PROVEN: EXPERTISE PROVEN: RESULTS American Eagle Energy Corp (AMZG) Investor Presentation March 2014 Williston Basin (Bakken / Three Forks) Oil Focused Operator
COMPANY OVERVIEW American Eagle Energy Corporation is a Denver, Colorado based exploration & production operator focused on the Williston Basin (Bakken and Three Forks Formations). American Eagle Summary Listing: NYSE MKT: AMZG Common…
MANAGEMENT Brad Colby President / CEO 30 years experience in E&P development with technical background in engineering and geology Experienced in asset acquisition, development, and drilling joint ventures Strong business background…
INVESTMENT CONSIDERATIONS 29,600 net acre position in northwest Divide County, ND targeting the Three Forks and Bakken formations High Return Williston with 207 net identified locations Oil Exposure at Derisked and delineated position…
COMPANY OVERVIEW 6
RESERVE GROWTH Optional Acquisition and Proved Reserves Highlights(1) YE:2013 PDP Vs. PUD Pro Forma for Optional Acquisition(1) Pro forma for optional acquisition 2013 finding and development cost of 16.00 per Boe PDP Reserves…
PRODUCTION GROWTH & UPSIDE FROM INVENTORY Average Daily Net Production Per Period (Boepd) Williston Reserves (12/31/13) & Upside (Mmboe)(1) 2,500 90 March 31, 2014 81.6 1,850 80 Optional Acquisition 1,950 2,000 1,879 17.9 70…
SPYGLASS PROJECT AREA OVERVIEW 9
WILLISTON BASIN SPYGLASS OPERATING AREA VS. CORE AMZG Spyglass Well Results Identical to Williston Core AMZGs 37,900 net acres in its Spyglass Area of AMZG 37,900 net Northwest Divide County, ND acre Spyglass Area have well…
WILLISTON BASIN STRATIGRAPHY 11
SPYGLASS THREE FORKS LONG LATERAL ECONOMICS Spyglass Overview Three Forks Long Lateral Ryder Scott Type Curve Lower D&C costs and flatter decline curves drive 450 strong per well economics 400 65%+ IRRs 350 17 month paybacks…
SPYGLASS WELL ECONOMICS RYDER SCOTT ASSUMPTIONS Spyglass: Lower D&C costs & flatter decline curves produce impressive IRRs & quick paybacks Spyglass Well Economics Ryder Scott Assumptions For All Well Types(1) Assumptions: Three Forks…
SPYGLASS PROJECT AMZG OPERATED WELL RESULTS AMZG Operated Well Results American Eagle Spyglass Acreage (Yellow) Average Daily Rates (BOE) 1 Year Date Well Target Lateral Ft. 30 60 90 365 Cum Apr14 La Plata State Three Forks Long…
AMZG THREE FORKS OPERATED RESULTS VS. RYDER SCOTT TYPE CURVE Selected Three Forks long lateral operated well results validate Ryder Scott type curve and 450 Boe EURs AMZG Operated Three Forks Long Lateral Well Results Vs. The Ryder…
SPYGLASS OFFSET OPERATOR ECONOMIC ASSUMPTIONS American Eagle Spyglass Acreage (Yellow) & Offset Operator Economic Assumptions(1) American Eagle (Yellow) Well Costs (MM) 6.4 Crescent Point % Oil 88% EUR (Boe) 449,194 PV10 (MM) 7.9…
DERISKED INVENTORY AND UNDEVELOPED UPSIDE Spyglass Structure Map & AMZG Inventory(1) Pro Forma For Optional Acquisition Proved Area (25 PDPs): Reserve Report Net PUDs: 40 Net Identified Locations: 54 Proved Area Net Inventory: 94 (9.4…
SPYGLASS CROSS SECTION CONSISTENT GEOLOGY Three Forks Reservoir Well Logs / Cross Section: Consistent Geology From West to East A (West) A (Middle) B (East) Undeveloped Area: Proved Area Bordering Probable: Proved Reserves Area:…
FINANCIAL OVERVIEW 19
CAPITALIZATION (1) (2) Sept. 30, 2013 Equity & MS Acquisition Sept. 30, 2013 American Eagle Energy Capitalization Summary (Actual) (Oct 2013) (Oct 2013) (Pro Forma) (All amounts in 000's) Cash 19,038 64,994 (45,070) 38,962 20.3…
GUIDANCE CAPEX AND PRODUCTION 2014 Operated Development Plan Detail 2014E Operated Development Plans 1 gross well remaining to be drilled/completed Guidance 2014 E & financed by JV partner with Carry Estimated Number of Rigs 12…
VALUATION VS. BAKKEN OPERATING COMPS Adjusted EV/ Net Bakken Acres EV / LQ Annualized EBITDA EV/Proved Reserves EV / Proved PV10 Adjusted Acreage Valuation = (Enterprise Value 80,000 per Boepd) / Bakken Acreage For details see…
INVESTMENT CONSIDERATIONS 29,600 net acre position in northwest Divide County, ND targeting the Three Forks and Bakken formations High Return Williston with 207 net identified locations Oil Exposure at Derisked and delineated position…
CONTACT INFORMATION Marty Beskow, CFA Vice President of Capital Markets & Strategy American Eagle Energy Corporation 2549 West Main Street, Suite 202 Littleton, CO 80120 7203308378 martybeskowamzgcorp.com 24
APPENDIX 25
HEDGING SUMMARY & PHILOSOPHY Active hedging program supports capital spending, protects cash flow, and helps ensure strong financial coverage metrics Approximately 60% of current production hedged Plan to add swaps on ongoing basis…
SPYGLASS DRILLING INVENTORY ProForma Post Optional 3/31/14 Acquisition DSU Size Potential Wells Unrisked Potential NRI Per Well EUR Total Unrisked 1 2 Project Area DSUs (Acres) Net Acres per DSU Locations NRI Wells (Mboe) Potential…
WILLISTON BASIN ACREAGE 3 Current Optional 3/31/14 Acquisition Acq. ProForma Acq. 1 DSU Gross Net AMZG Net Net AMZG Prospect Area DSUs Acres Acres Acres WI Acres Acres WI Spygl a s s Proved 9 1,280 11,520 5,893 51% 905 6,798 59%…
VALUATION SUPPORTING DETAIL (Market data as of 3/3/2014; numbers in millions, except per share and acreage values) Metric KOG OAS TPLM EOX Peer Average AMZG Current Stock Price 12.12 44.56 8.93 7.72 1.83 Shares Outstanding 265.6 100.7…
RECENT FINANCING AND AGREEMENTS Sold 5.0MM shares of common stock 2.00/share in August 2013 17% premium to prior days closing price. Sold 15.8MM shares of common stock 1.70/share in October 2013 Brought in longterm, institutional…
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