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Unlocking Alaska – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Aug 31, 2014 · 25 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. Unlocking Alaska – Miller Energy Resources, Inc. – slide 1
    Miller Energy Resources (NYSE: MILL) Unlocking Alaska August 2014 / EnerCom Conference
  2. Unlocking Alaska – Miller Energy Resources, Inc. – slide 2
    Executive Summary Company Highlights Alaska Assets Miller Resources, Inc. Highlights (1) Stock Ticker (NYSE) MILL Common Stock Price 4.78 Market Capitalization 221.3 million Total Capitalization 535.9 million Ryder Scott Total…
  3. Unlocking Alaska – Miller Energy Resources, Inc. – slide 3
    Miller Energy Value Proposition State-Of-the-Art Large Undeveloped Infrastructure Oil Potential Favorable Alaska Tax Near-term Value & Commodity Price Catalysts Environment 4
  4. Unlocking Alaska – Miller Energy Resources, Inc. – slide 4
    Four Distinct Fields in Alaska Cook Inlet, AK North Slope, AK Redoubt West McArthur River (WMRU) North Fork Badami (Savant)(1) Current net production of Current net production of Current net production of Net production of 600…
  5. Unlocking Alaska – Miller Energy Resources, Inc. – slide 5
    Favorable Alaskan Tax Policy and Pricing Cook Inlet Tax Credits Tax Credit Receipts 35.0 Tax credits substantially reduce risks 30.0 associated with exploration and production 28.0 These credits allow 20% to 65% of 21.8…
  6. Unlocking Alaska – Miller Energy Resources, Inc. – slide 6
    Increasing Capital Availability at a Decreasing Cost Decreasing Cost of Capital Guggenheim: 1st Lien Apollo: 1st Lien Apollo / HighBridge 2nd Apollo / HighBridge 75mm Lien 2nd Lien: 11.75% 175mm 175mm 30.00% KeyBank, CIT, Mutual…
  7. Unlocking Alaska – Miller Energy Resources, Inc. – slide 7
    Pro Forma Capitalization Table (in 000s) Pro Forma Revolving Credit Facility 4/30/2014(1) Revolving Credit Facility ( L+300 - L+400 ) 36,000.0 250 million facility Second Lien Term Loan ( 11.75% ) 175,000.0 60 million initial…
  8. Unlocking Alaska – Miller Energy Resources, Inc. – slide 8
    Proven Acquisition & Development Success Production Growth (Net BOE/D) 4,000 3,070 3,000 436% Increase 2,000 899 1,000 573 0 2012 2013 2014 34.0 million 37.9 million 139.3 million Estimate 160 million net capital invested in…
  9. Unlocking Alaska – Miller Energy Resources, Inc. – slide 9
    Improving Historical Production, Revenue & EBITDA Production Growth (Net BOE/D - Excluding Savant) 3,500 3,070 3,000 2,450 2,500 2,124 2,000 1,500 1,375 1,000 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Quarterly Revenue Quarterly…
  10. Unlocking Alaska – Miller Energy Resources, Inc. – slide 10
    Proved Developed Reserve PV-10 & Volume Proved Developed PV-10 (mm) Proved Developed Volume (mmboe) 300.0 7.0 271 265 6.4 6.1 250.0 6.0 5.0 mmboe 200.0 million 4.0 150.0 108 3.0 100.0 2.0 1.6 50.0 1.0 0.0…
  11. Unlocking Alaska – Miller Energy Resources, Inc. – slide 11
    Total Reserves Total 3P Reserves Total 1P Reserves PV-10: 829.2mm, 32.2 MBOE PV-10: 447.6mm, 11.7 MBOE 198mm 3P 176mm 448mm PUD 1P 271mm 184mm PD 2P 3P total reserves do not include credit for RU-12 and other step out…
  12. Unlocking Alaska – Miller Energy Resources, Inc. – slide 12
    Large Reserve Base & Strong Asset Coverage ( in millions) 1,200.0 1,034.2 Significant asset 1,000.0 coverage above 198.0 P3 corporate capitalization 800.0 183.6 498.3 P2 600.0 536MM current EV 447.6 221.3 at…
  13. Unlocking Alaska – Miller Energy Resources, Inc. – slide 13
