Key Takeaways Solid 4th quarter to finish 2009 Production of 26.1 BCFE in upper half of guidance range (24.75 26.25 BCFE) Guided costs were largely within or below our guidance range 2009 Respectable results for a challenging year…
Financial Review 4
Quarterly Results for 4Q09 Results for the quarter largely within guidance Actual Guidance Range Production Production (BCFE) 26.1 24.75 26.25 within upper half of LOE (/MCFE) 1.31 1.35 1.40 guidance Transportation (/MCFE) 0.20 0.20…
Financial Position December 31, adjustments December 31, 2009 from divestitures 2009 as reported pro forma Cash (incl. restricted cash) 10.6 65 75.6 Long-term credit facility 188.0 (188) 0.0 Senior convertible note, net of debt…
Long-term Credit Facility As of December 31, 2009 1,000.0 Bank group re-determined 900.0 borrowing base at 900 MM 800.0 222.0 in late September 700.0 Within financial covenants 600.0 at quarter-end Current 490.0 500.0…
Hedging Solid hedge positions on PDP reserves for 2011 and 2012 Hedging Philosophy provide cash flow stability Hedge Positions as a percentage of PDP Amount of hedging driven by 2011 balance sheet leverage and 39% 61% capital…
Operational Review 9
Reserve Comparison - 2008 vs. 2009 2008 2009 Current Old methodology methodology (Average (Year-end (Reserves in BCFE) price) price) Proved developed reserves 716 630 701 Proved undeveloped reserves 150 142 196 Proved reserves 866…
Positive Story in Drilling Adds Total Drilling Additions: 109.6 BCFE Proved Developed: Proved Eagle Ford: Other: 66.0 BCFE 19.0 BCFE, Undeveloped: 24.6 BCFE, or 44% or 56% 43.6 BCFE EAGLE FORD KEY POINTS: At year-end,…
Eagle Ford Potential Eagle Ford program has the potential to add reserves quickly PUDs per producing well Planned 2010 operated drill wells 34 119 2 3 4 5 Net reserves per Assumed of PUDs per producing well 2 1.75 119 179 238 298…
High Value Production Stream Natural Gas mmbtu 842 price 5.60 4,715 mmbtu 315 NGLs price* 10.70 3,371 1,000 Mcf * net of tranportation and fractionation Oil/Condensate bbls 40 price/bbl 73.72 40 bbls 2,949 Total sales…
Recent Eagle Ford Results Max 7 day Max 30 day Condensate Well avg avg Yield No. Well Name (MMCFED) (MMCFED) (BPM) BTU/SCF 1 Bri s coe G 1H 6.4 4.2 48 1,300 2 Ga l va n Ra nch 1H 8.0 5.6 0 1,000 3 Bri s coe AR 1H 7.2 5.1 2 1,200 4…
Increasing Drilling Efficiency Average drilling and case time of last 7 Briscoe wells has been 15 days 45 Briscoe wells 40 Galvan wells 35 (spud to rig release) Days to Drill 30 25 20 15 10 5 0 *First three wells…
Exposure to the Eagle Ford St. Mary has 250,000 net acres leased and optioned in the Eagle Ford 168,000 net on high SM working interest acreage, an increase of 9,000 net acres (6%) 82,500 net in TXCO/APC JV, an increase of 16,500 net…
Marcellus Shale St. Mary expects IPs in 3-5 SM Acreage MMCFED range Industry Activity SM acreage Construction of gathering line to connect 1st well is complete with sales to begin; construction to 2nd well to be finished by…
Haynesville Shale Have received 3-D seismic over Shelby and San Augustine Petrohawk/Noble: Counties; currently drilling Mary Harris 1H Seven (7) horizontal wells planned for the Haynesville in Common/SWN: Red River 619 1 2010…
Other Activity Woodford Shale Simul-fracing pilots in 2009 proved to be successful; EURs at 64-acre spacing (10 wells per section) are being booked at 2.7 to 3.0 BCFE, which is consistent with wells drilled on lower density Company…
Other Activity Permian Basin Currently operating two rigs in the basin with a focus on the Wolfberry tight oil program Horizontal Granite Wash Drilling first operated Granite Wash well in Mayfield area SM has 32,000 net acres with…
Key Takeaways St. Mary transformation is on track Portfolio has been refocused on resource plays (Eagle Ford, Marcellus, and Haynesville) Non-core assets have been divested Eagle Ford shale results are encouraging Strong results…
Background Materials 23
Guidance for 2010 1Q10 FY2010 Production (MMCFE/d) 255 278 253 - 276 LOE (/MCFE) 1.40 1.45 1.33 1.38 Transportation (/MCFE) 0.18 0.23 0.20 0.25 Production taxes, as a % of pre-hedge oil & gas revenue 7% 7% G&A cash (/MCFE) 0.47 0.50…
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