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4Q 2017 Investor Presentation – Gastar Exploration Inc

Gastar Exploration Inc · Feb 15, 2018 · 43 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. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 1
    GASTAR Click to edit Master subtitle style EXPLORATION INC Investor Presentation February 2018
  2. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 2
    Corporate Overview
  3. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 3
    Corporate Overview GST GST-PA GST-PB STACK Sooner-Trend-Anadarko-Canadian-Kingfisher 627MM Enterprise Value (1) Field Office: 189MM Market Capitalization (1) Oklahoma City Garfield 67,000 Core STACK Acres (2) Undeveloped…
  4. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 4
    WEHLU Sale Transaction Details Pro-Forma Capitalization Announced January 25, 2018 the sale of 000s As of September 30, 2017 interest in the West Edmund Hunton Lime Capitalization Reported Adjustment(1) Pro Forma Unit (WEHLU) for…
  5. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 5
    Corporate Highlights 67,000 core STACK Acres(1) in Kingfisher and Garfield Counties, Oklahoma Quality Asset Highly contiguous position is 84%(2) operated and 66% held by production Robust Drilling 3,381 gross and 1,510 net drilling…
  6. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 6
    2018 Capital Budget Operational control of over 86% of budget 2018 Budget Detail 2018 Budget Distribution Capital Area (MM) % of Total STACK Operated Capitalized Interest STACK Operated Drilling 69.5 60% Drilling and + G&G STACK…
  7. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 7
    Summary Target Economics Based on Wright & Company proved reserve type curve projections(1) Economic Overview Meramec Osage 2-Stream EUR(2) 453 MBoe 447 MBoe % Oil 57.8% 59.3% IRR(2) 37.1% 33.2% PV-10 (MM)(2) 2.0 1.8 Gross Loc.…
  8. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 8
    Regional STACK Overview
  9. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 9
    STACK Overview Mid-Continent Asset Overview Mid-Continent Asset Map 67,000 Core STACK Acres (1) Undeveloped Net Drilling 1,510 Locations(1) Undeveloped STACK Drilling Potential(1) Operated Wells Non-Operated Total Wells Zone…
  10. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 10
    Mid-Continent STACK Operator Map One of the most active horizontal plays in North America Note: Rig data obtained from Drillinginfo as of 2/1/18. 12 2018 Gastar Exploration Inc.
  11. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 11
    STACK Regional Completed Wells: 2012-2017 Active Formation Completed Permits Oswego 96 17 Meramec 562 36 Osage 314 85 Woodford 206 11 Hunton 67 0 Total 1,245 149 2012 2013 2012 2015 2012 2017 92 Cumulative Wells…
  12. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 12
    STACK Type Log Gamma Resistivity Porosity Seven prospective formations across Cleveland acreage position 200 Oswego Multiple formations may be stacked depending on specific area 400 Multiple benches within prospective 600…
  13. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 13
    Regional Cross Section Northeastern up-dip extension of the Target formations are very continuous STACK play Enhanced porosity from fractures and Over 1,000 of combined prospective multiple unconformities throughout the formations…
  14. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 14
    STACK: Significant Multi-Zone Development Description Operators Up to 30 wells per section 16 2018 Gastar Exploration Inc.
  15. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 15
    STACK: Meramec
  16. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 16
    Meramec Overview 26,000 Net Acres(1) Gross Isopach and Activity Map 88% Operated (2) and 78% HBP Activity 24 Operated Operated Wells Drilled 24 17 Non-Op Participated 13 562 wells completed in the STACK area…
  17. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 17
    Meramec Activity Map 1 27 26 25 24 23 22 Weber 1806 15-1MH The Cowboy 1808 33-1H Preacher Creek 1-14MH High Valley 1UMH-36 Holiday Road 2-1H Deep River 30-1MH Pickle 33-1H Max 30: 597 Boe/d (70% Oil) Producing Producing Producing Max…
  18. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 18
    Operated Meramec Results Commentary Cumulative Oil Production(1) Gen 3.0 Max 30 day rates currently 60,000 15 averaging 604 Boe/d (70% oil) 48,000 12 Well Count compared to type curve of 594 36,000 9 (Bbls) Boe/d (79% oil)…
  19. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 19
    Meramec Operational Improvements Drill Rig Performance Completion Design 25 3,500 20.4 2,881 2,807 Average Proppant Loading (lbs/ft) 20 2,800 2,702 18.1 Average Days to TD 15 14.0 2,100 10 1,400 5 700 0 0 2015 2016…
  20. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 20
    Meramec Economics Type Curve Assumptions/Economics Meramec Type Curve Production Profile Peak Rate (bbl/d) 50 550 (1 month) Decline Rate 80.5% Daily Rate (Bbl/dMcf/d) Terminal Decline 6.0% 1,000 B-Factor 1.1 Peak Rate (Mcf/d)…
  21. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 21
    Meramec Geology Gamma Resistivity Porosity Silty shale/carbonate with high quartz Cleveland (sand) percentage 200 Oswego Additional porosity gained from oil- 400 saturated vertical fractures 600 Average one fracture per foot in…
  22. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 22
