The Company Independent upstream oil and gas company based in Denver Focused on development of CO2-enhanced oil recovery projects in the Rocky Mountain region Poplar Dome (Montana) Farnham Dome (Utah) Legacy Assets (Intl)…
The Company Market cap(1) 38 m Proved Reserves by Category(4) Cash and equivalents 7 m Value of CTP shares(2) 6 m 25% Debt 4 m ARO 3 m 5.7 PDP 56% MMboe PDNP Preferred equity 25 m 19% PUD Enterprise value(3) 57 m Proved…
Poplar CO2-enhanced oil recovery project in progress 22,000 net acres (18,000 in ANALOGOUS CO2-EOR PROJECTS(1) federal unit) Covers Poplar Dome, the largest geologic structure in the western Williston Basin Substantially all of…
Poplar CO2-EOR Analogs 50 MMbbls incremental potential reserves at Poplar Poplar is analogous to Midale and Weyburn, Recovery potential(1) two oil fields with highly successful CO2-EOR projects in the Williston Basin Poplar…
Poplar CO2-EOR Milestones Summer 2012 Core Laboratories confirms miscibility Summer 2013 Pilot CO2 source & well permits secured 2013-2014 5 pilot wells drilled and surface facilities installed August 2014 Pilot CO2…
Poplar CO2-EOR Pilot Producer Injector Producer Producer Producer Pilot designed to prove viability, collect data, and test multiple technologies Pilot project fully instrumented (tanks, pipes, pumps, wellhead,…
Poplar Stacked Formations Several reserve development opportunities Charles 52 MMboe produced to date CO2-EOR: pilot project ongoing Bakken / Three Forks CO2 Flood Prospective for oil production Other development…
Farnham Dome Opportunity to build on CO2-EOR expertise with control of a CO2 source Naturally occurring CO2 reservoir in Carbon County, Utah (SW of Uinta Basin) Magellan has option (through 31 Mar) to either Acquire Farhnam Dome;…
Farnham Dome Many potential off-takers of CO2 within 100 miles of Farnham Dome 10
UK Weald Basin Central Weald 125k net acres in center of Weald Basin 50% interest in 3 licenses 125 k net acres Operated by Celtique Energie Licenses expire June 2016 1 exploratory well during 2015 (will hold 2 of the 3…
UK Weald Basin Horse Hill Operator reported a discovery in Upper Portland sandstone in Dec 2014 Farm-out of PEDLs 137 and 246 to HHDL in Dec 2013 Magellan carried 100% for first well in exchange for 65% interest Well reached…
Australia Offshore Bonaparte Basin Large gas prospects to be farmed-out 100% working interest 3D seismic completed 1-3 Tcf potential resource 1 exploration well required by May 2016 Shallow water jack-up rig territory…
Milestones Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Pilot CO2 injection, monitoring, & analysis Poplar Dome CO2 injection ongoing CO2-EOR begins Announce pilot results Farnham Dome Purchase of Evaluate uses of FD CO2 Sell…
Alignment of Incentives Management incentive plans Unvested management options and vesting criteria implemented in Oct 2013 and 2014 Farm out Vesting criteria tied to: Commence NT/ P82 share price performance UK well achieving…
Illustrative NAV Value Potential value 3 0 25 8.00 30 5 318 322 124 7.00 276 6.00 Implied / share (1) 230 5.00 Value ( m) 150 0 184 4.00 138 3.00 92 2.00 Current share price (1) 46 22 1.00 7 4 6 - - Cash Debt…
Why Invest Now Timing Various operational milestones expected to be achieved over the next 6 to 12 months Value Poplar could yield 50 MMbbls of incremental potential reserves Farnham Dome represents new line of business based on…
Appendices
Experienced Leadership Robin West (66) Chairman Tom Wilson (61) President and CEO Founder of PFC Energy Former President of KMOC and Anderman Former Reagan Administration Assistant International Secretary of the Interior (1981-83),…
One Stone Convertible Preferred Allows for increase in net asset value per share On May 17, 2013, Magellan issued 19.2 m shares of convertible preferred stock to One Stone Energy Partners, a NY based private equity fund for 23.5 m…
UK Unconventional Farm-outs Recent transactions show increased interest in the potential development of UK shale basins Most recent transaction involving Total marks entry of the first Major into the UK shale play Recent…
Australia Offshore Bonaparte Basin Precedents for attracting farm-out partners The following farm-ins occurred in exploration blocks near Magellans NT/P82 block in the Bonaparte Basin: Date Company Asset Terms Origin earns 50% WI…
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