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TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp.

Goodrich Petroleum Corp. · Jan 8, 2015 · 27 slides

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Slides

  1. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 1
    Tuscaloosa Marine Shale Presentation January 2015 1 Copyright 2013 Goodrich Petroleum Corporation
  2. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 2
    TUSCALOOSA MARINE SHALE Emerging shale oil play covering approximately 2.5 million acres Low cost basis on 300,000+ net acres Vintage wells define oil saturation and rock quality Average depth 10,500 14,500 TVD Thickness 100…
  3. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 3
    TUSCALOOSA MARINE SHALE Geologic Setting La Salle Arch Tuscaloosa Marine Shale San Marcos Arch South Texas Eagle Ford Shale Geologic Setting at Eagle Ford / TMS Time 91 93 MYA 4 Copyright 2014 Goodrich Petroleum…
  4. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 4
    BASE OF TMS STRUCTURE MAP Source: Basin Research Institute. 5 Copyright 2014 Goodrich Petroleum Corporation
  5. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 5
    SUBSURFACE CONTROL 6 Copyright 2013 Goodrich Petroleum Corporation
  6. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 6
    TUSCALOOSA MARINE SHALE Geologic Characteristics Crosby Minerals 12H-1 (Wilkinson Co., Miss.) The TMS lies between the upper and lower Tuscaloosa Sand intervals Marine outer shelf, highly laminated lithology High resistivity target…
  7. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 7
    RESISTIVE ISOPACH 5 OHMM CUTOFF WILKINSON AMITE PIKE WALTHALL WEST EAST ST. WASHINGTON FELICIANA FELICIANA HELENA TANGIPAHOA 8 Copyright 2014 Goodrich Petroleum Corporation
  8. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 8
    NATURAL FRACTURES Key Points Goodrich Petroleum Significant vertical and horizontal fracture Crosby Minerals 12H-1 system provides permeability and meaningful contribution to production and EURs Initial drilling results…
  9. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 9
    TUSCALOOSA MARINE SHALE Landing Targets Upper Target Top Window Richland Sd. Lower Target Base Window 10 Copyright 2013 Goodrich Petroleum Corporation
  10. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 10
    MITIGATING RUBBLE ZONE RISK Angle of Intersection is Important 11 Copyright 2014 Goodrich Petroleum Corporation
  11. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 11
    TUSCALOOSA MARINE SHALE Core Acreage Position & Operators Goodrich (GDP) Encana (ECA) Halcon (HK) EOG Resources (EOG) Comstock (CRK) Sanchez (SN) Other Note: Internal estimates of approximate operator concentration /…
  12. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 12
    TUSCALOOSA MARINE SHALE GDP T. Lewis 7-38H-1 (Completing) GDP Kinchen 58H-1 (Drilling) GDP 14 CMR/Foster Creek 8H-1 & 8H-2 GDP (Completing) 6 B-Nez 43H-1 11 & H-2 12 10 4 (Drilling) 2 5 13 GDP 3 15 Painter 5H1 1 9…
  13. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 13
    TUSCALOOSA MARINE SHALE Core Data 14 Copyright 2014 Goodrich Petroleum Corporation
  14. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 14
    TMS CROSS SECTION A - A A A Top TMS Top TMS Target Top L Top L Tusc Tusc Passey Method B A Organic-rich shales have slower sonic travel times and higher resistivities than inorganic shales A When normalized to an…
  15. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 15
    TMS CROSS SECTION B - B B B Top TMS Target Top TMS Top L Top L Tusc Tusc Passey Method A B Organic-rich shales have slower sonic travel times and higher resistivities than inorganic shales A When normalized to an…
  16. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 16
    OPTIMIZED TMS WELLS (17) Optimized Criteria: Lower TMS landing target 5,000+ lateral length 450,000 lbs. proppant per stage (1,600 lbs. per foot) Optimum hybrid slick water frac design Optimized TMS Wells: GDP Crosby 12 H1 GDP…
  17. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 17
    TMS OPTIMIZED WELLS (17) Well Control & Structure Map 500 Contour GDP ECA GDP GDP GDP Crosby Lewis CMR Bates C.H. Lewis 12H-1 7-18H-1 8-5H-1 25-24H-1 30-19H-1 GDP Nunnery 12-1H-1 Area 1 WILKINSON Area 2 PIKE WALTHALL GDP…
  18. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 18
    OPTIMIZED WELL PERFORMANCE Area 1 Area 2 Area 3 Area 4 19 Copyright 2014 Goodrich Petroleum Corporation
  19. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 19
    TMS TYPE CURVE (600 & 800 MBOE) Optimized Wells (17) 20 Copyright 2014 Goodrich Petroleum Corporation
  20. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 20
    TMS VERTICAL WELL ANALOGY Texas Pacific Blades 1 30 years of production 2.0 b factor 2% terminal decline 21 Copyright 2014 Goodrich Petroleum Corporation
  21. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 21
    EARLY TMS DEVELOPMENT TMS History & Type Curves - b Factors Improve with Time (AVG 1.46 b factor) 1940s: Humble well encountered Encore, Weyerhaeuser 1H high resistivity, oil-saturated over- 5.5 years of production pressured TMS 1.40…
  22. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 22
    LEGACY WELLS (7) COMPOSITE DECLINE CURVE Wells Acquired August 2013 Exhibit 1.45 b factor 23 Copyright 2014 Goodrich Petroleum Corporation
  23. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 23
    TMS WELL ECONOMIC SUMMARY Well Cost: 13.0 MM 11.5 MM 10.0 MM Lateral Length: 6,000 6,000 6,000 Frac Stages: 22 22 22 Royalty Burden: 17.4% 17.4% 17.4% 0% until Payout 0% until Payout 0% until Payout Severance Tax: 12.5% after…
  24. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 24
    TMS WELL ECONOMICS 13.0 MM Capex 11.5 MM Capex 10.0 MM Capex 600 MBoe 700 MBoe 800 MBoe Breakeven Economics 10 MM 11.5 MM 13 MM 600 MBoe 50/Bbl 57/Bbl 64/Bbl EUR 700 MBoe 44/Bbl 50/Bbl 56/Bbl 800 MBoe 37/Bbl 43/Bbl…
  25. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 25
    COST REDUCTION OPPORTUNITIES Drilling Efficiencies Well costs come down as best practices are implemented Proper bit, motor and fluid selection Enhanced directional drilling techniques Continuity among experienced, incentivized rig…
  26. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 26
    CHALLENGES & SOLUTIONS Establishing Best Drilling Practices: Vertical Wellbore Initial Challenges: gumbo; depleted zones; building the curve Solutions: chemicals; bit program; intermediate casing depth Horizontal Wellbore Initial…
  27. TUSCALOOSA MARINE SHALE PRESENTATION – Goodrich Petroleum Corp. – slide 27
    CONCLUSIONS Initial production results are very positive and improving Economics potentially superior to the Eagle Ford Shale Completion / Frac design, technique and recipe have been proven critical to success Well costs coming…

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