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June 2012 Investor Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Jun 15, 2012 · 31 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. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 1
    June 2012 Investor Presentation
  2. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Wattenberg Field Market Cap: 632 million North Park Basin (Niobrara & Codell) Share Price: 16.00 (Niobrara) 20,817 Mboe 1P (1) Shares Outstanding : 39.5 million 611 Mboe 1P 59% Oil 100% Oil 100+%…
  3. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 3
    First Quarter 2012 Highlights 96% Increase in Production(1) 646 Mboe (7,100 Boe/d) 76% oil and liquids 132% Increase in EBITDAX (1) (2) 31.5 million (0.80/sh) 541 Boe/d Avg. 30-day Rate Niobrara Hz 486 Boe/d, 72% oil,…
  4. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 4
    Robust Growth in Reserves and Production Proved Reserves(1) (Mboe) Production(1) (Boe/d) 50,000 10,000 RANGE 9,000 40,000 8,000 7,000 G 30,000 6,000 U I 5,000 D A 20,000 4,000 N C E 3,000 10,000 2,000 1,000 0 0 2007…
  5. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 5
    Significant Leverage to Oil & Liquids 1Q 2012 Revenue Cash Margin / Boe (1) 49.5 Million 76.68 7% Nat. Gas 66% Cash Margin 93% Liquids 11% Cash G&A 7% Prod. Taxes 16% LOE (1) Average sales price for a barrel of oil…
  6. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 6
    Organic Growth Pipeline Full Development Testing Monitoring Wattenberg Niobrara North Park Niobrara (67 MMBoe) (30-60 MMBoe) Brown Dense (30 MMBoe) 1,200 drilling locations 400 PUDs 7
  7. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 7
    Capital and Drilling Activity 2011 Capital: 165 MM 2012 Capital(1): 250 MM Vertical: 52 MM Vertical: 72 MM 66 wells (Wattenberg) 92 wells 2 wells (North Park) ROCKY MOUNTAINS Horizontal: 99 MM Horizontal: 25 MM 24 wells…
  8. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 8
    Rocky Mountain Operations 9
  9. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 9
    Rocky Mountain Production Forecast Boe/d 12,000 Horizontal & Vertical Niobrara 10,000 8,000 6,000 4,000 2,000 Vertical Only 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 10
  10. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 10
    Tremendous Results from Horizontal Niobrara 2011 (4 wells) Avg. 30-day Rate: 458 Boe/d 2012 (2 wells) Avg. 30-day Rate: 541 Boe/d Combined (6 wells) Avg. 30-day Rate: 486 Boe/d 3D SEISMIC LEGEND BCEI 2011 Horizontals N…
  11. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 11
    Wattenberg Horizontal Niobrara Economics EUR 312,000 Boe; 76% liquids 30-day Rate 469 Boe/d Cost per Well 4.0 MM NPV-10 at 80/BO 4.1 MM NPV-10 at 100/BO 6.1 MM Locations 290 net IRR % at /BO WTI(1) 125% 100% 75% 50% 25% 70…
  12. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 12
    Wattenberg Performance & Inventory Upside 1) Extended Reach Laterals 2) Codell Horizontal Development NBL: 750 MBoe EUR Anadarko Results (30-day rate) NBL: 7.5 MM well cost (reported) PSC 12C-13HZ: 508 BOEPD PSC 13C-13HZ: 461 BOEPD…
  13. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 13
    Wattenberg Inventory Targets CURRENT DEVELOPMENT FUTURE TARGETS 14
  14. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 14
    North Park Basin Niobrara EUR 211,000 Boe 30-day Rate 304 Boe/d % Oil 90% Cost per Well 5.1 MM NPV-10 at 80/BO 2.1 MM NPV-10 at 100/BO 3.9 MM Bonanza Creek acreage Type Curve(1) (Boe/d) 350 300 250 200 150 100 50 0…
  15. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 15
    Mid-Continent Operations (Arkansas) 14,980 gross (13,474 net) acres; 100% HBP ERA SYSTEM SERIES GROUP FORMATION CENOZOIC EOCENE Claiborne PALEOCENE Wilcox TERTIARY Midway Primary Target: Cotton Valley: 4,000 7,000 feet CRETACEOUS…
  16. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 16
