Forward-Looking & Other Cautionary Statements
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1 Iberia Capital Partners Oil and Gas Day May 2015
2 Forward-Looking & Other Cautionary Statements The following presentatio n includes forward -lookin g statements. These statements relate to future events, such as anticipated re venue s, earnings, busine ss strategie s, competitiv e position or other aspects of our operations or operating results or the industr i e s or markets in which we operate or participate in general, includi ng guidance regarding the timing and location of additional rigs, results of the Company's drill i ng program, 2015 capital budget, the projected drill i ng and completion cost savings and the resultant impact on 2015 capital bud get, projected internal rates of return, results of our hedgin g program, the ability to fund the Company s 2015 capital expend i t ur e budget largely with free cash, projections regardin g total production, average daily production, percentage liqui ds, operating expense s, production ta xes as a percentage of revenu e, G&A expens es and capital expend i t ur e levels for Actual outcomes and results may differ materiall y from what is express ed or forecast in such forward -lookin g statements. These statements are not guarantees of future performance and involve certain risks, uncertaint i e s and assumptions that may prove to be incorrect and are difficul t to predict such as oil and gas prices; operational hazards a nd drill i ng risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existi ng and futu re oil and gas development projects; unsuccessful exploratory activities; unexpected cost increases or technical difficult i e s in constructin g, maintaini n g or modifying company facilities; potential liabil i ty for remedial actions under existi n g or future environmenta l regulatio ns or fro m pendin g or future litigatio n; limited access to capital or signif icant l y higher cost of capital related to illiquidit y or uncertaint y in the do mestic or internat io nal financial markets; general domestic and internatio na l economic and political conditions, as well as changes in tax, environm e nta l and other laws applicabl e to Jones Energy s busin es s and other economic, busine ss, competiti v e and/or regulatory factors affecting Jones Ene rgy s busine ss generally as set forth in Jones Energy s filing s with the Securitie s and Exchange Commission (SEC). We caution you not to pla ce undue reliance on our forward -lookin g statements, which are only as of the date of this presentation or as otherwise indicated, and we express l y d isclaim any responsi b i l it y for updating such information. The SEC require s oil and gas companies, in their filing s with the SEC, to disclose proved reserves, which are those quantiti e s o f oil and gas, which, by analysis of geoscience and engin e er i n g data, can be estimated with reasonable certainty to be economically producib l e fro m a given date forward, from known reservoir s, and under existi ng economic conditions (using unweigh ted average 12 -month first day of the month prices), operating methods, and government regulatio ns p r ior to the time at which contracts providin g the right to operate expire, unless evide nce indicates that renewal is reasonably certain, regardles s of whether determinist ic or probabil i st ic methods are used for the e stimatio n. The SEC also permits the disclosur e of separate estimates of probable or possibl e reserves that meet SEC defini t ions for such reserve s, however, we currently do not disclose probable or possibl e 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 drill i n g program, which will be directly affected by the availabil it y of capital, drill i ng and production costs, availabil it y of drill in g servi ces and equip ment, drilli n g results, lease expirations, transportation constraints, regulatory approvals and other factors; and actual drill i ng results, includi n g geological and mechanical factors affecting recovery rates. Estimates of resource potential and drilli n g locations may change significa nt l y as Jones Energy pursues acquisitio ns. In addition, our production forecasts and expectations for future periods are depende nt upon many assum ptions, includi ng estimates of production decline rates from existin g wells and the undertakin g and outcome of future drilli n g activity, which may be affected by signif icant commodity price declines or drilli n g cost increases. U.S. investors are urged to consider closely the oil and ga s disclosur es in our Form 10- K and o ther repo rts and filings with the SEC. Co pies are available fro m the SEC and fro m the Jo nes Energy website. 1
