OPERATIONS IN AREAS OF KNOWN PRODUCTION (26 MMBo produced) (110 Bcf produced) 13.8 BCF Proved Reserves (19% YE13) 11.2 MMCFPD Production (42% 4Q13) 9.9 MMBOE Proved Reserves 200 kilometers (81% YE13) 2,533 BOPD…
OPERATIONS ARE TARGETING GROWTH 2014 Capital Projects Newly acquired 3D seismic will be used to target oil in southeastern Turkey Horizontal drilling and waterflood pilot test projects to increase oil recovery in southeastern…
MOLLA AREA IN SOUTHEASTERN TURKEY Shell Oil Dada Test Perencos Kastel Field (EUR 15 MMbo) elmo Field Bahar Field Bat Raman Field Largest oil field in Turkey TPAO Discovery Idil Prospects Gksu Molla Arpatepe…
TARGETING OIL IN SOUTHEASTERN TURKEY Potential Well Economics For Successful Wells in Southeastern Turkey Bahar Field Expected vertical well costs 4.0 million - Expected EUR 400 MBo - NPV (Discounted at 10%) 19.3 million Expected…
MOLLA AREA DEVELOPMENT PLAN SOUTHEASTERN TURKEY, OIL, 100% WI Expect newly acquired 3D seismic to mitigate exploration risk and increase success of multiple reservoir development in Molla area Karakilise Bostanpinar Kastel…
MOLLA AREA DEVELOPMENT PLAN, CONTINUED SOUTHEASTERN TURKEY, OIL, 100% WI The breaks in the clouds below represent faults that may contain trapped hydrocarbons; we intend to map each section in detail to assess its potential No…
BAHAR AND GKSU FIELDS SOUTHEASTERN TURKEY, OIL, 100% WI Bahar, Gksu fields are in the sweet spot of southeastern Turkey; contain very few wells Drilled 3 horizontal wells in 2013; mixed results due to lack of seismic; successful Gksu…
BAHAR RESULTS AND PROJECTION SOUTHEASTERN TURKEY, OIL, 100% WI Bahar Vertical Type Well Bahar-1 Gross Production Curve Investment 4.0 MM 1,000 IP Rate 450 BOD EUR 400 MBO 100 Oil (BOD) IRR 268% NPV (Discounted at 10%) 19.3…
GKSU RESULTS AND PROJECTION SOUTHEASTERN TURKEY, OIL, 100% WI Gksu Horizontal Type Well Gksu-3H Gross Production Curve Investment 2.5 MM 1,000 IP Rate 400 BOD EUR 307 MBO 100 Oil (BOD) IRR 751% NPV (Discounted at 10%) 16.3…
MOLLA AREA NEXT STEPS SOUTHEASTERN TURKEY, OIL, 100% WI Action Plan For Molla Area 3D Seismic Map each structure in detail based on new data Plan to shoot final phase (including Gksu Field) in April/May 2014 Expect to complete…
ELMO FIELD SOUTHEASTERN TURKEY, OIL, 100% WI elmo is the source of majority of current oil production (discovered 1964, Mobil) Remodeled the field in 2013 with 3D seismic and well control; began horizontal drilling Drilled six…
ELMO FIELD DEVELOPMENT PLAN SOUTHEASTERN TURKEY, OIL, 100% WI Plan to develop elmo field in 2014 with 10 horizontal wells Each planned horizontal well (in white) expected to add PUD locations (in red) and convert probable, possible…
ELMO RESULTS AND PROJECTION SOUTHEASTERN TURKEY, OIL, 100% WI elmo Horizontal Type Well elmo-22H2 Gross Oil Production Curve Investment 2.5 MM 1,000 IP Rate 300 BOD EUR 522 MBO 100 Oil (BOD) IRR 564% NPV (Discounted at…
THRACE BASIN DEVELOPMENT NORTHWESTERN TURKEY, NATURAL GAS, 41.5% WI Future proved reserves potential from horizontal drilling of tight gas in the Mezardere and Teslimkoy formations; applying multi-stage fracture stimulation technology…
THRACE BASIN DEVELOPMENT, CONTINUED NORTHWESTERN TURKEY, NATURAL GAS, 41.5% WI Drilled two horizontal wells in 1Q14: BTD-5H IP of 2MMCFPD (1 stage of 8-stage frac, additional cleanout in process); TDR-11H being completed Plan to drill…
BULGARIA EXPLORATION NATURAL GAS, 50% WI Bulgaria Well Status Deventci-R2 well is currently being completed Well is located between the largest oil and natural gas fields in Bulgaria Conventional gas discovery in Jurassic-aged…
POTENTIAL ACQUISITION IN POLAND NATURAL GAS AND OIL, 50% WI ***Transaction subject to confirmatory due diligence, definitive documents and requisite corporate and government approvals.*** Poland Acquisition Summary: Expected 2014 Capex…
POTENTIAL ACQUISITION IN POLAND TARGET FORMATIONS NONE ARE SHALES ***Transaction subject to confirmatory due diligence, definitive documents and requisite corporate and government approvals.*** Poland Targets: Oil and Natural Gas;…
2014 CAPEX ALLOCATION MM Net Proved Probable Possible Exploration Facilities Seismic Total Capex elmo 27.0 - - 4.0 1.0 - 32.0 Thrace 6.0 0.5 - 1.8 - - 8.3 Molla 6.0 24.3 - 7.3 3.2 3.0 43.8 Other 1.8 - - 2.1 0.5 - 4.4 Total…
2014 PLANNED DRILL WELLS Expected year-end production rate is 6,000 6,500 BOED. 2014 Molla Arpatepe Selmo Thrace Expected Total Area Field Field Basin Well Counts Horizontal 7 10 9 11 6 10 23 33 Vertical 24 12 8 12 10…
NET PRESENT VALUE OF RESERVES PER SHARE 12/31/2013 Discounted at: US/Share 37.4 MM total shares at 12/31/2013 0% 10% PDP 11.68 8.76 PDNP 1.44 0.99 PUD 8.81 6.12 Total 1P Reserves 21.93 15.87 Note: Proved reserves are…
INVESTMENT CONSIDERATIONS Focused on increasing reserves, production and cash flow Potential discounted return on investment of 5-10x on successful oil wells (85% of 2014 capex) Expect to deliver free cash flow in 2014 24
CONTACT INFORMATION Taylor B. Miele Director of Investor Relations (214) 265-4746 taylor.mieletapcor.com Ian J. Delahunty President (214) 265-4780 ian.delahuntytapcor.com Bahar-2ST well site in southeastern Turkey. 25
PV-10 RECONCILIATION The PV-10 value of the estimated future net revenue are not intended to represent the current market value of the estimated oil and natural gas reserves we own. US millions Management believes that the…
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