Management Presentation and Haynesville Shale Overview June 2017
Value and Growth Investment Opportunity with an Enhanced Balance Sheet, Very High Leverage to the Haynesville and the Ability to Rapidly Grow Volumes, Reserves and EBITDA ASSETS: Haynesville Shale, Eagle Ford Shale and TMS 20+…
Operated Activity: Drilled and Completed Wurtsbaugh 26 No. 1 (74% WI) with 4,500 Lateral and 5,000 Lbs Proppant Per Foot. Initial Production Rate of 22,000 Mcf/Day Wurtsbaugh 25&24 No. 1 (69% WI) Drilled and Completed with 9,000…
(USD in thousands) Cash 38,000 Debt Senior Credit Facility 17,000 New 2L Convertible Notes (PIK) 42,000 Total Debt 59,000 Total Net Debt 21,000 June 2017 5
3/31/17 Basic Shares*: 9.1 Million New 2L Warrants: (Costless) 2.5 Million Warrants (Equity Strike Price of 230 Million)*: 1.1 Million Conversion of 2L Notes (21.33/share)*: 2.0 Million Fully Diluted Shares 14.7 Million *…
SEC YEAR-END PROVED RESERVES (Bcfe) Does not include 22 Bcfe acquired through acreage swap June 2017 7
70,000 60,000 50,000 Eagle Ford 40,000 ETX 30,000 20,000 TMS 10,000 NLA - - Haynesville 2015 2016 1Q17 Current YE17 - Total Est* * YE17 Estimate Based on Current Drilling and Completion Schedule June 2017 8
Greenwood- North Louisiana (Haynesville) Waskom / Total Gross/Net Acres: Metcalf/Longwood 38,000/18,500 4,700 Net Ac Average WI/NRI: 44%/31% Acreage HBP: 100% 85 total producing wells (15 Operated) Approximately 281 gross (124…
Type Log (Goodrich Petroleum, James Cook 1 Caddo Parish, Louisiana) Dark organic rich, brittle mudstone-shale with modest clay…
Haynesville Shale Regional Cross - Section (South - North) 13 June 2017
Improving Results From Haynesville Completion Evolution LL IP Prop Total Operator Well Name (ft) Stage Length Stages (MMcfpd) (/ft) Proppant () Operator 1 Well Number 1 10,000 90 107 41.0 5,000 50,000,000 Operator 1 Well Number 2…
Improving Results From Haynesville Completion Evolution LL IP Prop Total Operator Well Name (ft) Stage Length Stages (MMcfpd) (/ft) Proppant () Operator 3 Well Number 1 6,870 215 32 21.9 3,683 25,302,210 Operator 3 Well Number 2 7,442…
Haynesville Recent Industry Activity CHK WILL 22&27&34- CHK CHK CHK CHK 15-15HC - 001-ALT CRK CHK CA 12&13-15 -15 HC CA 12&13-15 -15 HC Nguyen 5&8-15-14HC Nguyen 5&8-15-14HC IP: 34,000 Mcf/d 14 Permitted Wells 2 Permitted Wells…
Recent Haynesville 4,600' Wells 100.0 Operator 4, Well Number 5 (4,749/ft Frac) Operator 4, Average Well Performance from 7 Wells (Avg. 3,600/ft Frac) Gas production, MMcf/day 10.0 Company Type Curve EUR: 11.5 Bcf (2.5 Bcf /…
Recent Haynesville 7,500' Wells 100.0 Operator 3, Well 6 (3,472/ft Frac) Operator 3, Well 2 (3,585/ft Frac) Operator 1, Well 11 (1,490/ft Frac) Operator 3, Well 1 (3,683/ft Frac) Operator 1, Well 16 (1,900/ft Frac) Gas…
Recent Haynesville 10,000' Wells 100.0 ROTC 1 (5,000/ft Frac) Operator 1, Well 8 (3,000/ft Frac) Operator 1, Well 12 (1,516/ft Frac) Company Type Curve: EUR: 25 Bcf (2.5 Bcf/1,000 ft) Gas production, MMcf/day 10.0 Operator…
Assumptions Louisiana Type Curve 4,600' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 11.5 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU Price 1.022 Adjustment 1,000 Pricing Average - NYMEX less 0.60 / MMBtu…
Assumptions Louisiana Type Curve 7,500' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 18.75 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU Price 1.022 Adjustment 1,000 Pricing Average - NYMEX less 0.60 / MMBtu…
Assumptions Louisiana Type Curve 10,000' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 25.0 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU Price 1.022 Adjustment 1,000 Pricing Average - NYMEX less 0.60 / MMBtu…
Value and Growth Investment Opportunity Due to Low Leverage and the Ability to Rapidly Grow Volumes, Reserves and EBITDA The Haynesville Shale Economics Will Compete with the Best Basins Regardless of the Commodity Due to the…
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