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IPAA OGIS Conference – Panhandle Oil and Gas Inc.

Panhandle Oil and Gas Inc. · Sep 26, 2016 · 47 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 Conference – Panhandle Oil and Gas Inc. – slide 1
    PHX LISTED NYSE
  2. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 2
    Panhandle Oil and Gas Inc. (PHX) Overview UNCONVENTIONAL BUSINESS MODEL = THE MINERAL ACREAGE ADVANTAGE Non-operator, participating principally with the largest E&Ps Selective participation with working interest in most economically…
  3. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 3
    PHX Business Model Lower Risk, Higher Returns DIRECT O WNERSHIP O F MINERAL RIGHTS = THE MINERAL A CREAGE A DVANTAGE PHX mineral acreage has extremely low cost basis (approximately 90/acre) Minerals ownership lowers PHX well costs…
  4. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 4
    PHX Business Model Lower Risk, Higher Returns N ON -O PERATED DRILLING PROGRAM = U SE MINERAL O WNERSHIP A S LEVERAGE Large mineral acreage ownership position provides diversity in drilling projects without additional acreage costs…
  5. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 5
    THE MINERAL ACREAGE ADVANTAGE (Economic Impact of Working Interest Participation on Mineral Acres) Example: Finding Cost, /Mcfe Rate of Return, % (BTAX) 1.6 30 Southeastern Oklahoma Woodford Shale Well 28% 1.4 25 ASSUMPTIONS:…
  6. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 6
    Royalty Production and Revenue History 50 6.00 Royalty Volume Bcfe Royalty Revenue Million 5.50 45 PHX has over 4,600 identified undeveloped locations and 199,000 mineral acres not currently producing available to feed continued…
  7. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 7
    Financial Highlights Nine Months Ended June 30, 2016 CONDENSED BALANCE SHEET JUNE 3 0 , 2 0 1 6 Current assets 7,080,155 Property and equipment 441,689,315 Less accumulated DD&A (246,216,837) Net property and equipment 195,472,478…
  8. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 8
    Financial Highlights Nine Months Ended June 30, 2016 N INE MONTHS 2016 2015 Oil, NGL and natural gas sales 22,557,372 43,400,839 Lease bonus 7,188,152 1,945,743 Total revenue (1) 28,911,794 57,427,092 Net income (loss) (11,024,074)…
  9. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 9
    Credit Facility 200 million credit facility, maturity November 2018 45 million currently outstanding 80 million borrowing base, renewed June 2016 Price Risk Mitigation Through Hedging DURATION MONTHLY VOLUME PRICES OIL…
  10. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 10
    Price Risk Mitigation Through Hedging (continued) DURATION MONTHLY VOLUME PRICES GAS Apr-Oct 2016 200,000 mmbtu 1.95 floor/2.40 ceiling Oct 2016 100,000 mmbtu 2.41 swap Oct -Dec 2016 70,000 mmbtu 2.75 floor/3.05 ceiling Oct -Dec…
  11. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 11
    PHX Stock Price History 30 Net of Dividends 25 20 15 10 5 0 12.31.2006 12.31.2007 12.31.2008 12.31.2009 12.31.2010 12.31.2011 12.31.2012 12.31.2013 12.31.2014 12.31.2015 12 IPAA-OGIS San Francisco, CA,…
  12. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 12
    PHX Investment Strategy & Current Activity Maintain the disciplined and consistent long term investment philosophy of investing in projects that we believe will earn reasonable rates of return at NYMEX futures pricing YTD capital…
  13. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 13
    Activity Highlights We leased out 7,450 mineral acres for 7.8 million YTD in FY2016. We also sold a package of 1,700 immaterial wells that came from the dissolution of partnership for 3.9 million in mid-July 2016 Two Bakken wells…
  14. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 14
    Permian Basin Andrews & Winkler Counties Project 15 IPAA-OGIS San Francisco, CA, September 26, 2016
  15. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 15
    Permian Basin Andrews & Winkler Counties Project 16 IPAA-OGIS San Francisco, CA, September 26, 2016
  16. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 16
    Permian Basin Andrews & Winkler Counties Project Panhandle leased out 2,440 contiguous net mineral acres on the central basin uplift in Andrews and Winkler Counties, Texas The lease covers a 43.6 square mile area The block has…
  17. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 17
    Permian Basin Cochran Co. San Andres Project 18 IPAA-OGIS San Francisco, CA, September 26, 2016
  18. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 18
    Permian Basin Cochran Co. San Andres Project 19 IPAA-OGIS San Francisco, CA, September 26, 2016
  19. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 19
    Permian Basin Cochran Co. San Andres Project Panhandle leased out 4,052 contiguous net mineral acres on the northwest shelf of the Midland Basin in Cochran Co. Texas The lease covers a 34.5 square mile area The operator intends to…
  20. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 20
    Eagle Ford Locator Map PHX 21 IPAA-OGIS San Francisco, CA, September 26, 2016
  21. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 21
    Eagle Ford Current net production 475 Boepd excluding recent completion 71 producing wells 106 additional undeveloped Eagle Ford locations Proved Reserves 76% Crude Oil, 13% NGL & 11% Natural Gas Mid-Year 2016 proved 4,319 Mbo +…
  22. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 22
    PHX Eagle Ford Shale Leasehold Acreage and Active Wells 23 IPAA-OGIS San Francisco, CA, September 26, 2016
  23. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 23
    Arkansas Fayetteville Shale 24 IPAA-OGIS San Francisco, CA, September 26, 2016
