Johnson Rice 2017 Energy Conference September 26, 2017 1
Investment Highlights Actively growing in the Midland Basin Growth through drill bit, acquisitions and significant business Midland Basin Focused Company combinations with Growing Inventory 1,000 total gross drilling locations…
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 ownershipinterests are clearly aligned with shareholders Retained a Midland office and key Bold operating personnel Years Years of…
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 Production (Boepd)…
Company Overview The Woodlands, Texas based E&P company focused on development and production of oil and natural gas with current operations in the Asset Location Midland Basin (27,000 core net acres), Eagle Ford (17,000 core Bakken /…
Earthstone by the Numbers: Increased Size, Scale and Core Inventory Pro Forma (1) Permian Net Acres 27,000 Net Permian Locations 475 Operations % Operated 77% Q2 2017 Production (Mboe/d)(1) 10.6 % Oil 66% 66.1…
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% PV-10 (mm) 402.0 PV-10 (mm) 97.1 Q2 2017 Net Production (Boe/d)(1) 7,175 Q2 2017 Net Production…
Asset Overview 10
Bold Provides a Significant Operated Position in the Midland Basin Operated Position in Core Midland Basin(1) 20,900 net acres, 85% working interest, 500 locations identified in only 3 benches A n d r e w s REWS MARTIN…
Consistent Thickness in Place Across the Position Reagan County Wolfcamp Wolfcamp Formation Isopach (Midland Basin)(1) Thickest Wolfcamp shale section in Midland Basin Bold current Reagan/Upton inventory 1 Wolfcamp A target 2…
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 Upper B Wolfcamp B Wolfcamp A Thickness…
Significant Acreage Position in Midland Basin Core at an Attractive Price Selected Midland Basin Transactions RSPP/Adventure 7/2014 Oxy/Vanguard 3/2017 Purchase price: 259mm Purchase price: 105 mm Production, net: 1,100 boe/d…
Excellent Results in Multiple Benches 1 Parsley 24 Parsley 23 PCORE II 22 Permian Resources 21 Bold Morgan 25-26 11H Taylor 45-33 4601H Stiles 9-26 1HB Loftin Hughes 1211 6HS Bold TSRH 28S 3HL IP30/1000: 138 (87% oil) IP30/1000: 302…
Differentiated, Balanced Inventory in Midland Basin Midland Basin Overview Gross locations by lateral length and target Gross Locations by Lateral Length Contiguous acreage positions provides Target 5,000' - 6,000' 7,000' - 8,500'…
Well Performance Update All areas outperforming initial expectations (plots include all wells with Gen 4 completions) All areas and target horizons generating attractive returns at strip prices with cost inflation Completion evolution…
Reagan County Gen 4 Completion Drives Improved Performance REAGAN COUNTY GEN 4 vs GEN 3 Cum vs Time (2-stream not normalized) 200 GEN 4 - UPPER B (CENTRAL REAGAN) GEN 3 - UPPER B (CENTRAL REAGAN) 180 GEN 4 - WFMP A (CENTRAL…
Acreage Trade East Central Upton County Pretrade Completed trade with offset operator to Posttrade block up acreage for longer laterals Earthstone now has 2,650 net acres in the Benedum prospect with average 95%WI (80% NRI)…
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 Map 9,366 lateral, 66 stages 2,000 lbs/ft of proppant 2-stream cumulative production = 173,000 Boe (84% oil) after 188 days Installed ESP after flowing for 43…
Eagle Ford Asset Overview Karnes, Gonzales, and Fayette Counties, Texas Operated Karnes, Gonzales, and Fayette, Texas 36,520 gross / 16,500 net leasehold acres Working interests range from 17% to 50% 60% held-by-production 99 gross…
Eagle Ford 2017 Drilling Plans 11 gross wells to be drilled and completed in southwestern Gonzales County Pilgrim and Davis Units 2 wells in Davis Unit (5,300 foot lateral); 17% working interest; Drilled and waiting on completion…
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 25
2017 Capital Budget, Guidance and Current Liquidity 2017 Capital Budget 2017 FY Guidance(2) Gross / Net Well Count 2017 Estimated Exit Rate (Boe/d) 10,500 11,500 mm Spudded On-Line 2017 Average Production (Boe/d) 7,800 8,200 Drilling…
Hedging Summary Oil Production Hedged (Bbls; /Bbl) Gas Production Hedged (MMBtu; /MMBtu) 3.112 50.32 50.27 2,230,000 3.066 635,000 549,000 810,000 2017 2018 2017 2018 Full Year Full Year Full Year Full Year 27
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 IBERIA Blaise Angelico / 504-310-7548 /…
Contact Information Frank Lodzinski President and CEO Robert Anderson EVP, Corporate Development and Engineering Scott Thelander Director of Finance Corporate Offices Houston 1400 Woodloch Forest Drive Suite 300 The…
Reconciliation of Non-GAAP Financial Measure Pro Forma Adjusted EBITDAX Adjusted EBITDAX is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors, commercial banks…
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