Investor Presentation Miller Energy Resources NYSE: MILL NYSE: MILL Investor Presentation January 2013 millerenergyresources.com
Company Snapshot Stock Ticker (NYSE) MILL Miller Energy Resources, Inc. is an oil and natural gas exploration, production and drilling company operating in: Price (9/5/2013) 7.22 Cook Inlet, Alaska Market Capitalization Appalachian…
Shareholder Value With Milestones 9.00 Guggenheim RU-1A Added 3 New IPO of Preferred 8.00 Financing online Independent Directors Series C, NYSE listed Hired Apollo 7.00 KPMG as Apollo Financing Auditor Financing amended 6.00 RU-4…
Transaction Value of Alaska Acquisition 2009 Miller 1 Billion Purchase 2007 Pacific Energy 200mm of Infrastructure Purchase 600,000 Lease & 500 mm Net Asset Value Exploration Acres 10 Wells5000 BOED Reserves Miller…
Alaska Acquisition Highlights At Acquisition 15 Previously Producing Wells Could Be Worked Over for Previously Low Cost and With Lower Risk Producing Four WMRU Wells, Six Redoubt Unit Wells, and One West Foreland Well Redevelopment…
Alaska-Existing Platforms & Pipelines 7
Alaska Advantages Majors out, Independents In Apache, Armstrong, Buccaneer, Furie, Hilcorp, Linc, Nordaq Million+ acres acquired recently plus 500MM+ commitment to exploration/production 2 Offshore Jack-Up Rigs Operating in Summer…
Cook Inlet Field(s) Comparison Redoubt Shoal: Proved developed producing On trend with largest productive field in the Cook Inlet Originally estimated 70-100 MMBBO, OOIP in two fault blocks OOIP estimate only includes 2 out…
Map of Locations Cook Inlet, Alaska 10
Alaska - Osprey Platform Modern state of the art facility. Located 3.5 miles South East of the Kustatan Production Facility. Located in only 60 of water. Originally designed for 21 wells producing 25,000 BOPD. Has additional room…
Alaska - West McArthur River Unit Two onsite wells producing over 600 BOED brought back into production in 2010. Originally developed for seven well sites. Has potential to target untapped gas sands, which overlay much of the…
Alaska - Kustatan Production Facility Processes crude oil and natural gas from Osprey Platform. Onsite natural gas well brought online in 2010 to power the facility. Produces sales quality oil per Cook Inlet Pipeline specs.…
Alaska Redoubt Unit Field (Osprey) OOIP: 70-100 MMBO (partial) Cum Production : 2.5 MMBO Avg Porosity: 11-13 % Avg Initial Prod: 1,000 BOPD Avg Annual Decline: 10% (Miller) Avg EUR (estimate): 1 MMBO Avg New Well Capex: 10 MM…
Redoubt Shoal Hemlock Structure Map Highlights Positive DST tests in North & South Step Outs in 1960s RU-1 drilled in Central fault in 2001 1,089 IP & 10MM bbls PUD RU-2 drilled in South fault 2002 1,954 IP & 40MM bbls PUD Wells…
Alaska Redoubt Unit Optimization RESTRICTED FLOW PATH UN-RESTRICTED FLOW PATH Highlights Completed optimization on RU-7 Flow rates increased over 100% Annual decline curve decreased from 27% to 10% Bottom hole flowing pressure…
Redoubt Unit RU-2A sidetrack Rework Completed June 20, 2013 Cash Cost 13.3MM Initial Production 1,281 BOPD Production Avg daily production 1,268 BOPD* Almost 92,000 bbls produced post workover* Remaining Recoverable Oil 1.035MM bbls…
Cook Inlet Redoubt Case Study RU-7 RU-7 Previous Operator Miller Energy Rework completed: Steady…
Alaska - West McArthur River Unit Orig Oil in Place: 50-75 MMBO Cum Production: 13.09 MMBO Avg Porosity: 11-14 % Avg Initial Prod: 1,500 BOPD Avg Annual Decline: 10% (Miller) Avg EUR: 2 MMBO Avg New Well Capex: 9 MM (Net Avg IRR:…
Rework History To Date Associated PRE- Miller POST-Miller IP Rate Increase Net Reserves Cost Per boe Well Name Well Type Rate (boed) Rate (boed) (boed) (Mboe) () KF-1 Gas 3 12 9 5 265.56 RU-2A Oil 91 1,281 1,190 1,127 7.10 RU-3…
Production Scenario Matrix Hypothetical Incremental 1 Year EBITDAX from Incremental Alaskan Oil Production (based on 15% annual decline curve) ANS 1,000 BOPD 2,000 BOPD 3,000 BOPD 4,000 BOPD Oil Price 90/bbl 22.4 44.8 67.2 89.6…
Tennessee Development Strategy Largest owner/operator of wells in Tennessee, over 49,000 acres. Reworking existing stripper wells, Upgrade/replace lift systems, acid stimulation, etc. Own & Operate drill Rigs and 100% of production…
Reducing Our Cost of Capital 2013 20MM at 9% under Senior Credit Facility with Apollo Investment Corp. At-the-Market Agreement with MLV for sales of Series C Preferred Stock Series C 10.75% Perpetual Preferred (NYSE:MILL.C) 25/share…
Recent Developments 8/17/13 Brought RU-1A Oil Well Online with IP of over 700 BOPD 8/5/13 - Apollo Credit Facility - Available Credit Increases By 20 Million; Interest Rate on New Funds Reduced From 18% to 9% 8/5/13 Drilling…
Investment Summary 8.611mm BOE of proved reserves Significant Asset Base P1+P2+P3 PV-10 (SEC) of 1.415 Billion 295mm in shareholders equity ( book value = 6.80/share) Equipment and infrastructure in place to support significantly…
Contact Miller Energy Resources, Inc. 9721 Cogdill Road, Suite 302 Knoxville, TN 37932-3425 Phone: 865-223-6575 infomillerenergyresources.com www.millerenergyresources.com Investor Relations MZ Group - North America Derek…
Loading...
