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October 2014 Corporate Presentation – SRC Energy Inc

SRC Energy Inc · Oct 1, 2014 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. October 2014 Corporate Presentation – SRC Energy Inc – slide 1
    NYSE MKT: SYRG At Home In the Wattenberg Corporate Presentation - October 2014
  2. October 2014 Corporate Presentation – SRC Energy Inc – slide 2
    & Key Statistics This presentation may contain forward-looking statements, within the meanin. The use Key Statistics of words such as believes, expects, anticipates, intends, plans, estimates, should, likely or similar expressions,…
  3. October 2014 Corporate Presentation – SRC Energy Inc – slide 3
    At Home In the Wattenberg Field Corporate headquarters is in the heart of the field Low Drilling and Completion Costs Low Rapid Operating Return on Costs Investment…
  4. October 2014 Corporate Presentation – SRC Energy Inc – slide 4
    Experienced Management Team Over 100 Years of Total Experience Operating in the Wattenberg Edward Holloway, co-CEO 32 years as an executive of oil and gas companies focused on the Wattenberg Field in the D-J Basin Built three…
  5. October 2014 Corporate Presentation – SRC Energy Inc – slide 5
    Wattenberg Focused Position Colorado 56,624 net acres in the NE Wattenberg Extension Area Greater Wattenberg Area Core Wattenberg Area 30,859 net acre position in the Core Wattenberg Over 99% of current production is sourced…
  6. October 2014 Corporate Presentation – SRC Energy Inc – slide 6
    Stacked Pay Compounds Drilling Inventory Single Pad + Potential Gross Wattenberg Locations Core 21/640 acres NE Extension 4/640 (30,859 net acres) (25,765 net acres) Acreage Potential Acreage Potential Spacing Wells Spacing Wells…
  7. October 2014 Corporate Presentation – SRC Energy Inc – slide 7
    Core Wattenberg Operations Leffler Pad Colorado 30,859 net acre position in the Core Wattenberg Geis Pad 8 wells 3rd Horizontal Rig added in September 2014 up from 1 rig a year ago Renfroe Pad 33 Horizontal wells drilled and…
  8. October 2014 Corporate Presentation – SRC Energy Inc – slide 8
    Recent Horizontal Pad Results (8/8ths Basis) Phelps Pad Union Pad Well Cost (MM per well) 4.0 Well Cost (MM per well) 3.9 Number of Wells on Pad 6 Wells Number of Wells on Pad 6 Wells 5 Codell/Niobrara & 1 Targeted Formations 3…
  9. October 2014 Corporate Presentation – SRC Energy Inc – slide 9
    Horizontal Results Continued Kelly Farms Pad Eberle Pad Well Cost (MM per well) 4.0 Well Cost (MM per well) TBD Number of Wells on Pad 4 Wells Number of Wells on Pad 4 standard & 2 mid-length Targeted Formations 3 Codell & 1…
  10. October 2014 Corporate Presentation – SRC Energy Inc – slide 10
    Growth Trajectory From 3 Rig Drilling Program 35 New Operated Horizontal Wells Drilling and Completing Next 6 Months Geis Pad 100% WI Status: Drilling Wiedeman Pad 70% WI Number of Wells: 8 Status: Drilling 2 Codell, 5 Niobrara B &…
  11. October 2014 Corporate Presentation – SRC Energy Inc – slide 11
    25,765 Net Acres NE Wattenberg Extension Area Operated Horizontal Drilling Program Targeting the Greenhorn Formation to Commence in Fiscal 2015 Core samples exhibit Greenhorn Formation is thermally mature and has 3.5 % total organic…
  12. October 2014 Corporate Presentation – SRC Energy Inc – slide 12
