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7th Annual Energy Conference – Gmx Resources Inc.

Gmx Resources Inc. · Dec 5, 2012 · 28 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. 7th Annual Energy Conference – Gmx Resources Inc. – slide 1
    7th Annual Energy Conference December 5, 2012
  2. 7th Annual Energy Conference – Gmx Resources Inc. – slide 2
    Liquidity, Execution, NAV Growth Liquidity Objectives Fund remaining 2013 CAPEX needs through a variety of options Reduce cost of debt at more attractive and current market rates GSO-Blackstone / Others to assist in 2013 liquidity…
  3. 7th Annual Energy Conference – Gmx Resources Inc. – slide 3
    Execution Drilling Costs Decline Production Grows at a Faster Rate Two wells drilled off same pad Cost savings of approximately 1MM per well Reduces rig relocation during winter months Simul frac/ Zipper frac; 33 stages per well…
  4. 7th Annual Energy Conference – Gmx Resources Inc. – slide 4
    Execution Execution in the Williston Basin First phase Avg 157 BOE/D Bakken Net Oil Production / Day Services largely unavailable 1 Rig PDP & New Net BOE/D 1,000 Target Three Forks Sliding sleeves 15 stages 900 100% white sand…
  5. 7th Annual Energy Conference – Gmx Resources Inc. – slide 5
    High Quality Assets Provide Oil Reserve Growth of 300% YTD (4) 3Q12 Reserves & Resource Potential Proved NAV is 340MM Proved Oil Proved Oil Reserves(1) 3.3 MMB Proved Natural Gas Reserves(1) 234 BCF Reserves have increased 4X…
  6. 7th Annual Energy Conference – Gmx Resources Inc. – slide 6
    GMXR Asset Overview Bakken(1) 90% Oil Producers 14 Gross acres 179,200 Net acres 34,918 Gross Units 1,280 acres 140 Gross De-risked units 74 Gross De-risked locations 477 Net Operated locations (est.) 280 Working interest…
  7. 7th Annual Energy Conference – Gmx Resources Inc. – slide 7
    Closing The Gap GMXR acreage in the leading edge of current expansion Montana Our acreage is virgin pressure & contain 30 ft. of Middle Bakken Operators in our area are the major developers of Middle Bakken & Three Forks…
  8. 7th Annual Energy Conference – Gmx Resources Inc. – slide 8
    GMXR Focus: In the Center of the Play Recent Transactions Redefine Value Statoil Acq Acreage Exxon Acq. Acreage Halcon Purchase of Petro Hunt (October 2012) QEP Acq. Acreage Properties sold for 138,500/Boepd(1)(2) Exxon Purchase…
  9. 7th Annual Energy Conference – Gmx Resources Inc. – slide 9
    Drilling Focus in De-Risked Areas Teddy Roosevelt Grasslands McKenzie County 8 operated units and 59 locations; 5 producers 4 OBO units 25 locations; 5 producers 24 TBD units 196 locations Billings Nose Extension Billings…
  10. 7th Annual Energy Conference – Gmx Resources Inc. – slide 10
    Bakken Report Card Improving Completion GMXR IP BOE(1) BOE BOE Well Name Date WI % County Target BOE/D 30Day 60 Day 90 Day Operated Heiser 11-2-1H 1Q13 66%(2) McKenzie Middle Bakken Drilling N/A N/A N/A Lange 44-31-2H 4Q12 89%…
  11. 7th Annual Energy Conference – Gmx Resources Inc. – slide 11
    GMXR Niobrara 3D has Fracture Footprint Similar to Silo Field McConnaughey 41 1H TD 10,700 Completed on 3/14/92 Cumulative BO to date 441,139 Perforation Length 2,259 Short Lateral that intersects Intense Fracturing…
  12. 7th Annual Energy Conference – Gmx Resources Inc. – slide 12
    3D Reveals Niobrara Potential 85% of GMX Acreage is 361 square miles of 3D seismic within 50 ohms 40 50 3D seismic defines major fractures Proper placement of horizontal azimuth to intersect joints and fractures 50 40 30 North…
  13. 7th Annual Energy Conference – Gmx Resources Inc. – slide 13
    The Analog; The Similarity Bottom Hole location Silo Field Lemaster State 12-3 1H = Fracture Niobrara Top Data source: Colorado School of Mines Mid-1980s 3D seismic line extracted along well path of LeMaster-State 12-3 1H…
  14. 7th Annual Energy Conference – Gmx Resources Inc. – slide 14
    Niobrara Type Curve 900 Early 1990s Niobrara Silo Field 286 Mboe(1) 800 Hereford Field 334 Mboe (2) Bear Creek Continental 572 Mboe (4) Niobrara Thermal Maturity (4) 700 Continental 286 Mboe Carrizo 250 Mboe(3) 600 Anadarko…
