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Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp.

Gulfport Energy Corp. · Dec 22, 2016 · 26 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. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 1
    Vitruvian II Woodford, LLC Acquisition Overview December 2016
  2. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 2
    Transformational Acquisition in the Core of the SCOOP Acquisition Overview Springer Gas Condensate Springer Oil Signed definitive agreement to acquire assets of Vitruvian II Woodford for a purchase price of 1.85 billion 85,000…
  3. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 3
    Key Acquisition Benefits for Gulfport Highly contiguous and de-risked SCOOP acreage in the core-of-the-core (80% HBP) Core acreage positions in two of the most prolific high quality natural gas plays in North America Basin…
  4. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 4
    Core Positions in Two Premier Basins in North America Vitruvian - SCOOP Gulfport - Utica Net Surface Acres 46,400 213,000(4) Effective Net Acres 85,000 213,000(4) Net Production(1) 183 Mmcfe/d 734 Mmcfe/d Production Growth(2)…
  5. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 5
    Acquisition Overview 6
  6. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 6
    Acquired Asset Located in the Core of One of the Most Attractive Plays in North America Asset Overview CLR NFX 85,000 effective net acres in the core of the SCOOP play in Grady, CLR Stephens and Garvin Counties, OK Includes 46,400…
  7. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 7
    Acreage in the Core of the Multi-Bench Resource-Rich SCOOP Play Overview Regional Stratigraphy Overpressured Woodford was deposited on an erosional surface and varies in thickness, increasing to the south into the Mississippian…
  8. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 8
    Large Stacked Multi-Pay Inventory 46,400 net surface acres located in the heart of SCOOP condensate and over-pressured gas windows with exposure to stacked pay zones 1,180 gross identified locations in the Woodford formation 580…
  9. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 9
    Top 26 SCOOP Well Results Vitruvian Exhibits the Best SCOOP Results Tyemax Bia 1-35RXH Lane 13-24-1XH Poteet 9-17-20X Poteet 7-17-20X Poteet 10-17-20X Marathon Apache Continental Continental Continental Norm IP30: 2,587 Mcfe/d/1,000…
  10. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 10
    Top 26 SCOOP Well Results 3,500 3,000 Normalized IP30 (Mcfe/d/1000') 2,500 2,000 1,500 1,000 500 0 Vitruvian Woodford Springer Vitruvian wells make up half of the top well results Source: Vitruvian…
  11. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 11
    Type Curve & Location Overview Woodford Springer Springer Gas Dry Gas Wet Gas Condensate Condensate Springer Oil Springer Gas Type Curve Condensate Springer Oil Assumptions Lateral Length 7,500 7,500 7,500 7,500 7,500 Well Cost…
  12. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 12
    Competitive Returns Provide Portfolio Optionality 2,975 gross highly economic identified locations 1,750 in the SCOOP and 1,275 in the Utica Allocation of capital split between two top-tier basins with dry gas and liquids inventory…
  13. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 13
    Completion Evolution In The SCOOP - Significant Upside From Latest Generation Completions Key Points Proppant Concentration Evolution (lbs/ft) From 2012 to January 2015 there was very little progression in Woodford SCOOP…
  14. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 14
    Completion Evolution In The SCOOP Vitruvian Case Study Key Points Normalized 7,500 30-Day IP (MMcf/d) 21.2 Castle 1-35H was completed March 2015 with Gen 1B design on 4,661 ft. lateral 13.8 Anita Fowler 1-27X26H was completed in…
  15. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 15
    Midstream Gathering and Processing Overview Key Highlights Acreage dedication arrangement for all horizontal development to Woodford Express (WEX) for gathering and processing Competitive gathering and processing contracts with…
  16. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 16
    Midstream Marketing Overview Key Highlights Canadian Low cost supply basin centrally located and advantaged by Exports proximity to growing demand centers in the Gulf Coast regions LNG Power Mexican exports Generation Industrial…
  17. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 17
    Financial Overview 18
  18. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 18
    Compelling Pro Forma Company Profile 2017 Full Year Pro Forma Guidance(1)(6) 2017 Pro Forma Guidance(2)(6) (February Closing Adjustment) 2017E Production 885-930 190-200 1,075-1,130 160-170 1,045-1,100 (mmcfe/d) 2017E D&C…
  19. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 19
    Liquidity, Capitalization and Hedge Position Gas Hedges(1) Key Highlights Gulfports strategic commitment to the balance sheet and 500 4.00 conservative leverage metrics provide the ability to pursue an 450 3.37 aggressive growth…
  20. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 20
    Transaction Rationale Core acreage positions in two of the most prolific high quality natural gas plays in North America Transformative SCOOP Basin diversification provides optionality to allocate capital across two premier assets…
  21. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 21
    Utica Asset 22
  22. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 22
    Utica Shale Overview Gulfport Energy Gulfport Energy Phillips Pad Dorsey Pad Asset Overview Net proved reserves of 1.7 Tcfe(1) 213,000 net acres(2) Oil - 1% Condensate - 12% Wet Gas - 15% Dry Gas - 72% 2016 Activities…
  23. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 23
    Utica Shale Type Curve Assumptions Condensate Wet Dry Gas Type Curve Assumptions (1) West East Gas West Central East Lateral Length 8,000 8,000 8,000 8,000 8,000 8,000 Well Cost (MM) 8.7 8.7 9.0 9.2 9.4 9.6 Well Cost ( per foot)…
  24. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 24
    Utica Shale Overview of Realized Pricing Overview YE 2017 Secured Firm Commitments Gulfport was a first-mover in securing early access to premium 1,225,000 Midwest markets and early transport at low costs out of the basin…
  25. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 25
    Utica Shale Midstream Infrastructure Ohio Gathering & Ohio Condensate(1) Hopedale Fractionator(1) Stabilization Facility 23,000 Bbl/d Operational C3+ Fractionation I & II- 120,000 Bbl/d Operational C3+ Fractionation III - 60,000…
  26. Vitruvian II Woodford LLC Acquisition – Gulfport Energy Corp. – slide 26
    Additional Disclosures Net Undeveloped Locations(1) Condensate Condensate Wet Gas Dry Gas Dry Gas Dry Gas West East West Central East Net Undeveloped Location Summary Net Acres 15,660 9,603 31,935 30,402 79,843 42,191 Lateral Length…

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