Credit Suisse Global Credit Products Conference September 18, 2014
Company Overview Corporate Strategy Current Asset Base Overview Map West Division Q214 Production: 197 MMcfe/d Focus Asset Base Proved Reserves(1): 652 Bcfe Net Acreage(2): 733,000 Add Predictable, Visible, and High Rate of Return…
Company Update Recent Company Highlights Total Production (MMcfe/d) 596 582 Q214 production of 543 MMcfe/d, up 3% sequentially; 543 529 543 170 174 liquids production flat at 26.6 MBPD (29% liquids) 158 159 160 Q214 first sales…
2014 Outlook FY 2014 Production Guidance FY 2014 D&C Capital Plan (MMcfe/d) (MM) 530-580 79-87 1H14 Actual: 670 89-97 537 MMcfe/d 600 362-396 1H14 Actual: 330MM Budget Capital Plan Current Capital Plan Gas Oil NGL…
West Division Business Unit Overview Overview Map Williston Q214 Production: 24 MMcfe/d Greater Green River Ft. Union continue to delineate Net Acreage: 127,000 Powder River Exploration and development of NORTH DAKOTA multiple…
Greater Green River Ft. Union Overview Ft. Union Overview Map Ft. Union Liquids rich gas play with high impact potential Targeting three intervals of stacked sand with approximately 1,000 feet of gross interval (TVD 9,800 to 10,800)…
Powder River 2014 Operations Update: Overview Map Multiple pay basin characterized by conventional (Shannon, Sussex, Frontier, Parkman) and unconventional (Mowry, Niobrara) oil targets ranging North Tree - Shannon from 7,500- 13,000…
Williston 2014 Operations Update: Overview Map One rig program focused on infill development of the Bakken and Three Forks formations in Ambrose Field Bel Air 7H & Comet 7H Producing P&P Test First Sales: Q214 Nine gross…
East Division Business Unit Overview Overview Map Mid-Continent East East Texas horizontal delineation and development Q214 Production: 103 MMcfe/d Net Acreage: 304,000 of the Cotton Valley and Taylor sands Mid-Continent West Updating…
East Texas 2014 Operations Update Cotton Valley Overview Map Cotton Valley Optimizing legacy leasehold position through transition to horizontal development of the Cotton Valley Sands approximately 60 gross operated horizontal and 550…
Mid-Continent East 2014 Operations Update: Overview Map Mississippi Lime Current drilling activity focused on the Mississippi Lime play targeting both the Upper and Lower zones Ten horizontal wells producing in our Dietz area with…
Financial Position Balance Sheet Adequate liquidity position Simple capital structure with no near-term maturities Bank Credit Facility Diversified bank group 24 banks with no bank over 10% Borrowing base of 1.0 billion Recently…
Debt Maturity Profile and Liquidity Highlights Debt Maturity Profile and Liquidity Revolver availability(1) of 500 MM as of (MM) June 30, 2014 Ability to incur incremental 500 MM of second lien debt without a related 2020 2,250…
Current Hedge Position As of September 10, 2014 Natural Gas Swaps & Collars Oil Swaps NGL Swaps Wtd Avg Year Bbls/d(1) Swap Price Year Bbls/d(1) Swap Price Year MMBtu/d(1) Floor 2014 306,000 4.15 2014 15,000 90.62 2014 7,500 35.42…
Summary Attract and Retain Quality People Optimize Capital Program Add Additional Future Drill Bit Inventory Strengthen and Protect the Balance Sheet Position Company for Access to Additional Sources of Capital 17
Q2 2014 Adjusted EBITDA Reconciliation Three Months Twelve Months Ended Ended June 30, 2014 June 30, 2014 (dollars in thousands) Net income (loss) (207,822) (1,339,033) Interest expense, net 21,443 41,919 Provision (benefit) for income…
PV-10 Reconciliation As of December 31, (dollars in thousands) 2013 PV-10 2,815,239 Present value of estimated ARO, discounted at 10% (29,260) PV-10 after ARO 2,785,979 Present value of future income tax, discounted at 10% (173,292)…
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