BLUE RIDGE MOUNTAIN RESOURCES 2018 First Quarter May 2018
Forward-Looking and Cautionary Statements In general. Blue Ridge Mountain Resources, Inc., together with its subsidiaries and affiliates, is referred to in this presentation (this Presentation) as BRMR or the Company. This Presentation…
Forward-Looking and Cautionary Statements Additional information; investor website. In accordance with the requirements of BRMRs stockholders agreement (the Stockholders Agreement), BRMR makes certain information available to its…
Blue Ridge Mountain Resources Pure play Utica and Marcellus Exploration & Production Company Production 84 mmscfe/d 79% Natural Gas Proved reserves 377 bcfe Resource 5.3 tcfe Net Undeveloped Acres 89,000 88% HBPd Net…
Leadership Team Marcellus/Utica Experience (yrs) 25 yrs. of experience in the oil and gas industry, with the last 10 yrs. focused on John Reinhart 11 the Marcellus & Utica shales. Former EVP & COO of Ascent Resources and SVP…
Strategy Blue Ridge Mountain Resources is positioned to become a leading operator in the Appalachia Basin that performs in the top quartile of EHS, operational and financial performance Utica and Marcellus pure play 2+ rig…
BRMR Value Proposition 119,000 net effective acres across the Utica and Marcellus in WV and OH Advantaged 700+ gross well locations = 20+ year inventory with a 2 rig program Asset Base Close to gathering infrastructure with access…
Proved Reserves by Commodity by Reserve Category by NPV Oil NGL PUD PUD PDP PDP PNP Gas PNP Category Locations Oil Natural Gas NGLs Total NPV kbbls mmcf kbbls mmcfe millions PDP 307 386 174,073 7,416 220,885…
Single Well Economics Utica Marcellus Gas 3.25 (HH) 100% Gas 3.50 (HH) 84% 63% 60% IRR (%) 55% 50% 43% 39% 38% 34% 33% 28% Dry Gas Dry Gas Retrograde Retro Retro Retro East Central 20-70 Monroe Tyler West…
Where are we Heading Well Inventory and liquidity to underpin 50-70% Y-o-Y production growth Production (mmscfe/d) EBITDAX ( millions) 2017 2018 2019 2020 2017 2018 2019 2020 Notes: Prices: Gas = 3.00/mmbtu, Oil = 60/bbl,…
First Quarter 2018 Results and Subsequent Events 12
1Q18 Results Continuing Operations 7 gross wells spudded 5 gross wells turned into line Production Average Realized Price Revenue mmscfe/d /mscfe millions 74.8 3.54 23.7 Production Costs Unit Production Costs millions…
Summary - Hedging Natural Gas Natural Gas Settlements YTD = 3.2 million 120 4.50 Hedged Volume (mmbtu/d) 2Q18-4Q18 Natural Gas Price (NYMEX, 100 4.00 68% of expected production hedged 80 3.50 80% hedged as collars with…
Subsequent Event OH AMI Close 6,000 primary term- 7,500 secondary term, per acre Status Increases 2018 liquidity by over 90 million Closed on April 11, 2018 Adj purchase price of 51.8 million No reduction in volumes committed to…
2018 Plan and Full Year Guidance 16
2018 Plan Production of 110 135 mmscfe/d EBITDAX of 50 - 60 million Focus Activity Core asset development 1 operated rig continuous drilling program Retrograde 0 40 (rich Utica) production 2nd operated rig scheduled for 2018…
Throughout 2018 we expect to Consolidate asset base around the Utica/Marcellus core acreage 4Q17 to 4Q18 +200% increase in production 25%-30% reduction in forecasted operating costs Delineate Retrograde 0-40 area, technically…
2018 Plan by Quarter vs Actuals (Red) Production (mmscfe/d) Development Capital Cost ( millions) 200 100 1Q18 67.7 vs 75.5 1Q18 100 74.8 vs 73.3 50 0 0 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 PDP Dev - Op Dev…
2018 Sources & Uses of Cash On Track All figures in millions Addl Debt Capacity (3Q) Optionality Other Non-Revenue 10-15 25-30 Land Divestments 60-70 Operations 50-60 175-200 Capital Undrawn Debt Capacity 25 Cash…
Operations Update 22
Update - 2018 Activity 23
Update - Operations Operated Farley (rich gas Utica) Lower Ormet Pad 3 well pad turned to production on Jan 10th Completions = 7.8 stages per day Upper Ormet (dry gas Utica) 2 well pad turned to production on 3/11 Completions…
Update - Operations Non Operated Statoil - Isaly (dry gas Utica) 2 well pad Lower Ormet Pad Currently in completion operations Estimated TIL date of Aug BRMR working interest 13.7% Statoil - Stalder (dry gas Utica) 3 well pad…
Update - Retro 040 Type Curve Summary Locator Map Analytical modeling performed on the Farley wells History matching and decline curve analysis indicates improvements in production rate, condensate yield and EUR relative to the…
Update - Dry Gas East Type Curve Summary Locator Map Analytical modeling performed on the Upper Ormet wells History matching and decline curve analysis indicates improvements in production rate and validation of the EUR relative…
Supplemental Information 28
Gathering, Processing & Transportation Rich Gas Gathered via Eureka Midstream and delivered to Markwest Mobley facility Retrograde 20-70 transported via Blue Racer and delivered to Natrium facility Residual gas Markwest Mobley…
Type Curves Dry Gas Dry Gas Dry Gas Wet Retrograde Retrograde Retrograde Retrograde Volatile Retro Retro Retro Retro Ritchie East Central West Gas 0-20 20-70 70-150 150-300 Oil Monroe Tyler Wetzel West Lateral Length (LL) ft…
Marcellus Type Curve Areas Rich gas window in West Virginia and Ohio Extensive inventory of low-risk development drilling locations Primarily Operated 63,000 net acres 61 producing wells Ohio = 4 West Virginia = 57…
Utica Type Curve Areas Dry and rich gas windows in Ohio and West Virginia Significant exploration potential in the wet/dry gas window Primarily Operated 56,000 net acres 9 producing wells Ohio = 8 West Virginia = 1…
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