Company Overview December 2012

Transcription

1 Company Overview December

2 Large, Diverse E&P Base Operational Snapshot Significant Existing Resources Headquarters: Tulsa, OK Total net acres: ~2.94 million Total net risked resource potential: +1,650 MMboe R/P (1) : ~10.1x Rockies (oil, liquids and gas plays) Net acreage: ~907,000 Net risked resource potential: 579 MMboe Bakken (oil play) Net acreage: ~400,000 Net risked resource potential: 271 MMboe Q3 Production NGLs 12% Mid-continent (liquids rich gas plays) Net acreage: 700,000 Net risked resource potential: 354 MMboe Oil 17% 112 Mboe/d 6/30/12 Reserves Gas 71% Permian (oil plays) Net acreage: ~121,000 Horizontal Wolfcamp, Cline Shale North Louisiana / East Texas (oil, liquids & gas plays) Net acreage: 450,000 Net risked resource potential: 509 MMboe PUD 36% PDNP 1% 404 MMboe PDP 63% (1): Based on 2012E production. 2

3 Company Overview SEC Proved Reserves of 404 MMboe at 6/30/12 (34% liquids) Top 20 U.S. E&P company with over 404 MMboe of proved reserves and 112 Mboe/d of production (1) Net risked resource potential of over 1,650 MMboe (53% liquids) ~2.94 million net acres with approximately 9,200 identified gross drilling locations (over 3,700 net) across some of the best plays in North America Assets are located throughout the Rockies, Mid Continent and East Texas regions with exposure to multiple stacked resource plays (17 active plays) providing more than 15 years of drilling inventory Significant oil / liquids resource potential in inventory Majority of acreage positions in plays already delineated, thereby reducing geological risk Over 75% of acreage is held by production ( HBP ) or with lease terms through 2015 Significant hedging position and ongoing commodity hedging program in place From 9/30/11 to 9/30/12, Samson has increased oil / liquids production component from 20% to 29% (currently representing ~ 70% of total revenue) (1) IHS Herold. Ranking based on 2011 total production across all U.S. E&P companies. 3

4 9/30/12 Production Summary Production Base Diversity Geography Product Operational Control We operate over 70% of our net production Positioned for liquids growth in all three Divisions Production by Division Liquids as % of Total Production 35% Rocky Mtn 39% East Texas 32% 30% 25% 20% 20% 21% 22% 25% 29% 15% 10% Mid Continent 29% 5% 0% 3Q11 4Q11 1Q12 2Q12 3Q Mboe/d 4

5 SEC 6/30/12 Proved Reserves Reserve Base Diversity Geography Product PUD Booking Accounts for only 36% of Proved Reserves, below our peer group average of 49% Positioned for liquids growth in all three Divisions Reserves by Division Reserves by Product East Texas 31% Rockies 40% Oil 22% NGLs 12% Mid- Continent 29% Gas 66% 404 MMboe 404 MMboe 5

6 Extensive Drilling Inventory Samson has identified approximately 9,200 gross drilling locations (over 3,700 net) Substantial portion of leasehold HBP, enabling Samson to focus on highest return drilling 85% of drilling locations are oil or liquids-rich wells Current Acreage Summary (net acres) Net Developed Net Undeveloped Net Fee Total Net Acres East Texas 349,869 75,382 27, ,095 Mid-Continent 592,557 81,542 17, ,015 Permian 19,674 24,162 77, ,399 Rocky Mountains 487, , ,307,190 New Ventures 17, , ,352 Grand Total 1,466,982 1,352, ,375 2,943,050 Drilling Inventory by Commodity NGL 17% Gas 47% Oil 36% 6

7 Overview of Rocky Mountain Division Overview Asset Map Samson s Rocky Mountain Division includes oil, liquids, and gas-rich producing and prospective properties in four major producing Basins: Williston/Bakken, Powder River, Green River and San Juan Net Acreage: ~1,307,000 Net Risked Resource Potential: 850 Mmboe 9/30/2012 Production: 43.5Mboe/d Net identified drilling locations: 2,300 Rig Count: 7 (as of 12/2012) 100% Liquids focused Powder River Basin: Stacked oil plays provide a large inventory of future locations for Samson to target oil rich opportunities Williston Basin: Recent performance has established core Three Forks development opportunities, while current Middle Bakken testing allows for continued upside across the acreage Green River Basin: Has produced abundant oil and gas out of multiple reservoirs for over 60 years. Recent horizontal success in the Ft Union has further enhanced the economics of the exciting new play operated by Samson San Juan Basin: Mature dry gas asset with some future drilling. Samson seeks to maximize value in this region by reducing operating costs and actively managing the field Williston Basin Powder River Basin Greater Green River Basin San Juan Basin 7

