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Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp.

Credo Petroleum Corp. · Jun 4, 2014 · 12 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. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 1
    Acquisition of CREDO Petroleum June 4, 2012 Recognizing and Responsibly Delivering the Greatest Value From Every Acre and Growing Through Disciplined Investments
  2. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 2
    Credo Acquisition Overview Acquisition of CREDO Petroleum (NASDAQ:CRED) for 14.50 per share Total equity value 146 million all cash Acquisition price = 34% premium* Consistent with Strategy and Triple in FOR initiatives…
  3. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 3
    Acquisition Benefits Doubles production and reserves, enhances disclosure Creates meaningful scale, ownership and operations in strategic basins Maintains solid financial position, enhanced by recurring cash flows Provides a…
  4. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 4
    Attractive Leasehold Interests In Prolific Basins CREDO Leasehold Interests Q1 2012 Market Net Acres Basins Formations North Dakota 6,000 Williston Bakken & Three Forks Kansas 43,000 Central Uplift Lansing Kansas City Denver…
  5. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 5
    Bakken Provides Significant Value Creation Potential 6,000 net mineral acres in core of Bakken & Three Forks Leasehold Mineral Interests Locations Bakken / Three Forks Acres Locator Map PARSHALL FIELD FORT BERTHOLD…
  6. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 6
    Acquisition Provides Meaningful Scale and Solid Platform For Future Growth and Additional Investment Combined Mineral Interests Market Net Acres* Texas 256,000 Georgia 156,000 Louisiana 144,000 Kansas 43,000 Nebraska 41,000 Alabama…
  7. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 7
    Compelling Combination Value Drivers Value Drivers Metrics 140 million PV10 Value* Increased 250 million Future Net Cash Flows* Scale Creates strong platform for growth and investment Increases recurring cash flows and…
  8. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 8
    Compelling Combination Value Drivers Value Drivers 2011 Metrics* CRED FOR Combined ( in millions) Production (BOE) 301,000 422,200 723,200 Doubles Production Reserves (MMBOE) 4.1 3.0 7.1 and Reserves PV10 62 81 143 Future Net…
  9. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 9
    Accelerating Realization of Oil & Gas Through Increased Production and Reserve Growth Proforma Annual Production* Future Net Cash Flows From Reserves * (BOE) ( in millions) 250 78 42% Oil 28% Oil 2010 2011 Proforma 2010…
  10. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 10
    Acquisition Analysis ( in millions) Credo Acquisition Price Per Share 14.50 Premium to Pre-announcement Credo Price (10.86 - 6/1/12) 34% Equity Purchase 146 + Closing Costs* 7 Total Purchase Price 153 Financing** Committed…
  11. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 11
    Credo Acquisition Generates Scale, Creates Platform for Growth and Investment and Accelerates Value Realization Proforma Combined Portfolio of Assets Oil & Gas ( in millions) Net Minerals Acres* 719,000 Proforma Q1 2012 Investment…
  12. Forestar Acquisition of Credo Petroleum – Credo Petroleum Corp. – slide 12
    Compelling Combination Value Drivers Creates meaningful scale, with ownership and operations in strategic basins Increasing exposure to Oil and NGLs Enhances reserve reporting ability benefitting Forestar Minerals Experienced…

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