Enhancing Value. Expanding the Opportunity. Enhancing Value. APRIL 7, 2014 Expanding the Opportunity. (NYSE Mkt: MCF)
COMPANY OVERVIEW Exchange/Ticker: NYSE Mkt: MCF Share Price(1): 47.74 Market Capitalization(2): 924.4 million Enterprise Value(2): 1,014.4 million Combined Daily Production (Q4:13) (3) 110 Mmcfed Combined Proved PV-10 Value(3)…
WHY INVEST IN CONTANGO Attractive asset base 52.3 Mmboe (313.9 Bcfe) of proved reserves(1) 4 x proved reserves in unproved reserve potential Operational control 80% Near term catalysts SETX Horizontal Woodbine/Lewisville/Eagle…
CORE ASSET OVERVIEW Shallow GOM Colorado Wyoming/Jonah Field DJ Basin Onshore 5.6 Bcfe / 0.5 Mmcfed Equity investment in Exaro Energy III Tuscaloosa Marine Shale 0.2 Bcfe / 0.2 Mmcfed East Texas Vermilion 170…
DIVERSIFIED ASSET PROFILE Reserves / Production Q4 2013 Production(1) 60% shallow water GOM Strong cash flow; high impact NGLs 40% onshore resource plays 14% Onshore 37% Oil Low risk, repeatable; long term growth 20% 110…
GROWTH POTENTIAL SUMMARY PV-10 3,500 3,466 3,000 2,500 PV-10 MM (1) 2,000 1,500 2.5 Bn PV-10 of Unproved Potential (2) 1,000 987 500 0 (1) (3) (4) Proved Reserves Madison / STX - Eagle Ford GoM James Lime…
RECENT ONSHORE DRILLING RESULTS Well Information 24 Hr IP 30 - Day IP Technical Data OP / % MD Lateral Frac Well Name Project Area Status IP Date BOE / D BOE / D NON Liquids Ft. Ft. Stages Mosely 2-H OP FORCE Producing Nov-2013 980…
2014 CAPITAL PROGRAM Development Strategy Fund exploration and development with cash flow Primary focus on liquids-rich onshore resource plays complemented with potentially high-impact GoM prospects Advantage of being…
SHALLOW GULF OF MEXICO HIGH IMPACT CASH FLOW TO FUND LOW RISK GROWTH OBJECTIVES Enhancing Value. Expanding the Opportunity. (NYSE Mkt: MCF)
OFFSHORE ASSET OVERVIEW Reserve PV-10 Production (Q4 2013) % Bcfe % Category (MM) Natural Gas MMcf/d) 54.4 78% PD 187.9 541.2 98% Oil and condensate (Mbbl/d) 0.8 7% PUD 2.6 13.3 2% NGL (Mbbl/d) 1.7 15% Total 190.5 554.5 100%…
MAJOR OFFSHORE ASSETS Eugene Island 11 Vermilion 170 Company-owned and operated Company-owned and operated 10 producing wells drilled from 2006 2010 Single well structure drilled in 2011 Companion platform and two pipelines to…
GOM PROSPECT INVENTORY Highlights LOUISIANA COAST East Cameron 124 7 existing shallow-water prospects Ave. EUR: 26 Bcfe Eugene Island 23 73% Gas Well Costs: Ave. DHC: 16 MM Eugene Island 31 Ave. CC: 12 MM Ave. Payout: 2.4…
ONSHORE RESOURCE ASSETS LOW RISK, REPEATABLE LONG TERM GROWTH DRIVER Enhancing Value. Expanding the Opportunity. (NYSE Mkt: MCF)
ONSHORE ASSET OVERVIEW Reserve PV-10 Production (Q4 2013) % Bcfe % PV Category (MM) Natural Gas MMcf/d) 17.7 44% PD 67.7 253.5 59% Oil and condensate (Mbbl/d) 2.8 42% PUD 55.7 179.1 41% NGL (Mbbl/d) 1.0 14% Total 123.3…
SETX MADISON / GRIMES WOODBINE LOW RISK, REPEATABLE LONG TERM GROWTH DRIVER Enhancing Value. Expanding the Opportunity. (NYSE Mkt: MCF)
