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December 2012 Investor Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Dec 10, 2012 · 33 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. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 1
    Investor Presentation Expanding the Runway December 2012
  2. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Wattenberg Field Market Cap : (1) 948 million North Park Basin (Niobrara & Codell) (Niobrara) Share Price(1): 23.70 20.8 MMBoe 1P(3) Shares Outstanding(2): 40 million 0.6 MMBoe 1P (3) 59% Oil 100% Oil…
  3. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 3
    Third Quarter 2012 Highlights 3Q12 as compared to 3Q11 117% Increase in Production (1) 9,545 Boe/d 527% Increase in Adj. Net Income (2) 14.6 million (0.37/sh) 148% Increase in EBITDAX (2) 39.6 million (1.00/sh) 86% of…
  4. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 4
    Track Record of Growth Proved Reserves(1) (MBoe) Production(1) (Boe/d) 50,000 11,000 10,000 RANGE 40,000 9,000 8,000 7,000 G 30,000 U 6,000 I D 5,000 A 20,000 N 4,000 C E 3,000 10,000 2,000 1,000 0 0 2007 2008 2009…
  5. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 5
    Leading Financial and Operating Performance vs. Peers 3-Year F&D Cost (/Boe) 3-Year Production Replacement 25 21.82 800% 708% 700% 605% 20 600% 15.01 15 13.69 13.15 12.45 500% 424% 11.72 10.91 9.63 400% 341% 8.98 288% 272%…
  6. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 6
    Oil Weighted Assets Drive Strong Margins 3Q 2012 Revenue Unhedged Cash Margin / Boe(1) (2) 59.6 Million 67.70 8% Nat. Gas 67% Cash Margin (45.14) 92% Oil & Liquids 13% Cash G&A 5% Prod. Taxes 15% LOE (1) Unhedged…
  7. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 7
    Organic Growth Pipeline 250 MMBoe of resource potential(1) 8 primary opportunities in various stages of development and evaluation Wattenberg Codell Arkansas Cotton Valley Niobrara B Wattenberg Horizontal 5-acre spacing…
  8. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 8
    First Half 2012 Results Drove Increased CapEx Original CapEx Budget: 250MM Increased CapEx Budget: 298MM Wattenberg Field: 146 million Wattenberg Field: 183 million Horizontal: 24 wells Horizontal: 36 wells(1) Vertical…
  9. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 9
    Rocky Mountain Operations 10
  10. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 10
    Basin IRRs Wattenberg Niobrara at the Top 55% 60% 52% 51% 50% 49% 42% 40% 36% 35% 35% 40% 34% 33% 30% 30% 27% 26% 30% 23% 21% 20% 20% 19% 17% 17% 17% 20% 14% 14% 13% 11%…
  11. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 11
    Wattenberg Field Horizontal Niobrara 24 wells Avg. 30-day Rate: 487 Boe/d 75% oil 20 wells Avg. 60-day Rate: 377 Boe/d 73% oil 3D SEISMIC LEGEND Niobrara B Bench N Extended Reach Lateral Niobrara C Bench Codell…
  12. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 12
    Wattenberg 80-acre Horizontal Niobrara Economics EUR 312,000 Boe; 65% crude oil Initial 30-day Rate 469 Boe/d Cost per Well 4.2 MM NPV-10 at 80/BO 4.1 MM NPV-10 at 100/BO 6.1 MM 360 net(1) 4,000 ft B Bench Engineered…
  13. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 13
    Wattenberg Performance & Inventory Potential 1) Extended Reach Laterals 2) Codell Horizontal Development 9,000 foot lateral; 40 stage frac Industry Results(2) (30-day rate) (APC) PSC 12C-13HZ: 486 Boe/d NBL 3 well(1) average D&C cost:…
  14. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 14
    Wattenberg Inventory Targets Example of frac coverage FUTURE DRILLING TESTING FUTURE 15
  15. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 15
    North Park Basin Niobrara(1) EUR 211,000 Boe Initial 30-day Rate 304 Boe/d % Oil 90% Cost per Well 5.1 MM NPV-10 at 80/BO 2.1 MM NPV-10 at 100/BO 3.9 MM 2014-2015 development opportunity EVALUATING No natural gas takeaway…
  16. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 16
    Mid-Continent Operations (Arkansas) Primary Target: Cotton Valley: 4,000 7,000 feet ERA SYSTEM SERIES GROUP FORMATION CENOZOIC EOCENE Claiborne PALEOCENE Wilcox TERTIARY Midway Potential inventory upside catalysts: CRETACEOUS…
  17. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 17
