Bayswater Exploration & Production Enercom Dallas April 6-7, 2022
About Bayswater Denver Based Oil and Gas Exploration and Production Company Founded 2004; launched private energy funds business in 2009 Management team with over 250 years of oil and gas experience: land, geoscience, engineering,…
Bayswater Natural Resource Funds: 2010 - Present Fund I Fund II Fund III Fund IV & Annex Fully Realized Fully Realized Fully Realized Fully Realized Active Active Active Active Commitments 105 million 250 million 390 million 462…
Bayswater Company Assets DJ Basin Wattenberg 30,000 acres 203 Producing Horizontal Wells 28 DUCs / currently completing Two-rig drilling program Continuous 2022 completion program Powder River Basin Northern Midland Basin…
Delaware Minerals Portfolio Overview Mineral Holdings 10,900 net royalty acres in the Delaware Basin, located primarily in Loving, Reeves, Pecos, and Ward Counties Primary development zones include the Wolfcamp A and Perpetual…
DJ Basin Wattenberg Weld County City of Thornton Completion Operations Bayswater Fund III Acreage in Rural Weld County 6
DJ Basin Core Wattenberg Operating Area Bayswaters North Wattenberg Focus Area Core area since 2009 Assembled 30,000 acres in Funds I & II Exited in 5 transactions 2014-2017 Currently: 30,000 acres and growing Wattenberg 28,000…
Culture: Rural - Agricultural Focus area of Bayswaters 2022-2025 activity All fee acreage Significant surface / mineral alignment Robust oil and gas takeaway infrastructure Weld County supportive to industry 8
Bayswater DJ Basin Wattenberg Acreage Position and Status Colorado Permitting Bayswater Wattenberg Developed acres 17,000 New Rules / New Process / Learning Curve Undeveloped acres 13,000 Local Government Approval WOGLA key…
Wattenberg Geology Strat column Earth Model showing 4 target benches Nio A Reservoir Package: 325 Nio B Earth Model Nio A Nio B Nio C Nio C Codell Codell Standard 8-well wine-rack 2 wells per bench across…
Project Economics DJ Basin DJ Basin IRR - (Single Well Economics) - Gen 6 16 W/S DJ Basin Well Costs Drill and Complete Costs (in 000s) Capacity Constrained 0 4,500 4,750 5,000 5,250 5,500 5,750 6,000 WTI Price (-3.5.00 diff)…
Bayswater DJ Basin Acreage Position vs Peers 12
Bayswater DJ Forecast (5th Largest DJ Wattenberg Producer) Wattenberg Capex (in millions) Wattenberg EBITDA (in millions) Wattenberg Free Cash Flow (in millions) EBITDA and Free Cash Flow based on March 31, 2022 NYMEX strip…
Texas FEAST Project Howard County, TX 14
Howard County Development Progression (8,500 acres) (17,000 acres) (42,900 acres) 2016 2018 2022 (current) 2016 technical study - began leasing Existing infrastructure, friendly Currently 1750 WFMP/LSBY HZs in step-out Tier Two…
Howard County Unique Geologic Position A A A A Uniquely positioned - situated between two large carbonate buildups which both shed abundant sediment into basin Horseshoe Atoll (HA, underlying) Eastern Shelf (ES,…
Howard County Operators Surge / Grenadier transaction Mar 2021 420 million Surge Surge 9,000 BOEPD 18,000 net leasehold acres Callon Pet Operated inventory of 120 high-quality / CPE Laredo SM Energy economic future drilling…
Howard County Bayswater Activity Update 42,900 net acres 13,500 BOE/day (90-95% Liquids) 2 Rigs running on Western Asset block (21 DUCs TILs August) 40 producing horizontals (36 vertical wells) (Plugged 16 since 2020) North Assets…
Western Block Activity Pad Drilling FEAST Project Gross Daily Oil 12,000 BOPD Fort Knox Pad Pad Drilling Wells Q4 2021 ICD 203 Proof of Concept Wells ICD 214 2018-2021 Jackpot Pad (6 wells) 44 Magnum (7 wells) Fort Knox…
Project Economics Western Block Learning Curve Capacity Constraints Infrastructure Build Data trades Benchmarking Design changes Bidding Howard County - Operator Comparison Set of 8 Core Operators Western Block…
East and North East Delineation (4 Wells) East / NE Assets Type Log Operational Summary Drilled 4 wells (tested 3) 10.9 average days from Spud to RR Morning Calm & Samurai = 6.2M DC&E East /NE All Sour Gas (80,000 ppm H2S) and Sour…
North East Area New WFMP A Expansion Area with Significant Hydrocarbon Saturation / Production WFMP A Core East Wells 20 BOPD (peak 71 BOPD) 36 BOPD Top WFMP A Cut & Fluorescence Mrng Calm Saturation Envelope WFMP A WFMP A…
East / Northeast Area Test Well Performance & Development Plan WFMP A Normalized Plot (10,000) Upper WFMP Upper WFMP - High Carbonate Eastern Howard Reservoirs East /NE Far East Assets SWD Morning Calm Samurai 39 Well…
Infrastructure Built for Years of Growth Buchanan SWD Infrastructure Summary 1.3 million BBLs of frac-water storage Landowner agreements for water supply 6 company-owned water disposal wells 2 Ellenberger Deep (New) Also connected…
Inventory of High-Quality Locations - 95% Operated Location Inventory 283 LSBY, WFMP A & B (Normalized 2 mile) WFMP A WFMP B 171 Total 33 Total 214 Normalized to 2 mi 41 Normalized to 2 mi 114 WFMP D (Normalized 2 mi) 397…
Bayswater Midland Basin Forecast (West & East Assets) Midland Basin Capex (in millions) Midland Basin EBITDA (in millions) Midland Basin Free Cash Flow (in millions) EBITDA and Free Cash Flow based on March 31, 2022 NYMEX strip…
Bayswater ESG / Sustainability Inaugural Sustainability Report Highlights: Sustainability Accounting Standards Board (SASB) Key Metrics and Disclosures Continuous Air Monitoring on all Wattenberg sites (pre- production and…
Combined Financial Metrics DJ plus Midland (excludes Delaware Minerals) Significant free cash-flow generation with 10+ years of high-quality drilling inventory Bayswater Capex (in millions) Bayswater EBITDA (in millions)…
Important Disclosures THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS. ALL STATEMENTS, OTHER THAN STATEMENTS OF FACT, THAT ADDRESS ACTIVITIES, EVENTS OR DEVELOPMENTS THAT BAYSWATER OR ITS MANAGEMENT INTEND, EXPECT, PROJECT,…
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