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The GHS Conference – Georesources, Inc.

Georesources, Inc. · Jul 17, 2011 · 32 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 GHS Conference – Georesources, Inc. – slide 1
    Corporate Profile The GHS Conference San Francisco July 17-19, 2011
  2. The GHS Conference – Georesources, Inc. – slide 2
    Corporate Highlights Balanced Portfolio Long-Term Growth 70,000 net acres in two premier U.S. liquids resource plays Strong Current Cash Flow/Profitability 5,090 Boe/d of production in 2010 24 Mmboe proved reserves; 60% oil (1)…
  3. The GHS Conference – Georesources, Inc. – slide 3
    Company Overview Bakken Independent oil and natural gas company 46,000 net acres focused in the Southwest, Gulf Coast and Williston Basin Significant upside potential through growing positions in liquids-rich resource Eagle Ford…
  4. The GHS Conference – Georesources, Inc. – slide 4
    Reserves and Production Current Proved Reserves 24.0 MMBOE (1) Proved Reserves (MMBOE)(2) Average Daily Production (BOE/d) (BOE/d) (3) (1) As of January 1, 2011. Excludes partnership interests. (2) 2006 2010 proved…
  5. The GHS Conference – Georesources, Inc. – slide 5
    GeoResources Asset Overview Oil Weighted Development 6
  6. The GHS Conference – Georesources, Inc. – slide 6
    Bakken Shale Overview 46,000 net acres in the Bakken trend Bakken operated project 25,000 net acres in Williams County, ND Drilling started in September 2010 4 wells drilled 2 dedicated rigs currently running Interests in 100…
  7. The GHS Conference – Georesources, Inc. – slide 7
    Bakken Shale Operated 25,000 net acres in NW Williams Co., ND 2011 drilling program averages 30% WI Interest in 100 spacing units Bakken AMI Partnered with Resolute Energy in March 10 Retained 47.5% WI in project First 3 wells…
  8. The GHS Conference – Georesources, Inc. – slide 8
    Williams County Operated Activity NFX Christensen 159-102-17- GEOI Muller 1-21-16H 20-1H Drilling out plugs 30 Day Avg.: 326 Bo/d NFX Christensen 159-102-8-5- GEOI Carlson 1-11H 1H 30 Day Avg.: 236 Bo/d Drilling (GEOI WI 6.2%)…
  9. The GHS Conference – Georesources, Inc. – slide 9
    Williams County Completion Comparison Offset GeoResources Completions Completions Siirtola/Anderson (Avg.) Next 3 Wells Future Completions (Estimated Avg.) 30 Day Avg. Oil Rate (bbl/d) 309 - - 500 60 Day Cumulative Oil (bbls) 15,000…
  10. The GHS Conference – Georesources, Inc. – slide 10
    Bakken Shale - Non-operated 11,000 net acres primarily in Mountrail County, ND W.I. ranges from 1% to 18% Average WI of 8% Partnered with experienced operator - Slawson Exploration Slawson has 4-5 rigs currently running…
  11. The GHS Conference – Georesources, Inc. – slide 11
    Bakken Development Economics Development Economics (1,280 Acre Unit)(1)(2) (1) Assumes oil differential of (15%) and assumes gas shrinkage of (10%). Natural gas price held constant at 5/Mcf with no gas differential.. (2) EUR refers…
  12. The GHS Conference – Georesources, Inc. – slide 12
    Bakken Illustrative Resource Potential Resource Potential (1) Bakken (Williams Co. & Montana) Bakken (Mountrail County) 350 Mboe 500 Mboe 400 MBOE 600 MBOE Assumed Spacing Unit Size (Acres) 1,280 1,280 1,280 1,280 Estimated…
  13. The GHS Conference – Georesources, Inc. – slide 13
    Eagle Ford Shale 24,000 net acres primarily located in Southwest Fayette County, TX 2011 drilling program averages 45% WI Eagle Ford AMI Ramshorn Investments, Inc., an affiliate of Nabors Industries, Ltd. purchased a 50%…
  14. The GHS Conference – Georesources, Inc. – slide 14
    Eagle Ford Shale Volatile oil window On strike with operator activity in Gonzales County GEOI BlackJack Springs 1H Successful recent drilling results Currently Fracing Completed first two wells in Fayette County in GEOI Flatonia…
  15. The GHS Conference – Georesources, Inc. – slide 15
    Eagle Ford Development Economics Development Economics (5,000 ft. Lateral)(1)(2) (1) Assumes oil differentials of (5%) and assumes gas shrinkage of (15%). Natural gas price held constant at 5/Mcf with a +20% gas differential. (2)…
  16. The GHS Conference – Georesources, Inc. – slide 16