    Dorcheat-Macedonia Economics EUR 152,000 Boe Peak 30-day Rate 103 Boe/d % Oil & Liquids 70% Cost per Well 1.8MM NPV-10 at 80/BO 1.9 MM NPV-10 at 100/BO 2.8 MM Engineered Locations 149 net(1) BTAX IRR % at /BO WTI(2) 125% 100%…
  18. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 18
    Cotton Valley Lenticular Oil Sands Pin-Point Fracture Technology Focused completion technology Improved recovery of OOIP Highly repeatable Dorcheat Unit 37 25-30 sand/shale sequences Each zone individually pressured Potential…
  19. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 19
    Financial Overview 20
  20. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 20
    Improving Operating Cost Structure High Margins Cash Costs ( per Boe) Realized Price & Cash Margins ( per Boe) 30 80 25 76.68 8.19 60 7.90 69.34 65.70 67.70 20 8.98 7.76 15 4.18 5.71 40 3.43 3.45 10 50.74 20 44.08 45.06…
  21. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 21
    Capitalization & Liquidity Total debt: 122.3…
  22. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 22
    Hedge Positions (1) Commodity & Contract Term Type Avg. Volume Avg. Floor Avg. Ceiling Avg. Price Crude Oil (Bo/Month) October 1 December 31, 2012 Collar 77,956 90.00 106.50 October 1 December 31, 2012 Swap 49,400 88.78 January 1…
  23. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 23
    Expanding the Runway Experienced management team proven growth track record Oil & liquids focused strong cash margins Deep inventory highly leveraged to the Niobrara Healthy balance sheet considerable cash flow and credit…
  24. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 24
    Corporate Information Company Headquarters Investor Relations 410 17th Street, Suite 1400 James M. Masters Investor Relations Manager Denver, Colorado 80202 (720) 440-6121 (720) 440-6100 Main jmastersbonanzacrk.com (720) 305-0804…
  25. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 25
    Appendix 26
  26. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 26
    Experienced Management Team Founder of predecessor companies Mike Starzer Prior: Executive and Engineering roles at Unocal and Berry Petroleum President & CEO B.S. in Petroleum Engineering, Colorado School of Mines; M.S. in…
  27. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 27
    Experienced Management Team Joined in 2011 bringing expertise in corporate law, administration, M&A, federal Chris Humber securities laws and stock exchange rules SVP & General Counsel Prior: Kendall, Koenig and Oelsner; Hogan &…
  28. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 28
    Wattenberg Horizontal Niobrara Economics (Boe/d) 500 Type Curve(1) 312,000 Boe EUR 400 65% crude oil; 35% rich gas 356,000 Boe EUR 300 57% crude oil; 19% NGLs; 24% dry gas 200 Field Development 85.6% WI / 69.1% NRI 100 360…
  29. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 29
    Dorcheat-Macedonia Field (Boe/d) 120 Type Curve(1) Recompletions opening additional Cotton Valley oil pay zones up hole 152,000 Boe EUR 100 Initial 30-day rate: 67 Boe/d Peak 30-day rate: 103 Boe/d Include subsequent recompletions…
  30. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 30
    Mid-Continent Gas Processing Facilities General Overview Approximately 150 miles of gathering lines Nevada Processes minor quantities of third party natural gas Facilities interconnect into the CenterPoint Energy pipeline system…
  31. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 31
    Reconciliation to Adjusted Net Income This release contains the non-GAAP financial measures adjusted net income and adjusted net income per diluted share, which exclude (1) unrealized gain or loss on commodity derivatives, (2) non-cash…
  32. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 32
    Reconciliation to EBITDAX We define EBITDAX as net income, plus (1) exploration expense, (2) depletion, depreciation and amortization expense, (3) stock-based compensation expense, (4) interest expense, (5) unrealized loss (gain) on…
  33. December 2012 Investor Presentation – Bonanza Creek Energy, Inc. – slide 33
    Reconciliation to Discontinued Operations Three Months Ended Nine Months Ended September 30, September 30, 3Q 2012 Sales Volumes 2012 2011 2012 2011 Continuing Operations 9,402 Boe/d NET REVENUES Oil and gas sales 58,328 25,915…

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