Bank of America Merrill Lynch Leveraged Finance Conference June 2014
Company Asset Overview Company Snapshot Current Asset Base Overview Map Proved Reserves(1): 1.86 Tcfe (66% PDP) Total PV-10(2): 2.8 billion West Division Q114 Production: 185 MMcfe/d Liquids Mix: 33% Proved Reserves(1): 652 Bcfe…
Corporate Strategy Reduce base capital plan to further de-risk drilling dollars in the near-term Optimize Capital Program High grade development drilling projects and delineate to set up future drilling programs Reduce operating costs…
Company Update 1st Quarter 2014 Highlights CY 2014 Production Guidance 600 530-580 79-87 Production 500 89-97 529 MMcfe/d down 2.5% QoQ 362-396 Total Liquids up 200 Bbls/d QoQ to 26,500 400 (MMcfe/d) 30% Liquids Mix 300…
West Division Overview Overview Map Williston Q114 Production: 23 MMcfe/d Williston Bakken and Three Forks horizontal oil Acreage: 180,000 development NORTH DAKOTA Powder River Exploration and development of multiple prospective…
Greater Green River 2014 Operations Update Ft. Union: Ft. Union Overview Map Q1 2014 completed five new horizontal wells Based on recent results, the next drill window will focus on high confidence targets and delineating…
Powder River 2014 Operations Update: Overview Map Twenty horizontal Shannon oil wells producing at North Tree First sales on six new horizontal Shannon wells in North Tree Field during Q114 and six in April North Tree - Shannon…
Williston 2014 Operations Update: Overview Map Evaluating different spacing and completion techniques Bel Air / Comet 1/2/3 (6-Well Pad) Boneville 5/7 two-well pad designed to test new First Sales: Nov-13 spacing concept Almos…
East Division Overview Overview Map Mid-Continent East Targeting liquids-rich intervals across acreage Q114 Production: 110 MMcfe/d Acreage: 335,000 position Further delineate Marmaton and MS Solid OKLAHOMA Evaluating Granite…
Mid-Continent West 2014 Operations Update: Overview Map Granite Wash production results on recent completions less than expected Reducing rig count to one with a focus on Cleveland oil OKLAHOMA horizontals for the remainder…
Mid-Continent East Overview Map 2014 Operations Update: Fourteen horizontal Marmaton and four horizontal WOODS Mississippi Solid wells producing Currently drilling Purvis 3-19 (Marmaton) and four-well stacked lateral Shawna/Dietz…
East Texas 2014 Operations Update: Overview Map The three-well Biggs pad and seven-well Werner-Caraway pad recently had first sales Texas Scottish Rite (CV Taylor) Three-well Reeves pad waiting on completion First Sales: 5/7/2014…
Financial Position Balance Sheet Adequate liquidity position Simple capital structure with no near-term maturities Access equity capital to delever with a growth focused acquisition or acceleration of organic development Bank Credit…
Debt Maturity Profile and Liquidity Highlights Debt Maturity Profile and Liquidity (MM) Revolver availability(1) of 500 MM as of May 31, 2014 (503 MM drawn) 2020 2,250 Ability to incur incremental 500 MM of second lien debt…
Current Hedge Position As of May 1, 2014 Natural Gas Swaps & Collars Oil Swaps NGL Swaps Wtd Avg Year Bbls/d(1) Swap Price Year Bbls/d(1) Swap Price Year MMBtu/d(1) Floor 2014 307,300 4.15 2014 16,500 90.63 2014 7,500 35.43…
Summary Focusing on costs and capital discipline to improve returns Active in M&A deal flow as we seek to optimize the portfolio & provide opportunities to de- leverage the company Potential to add value: Long-term natural gas…
Non-GAAP Financial Disclosures Q1 2014 Adjusted EBITDA Reconciliation Three Months Twelve Months Ended Ended March 31, 2014 March 31, 2014 (dollars in thousands) Net Loss (1,022) (1,048,167) Interest expense, net 20,476 20,476…
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