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INVESTOR PRESENTATION

INVESTOR PRESENTATION. February 2013. Confidential Material. Table of Contents. Company Overview. Investment Highlights. Low Risk Assets. Fields with long production histories and significant well control Documented pay in areas with low historical recovery due to antiquated methods

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INVESTOR PRESENTATION

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  1. INVESTOR PRESENTATION February 2013 Confidential Material

  2. Table of Contents

  3. Company Overview

  4. Investment Highlights Low Risk Assets • Fields with long production histories and significant well control • Documented pay in areas with low historical recovery due to antiquated methods • Significant inventory of low-cost, high-return behind pipe and offset opportunities Superior Well Economics • Well costs range from $0.25 - $0.50 million, with 26 MBoe EUR per zone • Additional performance-based upside of 80 MBoe per well in the Arbuckle Formation • Re-work and new drill type wells produce IRR’s of 329% and 126%, respectively • 1,656 MBoeProved Reserves (95% oil) - 5,447 MBoe 2P Reserves (91% oil) • $33.9 million Proved PV-10 ($158.3 million 2P PV-10) • Additional unbooked potential in horizontal Mississippian well locations • World class upside in Utah acreage in the Navajo Sandstone, Mancos Shale, Mississippian, and other formations Liquids-Rich Asset Base with Significant Upside Potential • Database of over 300,000 wells – most comprehensive Kansas dataset • Allows for rapid identification and evaluation of potential acquisitions • Proven strategy originally developed by the Richfield management team Proprietary Database and Research Technology • Award-winning geologists with over 208 years of combined experience in analyzing drilling and development opportunities in Kansasand Utah • Experts in exploring for and producing from reservoirs that are not in capillary pressure equilibrium and subject to damage from standard drilling techniques • Expertise in overthrust geology in Rockies Best in Class Geological Team • Demonstrated a unique ability to identify, evaluate and develop undercapitalized assets • Found in excess of 1 BBoe of reservoirs in the UT / WY overthrust belt • Pioneered the dewatering production methods now in use throughout Kansas and Oklahoma, by many operators Strong Management Team with Proven Track Record

  5. Highly Experienced Management Team • 27 years in managing all aspects of oil company development, including geological analysis, design and implementation of advanced engineering, field management and finance • Founder & CEO of publicly traded HEGCO Canada, an oil & gas exploration company (1995-2000), Iron Thunder Drilling (1998), Nemaha Services (1991), Hewitt Energy Group, Inc. (1988), and New Century Petroleum (1986) Douglas C. Hewitt: Chairman, President and CEO Glenn MacNeil: CFO and Director • 30 years as a CFO for the Oil and Gas and Financial Services industries, internationally • Served as an officer and director for numerous private and public companies • Lead roles in acquisitions, divestitures, turnaround situations and start-up businesses • Practiced law since 1980, over 17 years experience advising oil and gas companies in all areas including leasing, environmental and regulatory compliance and securities matters • Practiced law with Dexter & Dexter Attorneys at Law from 2004 to 2008 • Served as the General Counsel and CFO of HEGCO Canada, Inc. from 1997 to 2002 Mike Cederstrom: General Counsel and Corporate Secretary • Significant experience in both public accounting and private industry • Spent 10 years serving as a Vice President and Controller for a publicly traded company in California as well as CFO for Big West Oil, with over $2 billion in annual sales • Spent 9 years in public accounting with PricewaterhouseCoopers David B. Hardman: Controller David Detton: Land and Legal • Licensed Utah attorney since 1976, former partner in two of the 100 largest U.S. law firms • Managed land teams for over $1 B in acquisitions of oil & gas companies • Managed company’s recent acquisitions of over 12,000 acres of mineral rights and 10,000 acre feet of water rights

  6. Distinguished Board of Directors • 38 years of experience in the investment banking industry • Served with The First Boston Corporation / Credit Suisse First Boston in corporate finance and public finance, including as Vice President and Treasurer. Served as Sr. Managing Director of Cambridge Holding and Cambridge Partners, LLC John McFadden: Independent Director • 40 years of entrepreneurial experience • Founded Valley Sanitation and merged with 10 other waste businesses to form Superior Services, Inc. • In 1996, as President and Chairman, completed a successful IPO on the NASDAQ • In 1999, Superior was sold to Vivendi, a French conglomerate for over $1 billion Joseph Tate: Independent Director • Brings many years of top-level business and entrepreneurial experience to the Company's Board • From 1998 to 2002, Mr. Grimm served as: President and CEO of Sam's Club as well as Executive Vice President of Wal-Mart Stores Inc., based in Bentonville, Arkansas • Mr. Grimm served as the CEO of Pace Membership Warehouse, a subsidiary of Kmart Stores Inc. • Founder, President and CEO of Price Savers Membership Warehouse, which achieved one billion dollars in sales in its last year prior to being acquired by Kmart Stores Inc. Thomas R. Grimm: Independent Director