MADISON AND GRIMES INDUSTRY OVERVIEW Highlights 17,600 net acres Madison and Pay Zones Grimes Counties 50% HBP Eocene Wilcox 23 horizontal wells Midway drilled 21 on production Austin Chalk 1 completing Sub Cville 1 wells…
FORCE AREA DRILLING PERFORMANCE Highlights TOTAL COMP (M) TOTAL DRILL (M) Focus on efficiency 12,000 Per well cost 5-6.5 mm; 10,000 down from 8 - 10 MM Average days from Spud to IP 8,000 < 50 days M 6,000 4,000…
GEORGETOWN/EAGLE FORD/GLEN ROSE/BUDA FORMATIONS MADISON/GRIMES COUNTY Competitor Activity Eagle Ford Drilling Nearby HK, EOG, ECA, others testing Eagle Ford in Brazos County Activity moving northeast MCF will continue to…
STX BUDA / EAGLE FORD LOW RISK, REPEATABLE LONG TERM GROWTH DRIVER Enhancing Value. Expanding the Opportunity. (NYSE Mkt: MCF)
BUDA DRILLING PERFORMANCE Highlights TOTAL COMP (M) TOTAL DRILL (M) 6,000 Focus on efficiency Per well cost 2-3 mm; 5,000 down from 3.5 - 5 MM Average days from Spud to IP < 35 days 4,000 M 3,000 2,000 1,000…
STX EAGLE FORD OVERVIEW Highlights 9,500 net acres 80% HBP Zavala/Dimmit: 7,900 net acres Karnes: 1,100 net acres Bee: 500 acres 212 Locations EURs: 350-450 Mboe(1) Net potential: 33 Mmboe(1) Well Costs: 7-8mm 87%…
OTHER ONSHORE LOW RISK, REPEATABLE LONG TERM GROWTH DRIVER Enhancing Value. Expanding the Opportunity. (NYSE Mkt: MCF)
ETX -- JAMES LIME OVERVIEW SAN AUGUSTINE/SABINE COUNTIES Highlights DVN (Competitor) Wells Drilled: 10 Avg. IP (boepd): 890 4,800 net acres San Augustine and Sabine Counties 80% HBP 2 Gross wells planned for 2014 8 MM,…
NIOBRARA PLAY COLORADO ACTIVITY Niobrara Highlights 11,200 net acres 100% HBP Adam/Weld/Arapahoe Counties 1 Gross well planned for 2014 3 MM, net EUR: 300-500 Mboe(1) Net Potential: 3.3 Mmboe(1) Well Costs: 5 - 6mm…
TUSCALOOSA MARINE SHALE Asset Overview Initial entry in to play 25% non-operating WI in the Goodrich Crosby 12H-1 well in Wilkinson Co, MS in October 2012 Well is currently producing 220 barrels of oil per day, with…
FUNDING THE FUTURE BALANCE SHEET STRENGTH SUPPORTS GROWTH OBJECTIVES Enhancing Value. Expanding the Opportunity. (NYSE Mkt: MCF)
LIQUIDITY Strong Balance Sheet Contango in millions (12/31/13) Balance Sheet Data: Cash 0 Senior Debt 90 Stockholders Equity 593 Total Capitalization 683 Credit Statistics: Net Debt / Book Capitalization 13% Net Debt…
WHY INVEST IN CONTANGO Attractive asset base 52.3 Mmboe (313.9 Bcfe) of proved reserves(1) 4 x proved reserves in unproved reserve potential Operational control 80% Near term catalysts Horizontal Woodbine/Lewisville/Georgetown…
APPENDIX Enhancing Value. Expanding the Opportunity. (NYSE Mkt: MCF)
MANAGEMENT Current Position and Past Experience President, Chief Executive Officer and Director President/CEO, Crimson Exploration Inc. (since 2005) Allan D. Keel VP / GM, Westport Resources President / COO, Mariner Energy &…
Enhancing Value. Expanding the Opportunity. (NYSE Mkt: MCF)
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