  24. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 24
    Arkansas Fayetteville Shale Diverse mineral and leasehold ownership across the play PHX wells primarily operated by Southwestern Energy Current production 8.9 Mmcfe per day Reserves Mid-Year 2016 proved 35.5 Bcfe (25% of total)…
  25. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 25
    Arkansas Fayetteville Shale 26 IPAA-OGIS San Francisco, CA, September 26, 2016
  26. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 26
    S.E. Oklahoma Woodford Shale 27 IPAA-OGIS San Francisco, CA, September 26, 2016
  27. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 27
    Southeastern Oklahoma Woodford Shale Diverse mineral ownership across the play PHX wells primarily operated by Newfield, Devon, BP and PetroQuest Current production 3.4 Mmcfe per day Reserves Mid-Year 2016 proved 15.5 Bcfe (11% of…
  28. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 28
    Southeastern Oklahoma Woodford Shale Play Outline Newfield, Devon, BP, Petroquest, XTO 29 IPAA-OGIS San Francisco, CA, September 26, 2016
  29. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 29
    Western & South Central Oklahoma 30 IPAA-OGIS San Francisco, CA, September 26, 2016
  30. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 30
    STACK, SCOOP and CANA Woodford Plays Diverse mineral ownership across initial plays PHX wells primarily operated by Devon, Cimarex, Continental, Newfield and XTO Current production 4.0 Mmcfe per day Reserves Mid-Year 2016 proved…
  31. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 31
    SCOOP/STACK/CANA Plays Devon, Continental, Newfield Stack Meramec/ Woodford Devon, Cimarex, Continental Cana Woodford Continental, Newfield, Marathon SCOOP Woodford/Springer XTO 32 IPAA-OGIS San Francisco, CA,…
  32. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 32
    Asset Pyramid Probable and possible undeveloped reserves on fee mineral acres in the Fayetteville Shale, Oklahoma Woodford Shales and Western Oklahoma/Texas Panhandle horizontal oil plays and held Probable and by production…
  33. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 33
    Reserve Statistics Proved Reserves at Mid-Year 2016 Proved developed reserves - 90.9 Bcfe PUD reserves - 54.0 Bcfe or 37% of total proved reserves Proved SEC flat pricing PV10 - 65.5 million (2.14/Mcf, 40.07/Bo & 13.24/Bngl…
  34. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 34
    Panhandle Oil and Gas Undeveloped Mineral Acreage Panhandle owns 199,000 acres of undeveloped minerals in 10 states. The minerals are perpetual and we have deeds to them just like a surface land owner The total value of Panhandles…
  35. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 35
    Panhandle Oil and Gas Undeveloped Mineral Acreage (cont.) Approximately 4,200 acres of the 199,000 undeveloped mineral acres have identified 3P undeveloped locations and reserves associated with them. The 4,200 acres have an estimated…
  36. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 36
    Long Term Growth Strategy Panhandles Primary Goal is to Create Shareholder Value Over the Long Term Wisely invest in wells drilled on our mineral and leasehold acreage funded by cash flow Acquire additional assets that are accretive…
  37. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 37
    Appendix Slides PHX LISTED NYSE
  38. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 38
    Mineral Holdings Significant Mineral Acreage Holdings 120 Net Acres (Thousands) 100 80 60 40 20 0 OK NM TX ND AR Leasehold 39 IPAA-OGIS San Francisco, CA, September 26, 2016
  39. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 39
    MCFE 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 500,000 0 3.31.08 6.30.08 9.30.08 12.31.08 3.31.09 6.30.09 9.30.09 12.31.09 GAS 3.31.10 6.30.10 Quarterly…
  40. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 40
    Mid-Year 2016 Reserves and YTD Third Quarter 2016 Production and Revenue by Product Gas NGL Oil 120 100 19% 24% 28% 80 34% 9% 45% 51% 10% 60 6% 40 72% 66% 49% 20 0 Mid-Year Fiscal 2016 YTD Fiscal 2016 YTD…
  41. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 41
    Unit Costs Per MCFE DD&A LOE/Prod Tax G&A Interest 8.00 7.00 6.00 5.00 /Mcfe Total 3.78 4.00 Total Total Total Total 0.11 3.29 3.43 3.40 3.27 0.03 0.53 3.00 0.67 0.60 0.52 0.53 1.40 1.11 1.00 1.06 1.18 2.00…
  42. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 42
    Annual Production Per Debt Adjusted Share Gas-Mcf Oil & NGL Mcfe 2.00 7,000 1.80 6,195 6,105 6,000 6,019 1.60 5,666 5,107 5,000 1.40 Gross Producing Wells Mcfe/Share 1.20 4,000 1.00 Total Total 3,000 0.80 .75…
  43. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 43
    Proved Reserves Per Debt Adjusted Share Proved Developed Reserves Per Share Proved Undeveloped Reserves Per Share 16.00 14.00 12.00 Total Mcfe/Share 10.66 10.00 Total Total 8.78 8.66 Total 4.7 8.00 Total 7.05 6.65…
  44. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 44
    3P Undeveloped Reserves Per Debt Adjusted Share Reserves per Share 40.0 35.0 30.0 Mcfe/Share 25.0 26.36 20.0 24.96 22.37 20.82 20.52 15.0 10.0 5.0 0.0 2011 2012 2013 2014 2015 Debt Adjusted Shares are…
  45. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 45
    Year-End 2015 SEC Proved Reserves 46 IPAA-OGIS San Francisco, CA, September 26, 2016
  46. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 46
    Year-End 2015 SEC Proved Reserves 47 IPAA-OGIS San Francisco, CA, September 26, 2016
  47. IPAA OGIS Conference – Panhandle Oil and Gas Inc. – slide 47
    Year-End 2015 Proved, Probable and Possible Reserves 48 IPAA-OGIS San Francisco, CA, September 26, 2016

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