Skip to main content IPAA OGIS NYC – Crimson Exploration Inc. Investor Presentation | Shale Experts
Loading...
Pm

IPAA OGIS NYC – Crimson Exploration Inc.

Crimson Exploration Inc. · Apr 1, 2012 · 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. IPAA OGIS NYC – Crimson Exploration Inc. – slide 1
    positioned for GROWTH Company Presentation April 2012
  2. IPAA OGIS NYC – Crimson Exploration Inc. – slide 2
    Crimson Overview Geographic Focus Area CO Key Information 2012 Target Areas Exchange/Ticker: NasdaqGM:CXPO Share Price(1): 4.06/share 52-week Range(1): 2.00 - 4.27 East Texas TX Southeast Market Capitalization: 183 million…
  3. IPAA OGIS NYC – Crimson Exploration Inc. – slide 3
    Investment Highlights Attractive asset base 200.4 Bcfe of proved reserves(1); 20% increase over 2010 965 Bcfe of unproved reserve potential (5x proved reserves); over 850 drilling locations FY 2011 production of 45 mmcfepd (30%…
  4. IPAA OGIS NYC – Crimson Exploration Inc. – slide 4
    Track Record of Reserve Growth 200.4 19% 166.5 19% 97.5 28% 81% 81% 72% Note: 2009 2011 reserves at SEC pricing per NSAI. Crude Oil and Natural Gas Liquids converted on a 6:1 basis. positioned for GROWTH…
  5. IPAA OGIS NYC – Crimson Exploration Inc. – slide 5
    Reserve Summary Oil/NGL Gas Eq. (1) 1P Reserves by PV-10 Proved Reserves 1/1/2012 Mmbbls Bcf Bcfe % Oil/NGL PV-10 PDP 2.8 40.9 57.8 29% 182 PUD 22% PDNP 0.7 12.1 16.1 25% 26 PUD 2.8 109.7 126.5 13% 59 Total Proved Reserves 6.3…
  6. IPAA OGIS NYC – Crimson Exploration Inc. – slide 6
    Transitioning to a Balanced Oil / Gas Profile 2010 2011 production increased by 28% as Crimson ramped its operations following the downturn in 2009 Production Flat production in 2012 expected as Crimson shifts away from higher rate…
  7. IPAA OGIS NYC – Crimson Exploration Inc. – slide 7
    LARGE liquids exposure at a SMALL Price 2012E liquids exposure by Market Cap High liquids exposure per market cap Attractive price point for liquids upside Source: Stifel Nicolaus. Note: Calculated as of February 13, 2012;…
  8. IPAA OGIS NYC – Crimson Exploration Inc. – slide 8
    2012 Capital Budget Goals: Improve oil/gas production mix to 50/50 by mid-2012 Monitor Niobrara and James Lime Industry Activity 2012E Capital Expenditures 73.9mm Land / Other 8% Eagle Ford 38% CAPEX F&D Area Gross/Net MM…
  9. IPAA OGIS NYC – Crimson Exploration Inc. – slide 9
    Woodbine Formation Overview Pay Zones Vertical Woodbine Producers Leon Eocene Crimson acreage Houston Wilcox Midway Austin Chalk Robertson Sub Cville Woodbine Lewisville Dexter Madison Eagle Ford Buda…
  10. IPAA OGIS NYC – Crimson Exploration Inc. – slide 10
    Crimsons Exposure Madison /Grimes County High impact oil re-development I. SHUTE A. PYE 206 186 A. BALLE 1066 HOUSTON FRANK Crimson Grace Hall 1H LONE 1 J. HUNTER FR ANK 110 1 Encana W. HALL W. HILL 115 113 W.…
  11. IPAA OGIS NYC – Crimson Exploration Inc. – slide 11
    Well Log Characteristics Madison/Grimes County Force Area Iola Area Chalktown Area Adjacent to PMO Allphin 1H Adjacent to Pride Holth Unit Adjacent to CXPO Vick Trust (236 Mboe / 11 months) (170 Mboe / 6 months) Base Austin…
  12. IPAA OGIS NYC – Crimson Exploration Inc. – slide 12
    Woodbine Formation Reported Initial Potential Tests since January 2009 Takeaways: Crimsons Mosley 1H ranks top of its class in initial performance Mosley 1 (NGLs not included) Implementing longer laterals and perf and plug…
  13. IPAA OGIS NYC – Crimson Exploration Inc. – slide 13
    Impact of Completion and Lateral Length on Performance Woodbine Formation 300 300 Completion Type Perf and Plug Lateral Length Perf and Plug Average of Wells with 6000 Lateral Packers Plus Average of All Wells Average of Wells…
  14. IPAA OGIS NYC – Crimson Exploration Inc. – slide 14
    Sample Type Curves Woodbine Formation 10,000 < 6000 Average 6000 30 Day IP, Bopd 785 830 860 De 86% 83% 78% Dmin 10% 10% 10% B Factor 1.0 1.0 1.0 EUR Daily Oil Production, Bbls/day Oil, Mb 270 355 450 NGL, Mb 15 21 25…
  15. IPAA OGIS NYC – Crimson Exploration Inc. – slide 15
    Georgetown/ Glen Rose Formations Madison/Grimes County HOUSTON Georgetown and LEON Pay Zones Glen Rose wells Crimson acreage Eocene Wilcox Midway Austin Devon Mathis 2H Chalk RTSON Georgetown Horizontal 763 BO/d + 1,159…
  16. IPAA OGIS NYC – Crimson Exploration Inc. – slide 16
