laramie energy, llc...2016/08/18 · laramie energy –brief history laramie i (2004 to 2007)...

EnerCom Conference

August 18, 2016

Laramie Energy, LLC

Forward Looking Statements / Disclaimers

The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does notpurport to contain all of the information you may consider important. Any estimates or projections with respect to future performance havebeen provided to assist you in your evaluation but should not be relied upon as an accurate representation of future results.

Certain statements, estimates and financial information contained in this presentation constitute forward-‐looking statements. Such forward-looking statements involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from theresults implied or expressed in such forward-‐looking statements. While presented with numerical specificity, certain forward-looking statementsare based (1) upon assumptions that are inherently subject to significant business, economic, regulatory, environmental, seasonal andcompetitive uncertainties, contingencies and risks including, without limitation, our ability to reduce costs and improve operating and financialperformance, our assumptions regarding the Piceance basin and the continued low gas price differential in the Piceance basin, our assumptionsregarding regional demand and pipeline capacity, our ability to continue to drill successfully, our assumptions regarding fracking size andreserves, our assumptions regarding drilling and completion capital expense, our ability to continue significant drilling time and cost reductions,our ability to pursue and successfully complete our go-forward business plan, including our ability to grow our asset position, re-start ourcompletion program in 2016, re-start our drilling program, integrate acreage recently acquired, successfully leverage scale, maintain our low-leveraged balance sheet and active hedging program, and achieve production, reserve, and EBITDA growth, and other known and unknown risks(all of which are difficult to predict and many of which are beyond the company's control) and (2) upon assumptions with respect to futurebusiness decisions that are subject to change.

There can be no assurance that the results implied or expressed in such forward-looking statements or the underlying assumptions will be realizedand that actual results of operations or future events will not be materially different from the results implied or expressed in such forward-looking statements. Under no circumstances should the inclusion of the forward-looking statements be regarded as a representation,undertaking, warranty or prediction by the company or any other person with respect to the accuracy thereof or the accuracy of the underlyingassumptions, or that the company will achieve or is likely to achieve any particular results. The forward-looking statements are made as of thedate hereof and the company disclaims any intent or obligation to update publicly or to revise any of the forward-looking statements, whetheras a result of new information, future events or otherwise, except as may be required by applicable law. Recipients are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, recipients are expressly cautioned not to put undue reliance onforward-looking statements due to the inherent uncertainty therein.

Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates

provided in this presentation may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s

reserves reporting guidelines. Resource estimates do not take into account the certainty of resource recovery and are therefore not indicative of

the expected future recovery and should not be relied upon. Resource estimates might never be recovered and are contingent on exploration

success, technical improvements in drilling access, commerciality and other factors.

2

Laramie Energy LLC - Introduction

Laramie Energy, LLC is a Denver-based natural gas and oil development company funded

by management, public, and private equity.

Public Equity: Par Pacific Holdings

Private Equity: Avista, EnCap, APriori, Wells Fargo, & Energy Trust

Bank Funding: JP Morgan Chase, Wells Fargo, US Bank, CIBC, and Capital One

Laramie’s fundamental business strategy has changed from an early “prove and move”

strategy to a full scale production growth strategy

Piceance Basin Focused (Western Colorado)

Williams Fork Tight Gas Sand Play

Mancos Shale Gas Play (includes Niobrara)

Concentration leads to reduced costs, EUR improvement, and more robust

development economics 3

Introduction

Colorado’s Piceance Basin

4

One of North America’s largest accumulations of natural gas

5 of the top 50 gas fields in the USA

Peaked at over 1.6 Bcf/d of production

20% of all Rockies gas production

84% gas, 16% NGLs and condensate

Primary operators: Terra, EnCana, ExxonMobil, Laramie, Ursa,

Caerus, Legacy

Core area across Mesa, Garfield, Rio Blanco Counties with virtually

all acreage locked up by existing operators

Over 12,000 wells drilled to date in the Williams Fork play

Emerging deeper play delineated with over 60 vertical and

horizontal wells in the Mancos / Niobrara

Laramie Energy – Brief History

Laramie I (2004 to 2007)

Invested $210 million of equity and $180 million of bank debt in the Piceance Basin

Drilled over 200 wells by ramping up to a 5-rig program

Built-out the area’s midstream system

Sold to Plains Exploration & Production (PXP) for approximately $1.1 billion in May 2007

Laramie Energy, LLC (2007 – present)

2007 – Restarted as a new company with the same private equity investors

2008 – Ran 4 rigs in the Piceance Basin before pulling back due to declining gas prices.

