Evercore Investment Banking Pitch Book slide image

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 MOMORAR
View entire presentation