    182,680 Net Acres in Nebraska Oil Play Preparing to spud vertical wells into Upper Pennsylvanian, 4,100-4,800 ft. depth, 550k-650k est. completed well cost. Synergy has entered into an exploration agreement to drill up to 10 wells…
  13. October 2014 Corporate Presentation – SRC Energy Inc – slide 13
    Proved Reserves and Un-risked Resource Potential Approximately 279 Mboe of Potential Upside to Current Proved Reserves (1) Proved Reserves PV-10 Value - 326 Million* 299 Mmboe Proved + Un-risked Potential 350 350 300 Mmboe…
  14. October 2014 Corporate Presentation – SRC Energy Inc – slide 14
    Production, Revenue and EBITDA Growth Growing Production and Profitability Rapidly and Responsibly Daily Net Production Revenue & Adjusted EBITDA* 4,120 83 61 Margin: 74% MM 46 BOEPD 2,117 33 25 Margin: 1,152…
  15. October 2014 Corporate Presentation – SRC Energy Inc – slide 15
    Revenue Mix & Average Sales Price 30 Revenue Mix: 82% Oil, 7% NGL, 11% Gas (5-31-14) 25 20 MM 15 10 Oil 5 NGL Gas 0 4Q Aug-12 1Q Nov-12 2Q Feb-13 3Q May-13 4Q Aug-13 1Q Nov-13 2Q Feb-14 3Q May-14 Average Sales…
  16. October 2014 Corporate Presentation – SRC Energy Inc – slide 16
    Estimated Fiscal 2015 CAPEX Budget Total Budget: 94% Wattenberg Focused Drilling Budget: 98% Horizontal Wells and 80% Operated Preliminary Range For Fiscal 2015 CAPEX Budget 200 - 225 Million NE Extension, Nebraska & Other Land…
  17. October 2014 Corporate Presentation – SRC Energy Inc – slide 17
    Strong Balance Sheet Ample Liquidity to Fund Fiscal 2015 CapEx Capital Expenditures fully-funded 400 with a healthy capital structure 350 Cash Flow Internally generated cash flow from 300 Operations Cash on Hand: 48 Million…
  18. October 2014 Corporate Presentation – SRC Energy Inc – slide 18
    Key Takeaways Significant Exposure to Wattenberg Field Experienced Operational Control in Returns Driven Low Risk Basin Management Team Near-term Upside Fully Funded Fiscal from Wattenberg 2015 CAPEX Budget Extension &…
  19. October 2014 Corporate Presentation – SRC Energy Inc – slide 19
    Eastern Colorado Assets 64,119 net acres, with long term Synergy Land Legend leases and 85% NRI Leasehold Proven shallow Niobrara dry gas field, economic above 4/mcf 2 days to drill and complete vertical wells (est. cost 250k)…
  20. October 2014 Corporate Presentation – SRC Energy Inc – slide 20
    Resource Potential Reconciliation **Proved Reserves of 19.7 Mmboe (2/28/2014) & Total Un-risked Potential of 279.5 Mmboe (1) Wells Per Well Total Per Well Total (1) Un-risked 640 Net Spacing Potential EUR (1) Potential Project Area…
  21. October 2014 Corporate Presentation – SRC Energy Inc – slide 21
    3rd Party Wattenberg Midstream Expansion Gas Processing Capacity (all 2015/2016 Existing Capacity 2014 Additions Total volumes MMcf/d) Additions DCP Midstream 520 50 460 1,030 Anadarko 540 300 300 1,140 Total 1,060 350 760…
  22. October 2014 Corporate Presentation – SRC Energy Inc – slide 22
    Hedging Summary The companys commodity derivative contracts as of August 1, 2014 are summarized below: Crude Oil and Natural Gas Hedges Hedges in Place as of August 1, 2014 Hedge Volumes Average Collar Prices (2) Average Swap…
  23. October 2014 Corporate Presentation – SRC Energy Inc – slide 23
    Adjusted EBITDA Reconciliation SYNERGY RESOURCES CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, ADJUSTED EBITDA 2014 2013…

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