Evercore Investment Banking Pitch Book
Financial Analysis
Precedent Transactions Gulf Coast Onshore
Date
12-Oct-12 Texas Petr.
4-Oct-12 Undisclosed
19-Mar-12 Undisclosed
4-Nov-11 Undisclosed
Buyer
31-Aug-11 Encore Energy Part.
17-Aug-11 EnergyQuest II
6-Jun-11 Linc Energy Ltd.
13-May-11 Undisclosed Private
3-Mar-11 Legend Nat. Gas
18-Jan-11 Gulf Coast Energy
17-Jan-11 Undisclosed
Maximum
Minimum
Mean
Median
Source: IHS Herold:
EVERCORE PARTNERS
Seller
Selected Precedent Gulf Coast Onshore M&A Transactions
Forest
Carrizo
Comstock
Plains
Undisclosed
Swift
ERG
Energy XXI (Bermuda
Smith
Cypress
Strike
Trans.
Reserves
Value Proved Res. % Gas % Dev.
(JMM)
(Beje)
(%) (%)
38%
45.0
$220
$20
$123
$185
$48
$54
$236
$41
$99
$95
$22
$236
$20
$104
$95
63.2
120.0
12.6
92.2
123.0
8.3
123.0
8.3
66.3
63.2
--
84%
100%
17%
65%
6%
1
-
100%
19%
19
81
100%
100%
19%
6%
52% 59%
52%
59%
Production
Prod. % Gas R/P
(Micfed) (%) (Years)
20.000
5,720
11,296
39,000
6.2
35%
87%
81%
100%
17%
2,580
10.600
65%
18,600
9,710
5,800
11,020
39,000
2,580
13,733
10,810
82%
65%
91%
100%
6%
63%
73%
--
15.3
8.4
13.4
23.8
18.1
23.8
6.2
14.2
14.4
Implied Value /
HHUB
WTI
Proved Res. Production 12-Mo Strip 12-Mo Strip
($/bbi)
(3/Mcje) ($/Mcfed) ($/MMBx)
$4.89
-
$1.95
$1.54
$3.78
$0.58
$1.92
-
$2.63
$4.89
$0.58
$2.47
$1.95
$11,000
$3,409
$10,589
$4,744
$18,450
$5,047
$12,688
$4,222
$11.273
$8,621
Confidential
$18,450
$3,409
$9,034
$9,755
$3.97
$3.77
$2.92
$3.96
$4.29
$4.31
$4.93
$4.57
$4.25
$4.73
$4.71
$4.93
$2.92
$4.22
$4.29
$93.91
$89.73
$108.62
$93.30
$90.64
$88.50
$102.35
$100.07
$104.61
$94.51
$95.10
$108.62
$88.50
$96.48
$94.51
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