  7. Best In Class Technical Team • From 2007 to 2009, served as SVP of Exploration for Hunter Energy, LLC • From 1990 to present, has served as President of Safford Exploration - resulted in the discovery of the 1 MMBO Thief Creek Field in the Wyoming Thrust Belt for Anshutz Corp. • From 1976 - 1990 worked for Chevron, supervised the development of Whitney Canyon - Carter Creek fields, and served as District Geologist of the Mid-Continent District Monty Hoffman: Production Geologist • From 1976 - 1990 worked for Chevron in various roles, including the geologic negotiations  with partners in Painter and East Painter fields • Since 1990, has served as a Staff Geologist for Safford Exploration, Inc. • Experience in several Wyoming basins, in the Williston Basin, and in Texas and Kansas • From 2003 to 2005, served as Senior Staff Geologist for Nautilus Resources; supervised the Gebo Field, which doubled from 500 BOPD to 1000 BOPD Raina Powell: Production Geologist • Over 60 years of oil and gas experience • From 1960 to 1974, served as a drilling and completions engineer and field engineer with Shell Oil Company • Also served in various engineering roles with Kirby Exploration, Alexander Drilling, Natomas North America, and Pennaco Resources Company Bill Alexander: Petroleum Engineer • Over 50 years of oil and gas experience • Currently with Safford Exploration, where he served with the team responsible for the discovery of the 1 MMBO Thief Creek Field in the Wyoming Thrust Belt • From 1956 to 1989, served as a geologist for Chevron where he was part of the team who discovered Ryckman Creek (1976), Painter Reservoir (1977), East Painter Reservoir (1978), Whitney Canyon-Carter Creek (1977), and Glasscock Hollow (1980) fields Paul Lamerson: Consulting Geologist • 15 Years of Oil and Gas Experience in the Mid-Continent and the Rockies,  including work for Flying J Oil & Gas, and permitting work for Anadarko in Alaska. • 10 years with Richfield and its Predecessors, including the initial identification, and evaluation of Richfield’s current Mid-Continent Properties. • Helped Develop Richfield’s Proprietary exploration database Jeremiah J. Burton: Geologist

  8. Company Summary • North American exploration and production company based in Salt Lake City, Utah • Publicly-traded on the OTCQX U.S. Premier Market; Ticker Symbol: ROIL • Incorporated April 2011, simultaneous with the merger with Hewitt Petroleum, Inc. • Unique balance of low-risk assets with immediate cash flow impact and long-term upside: • Kansas - Low-risk, low-cost, high return assets • Independence Project, Mancos Shale - Moderate risk, high upside • Central Utah Overthrust –High Risk, high upside • Near-term strategy focuses on increasing cash flow through exploitation of Kansas assets • 2013 – 2014 capital program includes 80 re-work and new drill operations • 5 additional horizontal Mississippian well locations • Pursue cash-flow accretive bolt-on acquisitions in core operating region • Central Utah Overthrust acreage provides significant upside potential through Mancos Shale exposure • 8,510 net acres with unbooked resource potential in the Navajo Sandstone, Mancos Shale, and deep Mississippian formations (127 potential drilling locations) • 20,000 gross acres prospective for the Mancos Shale (31 potential drilling locations) • Partnered with experienced, NYSE-listed, independent operator with extensive experience in unconventional resource plays

  9. Central Kansas Uplift Overview Unproduced Oil and Gas Zones Arbuckle Overview Main target is the Arbuckle formation, a water-drive reservoir system that has yielded 2.4 billion barrels since the late-1920s Typically outfit new or recompleted Arbuckle wells with high volume submersible pumps • Typical well will produce 10-40 BOPD and with proper well density, these oil rates can increase Untapped Potential • Formation has been produced almost exclusively from its topmost layer • Productive lower Arbuckle intervals exist in every major CKU field. These zones were only sporadically produced—mainly due to a lack of information sharing among an unsophisticated, under-capitalized producer base Behind Pipe Reserves • Recent cased hole logs on Richfield’s wells identify significant new reserves in two of Central Kansas’ largest fields 2009 Halliburton TMD Log, Gorham Field 2009 Halliburton TMD Log, Trapp Field

