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Acquisition – Resolute Energy Corp

Resolute Energy Corp · Oct 4, 2016 · 18 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. Acquisition – Resolute Energy Corp – slide 1
    Energy Corporation (NYSE: REN) September 2016
  2. Acquisition – Resolute Energy Corp – slide 2
    Resolute overview Resolute and Firewheel (a portfolio Resolute statistics1 company of EnCap Investments) are finalizing a PSA under which Resolute Market capitalization 322.9 million2 would acquire Firewheels interests in Reeves…
  3. Acquisition – Resolute Energy Corp – slide 3
    Company highlights Delaware Basin development; 2016 drilling program extended to 14 Wolfcamp laterals (gross); 9 wells drilled and completed to date Operational Type curves increased; recent IPs on Appaloosa long laterals range…
  4. Acquisition – Resolute Energy Corp – slide 4
    Resolute Energy overview Pre-acquisition statistics Delaware Basin 22,400 gross (12,900 net) acres in core of Reeves County Wolfcamp play1 Development program targeting mid- Aneth Field length and long laterals in Wolfcamp A…
  5. Acquisition – Resolute Energy Corp – slide 5
    Delaware Basin Reeves County Wolfcamp acreage position delivering superior results Recent IPs on Appaloosa long laterals Delaware Basin map range from 2,500 to 3,300 Boe per day Delaware Basin average daily production rose from…
  6. Acquisition – Resolute Energy Corp – slide 6
    3Q16 operations update 2016 drilling program Eight of our planned fourteen gross wells targeting Wolfcamp A are drilled, completed and producing The ninth well, South Mitre 02 2102H (Appaloosa, long lateral) has been completed and…
  7. Acquisition – Resolute Energy Corp – slide 7
    Drilling and completion capex 1 Spud to TD 18 16 16 18 30 23 30 22 25 19 (days) Frac 24 27 29 30 1 30 36 36 37 40 40 stages Prop. 1 (million 10.9 13.0 12.1 13.3 13.8 14.9 14.7 15.3 16.9 16.5 lbs) 1. AFE estimate 8
  8. Acquisition – Resolute Energy Corp – slide 8
    Acquisition overview Attractive acquisition attributes Significant bolt-on acquisition within core Delaware Basin acreage 3,293 net acres 95% currently operated by Resolute 26% increase in net acreage position Adds 47 net drilling…
  9. Acquisition – Resolute Energy Corp – slide 9
    Assets to be acquired Acreage description Total acreage to be acquired: 3,293 net acres Resolute-operated acreage within Mustang: 2,904 acres Cimarex-operated acreage within Mustang: 154 acres Resolute-operated acreage outside of…
  10. Acquisition – Resolute Energy Corp – slide 10
    Assets to be acquired Proved reserves as of June 30, 2016, strip pricing1 Substantial additional proved reserves expected through development of the acreage Resolute pro forma proved reserves Pro forma Reserve category Aneth Field…
  11. Acquisition – Resolute Energy Corp – slide 11
    Acreage valuation Attractive acreage valuation Allocation of value ( m illion, except w here noted) Total transaction value 135.0 Less PV10 proved reserves 1 45.8 PV10 of earnout 9.4 Net value to acreage 79.8 per net acre…
  12. Acquisition – Resolute Energy Corp – slide 12
    Net average daily production Substantial growth prospects We estimate 3Q16 production will be between 16,000 and 16,500 Boe per day, up 37% from 2Q16 based on midpoint of 3Q16 range Anticipate that 2016 total Company production…
  13. Acquisition – Resolute Energy Corp – slide 13
    Net lease operating expense1 ( per Boe) Sustainable and replicable cost savings We estimate that 3Q16 LOE per Boe will be approximately 20% lower than 2Q 2016 1. Excludes non-cash items 14
  14. Acquisition – Resolute Energy Corp – slide 14
    Cash-settled incentive awards As part of 2015 and 2016 long term incentive program, due to low stock price, Resolute issued certain cash-settled awards in place of our normal practice of issuing restricted stock awards…
  15. Acquisition – Resolute Energy Corp – slide 15
    Investment highlights Core of the core Delaware Basin acreage position High quality asset base More than 320 operated Wolfcamp A and B drilling locations on concentrated acreage Excellent Type curves increased drilling Recent IPs…
  16. Acquisition – Resolute Energy Corp – slide 16
    Appendix 17
  17. Acquisition – Resolute Energy Corp – slide 17
    Assets to be acquired Proved reserves as of June 30 SEC pricing1 Resolute pro forma proved reserves Pro forma Reserve category Aneth Field Permian Basin Acquisition combined MMBoe Proved developed 16.7 7.9 1.8 26.4 PUD 0.2 11.1…
  18. Acquisition – Resolute Energy Corp – slide 18
    50 flat Pricing assumptions Year 2016 2017 2018 2019 2020 Thereafter Oil (/Bbl) 50.00 50.00 50.00 50.00 50.00 50.00 Gas (/MMBtu) 2.75 2.75 2.75 2.75 2.75 2.75 June 30, 2016 strip Year 2016 2017 2018 2019 2020 Thereafter Oil (/Bbl)…

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