Investment Highlights Premier 19-year inventory (1) of drilling opportunities targeting well IRRs of 50 100% Southern Utica 96,240 net acre position located in what appears to be the core of the Utica play and Highly 25,740 net acre…
Highly Experienced Management Team Best in class proven management team with track record of executing a complex drilling program Years in Name Position Prior Experience Industry Benjamin Hulburt President & CEO 13 Thomas Liberatore…
Premier Southern Utica Position Concentrated acreage position in what appears to be the Stacked Pay Area 0 mi 5 mi 10 mi Eclipse Acreage Area Core of the Core Drilling Units Operate 81% of net acreage Additional 131,070 net acres…
Best Initial Results in the Utica Play Best announced initial production rates in the Utica Play to date in each type curve area fall within Eclipses acreage area Summary of 63 Announced Core Area Wells Number of Avg. IP Rate % Type…
Highly Liquids Rich Marcellus Shale Marcellus wells in our area are expected to produce rich gas with Btu values ranging from 1,250 1,450 and significant 0 mi 4 mi 8 mi condensate yields Our Marcellus acreage is in a stacked pay…
Top Tier Return Potential Eclipses acreage position is located in the Utica Core and Highly Liquids Rich Marcellus Plays which have demonstrated top tier returns Type Curve Sensitivity Varying Gas Price (1) Type Curve Sensitivity…
Detailed Development Plan We have established a detailed development plan through 2016, targeting a 200% compound annual growth rate in production over that time Development Plan and Inventory Development Plan Drilling Units Identified…
Moving Through the Learning Curve Eclipse has moved through the drilling curve through a methodical and disciplined approach, which has resulted in rapid cycle time reductions and cost improvements Avg. Number of Days from Spud to Rig…
Diversified Midstream Strategy Our acreage is centered across a confluence of major pipelines in the country providing significant in and out of basin optionality Eclipses strategy is focused on two primary Eclipse Acreage Area…
Asset Overview and Type Curve Summary
Early Focus on Southern Utica Our initial interpretation of the reservoir quality and superior potential recoveries in the Point Pleasant based upon the presence of a dense frac barrier in the Utica has been validated by the best…
Identification of the Utica Core Area Entire position across the Utica Core Area is characterized by excellent porosities within the Point Pleasant and a tight barrier in the Utica Shale above C A-A Cross Section B-B Cross…
Type Curve Summary We have developed our type curves based on wells we have participated in as of April 2014 Type Curve Approach Well Economics and Acreage (1) Eclipse type curves assume a managed choke in 40,000 IRR 100% order to…
Operating Plan
Highly Experienced Technical / Operational Team We have assembled a team of technical specialists with significant in-basin experience and have implemented an organizational structure that emphasizes a systematic, process- driven…
Well Readiness Process For every well, we go through an exhaustive and deliberate process to ensure readiness to spud The organizational structure in place ensures the development plan is process-dependent and not people-dependent…
2014 Operated Development Plan Near term development plan in place designed to minimize distance from wellhead to midstream trunklines Well Spud Locator Map Gross / Net Wells Spud Stacked Pay Area 0 mi 5 mi 10 mi 80 Condensate 73…
2014 Non-Operated Schedule Significant non-operated activity adds to growing knowledge base of play to optimize drilling and completion approach Well Spud Locator Map Gross / Net Wells Spud Stacked Pay Area 0 mi 5 mi 10 mi 120…
Current and Future Rig Contracts in Place Patterson 328 Currently operating 4 horizontal rigs and 1 top-hole rig in the play Contracts in place to increase to 6 operated rigs by year-end 2014 2014 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q…
Operational Overview Type Well AFE Utica Dry Gas Drilling Area 12.0 Eclipses actual operated well 6,000 lateral 10.5 drilling costs have been within 4% 300 stage spacing 9.5 10.0 1.1 of AFE for the last 14 wells drilled 30…
Midstream, Marketing & Financial Overview
Northeast Natural Gas Supply / Demand Picture 2011 2012 2013 2014 2015 2016 2017 Production expected to grow by 2 Bcf/d Annual NE Natural Gas Production 4.7 7.6 11.2 14.6 16.9 18.9 20.8 each of the next 3 years Annual NE Natural Gas…
Diversified Gas Transportation & Marketing Portfolio Focused on developing a diversified transportation strategy to access Appalachian, Gulf Coast and Mid-West markets Firm transportation agreements executed for 300 MMcf/d with…
Secure Gathering, Processing & Fractionation Capacity Firm gathering and cryogenic processing commitments have been contracted to accommodate our operated production Operated Firm Cryogenic Processing (MMcf/d) (1) Blue Racer…
