Forward-Looking & Other Cautionary Statements
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1 Johnson Rice Energy Conference September 29-30, 2015
2 Forward-Looking & Other Cautionary Statements The following presentation includes forward -looking statements. These statements relate to future events, such as anticipated re venues, earnings, business strategies, competitive position or other aspects of our operations or operating results or the industries or markets in which we operate or participate in general, including guidance regarding the timing and location of additional rigs, results of the Company's drilling program, 2015 capital budget, the projected drilling and completion cost savings and the resultant impact on 2015 ca pital budget, projected internal rates of return, results of our hedging program, the ability to fund the Company s 2015 capital expenditu re budget largely with free cash, projections regarding total production, average daily production, percentage liquids, operating expen ses, production taxes as a percentage of revenue, G&A expenses and capital expenditure levels for Actual outcomes and results may diffe r materially from what is expressed or forecast in such forward -looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that may prove to be incorrect and are difficult to predict such as oil and gas prices; operational hazards and drilling risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects; unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; potential liability for remedial actions under exi sting or future environmental regulations or from pending or future litigation; limited access to capital or significantly higher cost of cap ital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic an d political conditions, as well as changes in tax, environmental and other laws applicable to Jones Energy s business and other economic, business, competitive and/or regulatory factors affecting Jones Energy s business generally as set forth in Jones Energy s filings with the Securities and Exchange Commission (SEC). We caution you not to place undue reliance on our forward -looking statements, which are only as o f the date of this presentation or as otherwise indicated, and we expressly disclaim any responsibility for updating such informati on. The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves, which are those quantitie s of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions (using unweighted average 12-month first day of the month prices), operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods ar e used for the estimation. The SEC also permits the disclosure of separate estimates of probable or possible reserves that meet SEC definiti ons for such reserves, however, we currently do not disclose probable or possible reserves in our SEC filings. Factors affecting ultimate recovery include our ability to acquire the acreage we are targeting and the scope of our ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drill ing services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors; and actua l drilling results, including geological and mechanical factors affecting recovery rates. Estimates of resource potential and drilling locations may change significantly as Jones Energy pursues acquisitions. In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10 -K and other reports and filings with the SEC. Copies are available f rom the SEC and from the Jones Energy website. 1
3 Jones Energy Overview NYSE Ticker: JONE Share Price: $5.38 Market Cap: Enterprise Value: $330 million $1.2 billion Anadarko Basin Cleveland Austin Arkoma Basin Woodford Shares Outstanding: 61.8 million Production as of 2Q15: 25.3 MBoepd Field Office Note: Share price as of September 22,
4 Reduced Capex, Unchanged Production Guidance MMBoe $ MM Reduced activity from 5 rigs to 3 rigs Running 3 rigs as of September 3 No standby fees Reducing 2015 capex guidance Guidance reduced to $220 MM Partially reverses previous guidance raise to $240 MM from $210 MM Maintain increased production guidance 3Q15 and 2015 guidance unchanged 3Q production ahead of plan >$230 million in MTM hedge value Peer leading hedge book $260 $240 $220 $200 $ Capex Guidance Original Prior Revised 2015 Production Guidance Unchanged Original Prior Revised Note: MTM hedge value as of August 28,
