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Howard Weil Energy Conference – Crimson Exploration Inc.

Crimson Exploration Inc. · Mar 21, 2013 · 22 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. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 1
    positioned for GROWTH Howard Weil Energy Conference Company Overview March 21, 2013
  2. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 2
    Crimson Overview Geographic Focus Area CO Key Information Focus Areas Exchange/Ticker: NasdaqGM:CXPO Share Price(1): 3.08/share 52-week Range(1): 2.45 - 5.69 East Texas TX Market Capitalization: 142 million Southeast…
  3. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 3
    Investment Highlights I. Attractive asset base 19.5 Mmboe 235 Mmboe 6,140 Boepd 80% Operated Proved Reserves Unproved Reserve Potential(2) Avg. Q4 production Majority ownership 47% Oil and Ngls 1,200 drilling locations 47% Oil and…
  4. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 4
    Proved Reserves by Product 208.7 Bcfe Before impairment(1) 19% 91.7 Impairment 19% 28% 81% 47% 81% 72% 53% 97.5 Bcfe 166.5 Bcfe 200.4 Bcfe 117.0 Bcfe (16.3 Mmboe) (27.8 Mmboe) (33.4 Mmboe) (19.5 Mmboe) Note:…
  5. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 5
    Proved Reserve & Unproved Potential Summary PV-10 2.0 Bn PV-10 of Repeatable, Unproved Unconventional Potential (2) (2) (1) (2) (2) (2) (2) % Liquids 47% 92% 13% 17% 88% 77% 56% MMBOE 19.5 3.3 20.9 64.2 34.8 111.3…
  6. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 6
    2013 Capital Program 2013 CAPEX Highlights 60mm net CAPEX 8 gross Woodbine wells 6 - Force Area 1 - Iola/Grimes Area 1 - Chalktown Area 2 gross Buda wells 3 planned recompletions Crimson is actively evaluating…
  7. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 7
    Madison and Grimes Industry Overview Vertical Woodbine HK Pay Zones Leon Producers ECA HK Eocene Crimson acreage Wilcox GST Silver Oak Midway Austin Robertson Samson Navidad Chalk Sub Cville CHK Woodbine EOG Madison…
  8. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 8
    Crimsons Woodbine Exposure Madison/Grimes County CXPO Highlights CXPO Mosley B 1H CXPO Grace Hall 1H Drilling Madison IP: 1,080 Boe/d 19,000 net acres County Madison and Grimes Counties 50% HBP CXPO Mosley 1H IP: 1,203 Boe/d 10…
  9. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 9
    Impact of Completion and Lateral Length on Performance Woodbine Formation 300 Perf and Plug Lateral Length Average of Wells with 6000 Lateral Average of All Wells Crimson Wells 250 CXPO Type Curve Cumulative Oil Production.…
  10. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 10
    Georgetown/Eagle Ford/Glen Rose/Buda Formations Madison/Grimes County Georgetown and Glen Rose wells HOUSTON LEON Pay Zones New Georgetown/Buda well New Eagle Ford well EOG Donaho 1H IP: 179 BO/d + 101 MCF/d Eocene Crimson…
  11. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 11
    Eagle Ford Overview CXPO Highlights Crimson (50% WI) Crimson (57% WI) 8,600 net acres KM /Beeler Ranch LPM and Glasscock Avg IP: 433 Boepd Avg IP : 981 Boepd 90% HBP (3 wells) (9 wells) WILSON DE WITT Zavala/Dimmit: 6,940 net…
  12. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 12
    Eagle Ford Littlepage-McBride/Glasscock; 1,027 Mboe Produced Since 4/2011 EOG Estes Unit EOG Lyssy Unit EOG Horse Thief Unit Crimson Glasscock IP & Cum 12/31/12 Avg. IP Rate 706 Boe/d (2 wells) Cum Prod = 148 MBOe; 303 days EOG Orr…
  13. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 13
    Eagle Ford & Buda Zavala/Dimmit County Crimson KM Area ZAVALA FRIO BHP MAVERICK CHK GDP NFX CHK COG CHK GDP LEGEND NFX CHK Crimson Exploration Chesapeake Energy NFX Crimson CHK Booth Tortuga Goodrich Petroleum…
  14. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 14
    Buda Activity & Development Schedule Zavala/Dimmit County R. CRAIG 1169 CXPO Highlights J. BARNES 1162 Buda Wells I. & G.N.R.R. CO. I. & G.N.R.R. CO. 319 I. & G.N.R.R. CO. I. & G.N.R.R. CO. 318 I. & G.N.R.R. CO. I. &…
  15. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 15
    James Lime Liquids San Augustine/Sabine County CXPO Highlights 6) DVN Skillern 3H 3,356 MCF/d + 350 BO/d 8) DVN Griffin 3H 3,260 MCF/d + 447 BO/d 3) DVN Kardell 2H 4,800 net acres 4,256 MCF/d + 360 BO/d San Augustine and 5)…
  16. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 16
    Niobrara Play Colorado Activity CXPO Highlights Noble Green USX 8D Kerr McGee Rowe 27HZ Great Western 450 BO/d Turecek State 161H 6 1N 65W 6 1N 64W 6 1N 63W 6 1N 62W 6 1N 61W 6 1N 66W 10,000 net acres 90% HBP…
  17. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 17
    NAV Estimate Category Base Case Upside Case Comments Proved Developed Reserves(1) 4.30 4.30 PV-10 at NYMEX SEC pricing Proved Undeveloped Reserves(1) 3.09 3.09 PV-10 at NYMEX SEC pricing Less: Net Debt(2) (5.30) (5.30) Total net…
  18. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 18
    Investment Highlights Attractive asset base 19.5 Mmboe (117.0 Bcfe) of proved reserves(1) 7x unproved reserve potential Operational control 80% Near term catalysts Horizontal Woodbine/Lewisville/Georgetown Buda and Eagle Ford…
  19. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 19
    Income Statement Summary Highlights Transition to oil and liquid - % Oil/NGLs weighted projects continues to increase year-over-year cash flow Strong focus on creating operational efficiencies and minimizing expenses Crimson…
  20. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 20
    Strong Hedge Position 2013 price floor of 105.20/bbl and 3.40/mmbtu Brent hedges capture current LLS/WTI spread for Eagle Ford and Woodbine oil production positioned for GROWTH (NASDAQ:CXPO) 22
  21. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 21
    Drilling Metrics by Focus Area Gross Spacing Unproved Average Average Well Average % Oil / Net Area Acres (Acres) Locations WI Cost EUR/Well NGLs Potential Madisonville Force Area - Woodbine 8,590 160 30 65% 6.5-7.5 MM 450-500 mboe…
  22. Howard Weil Energy Conference – Crimson Exploration Inc. – slide 22
    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…

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