Focused Growth in the Williston Basin OTCQB: ANFC May 15, 2014 Investor Presentation
Black Ridge Overview Well Positioned to Take Advantage of Current Phase of Development in the Williston Basin Pure Play Bakken / Three Forks Non-Operator Production is 90% oil Approximately 10,000 net leasehold acres Non-operator…
Evolution of The Williston Basin Phase 1: Land Grab, 2007 - 2009 Leases in heart of play acquired for < 500/acre, 3-5 year terms, 81.25% NRI Prolific Estimated Ultimate Recoveries (EURs) in Parshall and Sanish fields resulted in high…
Why The Bakken and Three Forks World Scale, Oil Weighted Resource Estimates of recoverable oil range from 9 Billion BOE to 24 Billion BOE Stacked pay zones with both Bakken and Three Forks throughout the heart of the development…
Why The Bakken and Three Forks Operator Efficiency Driving Production Growth(1) Bakken New Well Oil Production per Rig Rig Count 600 250 New Well Production Rigs 500 200 400 150 BOPD 300 100 200 100 50 - - 2007 2008…
Why The Bakken and Three Forks Operator Efficiencies Driving Higher Returns Improving Well Costs (1) Majority of Bakken acreage is held by 10 9.7 production Down-spacing decisions based on returns Pad drilling efficiencies being…
Why The Non-Operator Business Model Ability to selectively invest in the highest return projects, without the need to control a drilling unit Knowledge and data from approximately 300 gross wells to make capital allocation…
Black Ridge Oil & Gas Strategy Deal Flow with Near-Term Development Reporting, Controls, Regulatory Compliance Disciplined Investment Capital Availability Decisions and Asset Management Cash Flow: IRR 30%…
Fragmented Leases Consolidation Opportunity Acres Controlled by Leaseholders 1,400,000 Opportunity: More than 1,000,000 Net Acres in the Existing Fairway(1) 1,200,000 Fragmented Leaseholders Largest leaseholders are operators,…
Investment Decisions, Asset Management Black Ridge Oil & Gas Gross Wells (as of 4/30/14) 350 300 296 250 200 150 100 50 0 Producing Drilling Permitted Rigorous, return based decisions on every dollar invested Technical…
Liquidity Senior Secured Revolving Credit Facility Subordinated Term Loan 50 MM 75 MM 20 MM Current Borrowing Base 30 MM Current Availability LIBOR + 300 bps to LIBOR + 350 bps LIBOR + 900 bps cash, 400 bps PIK depending upon…
Executing Our Growth Strategy 10 Ratio of net wells drilling to 9 Black Ridge Oil & Gas Net Wells (as of 4/30/14) net wells producing leading 8 indicator for strong 7 1.9 6 production growth in 2014 5 5.7 net wells producing…
Strong Asset Base Driving Growth Year End 2013 Reserve Summary Oil Gas Total SEC PV-10 Reserve Category (MBbls) (Mmcf) (MBOE) (MM) PDP 895 615 998 32.38 PDNP 32 38 38 1.61 PUD 3,147 2,126 3,502 40.39 Total Proved Reserves…
Corral Creek Acquisition Dunn County, ND North Dakota Montana T147N R95W T147N R94W T147N R93W Corral Creek Unit Lincoln Gorhman 30,884 Gross Acres 2748 Gross Acres 1280 Gross Acres 0.77% Working Interest (WI) 6.43% WI…
Corral Creek Acquisition Room to Run 87.5% Net Revenue Interest (NRI) Leases More than 110 gross de-risked, undrilled locations in inventory today(1) Active three rig program with 27 gross wells (0.21 net wells) in various stages…
Stockyard Creek - Williams County, ND Seven Gross (0.57 Net) Wells Producing Sail & Anchor 4-13-14HBK North Dakota Coopers 2-15-14HBK Montana Tooheys 4-15-14HBK Little Creature 1-15-14HBK Blackdog 3-13-14H E Rennerfeldt 1-13H E…
Executing Growth Plan Focused on Growing Production, Reserves, Cash Flow and Shareholder Returns Future Today Deploying full 125 MM Completed Financing, 86 MM available for acreage putting capital to work acquisition and well…
Why Invest Positioned for rapid growth in 2014 and beyond Pure play Bakken / Three Forks non-operator with 90% oil-weighted production Liquidity to fund existing development and acquisition plans Strong inventory of high return…
For More Information www.blackridgeoil.com Ken DeCubellis Chief Executive Officer ken.decubellisblackridgeoil.com 952-426-1241 Stay Up to Date on Black Ridge Oil & Gas www.blackridgeoil.com 20
Appendix www.blackridgeoil.com 21
Reconciliation of Net Income to Adjusted EBITDA Black Ridge Oil & Gas, Inc. Adjusted EBITDA by Quarter Three Months Ended March 31, June 30, September 30, December 31, March 31, 2013 2013 2013 2013 2014 Net income (loss) 313,813…
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