8 Overview of Mid-Continent Division Samson s Mid-Continent Division includes 4,722 producing wells which produce from over 25 established productive intervals across the Anadarko, Arkoma and Ardmore basins Net Acreage: ~700,000 Net Risked Resource Potential: 354 MMboe Net Identified Drilling Locations: 675 Overview 9/30/2012 Production: 32 Mboe/d Rig Count: 3 (as of 12/2012) 100% Liquids focused The Mid-Continent has a number of very attractive oil opportunities including: Hogshooter: Samson has participated in multiple wells with partners and has drilled nine operated Hogshooter Wash wells. The first two wells reached sustained average rates of 3,100 Boe/d and delivered IRR s in excess of 70%. Seven additional wells are in various stages of completion and there are currently three operated rigs running in this exciting new play. Tonkawa: Samson has completed several Tonkawa wells adjacent to industry activity to establish a program to deliver project IRR s over 20% Mississippi Lime: Completed first Mississippi Lime well which met expectations. Samson will further delineate this play and expects future activity in this play along with other oil plays across the Mid- Continent Division Asset Map 8

9 Overview of East Texas Division Overview Asset Map Samson's East Texas Division includes gas-rich producing properties in East Texas and North Louisiana and is expanding its footprint with oil and liquid rich opportunities Net Acreage: ~450,000 Net Risked Resource Potential: 509 Mmboe 9/30/2012 Production: 36 Mboe/d Rig Count: 1 (as of 12/2012) 100% Liquids focused Cotton Valley: The Cotton Valley is a liquids-rich horizontal play with a significant drilling inventory and great well results to support continued development Woodbine: Samson has ~52,000 net acres. Acreage is prospective for oil targets including Woodbine Sand & Shale, Buda, Georgetown, Glen Rose Haynesville/Bossier: No activity currently, 75,000 net acres high graded and HBP 9

10 Low Cost Leader Lifting costs well below industry average Focus on cost control and process efficiencies to drive profitability and returns Ability to withstand weak commodity price environment $34.94 $26.35 $22.11 $21.58 $17.22 $16.29 $15.71 $15.25 $15.04 $14.67 $13.38 $13.20 $10.80 $10.56 $9.42 $9.28 $9.09 $8.67 $8.46 $8.37 $8.07 $7.86 $6.54 $6.00 $5.87 $5.58 Source: Company filings. Note: Based on 1H12 data for all companies shown. Lifting cost defined as lease operating expenses (including workover and gathering and processing as applicable) and production taxes (including severance and ad valorem taxes as applicable). Note: Comparison of selected E&P companies with credit ratings of BB and below. 10

11 Summary of Highlights Large, Diversified Asset Base Top 20 U.S. E&P company with over 404 MMboe of proved reserves and 112 Mboe/d of production (1) Net risked resource potential of over 1,650 MMboe Production diversified between several of the largely oil focused basins in the onshore U.S. Acreage Inventory Positions the Company for High Returns and Rapid Drillbit Growth Approximately 3 million net acres in numerous high potential plays Drilling inventory comprising approximately 9,200 identified gross drilling locations (over 3,700 net) with 85% representing oil and liquids-rich locations Rapid Transition to a Liquids Focused Company 100% of capex focused on liquids Since 9/30/11, liquids % of production has increased from 20% to 29% ~50% liquids target in 2016 Highly experienced management team with a strong track record Experienced Management Team Strong technical expertise technical professionals have over 20 years of industry experience on average Excellent operational track record with experience in a broad range of basins (1) IHS Herold. Ranking based on 2011 total production across all U.S. E&P companies. 11

12 Forward Looking Statements This presentation may include certain forward looking statements, and estimations or projections, provided by the Company. Such statements reflect our current beliefs based upon information currently available and upon assumptions which we believe to be reasonable. However, actual results will depend upon future events, some of which are not within our control, and such results may be different from projected or anticipated results. The Company does not make any representation or warranty as to statements, estimates or projections. Readers are cautioned not to put undue reliance on such forward-looking statements or projections. 12