Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Company Overview
March 2012
Confidential
Corporate Overview
Privately held company, founded in 1987, engaged in onshore conventional oil and gas acquisition, exploitation, exploration and production Our diverse asset base is characterized by low-risk, repeatable opportunities in well-established fields, which allows us to cost effectively grow reserves and production Seasoned management and technical team that creates value by rigorously applying new technology and new knowledge in established fields and areas that are underdeveloped or over-looked Since 2007, increased proved reserves and production at 31% and 52% CAGR, respectively
Key Metrics1
Proved Reserves (SEC Case) Proved Reserves PV10 (SEC Case) Crude Oil Proved Reserves Future Total Proved Revenue from Oil % Proved Developed R/P 2011 Production 2012E CAPEX (Drill, Facilities) Dec 2011 Production Mix (Gas / Oil) 348 BCFE $1,070 MM 38% 73% 72% 8.7x 114 MMCFED $220-$240 MM 69% / 31%
Reserve statistics and R/P metric as of Year End 2011 SEC Reserve Report
Attractive Economics Proven Geology Multiple Pay Zones Repeatability Control Over Pace of Development Available Rigs and Services Established Infrastructure Stable Regulatory Environment
4
Proved Reserves
Proved Reserves by Type (Bcfe)
72% of Proved Reserves are Developed
PUD 96 BCFE 28%
Gas Oil
Oklahoma $207 MM
EBITDAXGrowth($MM)
$323.9 Annual EBITDAX ($ in Millions) $250 $201 $200 $146
$238.4
$150
$102.3
2011
ProductionGrowth(Bcfe)
45 40 Annual Production (Bcfe) 35 30 25 20 15 10 5 0 2007
1 2
LeaseandPlantOperatingExpense($/Mcfe)
41.5 $2.50 $2.15
$2.00
$1.50
$1.35
$1.00
$0.50
2008
2009
PF 2010 2
2011
2011
Excludes unrealized hedging gains and other revenues. Pro forma adjustments for Meridian for entire 1H 2010.
CAPEX Focus
SLA
%Gas 8%
% Liquids 92%
2011E
2012E
Other
$6.04 60,000
$5.91
30,000
20,000
$2.00
10,000
$1.00
NYMEX as of 3/22/2012
Oil Hedges
Daily Hedged Volumes and Average Floor Prices
6,000 $120
2013 Swap Contracts Collar Contracts
5,000
$101.92
$100
$91.32 4,000
$121.22 $132.00 $108.25 $100.69 $105.00 $95.00 $80.69 $85.00 $75.00 $84.35 $92.64 $108.80 $87.15 $95.19 $63.84 $94.74 $92.75 $123.90 $90.00 $127.00 $70.00 $77.00 $92.35 $90.00 $85.00 $79.00 $60.00
$80
Bbl/d
3,000
$60
Short Swaps Short Swaps Short Call Options Long Put Options Long Call Options Short Put Options Short Call Options Long Put Options Short Put Options
$125.91 $133.00 $120.10 $110.07 $115.00 $95.00 $83.09 $90.00 $70.00 $87.63 $105.48 $125.70 $85.33 $65.33 $91.05 $105.48 $133.50 $90.00 $70.00 $81.00 $105.48 $107.50 $80.00 $60.00
2,000
$40
Short Swaps Short Swaps Short Call Options Long Put Options Short Put Options Long Put Options Short Put Options
1,000
$20
2015 Swap Contracts Collar Contracts
$100.00 $100.00 $100.00 $80.00 $80.00 $80.00 $99.30 $125.12 $87.57 $66.86 $94.95 $130.00 $95.00 $75.00 $99.30 $135.98 $90.00 $70.00 $95.00 $130.00 $95.00 $75.00 $99.30 $116.40 $85.00 $60.00 $94.90 $130.00 $95.00 $75.00
$0
Swap Contracts Collar Contracts
Short Swaps Short Call Options Long Put Options Short Put Options 2016 Short Swaps Short Call Options Long Put Options Short Put Options
Swaps
Puts
East Texas
Reserves 68 Bcfe PV10 ($MM) $203.4 % Gas (Reserves) 70% % Proved Developed 88% R/P 10.1x 4Q 2011 Prod 18.4 Mmcfed % Gas (Production) 62% 2012E Capex ($MM) $32 - $35