    Georgetown Formation Madison County Crimson Johnston 2 Devon Mathis 2H Georgetown Horizontal Crimson 763 BO/d + 1,159 MCF/d Johnston 2 -8500 Type Log Saxet Coleman 2 Georgetown Georgetown Vertical Cum 349 MBOe Crimson…
  17. IPAA OGIS NYC – Crimson Exploration Inc. – slide 17
    Eagle Ford Overview High impact oil opportunity in developing Eagle Ford Shale Glasscock A 1 (95.5% WI) Zavala/Dimmit Co. (6,550 net acres) IP: 726 Boepd Karnes Co. (1,515 net acres) Crimson (50% WI) Glasscock B 1 (93.7% WI) KM…
  18. IPAA OGIS NYC – Crimson Exploration Inc. – slide 18
    Eagle Ford Littlepage-McBride/Glasscock; 550 Mmboe Produced since 4/2011 EOG Estes Unit EOG Lyssy Unit EOG Horse Thief Unit Crimson Glasscock A-1H IP: 726 Boepd B-1H TD 15,295 EOG Orr Unit 2H 1,584 BOe/d EOG Whiteside…
  19. IPAA OGIS NYC – Crimson Exploration Inc. – slide 19
    Eagle Ford Zavala/Dimmit County Crimson KM Area HK ZAVALA FRIO MAVERICK CHK GDP NFX CHK COG CHK GDP LEGEND NFX CHK Crimson Exploration Chesapeake Energy NFX Crimson CHK Booth Tortuga Goodrich Petroleum DIMMIT…
  20. IPAA OGIS NYC – Crimson Exploration Inc. – slide 20
    Eagle Ford Zavala/Dimmit County (cont.) 1047 677 379 W.H. SHADBORNE A. PRICE 380 891 A. B. & M. 620 Chesapeake 38 L. WEBSTER T. SAMUEL CHESAPEAKE 585 TRAYLOR 669 Permitted well A. B. & M. J 1H CATTLE CO. 60 T.…
  21. IPAA OGIS NYC – Crimson Exploration Inc. – slide 21
    Eagle Ford Bee County Pawnee NW Burlington Arnold A 1 Pioneer Cum 59 MBOe Postel 1H 4 Months Permit Petrohawk Pioneer Windham 1H Pioneer Stewart 1H Cum 262 MBOe Gill 1H Permit 14 Months Permit Pioneer Boswell 2H Pioneer…
  22. IPAA OGIS NYC – Crimson Exploration Inc. – slide 22
    James Lime Liquids San Augustine/Sabine County Crimson Blue 1 Angie Field Eagle Halbert 1 San Augustine Co, Texas San Augustine Co, Texas Avg EUR: 2.3 BCF (Dry Gas) James Lime James Lime DVN Sublett 2H DVN Kardell 2H 2,100…
  23. IPAA OGIS NYC – Crimson Exploration Inc. – slide 23
    Niobrara Play Colorado Activity Rocky Mtn Prod Co Noble Kerr McGee Green USX 8D Rowe 27HZ Great Western Amoco State 42-16 450 BO/d Turecek State 161H 6 1N 65W 6 1N 64W 6 1N 63W 6 1N 62W 6 1N 61W 6 1N 66W Sec 16 1S 65W (Offset to…
  24. IPAA OGIS NYC – Crimson Exploration Inc. – slide 24
    NAV Estimate Category Base Case Upside Case Comments Proved Developed Reserves(1) 4.85 4.85 PV-10 at NYMEX Strip pricing Risked 85% of PV-10 at NYMEX Strip Proved Undeveloped Reserves(1) 1.94 1.94 pricing Less: Net Debt(2)…
  25. IPAA OGIS NYC – Crimson Exploration Inc. – slide 25
    Investment Highlights Attractive asset base 200.4 Bcfe of proved reserves(1) 5x unproved reserve potential Operational control 80% Near term catalysts Horizontal Woodbine/Lewisville/Georgetown Eagle Ford Shale…
  26. IPAA OGIS NYC – Crimson Exploration Inc. – slide 26
    Appendix positioned for GROWTH (NASDAQ:CXPO) 27
  27. IPAA OGIS NYC – Crimson Exploration Inc. – slide 27
    Balance Sheet Data shown in US thousands 12/31/2009 12/31/2010 12/31/2011 Assets Cash / current assets 14,773 20,726 16,533 Long-term assets 397,580 385,125 415,254 Derivative instruments (curr & lt) 12,451 6,836 4,539 Total…
  28. IPAA OGIS NYC – Crimson Exploration Inc. – slide 28
    Income Statement Data shown in US thousands FY 12/31/2009 12/31/2010 12/31/2011 Production (Bcfe) 14.9 12.9 16.6 Total operating revenues 112,448 96,542 114,358 Lease operating expenses 17,359 15,002 13,274 Production & ad…
  29. IPAA OGIS NYC – Crimson Exploration Inc. – slide 29
    Strong Hedge Position Aggressive hedging program to mitigate commodity price risk 2012 price floor of 97.92/bbl and 5.00/mmbtu Brent hedges capture current LLS/WTI spread for Eagle Ford and Woodbine oil production The following…
  30. IPAA OGIS NYC – Crimson Exploration Inc. – slide 30
    Drilling Metrics by focus Area Potential Unproven Locations Gross Spacing Initial Future Average Average Well Average Net Area Acres Acres Dev. Infill WI Cost EUR/Well % Oil Potential Eagle Ford Zavala County 4,675 160/80 28 29 50%…
  31. IPAA OGIS NYC – Crimson Exploration Inc. – slide 31
    Experienced Senior Management Team Current Position and Past Experience President, Chief Executive Officer and Director (since 2005) Allan D. Keel VP / GM, Westport Resources President / COO, Mariner Energy & Woodside Energy…
  32. IPAA OGIS NYC – Crimson Exploration Inc. – slide 32
    positioned for GROWTH Company Presentation April 2012

From the store

Browse maps, data & reports in the Shale Experts store