Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Precedent M&A Transactions - Corporate
Date
Buyer
25-Apr-12 Halmon
170-11 Statoil ASA
15-Jul-11 BHP Billiton
9-Nov-10 Chevron
Seller
GeoResounts
Boghan Exploration
Petrohrak
Atlas Energy
2-Jun-10 SandRidge Energy Arena Resouras
15-Apr-10 Apache
14-Dec 09 Exxon Mobil
1-Nov-09 Denbury Resouras
27 Apr 09 Atlas Energy, Inc.
30-Apr-08 Stone Enegry
17-Jul 07 Plains E&P
7-Jan-07 Port Ol
23-Jun-06 Analado
23 Jun 06 Anadarko
21-Apr-06 Petrohuwk
23-Jan 06 Helix
12-Dec 05 Conom Phillips
Mariner Energy
XTO
Enoose Acquisition Co.
Adas Energy Resou
Bois d'Arc Energy
Pogo Producing Co.
Houston Exploution
Westen Gas Res.
Kem McGee
KCS Enagy
Remington
Budington Resources
13-04-05 Oasdental Petroleum Vintage Petroleum
19 Sep 05 Nok Hydro ASA Spinnaker Exploration
Max
Mean
Median
Min
Tram. Equity Equity Value/
Transaction Value/
Value Value Cash Flow Cash Flow EBITDA EBITDA Proved Res Prod.
(SMM) (SMM) Current Forward Current Forward (S/Mcle) (S/Meled) (9
61
$945 $973
$4,822 $4,468
$15,223 $12,085
$4,315 $3,215
$1,287 $1,394
$4,685 $2,770
$49,976 $31.254
$4,465 $2861
$1,015
$482
$1,750 $1,736
$3,749 $3,994
$1,827 $1.574
$5,385 $4,800
$19,623 $16.500
$2008 $1.630
$1,312 $1,385
$36,400 $34,639
$4,119 $3,539
$2,992 $2,996
840,4%
88,212
$4,119
Source: IHS Herold, FactSet
Note: Only includes transactions greater than $100 million
EVERCORE PARTNERS
14,7x
10.1x
18.1x
5.3x
5.3x
5.4x
5.5x
42x
5.5%
7.9%
82x
18. Ix
7%
7.38
15.3x
500%
6.3x
3,6%
4,7%
4,7x
66€
15.2x
68
15
5,9%
10,7x
5.6%
10.6%
7.3x
5.8
60%
70x
17.4x
7.0%
7.68
15.68
5.7x
6.6%
8.8
5.2x
3.8x
9.0%
5.7%
49%
4.4x
5.3x
6.1x
15. fex
6.4x
5.7x
35
Premium
1 Day 1-Mo. 2-Mo.
$4.97 $18,175
$1203 $47,837 200% 26% 11%
$275 $11,274 65% 49% 46%
$1.73 $17,008
49%
$3,05 $25,728 7%
$33.13 $10,944
68%
$1.92 $9,797 25% 24% 30%
$2.72 $13,256 35%
$1.16
$4,48
$2,48
$14,827
$13,068 (4%)
$11,095 18%
$7,844 8%
38%
(5%)
21% 32%
11% 19%
$2.90 $13,563 49%
$3.14 $11,450
$3.54 $10,822 20% 16%
$14,622
$1.29
23%
$11,173
$2.58
$1.38
$7,929
$6.04 $15,847 49%
51%
15%
27%
20%
$12.03 $47,837
$3.53 $15,098 26% 29%
$2.90 $13,068 21% 26% 26%
$7,844 (45) (7) (5%)
92%
Reserve & Production Statistics
Proved Res. % Gas Dev. R/P
(Befe) (9)
HHUB WTI
Spot Price Spot Price
() (Years) (S/MMB) (5/bbl)
70%
124
$1.97 $103.16
35%
10.9
86.80
35%
3.49
11.2
4.42
95.69
3.49
4.39
4.15
400.8 22%
3,391.5 92%
847.0 99%
4155
1,087.1 53%
14,827.3 84%
1,321.7 33%
5176 99% 60%
335.0 57%
1,3140 65%
699.3 96%
920.8 97%
5.388.0 62%
4630 88%
278.9 60
12484.2 68%
26232 32%
3736 47%
14,827 99
2,520 63%
847 62%
190 1
66%
73%
57%
67%
80%.
38%
61%
34%
9.6
14,0
13,4
80
122
89
128
10.0
8,4
9.3
11.8
15.7
Confidential
27.9
1.3.4
11.8
72
10.94
6.32
5.52
6.51
6.51
7.93
8.78
15.02
1368
$15.00
6.68
5.32
1.97
72.58
85.84
69.87
77.00
50.80
115.63
74.15
70.49
71.95
6835
99.39
64.12
63.00
8115.63
75.93
71.95
50.80
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