    Meramec Cross Section Deposited as prograding clastic wedge A Cross section shows Meramec thickening basinward Meramec thickness ranges up to 300 feet Contiguous target interval found across majority of acreage Sourced locally from…
  23. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 23
    STACK: Osage
  24. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 24
    Osage Overview 62,300 Net Acres(1) Gross Isopach and Activity Map 89% Operated (2) and 63% HBP Activity 20 Operated Operated Wells Drilled 17 2 1 14 Non-Op Participated 8 314 wells completed in the STACK area…
  25. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 25
    Osage Activity Map 1 28 27 26 25 24 23 Farber 2007 1MH-6 Towne 1806 1-31MH Jake Spoon 13-1H Maral 2007 33-1H Dish Boggett 12-1H Farrar 1806 1MH-6 Low Valley 1LMH-36 Max 30: 469 Boe/d (76% Oil) Max 30: 834 Boe/d (91% Oil) Producing Max…
  26. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 26
    Operated Osage Results Commentary Cumulative Oil Production(1) Four Gen 3.0 wells have reached a 30,000 10 max 30 day rate, averaging 627 24,000 8 Well Count Boe/d (68% oil) compared to type 18,000 6 (Bbls) curve of 502…
  27. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 27
    Osage Operational Improvements Average Drilling Days to TD Completion Design 30 1,500 1,402 27.5 Average Proppant Loading (lbs/ft) 1,200 1,155 24 20.6 Average Days to TD 18 900 14.0 12 600 6 300 0 0 Pre-2017 1H…
  28. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 28
    Osage Economics Type Curve Assumptions/Economics Osage Type Curve Production Profile Daily Rate (Boe/dMcf/d) Peak Rate (bbl/d) 50 450 (2 months) Decline Rate 78.0% Terminal Decline 6.0% 1,000 B-Factor 1.2 Peak Rate (Mcf/d) 150 900…
  29. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 29
    Osage Geology Gamma Resistivity Porosity Carbonate with high quartz (sand) Cleveland percentage 200 Oswego Additional porosity gained from oil- 400 saturated vertical fractures 600 Average one fracture per foot in Manning…
  30. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 30
    Osage Cross Section Osage represented by successive clinoforms across Gastar acreage Cross section shows the thickening of the Osage to the north A Osage thickness ranges 250 - 600 feet Multiple target intervals found across acreage…
  31. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 31
    STACK: Oswego
  32. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 32
    Oswego Overview 11,200 Net Acres(1) Net Isopach and Activity Map 61% Operated (2) and 55% HBP Activity 1 Operated Operated Well Drilled 1 5 Non-Op Participated 3 96 Activity STACK wells completed in the…
  33. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 33
    Oswego Activity Map Tomahawk 7-1H 1 Eliza 18-06-10 21 DU OOID 1807 1OH-24 20 Trifecta 1807 2OH-14-11 19 Trifecta 1807 1OH-14 18 DU (Lithium) 1OH-28 17 Max 30: 291 Boe/d (100% Oil) WOC Max 30: 1,454 Boe/d (87% Oil) Max 30: 938…
  34. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 34
    Oswego Geology Gamma Resistivity Porosity Carbonate stringers interbedded with Cleveland shales/TOC-rich shales 200 Oswego Primary porosity can reach over 20% 400 mostly due to moldic porosity (oolitic) 600 Manning Target Zone…
  35. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 35
    Additional Upside
  36. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 36
    Woodford Overview 18,000 Net Acres(1) Gross Isopach and Activity Map 83% Operated (2) and 42% HBP Activity 3 Non-Op Participated 3 206 wells completed in the STACK area Activity STACK (3) 11 currently active…
  37. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 37
    Northern Hunton Overview 39,800 Net Acres(1) Gross Isopach and Activity Map 86% Operated (2) and 72% HBP Activity The River 01-22H Max 30: 1,182 Boe/d (43% oil) Thrasher 01-01H 3,897 Lat. Length Max 30: 1,274 Boe/d (75% oil) 42…
  38. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 38
    Manning Overview Manning Development Manning Gross Isopach Historical vertical well production from the Manning shows to be a prolific formation Nearby operator commenced horizontal drilling in 2017 400 shallower than Meramec…
  39. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 39
    Oswego Fracture Overview Gross Isopach Map The Oswego formation blankets 100% of Gastars acreage Gross Oswego thickness ranges from 150 to 275 feet thick across the position Well data indicates the Oswego is fractured and is…
  40. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 40
    Appendix
  41. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 41
    Type Curve Assumptions Formation Meramec Osage Production Profile Peak Rate (Bbl/d) 50 550 (1 month) 50 450 (2 months) Decline Rate 80.5% 78.0% Terminal Decline 6.0% 6.0% B-Factor 1.1 1.2 Peak Rate (Mcf/d) 200 - 1,100 (2 months) 150 900…
  42. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 42
    Earthquake Seismicity Map The industry has been recompleting into Gastar uses third parties for a majority of the Wilcox to mitigate limitations of water disposal disposing in the Arbuckle Contracts for transportation and disposal at…
  43. 4Q 2017 Investor Presentation – Gastar Exploration Inc – slide 43
    PDP Hedging Program Oil and NGLs Hedging Strategy Crude Oil(1) Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Upside Hedges (Bbl/d) 3,525 3,425 2,886 2,800 3,159 2,700 2,700 2,700 2,500 2,650 Downside…

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