5 Cash Flow Neutral in 2H15 $ MM 3 rig program expected to result in cash flow neutral program in 2H15 2H15 capex expected to be $92 million, ~30% reduction from 1H full year spending projected to drop by nearly 60% from 2014 full year capex JONE 1H15 and 2H15 Cash Flow $180 $160 $140 2H15 EBITDAX represents consensus analyst estimates $120 $100 $80 $60 $40 $20 $- EBITDAX 1H15 Cash Interest + Capex EBITDAX 2H15 Cash Interest + Capex Note: Consensus estimate as of September 22,
6 Breakeven WTI Price ($/bbl) Cleveland is Competitive with the Best US Plays Eagle Ford Oil Tier 1 Bakken Tier 1 TFS Tier 1 JONE Cleveland SCOOP Condensate STACK San Juan Niobrara Tier 1 SCOOP Oil Eagle Ford Oil Tier 2 Bakken Tier 2 PRB Tier 1 Delaware Bone Spring Midland Wolfcamp Tier 1 Midland Wolfcamp Tier 2 Niobrara Tier 2 MS Lime Tier 1 TFS Tier 2 Delaware Wolfcamp Delaware Vt Bakken Tier 3 Midland Wolfberry Vt Tier 1 Midland Wolfcamp Tier 3 PRB Tier 2 East Texas Eagle Ford Uinta Vt Midland Wolfberry Vt Tier 2 MS Lime Tier 2 Eagle Ford Oil Tier 3 Uinta Oil Hz $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 $20 Source: Tudor, Pickering, Holt & Co. with the exception of JONE Cleveland returns. Basin breakevens represent PV-10 breakeven assuming flat $3.75 gas and 40% NGL realizations. 5
7 Peer Leading Hedge Book % hedged JONE Hedge price % hedged JONE Hedge price More hedged than peers in 2016 and 2017 at better prices Most peers have no oil hedges in Oil Hedges 2017 Oil Hedges 80% $90 40% $90 70% 60% 50% 40% 30% 20% 10% $80 $70 $60 $50 $40 $30 $20 $10 35% 30% 25% 20% 15% 10% 5% $80 $70 $60 $50 $40 $30 $20 $10 0% $- 0% $- Percent hedged* Percent hedged* Peer average percent hedged Peer average percent hedged JONE average hedge price JONE average hedge price *Percentage hedged based on TPH forecasts. Data sourced from Tudor, Pickering, Holt & Co. research. Peers include CRZO, CXO, FANG, GPOR, GST, LPI, MRD, NFX, OAS, PE, QEP, RRC, and SM. 6
8 Net Cash Outspend Production Growth Operational Flexibility in 2016 Option to maintain cash flow neutral position through 2016 At 3 rigs, positive cash flow projected in 2016 Even at 5 rigs, annual outspend estimated at only ~$30 million Scenarios do not incorporate potential cost improvements or upside to strip Projected 2016 Cash Outspend vs. Production $ ($10.0) ($20.0) ($30.0) ($40.0) 3 Rig Program 4 Rig Program 5 Rig Program 4% 2% 0% -2% -4% -6% -8% -10% Net Outspend 2016 Production vs '15 Exit Rate Note: Cash Outspend is calculated as EBITDAX Capex Cash Interest. Production comparison is full year Boepd for 2016 versus Q exit rate in Boepd. Commodity pricing reflects strip as of August 28, Assumes all three scenarios only involve Cleveland drilling activity and include maintenance capital in capex budget. 95% working interest assumed in all scenarios. 7
9 Days Focused on Execution and Delivering Results Decreased drilling times equal sustained cost savings and higher rig utilization Average Spud to Rig Release YTD Recent results Record Note: Wells included have average lateral length of approximately 4,300 feet. YTD 2015 value as of August 31, Record was achieved in 1Q15. 8
10 Open-Hole Completions Save Time and Money Return to open-hole completions resulting in improved cycle times 2014 vs Cycle Times (in days) Spud to Sales (in days) Spud to RR 2014 YTD 2015 Spud to Spud YTD 2015 Note: YTD 2015 values as of August 31,
11 AFE in millions Line of Sight to Additional Cost Reductions $4.0 $3.8 $3.0 Achieved Reductions: $1,200,000 $2.0 $1.0 Breakdown of Savings: Frack Services $487,000 Rig Rates $122,000 Downhole Equipment $96,000 Casing $81,000 Drilling Fluid $73,000 Directional Drilling $66,000 Fuel & Drayage $59,000 Cement & Services $45,000 Other Items $171,000 Total $1,200,000 $2.6 Targeted Reductions: Drilling Time Vendor Cost Reduction $- Previous AFE Current AFE Next Target AFE All-in Cleveland AFE Achieved Cost Reductions Targeted Reductions 10
12 Returns Improve with Further Cost Reductions IRR IRRs reflect NYMEX strip pricing for August 28, 2015 plus differentials for all commodities Solid IRRs achievable with additional cost savings or minimal strip uplift $2,600 Cleveland Well Level IRRs $2,400 $2,200 $2,000 Well Cost ($ thousands) Strip +20% Strip +10% Strip 80% 70% 60% 50% 40% 30% 20% 10% - $1,800 Note: Strip as of August 28, See appendix for forward pricing by commodity. 11