2012 - Acquired all of the bankrupt Delta Petroleum’s assets in the Piceance Basin, primarily by

issuing new equity to Delta’s bondholders through Delta’s Plan of Reorganization.

Delta emerged from bankruptcy under new management as Par Pacific Holdings, Inc.

as a successful operating company and significant Laramie Energy equity owner

(NYSE MKT: PARR)

3/1/2016 – Acquired +1,100 well asset base and approximately 72,000 net lease acres plus

24,000 mineral acres in the Piceance Basin including all of Laramie I’s previous assets sold to

PXP in 2007

5

Piceance Basin Keys for Success

Land / Contracts

High lease Net Revenue Interests (NRI’s)

Favorable Surface Use Agreements (surface ownership is valuable)

Optionality in Gathering & Processing Contracts

Operations

Manufacturing style drilling program

Large volume sandless slickwater fracs

Larger fracs, larger EUR’s

Sandless fracs reduce up-front capital & future LOE

Larger fracs require a change in drilling pattern

Large scale water infrastructure lowers overall water handling costs

Low operating costs (< $0.50/Mcfe)

6

Advantaged Interstate Pipeline Takeaway Capacity & Markets

Unlike the Eastern U.S., the Piceance Basin has completely unconstrained pipeline takeaway capacity due to the

construction of REX and Ruby pipelines and expansions of Kern River and Northwest pipelines during 2007 – 2010

Western market dynamics underpin a low Piceance Basin gas price differential for foreseeable future

Demand growth projected across Western U.S. and Mexico (and potential for LNG exports by 2018)

Production from San Juan Basin (NM) and Uinta Basin (UT) expected to decline

7MEXICO

+3 Bcf/d

Demand

+ 0.5 Bcf/d

Demand

+ 2.0 Bcf/d

Potential LNG Exports by

2018 from Jordan Cove

LNG Project

Piceance

Basin

Rockies Differentials to NYMEX vs. Eastern U.S.

8

Rockies Basis Strengthening Eastern Basis Weakening$0.50

- $1.50

- $1.00

- $0.50

$0.00

- $2.00

$ / MMBtu

($1.76)

($0.19)($0.23)

+ $0.33

($0.42)

($1.06)

2007 – 2010(before pipeline expansion)

2007 - 20102011 to now 3-yr fwd. strip(as of 9/9/15)

2011 to now 3-yr fwd. strip

$1.53

Increase

$1.39

Decrease

Northwest Rockies Index Dominion South Index

Attractive Rockies basis differentials due to regional demand and ample pipeline capacity

Laramie Overview – Summary Information

100% focused in Piceance Basin

+1,200 operated producing wells, +400 non-operated

All vertical/directional except for 2 horizontal wells

Production (June 2016): Net (w/ OBO)

Gas: 109 MMcfd

Condensate 310 Bpd

NGL’s: 4,700 Bpd

Equivalent: 140 MMcfed

Acreage: 367,027 Gross Acres / 136,000 Net Acres (+ 23,756 Acres Mineral Interest)

Drillable Locations:

Mesaverde +8,000 (10’s)

Mancos Shale +5,000 vertical (20’s) or 3,600 horizontal (320’s)

1P Reserves: 1.1 Tcfe Proved Mesaverde + 8 Mancos PDP wells

2P Reserves: 8.2 Tcfe Add Probable Mesaverde locations

3P Reserves: 37 Tcfe Add Possible Mancos locations

9

Primary Producing Formations

Williams Fork

Basin centered gas

Fluvial deposition

3000 feet of stacked sand bars

averaging 6 acres in size

Sourced by Cameo Coals & Mancos

Gas column increases w/ depth

Liquids-rich (1100 Btu w/ NGLs)

Drilled on 10-acre density

Mancos

Deepwater marine shale

Bottom 1/3rd is the Niobrara

3800 feet of productive shale

Over-pressured (>18ppg) in heart of

basin

Dry gas (slightly <1000 Btu/scf)

10

Rollins Structure Map

Mancos/Niobrara BH PSI

11

Piceance Basin Development - Pad Drilling of Directional Wells

Williams Fork Formation

Stacked, tight-sand gas reservoir

Developed on 10-acre density using directional pad drilling

16 to 28 wells per pad to minimize surface foot-print

Called “Mesaverde” formation when combined w/ Iles zones

Laramie’s current drilling pattern:

