Credit Suisse Investment Banking Pitch Book
Selected corporate transactions
($ in millions, except per unit amounts)
Announce Buyer/
Date
Seller
07/23/12 CNOOC Limited / Nexen Inc.
04/25/12 Halcon Resources / GeoResources
02/01/12 SandRidge Energy / Dynamic Offshore Resources
10/17/11 Statoil/Brigham Exploration
07/15/11 BHP Billiton/ Petrohawk
11/09/10 Chevron / Atlas Energy
04/15/10 Apache Corporation / Mariner Energy Inc.
04/01/10 Sandridge Energy / Arena Resources
03/22/10 CONSOL Energy Incorporated/CNX Gas Corporation
12/14/09 Exxon Mobil Corporation/XTO Energy Incorporated
11/01/09 Denbury Resources / Encore Acquisition Company
04/30/08 Stone Energy / Bois d'Arc Energy
07/14/08 Royal Dutch Shell / Duvernay Oil Corp
07/17/07 Plains Exploration / Pogo Producing
01/07/07 Forest Oil / Houston Exploration
06/23/06 Anadarko/ Kerr-McGee
06/23/06 Anadarko/Western Gas Resources Incorporated
04/21/06 Petrohawk / KCS Energy
01/23/06
Helix Energy / Remington Oil & Gas
12/12/05 ConocoPhillips / Burlington Resources Incorporated
10/13/05 Occidental Petroleum / Vintage Petroleum
09/19/05 Norsk Hydro / Spinnaker Exploration
04/04/05 Chevron / Unocal Corporation
01/26/05 Cimarex Energy / Magnum Hunter
11/30/12 Maine (at market (*)
11/30/12
CREDIT SUISSE
Consideration
100% cash
53% cash/47% stock
53% cash/47% stock
100% cash
(1)
(2)
100% cash
88% cash / 12% stock
(3)
(4)
(5)
30% cash / 70% stock
6% cash/94% stock
100% cash
100% stock
30% cash / 70% stock
55% cash / 45% stock
100% cash
42% cash/58% stock
50% cash/50% stock
Maine (at current proposal-Case 1: RPSresource / risking case -$16.29)
100% cash
100% cash
29% cash/71% stock
58% cash/42% stock
51% cash/49% stock
39% cash/61% stock
100% cash
25% cash / 75% stock
100% stock
Proved
Transaction Reserves
Value (Bcfe)
$17,743
1,000
1,275
4,643
15,068
4,315
4,458
1,535
987
40,496
4,465
1,796
5,838
3,700
1,589
17,818
5,385
1,943
1,292
36,400
3,993
2,547
18,362
2,097
Mean
Median
$2,466
3,888
5,532
175
375
401
3,392
847
1,087
416
319
14,827
1,322
335
468
1,314
700
5,388
921
463
279
12,484
2,623
374
10,522
838
242
242
Total
recoverable
resources
(Bcfe)
43,098
908
ΝΑ
2,801
35,000
9,000
5,438
ΝΑ
3,016
45,000
3,954
ΝΑ
2,000
ΝΑ
ΝΑ
ΝΑ
ΝΑ
1,463
ΝΑ
ΝΑ
ΝΑ
ΝΑ
ΝΑ
ΝΑ
Gas
12%
33%
50%
22%
92%
99%
53%
15%
ΝΑ
84%
33%
57%
91%
65%
96%
Brigham's daily production of 16,800 Boe/d is net of royalties.
As of 11/30/12.
Maine management/RPS resource estimates.
62%
97%
88%
60%
69%
32%
49%
62%
59%
60%
60%
64,035/22,032 59%
64,035/22,032 59%
%
Reserve
Life
Proved
Dev. (Years)
50%
70%
80%
10.4x
15.2
6.8
10.9
35%
35%
11.5
44%
37%
29.0
9.5
37% 22.3
54%
19.2
14.0
13.4
8.0
61%
80%
74%
44%
10.4
73%
12.7
67%
8.9
71%
9.5
43%
12.8
73%
8.1
57%
9.3
73% 11.8
67%
15.8
34%
7.2
52%
11.3
75% 11.5
58% 12.5x
59%
11.4
91%
91%
4.8x
4.8
Proved
LTM
Reserves
EBITDAX ($/Mcfe)
4.2x $3.21
9.9
5.70
4.7
3.40
17.2
11.58
12.3
4.44
19.2
5.09
4.10
3.69
3.09
8.4
12.3
2.5
5.9
11.8
4.8
18.5
5.3
2.73
3.38
5.36
12.48
2.85
2.27
3.31
5.85
4.22
4.22
4.6
2.92
1.52
6.82
1.75
2.50
$4.44
3.55
$10.19
16.06
5.8
10.3
5.9
5.9
6.3
6.8
9.1
5.0
5.7
8.4x
6.1
Transaction Value /
11.8x
18.7
Source: J.S. Herold, Bloomberg, company press releases.
Note:
Maine not pro forma for sale of West Delta/Mississippi Canyon and Eugene Island properties effective July 2012.
Unrisked, includes 3P reserves and resource estimates. "NA" for transactions with unavailableinformation for total recoverable resources.
As of announcement date.
Recoverable
resources
Daily
Prod.
($/Mcfe/d) ($/Mcfe)"
$12,175
$0.41
31,626
1.10
8,439
ΝΑ
46,057
1.66
18,584
0.43
53,929
0.48
14,218
0.82
30,070
ΝΑ
21,647
0.33
13,956
0.90
16,521
1.13
15,608
ΝΑ
47,540
2.92
13,152
ΝΑ
7,384
ΝΑ
11,516
ΝΑ
27,335
ΝΑ
12,511
1.33
12,511
12,607
8,769
17,886
7,199
10,477
$19,655
14,087
$17,867
28,171
ΝΑ
ΝΑ
ΝΑ
12-Month
NYMEX forward curve
Oil ($/bbl)
ΝΑ
ΝΑ
ΝΑ
$1.05
0.90
$0.04/ 50.11
0.06/0.18
$90.38
103.16
97.61
86.38
98.30
89.18
88.87
86.47
82.14
75.61
79.71
112.21
146.10
73.45
60.35
73.06
72.97
76.72
69.51
63.52
63.40
67.98
58.44
47.73
$90.23
90.23
Gas ($/mcf)
$3.19
2.01
2.32
3.70
4.63
4.34
4.89
4.81
4.83
4.25
5.62
11.07
12.05
7.63
7.07
8.37
8.46
10.00
9.45
12.06
11.77
11.93
8.10
6.60
$3.77
3.77
Confidential
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