South Louisiana
Reserves 74 Bcfe PV10 ($MM) $293.2 % Gas (Reserves) 67% % Proved Developed 70% R/P 7.1x 4Q 2011 Prod 28.7 Mmcfed % Gas (Production) 54% 2012E Capex ($MM) $72 - $75
Hilltop
Reserves 85 Bcfe PV10 ($MM) $112.4 % Gas (Reserves) 99% % Proved Developed 72% R/P 5.5x 4Q 2011 Prod 42 Mmcfed % Gas (Production) 100% 2012E Capex ($MM) $23 - $25
Reserve statistics and R/P metric as of Year End 2011 SEC Reserve Report
10
Confidential
11
Our wells demonstrate positive effects with restricting rate early in well life
Post high IPs, wells experience severe decline; lower IPs equate to lower decline
60 Day Avg Rate 611 BOEPD 90 Day Avg Rate 597 BOEPD
10
Data set inclusive of initial 21 Eagle Ford wells ; production mix is 87% oil and 13% gas.
12
Liquids-rich gas from over 40 potential pay sands in the Yegua and Wilcox formations Anne Parsons field produces out of the Austin Chalk formation Low-risk expansions of well established fields discovered in 1950s and 1960s by Amoco and other large companies Applying modern geological analysis and engineering techniques to drive production and reserve growth Took over Cold Springs operations in Q22011
13
BCF
0 25 53 55 60 72
0 27 80 82 189 195
Wilcox Discovery Famcor Purchase Urbana A-8 confirms lowresistivity pay Alta Mesa purchases 50% Famcor, other WI West Cold Springs extension proved Purchased remaining 50% of Famcor East CS WI; Rediscover 7900 oil sand 14
100 BCF
200
Reserve data as of year end 2011 SEC Reserve Report 2 Permitted and producing HZL wells with target of Woodbine and/or Eagle Ford formations; data through March 2012
15
Long-standing focus area of Alta Mesa team Primary fields are South Hayes and Weeks
Island
Biloxi Marshland
Data is inclusive of all assets in Louisiana. Reserve data as of year end 2011 SEC Reserve Report
16
Discovered by Shell in 1945 Significant oil field characterized by low-risk, multi-pay targets Continuous 2012 drilling program underway 18 PDNP and 18 PUD locations booked, with multiple additional locations identified for 20+ MMBOE potential Drilling targets developed through intense, multi-discipline analysis of geologic, geophysical, and engineering data Ability to increase production and lower costs by optimizing facilities
18
AMH Acreage
19
Key Considerations
Average 25+ years industry and technical experience Strong Management Team Successfully completed over $340mm of acquisitions at $1.61/mcfe1 with Proven Since 2007, increased proved reserves and production at 31% and 52% Track Record CAGR, respectively
High Quality & Diversified Asset Portfolio
Diverse asset base with significant drilling opportunities 38% of reserve volume from oil and liquids (31% of Dec11 production) Approximately 2/3rds of oil production is indexed to LLS pricing 77% of wells are controlled by operations2 All-source 3-year avg. F&D of $2.17/Mcfe compares favorably to peers3 2011 LOE of $1.51/mcfe Multi-year drilling inventory with 125 current PUD locations >100% of PDP volume hedged through 2016
Low-Risk & Significant positions in Oklahoma, East Texas Wilcox and South Multi-Year Drilling Louisiana; upside from Eagle Ford shale and Eaglebine positions Inventory
1 2
20
Contact Information
www.altamesa.net
3-28-12 21