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Johnson Rice 3rd Annual Energy Conference – Georesources, Inc.

Georesources, Inc. · Oct 3, 2011 · 33 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. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 1
    Corporate Profile Johnson Rice 3rd Annual Energy Conference October 3-6, 2011
  2. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 2
    Corporate Highlights Balanced Portfolio Long-Term Growth 71,000 net acres in two premier U.S. liquids resource plays Strong Current Cash Flow/Profitability 4,749 Boe/d of production in 2Q 2011 (61% oil) 24 Mmboe proved reserves; 60%…
  3. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 3
    Company Overview Bakken Independent oil and natural gas company 46,000 net acres focused on operations in the Southwest, Gulf Coast and Williston Basin Significant upside potential through growing positions in liquids-rich resource…
  4. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 4
    Reserves and Production Current Proved Reserves 24.0 MMBOE (1) Proved Reserves (MMBOE)(2) Average Daily Production (BOE/d) (BOE/d) (3) (1) As of January 1, 2011. Excludes partnership interests. (2) 2006 2010 proved…
  5. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 5
    GeoResources Asset Overview Oil Weighted Development 6
  6. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 6
    Eagle Ford Shale Overview 25,000 net acres primarily located in Southwest Fayette County, TX Plan to spud 8 - 9 gross wells in 2011 and 21 - 24 gross wells in 2012 2011 drilling program averages 45% WI Eagle Ford AMI Ramshorn…
  7. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 7
    Eagle Ford Shale Volatile oil window On strike with offset operator activity in GEOI Peebles 1H Awaiting Frac Gonzales County GEOI Arnim A 1H & 2H GEOI Black Jack Springs 1H Drilling 1st pad Location Successful recent drilling…
  8. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 8
    Eagle Ford Development Economics Development Economics (5,000 ft. Lateral)(1)(2) (1) Assumes oil differentials of (5%) and assumes gas shrinkage of (15%). Natural gas price held constant at 5/Mcf with a +20% gas differential. (2)…
  9. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 9
    Eagle Ford Illustrative Resource Potential Resource Potential (1) Eagle Ford Shale (Fayette Co., Texas) 350 Mboe 500 Mboe Assumed Spacing Unit Size (Acres) 900 900 Wells per Spacing Unit 6 6 Acres per Well (Spacing Unit / Wells…
  10. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 10
    Bakken Shale Overview 46,000 total net acres in three project areas Williams County Project (Operated) 25,000 net acres in Williams County, ND 6 wells drilled and completed Continuous drilling with 2 dedicated rigs currently…
  11. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 11
    Williams County Project 25,000 net acres in NW Williams Co., ND Plan to spud 10 - 11 gross wells in 2011 and 23 26 gross wells in 2012 2011 drilling program averages 30% WI Bakken AMI Partnered with Resolute Energy in March 10…
  12. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 12
    Williams County Project Activity NFX Christensen 159-102-17- GEOI Muller 1-21-16H 20-1H 30 Day Avg.: 250 Boe/d Peak Month Avg.: 326 Bo/d NFX Christensen 159-102-8-5- GEOI Carlson 1-11H 1H Peak Month Avg.: 236 Bo/d Drilling (GEOI WI…
  13. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 13
    Williams County Completion Comparison Offset GeoResources Completions Completions Siirtola/Anderson Muller and (Avg.) Rasmussen Wells Future Completions (Estimated Avg.) 30 Day Avg. Oil Rate (bbl/d) 309 - - 500 60 Day Cumulative Oil…
  14. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 14
    Mountrail County Project 11,000 net acres primarily in Mountrail County, ND W.I. ranges from 1% to 18% Average WI of 8% Partnered with experienced operator - Slawson Exploration Slawson has 4-5 rigs currently running Currently…
  15. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 15
    Williams County Development Economics Development Economics (1,280 Acre Unit)(1)(2) (1) Assumes oil differential of (15%) and assumes gas shrinkage of (10%). Natural gas price held constant at 5/Mcf with no gas differential.. (2)…
  16. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 16
    Bakken Illustrative Resource Potential Resource Potential (1) Bakken (Williams Co. & Montana) Bakken (Mountrail County) 350 Mboe 500 Mboe 400 MBOE 600 MBOE Assumed Spacing Unit Size (Acres) 1,280 1,280 1,280 1,280 Estimated…
