Attached files
| file | filename |
|---|---|
| 8-K - ROSE 8K JRCO PRESENTATION - NBL Texas, LLC | rose8-kjrcoppt.htm |
Rosetta Resources Inc.
October 1, 2013
Jim Craddock
Chairman, Chief Executive Officer and President
Forward-Looking Statements and Terminology Used
This presentation includes forward-looking statements, which give the Company's current expectations or forecasts of future events based
on currently available information. Forward-looking statements are statements that are not historical facts, such as expectations regarding
drilling plans, including the acceleration thereof, production rates and guidance, resource potential, incremental transportation capacity,
exit rate guidance, net present value, development plans, progress on infrastructure projects, exposures to weak natural gas prices,
changes in the Company's liquidity, changes in acreage positions, expected expenses, expected capital expenditures, and projected debt
balances. The assumptions of management and the future performance of the Company are subject to a wide range of business risks and
uncertainties and there is no assurance that these statements and projections will be met. There are risks and uncertainties associated
with the Company’s recent acquisition of Permian Basin assets. Factors that could affect the Company's business include, but are not
limited to: the risks associated with drilling of oil and natural gas wells; the Company's ability to find, acquire, market, develop, and
produce new reserves; the risk of drilling dry holes; oil and natural gas price volatility; derivative transactions (including the costs
associated therewith and the abilities of counterparties to perform thereunder); uncertainties in the estimation of proved, probable, and
possible reserves and in the projection of future rates of production and reserve growth; inaccuracies in the Company's assumptions
regarding items of income and expense and the level of capital expenditures; uncertainties in the timing of exploitation expenditures;
operating hazards attendant to the oil and natural gas business; drilling and completion losses that are generally not recoverable from
third parties or insurance; potential mechanical failure or underperformance of significant wells; availability and limitations of capacity in
midstream marketing facilities, including processing plant and pipeline construction difficulties and operational upsets; climatic conditions;
availability and cost of material, supplies, equipment and services; the risks associated with operating in a limited number of geographic
areas; actions or inactions of third-party operators of the Company's properties; the Company's ability to retain skilled personnel; diversion
of management's attention from existing operations while pursuing acquisitions or dispositions; availability of capital; the strength and
financial resources of the Company's competitors; regulatory developments; environmental risks; uncertainties in the capital markets;
general economic and business conditions; industry trends; and other factors detailed in the Company's most recent Form 10-K, Form 10-
Q and other filings with the Securities and Exchange Commission. If one or more of these risks or uncertainties materialize (or the
consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially
from those forecasted or expected. The Company undertakes no obligation to publicly update or revise any forward-looking statements
except as required by law. For filings reporting year-end 2012 reserves, the SEC permits the optional disclosure of probable and possible
reserves. The Company has elected not to report probable and possible reserves in its filings with the SEC. We use the term “net risked
resources” or “inventory” to describe the Company’s internal estimates of volumes of natural gas and oil that are not classified as proved
reserves but are potentially recoverable through exploratory drilling or additional drilling or recovery techniques. Estimates of unproved
resources are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk
of actually being realized by the Company. Estimates of unproved resources may change significantly as development provides
additional data, and actual quantities that are ultimately recovered may differ substantially from prior estimates.