  10. Reserves Summary Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013 Note: includes Kansas and Wyoming Reserves only. Wyoming represents 3.4% of total proved reserves. Excludes Utah resource potential. • PV-10 by Reserve Category • Reserves by Category • 2P Reserves by Hydrocarbon • Proved Reserves by Field Total Proved PV-10: $33.9 million Total 2P PV-10: $158.3 million Total Proved Reserves: 1,656 MBoe (95% Oil) Total 2P Reserves: 5,447 MBoe (91% Oil)

  11. Reserves Summary (Continued) Significant Performance-Based Upside Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013 Note: Excludes Utah resource potential. • Represents 5 horizontal Mississippian well locations; additional reserves and present value represent increase well performance from the PD and PUD drilling locations.

  12. Kansas Asset Overview

  13. Major Operators in Kansas Richfield Leaseholds and Major Kansas Operators Richfield Properties Richfield’s acreage is located in the heart of the Central Kansas Uplift • 2,626 gross acres • 78 total drilling and workover locations • Gorham Field • 1,218 acres • 45 locations • Trapp Field • 160 acres • 7 locations • KoelschField • 480 acres • 10 locations • Perth Field • 480 acres • 10 locations • South Haven Field • 248 acres • 5 locations • Bull Field (Oklahoma) • 40 acres • 1 location DONIPHAN Nemaha Anticline BROWN NEMAHA Cambridge Arch REPUBLIC WASHINGTON MARSHALL RAWLINS CHEYENNE JEWELL DECATUR NORTON SMITH PHILLIPS ATCHISON CLOUD JACKSON POTTAWATOMIE MITCHELL CLAY LEAVENWORTH Salina Basin GRAHAM Central Kansas Uplift THOMAS SHERIDAN RILEY SHERMAN BOOKS OSBORNE JEFFERSON WYANDOT OTTAWA SHAWNEE LINCOLN GEARY JOHNSON WABAUNSEE DOUGLAS RUSSELL TREGO GOVE WALLACE LOGAN ELLIS DICKINSON SALINE OSAGE MORRIS MIAMI ELLSWORTH FRANKLIN Forecast City Basin LYON RUSH SCOTT BARTON NESS WICHITA LANE GREELEY MARION MCPHERSON RICE CHASE LINN ANDERSON COFFEY PAWNEE Hugoton Embayment of the Anadarko Basin FINNEY HODGEMAN HARVEY KEARNY ALLEN RENO BOURBON WOODSON HAMILTON Bourbon Arch STAFFORD GREENWOOD EDWARDS BUTLER RAY FORD WILSON SEDGWICK NEOSHO CRAWFORD PRATT KIOWA KINGMAN STANTON GRANT HASKELL ELK Cherokee Basin Sedgwick Basin MONTGOMERY CHEROKEE LABETTE SUMNER COWLEY BARBER CLARK COMANCHE HARPER CHAUTAUQUA MORTON MEADE STEVENS SEWARD Richfield Leases Source: Company filings, PLS Oil & Gas Database

  14. Central Kansas Uplift – Recent Drilling Activity Sample Drilling Activity Since 2011 Richfield Leases Fleger B #1 30‐day IP: 86 Boe/d Completed: April 2011 Cloud Hopkins ET #1-32 60‐day IP: 208 Boe/d Completed: Sept. 2011 Mitchell Central Kansas Uplift Graham Rooks Osborne Funk, Wayne #1-32 60‐day IP: 145 Boe/d Completed: Feb. 2011 Ottawa Lincoln Trego Ellis Russell Wegele #1-32 60‐day IP: 133 Boe/d Completed: April 2012 Saline Ellsworth Ness Rush Barton McPherson Rice Fleger B #1 90‐day IP: 34 Boe/d Completed: March 2012 Pawnee Hodgeman Stafford Harvey Leroy Farming T #1-30 30‐day IP: 145 Boe/d Completed: Sept. 2011 Reno Edwards Ford Pratt Sedgwick Kingman Krupp #1-10 7 month Peak Rate: 100 Boe/d Completed: April 2011 Kiowa Ruyle 11-31 90‐day IP: 20 Boe/d Completed: July 2011 Clark Barber Harper Sumner Comanche Andra 8-12 60‐day IP: 13 Boe/d Completed: Dec. 2011 Homer 7-11 30‐day IP: 16 Boe/d Completed: Aug. 2012 Violet #1 30‐day IP: 94 Boe/d Completed: Jan. 2012 Source: HPDI DrillingInfo

