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Jefferies 2011 Global Energy Conference – Gmx Resources Inc.

Gmx Resources Inc. · Dec 1, 2011 · 39 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. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 1
  2. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 2
    GMXRs Four Resource Plays Bakken Petroleum System Net Acres 35,524 Montana North Dakota Units 1,280 Acre 150 Total Locations 600 GMXR: Dickinson, ND Operated Locations Est. 200 Field Office Working Interest South Dakota 2…
  3. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 3
    GMXR Transformation to Multi-Basin Oil and Liquids Applying expertise of horizontal drilling in Haynesville to the Rockies Bakken development: 600 locations Billings 76 well locations; 19 units 1 well currently drilling; 1-3 wells…
  4. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 4
    GMXR Transformation to Multi-Basin Oil and Liquids East Texas development: 83 net CVS Hz; 226 net H/B Hz locations Emergence of Cotton Valley 7,500 Horizontals; 7.5 BCFE, 18% oil and NGLs. IRR of approximately 30% 3D Seismic near…
  5. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 5
    Liquidity Solutions Fund Development into 2013 Cash & 4Q11 Operating Cash Flow; Sale of Equipment Received approx 955 from rig & compressor sale in October Will sell last compressor for 300 in Q4 (1) Liquidity Plan (in MM) Current…
  6. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 6
    Rapid CAPEX Reallocation to Oil Production 2012 Base Case Cash(1) CAPEX: 90 Million (Excluding Capitalized Interest) Niobrara Bakken 70% W.I. & 20% royalty burden 75% W.I. (op.) & 20% royalty burden Newton Ranch offset 5% W.I.…
  7. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 7
    Multi-Year Inventory in Four Resource Plays Potential Reserves(1): 186 MMBOE + 1.6 TCFE Reserve H/B Proved Reserves (4) 234.1 BCFE 695 Net Hz Undrilled Locations CVS Proved Reserves (4) 85.2 BCFE Total Proved Reserves (4) 319.3…
  8. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 8
    Williston Basin 8
  9. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 9
    Williston Basin Bakken: Unconventional Crown Jewel Intracratonic Basin sourced by world class organic shale believed to have generated 300 billion barrels of oil within thermal maturity boundary(1) Projected 20 billion barrel…
  10. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 10
    Bakken Petroleum System 400 Pennsylvanian Upper Devonian Oil charged Middle Bakken and Three Forks per descendum from Bakken Shale(s) Tyler Upgrading Three Forks, on par if not superior to Bakken Typical Middle Bakken Depth 8,550…
  11. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 11
    Setting the Stage for Success in the Little Knife Combo Area Billings Nose was focus of original horizontal Bakken drilling programs in 1992 the Williston Basin Single stage completions with up to Operators targeted organic rich shale…
  12. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 12
    Post-2009 30 Day IP Overprint on Middle Bakken Widespread occurrence of peak IPs less than 300 BOE/Day interspersed with high IP results Thick Middle Bakken not a prerequisite for play success Statistical play with wide…
  13. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 13
    Completion Methodology Continues to Improve Results in Statistical Oil Resource Play 30 Day IP Distribution Profile 1,600 1,500 Pre 2009 Parshall Field Only (68 wells) 1,400 Post 2009 Parshall Field Only (84 wells) 1,300 Post…
  14. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 14
    Elkhorn Extension in Billings County Champlain 1-36H Clemens 34-9TFH WOC IP BOE 2,108 Federal 32-4H IP BOE - 1,970 Frank 31-4-1H Evoniuk Opr: GMXR Opr: GMXR Currently Fracing Drilling in Lateral Wock 21-2-1H Opr: GMXR…
  15. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 15
    Expansion of Rough Rider into Southeast McKenzie Satter 44-34SWH Satter 44-34NWH Satter 44-34SWH Greenstein 30-31 1H Staal 150-99-26-35-1H IP BOE 2,258 IP BOE 3,604 IP BOE 2,763 IP BOE 3,232 IP BOE 3,217 Ransom 44-31H IP BOE…
  16. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 16
    Southeast Lewis and Clark Lydia 21-14TFH Frank 31-4-1H Debrecen 1-3H IP BOE 1,960 Opr: GMXR Wock 21-2-1H IP BOE 1,667 Currently Fracing Opr: GMXR IP - 450 Smith 32-12TFH IP BOE 2,939 Marsh 21-16TFH Opr: Whiting IP 4,020…
  17. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 17
    Bakken Curves Unique by Operator & by Play Boundaries 1,000 1,000 Parshall Bakken 816 EUR 900 900 Continential Bakken 518 EUR Rough Rider LL 700 Mbo (OAS) 800 800 GMXR Model: 500,000 600,000 BOE Bakken First Generation…
  18. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 18
    DJ Basin 18
  19. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 19
    Niobrara Geological Elements Platte County Nashfork-Hartville Shear Zone Basin Morphology is Asymmetric GMXR Acreage Higher TOC on west side of basin Deeper Burial to West Higher maturity Lineaments: Significant impact by…
  20. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 20
    Doty Hill / North Mustang Doty Hill / North Mustang; Goshen SSN: Spirit of America US 34 1-29 SSN: Constellation US 20 County, WY (9,374 net acres) SSN: Defender 11,000 vertical test currently drilling to test multiple US 33 3-29H…
