Evercore Investment Banking Pitch Book
Financial Analysis
Peer Group Trading Analysis - Valuation Summary
Metric
Conventional Assets
Proved Reserves (Bcfe)
LQ Production (Mcfed)
Ultra-Deep Assets
Peer Group Trading Analysis - Valuation Summary
Relevant Multiples
2012E EBITDAX (SMM)
Selected Conventional Asset Value Range
Net Risked Resources (Bcfe)
Data
(1) Based on Company provided reserve and I/B/E 5 estimates
EVERCORE PARTNERS
Low
$2.50 / Mcfe
208.5
133,809 $6,500/Mcfed
159.0
3.5x
17,887
$0.10 / Mcfe
Implied Equity Value
High
$3.25/Mcfe
$7,000/Mcfed
4.2x
Implied Enterprise Value Range
Add: Cash
Less: Debt
Less: Preferred Shares
17
$0.18/Mcfe
Diluted Shares Outstanding
Implied Equity Value per Share
Value Range ($MM)
Low
$521
$870
$557
$550
$1,789
$2,339
192
(568)
(700)
Confidential
$1,263
164.3
$7.68
High
$678
$937
$668
$675
$3,220
$3,895
192
(300)
$3,787
231.8
$16.33
MCMORanView entire presentation