  15. Explore and Research System (“EARS”) Production history charts • Proprietary database that includes well data from several public and private sources • Data on 300,000+ wells drilled in the mid-continent since the 1920s • Invested over $3 million in unique strategic advantage which allows Richfield to: • Allocate capital to best drilling targets • Identify and evaluate acquisition targets Well data Well logs & cross-sections Most Comprehensive Source of Kansas Production, Completion, and Geological Data

  16. Proven Production Method Braman Field – Historical Production And Development Activity Douglas Hewitt pioneered the dewatering production methods now in use throughout Oklahoma, by many operators Peak Production: 715 Boe/d Sold for $6 million • $2.6 million total capital expenditures: • 6 New Drills • 3 Re-works • 5 Wells high-volume submersible pumps Acquired for $5,000 Source: IHS Herold

  17. Prolific Well Economics Well Rework Program Assumptions New Drill Program Assumptions IRR Sensitivity ($2.50 / Mcf Flat Pricing) IRR Sensitivity ($2.50 / Mcf Flat Pricing) Source: Management Estimates

  18. Gorham Field • Operating Region • Richfield Development Plan • Asset Overview ($ in millions) • A geological report on a Gorham Field well log indicates over 50’ of pay • Only the top 2’ – 5’ of the Arbuckle has been produced in the entire field • 2013 - $10.6 million capital expenditures • 19 re-work operations (including 7 PDP) • 13 new drill locations • 2014 - $7.7 million capital expenditures • 13 new drill locations • Anticipated production growth: • Current Net Production: 15 Boe/d • Expected 2013 Exit Rate in excess of 700 Boe/d Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013

  19. Koelsch Field • Operating Region • Field Description • Asset Overview ($ in millions) • Field was discovered in 1952 and abandoned in 1957, leaving 3.9 – 6.4 MMBoe recoverable • 2013 - $6.3 million capital expenditures • 3 re-work operations (including 2 PDP) • 2 new drill locations • 2 horizontal Mississippian locations • 2014 - $1.1 million capital expenditures • 2 new drill locations • Anticipated production growth: • Current Net Production: 14 Boe/d • Expected 2013 Exit Rate in excess of 250 Boe/d Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013

  20. Trapp Field • Operating Region • Field Description • Asset Overview ($ in millions) • Focus area is the highest part of the structure • Wells historically experienced the highest IPs, highest EURs, and most recoverable reserves • Should the pilot project prove successful, ROIL can expand to the entire field • 2013 - $2.3 million capital expenditures • 3 re-work operations (including 1 PDP) • 4 new drill locations • 2014 - $0.5 million capital expenditures • Anticipated production growth: • Current Net Production: 1 Boe/d • Expected 2013 Exit Rate in excess of 120 Boe/d Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013

  21. Perth Field • Operating Region • Field Description • Asset Overview ($ in millions) • Estimated 12.6 MMBoe of reserves in place, representing recovery efficiency of only 15% • ROIL estimates recovery efficiencies of up to 40% • Acquired properties to redrill and produce the remaining recoverable reserves of 2 to 3 MMBoe • 2013 - $0.7 million capital expenditures • 2 re-work operations (2 PDP) • 1 new drill location • 2014 - $7.4 million capital expenditures • 5 new drill locations • 2 horizontal Mississippian locations • Anticipated production growth: • Current Net Production: 7 Boe/d • Expected 2014 Exit Rate in excess of 250 Boe/d Source: Pinnacle Energy Services, LLC Reserves and Engineering Evaluation dated January 18, 2013

  22. Utah and Wyoming Asset Overview

  23. Utah and Wyoming Asset Overview Liberty Field (Gas/Oil Condensate Discovery) • Liberty #1 Discovery Well – Drilled in 2010 • Logs and testing demonstrated over 1,200 gross feet of interconnected fractures in Jurassic Twin Creek Limestone and 427 feet of oil saturated deeper Navajo Sandstone • Freedom Trend Prospect • Gravity maps show prominent structural anomalies • 2D seismic shows three, overlapping structural closures in the Twin Creek-Navajo • Independence Project – Drilling operations are anticipated to begin Q3 2013, in the organically rich, Tununk member of the Lower Mancos Shale • Hogback Ridge (UT- WY Overthrust) – New acreage has been acquired, offsetting a past producing well. Geological research and lease acquisition is ongoing Nephi Wolverine Painted Rock (Flowed Gas & Condensate) Freedom Trend Prospect Independence Play (Oil Discovery) Richfield Leases Providence Field (oil) Discovery Industry Targets Covenant Field (oil) Industry Well Permit

