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November 2014 Corporate Presentation – SRC Energy Inc

SRC Energy Inc · Nov 7, 2014 · 26 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. November 2014 Corporate Presentation – SRC Energy Inc – slide 1
    NYSE MKT: SYRG At Home In the Wattenberg Corporate Presentation - November 2014
  2. November 2014 Corporate Presentation – SRC Energy Inc – slide 2
    . The use Key Statistics of words such as believes, expects, anticipates, intends, plans, estimates, should, likely or similar expressions, indicates a forward- Stock Price (11/10/14) 11.91 looking statement. These statements are…
  3. November 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 Operating Rapid Return Costs on…
  4. November 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. November 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. November 2014 Corporate Presentation – SRC Energy Inc – slide 6
    Pending Wattenberg Asset Purchase EnCana Wells Anadarko/EnCana Wells Anadarko Wells Synergy Phelps & Eberle wells Apache Peak 3D Survey Planned Completion: December 2014 6
  7. November 2014 Corporate Presentation – SRC Energy Inc – slide 7
    Stacked Pay Compounds Drilling Inventory Single Pad + Potential 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…
  8. November 2014 Corporate Presentation – SRC Energy Inc – slide 8
    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 39 Horizontal wells drilled and…
  9. November 2014 Corporate Presentation – SRC Energy Inc – slide 9
    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…
  10. November 2014 Corporate Presentation – SRC Energy Inc – slide 10
    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…
  11. November 2014 Corporate Presentation – SRC Energy Inc – slide 11
    Growth Trajectory From 3 Rig Drilling Program 35 New Operated Horizontal Wells Drilling and Completing Next 5 Months Geis Pad 96% WI Status: Drilling Wiedeman Pad 70% WI Number of Wells: 8 Status: Drilling 2 Codell, 5 Niobrara B &…
  12. November 2014 Corporate Presentation – SRC Energy Inc – slide 12
    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…
  13. November 2014 Corporate Presentation – SRC Energy Inc – slide 13
    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…
  14. November 2014 Corporate Presentation – SRC Energy Inc – slide 14
    Proved Reserves and Un-risked Resource Potential Approximately 279 Mboe of Potential Upside to Current Proved Reserves (1) Proved Reserves PV-10 Value - 534 Million* Proved + Un-risked Potential 311 Mmboe 600 350 Mmboe 500 300…
  15. November 2014 Corporate Presentation – SRC Energy Inc – slide 15
    Production, Revenue and EBITDA Growth Growing Production and Profitability Rapidly and Responsibly Daily Net Production Revenue & Adjusted EBITDA* 104 4,290 100 80 77 Margin: 74% MM BOEPD 60 2,117 46 40 33 1,152…
  16. November 2014 Corporate Presentation – SRC Energy Inc – slide 16
    Revenue Mix & Average Sales Price 40 Revenue Mix: 83% Oil, 6% NGL, 11% Gas (8-31-14) 35 30 25 MM 20 15 10 Oil 5 NGL Gas 0 1Q Nov-12 2Q Feb-13 3Q May-13 4Q Aug-13 1Q Nov-13 2Q Feb-14 3Q May-14 4Q Aug-14 Average…
  17. November 2014 Corporate Presentation – SRC Energy Inc – slide 17
    Estimated Fiscal 2015 CAPEX Budget Total Budget: 97% Wattenberg Focused Drilling Budget: 98% Horizontal Wells and 80% Operated Preliminary Range For Fiscal 2015 CAPEX Budget 200 - 225 Million Pending Asset Purchase Adds 125 Million…
  18. November 2014 Corporate Presentation – SRC Energy Inc – slide 18
    Strong Balance Sheet Ample Liquidity to Fund Fiscal 2015 CapEx Capital Expenditures fully-funded 400 with a healthy capital structure 350 Internally generated cash flow 300 160 Cash on Hand: 35 Million 88 Cash Flow (10/31/14)…
  19. November 2014 Corporate Presentation – SRC Energy Inc – slide 19
    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 &…
  20. November 2014 Corporate Presentation – SRC Energy Inc – slide 20
    Appendix 20
  21. November 2014 Corporate Presentation – SRC Energy Inc – slide 21
    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)…
  22. November 2014 Corporate Presentation – SRC Energy Inc – slide 22
    Resource Potential Reconciliation **Proved Reserves of 32.2 Mmboe (8/31/2014) & 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…
  23. November 2014 Corporate Presentation – SRC Energy Inc – slide 23
    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…
  24. November 2014 Corporate Presentation – SRC Energy Inc – slide 24
    Hedging Summary The companys commodity derivative contracts as of October 15, 2014 are summarized below: Crude Oil and Natural Gas Hedges Hedges in Place as of November 10, 2014 Hedge Volumes Average Collar Prices (2) Average…
  25. November 2014 Corporate Presentation – SRC Energy Inc – slide 25
    Adjusted EBITDA Reconciliation SYNERGY RESOURCES CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) Three Months Ended Twelve Months Ended Aug 31, Aug 31, Aug 31, Aug 31, ADJUSTED EBITDA 2014…
  26. November 2014 Corporate Presentation – SRC Energy Inc – slide 26
    Sell-Side Research Coverage Firm Analyst Brean Capital Curtis Trimble Canaccord Genuity Eli Kantor, CFA Cowen and Company Christopher Walling Euro Pacific Equities Joel Musante, CFA FBR & Co. Megan Repine Global Hunter Securities…

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