3-columns of 21-wells

Drilled from 3 pads per section

63 wells per 640-acre section

Pad 1 Pad 2

Pad 3

Williams Fork tight sand reservoirs,

interbedded with shales and coal formations

Pad

Map View: 640-acres, 1 square mile

2,00

0 –

3,00

0 fe

et

Drilling – Demonstrating Repeatable Performance

Significant Drill Cost & Time Reductions Achieved on Williams Fork Wells

12

$300

$400

$500

$600

$700

50 70 90 110 130 150

Com

plet

ion

Cos

t ($M

)

Completion Size (MBBL)

Cost Savings Through Sand-less Completions

Sand Sandless Upcoming Completions

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

1.0 1.2 1.4 1.6 1.8 2.0 2.2

Com

plet

ion

Cos

t per

BB

L ($

/BB

L)

EUR (BCF)

Completion Efficiency

Completions Update

Sandless Completions

Savings from propantless fracs allows for

increased job size without increasing AFE.

Testing indicates no differences between

sand and sandless completions.

Cost Reduction

Cost reduction through efficiency, not reduction in

contract rate.

Originally completed 2 wells at a time.

Currently completing 5-6 wells at a time to

increase water recycling on pad.

Still increasing recoveries while reducing

per unit costs. 13

Sandless Fracs

Sup & Shep 25-11

Piceance 28-11

Upcoming Completions

120 – 150 MBBL

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

50 60 70 80 90 100 110 120 130 140 150

EU

R (

BC

F)

Completion Fluid (MBBL)

EUR vs Completion Volume

Sup and Shep 25-11 Series2Piceance 28-11

Completions - Frac Size Vs Reserves (WF)

14

Frac size (water volume) generally correlates to reserves

28-11 Pad Averages

100,000 Bbls/Well

Upcoming Pads

120 – 150 MBBL/Well

Sand Fracs

Owned Facilities – Compression & Dehydration Assets

15

2 Major sites & 5 Minor sites

270 MMscfd / 45,000 HP in Compression Capacity

Maintenance profile is excellent (high % runtime)

Compression sites integrated to new drilling areas

Current lease compression costs down 30% YTD

ConnCreek Facility CCI & CCII

Propane Refrig with bullets (idle)

Amine Treating Facility (idle)

2.6 MW (4160V) Power Plant (idle)CC I – 45 MMscfdCC II – 85 MMscfd

MVS – 85 MMscfd (140 MM exp.)

Owned Facilities – Water Storage & SWD Infrastructure

16

Cascade Creek 7 Ponds with 450k bbls of fresh & flowback storage

Fully integrated pond, facility, SWD, & pipeline system

3 SWD’s w/ 2000 bwpd capacity

Collbran Valley 2x 500k bbls Treated Water ponds, +600k bbls permitted

New DAF treatment facility (15k bwpd)

New Frac Supply Pump Station (20 bpm)

1x 600k bbls Fresh Water pond

Latest liner system for CO regulatory

6 SWD’s w/ 3500 bwpd capacity

May Snapshot Lease Operating Expenses

17

Ongoing cost-cutting measures:• Continued labor integration

• Working off inventories of chemicals and supplies

• Reverting to plunger-lift, cutting chemical cost (foamers)

• Shorten water hauling routes, use closest injectors

• Limit contractor usage (no crews/equipment on continuous payroll)

• Changing the culture from that of a major to an independent

Operations

May 2016

May LOE - Gross Operated $ $/Month % Cumulative

1 Labor $ 511,000 29% 29%

2 Salt Water Disposal $ 326,000 19% 48%

3 Compression $ 201,000 12% 60%

4 Storm Water Management $ 140,000 8% 68%

5 Automation & Telemetry $ 127,000 7% 75%

6 Chemicals $ 124,000 7% 82%

7 Road & Pad Maintenance, Signage $ 64,000 4% 86%

8 Surface & Misc Equipment M&R $ 49,000 3% 89%

9 Safety, Health & Environmental $ 35,000 2% 91%

10 Fuel, Power & Potable Water $ 23,000 1% 92%

11 Other (multiple categories) $ 134,000 8% 100%

Total Recurring LOE $ 1,734,000 100%

Average Operated Production (Mcf/Month) 4,056,532 (130.9 MMcfd)

