NYSE MKT: SYRG. At Home In the Wattenberg
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1 NYSE MKT: SYRG At Home In the Wattenberg Corporate Presentation / June 2016
2 Forward Looking Statements & Key Statistics This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of The use of words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "should," "likely" or similar expressions, indicates a forward-looking statement. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, and information currently available to management. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. The identification in this presentation of factors that may affect the company s future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company s actual results to differ materially from those expressed or implied by forwardlooking statements include, but are not limited to: the success of the company s exploration and development efforts; the price of oil and gas; the worldwide economic situation; changes in interest rates or inflation; the ability of the company to transport gas; willingness and ability of third parties to honor their contractual commitments; the company s ability to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company s capital costs, which may be affected by delays or cost overruns; costs of production; environmental and other regulations, as the same presently exist or may later be amended; the company s ability to identify, finance and integrate any future acquisitions; and the volatility of the company s stock price; and other factors described in the company s filings with the SEC, which are incorporated herein by reference. The company undertakes no obligation to update any forward looking statements in order to reflect any event or circumstance occurring after the date of this presentation or currently unknown facts or conditions. Resource estimates and estimates of non proved reserves include potentially recoverable quantities that are subject to substantially greater risk than proved reserves. Key Statistics Stock Price (06/24/16) $ Week High/Low $12.82-$5.01 Shares Outstanding Diluted* Public Float Avg. Daily Vol. (3 month) Market Capitalization Cash & Equivalents (05/10/16 Pro-forma*) Outstanding Debt (9% Senior Notes Due 2021 Pro-forma*) Borrowing Base Availability (as of 06/24/16) ~200 MM ~187 MM ~5.6 MM ~$1.4 B ~$94 MM $80 MM $145 MM *Pro-forma for Equity closed on 5/10/16 and closing of Senior Notes, GC Acquisition and Adams County divestiture. Sources: Company estimates. In USD 2
3 Features of the Wattenberg Field 3
4 DJ Basin Footprint Synergy s DJ Basin Acreage Position is ~121,300 Net Acres ~22,100 Net Acres in Greater Wattenberg Area NE Extension Area ~ 52,000 Net Acres Focus on ~47,200 Net Wattenberg Fairway Acres Note: Offset operator acreage positions reflect approximations, are not meant to depict entire leasehold, and may contain inaccuracies. 4
5 Wattenberg Fairway Area Legacy Acreage ~69,300 Position Net ~36,200 Acres in Net Wattenberg Acres in Wattenberg ~17,400 ~22,100 Net Acres in Greater Wattenberg Area Focus on ~47,200 ~18,800 Net Wattenberg Fairway Acres Wattenberg Fairway SYRG Leases 5
6 Current D&C Operations Bestway Pad: 4 (~3.5 net) ML wells in production Vista Pad: 10 (~8.5 net) SL wells in flow back/early production Fagerberg Pad: 14 (~13.5 net) ML drilling Evans Pad: 22 (~15.5 net) LL wells permitted Williams Pad: 9 (~9 net) ML wells permitted ML: Mid Length Lateral Avg. Effective length: 6,920 Drill & Complete*: $3.5mm Drill Time (RR-RR**) 6-8 days *assumes 2:1 Nio:Cod ratio **includes surface casing LL: Long Length Lateral Avg. Effective length: 9,560 Drill & Complete*: $4.5mm Drill Time (RR-RR**) 7-10days *assumes 2:1 Nio:Cod ratio **includes surface casing Vista Pad Fagerberg Pad Drilling: Mar July 16 Completion: Aug Nov 16 Williams Pad Drilling: Nov Dec 16 Completion: Jan Mar 17 Bestway Pad SYRG Leases GOR (scf/bbl of oil) > 12,000 6,000 12,000 2,000 6,000 < 2,000 Producing Drilling Permitted SHORT LATERAL <5,000 (EFF) MID LATERAL <7,500 (EFF) LONG LATERAL <10,000 (EFF) Evans (West) Pad Drilling: July Nov 16 Completion: Dec 16 May 17 Evans (East) Pad Drilling: July Nov 16 Completion: Nov 16 Mar 17 Please note that net well percentages are subject to change through acquisitions, pooling, trades, swaps, earning agreements, and other reversionary interests. 6
