Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Net Asset Value Analysis - Price Sensitivity
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%
NYMEX Strip (11/1/12)
Low
High
$248
507
39
$794
89
$884
80
$964
3,429
(212)
$4,181
(463)
(284)
$3,414
(700)
$2,714
NAV Summary
192
(568)
(700)
$1,638
164.1
$9.98
$253
544
48
$845
128
$974
102
$1,076
4,687
(224)
$5,538
(575)
(358)
(19)
$4,586
(1,019)
$3,567
192
(568)
(700)
$2,491
165.5
$15.05
$75.00 Oil/ $3.00 Gas
Low
High
27
$181
381
14
$577
62
$639
50
$689
748
(212)
$1,224
(463)
(284)
(19)
$457
(96)
Commodity Prices
$361
192
(568)
(712)
($727)
161.9
($4.49)
$185
409
20
$614
$704
65
$769
1,358
(224)
$1,903
(575)
(358)
(19)
$950
(164)
$787
192
(568)
(712)
($302)
161.9
($1.86)
$90.00 Oil / $4.00 Gas
Low
High
$258
507
38
$803
87
$890
78
$967
2,549
(212)
$3,304
(463)
(284)
(19)
$2,537
(495)
$2,042
192
(568)
(712)
$954
161.9
$5.89
$264
544
46
$853
124
$978
99
$1,076
3,593
(224)
$4,445
(575)
(358)
(19)
$3,492
(734)
$2,758
192
(568)
(700)
$1,682
164.2
$10.25
Confidential
($ in millions)
$105.00 Oil / $5.00 Gas
Low
High
$335
633
61
$1,028
112
$1,140
105
$1,245
4,350
(212)
$5,383
(463)
(284)
(19)
$4,617
(982)
$3,634
192
(568)
(700)
$2,558
165.7
$15.44
$342
678
73
$1,093
159
$1,252
132
$1,384
5,827
(224)
$6,987
(575)
(358)
(19)
$6,034
(1,399)
$4,635
192
(300)
0
$4,527
229.2
$19.76
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