner Energy & Woodside Energy…
Drilling Metrics by focus Area Potential Unproven Locations Gross Spacing Initial Future Average Average Well Average Net Area Acres Acres Dev. Infill WI Cost EUR/Well % Oil Potential Eagle Ford Zavala County 4,675 160/80 28 29 50%…
positioned for GROWTH Company Presentation February 2012
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