on currently available information. Forward-looking statements are statements that are not historical facts, such as expectations regarding
drilling plans, including the acceleration thereof, production rates and guidance, resource potential, incremental transportation capacity,
exit rate guidance, net present value, development plans, progress on infrastructure projects, exposures to weak natural gas prices,
changes in the Company's liquidity, changes in acreage positions, expected expenses, expected capital expenditures, and projected debt
balances. The assumptions of management and the future performance of the Company are subject to a wide range of business risks and
uncertainties and there is no assurance that these statements and projections will be met. There are risks and uncertainties associated
with the Company’s recent acquisition of Permian Basin assets. Factors that could affect the Company's business include, but are not
limited to: the risks associated with drilling of oil and natural gas wells; the Company's ability to find, acquire, market, develop, and
produce new reserves; the risk of drilling dry holes; oil and natural gas price volatility; derivative transactions (including the costs
associated therewith and the abilities of counterparties to perform thereunder); uncertainties in the estimation of proved, probable, and
possible reserves and in the projection of future rates of production and reserve growth; inaccuracies in the Company's assumptions
regarding items of income and expense and the level of capital expenditures; uncertainties in the timing of exploitation expenditures;
operating hazards attendant to the oil and natural gas business; drilling and completion losses that are generally not recoverable from
third parties or insurance; potential mechanical failure or underperformance of significant wells; availability and limitations of capacity in
midstream marketing facilities, including processing plant and pipeline construction difficulties and operational upsets; climatic conditions;
availability and cost of material, supplies, equipment and services; the risks associated with operating in a limited number of geographic
areas; actions or inactions of third-party operators of the Company's properties; the Company's ability to retain skilled personnel; diversion
of management's attention from existing operations while pursuing acquisitions or dispositions; availability of capital; the strength and
financial resources of the Company's competitors; regulatory developments; environmental risks; uncertainties in the capital markets;
general economic and business conditions; industry trends; and other factors detailed in the Company's most recent Form 10-K, Form 10-
Q and other filings with the Securities and Exchange Commission. If one or more of these risks or uncertainties materialize (or the
consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially
from those forecasted or expected. The Company undertakes no obligation to publicly update or revise any forward-looking statements
except as required by law. For filings reporting year-end 2012 reserves, the SEC permits the optional disclosure of probable and possible
reserves. The Company has elected not to report probable and possible reserves in its filings with the SEC. We use the term “net risked
resources” or “inventory” to describe the Company’s internal estimates of volumes of natural gas and oil that are not classified as proved
reserves but are potentially recoverable through exploratory drilling or additional drilling or recovery techniques. Estimates of unproved
resources are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk
of actually being realized by the Company. Estimates of unproved resources may change significantly as development provides
additional data, and actual quantities that are ultimately recovered may differ substantially from prior estimates.
2
|
Leverage
High-Grade Asset Base
|
• Grow new core area in Permian Basin; vertical and horizontal applications
• Maintain position as a leading operator in the high-return Eagle Ford play
• Develop combined inventory of approximately 640 MMBoe in liquids-rich Eagle
Ford and oil-weighted Permian Basin |
|
|
|
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|
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Successfully
Execute Business Plan
|
• Grow total production and liquids volumes while applying cross-basin knowledge
• Maintain competitive overall cost structure and margins
• Capture firm transportation and processing capacity
|
|
|
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|
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Test Future Growth
Opportunities |
• Evaluate previously untested Eagle Ford acreage
• Continue testing optimal Eagle Ford and Wolfbone well spacing
• Pursue new growth targets through bolt-on acquisitions in core areas
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Maintain
Financial Strength
& Flexibility |
• Actively manage and monitor use of debt
• Maintain adequate liquidity throughout cycles
• Manage exposure to commodity price risk through prudent hedging program
|
|
|
|
Company Strategy - Key Elements
3
Rosetta Resources Asset Overview
4
Eagle Ford
64,650 net acres
Central Dimmit Co. Area
8,496 net acres, Dimmit Co.
8,496 net acres, Dimmit Co.
Tom Hanks
3,461 net acres, LaSalle Co.
3,461 net acres, LaSalle Co.
Lopez Farm-In
505 net acres, Live Oak Co.
505 net acres, Live Oak Co.
Karnes Trough Area
1,902 net acres in oil window
1,902 net acres in oil window
Dewitt & Gonzales Co.
Briscoe Ranch
3,545 net acres, Dimmit Co.
3,545 net acres, Dimmit Co.
Encinal
13,756 net acres, Webb & LaSalle Co.
13,756 net acres, Webb & LaSalle Co.
Undelineated
6,754 net acres
6,754 net acres
Gates Ranch
26,230 net acres, Webb Co.
26,230 net acres, Webb Co.
Permian
Gaines Co.
Midland Basin - Exploratory
13,124 net acres
|
Market Summary
(September 27 Close) |
Ticker:
|
ROSE
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|
Market capitalization:
|
$3.3 billion
|
|
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Share price:
|
$54.04
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Enterprise value:
|
$4.3 billion
|
Reeves Co.
Delaware Basin - Delineated
40,182 net acres
Permian
0
10
20
Miles
Divested ~11 MMBoe
Acquired ~145 MMBoe
2
1. Assumes acquisition completed as of 1/1/13.
2. Assumes production contribution from Permian assets effective on the May 14, 2013 close date.
1
2
Strong Growth Track Record
Risked Resource Potential
(MMBoe)
Production
(MBoe/d)
5
2013 Capital Program ($840-$900 Million1)
6
• Continued focus on oil and liquids-rich development
1. 2013 Guidance; Includes capitalized interest and other corporate costs; Excludes acquisition capital.