  15. 7th Annual Energy Conference – Gmx Resources Inc. – slide 15
    Haynesville 1TCF of Upside High Quality Natural Gas Resource Base Haynesville Bossier Cross Section Haynesville Bossier (1.1 TCF) GMXR: 19 vertical penetrations in 2006; 1B on all undrilled acreage position in 2008 Thickest…
  16. 7th Annual Energy Conference – Gmx Resources Inc. – slide 16
    Cotton Valley 170 Bcfe of Upside Verhalen A 6H Verhalen A 7H Kain 13H production data suggests 12.5 Bcfe EUR (includes 18% NGL & Oil) Estimate completed well cost 7.5MM 1000 spacing wells expect 7.5 Bcfe EUR 13,130 acres with up…
  17. 7th Annual Energy Conference – Gmx Resources Inc. – slide 17
    Why Invest In GMXR Revenue and Liquidity Net Asset Value Growth 4Q12 & 1Q13 Bakken oil production One rig program grows Bakken to growing significantly 2,000 BOEPD / 35,000 acres Our latest Bakken completion had an IP rate of…
  18. 7th Annual Energy Conference – Gmx Resources Inc. – slide 18
    Corporate Information Corporate Contacts: GMX Resources Inc. Headquarters 9400 Broadway, Suite 600 Alan Van Horn Oklahoma City, Oklahoma 73114 Manger Investor Relations 405.600.0711 405.254.5839 Web site: www.gmxresources.com…
  19. 7th Annual Energy Conference – Gmx Resources Inc. – slide 19
    Protection of Revenues with Additional Hedges Strategy is to use swaps, put spreads and costless collars to protect cash flow Average Notional Amount Per Notional Additional Effective Date Maturity Date Month Amount Put Options…
  20. 7th Annual Energy Conference – Gmx Resources Inc. – slide 20
    Capital Providers, Including Blackstone/GSO Provide New 30MM 1st Lien Secured Note New 30MM 1st Lien Secured Note Pari-pasu with 1st Lien 2017 Senior Secured Notes 15% PIK (new notes) or 11% cash interest Approximately 27.1…
  21. 7th Annual Energy Conference – Gmx Resources Inc. – slide 21
    Liquidity Cotton Valley/ Travis Peak Assets Sold For 69MM Metrics Close Date Oct-12 Asset Sale of Shallow Rights to Base of Cotton Valley CVS Sales Price 69,000,000 Company retains Upper, Middle and Lower Bossier/Haynesville and…
  22. 7th Annual Energy Conference – Gmx Resources Inc. – slide 22
    Bakken Development: 1953 - 1995 1953 first vertical wells drilled on Antelope Anticline Montana 1953 Middle Bakken Shale Vertical Wells Antelope Anticline 47 wells drilled in 22 years (1953-1975) 1976: Upper Bakken Shale…
  23. 7th Annual Energy Conference – Gmx Resources Inc. – slide 23
    Bakken Development: 1996 - 2009 1996: Middle Bakken vertical 2006: Parshall Field well tests in Elm Coulee as result of prior expansion Montana Nesson Anticline 2000: Middle Bakken horizontal wells in Elm 2000: Middle Bakken…
  24. 7th Annual Energy Conference – Gmx Resources Inc. – slide 24
    Bakken Development: 2010 - 2012 Major expansion off anticlines with advent of Montana modern drilling & completion techniques 2,635 long lateral Hz wells drilled/completed in only 2 yrs. (2010-2012) Last two years, wells have…
  25. 7th Annual Energy Conference – Gmx Resources Inc. – slide 25
    Multiple Opportunities in Stacked Targets Niobrara System modified From: Sonnenberg, Steven A., Presentation: Tight Oil Plays A New Game, Colorado School of Mines. 28
  26. 7th Annual Energy Conference – Gmx Resources Inc. – slide 26
    Three Forks Development: 1948-2004 Initial Three Forks development along Antelope Field 16 wells drilled in 56 years Montana Early focus in Williston Basin was on the understanding and development of the Middle Bakken GMXRs…
  27. 7th Annual Energy Conference – Gmx Resources Inc. – slide 27
    Three Forks Development: 2005-2009 Divide County Most wells drilled on Nesson Anticline Expansion 202 wells drilled in 4 years Parshall Field Three Forks / Sanish Parshall Field development begins Montana Notice beginning of…
  28. 7th Annual Energy Conference – Gmx Resources Inc. – slide 28
    Three Forks Development: 2010-2012 710 Three Forks wells drilled in Divide County Expansion the last two years Lewis & Clark - Pronghorn acreage producing similar 30/60/90 day results as Sanish Field(1) Parshall Field Montana…

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