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The Oil and Services Conference 10 – Callon Petroleum Co.

Callon Petroleum Co. · Feb 21, 2012 · 22 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. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 1
    The Oil and Services ConferenceTM 10 San Francisco, CA February 21, 2012 NYSE: CPE Callon Petroleum Corporate Presentation
  2. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 2
    Callon Overview CALLON PETROLEUM (CPE) Enterprise Value: 363MM Permian Basin SEC PV-10 (12/31/11): 310MM Foundation of onshore strategy 16 MMBOE Proved Reserves (70%+ liquids) 24,009 net acres (100% operated) Total Debt/EBITDA: 1.15x…
  3. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 3
    Successful Onshore Transition Onshore Growth (2009 Inception) 147MM onshore investment Redeployed offshore cash flow 14/Boe onshore field level F&D Increased reserves by 65% Replaced GoM Shelf production Offset high-rate, natural…
  4. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 4
    Deepwater GoM Overview CPE WI: 15% CPE WI: 11.25% 2,200 Water Depth 2,013 Water Depth HABANERO MEDUSA Field Overview Planned Activity MC 582 First production: 2003 Operator re-evaluating subsurface (Medusa) Cumulative…
  5. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 5
    Deepwater GoM Benefits Net Production Profile World-class fields and operators Production stability Ongoing recompletions/sidetracks Leverage existing infrastructure Managed for long-term value, not rate Strong production…
  6. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 6
    Permian Operations 24,000+ Net Acres 100% Operated Production Dedicated Technical and Operational Team 7 NYSE: CPE Callon Petroleum Corporate Presentation
  7. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 7
    Legacy Permian: Vertical Program Wolfberry Program Wells drilled to date: 59 Remaining locations (40-acre): 135 95% WI / 71% NRI Gross EURs 100 Mboe 75 120 Boepd IP Recent activity 2011 exit rate: 1,300 Boepd Two-rig program…
  8. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 8
    Permian Horizontal Drilling Program Gamma Ray Resistivity Horizontal Evolution 0 100 200 0.2 2000 Leverage existing assets Jo Mill Legacy Midland Basin acreage Lower Extensive technical work Spraberry Operational and drilling…
  9. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 9
    Callon Wolfcamp B Prospective Acreage E Bloxom CALLON Increasing Target ACREAGE Zone Thickness Block 5 Existing Acreage Well-Positioned As Wolfcamp B Activity Progresses North And West 10 NYSE: CPE Callon Petroleum…
  10. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 10
    Midland Basin Wolfcamp B Horizontal Activity Pioneer XBC Giddings 2041H 5800 Lateral (30 Stages) 854 BOEPD A EOG 2 2803H 7100 Lateral (28 Stages) WOLFCAMP B Pioneer XBC Giddings 2073H 5800 Lateral (30 Stages) 736 BOEPD HORIZONTAL…
  11. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 11
    East Bloxom Wolfcamp B A A Target Zone Flooding Surface Target Zone CALLON Upton East Bloxom Log Properties Analogous To Offsetting Horizontal Producing Wells Several Precedents To Determine Optimal Lateral…
  12. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 12
    Wolfcamp B (Midland) Evolution IP Rates (EOG/AREX/EP)* IP vs Lateral Length (Howard Weil) 1/1/2011 Completion Date CALLON Planned Lateral Length (7,500) Horizontal Wolfcamp B Results Benefiting From Accumulation Of…
  13. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 13
    Horizontal Permian Activity Timeline East Bloxom Q112 Q212 Q312 Q412 2013 Finalize initial drilling plans Plan Commence drilling Drill Evaluate results Evaluation Optimize /program drilling Program New Permian Acreage Q112 Q212…
  14. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 14
    Resulting Permian Exposure Net Permian Acreage Per MM Of Enterprise Value (1/19/12) PRO FORMA FOR NEW ACREAGE ACQUISITION Source: Howard Weil Incorporated research (January 19, 2012) * Includes other undeveloped acreage of…
  15. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 15
    Financial Review NYSE: CPE Callon Petroleum Corporate Presentation
  16. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 16
    2011 Financial Highlights 10.1 million share public offering Successful Equity Net proceeds of 73.8 million Offering Expanded investor base Clawback of 2016 Senior Notes Meaningful Debt Reduced principal by 31 million Reduction…
  17. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 17
    Strong Balance Sheet Capitalization (MM) Total Debt/Proved Reserves(1) Total Debt / LTM 3Q11 EBITDA(1,2) (1) CPE Total Debt does not include non-cash deferred credit of 27.5MM, 19.2MM and 18.4MM at 12/31/10, 9/30/11 and…
  18. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 18
    2011E Hydrocarbon Exposure Production By Commodity Revenue By Commodity 72% Crude Volumes Received LLS-Comparable Index Pricing Crude Oil NGLs Natural Gas Liquids-Based Pricing Leverage Should Continue To Increase As Permian…
  19. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 19
    Cash Reinvestment Efficiency Cash Margin Analysis Reinvestment Efficiency 69.26 53.69 1.9x 51.43 Strong Cash Margins Support Onshore Resource Capture Initiatives * (Total net capital expenditures + capitalized items) /…
  20. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 20
    2012 Capital Budget: 139MM 2012 Capex Breakdown Legacy Permian High-grading opportunities 20 vertical /4 horizontal wells Permian New Initiatives Closed acreage transactions Additional acreage 2012 evaluation and seismic 3…
  21. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 21
    Investor Highlights Successfully established critical mass in the Permian Leveraged expertise and organizational footprint Assembled multi-year inventory of operated drilling locations Positioned to capitalize on emerging horizontal…
  22. The Oil and Services Conference 10 – Callon Petroleum Co. – slide 22
    Callon Petroleum Company TRADING DATA / KEY STATISTICS Founded 1950 -- Public since 1994 (NYSE 1998) NYSE: CPE Average Daily Volume: 314,300 52-week Range: 3.02 -- 8.65 Share Price (2/16/12): 7.72 OFFICES Market Capitalization: 304…

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