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INVESTOR PRESENTATION – Miller Energy Resources, Inc.

Miller Energy Resources, Inc. · Dec 1, 2014 · 22 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. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 1
    Investor Presentation December, 2014 CONFIDENTIAL
  2. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 2
    Snap Shot 11.7 MMBOE (1) Ryder Scott Proved Reserves 447 million (1) Proved Reserves % Oil 62% Company Operated % 100% of Net Production AK Lease and Exploratory 620K gross North Slope Badami Acre Position acres(2) Cook…
  3. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 3
    Value Proposition Enabling Investment In Alaska Substantial Hydrocarbon State-of-the-Art Resources Infrastructure Alaska D&C Funding and Balance Sheet Commodity Price Simplification/Cost of Environment Capital Efficiencies…
  4. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 4
    Working Strategy - Alaska Pure-Play CLARIFY ASSET VALUE REDUCE DISTRACTIONS Define high-quality, under-valued assets Improve liquidity Upstream Capex discipline Midstream WI sell-downs Educate AK-location benefits Reduce BS…
  5. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 5
    Four Distinct Fields in Alaska Predominantly Onshore with Midstream Cook Inlet, AK North Slope, AK Redoubt West McArthur River (WMRU) North Fork Badami (Savant)(1) Current net production of Current net production of Current net…
  6. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 6
    Favorable Alaskan Drilling Support and Pricing State Drilling Support Cash Tax Credit Receipts* Through tax credits, the state reimburses MILL in cash 35.0 31.2 for 20%-40% of its D&C costs and 25% of its carried- forward annual…
  7. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 7
    Total Reserves Additional / 1P Reserve PV-10: 447mm 1P Reserve Volumes: 11.7MMBoe Contingent Resources 500 14,000 Reserve PV-10 Value (mm) 450 12,000 400 Total Volumes (mboe) RU-12 350 176.1 10,000 Sabre 300 8,000…
  8. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 8
    Capitalization (in 000s) Pro Forma 10/31/2014(1) Revolving Credit Facility Revolving Credit Facility ( L+300 - L+400 ) 36,000.0 Second Lien Term Loan ( 11.75% ) 175,000.0 250MM facility Rig 36 Capital Lease 2,951.0 60MM initial…
  9. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 9
    Redoubt Unit Field (Osprey) Highlights Proved, producing field with existing state of the art infrastructure, near new 2,000 HP drill rig Large four-way structure located approximately 2.5 miles Southwest of the Osprey platform…
  10. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 10
    West McArthur River Unit Highlights Proved, producing field with existing infrastructure 13.3 MMBBO recovered from WMRU to date, OOIP estimated over 45 MMBBO (excluding Sword & Sabre), 100% WI, 82.7% NRI (WMRU) On trend with…
  11. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 11
    North Fork Unit Highlights Proved, producing field with existing infrastructure, 15,464 acres Over 24 BCF in proved reserves, currently producing 9.0 MMCFG/D Fixed multi-year natural gas contract 7.0/MCF 100% WI, 80.2% NRI…
  12. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 12
    Recent North Slope, Savant Acquisition Badami Field Proved, producing field (Badami) with existing state of art infrastructure, facility rated 38,500 BOPD, 50 miles of pipeline, 18,500 acres Most easterly located active production…
  13. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 13
    Drilling Rigs Rig Terms Size/Type Location Status Future Plans Mgmt. Est. Value Rig-34 Company 750Hp, land Nikiski Stacked Being moved to L48 for sale 5 million Owned based, 6,000' depth Rig-35 Company 2,000Hp, Osprey Drilling RU-9…
  14. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 14
    Path Forward Issue Path Forward Operational Spent significant capital on four recent wells Lower-risk well focus Credibility / with de minimis results Increased technical resources Flexibility Focused on reserve growth production /…
  15. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 15
    Path Forward (Cont.) Issue Path Forward Liquidity Downward risk to borrowing base in Jan. Tighter / expanded Finance / Operations Production, drilling results, oil prices communication Capital markets uncertainty JVs Potential…
  16. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 16
    LT Growth Avenues Area Options Redoubt Hydraulic fracturing Work North fault blocks Sword JV / develop on-own Sabre JV / develop on-own Badami Sell-down Iniskin JV / develop on-own Susitna JV / develop on-own AK M&A…
  17. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 17
    Value Proposition Every 100MM value = 2+ / share 1,600 Redoubt Frack Redoubt 1,400 North Faults Sabre 1,200 Sword 1,100 NOL Cash AK AR Badami / TBD Drill Cash AK Sourdough 1,000 42 AR Iniskin 198 3P PV10 Susitna 800…
  18. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 18
    North Cook Inlet and Susitna 21
  19. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 19
    South Cook Inlet 22
  20. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 20
    North Slope 23
  21. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 21
    Well Map 24
  22. INVESTOR PRESENTATION – Miller Energy Resources, Inc. – slide 22
    Hedging Hedging Summary Over 76% of current net oil production hedged The North Fork Unit has the vast majority of its gas production effectively hedged through ENSTAR gas delivery contracts Contract price currently 7.06/mcf 1.8…

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