2. Assumes mid-point of 2013 production guidance over 2012 average daily production.
Other
11%
Permian
20%
Eagle Ford
69%
Other
11%
Facilities
7%
Drill & Complete
82%
• Rig Programs
• Eagle Ford: Five to six rigs
• Permian - Delaware Basin: Three rigs growing to six rigs (four rigs in Jun.; five rigs in Sep.)
• Fund base capital program from internally-generated cash flow supplemented by
borrowings under credit facility
borrowings under credit facility
Generate ~40% production growth over 20122
7
EAGLE FORD - ESTABLISHED CORE AREA
Gates Ranch
26,230 net acres in Webb County
26,230 net acres in Webb County
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Jun 30, 2013 Summary
|
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Completions to date:
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119 gross completions
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Locations remaining:
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313 net well locations1
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Average Well Characteristics
|
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Well Costs:
|
$6.5 - $7.0 MM
|
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Spacing:
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55 acres (475 feet apart)
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Composite EUR:
|
1.67 MMBoe
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Condensate Yield:
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65 Bbls/MMcf
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NGL Yield:
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110 Bbls/MMcf
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Shrinkage:
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23%
|
18 wells drilled yet to be completed
2Q 2013: 11 completions
1. Under current 55-acre spacing assumptions
55 wells
Our largest continuous group
of producing wells spaced on
55 acres
of producing wells spaced on
55 acres
Well Performance on 55 acres
Compared to similar offsetting wells spaced at 100 acres
Compared to similar offsetting wells spaced at 100 acres
The 55 wells are performing in
line with comparable offsetting
wells drilled and completed early
in the development of the area
and spaced on 100 acres …
line with comparable offsetting
wells drilled and completed early
in the development of the area
and spaced on 100 acres …
9
Gates Ranch
“Upper Eagle Ford” Pilots
“Upper Eagle Ford” Pilots
10
475
’
’
Drilling Time Performance
Gates Ranch Differential Well Performance
12
Webb County Eagle Ford - Time Normalized Gas Equivalents
Wet Gas/Condensate Window
ROSETTA RESOURCES
Eagle Ford Production
Briscoe Ranch
3,545 net acres in southern Dimmit County
3,545 net acres in southern Dimmit County
19 wells drilled yet to be completed
13
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Jun 30, 2013 Summary
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Completions to date:
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4 gross completions
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Locations remaining:
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64 net well locations
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Average Well Characteristics
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Well Costs:
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$6.5 - $7.0 MM
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Spacing:
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50 acres (425 feet apart)
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Condensate Yield:
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100 Bbls/MMcf
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NGL Yield:
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130 Bbls/MMcf
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Shrinkage:
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23%
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Central Dimmit County Area
8,496 net acres located in Dimmit County
8,496 net acres located in Dimmit County
14
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Jun 30, 2013 Summary
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Completions to date:
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12 gross completions
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Locations remaining:
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104 net well locations
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Average Well Costs
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Light Ranch & Vivion:
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$5.5 - $6.0 MM
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Lasseter & Eppright:
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$6.5 - $7.0 MM
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2Q 2013: Total 3 completions
3 completions
2Q 2013: 1 completion
2Q 2013: 1 completion
Lasseter & Eppright
Light Ranch
6 total completions
1 well drilled yet
to be completed
1 well drilled yet
to be completed
Vivion
3 completions
2Q 2013: 2 completions
2Q 2013: 2 completions
Lopez Farm-In
505 net acres in Live Oak County
505 net acres in Live Oak County
15
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Jun 30, 2013 Summary
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Farm-In from Killam Oil
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BPO:
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100% WI, 75% NRI
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APO:
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65% WI, 48.75 NRI
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Completions to date:
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1 completion - discovery well
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Locations remaining:
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7 net well locations
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Average Well Characteristics
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Well Costs:
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$7.5 - $8.0 MM
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Spacing:
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~50 acres (400 feet apart)