Gross Operated LOE/Gross Mcf $ 0.427

29%

19%

12%

8%

7%

7%

4%

3%2%

1%8%

LOE Breakdown

Labor

Salt Water Disposal

Compression

Storm Water Management

Automation & Telemetry

Chemicals

Road & Pad Maintenance, Signage

Surface & Misc Equipment M&R

Safety, Health & Environmental

Fuel, Power & Potable Water

Other (multiple categories)

Drilling Program - Current D&C Cost Structure

Cost/Well Collbran Valley Cascade Creek

Road & Pad (1/20th) $20,000 $13,400

Rig Mob (1/20th) $11,500 $7,700

Drill & Case $375,000 $585,000

Complete $415,000 $474,000

Equip $65,000 $58,000

Total $886,500 $1,139,000

18

Collbran Valley – Based on actual operational performance

Cascade Creek – Based on extrapolation of Collbran Valley costs w/ adjustment for parasite string drilling

19

1.9(1)

Collbran Valley - Williams Fork

1.9 Bcf Gross EUR/Well 100% WI 87% NRI

0.886$ MM Gross Drill and Complete Cost

CIG Gas Price

($/MMBtu)

Nymex Oil

Price

($/bbl)

NGL Price

($/gal)

NPV10

($M/Well)ROR (%)

$2.00 $50.00 - 12 10%

$2.25 $50.00 - 188 16%

$2.50 $50.00 - 364 23%

$2.75 $50.00 - 541 29%

$3.00 $50.00 - 717 36%

$3.25 $50.00 - 893 42%

$3.50 $50.00 - 1,070 49%

$4.00 $50.00 - 1,423 73%

$4.50 $50.00 - 1,775 88%

$5.00 $50.00 - 2,128 97%

1.9 Bcf Gross EUR/Well 100% WI 93% NRI


CIG Gas Price

($/MMBtu)

Nymex Oil

Price

($/bbl)

NGL Price

($/gal)

NPV10

($M/Well)ROR (%)

$2.00 $50.00 $0.24 196 17%

$2.25 $50.00 $0.24 378 25%

$2.50 $50.00 $0.24 560 32%

$2.75 $50.00 $0.24 742 40%

$3.00 $50.00 $0.24 925 49%

$3.25 $50.00 $0.24 1,107 65%

$3.50 $50.00 $0.24 1,289 78%

$4.00 $50.00 $0.24 1,653 96%

$4.50 $50.00 $0.24 2,017 110%

$5.00 $50.00 $0.24 2,382 >100

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7S 96W

6S 97W

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7S 97W

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2322

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10/12Niobrara 4MM/d

Red Pinnacle Unit

FEET

0 4,903

PETRA 6/7/2016 10:33:27 AM

Cascade Creek - Williams Fork EURs (Bcf/Well)

20

1.0 – 1.6 BCF

1.6 BCF

1.6 Bcf Gross EUR/Well 100% WI 99.4% NRI


CIG Gas

Price

($/MMBtu)

Nymex

Oil Price

($/bbl)

NGL Price

($/gal)

NPV10

($M/Well)ROR (%)

$2.00 $50.00 $0.28 235 18%

$2.25 $50.00 $0.28 392 25%

$2.50 $50.00 $0.28 549 30%

$2.75 $50.00 $0.28 706 36%

$3.00 $50.00 $0.28 863 42%

$3.25 $50.00 $0.28 1,021 48%

$3.50 $50.00 $0.28 1,178 59%

$4.00 $50.00 $0.28 1,493 80%

$4.50 $50.00 $0.28 1,807 90%

$5.00 $50.00 $0.28 2,122 97%

Well Count By Net Revenue Interest

21

0

200

400

600

800

1000

1200

1400

1600

1800

2000

>75% and ≤80% >80% and ≤82.5% >82.5% and ≤85% >85% and ≤87.5% >87.5% and ≤90% >90% and ≤92.5% >92.5% and ≤95% >95%

Well Count

BDU BRUSH CREEK CASCADE CREEK COLLBRAN VALLEY EAST PLATEAU HELLS GULCH I-70 CORRIDOR

Well Count Internal Rate of Return at Current Strip prices

22

0

200

400

600

800

1000

1200

1400

0% 0-5% 5-10% 10-15% 15-20% 20-25% 25-30% 30-35% 35-40% 40-45% 45-50% 50-100%

ROR Count by Field Williams Fork Only

BDU BRUSH CREEK CASCADE CREEK COLLBRAN VALLEY EAST PLATEAU HELLS GULCH I-70 CORRIDOR

Mancos Shale 2nd Largest Shale Gas Resource Base in U.S.

