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MIDLAND BASIN ACQUISITION – Callon Petroleum Co.

Callon Petroleum Co. · Sep 2, 2014 · 20 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. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 1
    CALLON PETROLEUM COMPANY Midland Basin Acquisition September 2, 2014
  2. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 2
    OVERVIEW
  3. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 3
    ACQUISITION SUMMARY 3,862 net acres (62.0% WI / 46.5% NRI) 100% HBP Midland Basin: Midland (67%), Andrews (28%), Martin and Ector Counties Assets 2Q14E net production: 1,465 Boe/d (68% oil) Mature production from 165 vertical…
  4. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 4
    TRANSACTION HIGHLIGHTS Core Midland Basin acreage Location, Multiple zone potential with significant calculated oil-in-place, higher Location, reservoir pressure and favorable thermal maturity Location Close proximity to Callons…
  5. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 5
    PRO FORMA METRICS Permian Production (Boe/d) Potential Hz Locations: 1,097(a) 325% Growth Since 1Q13 67% Total Increase 6/30/14 8,000 500 446 +74% 7,000 6,745 387 +48% 400 6,000 1,465 189 125 5,000 264 300 +91% 4,000 200…
  6. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 6
    ACQUISITION
  7. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 7
    ACQUIRED ASSET OVERVIEW CALLON ACREAGE ACQUIRED ACREAGE DIAMONDBACK ACREAGE RSP ACREAGE ACQUISITION PRODUCTION (GROSS) CALLON ACREAGE ACQUIRED ACREAGE 8
  8. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 8
    PRO FORMA MIDLAND ASSET BASE Key Highlights 2Q14E Daily Production 8,000 Over 100,000 net effective acres 28% Oil-rich reserves and production 6,000 Efficient horizontal pad development Boe/d 4,000 Horizontal Acreage…
  9. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 9
    DE-RISKED ZONE ACTIVITY RSP Cross Bar Ranch 1717H 6955 IP30 867 BOEPD Wolfcamp B Henry Bohannon 24-2H (3800 - 5300) Drilling Median 30D IP: 750 BOEPD RSP Johnson Ranch 912WB Avg 30D IP: 731 BOEPD 7400 IP30 685 BOEPD Henry…
  10. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 10
    HZ WELL (5,000) ECONOMICS Initial Type Curves Base Economics(a) 1,000 60% Observed 738 731 Avg 30-Day IPs 541 (4,688 - 5,754) 50% Average Monthly Production (Boe/d) 40% IRR 100 30% 20% WCB LSPRB MSPRB 10% D&C…
  11. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 11
    MULTI-ZONE POTENTIAL Replace rig Horizontal Locations (Pro Forma June 30, 2014) Potential Central Southern Carpe Pecan East Garrison Taylor Target Zone Diem Acres Kayleigh Acquired Bloxom Opal Draw Draw Total Clearfork -- -- --…
  12. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 12
    FINANCIAL
  13. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 13
    NAV ACCRETION: 3 ZONES ONLY 3.5 3.2 Purchase Price / Net PV Per Location (MM) 3.0 2.8 2.7 2.5 NAV ACCRETION 2.0 POTENTIAL PER HZ LOCATION 2.0 1.8 1.5 1.6 1.0 0.5 0.5 1.1 0.6 0.0 Total PDP-Only Adj. Wolfcamp…
  14. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 14
    COMMITTED DEBT FINANCING Pro Forma Capitalization(a) Committed 275MM term debt financing 250MM pro forma borrowing base Planned total oil hedging of 3,600 Bopd in 4Q14 and 2,700 Bopd in 2015 (over 60% already existing) Pro…
  15. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 15
    2014 & 2015 OUTLOOK Preliminary Operational Capital Estimates(a) 3rd rig to be added in 4Q14 300 270 50 250 Planned Completions 215 40 Acquisition to be integrated 200 30 into three rig program MM 150 20 100 50…
  16. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 16
    SUMMARY
  17. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 17
    SUMMARY High-quality acreage Multiple de-risked zones with additional upside Deep organizational knowledge of area Significant expansion of drilling portfolio Complements ongoing delineation of new zones on existing acreage and…
  18. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 18
    APPENDIX
  19. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 19
    HEDGING For the S ix For the Year Months Ending Ending December 31, December 31, Oil contracts: 2014 2015 Collar contracts combined with short puts (three-way collar): Volume (M Bbls) 317 Price per Bbl Ceiling (short call) 99.10…
  20. MIDLAND BASIN ACQUISITION – Callon Petroleum Co. – slide 20
    NON-GAAP RECONCILIATION 2Q-2014 - 1Q-2013 2Q-2013 3Q-2013 4Q-2013 1Q-2014 2Q-2014 ProForma Income (loss) available to common stockholders (800) 78 (892) 1,291 (111) 2,767 5,356 Adjustments: Net (gain) loss on derivative contracts, net…

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