Deutsche Bank Leveraged Finance Conference October 1, 2013
Company Overview Company Snapshot Focusing on Liquids-rich Targets in Existing Resource Base Proved Reserves (12/31/12): 2.0 Tcfe Rockies Division Targets: Shannon, Sussex, Frontier, Q2 2013 Production: 595 MMcfe/d Three Forks,…
First Half 2013 Summary Results Liquids Production Up over Sequential Quarters Resulting in Improved Liquids Mix Oil +8% NGL +11% (MBbls/d) (MBbls/d) 20 15 12.9 15.5 11.6 14.3 15 10 10 5 5 0 0 Q1'13 Q2'13 Q1'13 Q2'13 591…
Progress Since 9/2012 Refinancing Improving Credit Story Since Last Year Sets Stage for 2014 and Beyond Operating Cost (1) (/Mcfe) 2.00 1.91 1.81 Build out inventory Reducing Cost 1.75 Transition to development Ft. Union / 1.50…
Corporate Strategy Maximize dollars at the drill bit Focus on prospects with higher liquids content (returns focused drilling program) Optimize Capital Reduction in leasehold, geological and geophysical spending Program Reduce costs…
Committed Leadership with Investor Support Public Company Industry Experience Experience Randy Limbacher - Chief Executive Officer and Director 32+ 32+ Richard Fraley - Executive Vice President and Chief 30+ 25 Operating Officer…
Drill Bit Focused Capital Program Capital Spend Tracking with Budget Capital spend focused on the drill bit (in millions) 2013 YTD (1) Continuing to focus on liquids-rich Drilling and Completion 334 91% Leasehold Geological &…
ASSET OVERVIEW
Rocky Mountain Operations Rocky Mountains Snapshot: Williston Basin: Three Forks and Middle Bakken Net Acreage: 1,000,000 development YE 2012 Proved Reserves: 779 Bcfe North Dakota Q213 Production: 4.5 MBoe/d Rig Count: 1 Q213…
Bakken Ambrose Field Overview Ambrose Field Asset Map Rig Count: Plan to operate 1 rig through 2014 drilling Middle Bakken and Three Forks Operated 2 rigs until early August Williston Basin Snapshot: 69,000 net acres in Divide…
Powder River Basin Asset Map by Field Buffalo Targeted Zones BLM Office North Tree Field LANCE FM. FOX HILLS SS LEWIS SS MESAVERDE TEAPOT SS. Spearhead Ranch Field PARKMAN SS. SUSSEX SS. (9,500) SHANNON SS. (10,000)…
Powder River Basin North Tree Field Overview Development Map Rig Count: Currently operating 2 rigs drilling multi-well pads targeting the Shannon interval North Tree (Shannon) Activity: Strategically drilled and completed 7…
Powder River Basin Sussex Overview Sussex by Field Rig Count: Currently no active rigs. Two rigs Spearhead Ranch currently planned to move from Green River back to (8 Wells) Powder River to resume Sussex program in February 2014…
Green River Basin Ft. Union Overview Asset Map Summary: 32,000 net acres Barricade 14-1H Barricade 41-6 S1LH First Sales: 1/2012 First Sales: 2/2013 Currently 16 vertical and 4 horizontal Peak IP Rate: 14.4 MMCFD & Peak IP Rate:…
Green River Basin Ft. Union Overview 2013-2014 Drilling Plan Rig Count: 2 seasonal rigs (August through February drilling window due to wildlife stipulations) 2013 2014 Drilling Plan: Drill and complete 6 HZ wells Test spacing &…
Mid-Continent Operations Focus Areas Asset Map Granite Wash: Two rigs testing multi-well pad development to drive down costs and delineate play potential for significant drilling inventory Marmaton: Running two rig program…
Marmaton Overview Asset Map Black Kettle Rig Count: Currently operating 2 rigs in Black ROGER MILLS Leon 2-10H Kettle Lea Erma 2-13H 1st Sales August 2013 Activity Summary: Six operated wells currently producing with strong…
East Texas Operations Overview Asset Map E TX / NW LA Liquids-rich and dry gas producing properties in East Texas and North Louisiana with focus on liquids-rich gas drilling Cotton Valley: Liquids-rich horizontal play encouraging…
East Texas Cotton Valley Cotton Valley Overview Focus Area - Southeast Carthage Field Rig Count: Operating 2 rigs in SE Carthage Field; 7 and Reeves 4 Well Pad 2 well pad in progress (Drilling Completed) Cotton Valley Snapshot:…
East Texas Cotton Valley Taylor Cotton Valley Taylor Overview Cotton Valley Taylor Current Plans: WOODLAWN Two wells scheduled in Q413 HARRISON Four wells scheduled in 2014 Drilling focused on targets with the highest liquids…
Financial Strategy Committed to a Strong and Stable Capitalization Profile Target pre IPO leverage at or below 3.5x Maintain financial flexibility to execute on near-term capital plan Focus on maintaining solid liquidity position 1.5…
Solid Collateral Coverage 410 million of incremental value at September 1st Nymex Strip PV-10: 6/30/2013 vs. 12/31/2012 PV10 by Category: 6/30/2013 ( in millions) 4,000 PUD 25% 3,458 (1) 3,500 410 225 42 3,050 million PDNP…
Financial Position Capitalization Debt Maturity Profile and Liquidity (MM) (as of 6/30/2013) ( in millions) Capitalization 6/30/2013 % of Cap 2020 2,250 Reserved Based Credit Facility 360 5.6% 2019 Second Lien Term Loan 1,000…
Current Hedge Position As of September 2013 Gas Swaps Oil Swaps NGL Swaps Year MMBtu/d(1) Swap Price Year Bbls/d(1) Swap Price Year Bbls/d(1) Swap Price 2013 332,000 3.75 2013 17,500 92.81 2013 8,500 35.79 2014 309,000 4.15…
Adjusted EBITDA Reconciliation Three Months Three Months Twelve Months Ended Ended Ended March 31, 2013 June 30, 2013 June 30, 2013 (revised) Net income (loss) (58,229) 83,044 (1,514,074) Interest expense, net - - - Provision…
Loading...