7 Estimated Well Economics for ML Lateral Internal Rate of Return Production Rate (Bbl/d or Mcf/d) GOR (scf/bbl) Well Cost (1) Strip Price Deck $3.5mm Wall Street Consensus 100,000 10,000 Fairway Mid-Length Type Curve Crude Natural Gas GOR EUR (2) 670 Mboe 1,000 Drilling Days 6 8 days 100 IRR (3) 47% 52% Time (Months) Months to Payout (3) % 70% IRR by D&C and Price $3.5mm D&C PV-10 $2.9mm $3.9mm 60% 50% $4.0mm D&C Note: The well economics presented are representative of an average Niobrara midlength lateral well drilled and completed within the Wattenberg fairway. Strip Price Deck (6/15/16): 2016 = $49.11 / 2017 = $50.88 / 2018 = $51.8 / $55.07 flat starting January 2022 for oil. WS Consensus (6/16/16): 2016 = $45.88 / 2017 = $53.88 / 2018 = $60.65 / $73.50 flat starting January 2020 for oil. Assumed differentials: oil = $9.00 / gas = $0.25. (1) Well Cost estimates include all drilling and completions costs, as well as all surface and production facilities, but do not include leasehold or corporate overhead. (2) Estimated EURs may not correspond to estimates of reserves as defined under SEC rules. (3) Rate of return and payout estimates do not reflect lease acquisition costs or corporate, general and administrative expenses. Payout estimates calculated from first month of production. (4) Assumes gas-to-oil price ratio of 1:20 applied against given crude oil price less above referenced diff s 40% 30% 20% 10% 0% $35 $40 $45 $50 $55 $60 Crude Oil Price (4) 7
8 DCP Midstream & Oil Pipeline Infrastructure Fairway acreage fits well with existing/planned DCP infrastructure DCP Midstream s Grand Parkway Phase 1 commenced in Q1 2016, Phase 2 rights of way and permitting in process PHASE 1 Installation of 3 rd party oil gathering systems underway Synergy has secured capacity under long term contracts on the White Cliffs Pipeline and on the Grand Mesa Pipeline scheduled for late 2016 PHASE 2 Lucerne 1 & 2 Plant PHASE 3 Gross Oil Volume Commitments on 8/8ths Basis Grand Mesa o 6,157 Bbl/d on White Cliffs o 5,000 Bbl/d on Grand Mesa (1) Synergy Leasehold NGP Outlet to Mt. Belvieu Compressor Sites Processing Plants Planned Grand Parkway Lines Oil Pipelines White Cliffs Note: Volume commitments outlined on this slide represent gross operated barrels, not NRI volumes. (1) Commitment subject to completion of the Grand Mesa Pipeline and ongoing negotiations. 8
9 BOEPD Production and Proved Reserves Growth Proved Reserves MMBoe 14,000 Daily Net Production 70, MMBoe 12,000 11,510 11,000-12,000 60, MMBoe 10,000 50,000 8,725 8,000 40, MMBoe 6,000 30,000 4,000 4,290 20,000 2,000 10,000 0 FY 2014 FY 2015 Q1 03/31/ Est.* 0 8/31/2014 8/31/ /31/2015 *Company 2016 Guidance does not include production from pending GC Acquisition PUD PDP Proved Reserves per Ryder Scott Third Party Reserve Engineers 9
10 2016 Estimated Capex ~$150 Million* Drilling and Completion ~$115 Million Land Leasing ~$30 Million Other ~$5 Million Source:Company Est. *Assumes average 1 rig program for The Company has operational flexibility, and capex could be reduced to $130 million or lower depending on commodity prices and actual costs.. 10
11 Financial Strategy Maintain adequate liquidity & strong balance sheet Pro forma for the equity offerings, notes issuance and transaction o Post closing PF liquidity of ~$225 million (1) o $145 million available on undrawn revolver o $80 million in outstanding debt on long-term notes 2016 & 2017 development plan is designed to be fully funded o Outspend covered by existing cash + expected revolver availability o Flexibility to accelerate or decelerate activity based on commodity prices Conservative leverage profile to preserve capital flexibility o PF debt / EBITDA of 0.9x based on trailing twelve months adjusted EBITDA (2) o PF debt / capitalization of 7% Balancing upside from increasing activity with disciplined hedging strategy o Goal to hedge approximately half forecasted 2017 production by YE 16 o Primarily utilizing costless collars (1) Reflects liquidity as of 3/31/16 adjusted for April & May equity offerings, GC acquisition, Adams County divestiture and notes issuance (2) LTM Adj. EBITDA reflects Synergy s 12 months ended 3/31/16 plus the trailing 12 months GC acquisition estimated EBITDA 11
12 Appendix 12