  21. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 21
    Silo: Redefined by Horizontal Development Silo Development 1,000,000 Cumulative Oil: 10 MM Bbls 100,000 OIL, BOP Monthly Production 10,000 1,000 100 10 Vertical Horizontal Drilling Drilling 1 1981 1990 1998 2006…
  22. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 22
    Chugwater Area Chugwater; Platte, Laramie and Southern Goshen Counties, WY (30,817 net acres) 2nd seismic shoot (226 square miles) to be completed end of 4Q 2011 Chugwater Area 90% of minerals permitted; 74% of surface permits…
  23. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 23
    Niobrara Curves Significant upside potential with modern completion schemes 700 D-J Basin Niobrara 600 EOG Jake 2-1H 500 Single Stage Completion Leroy 4 HZ Silo Field Rate (bopd) 400 1st 2nd 3rd 4th 5th Target…
  24. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 24
    East Texas 24
  25. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 25
    East Texas Strong Asset Base: Shifting Focus to Oil High Quality Natural Gas Resource Base East TX: Mature Producing Basin with Vast Infrastructure GMXR operates 85% of 25,224 net H/B acres 20+ Reservoirs Net potential acreage is…
  26. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 26
    Waskom-Blocker Cotton Valley Horizontals: Driving Higher Value for the Play Spurred by DVNs 2006 announcement of the Haygood Lois 11H completion, in Carthage, at 8,000 MCFE/Day IP GMXR drills 3 short laterals in 2006 followed by DVN…
  27. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 27
    Scaled-up 7.5 BCFE EUR for 7,500 Cotton Valley Sands Laterals Cotton Valley Horizontal Program Expect 7.5 Bcfe EUR & 18% NGL & Oil Completed well cost dropping Estimate completed well cost 7.5MM GMXR operates 65% of 17,200 net CVS…
  28. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 28
    Multi-Year Inventory in Four Resource Plays Potential Reserves(1): 186 MMBOE + 1.6 TCFE Reserve H/B Proved Reserves (4) 234.1 BCFE 695 Net Hz Undrilled Locations CVS Proved Reserves (4) 85.2 BCFE Total Proved Reserves (4) 319.3…
  29. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 29
    Transformation Execution Liquidity opportunities and well results fund acceleration of oil development 100% of CAPEX targeting new oil wells & highest economic opportunities 3D Seismic to enhance development and reduce risk in…
  30. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 30
    Appendix 30
  31. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 31
    Speed of Transformation to Oil 2011 2012 : Bakken/Niobrara Oil/NGLs Natural Gas 4,066,000 BOE 2,937,000 BOE 12% 28% Production 114 Million(1) 105 Million 19% Revenue 52% Oil/NGL Production % Full Year 12% 28% 4Q…
  32. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 32
    Capital Moving to West Nesson Sub-Basin Little Knife Combo outline Step change upgrade in production characteristics with the introduction of long laterals and multi-stage completions around 2009 Enhanced results in West Nesson…
  33. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 33
    30 Day IP Distribution Profile by Year 1,600 1,500 2009, Inside Little Knife Combo Area 1,400 2009, Outside Little Knife Combo Area 1,300 2010, Inside Little Knife Combo Area 1,200 1,100 2010, Outside Little Knife Combo Area 30…
  34. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 34
    Comparing the Wock to GMXR Type Curve GMXR Type Curve 500 MBOE EUR Wock Curve 400 MBOE EUR 750 Billings Nose Type Curve 200-250 MBOE EUR Daily Production, boepd 15 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58…
  35. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 35
    Development of the Bakken is Well Underway 600 undrilled 9,500' lateral locations in 150 units Potential Operated Units by County (1,280-acre) with 1/3 of well locations operated Billings: 76 well locations; 19 units Expect to…
  36. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 36
    Bakken Well Overview Operated Well Development Well Name County Location GMX WI Status Wock 21-2-1H Stark Sec. 2&11-140N-98W 100% Producing Frank 31-4-1H Stark Sec. 4&9-140N-98W 52% Fracing Evoniuk 21-2-1H Billings Sec. 2&11-142N-100W…
  37. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 37
    Niobrara Petroleum System 800' Upper Cretaceous Niobrara Lateral Targets: Typical B Chalks (0.2 mD or 200k nD) Depth Codell/Turner Sandstone; produced 30 mm BBLS of oil and 320 BCF of gas in the Wattenberg Field A & C Chalks plus…
  38. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 38
    Favorable Tectonic History Millions Of Years Eon Era Period 0 Neogene Cenozoic Tertiary Paleogene Laramide Orogeny 100 Cretaceous Documented & Inferred Mesozoic Lineaments Jurassic Niobrara Deposition 200 occurs…
  39. Jefferies 2011 Global Energy Conference – Gmx Resources Inc. – slide 39
    Haynesville / Bossier Strong Natural Gas Asset High Quality Natural Gas Resource Base Year end 2010 H/B proved reserves 234 BCFE, PV10 152MM De-risked Held by production Repeatable GMXR operates 85% of 25,224 net H/B acres 39…

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