Investment Highlights Actively growing in the Midland Basin via completed business Midland Basin Focused Company combination with Bold Energy III LLC with Growing Inventory Presence in the most prolific, domestic oil-bearing shale…
Track Record Management team has consistently created shareholder value Repeated success with multiple entities over 25+ years 2005 2007 Southern Bay Energy, LLC Results have created long-term and recurring shareholders (Private)…
Management Strong management and technical team with demonstrated ability and prior success Equity investorsinterests are clearly aligned with shareholders Will retain a Midland office and key Bold personnel Years Years of Working…
Earthstone A Platform for Steady Growth Since December 2014, Earthstone has evolved from a micro cap, non-op Bakken / Three Forks company to a small cap operator that is primarily focused in the Midland Basin November 2014 Production…
Company Overview The Woodlands, Texas based E&P company focused on development and production of oil and natural gas with current Asset Location operations in the Midland Basin, Eagle Ford, and Bakken / Three Forks Bakken / Three…
Key Operating Areas Midland Basin Eagle Ford 1P Reserves (MMBoe) 51.5 1P Reserves (MMBoe) 11.0 % PD 20% % PD 46% % Oil 61% % Oil 69% PV10 (mm) 402.0 PV10 (mm) 97.1 Q1 2017 Net Production (Boepd)1 6,119 Q1 2017 Net Production (Boepd)…
Asset Overview 9
Bold Provides a Significant Operated Position in the Midland Basin Operated Position in Core Midland Basin1 Acreage Legend 20,900 net acres, 85% working interest, 500 locations identified Earthstone (Lynden) Bold in only 3…
Significant Oil in Place Across the Position Reagan County Wolfcamp Wolfcamp A Wolfcamp B Thickest Wolfcamp shale section in Midland Basin; greatest oil in place Bold current Reagan/Upton inventory 1 Wolfcamp A target 2 Wolfcamp B…
High Quality Pay Across Multiple Zones Reagan County Type Section Reagan Co. Resource Greater than Midland Co. North Midland Central Reagan Dean Dean Wolfcamp A Wolfcamp A Wolfcamp Wolfcamp B Wolfcamp A Upper B Thickness…
Well Performance Update All areas outperforming initial projections (plots include all wells with Gen IV completions) All areas and target horizons generating attractive returns at current strip with cost inflation Completion…
Reagan County Gen 4 Completion Drives Improved Performance REAGAN COUNTY GEN 4 vs GEN 3 Cum vs Time (not normalized) 140 GEN 4 UPPER B (CENTRAL REAGAN) GEN 3 UPPER B (CENTRAL REAGAN) 120 GEN 4 WFMP A (CENTRAL REAGAN) GEN 3…
Midland Basin Non-Op Asset Overview Glasscock, Howard, Martin and Gross Net Interest Net Midland Counties, Texas County Acres (%) Acres 1,757 43.750 769 Martin 1,127 20.000 225 Midland 640 43.750 280 Glasscock 4,480 43.750 1,960…
Howard County Wolfcamp A Well Performance (Tubb A 1HA) Well Statistics 9,366 lateral, 66 stages 2,000 lbs/ft of proppant 2stream cumulative production = 173,000 Boe after 188 days Installed ESP after flowing for 43 days Tubb A 1 HA…
Eagle Ford Asset Overview Karnes, Gonzales, and Fayette Counties, Texas Operated Karnes, Gonzales, and Fayette, Texas 36,520 gross / 17,740 net leasehold acres Working interests range from 33% to 50% 60% held-by-production 99…
Eagle Ford 2017 Drilling Plans 11 gross wells to be drilled and completed in southwestern Gonzales County; total net capex of 23mm 2 wells in Davis Unit (5,300 foot lateral); 33% working interest; Drilled and waiting on completion 3…
Bakken / Three Forks Asset Overview Primary assets are located in 5,900 net core acres predominantly in McKenzie and McKenzie County, North Dakota Dunn Counties of North Dakota that are prospective for the Bakken / Three Forks…
Financial Overview 21
2017 Capital Expenditure Budget and Current Liquidity Current Budget Current Liquidity Gross / Net Well Count (mm) 5/8/2017 mm Spudded On-Line Cash 10.0 Drilling and Completion: Revolver Borrowings 70.0 Operated Midland Basin 70.0…
Hedging Summary Oil Production Hedged (Bbls; /Bbl) Gas Production Hedged (MMBtu; /MMBtu) 2.997 50.38 50.70 1,740,000 600,000 2.907 270,000 600,000 2017 2018 2017 2018 Full Year Full Year Full Year Full Year 23
Analyst Coverage Firm Analyst Contact Info Baird Daniel Katzenberg / 646-557-3209 / dkatzenbergrwbaird.com Euro Pacific Joel Musante / 800-727-7922 ext: 144 / jmusanteeuropac.net FBR Chad Mabry / 832-319-2520 / cmabryfbr.com IBERIA…
Contact Information Frank Lodzinski President and CEO Robert Anderson EVP, Corporate Development and Engineering Scott Thelander Director of Finance Corporate Headquarters Houston 1400 Woodloch Forest Drive Suite 300 The…
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