Evercore Investment Banking Pitch Book
Financial Analysis
Net Asset Value Analysis -
Proved Developed Producing
Proved Developed Behind-Pipe
Proved Undeveloped
Proved Reserves
Probable
Proved plus Probable Reserves
Possible
3P Reserves
Ultra Deep Upside (Risked)
P&A Developed Properties)
Gross Asset Value
Less: G&A
Less: Insurance
Less: Sulphur Reclaimation Expense
Pre-Tax Net Asset Value
Less: Cash Taxes
After-Tax Net Asset Value
Add: Cash
Less: Debt
Less: Preferred Shares
Equity Value
Fully Diluted Shares
$/Share
EVERCORE PARTNERS
Discount
Rate
8% - 10%
10% -12%
15%-20%
20% - 30%
30% -40%
10% -12%
8% - 10%
12%-15%
8% - 10%
10% - 10%
12%-15%
Price Sensitivity
NYMEX Strip (12/3/12)
Low
High
$253
513
39
$805
90
$895
80
$975
4,087
(212)
$4,849
(463)
(295)
(19)
$4,073
(914)
$3,158
192
(568)
(700)
NAV Summary
$2.082
165.1
$12.61
$258
550
48
$857
128
$985
102
$1,087
5,519
(224)
$6,383
(575)
(371)
(19)
$5,417
(1.311)
$4,106
192
(300)
0
$3.998
231.8
$17.25
$75.00 Oil / $3.00 Gas
Low
High
15
$181
381
14
$577
62
$639
50
$689
1.184
(212)
$1,660
(463)
(295)
(19)
$884
(236)
$648
192
(568)
(712)
Commodity Prices
($440)
162.0
($2.72)
$185
409
20
$614
90
$704
65
$769
1,917
$2,461
(575)
(371)
(19)
$1,496
(365)
$1,131
192
(568)
(712)
$43
162.0
$0.26
$90.00 Oil / $4.00 Gas
Low
High
$258
507
38
$803
87
$890
78
$967
3.167
(212)
$3,922
(463)
(295)
(19)
$3,145
(699)
$2,445
192
(568)
(700)
$1.370
164.4
$8.33
$264
544
46
$853
124
$978
99
$1,076
4,373
(224)
$5,225
(575)
(371)
(19)
$4,260
(1.014)
$3,247
192
(568)
(700)
$2.171
165.2
$13.14
Confidential
($in millions)
$105.00 Oil / $5.00 Gas
Low
High
$335
633
61
$1,028
112
$1,140
105
$1,245
5,150
(212)
$6,183
(463)
(295)
(19)
$5,406
(1.220)
$4,186
192
(300)
0
$4.078
231.8
$17.59
$342
678
73
$1,093
159
$1,252
132
$1,384
6,830
(224)
$7,989
(575)
(371)
(19)
$7,024
(1.721)
$5,303
192
(300)
0
$5.195
232.4
$22.35
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