13 Focused on the Cleveland in 2015 MBbls 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3 rigs currently running Working interest capture of 20-25% Production is beating budgeted expectations YE 14 Jones Cleveland Locations Gross: 704 Net: miles wide Frack optimization successful Lower commodity prices may yield additional savings $3.8 mm down to $2.6 mm in just 5 months Potential to capture significant future growth 1, Cleveland Gross Operated Oil Production ` 2015 Drilling Targets JONE Acreage 12
14 Gross Gas, Mcf/d Gross Oil, Bbl/d 33 Stage Wells Performing as Expected Well Count Well Count Oil Performance 1, wells in sample Actual Expected Well Count Days on Production 10, Actual Expected Well Count wells in sample 25 Gas Performance 1, Days on Production 13
15 Size of the Prize is Huge: Cleveland is Only 30% Developed 5,800 remaining undeveloped Cleveland locations >3,000 undrilled locations owned by 10 largest operators Potential to capture additional locations at low cost (leasing, JVs, etc.) Horizontal Cleveland Locations 2,200 Developed 5,800 Undeveloped JV Opportunity: 3,000+ locations Jones Locations: 700 Leasing Opportunity: 2,000+ locations 14
16 Expanding in the Core $5 million lease budget for 2H15 ~6,000 net acres acquired already with well over half of budget remaining Line of sight to leasing significant additional acreage by year end 50,000+ net acres available today ( net locations) JONE Rigs JONE Acreage 15
17 Leasing Now Creates Tremendous Value PV-10 ($ million) Low cost path to add immediate value Some locations could be booked as PUDs this year Compelling value proposition $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 $5 Million Leasing Program Potential At $500 per acre, $5 million leasing program creates >$85 million in PV-10 $750 per acre $500 per acre $250 per acre Note: PV-10 calculation based on $60/bbl oil and $3.50/Mcf gas. 16
18 Joint Ventures Create Value with Little Upfront Cost It only takes one deal to make a difference ExxonMobil JV has created significant value for JONE 175 wells drilled through JV since 2000 in multiple zones Over 100 Cleveland wells drilled by Jones since 2004 with more than 100 left to drill Provides significant drilling inventory at no upfront cost See opportunity for additional JVs in current environment ` Cleveland Wells Drilled under XOM JV Over 100 Cleveland wells drilled by JONE ExxonMobil JV Acreage JONE Acreage Wells drilled in prior years Wells drilled in current year 17
19 Cleveland Joint Venture Opportunity is Meaningful Over 3,000 undrilled locations owned by 10 largest operators Large potential JV opportunity as many operators not active Undeveloped Cleveland Locations by Operator Over 3,000 undrilled locations owned by 10 largest operators 2 X Current Cleveland rigs running Note: Rig activity as of September 22, 2015 per RigData. 18
20 Jones Energy, a Proven Winner Keys to Success Control the field Leasing program underway Working interest gains locations Play solid defense No drilling contracts = flexibility Ample liquidity Execute for the entire game AFEs down 30%, potential for more 2 quarters of production beats Rely on experience 27 years through 6 price cycles Emerged stronger every time The achievements of an organization are the results of the combined effort of each individual. Vince Lombardi 19
21 Excellence: Strived for in All That We Do 20
22 APPENDIX
23 Strip Pricing as of August 28, 2015 IRR calculations incorporate: Crude oil and natural gas strip pricing as of August 28, 2015 NGL basket projected using relationship to crude by component Incorporates forward indications of NGL prices from hedge counterparties Remainder of WTI Crude Oil ($ / Bbl) $45.27 $50.51 $54.82 NYMEX Natural Gas ($ / Mcf) $2.77 $2.97 $3.11 NGLs (Conway) ($ / Gal)* Barrel components Ethane 37% $0.14 $0.14 $0.14 Propane 34% $0.38 $0.40 $0.42 Butane 12% $0.51 $0.52 $0.53 Iso Butane 5% $0.52 $0.53 $0.54 Nat. Gasoline 12% $0.88 $0.89 $0.91 NGL Barrel 100% $0.37 $0.38 $0.39 NGL Barrel as a % of Crude 34% 32% 30% *All Cleveland NGL production receives Conway pricing. 22
24 How Jones Creates Unmatched Value in the Cleveland Average Cleveland AFEs - Jones vs. Competitors Geographic Focus Best in class Midcontinent horizontal driller Unconventional Experience Drilled over 600 horizontal wells in 9 different targets Five elements create over $1 million in savings resulting in unmatched returns Fit for Purpose Rigs, procedures, and completion design are tailored for the target Vendor Management Competition from multiple vendors Active cost management Competitors Jones Emphasis on Cycle Time Focus on efficiency from spud to first production 23
