Devon Lavaca County Eagle Ford Acquisition Investor Presentation July 31, 2017 November Nasdaq Ticker: 2016 PVAC
Overview Increases Core Leasehold Position and Production By Approximately 30% Transaction Summary On July 31, 2017, Penn Virginia Corporation (PVAC) announced a 205 MM acquisition of Devon Energy Corporations (DVN) Eagle Ford assets…
Transaction and Asset Highlights Capitalizes on Strong Recent Well Results and Adds Drilling Inventory Expands PVACs core leasehold position by 35%, or 19,600 net acres (90% held by production), which includes 42 drilling units…
Acreage Map Acquisition Fits Well With Existing Acreage Wells(1) Fayette County Kudu Unit Axis Unit 9H: IP 2,005 BOEPD 1H: IP 1,740 BOEPD 8H: IP 1,188 BOEPD 2H: IP 1,795 BOEPD 7H: IP 1,284 BOEPD 3H: IP 2,806 BOEPD 6H: IP 1,411…
Devon North & South Areas North Area Type Curve(1) South Area Type Curve(1) North Area Assumptions(1) South Area Assumptions(1) Well Costs 7.7 million Well Costs 8.0 million Frac Stages 42 Frac Stages 42 Average Lateral Length…
Single Well Economics Devon South Area Note: Based on managements internal estimates. 6, 10,000 lateral well cost mm Capex: 5.0 mm Capex: 6.7 mm BTAX % Rate of Return
Single Well Economics Devon North Area Note: Based on managements internal estimates. 7
Acreage Accretion Analysis Purchase Price Per Acre PVAC Acquisition (MM) (MM) Enterprise Value (1) 598 205 Net Production Value (35,000 Per Flowing BOEPD) (2) (354) (105) Anticipated Purchase Price Adjustment From 3/1 to 9/30 -…
Transaction Financing and Pro Forma Liquidity Pro Forma Liquidity of 132 MM Expected transaction financing(1) 200.0 (37.0)(2) (0.8)(2) 10.1(2) (40.0)(1) 132.3 - New 150 MM of committed debt - 40 MM from credit facility In…
Revised Guidance Previous Pro Forma 2017 2018 2017 2018 Production (Boe/d) % oil % oil % oil % oil Fourth quarter (exit rate) 11,200 - 12,100 76% 13,500 - 14,500 79% 14,600 - 15,200 74% 21,000 - 23,000 74% Full year 10,000 - 11,000…
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