August 2018 Investor Presentation – Gastar Exploration Inc

Gastar Exploration Inc · Aug 8, 2018 · 33 slides

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Slides

GASTAR Click to edit Master subtitle style EXPLORATION INC Investor Presentation August 2018
Corporate Overview
Corporate Overview STACK 69,400 Sooner-Trend-Anadarko-Canadian-Kingfisher Core STACK Surface Acres (1) Field Office: 73% Held By Production Oklahoma City Garfield Undeveloped Net Drilling 1,574 Locations (1)…
2018 Capital Budget January 2018 Budget August 2018 Revised Budget Capital Capital Area (MM) % of Total Area (MM) % of Total STACK Operated Drilling 69.5 60% STACK Operated Drilling 68.7 56% STACK Non-Operated Drilling 15.7 14% STACK…
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…
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…
Summary Target Economics Based on third party proved reserve type curve projections(1) Meramec Economic Overview Meramec IRR Sensitivities(2) 100% Meramec 2-Stream EUR(2) 463 MBoe 80% % Oil 58% 60% 3-Stream EUR(2) 511 Mboe %…
Regional STACK Overview
STACK Overview Mid-Continent Asset Overview Mid-Continent Asset Map 69,400 Core STACK Surface Acres (1) Undeveloped Net Drilling 1,574 Locations(1) Undeveloped STACK Drilling Potential(1) Operated Wells Non-Operated Total…
Mid-Continent STACK Operator Map Note: Rig data obtained from Drillinginfo as of 7/12/18. 12 2018 Gastar Exploration Inc.
STACK: Significant Multi-Zone Development Description Operators Up to 30 wells per section 13 2018 Gastar Exploration Inc.
STACK: Meramec
Meramec Overview 26,900 Net prospective Acres(1) Gross Isopach and Activity Map 89% Operated (2) and 87% HBP Activity 26 Operated Operated Wells Drilled 24 18 Non-Op Participated 16 800+ Activity STACK…
Meramec Activity Map 1 31 30 29 28 27 26 Ma Stucki 30-1H High Valley 1UMH-36 Stampede 13-1H Cora 1806 10-2MH Preacher Creek 1-14MH The Cowboy 1808 33-1H Holiday Road 2-1H Max 30: 227 Boe/d (75% Oil) Max 30: 652 Boe/d* (52% Oil) WOC…
Operated Meramec Results Cumulative Oil Production(1) Map of Wells 80,000 20 Cum. Oil Production (bbls) 64,000 16 Well Count 48,000 12 32,000 8 16,000 4 0 0 0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225…
Meramec Economics Type Curve Assumptions/Economics Meramec Type Curve Production Profile Peak Rate (bbl/d) 175 550 (1 month) 1,000 Daily Rate (Bbl/d Mcf/d) Decline Rate 80.5% Terminal Decline 6.0% B-Factor 1.1 Peak Rate (Mcf/d)…
STACK: Osage
Osage Overview 64,000 Net prospective Acres(1) Gross Isopach and Activity Map 90% Operated (2) and 68% HBP Activity 29 Operated Operated Wells Drilled 27 33 Non-Op Participated 29 500+ Activity STACK…
Osage Activity Map 1 30 29 28 27 26 25 Gary Hajek 18-1LOH Maral 2007 33-1H Jesse 18-06-03 1H Flying Monkey 2109 1-23MH Lankard 1706 6-34MH Ash 1705 3-19MH Schilde 1706 3-15MH Max 30: 246 Boe/d (60% Oil) Max 30: 507 Boe/d (79% Oil) Max…
Operated Osage Results Cumulative Oil Production(1) Map of Wells 60,000 20 Cum. Oil Production (bbls) 48,000 16 Well Count 36,000 12 24,000 8 12,000 4 0 0 0 15 30 45 60 75 90 105 120 135 150 165 180 195 210 225 240…
Osage Economics Type Curve Assumptions/Economics Osage Type Curve Production Profile Peak Rate (bbl/d) 175 450 (2 months) Decline Rate 79.0% 1,000 Daily Rate (Bbl/d Mcf/d) Terminal Decline 6.0% B-Factor 1.2 Peak Rate (Mcf/d)…
Additional Upside
Oswego Overview 16,300 Net prospective Acres(1) Net Isopach and Activity Map 73% Operated (2) and 69% HBP Activity 1 Operated Operated Well Drilled 1 11 Non-Op Participated 10 130+ wells completed or permitted…
Woodford Overview 17,700 Net prospective Acres(1) Gross Isopach and Activity Map 84% Operated (2) and 52% HBP Activity 5 Non-Op Participated 5 250+ Activity STACK wells completed or permitted in the STACK area(3)…
Hunton Overview 40,200 Net prospective Acres(1) Gross Isopach and Activity Map 86% Operated (2) and 77% HBP Activity The River 01-22H Max 30: 1,182 Boe/d (43% oil) Thrasher 01-01H 41 3,897 Lat. Length Max 30: 1,274 Boe/d (75%…
Manning Overview 39,100 Net prospective Acres(1) Manning Gross Isopach 78% Operated (2) and 69% HBP Activity Historical vertical well production from the Manning shows to be a prolific formation Nearby operator commenced…
Oswego Fracture Overview The Oswego formation blankets Gross Isopach Map 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…
Appendix
Type Curve Assumptions Formation Meramec Osage Production Profile Peak Rate (Bbl/d) 175 550 (1 month) 175 450 (2 months) Decline Rate 80.5% 79.0% Terminal Decline 6.0% 6.0% B-Factor 1.1 1.2 Peak Rate (Mcf/d) 400 - 1,100 (2 months) 325…
Earthquake Seismicity Map As of 4/1/18, Gastar has implemented a 24/7 The industry has been recompleting into surveillance of seismicity events during company the Wilcox to mitigate seismic concerns operated completions in Kingfisher…
PDP Hedging Program Oil and NGLs Hedging Strategy Crude Oil (1) Q3 2018 (2) Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Upside Hedges (Bbl/d) 2,813 2,800 2,806 2,700 2,700 2,700 2,439 2,635 Downside Hedges (Bbl/d) 2,813…
Realized Prices: STACK Realized Oil Prices Realized Gas Prices(1) 80.00 97% 98% 110% 5.00 91% 100% 78% 64.00 88% 4.00 80% 63.90 3.00 2.70 60% 48.00 66% 49.54 2.27 32.00 44% 2.00 40% 2.20 16.00 22% 1.00 1.58 20% 0.00 0% 0.00…
Production Costs (/Boe): STACK Lease Operating Expense Production Tax 12.00 1.20 9.86 9.97 9.60 0.33 1.12 0.44 1.10 7.20 1.05 4.80 9.53 9.53 2.40 0.00 0.90 (1) 2017 YTD 2018 2017 YTD 2018 LOE Workover Total Direct Costs…

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