3 Who is Jones Energy? Experienced Operator Midcon focus for over 26 years Horizontal experts with >600 wells drilled Cost Leader Fit for purpose operations 30% AFE reduction since December Trusted Partner Numerous strategic partnerships Expertise creates opportunities Steward of Capital History of value creation Prepared for market opportunities 2
4 Key Statistics NYSE Ticker: JONE Share Price: $10.83 Market Cap: Enterprise Value: $667 million $1.5 billion Anadarko Basin Key Formation: Cleveland Cleveland Production: 19.0 MBoe/d Arkoma Basin Key Formation: Woodford Woodford Production: 3.5 MBoe/d Sponsor Ownership: Shares Outstanding: 38% 61.6 million Austin Production: 26.4 MBoepd Proved Reserves: MMBoe Field Office N o te: P r o v e d r eserves a s o f 1 2 / 3 1 / 1 4. A v e r a g e d a ily p r o d u c ti o n for Q S h a r e p r ice a s o f M a y 7,
5 First Quarter 2015 Highlights 1Q15 Production of 26.4 Mboe/d More than 3,000 Boe/d above 4Q14 Oil production of 8.4 Mboe/d Cleveland AFE now below $2.65 MM Margins support additional rigs Operational efficiencies driving cycle time reductions 33 stage wells performing as expected 12 drilled / 11 completed Tracking expected type curve Borrowing base affirmed at $562.5 MM Liquidity of ~$500 MM 4
6 Cleveland is a World Class Resource Play Strong results across Jones Cleveland acreage Top wells on acreage from all four major acquisitions Top 4 wells have IRRs greater than 100% 8 out of 10 wells have IRRs greater than 60% ExxonMobil Chalker Sabine Crusader TOP 10 JONE CLEVELAND WELLS 1 IP30 Well (Boe/d) Elmer Graves 615-1H 1,432 Peyton Ranch 417-1H 1,251 Kelln 65-2H 1,116 Buccaneers 11-2H 1,032 Hager Trust 616-2H 933 Robert Doyle B 614-3H 919 Robert Doyle B 614-4H 912 Peyton Ranch 417-2H 894 Elmer Graves 615-5H 838 Hager Trust 616-3H 825 Average 1,015 Well Location Acquisitions JONE Acreage 1 T o p 1 0 J o n e s C levelan d w ells b y I P 3 0 w ith first p r o d u c ti o n s ince the b e g inning o f
7 Midcontinent Activity Resilient Midcon activity has composed 20% of total US rig count throughout recent cycles 40% of Midcon rigs operated by private E&Ps 100% US Rig Activity by Region as a % of Total 90% 80% 70% 60% 50% 40% 30% 20% 10% Consistent Activity Across Multiple Price Cycles Other Rockies Northeast North TX West TX and NM East TX/North LA Midcon 0% Source: Rig Data, Tudor, Pickering, Holt & Co. D a ta a s o f A p ril 1 0,
8 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 MBbls Focused on the Cleveland in rigs currently running AFE has dropped 30% since December 2014 Fourth rig by end of May (fifth rig to follow) >30% oil uplift achieved Frack optimization successful 33 stage OH completions provide uplift plus savings High HBP position >80% HBP 9 wells to be drilled in 2015 to hold leases 2014 leasing added 21,000 net acres ~2,500 Cleveland locations remain 1, ` 2015 Drilling Targets JONE Acreage Cleveland Gross Operated Oil Production Jones Cleveland Locations Gross: 704 Net: 477 7
9 Days Reduced Cycle Time Improves Efficiency and Returns Significant improvement in cycle time since October Open hole completions driving further improvements ~50% improvement since Oct peak Spud to Sales Spud to Spud
10 AFE in millions Cost Reductions for 33 Stage Open Hole Wells Over 30% in negotiated cost reductions since 4Q 2014 $4.0 $3.8 $3.0 Achieved Reductions: $1,150,000 $2.0 $1.0 Breakdown of Savings: Frack Services $487,000 Rig Rates $122,000 Downhole Equipment $84,000 Drilling Fluid $73,000 Directional Drilling $66,000 Fuel & Drayage $59,000 Cement & Services $45,000 Other Items $214,000 Total $1,150,000 $2.65 $- Previous AFE Current AFE "All-in" Cleveland AFE Achieved Cost Reductions 9
