Credit Suisse Investment Banking Pitch Book
Selected companies analysis
($ in millions, except per unit and per share amounts)
Enterprise Value/
Proved reserves ($ / Mcfe)
2012E Daily Production ($/ Mcfe/d)
2013E Daily Production ($ / Mcfe/d)
Total unrisked resources - Maine management ($ / Mcfe)
Total unrisked resources RPS ($ / Mcfe)
-
Enterprise value reference range
(-) Corporate adjustments (¹1)
Implied equity value reference range
Implied per share reference range (2)
Maine
data
CREDIT SUISSE
242
138
150
64,035
22,032
Selected range
Low
% premium/(discount) to current - $8.53 (3)
% premium / (discount) to current proposal (Case 1: RPS resource / risking case) - $16.29
$9.00
$15,000
12,500
$0.10
0.10
High
$13.00
$25,000
20,000
$0.20
0.20
Implied enterprise value range
High
Low
$2,178
2,070
1,875
6,403
2,203
$2,250
(1,065)
$1,185
$7.23
(15.2%)
(55.6%)
-
$3,147
3,450
3,000
12,807
4,406
$3,500
(1,065)
$2,435
$14.71
72.5%
(9.7%)
Source: Public filings and Maine management estimates. Not pro forma for sale of West Delta / Mississippi Canyon and Eugene Island properties effective July 2012.
(1) 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.
(2)
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 11/30/12.
(3)
Confidential
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