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October 2015 Investor Presentation – Earthstone Energy Inc.

Earthstone Energy Inc. · Oct 1, 2015 · 24 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. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 1
    Investor Presentation October 2015 0
  2. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 2
    Investment Highlights Strong, Well Capitalized Balance Sheet Proven Management Team Significant cash balance Operational excellence Common equity Four prior successful public entities Traditional reserve-based credit facility Repeat…
  3. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 3
    Strategic Combination on December 19, 2014 Flatonia Energy, LLC Public Shareholders 2.957mm shares 9.124mm shares 1.754mm shares (21.4%) (66.0%) (12.6%) 13.835mm shares NYSE MKT: ESTE Earthstone closed two transformational…
  4. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 4
    Oak Valley Resources, LLC owns 66.0% of Earthstone. Oak Valleys investors include: Earthstone Management EnCap Investments L.P. Significant equity investors Leading provider of private equity to the independent E&P sector CEO has over…
  5. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 5
    Management Strong management and technical team with demonstrated ability and prior success Equity investorsinterests are clearly aligned with shareholders Years Years of Working Responsibility Experience Together Frank Lodzinski…
  6. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 6
    GeoResources Performance Summary Stock Performance (%) Proved Reserve Growth (MMBoe)(1) Merger with Southern Bay to Sale Announcement 40.0 35.9 40.0 CAGR = 57% Initial Investors: 29.2 IRR = 35% 30.0 30.0 Return on Capital = 4.8x…
  7. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 7
    Go-Forward Strategy Utilize similar strategy to previous entities which delivered significant returns to shareholders Asset Strategy Corporate Strategy Optimize Existing Properties Deliver superior returns to shareholders Implement…
  8. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 8
    Near-Term Goals M&A / A&D Execution Grow Eagle Ford position and complimentary assets M&A / A&D Acquire another core drilling area; focus areas include Bakken, Rockies, and Permian Portfolio rationalization consider divesting noncore…
  9. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 9
    Company Overview Proved Reserves (MMBoe)(1) Proven, growth-oriented management team 30.0 80% Oil-weighted with strong cash margins 71% 2-yr CAGR = 193% 65% Focused on the prolific Eagle Ford and Bakken 25.0 22.2 Robust liquidity…
  10. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 10
    Financial Summary Actuals and 2015 Guidance Production (Boepd) EBITDAX (mm)1 5,000 10.0 8.7 4,517 4,400 8.0 4,500 6.0 5.4 4,000 3,849 4.0 3,500 2.0 3,000 Q1 '15 Q2 '15 FY '15 Guidance 0.0 (Midpont) Q1 '15 Q2 '15 Cash…
  11. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 11
    Asset Overview 12
  12. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 12
    Southern Region Le Flore County: Conventional and 13,900 net acres; 34 PDP unconventional assets wells in Red Oak Field Eagle Ford / Grayson County: Austin Chalk Oklahoma 325 net acres prospective for horizontal Viola play 2 PDP…
  13. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 13
    Eagle Ford Summary Operated Fayette, Gonzales, and Karnes Counties 50,900 gross / 25,100 net leasehold acres Working interests range from 33% to 50% 60 gross producing wells (58 operated / 2 non- op) July 2015 average gross…
  14. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 14
    Eagle Ford and Austin Chalk Intervals Across the Acreage Stratigraphic Column S.W. Fayette & N.E. Gonzales Co.s, Texas Formation Frio Vicksburg Jackson Missing / Eroded Yegua-Cockfield Section Weches Queen City Reklaw Carrizo…
  15. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 15
    Operated Eagle Ford D&C Activity Brought 21 gross wells on line in 2014 Brought 9 gross wells on line in Q2 2015 and 6 gross wells expected to come on line in Q4 2015 500 to 750 foot spacing between wells Offset by Sanchez and Penn…
  16. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 16
    Drilling Performance Days vs Depth Most recent wells have been drilled and cased in 15 days at a cost of 2.5mm to 3.0mm 0 Unit Average Comparison Fayette / Gonzales County Earthstone Operating 2,000 Days vs. Depth Run Surface…
  17. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 17
    Eagle Ford Drilling and Completion Trends Pad Averages Feet Drilled per Day Drilling Capex per Foot Drilled (/Foot) 1,600 250 1,334 221 1,400 200 200 187 1,200 1,077 1,086 1,078 177 174 175 1,045 167 171 957 989 974 159…
  18. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 18
    Recent Eagle Ford Acquisitions Karnes and Gonzales Counties Acquired 3,000 gross / 1,170 net acres in Karnes and Southern Gonzales Counties Operational control with 33% to 50% working interest No near-term lease obligations HBP…
  19. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 19
    Recent Eagle Ford Acquisitions Karnes and Gonzales Counties Month Acquired June 2015 June 2015 August 2015 Total County Karnes Gonzales Gonzales Objective Eagle Ford Eagle Ford Eagle Ford Leasehold Acres: Gross 350 1,010 1,650…
  20. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 20
    Upper Austin Chalk Naturally Fractured Reservoir July 2015 average gross production of 725 Boepd (92% operated) 8 gross producing wells (7 operated / 1 non-op) 7,880 gross acres held by production Brought 4 gross wells on line in…
  21. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 21
    Northern Region Williston Basin Summary Near-Term Strategy 98 gross / 7 net wells producing Expand acreage Average working interest of 3% Acquire production 60 gross wells currently being drilled or completed Establish operating…
  22. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 22
    Capital Expenditures and Financial Overview 23
  23. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 23
    2015 Capital Expenditure Budget Current Budget(1) D&C Spend by Area Gross Well Count Drilling and Completion mm Drilled Completed Operated Eagle Ford 55.0 12 19 Fayette / Gonzales / Karnes Counties 15% Non-Operated Bakken 12.0 34…
  24. October 2015 Investor Presentation – Earthstone Energy Inc. – slide 24
    Hedging Summary Full Year 2015 Oil and Gas Production Hedged Full Year 2016 Oil and Gas Production Hedged Avg. hedged oil price = 69.41/Bbl Avg. hedged oil price = 59.65/Bbl 29% of oil production guidance hedged Avg. hedged gas price…

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