PJT Partners Investment Banking Pitch Book
Utica
The potential exists to create significant value in the Utica if the Company is able to fund its drilling
operations and potentially prove contingent reserves.
TESTING IN THE UTICA COULD RESULT IN PROVING OF CURRENT CONTINGENT, UNDER-
EXPLOITED RESERVES
EXCO holds 40,000 net acres prospective for Utica dry gas with up to 860 gross locations (670 Op/190 OBO);
Contingent Net Reserves of ~4 TCF based on 3.0 Bcf/1000' type curve
Results from nearby wells are encouraging
Consol's Gaut well IP'd at 60+ Mmcf/d and cumulative production of 8.4 Bcf through 18 months of production as
of Q1 2017
Range Resources - Claysville S.C. 9H: 59 Mmcf/d
D&C costs are declining with Consol expecting the recently drilled Aiken appraisal wells to be $15mm; targeting
development costs of $12.5mm for 7000' laterals
EXCO has drilled and completed 500+ wells in the Haynesville at similar pressures and depths as the Utica
Note: As of November 2017.
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