Energy Corporation Resolute Energy is a regionally diversified growth oriented E&P company Investor presentation focused on long-lived (NYSE: REN) domestic oil producing assets April 2016
Resolute overview Company history Market capitalization1 39.4 million SEC PV10 2 199 million 2004 Resolute formed Long term debt 3 528.3 million Aneth Field: Assets acquired from Shares outstanding1 77.2 million 2005…
Our operating areas Proved reserves are 93% liquids Areas of operation Overview Reserves impact due to product pricing assumptions and asset sales Large effect on PUD reserves base Aneth Field No change in resource base…
The strategy is working Production from current property base has increased by 16% and 15% in 2014 and 2015, respectively Midpoint of 2016 guidance represents a 17% increase over 2015 when looking at comparable assets Adjusted…
The strategy is working 2015 LOE per Boe was down 28% compared to 2014 Cost savings sustainable Expect 2016 to be essentially flat to 2015 2015 G&A per Boe was down 17% compared to 2014 Aggregate cash G&A is effectively flat…
2015 guidance vs. actual Guidance 2015 guidance vs. actual Actual Variance2 Low High Mid-point Boe per day 12,000 13,000 12,500 12,427 -1% Update LOE ( million) 88 98 93 78.7 -15% G&A1 ( million) 25 29 27 26.1 -3%…
Reeves County drilling program First of nine wells spudded on November 15, 2015 Resolute restarted drilling in Delaware Basin Nine well (gross) program Drilling and completion costs significantly under AFE Mustang project area…
Reserves and production overview Year-end 2015 SEC Year-end 2015 SEC case: Proved reserves: 33.1 MMBoe 84% proved developed 87% oil, 93% liquids PV10 199 million R/P ratio of 8 years 10,278 Boe per day Q4 net production1…
Permian Basin Permian Basin map 27,800 gross (17,600 net) acres1 83% located in core horizontal Northwest development areas Shelf Denton 52% oil, based on Q4 net Midland production of 3,961 Boe per day Basin 48% proved…
Permian Basin Year-end 2015 SEC case: Proved reserves: 7.6 MMBoe PV10 39 million 2015 production increased 5% percent to 4,883 Boe per day even after significant asset sales Focus on horizontal Wolfcamp 1 1 1 development in…
Reeves County overview Horizontal development program Resolute-operated horizontal wells 23,100 gross (13,600 net) acres 1 Vertical producing well Resolute acreage Mustang Appaloosa Q4 net production 2,060 Boe per day Horizontal…
Mustang and Appaloosa area activity Relevant industry success Resolute BHP Renegade 0302BH IP30: 1,092 Boepd1 Reeves County State Hanging H Ranch 1H IP30: 1,050 Boepd Resolute Cimarex Queen City 0301BH Ruby 1-39 1H IP30: 1,235…
Horizontal well potential Delaware Basin Based on derisked zones Acreage Wells Resource Average EUR Delaware Basin Zones potential Gross Net Gross Net (MBoe)1 (MMBoe) Mustang 7,500 foot lateral 85 54.2 1,002 40.7 14,700 6,900…
Recent well results Operated 7,500 foot horizontal wells 16
Denton Field overview Acquired producing asset in 2013 Denton Field 2,900 gross (2,800 net) acres 1 Q4 net production 527 Boe per day Some individual wells have produced more than 2,000,000 barrels of oil Potential to enhance the…
Aneth Field 18
Aneth Field overview Foundation asset Fields like Aneth are rare Large CO2 recovery project, unlocks millions of recoverable barrels of oil Located 28 miles from the largest naturally occurring CO2 resource in the country…
Aneth Field overview Foundation asset Aneth Field 1.5 billion barrels OOIP Produced 439 MMBbl of oil through 2015 (29% recovery) Ongoing successful CO2 flood Aneth and McElmo Creek units predict an average recovery of 40% of OOIP…
Aneth Field overview Year-end 2015 SEC case: Proved reserves: 25.5 MMBoe 95% proved developed PV10 160 million 6,229 Boe per day net Q4 production (94% oil) 2015 proved reserve characteristics 2015 SEC reserve report 21
2016 production and cost guidance Guidance vs. actuals 2016 guidance Total production (MBoe) 3,730 4,350 Boe per day 10,200 11,900 LOE ( million) 67 77 G&A1 ( million) 23 27 Production taxes (% of prod. revenue) 12% 14% DD&A (…
Bank borrowing base and second lien status Bank borrowing base Spring, 2016 borrowing base was 105 million, with 0 drawn In 2015 Resolute sold three property packages Generated almost 275 million of proceeds Proceeds were used to…
Hedging strategy Provide protection against price downside Two to three year horizon Work the hedge book opportunistically Current oil derivative positons Bbl/day % Hedged utilizing Swap Collars Options Term hedged Swaps Collars…
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