Credit Suisse Investment Banking Pitch Book
Preliminary illustrative Maine royalty sensitivity analysis
Summary
Royalty payment based on revenue from ultra-deep prospects for 2012 and sensitivity for royalty trust duration
Preliminary analysis based on forward curve pricing as of 11/23/12, 4% royalty and 12% discount rate for illustrative
purposes
(3)
20
Implied Maine
resource case
CREDIT SUISSE
Risked 3P &
resources
(100/100/100/Maine)
$0.81
1.37
Maine management
resource estimate
1.50
Case 1
Risked 3P &
resources
(100/70/50/10)
$1.18
Royalty 10
$0.87
trust
15
1.48
duration
1.62
(years)
25
1.50
2.22
6.67
0.54
1.62
Based on ultra-deep resource potential and resource risking values implied by a $1.50 per share value for a 4% override royalty interest on ultra-deep resource production and 20 year duration; implied
4.3 Tofe of net risked resource potential in ultra-deep assuming 12% discount rate for illustrative purposes.
Based on net unrisked resource estimate of 83.7 Tofe per Maine management, including Davy Jones.
Based on net unrisked resource estimate of 15.4 Tcfe per RPS guidance, including Davy Jones.
2.03
(2)
2.22
Case 2
Risked 3P &
resources
(100/70/50/30)
$3.53
6.09
RPS resource
estimate (3)
6.67
Case 3
Risked 3P &
resources
(100/70/50/10)
$0.29
0.49
Case 4
Risked 3P &
0.54
resources
(100/70/50/30)
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