Voyager Oil & Gas, Inc. (Pro Forma For Acquisition of Emerald Oil Inc.) Investor Presentation July 2012 For Discussion Purposes Only 1
Acquisition of Emerald by Voyager Consideration(1) Up to 19.9% of Voyager common stock (11.6 million shares) Management and Board of Directors will own 9% pro forma for the transaction Assumption of 19 million of indebtedness…
Executive Management Team Chief Executive Officer of Voyager Oil & Gas since 2009 J.R. Reger Has 18+ years of experience in oil and gas leases Executive Chairman Formerly served as President of South Fork Exploration CEO Emerald…
Combined Company Overview Williston Williston Basin Acreage Overview Emerging Oil Plays 43,500 net acres in the Williston 45,000 net acres in the Sandwash 6,900 net operated acres in Dunn Niobrara County, ND Other operators in the…
Investment Considerations Significant Williston Oil 43,500 net acre position in the core of the Williston Basin Exposure at Compelling Pro forma for Emerald transaction, VOG at 1.77 per share would trade at 1,431 per Bakken acre vs.…
Strategy & Execution Strategies Ability To Execute 12 Month Goals Leverage 14 gross (5.4 net) operated DSUs to consolidate and increase lease Identify and consolidate core operated positions Increase net operated Williston basin…
Oil-Weighted Reserve & Production Growth Average Daily Net Production Per Period (Boe/d) Williston Reserves and Potential Upside (Mmboe) 1,000 100 900 90.4 900 90 800 80 700 625 70 600 60 500 50 397 400 362 40 300 30 196…
12-Month Drilling Program & Multi-Year Inventory Over the next 12-months Emerald anticipates spending 31 million to drill 5 gross (2.5 net) operated wells and 1.1 net non-operated wells in the Williston Basin Emerald has identified…
Williston Basin 43,500 net acres 10
Williston Basin Acreage Overview Williston Operated Acreage Overview Williston Acreage Overview 6,900 net acres in Dunn County, ND 5.4 net operated DSUs with 7 potential wells per DSU W.I. ranges from 1.5% to 75% in 46 gross DSUs…
Williston Acreage Overview Operated Position Williston Operated Acreage Overview Map Selected Bakken Producing Wells 24 Hour IP 30 Day Avg. Company Well (Boe/d) (1) IP (Boe/d) Stages 1 Hunt Dunn 1-12-1H 573 559 25 2 Hunt Halliday…
Operated Williston Basin Economics Sensitivity Case Assumptions*(1) Representative Type Curve / Development Economics* High Base Low 900 350 MBOE 475 MBOE 800 EUR (Mboe) 600 475 350 600 MBOE 700 600 PV-10 (MM) 12.3 9.2 3.8…
Emerging Oil Plays 14
Emerging Oil Plays - Sandwash Niobrara Sandwash Niobrara Overview Sandwash Niobrara Overview 45,000 net non-operated acres in Double Eagle 2011 well with oil charge Entek 12-1 Well Sandwash Niobrara throughout the Niobrara Emerald…
Emerging Oil Plays Heath Shale Oil (Central Montana) Heath Shale Oil Overview Cirque Rock Happy 33-3H Implied Economics 33,500 net acres prospective for Heath shale oil 4.5 million D&C cost with 12-stage frac Musselshell, Petroleum,…
Peer Company Valuation - EV / Bakken Acre After adjusting for production and net acreage in other project areas, Emerald trades at 1,431 per net Williston acre vs. the peer average of 6,188 per net Williston acre Williston Public…
Supporting Information 20
Adjusted Enterprise Value Derivation Peer Enterprise Values 7/9/2012 7/9/2012 Companies Symbol Price Shares Mkt. Cap Debt+Pref Cash EV Kodiak Oil and Gas KOG 8.79 263.5 2,316 650 25 2,942 Northern Oil & Gas NOG 16.01 62.3 997 178…
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