  17. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 17
    Additional Assets
  18. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 18
    Giddings Field Austin Chalk Bell Robertson Madison 29,000 net acres Giddings Field Acreage 17 wells drilled 100% success Milam 19 additional drilling locations Walk WI ranges from 37% - 53% Operating control Brazos Williamson…
  19. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 19
    Louisiana - St. Martinville & Quarantine Bay St. Martinville Field 1 2,585 net acres of HBP or leased (yellow), 534 1 1 1 1 1 131 132 133 1 2 1 1 1 net acres of owned minerals (green) 2 136 1…
  20. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 20
    Financial Overview
  21. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 21
    Capital Plan and Production Guidance Capital Allocation Production Guidance 2011 capital plan of approximately 120 MM Year Ending December 31, 2011 5,000 to 5,500 boe/d estimated daily rate 61% to 65% oil 2012 capital plan of 188 MM…
  22. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 22
    Strong Financial Position Ability to fund current capital budget with cash flow and undrawn debt capacity Conservative use of leverage to maintain strong balance sheet 145 MM borrowing base Last twelve months EBITDAX(1) = 71.0 MM No…
  23. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 23
    Investment Highlights Significant upside from Eagle Ford and Bakken positions Eagle Ford Shale - 25,000 net acres Bakken Shale - 46,000 net acres Ongoing leasing program to further expand acreage Solid proved reserve and production…
  24. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 24
    Appendix
  25. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 25
    Development Economics Table Development Economics(2) Bakken Shale (Williams Co., North Dakota) Eagle Ford Shale (Fayette Co., Texas) 350 Mboe 500 Mboe 350 Mboe 500 Mboe Well Assumptions Drilling & Completion Cost (M) 8,500 8,500…
  26. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 26
    Management History Track record of profitability and liquidity Extensive industry and financial relationships Significant technical and financial experience Long-term repeat shareholders Cohesive management and technical staff…
  27. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 27
    Proved Reserves Proved Reserves SEC Pricing at 1/1/11 ( in millions) Oil Gas Total % of Corporate Interests MMBO BCF MMBOE Total PV-10 (1) PDP 8.9 33.0 14.4 60.0% 239.6 PDNP 2.3 6.1 3.4 14.2% 68.5 PUD 3.2 18.4 6.2 25.8% 70.2 Total…
  28. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 28
    Hedge Portfolio GEOI uses commodity price risk management in order to execute its business plan throughout commodity price cycles Oil Hedges Natural Gas Hedges 85 .00 to 110.00 Collar Swap Weighted Average Oil Hedge Price…
  29. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 29
    Operating Performance Historical Operating Data 6 Mos Ended Years Ended December 31, 6/30/2011 2010 2009 2008 Key Data: Average realized oil price (/Bbl) 88.12 70.33 61.09 82.42 Avg. realized natural gas price (/Mcf) 5.22 5.30 3.97…
  30. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 30
    Reconciliation of non-GAAP Measures Adjusted EBITDAX Reconciliation 6 Mos Ended Years Ended December 31, 6/30/2011 2010 2009 2008 ( in millions) Net Income Attributable to GeoResources 15.2 23.3 9.8 13.5 Adjustments: (Gain) on sale…
  31. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 31
    Reconciliation of non-GAAP Measures Adjusted Net Income Reconciliation 6 Mos Ended Years Ended December 31, 6/30/2011 2010 2009 2008 ( in millions) Net Income Attributable to GeoResources 15.2 23.3 9.8 13.5 Adjustments: Unrealized…
  32. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 32
    Standardized Measure SEC PV-10 Reconciliation to Standardized Measure(1) ( in millions) 1/1/2011 Direct interest in oil and gas reserves: Present value of estimated future net revenues (PV-10%) 378.3 Future income taxes at 10%…
  33. Johnson Rice 3rd Annual Energy Conference – Georesources, Inc. – slide 33
    Additional Disclosures The disclosures below apply to the contents of this presentation: In April 2007, GeoResources, Inc. (GEOI or the Company) merged with Southern Bay Oil & Gas, L.P. (Southern Bay) and a subsidiary of Chandler…

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