11 IRR Impact of Cost Reductions on Returns Well level IRRs for 2015 Cleveland drilling program Unhedged Cleveland Well Level IRRs $2.65 MM AFE 90% 80% 70% 60% 50% 40% 30% 20% 10% $3,400 $3,100 $2,800 $2,500 - $2,200 Well Cost ($ thousands) Strip +20% Strip +10% Strip Strip -10% Note: Based on JONE Cleveland decline curve. IRRs reflect JONE potential cost reductions. Strip as of April 15,
12 Cleveland Frack Optimization Successful Number of Frack Stages Open Hole Completion Perf and Plug Completion Sliding Sleeve Completion
13 Avg Cumulative Oil (Mbbl) 33 Frack Stages: Ideal Cleveland Density Strong correlation between frack stages and cumulative oil production 33 stages is appropriate frack density for Cleveland Supported by historical Cleveland production data and frack trial Cumulative Oil vs. Frack Stages (at 280 days) Expected frack trial production Actual frack trial production frack stages: Right answer for Cleveland Actual production Estimated production Effective Frack Stages 12
14 Oil Rate (bpd) Optimization Drives Oil Uplift 1, Oil Uplift Comparison EUR 20 stage 33 stage Oil (Mbbls) Gas (MMcf) NGL (Mbbls) Total (Mboe) % increase Days Stage Type Curve Production Data from Wells with Over 20 Stages Stage Type Curve 13
15 % of wells with given IP90 Increased Oil with Greater Predictability Increased frack density means more oil and more predictable results Only 30 Cleveland wells required to achieve type curve Expected range of outcomes more narrow and higher on average IP90 highly correlated with EUR 16% Cleveland Oil IP90 14% 12% 10% 8% 20 Stages > 20 Stages 6% 4% 2% 0% Oil IP90 (Boe/d) 14
16 $ in millions $ in thousands $ in thousands Oil Uplift Has Created Significant Value $270,000 investment translates to: $1,250,000 $1,750,000 in incremental oil revenue per location $475,000 $765,000 in incremental PV-10 value per location Value accelerates as oil price increases ~$1,500,000 oil revenue ~$600,000 PV-10 value Cleveland Well Cost Comparison Incremental Oil Revenue(1) Incremental PV-10 Value $3.0 $2.5 ~$270,000 increase $1,800 $1,600 $1,400 $1,200 $900 $800 $700 $600 $2.0 $1,000 $800 $500 $400 $1.5 $600 $400 $300 $200 $200 $100 $ stage well 33 stage well $0 $55 Strip $75 $0 $55 Strip $75 (1) Incremental oil revenue for a 33 stage open-hole well as compared to a 20 stage open-hole well for full productive life of the well. Assumes 2015 Cleveland type curve. Strip as of April 15,
17 1 2 JONE JONE LOE and G&A Costs Among the Best $30 LOE per Boe $12 Cash G&A per Boe $25 $10 $20 $8 $15 $6 $10 $4 $5 $2 $0 $0 Note: LOE and Cash G&A per Boe calculated on full-year 2014 basis. LOE excludes ad valorem and production taxes. Peers include AREX, BBG, BCEI, CRK, CRZO, CWEI, FANG, GDP, LPI, MHR, MPO, MTDR, PDCE, PQ, REN, REXX, ROSE, SFY, and SGY. 16
18 Projected Revenue Hedges Protect 2015 Revenue Hedging Impact on 2015 Revenue 100% 80% Only ~5% change in total revenue due to hedges 60% 40% 20% 0% $60 oil / $3.25 gas $30 oil / $2 gas $10 oil / $1 gas Unhedged Revenue Hedge Gain 17
19 $ in millions Ready for Market Opportunities with Strong Balance Sheet $562.5 million borrowing base reaffirmed ~$500 million in liquidity ~90% of debt outstanding matures in >7 years 2.8x net debt/ebitdax for trailing twelve months 2 $600 Debt Maturities Summary $500 $400 $300 $200 $100 $0 Undrawn credit facility Undrawn credit facility as of April 15, Based on net debt as of year-end 2014 and full-year 2014 EBITDAX 18
20 Jones Energy Prepared for Today and Focused on the Future Mid-Continent Focus History of success for over 26 years Expertise creates opportunities Operational Excellence Fit for purpose operations A leader in cost management Solid Financial Position Plenty of liquidity; spending within cash flow Substantial hedges at favorable prices Focused on Value Creation Oil uplift drives returns Beginning to ramp activity as planned Substantial Footprint with Running Room Lots to do in our own backyard Stacked pays provide growth opportunities 19
21 APPENDIX
22 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% 21