  24. Independence Project Comparisons Independence Project Mancos Shale (Tununk) Utah 600-3,000’ feet thick 11,550 Feet Deep 7% Total Organic Carbon .660 Pressure Gradient 180 feet of interbedded siltstone and sandstone Extensive Natural Fractures Oil & Gas Prone Bakken Shale North Dakota, Montana, Canada 150 feet thick 10,500 feet deep 11% Total Organic Carbon .500 Pressure Gradient 85 feet of interbedded siltstone and sandstone Requires Hydraulic Fracturing Oil Prone Eagle Ford Shale Texas 200 feet Thick 11,500 feet deep 4.5% Total Organic Carbon .650 Pressure Gradient Requires Hydraulic Fracturing Oil & Gas Prone Utica Shale Ohio, Pennsylvania, West Virginia 140 feet thick 7,500 – 9,500 feet deep 7% Total Organic Carbon .46 Pressure Gradient Tuscaloosa Marine Shale Louisiana, Mississippi 200 feet thick 10,000 – 15,000 feet deep 1% - 4% Total Organic Carbon .7 Pressure Gradient A good shale play is defined by having total organic carbon (“TOC’s) greater than 2%, high thermal maturity and a brittle nature that can be fractured. Natural Fractures eliminate the need for Hydraulic Fracturing, saving money reducing possible environmental/political issues. The Tununk member of the Mancos shale is thick, has high TOC’s, interbedded sandstones, natural fractures, and a high pressure gradient, which should yield a higher than average recovery factor. Tununk Core Fragment from Irons #1, Sanpete Co. UT, Showing Sand stringers interbedded within the shale

  25. Disclaimer Forward Looking Statements and other matters THE FINANCIAL AND OPERATING PROJECTIONS CONTAINED HEREIN REPRESENT CERTAIN ESTIMATES OF RICHFIELD OIL AND GAS COMPANY (“RICHFIELD” OR THE “COMPANY”) AS OF THE DATE HEREOF. RICHFIELD’S INDEPENDENT PUBLIC ACCOUNTANTS HAVE NOT EXAMINED, REVIEWED OR COMPILED THE PROJECTIONS AND, ACCORDINGLY, DO NOT EXPRESS AN OPINION OR OTHER FORM OF ASSURANCE WITH RESPECT THERETO. FURTHERMORE, NEITHER RICHFIELD NOR ITS MANAGEMENT CAN GIVE ANY ASSURANCE THAT THE PROJECTIONS CONTAINED HEREIN ACCURATELY REPRESENT RICHFIELD’S RESULTS OF OPERATIONS OR FINANCIAL CONDITION. SOME OF THESE ASSUMPTIONS INEVITABLY WILL NOT MATERIALIZE AND UNANTICIPATED EVENTS MAY OCCUR THAT COULD AFFECT RICHFIELD’S RESULTS. THEREFORE, RICHFIELD’S ACTUAL RESULTS ACHIEVED DURING THE PERIODS COVERED BY THE PROJECTIONS WILL VARY AND MAY VARY MATERIALLY FROM THE PROJECTED RESULTS. THESE VARIATIONS COULD MATERIALLY AFFECT RICHFIELD’S ABILITY TO MAKE PAYMENTS WITH RESPECT TO ANY OF ITS OUTSTANDING AND/OR FUTURE DEBT SERVICE OBLIGATIONS. UNLESS OTHERWISE NOTED, THE FORECASTED INDUSTRY AND MARKET DATA CONTAINED IN THE ASSUMPTIONS FOR THE PROJECTIONS ARE BASED UPON MANAGEMENT ESTIMATES AND INDUSTRY AND MARKET PUBLICATIONS AND SURVEYS. THE INFORMATION FROM INDUSTRY AND MARKET PUBLICATIONS HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE, BUT THERE CAN BE NO ASSURANCE AS TO THE ACCURACY OR COMPLETENESS OF THE INCLUDED INFORMATION. RICHFIELD HAS NOT INDEPENDENTLY VERIFIED ANY OF THE DATA FROM THIRD-PARTY SOURCES, NOR HAS RICHFIELD ASCERTAINED THE UNDERLYING ECONOMIC ASSUMPTIONS RELIED UPON THEREIN. THESE MATERIALS ARE BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND FOR USE AT THE PRESENTATION. THIS PRESENTATION AND THESE MATERIALS MAY NOT BE REPRODUCED, REDISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, BY ANY MEDIUM OR FOR ANY PURPOSE.

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