Investment Highlights Premier 19-year inventory (1) of drilling opportunities targeting well IRRs of 50 100% Southern Utica 99,300 net acre position located in the core of the Utica play and Highly 26,400 net acre position located in…
Second Quarter 2014 Highlights Average Daily Production 41.9 Mmcfe/d, a 9% increase from the first quarter 2014 58.2 Mmcfe/d in June 2014, 52% increase from the first quarter 2014 average Commenced drilling 24 gross (16 net) operated…
Premier Southern Utica Position Concentrated acreage position in what appears to be the Core of the Core Stacked Pay Area Operate 85% of net acreage Eclipse Acreage Area Drilling Units Additional 131,070 net acres in the Utica…
Identification of the Utica Core Area Entire position across the Utica Core Area is characterized by excellent porosities within the Point Pleasant and a tight barrier in the Utica Shale above C A-A Cross Section B-B Cross…
Highly Liquids Rich Marcellus Shale Our 26,400 net acre Marcellus position is in a stacked pay area that overlies a portion of our Dry Gas Utica acreage 0 mi 4 mi 8 mi allowing Eclipse to share pad, facility and construction costs…
Top Tier Return Potential Eclipses acreage position is located in the Utica Core and Highly Liquids Rich Marcellus Plays which have demonstrated top tier returns IRRs by Play Wall Street Research (1) According to Wall Street…
Commodity Price Resistant Returns Eclipses asset base generates top returns even in challenging gas price environments Type Curve Sensitivity Varying Gas Price (1) Type Curve Sensitivity Varying Oil Price (2) (1) WTI oil price…
Diversified Midstream Strategy Our acreage is centered across a confluence of major pipelines in the country providing significant in and out of basin optionality Eclipses strategy is focused on two primary Eclipse Acreage Area…
Firm Sales & Firm Transportation Focused on developing a diversified transportation strategy to access Appalachian, Gulf Coast and Mid-West markets Firm transportation Long Term Firm Transportation In Place agreements executed for…
North East Supply/Demand Balance 60 Committed 50 TCO,DOM, NFG, EQT Injections 40 Consumption Growth Bcf/d 30 Base Consumption 20 Low Supply (9% average annual 10 production growth) High Supply - (11% average…
Moving Through the Learning Curve Eclipse has moved through the drilling curve through a methodical and disciplined approach, which has resulted in rapid cycle time reductions and cost improvements Avg. Number of Days from Spud to Rig…
First Half 2014 Activity Eclipse continues to meet or exceed its drilling and completion goals Operated Drilling Activity 4 Operated horizontal rigs Operated Spuds in First Half 2014 Spud 24 gross (16 net) wells in 2nd quarter, drilled…
Second Half 2014 Planned Activity Eclipse will focus its drilling activity in the second half of the year primarily in the condensate and rich gas areas of the play Non-Operated Non-Operated Adding 2 rigs in the 4th quarter; exit…
Conclusion Core of the Core Utica position with stacked pay Highly Liquids Rich Marcellus One of the Best upside Acreage Positions Largely contiguous and concentrated acreage position in the Country 85% operated 19-year inventory…
Appendix
Guidance Third Quarter 2014 Full Year 2014 Average Daily Production 70 - 85 Mmcfe/d 73 - 79 Mmcfe/d Production % Natural Gas 80 - 85% 72 - 77% and % NGL 7 - 10% 8 - 11% Basis % Oil 8 - 10% 12 - 14% Differential % Operated 65 - 75% 65…
Type Curve Summary We have developed our type curves based on wells we have participated in as of April 2014 Type Curve Approach Well Economics and Acreage (1) Eclipse type curves assume a managed choke in 40,000 IRR 100% 79.0%…
Hedging Summary Volume Weighted Average Description Production Period (MMbtu/d) Swap Price (MMBtu) Natural Gas Swaps 20,000 July - December 2014 4.18 20,000 January - December 2015 4.09 Natural Gas Put Spread Purchased Put 20,000…
Adjusted EBITDAX Quarter to Quarter 2Q14 1Q14 1H2014 (in thousands except per Mcfe data) Change % Net loss (112,648) (18,451) (94,197) 511% (131,099) Depreciation, depletion & amortization 9,957 12,027 (2,070) -17% 21,984 Exploration…
Adjusted Net Loss Quarter to Quarter 2Q14 1Q14 1H2014 (in thousands except per share data) Change % Loss Before Income Taxes, as reported (18,107) (18,451) 344 -2% (36,558) Loss on derivative instruments 863 3,611 (2,748) -76% 4,474…
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