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2Q 2013: 1 completion
7-day gross stabilized IP
1,966 Boe/d
(46% oil / 24% NGLs)
Tom Hanks
3,461 net acres in LaSalle County
3,461 net acres in LaSalle County
16
1 EF well drilled yet to be completed
2Q 2013: 1 EF completion
• 1 completion - exploration
• Un-stabilized test rate at 5 MMcf/d
• Gas content includes 1% H2S
Pearsall Well
Eagle Ford Well
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Jun 30, 2013 Summary
|
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Completions to date:
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2 gross completions
• Eagle Ford (EF) development
• Pearsall exploration
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Average EF Well Characteristics
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Well Costs:
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$5.5 - $7.0 MM
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Spacing:
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~50 acres (400 feet apart)
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Completions to date:
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1 completion - discovery well
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Locations remaining:
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56 net well locations
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7-day gross stabilized IP
657 Boe/d (91% oil)
657 Boe/d (91% oil)
17
PERMIAN BASIN - NEW CORE AREA
1. 68,000 gross acres
2. ~76% for operated acreage
3. Under 20-acre spacing assumptions
Permian - Reeves County
40,182 net acres1
40,182 net acres1
18
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Jun 30, 2013 Summary
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||
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Working Interest:
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~60% average2 overall
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Net Production:
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3,100 Boe/d total net production
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Operated Production:
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64 wells currently producing 2,500 Bo/d
and 5 MMcf/d |
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Non-operated Production:
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36 wells
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Locations remaining:
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~1,500 net vertical Wolfbone locations3
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||
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Wolfbone Area
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Central
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East
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Well Costs ($MM, Target):
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$3.5
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$3.5
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% Oil:
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70%
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65%
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% NGL:
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16%
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19%
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HIGHLIGHTS
|
|
Reeves
County |
Vertical
Wolfbone |
• 40-acre development; 145 MMBoe net
risked resources; ~1,300 gross locations • Tighter-spacing potential
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Horizontal
Wolfcamp |
• Early stage - operators testing upper and
middle Wolfcamp • Completed 4 horizontals in acquired area
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Avalon /
Bone Spring |
• Additional horizontal upside potential
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Other
Formations |
• May ultimately recognize upside in
deeper, gas-prone formations • Likely requires higher gas price
environment |
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Gaines County
Exploration Play
|
• Exploration play; no wells drilled to date
• Wolfcamp is a likely target
|
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19
Permian - Reeves County Asset Potential
Stacked Zones Provide Collection of Vertical/Horizontal Development Opportunities
Stacked Zones Provide Collection of Vertical/Horizontal Development Opportunities
~145 MMBoe of recoverable reserves on 40
-acre spacing represents less than 5% of
estimated total hydrocarbons in place
-acre spacing represents less than 5% of
estimated total hydrocarbons in place
Base Case
Upside
Reeves County
Reeves County - Pecos Area Horizontal Wells
20
Rosetta Operated
Rosetta Non-Operated
Other Operators
Permitted Horizontals
0
10,000
20,000
30,000
Feet
• Significant horizontal industry
activity
activity
• Multiple target reservoirs
• Eight Rosetta-operated
horizontal wells--drilled by
Comstock & Eagle
horizontal wells--drilled by
Comstock & Eagle
|
|
Net acres
|
Drilling rig
activity |
Wells
completed |
Wells awaiting
completion |
Well Spacing
|
Remaining
locations |
Avg Cost /
Well ($M) |
Rig years
(16 wells/year) |
Years remaining
|
|
Gates Ranch
(75% NRI) |
26,230
|
2 - 3
|
119
|
18
|
55
|
313
|
$6.5 - $7.0
|
20
|
|
|
Briscoe Ranch
(81.3% NRI) |
3,545
|
1
|
4
|
19
|
50
|
64
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$6.5 - $7.0
|
4
|
|
|
Central Dimmit1
(75 - 77% NRI) |
8,496
|
1
|
12
|
1
|
60
|
104
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$5.5 - $7.0
|
7
|
|
|
Karnes Trough2
(75 - 80% NRI) |
1,902
|
-
|
19
|
6
|
60
|
0
|
$7.5 - $8.0
|
0
|
|
|
Tom Hanks
(77% NRI) |
3,461
|
0 - 1
|
1
|
1
|
50
|
56
|
$5.5 - $7.0
|
3
|
|
|
Lopez
(75% NRI) |
505
|
1
|
1
|
0
|
50
|
7
|
$7.5 - $8.0
|
1
|
|
|
Undelineated Acreage3
(75 - 77% NRI) |
6,754
|
0 - 1
|
0
|
0
|
50 - 70
|
47
|
$5.5 - $7.0
|
3
|
|
|
Encinal
(75 - 77% NRI) |
13,756
|
-
|
4
|
0
|
80
|
178
|
$6.5 - $7.0
|
11
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Total Eagle Ford
|
64,650
|
5 - 6
|
160
|
45
|
50 - 80
|
769
|
$5.5 - $8.0
|
48
|
13
(60 wells per year)
|
|
Tom Hanks (Pearsall)
|
Included
Above
|
-
|
1
|
0
|
60
|
39
|
Exploration
|
2
|
|
|
Permian (Reeves Co.)