13 Management Team Name Title Experience Lynn A. Peterson Chairman, President & CEO Former co-founder, President and CEO of Kodiak Oil & Gas, he has over 30 years of experience in executive management of oil and gas companies James P. Henderson EVP of Finance and CFO More than 25 years of industry finance and management experience including Kodiak Oil & Gas, Anadarko Petroleum Corp., and Western Gas Resources Mike Eberhard COO - Operations Petroleum engineer with over 30 years of industry experience including management positions with Anadarko and Halliburton Nick Spence COO - Development Petroleum engineer with 25 years of industry experience in operations, including the past 4 years with Anadarko in the Wattenberg Field Craig Rasmuson EVP Business Development Joined SYRG at its inception in 2008 and has supervised all of its field operations. Formerly with PDC Energy and DCP Midstream Brant DeMuth VP of Finance CFA with over 30 years of financial analysis, asset management, and derivative trading experience. Former CFO of DJ Resources Brian Macke Director of Government Affairs Petroleum Engineer with 35 years of industry experience in regulatory affairs, including 17 years with the Colorado Oil & Gas Conservation Commission, serving as Director of the Commission for 4 years Cathleen Osborn VP and General Counsel 30 years of industry experience and most recently served as in house counsel for Whiting Petroleum and prior to that Kodiak Oil & Gas Jared Grenzenbach VP Accounting and CAO CPA with 18 years of accounting experience including over 10 years in oil and gas and 4 years with Deloitte & Touche LLP Matthew Miller VP of Land Landman with over 30 years experience in the industry. He was formerly with Anadarko Tom Birmingham VP of Exploration Geologist with 35 years in the industry with focus on the Wattenberg Field with Anadarko, Kerr McGee and HS Resources 13
14 Hedging Summary as of 06/20/16 Crude Oil and Natural Gas Hedges Collar Volumes Average Collar Prices (1) Month Oil (Bbl) Gas HH Gas CIG Oil (Bbl) Gas HH Gas CIG June 1 to December 31, , , ,000 $42.39-$62.39 $3.90-$4.14 $ $3.10 January 1 to December 31, ,000-3,240,000 $ $ $ $3.33 Put Volumes Average Option Put Prices (1) Month Oil (Bbl) Gas HH Gas CIG Oil (Bbl) Gas HH Gas CIG June 1 to December 31, , $ January 1 to August 31, , $ (1) Oil price is based on NYMEX WTI and gas price is based on NYMEX Henry Hub or CIG. Disclosure on Derivative Instruments The Company has entered, or may enter in the future, into commodity derivative instruments utilizing, price swaps, collars, put or call options to reduce the effect of price changes on a portion of future oil and gas production. The Company s commodity derivative instruments are measured at fair value and are included in the condensed balance sheet as derivative assets and liabilities. All derivative positions are carried at their fair value on the condensed balance sheet and are marked-to-market at the end of each period. Both the unrealized and realized gains and losses resulting from the contract settlement of derivatives are recorded in the gain on derivatives line on the condensed statement of operations. The Company has a master netting agreement on each of the individual oil and gas contracts and therefore the current asset and liability are netted on the condensed balance sheet and the non-current asset and liability are netted on the condensed balance sheet. 14
15 Adjusted EBITDA SYNERGY RESOURCES CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) ($ in thousands) Three months ended Four months ended Twelve months Ended 3/31/2016 3/31/ /31/ /31/2014 8/31/2015 8/31/2014 Adjusted EBITDA Net income (loss) ($50,500) ($993) ($122,932) $26,799 $18,042 $28,853 Add back: Depreciation, depletion and amortization 12,078 14,077 18,776 22,574 65,869 32,958 Full cost ceiling impairment 44, ,230 16,000 Income tax expense (benefit) (709) (10,007) 15,802 11,677 15,014 Stock based compensation 2,519 1,604 8, ,691 2,968 Mark to market of commodity derivatives contracts Total (gain) loss on commodity derivatives contracts (1,680) (3,461) (6,482) (27,701) (32,256) (321) Cash settlements on commodity derivatives contracts 3,059 13,742 1,954 3,683 31,721 (2,138) Cash premiums paid for commodity derivative contracts (3,498) (956) (4,117) Interest, net (2) 15 (40) (16) 159 (82) Adjusted EBITDA $10,208 $20,777 $13,974 $42,101 $114,786 $77,252 15
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