Credit Suisse Investment Banking Pitch Book
Preliminary illustrative Maine royalty sensitivity analysis
(cont'd)
Royalty payment based on revenue from ultra-deep prospects for 2012 and sensitivity for royalty trust duration
Preliminary analysis based on 4% royalty and 12% discount rate for illustrative purposes; forward curve pricing as of 11/23/12
RPS resource estimate (1) and illustrative 10% risking
Royalty
trust
duration
(years)
Royalty
trust
WTI oil
Nat. Gas
duration
(years)
10
15
20
25
RPS resource estimate (1) and illustrative 30% risking
WTI oil
Nat. Gas
CREDIT SUISSE
Forward curve
pricing
10
15
20
25
$0.29
0.49
0.54
0.54
Forward curve
pricing
$100.00
4.00
$0.87
1.48
1.62
1.62
$0.24
0.39
0.42
0.42
$100.00
4.00
$0.71
1.17
1.27
1.27
$110.00
5.00
$0.29
0.47
0.52
0.52
$110.00
5.00
$0.86
1.42
1.55
1.55
$120.00
6.00
$0.34
0.56
0.61
0.61
$120.00
6.00
$1.01
1.67
1.82
1.82
$120.00
7.00
$0.38
0.64
0.69
0.69
$120.00
7.00
Based on net unrisked resource estimate of 15.4 Tofe per RPS guidance, including Davy Jones.
$1.15
1.91
2.08
2.08
$120.00
8.00
$0.43
0.71
0.78
0.78
$120.00
8.00
$1.29
2.14
2.33
2.33
$120.00
9.00
$0.47
0.79
0.86
0.86
$120.00
9.00
$1.42
2.37
2.59
2.59
Confidential
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