Credit Suisse Investment Banking Pitch Book
Preliminary illustrative Maine royalty per share
sensitivity analysis
■ Royalty payment based on revenue from ultra-deep prospects for 2012 and sensitivity for royalty trust duration
■ Preliminary analysis based on 4% royalty and 12% discount rate for illustrative purposes; forward curve pricing as of 11/28/12
RPS resource estimate (1) and illustrative 13% risking
Royalty
trust
duration
(years)
Royalty
trust
duration
(years)
WTI oil
Nat. Gas
Royalty
trust
duration
(years)
10
15
20
25
WTI oil
Nat. Gas
Maine management resource estimate (2) and illustrative 13% risking
10
15
20
25
CREDIT SUISSE
WTI oil
Nat. Gas
Forward curve
pricing (3)
10
15
20
25
$0.62
1.00
1.09
1.09
Forward curve
pricing (3)
Note:
$1.64
2.76
3.01
3.01
Forward curve
pricing (3)
(1)
(2)
(3)
Maine management resource estimate (2) and illustrative 30% risking
$100.00
4.00
$0.52
0.80
0.86
0.86
$3.60
6.16
6.73
6.73
$100.00
4.00
$1.34
2.18
2.37
2.37
$110.00
5.00
$100.00
4.00
$2.94
4.85
5.28
5.28
$0.62
0.97
1.05
1.05
$110.00
5.00
$1.62
2.65
2.88
2.88
$110.00
5.00
$3.56
5.90
6.43
6.43
$120.00
6.00
$0.72
1.14
1.23
1.23
$120.00
6.00
$1.90
3.12
3.39
3.39
$120.00
6.00
$4.19
6.96
7.58
7.58
$120.00
7.00
$0.82
1.29
1.40
1.40
$120.00
7.00
$2.16
3.55
3.86
3.86
$120.00
7.00
$4.76
7.93
8.64
8.64
Assumes 100% risking for 0.2 Tofe of net unrisked resource potential from Davy Jones, per RPS.
Assumes forward curve pricing for 2012-2014 and flat pricing where indicated thereafter.
Based on net unrisked resource estimate of 21.7 Tofe per RPS guidance, including Davy Jones.
Based on net unrisked resource estimate of 63.7 Tofe per Maine management, including Davy Jones.
Forward curve pricing as of 11/28/12.
$120.00
8.00
$0.92
1.45
1.57
1.57
$120.00
8.00
$2.42
3.98
4.33
4.33
$120.00
8.00
$5.34
8.90
9.70
9.70
$120.00
9.00
$1.01
1.60
1.73
1.73
$120.00
9.00
$2.68
4.41
4.80
4.80
$120.00
9.00
$5.91
9.87
10.76
10.76
Confidential
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