Credit Suisse Investment Banking Pitch Book
Preliminary illustrative Maine royalty sensitivity analysis
Illustrative per share estimate for royalty
■ Royalty payment based on revenue from ultra-deep prospects for 2012 through end of resource life
■ Preliminary analysis based on forward curve pricing as of 11/23/12 and illustrative discount rate of 12%
($ per fully diluted share outstanding, except where otherwise indicated)
Net implied
risked resource (Tcfe)
4.3
Implied Maine resource case
Maine management
resource estimate (2)
Illustrative resource
potential risking
RPS resource estimate (3)
Illustrative resource
potential risking
(1)
10.0%
30.0%
CREDIT SUISSE
10.0%
30.0%
Implied price per Maine share (NAV analysis) (4)
Implied price per Maine share assuming:
4% royalty on resource potential
Note:
6.4
19.1
(2)
(3)
1.5
4.6
Royalty
Illustrative Maine price per share - ultra-deep royalty rate sensitivity
4.0%
$1.50
$2.22
6.67
$0.54
1.62
Implied Maine
resource case
Risked 3P &
resources
(100/100/100/Maine)
$20.52
19.62
Production estimate (Mmcfe/d)
2014E
2013E
13.4
5.4
16.1
5.4
16.1
Risked 3P &
resources
(100/70/50/30)
Maine management
resource estimate (2)
$26.42
85.5
25.09
120.2
360.7
34.2
102.7
Risked 3P &
resources
(100/70/50/30)
$65.48
61.39
2015E
220.9
346.4
1,039.2
88.4
265.1
RPS resource
estimate (3)
Risked 3P &
resources
(100/70/50/10)
$9.72
9.21
Royalty Interest not on 8/8 basis.
values implied by a
Based on ultra-deep resource potential and resource
$1.50 per share value for a 4% override royality interest on ultra-deep
resource production; Impiled 4.3 Tofe of net risked resource potential in ultra-deep assuming 12% discount rate for Illustrative purposes.
Assumes 63.7 Tcfe of unrisked ultra-deep resource potential, including Davy Jones.
Assumes 15.4 Tote of unrisked ultra-deep resource potential, including Davy Jones.
See previous page.
Risked 3P &
resources
(100/70/50/30)
$21.17
20.20
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