23 The Anadarko Basin Prolific History with Stacked Pay Potential Stacked pay zones provide significant development opportunities Current Target Formations Tonkawa Sandstone Lease Acreage: ~122,000 Gross Locations: 324 Cleveland Sandstone Lease Acreage: ~163,000 Gross Locations: 704 Marmaton Sandstone Lease Acreage: ~97,000 Gross Locations: 566 JONE Acreage 22
24 Tonkawa An Untapped Opportunity Drilled 6 wells in 2014 Target AFE of $3.5 million Drilling program halted due to oil drop Ready to scale when economics dictate Industry continues to derisk acreage Extensive vertical production footprint Over 500 horizontal wells drilled by industry Underdeveloped compared to Cleveland Jones has identified 324 gross (190 net) locations as of year-end 2014 Over 3,000 additional play locations Cleveland technical expertise derisks future Tonkawa development Average formation depth: Tonkawa: 7,500 feet Cleveland: 8,500 feet Marmaton: 9,000 feet JONE Acreage Tonkawa 2.9 million acres 23
25 Marmaton Shows Promise As Others Drill Ahead Marmaton lies just below Cleveland Majority of Jones Anadarko acreage lies within the Marmaton fairway Results by other operators indicate EURs and production profiles on par with other targets in the basin No locations booked in 1P Jones has identified 566 gross drilling locations (334 net) as of year-end 2014 Over 2,500 additional locations in play fairway Similar geology to Cleveland Often referred to as Lower Cleveland Completed geological study across 5 counties Average formation depth: Tonkawa: 7,500 feet Cleveland: 8,500 feet Marmaton: 9,000 feet JONE Acreage Marmaton Lime 1.0 million acres Marmaton Sand 2.1 million acres 24
26 Wells Drilled Able to Ramp Activity as Margins Dictate Operational flexibility allows us to ramp activity up and down Drilling History by Formation Brown Dolomite Tonkawa Cleveland Granite Wash Dropped all rigs in 4Q08, but ramped activity in 2010 after prices recovered Reduced 2015 activity with focus on the Cleveland Morrow 60 Woodford
27 2015 Full Year Guidance and 2Q Production Guidance 2015E 2Q15E Total Production (MMBoe) Average Daily Production (MBoe/d) Oil (MBbls/d) Natural Gas (MMcf/d) NGLs (MBbls/d) Lease Operating Expense ($/Boe) $4.75 $5.25 Production/Ad Valorem Taxes (% of Unhedged Revenue) 6.5% 7.5% Cash G&A Expense ($mm) $25.0 $28.0 Total Capital Expenditures ($mm) $
28 Hedge Positions Q 3Q 4Q 1Q 2Q 3Q 4Q Crude Swaps (Mbbl) Hedge Price / Bbl $82.93 $84.60 $84.05 $83.53 $83.67 $83.64 $83.35 Natural Gas Swaps (MMcf) 5,095 4,740 4,636 4,340 4,130 3,960 3,800 Hedge Price / Mcf $4.41 $4.47 $4.45 $4.65 $4.45 $4.45 $4.37 NGLs (MBbl) Ethane Propane Iso Butane Butane N. Gasoline Total NGL Hedge Price ($/gal) Ethane $0.27 $0.27 $0.27 $0.21 $0.21 $0.21 $0.21 Propane $0.85 $0.89 $0.93 $0.55 $0.55 $0.55 $0.56 Iso Butane $1.23 $1.23 $1.25 $1.30 $1.30 $1.39 N/A Butane $1.21 $1.21 $1.20 $1.26 $1.28 $1.32 $1.26 N. Gasoline $1.94 $1.95 $1.95 $1.99 $1.88 $1.89 $
29 NGL Hedge Position Detail Q 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 $0.34 N/A N/A N/A N/A Propane $1.01 $1.01 $1.01 N/A N/A N/A N/A Iso Butane $1.55 $1.55 $1.55 $1.48 $1.48 $1.48 N/A Butane $1.36 $1.36 $1.31 $1.42 $1.42 $1.42 $1.42 N. Gasoline $2.06 $2.06 $2.05 $2.09 $1.93 $1.93 $1.85 Conway NGLs (MBbl) Ethane Propane Iso Butane Butane N. Gasoline Sub-Total Conway Hedge Price ($/gal) Ethane $0.20 $0.20 $0.20 $0.21 $0.21 $0.21 $0.21 Propane $0.81 $0.86 $0.90 $0.55 $0.55 $0.55 $0.56 Iso Butane $1.16 $1.16 $1.15 $1.13 $1.13 $1.13 N/A Butane $1.13 $1.13 $1.13 $1.11 $1.11 $1.11 $1.11 N. Gasoline $1.87 $1.86 $1.87 $1.70 $1.70 $1.70 $
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 59% of voting power in Jones Energy, Inc. Class A Common Stock 41% of voting power in Jones Energy, Inc. Public Shareholders 59% of total economic interest of JEH LLC Jones Energy, Inc. (NYSE: JONE) 41% of total economic interest of JEH LLC JONE company ownership summary Metalmark 38% Jones Family and Management 22% JVL Advisors 7% GSO Capital Partners 4% Magnetar Capital 4% Remaining Shareholders 25% Total 100% Jones Energy Holdings, LLC (JEH LLC) 30
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