Credit Suisse Investment Banking Pitch Book
Selected transactions analysis
($ in millions, except per unit and per share amounts)
Proved reserves ($ / Mcfe) (1)
2012E daily production ($ / Mcfe/d)
Total recoverable resources ($/ Mcfe) - Maine (2)
Total recoverable resources ($ / Mcfe) - RPS (3)
Enterprise value reference range
(-) Corporate adjustments (4)
Implied equity value reference range
Implied per share reference range (5)
Source:
(1)
(2)
(3)
(5)
(6)
(6)
Maine
data
242
138
64,035
22,032
CREDIT SUISSE
Selected range
Low
$13.00
$18,000
$0.12
0.12
% premium / (discount) to current - $8.53
% premium/(discount) to current proposal (Case 1: RPS resource/ risking case) - $16.29
High
$16.00
$23,000
$0.30
0.30
Public filings and Maine management. Not pro forma for sale of West Delta/Mississippi Canyon and Eugene Island properties effective July 2012.
As of 12/31/11 per Maine 10-K.
Assumes unrisked 3P reserves of 335 Bcfe and unrisked resource potential of 63.7 Tcfe, per Maine management.
Implied enterprise value range
High
$3,873
3,174
19,210
6,610
$6,000
Low
$3,147
2,484
7,684
2,644
$4,000
(108)
$3,892
$17.16
101.2%
5.3%
-
-
(108)
$5,892
$25.57
199.7%
57.0%
Assumes unrisked 3P reserves of 335 Bcfe and unrisked resource potential of 21.7 Tcfe, per RPS.
Maine corporate adjustments as of 9/30/12 based on $191.9 million of cash and cash equivalents, $700 million of 5.75% convertible preferred stock ($500 million held by Florida does not
convert at any price), $188.9 million of 4% convertible notes, $67.8 million of 5.25% of convertible notes and $300 million of 11.875% senior notes per Maine 10Q.
Assumes 161.9 million basic shares outstanding for Maine per Maine management, 14.3 million options outstanding at a weighted average exercise price of $14.20 per share, 0.1 million
RSUS and $12.1 million of 8.0% convertible preferred stock with a conversion price of $6.84.
Based on Maine's closing share price as of 11/3012.
Confidential
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