    Mid-Continent Stable, Long-Life Growth Boe/d 6,000 5,000 4,000 3,000 2,000 1,000 0 2008 2009 2010 2011 2012 2013 2014 (1) Forecast assumes 10-acre spacing. BCEI will test further down-spacing in 2012. 17
  17. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 17
    Dorcheat-Macedonia Economics EUR 152,000 Boe Peak 30-day Rate 103 Boe/d % Oil & Liquids 70% Cost per Well 1.7MM NPV-10 at 80/BO 1.9 MM NPV-10 at 100/BO 2.8 MM IRR % at /BO WTI(1) 125% 100% 75% 50% 25% 0% 70 80 90 100…
  18. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 18
    Financial Overview 19
  19. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 19
    2012 Guidance Total: 3,175 - 3,650 Mboe Production Average Net Daily Production: 8,700 - 10,000 Boe/d Percent Oil & NGLs: 69% Lease Operating: 7.20 - 8.20 Operating Costs and Expenses Severance and Ad Valorem: 3.60 - 4.00 (per Boe)…
  20. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 20
    Capitalization & Liquidity Borrowing Base 245 Million Outstanding at March 31, 2012 21.6 Million Liquidity 223 Million 21
  21. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 21
    Hedge Positions(1) Commodity & Contract Term Type Avg. Volume Floor Ceiling Avg. Price Crude Oil (Bo/Month) May 2012 collar 67,956 90.00 106.45 June December 2012 collar 77,956 90.00 106.05 January April 2013 collar 42,654 91.64…
  22. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 22
    Buying High Growth & Experience Highest company leverage to Wattenberg Niobrara Oil & liquids focused; 100% production growth in 2012 Proven management team Strong balance sheet considerable cash flow and credit…
  23. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 23
    Corporate Information Company Headquarters Investor Relations 410 17th Street, Suite 1400 James M. Masters Investor Relations Manager Denver, Colorado 80202 (720) 440-6121 (720) 440-6100 Main jmastersbonanzacrk.com (720) 305-0804…
  24. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 24
    Appendix 25
  25. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 25
    Experienced Management Team Founder of predecessor companies Mike Starzer Prior: Executive and Engineering roles at Unocal and Berry Petroleum President & CEO B.S. in Petroleum Engineering, Colorado School of Mines; M.S. in…
  26. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 26
    Wattenberg Horizontal Niobrara Economics (Boe/d) 500 Type Curve(1) 312,000 Boe EUR 400 65% crude oil; 35% natural gas 356,000 Boe EUR 300 57% crude oil; 19% NGLs; 24% nat. gas 200 Field Development 42,218 gross (29,262…
  27. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 27
    Wattenberg Vertical Niobrara/Codell Development Economics Type Curve(1) 955,000 CapEx 78,000 Boe EUR 725,000 initial well cost 65 Boe/d 30-day rate 230,000 refrac in five years Re-frac after 5 years with peak rate 70% of IP…
  28. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 28
    Cotton Valley Lenticular Oil Sands Focused completion technology DORCHEAT UNIT 37 Dorcheat Unit 37 Bbl/d Mcf/d Boe/d improves recovery Highly repeatable 30-day IP 93 1,326 314 Consistent historical results 1 Year Exit Rate 27 574…
  29. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 29
    Dorcheat-Macedonia Field (Boe/d) 120 Type Curve(1) Recompletions opening additional Cotton Valley oil pay zones up hole 152,000 Boe EUR(2) 100 Initial 30-day rate: 67 Boe/d Peak 30-day rate: 103 Boe/d Include subsequent…
  30. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 30
    Mid-Continent Gas Processing Facilities General Overview Approximately 150 miles of gathering lines Nevada Processes minor quantities of third party natural gas Facilities interconnect into the CenterPoint Energy pipeline system…
  31. June 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 31
    California Region 8,940 gross (5,012 net) acres 100% HBP Thermal development opportunity in Kern River and Midway Sunset 16.5 MMBoe original oil in place(1) 0.7 MMBoe of Proved Reserves 100% crude oil 37% developed…

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