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DUG CONFERENCE – Approach Resources, Inc.

Approach Resources, Inc. · May 16, 2012 · 17 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. DUG CONFERENCE – Approach Resources, Inc. – slide 1
    WOLFCAMP OIL SHALE RESOURCE PLAY WORLD CLASS RESOURCE IN THE WORLD CLASS PERMIAN BASIN DEVELOPING UNCONVENTIONAL OIL MAY 16, 2012 QINGMING YANG, EXECUTIVE VP BUSINESS DEVELOPMENT & GEOSCIENCES
  2. DUG CONFERENCE – Approach Resources, Inc. – slide 2
    Company Overview AREX OVERVIEW ASSET OVERVIEW Enterprise value 1.2 BN High quality reserve base 77 MMBoe proved reserves, 61% Oil & NGLs 99% Permian Basin Permian core operating area 165,700 gross (145,000 net) acres 500+…
  3. DUG CONFERENCE – Approach Resources, Inc. – slide 3
    Track Record of Reserve and Production Growth RESERVE GROWTH PRODUCTION GROWTH 90 7.0 80 6.0 70 5.0 60 50 4.0 40 3.0 30 2.0 20 1.0 10 0 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2004 2005 2006 2007 2008 2009 2010 2011…
  4. DUG CONFERENCE – Approach Resources, Inc. – slide 4
    AREX Wolffork Drilling Targets & Resource Potential Horizontal Vertical Vertical Wolffork Vertical Canyon PLAY TYPE Wolfcamp Wolffork Recompletion Wolffork EUR (MBoe) 450 110 93 193 Targeted well cost ( MM) 5.5 1.2 0.75 1.5 F&D (…
  5. DUG CONFERENCE – Approach Resources, Inc. – slide 5
    Permian Basin World Class Petroleum Basin 250 miles by 300 miles 1st commercial oil accumulation (Westbrook) discovered in 1921 Northwest Shelf Over 30 billion barrels of oil produced over last 90 years Largest oil and gas…
  6. DUG CONFERENCE – Approach Resources, Inc. – slide 6
    Distribution of US Lower 48 Oil Fields Ranked in the Top 50 WILLISTON BASIN MICHIGAN BASIN GREEN RIVER UINTA-PICEANCE DENVER BASIN JULESBURG APPALACHIAN Belridge South BASIN BASIN Elk Hills ILLINOIS BASIN ANADARKO…
  7. DUG CONFERENCE – Approach Resources, Inc. – slide 7
    AREX Wolfcamp Oil Shale Resource Play Large, primarily contiguous acreage position Liquids-rich, multiple pay zones 165,700 gross (145,000 net) acres Low acreage cost 500 per acre 500+ MMBoe gross, unrisked resource potential…
  8. DUG CONFERENCE – Approach Resources, Inc. – slide 8
    Wolfcamp World Class Source Rock with Desirable Shale Properties Good - Core Porosity Richness Fair Poor Excellent 12.0 10.9 10.5 TOC (%) 1-2 10.4…
  9. DUG CONFERENCE – Approach Resources, Inc. – slide 9
    Over 2,500 Feet of Gross Pay in the Clearfork & Wolfcamp AREX Baker A 112 LLD OHMM DPHI BVW 0.2 20 200 2,000 0.3 -0.1 0.2 0 GR API MSFL OHMM NPHI Free Hydrocarbon 0 200 0.2 20 200 2,000 0.3 -0.1 0.2 0 0.2 20 200 2,000 0.3 -0.1…
  10. DUG CONFERENCE – Approach Resources, Inc. – slide 10
    Horizontal Wolfcamp Targets POTENTIAL HORIZONTAL WOLFCAMP TARGETS STRATIGRAPHIC SYSTEM UNIT Clearfork/Spraberry WOLFCAMP A Pilot Permian Dean Wolfcamp Transitioning to Canyon WOLFCAMP B Development Pennsylvanian Strawn…
  11. DUG CONFERENCE – Approach Resources, Inc. – slide 11
    Distribution of IP Rates Horizontal Wolfcamp Wells WOLFCAMP OIL SHALE RESOURCE PLAY SOUTHERN MIDLAND BASIN Available Data = 65 HZ Wells P50 504 BOEPD Probability of Occurrence (%) 1% Majority Completed Last 12 Months…
  12. DUG CONFERENCE – Approach Resources, Inc. – slide 12
    Horizontal Wolfcamp Well Performance 24-HOUR INITIAL PRODUCING RATES B ZONE 1,400 1,200 1,000 Avg. IP 926 BOEPD BOEPD 800 600 400 Avg. IP 299 BOEPD 200 0 CT M 901H U 42 21 1H CT G 701H U 45 A 701H U 45 D…
  13. DUG CONFERENCE – Approach Resources, Inc. – slide 13
    Horizontal Wolfcamp Well Performance AVG. 30 DAY RATES B ZONE 700 600 Avg. 30-Day Rate 548 BOEPD 500 BOEPD 400 300 Avg. 30-Day Rate 207 BOEPD 200 100 0 CT M 901H U 42 21 1H CT G 701H U 45 A 701H U 45 D…
  14. DUG CONFERENCE – Approach Resources, Inc. – slide 14
    Horizontal Wolfcamp Economics Horizontal BTAX IRR SENSITIVITIES Play Type Wolfcamp 60 50 Avg. EUR 450 MBoe 40 IRR (%) Targeted Well Cost 5.5 MM 30 20 F&D 12.22/Boe 10 Potential Locations 500 0 350 400 450 500 550…
  15. DUG CONFERENCE – Approach Resources, Inc. – slide 15
    Wolfcamp Oil Shale Play Widespread, Thick, Consistent & Repeatable 16
  16. DUG CONFERENCE – Approach Resources, Inc. – slide 16
    Oil Shale Play Comparison How does the Clearfork and Wolfcamp stack up against other commercial oil shale plays Barnett Oil SHALE Wolffork Bakken Eagle Ford Niobrara Combo BASIN Midland Williston Fort Worth South Texas DJ Basin…
  17. DUG CONFERENCE – Approach Resources, Inc. – slide 17
    Key Takeaways The WOLFCAMP Is a world class source rock located in peak oil generation and early gas generation window The WOLFCAMP Has storage space, including matrix porosity, natural fractures, and organic materials…

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