25 Morrowan Atokan Pennsylvanian Desmoinesian Missourian GRANITE WASH Virgilian Lower Permian Wolfcampian TOPS Texas/Oklahoma Pennsylvanian Sands Hugoton Brown Dolomite Chase / Council Grove Current Target Formations Admire Upper Virgil Douglas Tonkawa 7500' Tonkawa Sandstone Lease Acreage: ~122,000 Gross Locations: 324 Cottage Grove Hogshooter Checkerboard Cleveland 8500' Marmaton 9000' Cleveland Sandstone Lease Acreage: ~163,000 Gross Locations: 704 Oswego Cherokee Skinner Red Fork Atoka 13 Finger Lime Marmaton Sandstone Lease Acreage: ~97,000 Gross Locations: 566 JONE Acreage Morrow SH Morrow SD Note: All lease acreage and locations as of year-end
26 2015 Cleveland Type Curve Key statistics shown below for 2015 Cleveland type curve (274 Mboe EUR) Cleveland 3P EUR of 305 Mboe, but with a higher gas component Key Statistic: Oil Gas NGL Total IP Bbl/d Mcf/d Bbl/d Boe/d IP IP Cumulative Production Mbbl MMcf Mbbl Mboe 1 Year Year EUR % of Total 41% 33% 26% 100% 25
27 2015 Guidance and 3Q Production Guidance 2015E 3Q15E Total Production (MMBoe) Average Daily Production (MBoe/d) Oil (MBbls/d) Natural Gas (MMcf/d) NGLs (MBbls/d) Lease Operating Expense ($/Boe) $ $5.25 Production/Ad Valorem Taxes (% of Unhedged Revenue) 6.5% - 7.5% Cash G&A Expense ($mm) $ $28.0 Total Capital Expenditures ($mm) $
28 Hedge Positions Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Crude Swaps (Mbbl) Hedge Price / Bbl $84.99 $83.77 $80.78 $83.67 $83.64 $83.35 $80.07 $80.49 $76.58 $77.14 Natural Gas Swaps (MMcf) 4,910 4,646 4,820 4,270 3,960 3,800 3,330 3,150 2,970 2,850 Hedge Price / Mcf $4.41 $4.45 $4.51 $4.41 $4.45 $4.37 $4.28 $4.32 $4.28 $4.29 NGLs (MBbl) Ethane Propane Iso Butane Butane N. Gasoline Total NGL Hedge Price ($/gal) Ethane $0.27 $0.27 $0.21 $0.21 $0.21 $0.21 N/A N/A N/A N/A Propane $0.87 $0.90 $0.55 $0.55 $0.55 $0.55 N/A N/A N/A N/A Iso Butane $0.98 $0.95 $0.80 $0.80 $0.77 $0.60 $1.42 $1.42 $1.42 N/A Butane $0.93 $0.97 $0.74 $0.73 $0.72 $0.68 $1.37 $1.37 $1.37 $1.37 N. Gasoline $1.79 $1.83 $1.52 $1.46 $1.46 $1.39 $1.73 $1.73 $1.73 $
29 NGL Hedge Position Detail Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Mt. Belvieu NGLs (MBbl) Ethane Propane Iso Butane Butane N. Gasoline Sub-Total Mt. Belvieu Hedge Price ($/gal) Ethane $0.34 $0.34 N/A N/A N/A N/A N/A N/A N/A N/A Propane $1.01 $1.01 $0.53 $0.53 $0.53 $0.53 N/A N/A N/A N/A Iso Butane $1.55 $1.55 $1.48 $1.48 $1.48 N/A $1.42 $1.42 $1.42 N/A Butane $1.36 $1.31 $0.95 $0.95 $0.95 $0.83 $1.37 $1.37 $1.37 $1.37 N. Gasoline $2.06 $2.05 $2.09 $1.93 $1.93 $1.85 $1.73 $1.73 $1.73 $1.73 Conway NGLs (MBbl) Ethane Propane Iso Butane Butane N. Gasoline Sub-Total Conway Hedge Price ($/gal) Ethane $0.20 $0.20 $0.21 $0.21 $0.21 $0.21 N/A N/A N/A N/A Propane $0.83 $0.87 $0.55 $0.55 $0.55 $0.56 N/A N/A N/A N/A Iso Butane $0.90 $0.85 $0.69 $0.69 $0.63 $0.60 N/A N/A N/A N/A Butane $0.81 $0.85 $0.66 $0.65 $0.63 $0.63 N/A N/A N/A N/A N. Gasoline $1.66 $1.71 $1.28 $1.25 $1.24 $1.24 N/A N/A N/A N/A 28
30 NGL Barrel Component Detail Cleveland Conway (80% of forecasted 2015 NGL production) Basket Ethane 37% Propane 34% Butane 12% Iso Butane 5% Natural Gasoline 12% Cleveland Natural Gasoline 12% Iso Butane 5% Butane 12% Propane 34% Ethane 37% Woodford Mont Belvieu (20% of forecasted 2015 NGL production) Basket Ethane* 13% Propane 45% Butane 19% Iso Butane 5% Natural Gasoline 18% *Assumes ethane rejection in the Woodford Woodford Natural Gasoline 18% Iso Butane 5% Butane 19% Propane 45% Ethane 13% 29
31 Corporate Structure Updated for recent capital markets transactions Stock trading liquidity has improved significantly post-recent transactions Metalmark, Management & Other Investors Class B Common Stock 50.6% of voting power in Jones Energy, Inc. Class A Common Stock 49.4% of voting power in Jones Energy, Inc. Public Shareholders 50.6% of total economic interest of JEH LLC Jones Energy, Inc. (NYSE: JONE) 49.4% of total economic interest of JEH LLC JONE company ownership summary Metalmark 30% Jones Family and Management 22% JVL Advisors 10% GSO Capital Partners 4% Magnetar Capital 4% Remaining Shareholders 30% Total 100% Jones Energy Holdings, LLC (JEH LLC) 30
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