|
40,182
|
4 - 6
|
3
|
2
|
20
|
1,569 4
|
$3.5
(Target)
|
98
|
16
(~96 wells per year)
|
|
Total Company
|
104,832
|
9 - 12
|
164
|
47
|
20 - 80
|
2,377
|
$3.5 - $8.0
|
148
|
13 - 16
|
Total Company Inventory
+/- 2,400 net wells -- remaining as of 8/1/2013
+/- 2,400 net wells -- remaining as of 8/1/2013
1. Central Dimmit includes L&E, Vivion and Light Ranch
2. Karnes Trough area includes Dubose and Klotzman
3. Denotes roughly 6,800 net acres in the liquids window of the play
4. Assumes 20-acre spacing, vertical wells in Central and East areas.
21
22
MARKETING AND FINANCIAL OVERVIEW
Gas Transportation Capacity
Firm gross wellhead gas takeaway
• 245 MMcf/d today
Four processing options - Gathering (Plant)
• Regency (Enterprise Plants)
• Energy Transfer “ETC” Dos Hermanas (King Ranch)
• Eagle Ford Gathering (Copano Houston Central)
• ETC Rich Eagle Ford Mainline (LaGrange/Jackson)
Oil Transportation Capacity
Gates Ranch, Briscoe Ranch & Central Dimmit Co.
• Plains Crude Gathering - Firm gathering capacity of 25,000 Bbls/d to
Gardendale hub with up to 60,000 Bbls storage; operating since April 2012
Gardendale hub with up to 60,000 Bbls storage; operating since April 2012
Karnes Trough
• Rosetta-owned oil truck-loading facility operating since late July 2012
• Trucking readily available
Eagle Ford Multiple Takeaway Options
Gates Ranch NGL
Breakdown August 2013
23
Oil
• Currently trucked from leases
• WTI Midland to WTI Cushing basis back to normal (currently -$0.35 per Bbl)
• Oil gravity range 45 - 49 degrees and receives no gravity deducts
Natural Gas
• Gas is rich and is processed at two plants
• Most leases under long-term gathering agreement
• Residue gas sales tied to Waha and Permian indices
NGLs
• NGLs extracted under firm, multi-year gathering/processing agreements
• Combination of net proceeds and Mont Belvieu pricing
Permian Basin Marketing
24
$40.64
$41.96
$80.16
X
$115.71
$83.33
X
$109.63
$95.72
$93.13
$88.17
1
1. Fixed price is based on weighted average of all components of the NGL barrel.
Commodity Derivatives Position - September 24, 2013
25
Liquidity
Adequate liquidity available to fund 2013 $840 - $900 million capital program
Borrowing base raised from $625 million to $800 million on April 12, 2013
Note: Permian Basin acquisition closed on May 14, 2013
26
Investment Summary
• Drill-bit focused producer with large acreage positions in
liquids-rich Eagle Ford and oil-weighted Permian Basin
plays
liquids-rich Eagle Ford and oil-weighted Permian Basin
plays
• Attractive new core Delaware Basin position
• Successful operator in the high-return Eagle Ford area
• Large inventory of future growth opportunities
• Financial strength and flexibility; conservative philosophy
27
“Rosetta Resources - Building Rock Solid Value”
28
APPENDIX
Karnes Trough Area
1,902 net acres located in oil window
1,902 net acres located in oil window
29
|
Jun 30, 2013 Summary
|
|
|
Completions to date:
|
19 gross completions
|
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Locations remaining:
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As of August, all wells on production
|
|
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|
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Klotzman (Dewitt County)
|
|
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Completions:
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15 gross total completions
|
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Adele Dubose (Gonzales County)
|
|
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Completions:
|
4 gross completions
|
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Locations remaining:
|
6 gross wells yet to be completed as
of June 30th; all on production in August |
Capital Efficiency
30
Source: EnerCom E&P Weekly July 26, 2013 report
Definitions: TTM - Trailing Twelve months as of 3/31/2013 unless otherwise noted
Capital Efficiency - A metric that approximates cash flow generated for each investment dollar. Calculated as (trailing twelve month EBITDA / trailing twelve month production) / 3-Year F&D cost per Mcfe
Attractive Well Economics
Note: Reserves and Economic metrics are “Unrisked”.
