Tunkhannock, Pennsylvania Wilmington Field, California Ensuring Stability, Growing Shareholder Value Atlantic Rim, Wyoming Enercom 2015: The Oil and Gas Conference August 19
Warrens Core Assets Proved Net 1H15 Net Area Reserves as of Acreage Production 12/31/14 WRES 1H15 Production Appalachian Ratio 5,289 60.2 MMcf/d 212 Bcf Basin 18% Los Angeles 2,460 2,828 Bbls/d 16.8 MMBbls Basin Washakie…
A Focused Business Strategy Right-size Capital Spending 21 MM front end loaded capex budget for 2015 tracks cash flow Optimize Operating Metrics and Asset Intensity Reduced LOE and G&A per Mcfe by 22% and 18% respectively over past…
Recent Major Milestones: Reinforcing Financial Stability May 2015 GSO/Franklin Square Financing Replaced existing bank facility and added 202 MM of new money Retired 22 MM of unsecured debt 30 MM delayed draw feature Flexibility to…
Pro Forma Capitalization Pro Forma Adjustment As of June 30, 2015 Pro Forma (upon WY sale closing) Long Term Debt (MM) (MM) (MM) Credit Facility(1) 172.5 (42)(1)(2) 130.5 Exchange 1st Lien 47.2 -- 47.2 Unsecured High Yield 230.4…
2015 Guidance1 2015 Capex Budget 2015 Production Guidance Full Year ending December 31, 2015 21 Million Oil (MBbl) 900 1,000 Gas (MMcf)2 28,000 30,000 PENNSYLVANIA 13 Total - Gas Equivalent (Mmcfe) 33,400 36,000 o Natural Gas…
Second Quarter Accomplishments Per Mcfe LOE and G&A down 22% and 18%, respectively, over the past two quarters Achieved production at top end of guidance with Marcellus and CA business units outperforming projections Conducted…
Sales Agreements - Marcellus NE PA Basis Differential Hedges(1) NE PA Natural Gas Hedge Realization(1) 60,000 60,000 2.50 2.00 50,000 2.05 2.06 50,000 1.87 1.72 1.50 40,000 40,000 1.00 0.50 Mcf/day 30,000 30,000 -…
Marcellus Operations Investing in the Future of Energy NASDAQ (WRES) 11
Operational Update and Efficiency Improvements Key Points Marcellus Drilling Performance Continually capturing operational efficiencies Days vs. Depth Drilling Days while remaining focused on additional tangible 0 0 5 10 15 20 25 30…
Field Infrastructure and Marketing Key Points Pipeline and Gathering System Map Operational infrastructure system in place to support full field development including Upper Marcellus development Ample takeaway capacity of 285,000…
Multiple Upside Opportunities in the Marcellus Upside Initiatives Resource Potential Upside(1) 1. Increase EURs booked in proved 600 Upper Marcellus Potential reserves by proving-up greater recovery factor of OGIP 500 Current…
Proving-up greater recovery factor of OGIP Key Points Marcellus Production Performance 70,000 Actual production continues to outperform NSAI proved estimates 60,000 Decline from production shallower than 3P estimates with…
Upper Marcellus Results Key Points Upper Marcellus GIP Map and Locations Both locations have been flowing back for 2+ weeks Combined rate of 17,500 Mcf/day flowing to sales 3% of completion fluid recovered Expect to see continued…
California Operations Investing in the Future of Energy NASDAQ (WRES) 18
Wilmington Field Overview Key Points Beverly Hills Salt Lake Los Angeles Operated by Warren Chevice Hills Montebello Bandin Englewood 2,476 gross, 2,460 net acres Playa Del Rey Sante Fe Springs Brea-Olenda Yorba Average net…
Wilmington Field Development Key Points Wilmington Drilling Performance Team has been very successful in Days vs. Depth WTU Days vs. Depth NWU capturing efficiency gains during Ranger Ranger development and is keenly focused on 0 0…
Wyoming Assets Investing in the Future of Energy NASDAQ (WRES) 21
Wyoming Deep Potential: Producing Zones Atlantic Rim Zones Following the pending sale of the Wyoming CBM Deep Creek Field 150,000 bbls oil & asset Warren will retain 70% of pre-existing deep 2.5 Bcf rights 39,000 net acres in the…
Financial Overview Investing in the Future of Energy NASDAQ (WRES) 23
Historical Financial Results Chart(MMcfe/d) Production Title (2) Revenue (MM)(2) Oil Production (Mmcfe/d) Gas Production (Mmcfe/d) 160.0 150 80 129 134 122 90.2 62.5 120.0 103 60 88 40 33.3 35.2 80.0 63 26.3 28.7 28.7 20…
Why Invest in Warren Resources, Inc Key Points High Quality Assets Low decline water flood oil production with best in class lifting expense, 20/Bbl Core of the core Marcellus Shale position Moderate decline profile outperforming 3P…
Appendix Investing in the Future of Energy NASDAQ (WRES) 26
Proved Reserves: YE 2014 Asset Summary Natural Gas Reserves 500 Estimated Proved Reserves of 428 Bcfe 375 76% gas, 60% proved developed (PDP/PDNP) Bcf 250 124.1 125 203.3 - Gas PDP/PDNP Gas PUD Estimated Proved…
2014 Reserve Summary Net Oil Net Gas Net Total PV-10 Reserve Category (MMBbls) (Bcf) (Bcfe) (MM) PDP 8 153 204 396 PDNP 0 50 51 64 PUD 8 124 173 149 Total Proved 16 327 428 609 PROB 4 53 75 77 POSS 4 73 95 97 Total Probable and…
Non-GAAP Reconciliation: EBITDA EBITDA Reconciliation Year Ended December 31, Trailing 12 months (MM) 2011 2012 2013 2014 6/30/15 Net Income/Loss 21.6 15.5 30.4 24.0 (182.5) Interest Expense 3.2 3.3 3.0 9.6 20.2 Income Taxes…
Non-GAAP Reconciliation: Year-end 2014 SEC PV-10 PV-10 Reconciliation1 December 31, 2014 (in 000s) Proved developed 395,682 Proved developed non-producing 64,377 Proved undeveloped 149,067 PV-10 Value 609,126 Less: future…
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