Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Precedent Transactions - Gulf Coast Onshore
Date
12-Od-12 Texas Petr.
4-01-12 Undisdosed
19-Mar-12 Undisdosed
4-Nov-11 Undisdosed
31-Aug-11 Encore Energy Part.
17-Aug-11 EnergyQuest II
6-Jun-11 Linc Energy Ltd.
13-May-11 Undisdosed Private
3-Mar-11 Legend Nat. Gas
18-Jan-11 Gulf Coast Energy
17-Jan-11 Undisdosed
Maximum
Minimum
Buyer
Mean
Median
Source: IHS Herolds
EVERCORE PARTNERS
Seller
Selected Precedent Gulf Coast Onshore M&A Transactions
Forest
Camzo
Comstock
Plains
Undisdosed
Swift
ERG
Energy XXI (Bermuda)
Smith
Cypress
Strike
Trans.
Reserves
Value Proved Res. % Gas % Dev.
(SMM) (Befe) (%)
45.0
38%
$220
$20
$123
$185
$48
$54
$236
$41
$99
$95
$22
$236
$20
$104
$95
63.2
120.0
12.6
92.2
123.0
123.0
8.3
66.3
63.2
84%
100%
17% 100%
65% 19%
6%
:
31
Production
Implied Value /
WTI
Prod. Gas R/P Proved Res. Production 12-Mo Strip 12-Mo Strip
(Mcfed) (%) (Years) (S/Mcfe) ($/Mcfed) ($/MMBtu) ($/bbl)
20,000
$4.89
5,720
6.2
11,296
39,000
2,580
10,600
18,600
9,710
8,800
11,020
100%
100%
39,000
6% 19% 2,580
52% 59%
13,733
52% 59%
10,810
35%
87%
81%
100%
17%
65%
82%
65%
91%
100%
73%
15.3
8.4
13.4
23,8
18.1
23.8
6.2
14.2
14.4
$1.95
$1.54
$3.78
$0.58
$1.92
$2.63
$4.89
$0.58
$2.47
$1.95
$11,000
$3,409
$10,889
$4,744
$18,450
$5,047
$12,688
$4,222
$11,273
$8,621
$18,450
$3,409
$9,034
$9,755
HHUB
$3.97
$3.77
$2.92
$3.96
$4.29
$4.31
$4.93
$4.57
Confidential
$4.25
$4,73
$4.71
$4.93
$2.92
$4.22
$4.29
$93.91
$89.73
$108.62
$93.30
$90.64
$88.50
$102.35
$100,07
$104.61
$94.51
$95.10
$108.62
$88.50
$96.48
$94.51
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