Oil price assumptions, $/Bbl - $91.72 in 2013, $89.88 in 2014, $95.00 thereafter. NGL price assumptions, $/Bbl - $42.77 in 2013, $41.91 in 2014, $44.30 thereafter.
Gas price assumptions, $/MMBtu - $3.71 in 2013, $4.10 in 2014, $4.60 thereafter.
|
|
Gates Ranch
North
|
Gates Ranch
South
|
Briscoe
Ranch |
Klotzman
|
L&E
|
Adele
Dubose |
Vertical
Wolfbone Central |
Vertical
Wolfbone East |
|
Average WI / NRI
|
100% / 75%
|
100% / 75%
|
100% /
81.3% |
100% /
75%
|
100% /
75%
|
100% /
80%
|
71% /
53%
|
55% /
41%
|
|
Average Cost / Well
($M) |
$6.5 - $7.0
|
$6.5 - $7.0
|
$6.5 - $7.0
|
$7.5 - $8.0
|
$6.5 - $7.0
|
$7.5 - $8.0
|
$3.5
|
$3.5
|
|
Gross IP (Boe/d)
|
1,240
|
1,340
|
1,995
|
2,460
|
960
|
890
|
235
|
265
|
|
Gross Reserves
(MBoe) P50, Unrisked
|
1,400
22% oil/
34% NGL
|
1,900
18% oil/
35% NGL
|
893
28% oil/
34% NGL
|
665
71% oil/
12% NGL
|
894
40% Oil/
30% NGL
|
303
75% oil/
14%NGL
|
260
70% oil/
16% NGL
|
230
65% oil/
19% NGL
|
|
Rate of Return
BFIT (%) |
70%
|
87%
|
167%
|
172%
|
75%
|
44%
|
34%
|
26%
|
|
PV10 BFIT ($M)
|
12,361
|
17,690
|
17,175
|
16,424
|
12,341
|
4,771
|
1,790
|
1,200
|
|
Payout BFIT (yrs)
|
1.22
|
1.06
|
0.55
|
0.49
|
1.13
|
1.55
|
2.62
|
3.15
|
|
Net Developed
F&D ($/Boe) |
6.52
|
4.61
|
8.94
|
16.44
|
9.84
|
32.35
|
17.95
|
20.29
|
31
Permian - Reeves County
Vertical Wolfbone
Vertical Wolfbone
32
Central
East
Normalized Time (year)
Normalized Time (year)
|
Wolfbone Area
|
Central
|
East
|
|
Well Costs ($MM, Target):
|
$3.5
|
$3.5
|
|
Spacing:
|
20-acre
|
20-acre
|
|
30-Day IP Boepd (gross):
|
235
|
265
|
|
Composite EUR Mboe (gross):
|
260
|
230
|
|
% Oil:
|
70%
|
65%
|
|
% NGL:
|
16%
|
19%
|
Gates Ranch Well Performance - North & South Areas
Composite Type Curve - 1.7 MMBoe
(19% Oil / 35% NGLs)
South Type Curve - 1.9 MMBoe
(18% Oil / 35% NGLs)
North Type Curve - 1.4 MMBoe
(22% Oil / 34% NGLs)
Discovery well:
Shortest lateral at
3,500’ and only
3,500’ and only
10 frac stages
(days)
33
P50 Type Curve - 893 MBoe
(28% Oil / 34% NGLs)
Briscoe Ranch
(days)
Initial Well
34
Karnes Trough Area - Klotzman
P50 Type Curve - 665 MBoe
(71% Oil / 12% NGLs)
(days)
35
Karnes Trough Area - Adele Dubose
(days)
P50 Type Curve - 303 MBoe
(75% Oil / 14% NGLs)
36
(days)
P50 Type Curve - 894 MBoe
(40% Oil / 30% NGLs)
Central Dimmit - Lasseter & Eppright
37
Debt and Capital Structure
350
250
883
879
410
1,214
($MM)
($MM)
1,090
2,356