    Eagle Ford Illustrative Resource Potential Resource Potential (1) Eagle Ford Shale (Fayette Co., Texas) 350 Mboe 500 Mboe Assumed Spacing Unit Size (Acres) 900 900 Wells per Spacing Unit 6 6 Acres per Well (Spacing Unit / Wells…
  17. The GHS Conference – Georesources, Inc. – slide 17
    Additional Assets
  18. The GHS Conference – Georesources, Inc. – slide 18
    Giddings Field Austin Chalk Bell Robertson Madison 29,000 net acres Giddings Field Acreage 16 wells drilled 100% success Milam 20 additional drilling locations Walk WI ranges from 37% - 53% Operating control Brazos Williamson…
  19. The GHS Conference – Georesources, Inc. – slide 19
    Louisiana - St. Martinville & Quarantine Bay St. Martinville Field 1 2,585 net acres of HBP or leased (yellow), 534 1 1 1 1 1 131 132 133 1 2 1 1 1 net acres of owned minerals (green) 2 136 1…
  20. The GHS Conference – Georesources, Inc. – slide 20
    Financial Overview
  21. The GHS Conference – Georesources, Inc. – slide 21
    Development Program Capital Allocations 2011 Capital Budget ( in millions) Budget recently increased to take advantage of leasing success and strong project inventory Project Budgeted Comments 2011 budget increased from 88 MM to 114…
  22. The GHS Conference – Georesources, Inc. – slide 22
    Strong Financial Position Ability to fund current capital budget with cash flow and undrawn debt capacity Conservative use of leverage to maintain strong balance sheet 145 MM borrowing base Last twelve months EBITDAX(1) = 70.5 MM No…
  23. The GHS Conference – Georesources, Inc. – slide 23
    Investment Highlights Significant upside from Bakken and Eagle Ford shale positions Bakken Shale - 46,000 net acres Eagle Ford Shale - 24,000 net acres Ongoing leasing program to further expand acreage Solid proved reserve and…
  24. The GHS Conference – Georesources, Inc. – slide 24
    Appendix
  25. The GHS Conference – Georesources, Inc. – slide 25
    Development Economics Table Development Economics(2) Bakken Shale (Williams Co., North Dakota) Eagle Ford Shale (Fayette Co., Texas) 350 Mboe 500 Mboe 350 Mboe 500 Mboe Well Assumptions Drilling & Completion Cost (M) 8,500 8,500…
  26. The GHS Conference – Georesources, Inc. – slide 26
    Management History Track record of profitability and liquidity Extensive industry and financial relationships Significant technical and financial experience Long-term repeat shareholders Cohesive management and technical staff…
  27. The GHS Conference – Georesources, Inc. – slide 27
    Proved Reserves Proved Reserves SEC Pricing at 1/1/11 ( in millions) Oil Gas Total % of Corporate Interests MMBO BCF MMBOE Total PV-10 (1) PDP 8.9 33.0 14.4 60.0% 239.6 PDNP 2.3 6.1 3.4 14.2% 68.5 PUD 3.2 18.4 6.2 25.8% 70.2 Total…
  28. The GHS Conference – Georesources, Inc. – slide 28
    Hedge Portfolio GEOI uses commodity price risk management in order to execute its business plan throughout commodity price cycles Oil Hedges Natural Gas Hedges 85 .00 to 110.00 Collar Swap Weighted Average Oil Hedge Price…
  29. The GHS Conference – Georesources, Inc. – slide 29
    Operating Performance Historical Operating Data 3 Mos Ended Years Ended December 31, 3/31/2011 2010 2009 2008 Key Data: Average realized oil price (/Bbl) 85.37 70.33 61.09 82.42 Avg. realized natural gas price (/Mcf) 5.20 5.30 3.97…
  30. The GHS Conference – Georesources, Inc. – slide 30
    Reconciliation of non-GAAP Measure EBITDA Reconciliation 3 Mos Ended Years Ended December 31, 3/31/2011 2010 2009 2008 ( in millions) Net Income 6.1 23.3 9.8 13.5 Add Back: Interest Expense 1.3 4.7 5.0 4.8 Income Taxes 3.8 11.9…
  31. The GHS Conference – Georesources, Inc. – slide 31
    Standardized Measure SEC PV-10 Reconciliation to Standardized Measure(1) ( in millions) 1/1/2011 Direct interest in oil and gas reserves: Present value of estimated future net revenues (PV-10%) 378.3 Future income taxes at 10%…
  32. The GHS Conference – Georesources, Inc. – slide 32
    Additional Disclosures The disclosures below apply to the contents of this presentation: In April 2007, GeoResources, Inc. (GEOI or the Company) merged with Southern Bay Oil & Gas, L.P. (Southern Bay) and a subsidiary of Chandler…

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