NGL and Condensate Options Diversity of revenue streams provides us with the ability to manage product sales options through a combination of short, mid and long-term agreements in order to capture market opportunities Base NGL Sales via…
Financial Philosophy Focus on the creation of value through high return drilling, optimal price realizations and cost control while reducing risk where appropriate Ensure sufficient capital is available to execute our drilling program…
Projected Capital Expenditure Breakdown Our capital budget reflects the shift in our activity toward a focused, pad based development program in millions 2013A (1) 2014E (2) TBU Operated D&C 107 377 Non-Op D&C 35 200 Land &…
Conclusion Core of the Core Utica position with stacked pay Highly Liquids Rich Marcellus One of the Best upside Acreage Positions Largely contiguous and concentrated acreage position in the Country Over 80% operated 19-year…
Appendix
Best Initial Results in the Utica Play Type Eq. Norm . Gas Norm . Gas NGL Cond. Curve 6,000 ft IP 6,000 ft IP Gas Shrink Yield Yield % Rich Condensate Well Nam e Area (Boe / d) ( M M cf / d ) BTU ( %) ( B b ls / M M cf ) ( B b ls / M…
Current Acreage Type Curve Area 140,000 120,000 25,740 100,000 (1) Net Acres 80,000 32,670 60,000 121,980 34,160 96,240 40,000 20,000 24,150 0 5,260 Rich Condensate Condensate Rich Gas Dry Gas Total Utica…
Lease Expirations 3-year drilling plan designed to HBP acreage prior to expiration of its primary term 72% of leases have a 5-year extension option 40,000 36,282 35,000 31,095 30,000 Net Acres (1) 25,000 19,202…
Oil Window Acreage and Conventional Production Eclipses acreage in the oil window of the play offers additional upside to Eclipse with no near-term obligation to drill as the acreage is 85% held by production In addition to its core…
Proved Reserves (1) All proved reserves were independently engineered by Netherland Sewell & Associates, Inc. (NSAI) Net Oil (MBbl) Net NGL (MBbl) Net Gas (MMcf) Net Total (MMcfe) Net PV-10 (M) PDP 1,709 1,055 27,792 44,379 148,022…
Eclipse & Partners Completions Eclipse Partner A Partner B Partner C Partner D Partner E Design Area Western Eastern Western Western Western Western Western Western Eastern Utica Utica Utica 1 Utica 2 Utica Utica 1 Utica 2 Utica…
Type Curve and Cost Assumptions Rich Gas Dry Gas Condensate Rich Condensate Marcellus Identified Net Drilling Locations 239 210 169 49 195 Well Characteristics Initial Production (MMcf/d) (1) 6.0 18.6 2.4 1.2 1.4 Gas Shrink 87.5% -…
Rich Gas (1) Type Curve Locator Map 0 mi 5 mi 10 mi 1,000 Eclipse Acreage Area Wellhead Gas Condensate Rate (MBbl/Mo or MMcf/Mo) 100 10 1 0 0 20 40 60 80 100 120 Month Production Parameters Reservoir…
Rich Gas (1) Type Curve Assumptions IP / EUR Sensitivity Well Characteristics Bcfe / 1000' 1.4 Lateral Length 6,000 160% 12.0 Gross EUR (MMcfe, Post-Processing) (2) 8,346 140% 10.0 Type Curve 120% Exponential Phase 8.0 Gas IP Rate…
Dry Gas (1) Type Curve Locator Map Eclipse Acreage Area 0 mi 5 mi 10 mi 1,000 Wellhead Gas Rate (MBbl/Mo or MMcf/Mo) 100 10 1 0 0 20 40 60 80 100 120 Month OGIP Production Parameters Reservoir Parameters…
Dry Gas (1) Type Curve Assumptions IP / EUR Sensitivity Well Characteristics Bcfe / 1000' 2.3 Lateral Length 6,000 100% 20.0 Gross EUR (MMcfe) 14,076 Type Curve 80% 16.0 Exponential Phase Gas IP Rate (MMcf/d) 18.6 60% 12.0 EUR…
Condensate (1) Type Curve Locator Map 0 mi 5 mi 10 mi Eclipse Acreage Area 100 Wellhead Gas Condensate Rate (MBbl/Mo or MMcf/Mo) 10 1 0 0 20 40 60 80 100 120 Month OGIP Production Parameters Reservoir…
Condensate (1) Type Curve Assumptions IP / EUR Sensitivity Well Characteristics Bcfe / 1000' 1.0 Lateral Length 6,000 120% 8.0 Gross EUR (MMcfe, Post-Processing) (2) 5,742 7.0 100% Type Curve 6.0 Exponential Phase 80% Gas IP Rate…
Rich Condensate (1) Type Curve Locator Map 0 mi 5 mi 10 mi Eclipse Acreage Area 100 Wellhead Gas Condensate Rate (MBbl/Mo or MMcf/Mo) 10 1 0 0 20 40 60 80 100 120 Month OGIP Production Parameters Reservoir…
Rich Condensate (1) Type Curve Assumptions IP / EUR Sensitivity Well Characteristics Bcfe / 1000' 0.7 Lateral Length 6,000 60% 6.0 Gross EUR (MMcfe, Post-Processing) (2) 3,936 50% 5.0 Type Curve Exponential Phase 40% 4.0 EUR…
Marcellus (1) Type Curve Locator Map 0 mi 5 mi 10 mi Eclipse Acreage Area 100 Wellhead Gas Condensate Rate (MBbl/Mo or MMcf/Mo) 10 1 0 0 20 40 60 80 100 120 Month OGIP Pricing CAPEX Fixed OPEX Taxes Btu…
Marcellus (1) Type Curve Assumptions IP / EUR Sensitivity Well Characteristics Bcfe / 1000' 1.3 Lateral Length 6,000 100% 12.0 Gross EUR (MMcfe, Post-Processing) (2) 7,734 80% 10.0 Type Curve Exponential Phase 8.0 Gas IP Rate…
Microseismic Monroe County, Ohio Microseismic confirms majority of the frac energy stays within the Point Pleasant 49
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