    Redoubt Shoal Hemlock Structure Highlights Step out drilling commenced with RU-9 and we expect to have drilled into four new fault blocks by end of 2015 Positive DST tests in North & South Osprey Step Outs in 1960s Platform…
  14. Unlocking Alaska – Miller Energy Resources, Inc. – slide 14
    Redoubt Shoal Hemlock Structure Highlights RU-9 drilled logged and cased to TD and now included as PUD, about to complete and bring online RU-9 in the Southern Step out of the Redoubt Shoal structure Large four way structure…
  15. Unlocking Alaska – Miller Energy Resources, Inc. – slide 15
    Redoubt Unit Production History 16
  16. Unlocking Alaska – Miller Energy Resources, Inc. – slide 16
    Redoubt Shoal Hemlock Structure Initial Steep decline as a result of well not yet reaching radial flow Well has nearly reached radial flow, decline rates flat, good pressure support 17
  17. Unlocking Alaska – Miller Energy Resources, Inc. – slide 17
    West McArthur River Unit Highlights 13.3 MMBbls recovered from WMRU to date Greater than 20% primary recovery based on estimated oil in place Positive initial results from WMRU-2B with indications of additional primary recovery…
  18. Unlocking Alaska – Miller Energy Resources, Inc. – slide 18
    North Fork Unit Includes six (6) natural gas wells, production and processing equipment and 15,464 acres Multi-year firm natural gas sales contract with ENSTAR (Alaska Utility) currently at 7.03/mcf Expected to add 20MM in annual…
  19. Unlocking Alaska – Miller Energy Resources, Inc. – slide 19
    North Slope Savant Acquisition Badami Binding agreement to acquire Savant Alaska, LLC subject to due diligence and regulatory approval, for 9.0 MM Savant to become wholly-owned subsidiary of MILL MILL to indirectly own 67.5% working…
  20. Unlocking Alaska – Miller Energy Resources, Inc. – slide 20
    Alaska Drilling Rig Status Rig Terms Size/Type Location Status Future Plans Mgmt. Est. Value Rig-34 Company 750Hp, land Nikiski Stacked Possibly use to drill Susitna 5 million Owned based, 6,000' well depth Rig-35 Company 2,000Hp,…
  21. Unlocking Alaska – Miller Energy Resources, Inc. – slide 21
    Drilling Inventory FY 2015 Outlook Cook Inlet, AK North Slope, AK Redoubt West McArthur River (WMRU) North Fork Badami (Savant) RU 9: South Step Out WF 3 Multiple PUD locations 2 potential fracs RU 12: Northern Fault Block WMRU-8…
  22. Unlocking Alaska – Miller Energy Resources, Inc. – slide 22
    Miller Energy Value Proposition Step out drilling program with potential to significantly increase 1P reserves 4 distinct, world-class producing fields (Redoubt, WMRU, North Fork, Badami Large Undeveloped Oil Plays (acquisition…
  23. Unlocking Alaska – Miller Energy Resources, Inc. – slide 23
    Contact Information Miller Energy Resources, Inc. 9721 Cogdill Road, Suite 302 Knoxville, TN 37932-3425 Phone: 865-223-6575 infomillerenergyresources.com www.millerenergyresources.com Investor Relations MZ Group - North…
  24. Unlocking Alaska – Miller Energy Resources, Inc. – slide 24
    Appendix: Management Biographies Deloy Miller - Mr. Miller, our founder, has been Chairman of the Board of Directors since December 1996, and was CEO from 1967 to August 2008, and COO from August 2008 to July 2013. Since then, Mr. Miller…
  25. Unlocking Alaska – Miller Energy Resources, Inc. – slide 25
    Appendix: Hedging Hedging Summary Over 90% of current net oil production hedged Charge for novation of hedges to KeyBanc reduced price by 0.30/bbl The North Fork Unit has the vast majority of its gas production effectively hedged…

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