23

Mancos / Niobrara Structure Map

Deep structure is similar to

shallower structure (Rollins)

except the base of the

syncline moves North

Collbran Valley is situated at

shallower drilling depths than

Grand Valley

Gas is richer at shallower

depths but also lower pressure

Oil rim is very thin and

generally contains non-

flowable hydrocarbons

1000’ Contours

Regional Mancos Stratigraphic Cross Section

WPX ENERGY ROCKY MOUNTAIN LLCFEDERAL #GM 743-4

GM 743-405045209120000

Twn-Rge-Sec : T7S R96W S34PICEANCE ENERGY LLC

REPPO34-14A

05045185300000


HAWXHURST19-13A

05077101660000

Twn-Rge-Sec : T9S R94W S11TERRA RESOURCES INC

MCDANIEL1-11

05077083450000


BRUTON19-14B

05077100940000

Twn-Rge-Sec : T7S R92W S34MOBIL OIL CORP

O`CONNELLF11X-34P

05045067230000

Twn-Rge-Sec : T6S R92W S15ANTERO RESOURCES PICEANCE CORP

DIXON FEDERALB8

05045143680000

<26,615FT> <67,202FT> <27,002FT> <14,680FT> <69,991FT> <43,768FT>

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HS=6188

PETRA 6/19/2013 11:06:01 AM

Rollins

Marapos

47.2 MilesA A’

Cozzette

Corcoran

Frontier

Hot Marker

Meeker

Niobrara

Juana Lopez

Dakota

24

Regional section shows consistency of Mancos Stratigraphy across basin

M

A

N

C

O

S

Laramie in Mancos/Niobrara Fairway with 8-14 MM/d IP30’s

Laramie in Mancos/Niobrara Fairway with 8-14 MM/d IP30’s

25

WPX Beast H-Wells

Encana Orchard

3 Layer H-Wells

Black Hills H-Wells

w/Cond & NGL’s

ECA Kirkendale

Flats 10+BCF Well

Encana Hi IP Wells

LE Vertical-Niobrara

LE_OXY H- Well

Laramie Energy Offset By High IP/EUR H-Wells

Mancos Resource Play with Stacked Horizontal Potential

Mancos Shale (includes Niobrara)

26

Nio

brar

a S

ectio

nW

illia

ms

Fo

rk F

orm

atio

n

Man

cos

Sh

ale

(+40

00’)

2-Mile Horizontal LateralVertical WellboreStacked Horizontal Laterals

Mancos/Niobrara Horizontal Economics – “Art of the Possible”

27

Laramie Energy, LLC

1 Mile Niobrara HorizontalDevelopment CaseEnterprise Processing10.0 Bcf Gross EUR/Well 100% WI 82.5% NRI


CIG Gas

Price

($/MMBtu)

Nymex

Oil Price

($/bbl)

NGL Price

($/gal)

NPV10

($M/Well)ROR (%)

$2.00 $50.00 $0.35 (582) 7%

$2.25 $50.00 $0.35 401 13%

$2.50 $50.00 $0.35 1,383 20%

$2.75 $50.00 $0.35 2,366 29%

$3.00 $50.00 $0.35 3,349 39%

$3.25 $50.00 $0.35 4,332 49%

$3.50 $50.00 $0.35 5,314 67%

$4.00 $50.00 $0.35 7,280 93%

$4.50 $50.00 $0.35 9,245 120%

$5.00 $50.00 $0.35 11,211 >100

-20%

0%

20%

40%

60%

80%

100%

(2,000)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

$2

.00

$2

.50

$3

.00

$3

.50

$4

.00

$4

.50

$5

.00

IRO

R

NP

V (

$M

)

CIG Gas Price ($/MMBtu)

1 Mile Niobrara HorizontalEnterprise Processing

NPV10 ($M/Well)

ROR (%)

Goal is to reduce drill and complete costs using latest lessons learned in the

DJ Basin Niobrara Program

Laramie Energy “Production Growth” Strategy Summary

Premier position in a prolific gas resource basin with the following attributes:

Repeatable

Competitive returns

Long life

Consistent results

Significant running room

Operating Control

Mancos shale upside

Laramie will continue to focus operations and build value by conducting a highly efficient, low-risk development program

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