Presidio Production Company · NYSE:FTW
Presidio Production — SPAC Merger (August 2025)
30 slides from Presidio Production's SPAC merger presentation, August 2025
Slide 1: Presidio Production Company Investor Presentation
Presidio Production Company Investor Presentation August 2025
Slide 2: Legal disclaimer
Legal disclaimer This presentation and any oral statements made in connection therewith have been prepared and are being provided on a confidential basis to assist interested parties in making their own evaluation with respect to the proposed Business Combination between EQV Ventures Acquisition Cor
Slide 3: Introduction
Introduction Section I
Slide 4: Company backgrounds
Company backgrounds Presidio Background Founded in 2017 and headquartered in Fort Worth, Presidio Petroleum is the "last, best Presidio Investment Holdings LLC ("Presidio") steward for America's oil and gas wells" Will Ulrich Chris Hammack Founder and Co-CEO Founder and Co-CEO Presidio's mission is
Slide 5: Presidio / EQV Ventures merge to create a differentiated PDP YieldCo
Presidio / EQV Ventures Projected Key Metrics merge to create a ~16% 8% differentiated PDP YieldCo Unlevered FCF PDP Yield (FY26E)1 Decline Rate Transaction Highlights Public operator focused exclusively on acquiring and optimizing PDP assets, backed by a management team and sponsor group with a sha
Slide 6: Substantial low-decline Mid-Continent position
Substantial low-decline Mid-Continent position Pro Forma Proved Developed Reserves Summary1 Key Asset Statistics Proved Oil Gas NGL Total Well Count Developed Pro Forma (Mbbl2) (MMcf3) (Mbbl) (Mboe) PV-10 Proved Operated 2,314 13,208 346,853 31,104 102,121 $788MM Developed $771 $88 $859 PV-10 ($MM)1
Slide 7: Merger consistent with Presidio and EQV's value-oriented thesis
Merger consistent with Presidio and EQV’s value- oriented thesis Differentiated Combination Simple Business Model Ample Growth Synergistic PDP assets with Predictable cash flows facilitate Proven track record of value comparably low-decline rates dividend creation via targeted acquisitions and optim
Slide 8: Presidio meets EQV Ventures' target criteria
Presidio meets EQV Ventures' target criteria Presidio merger aligns with EQV goal to bring a world-class PDP YieldCo to the public markets EQV Ventures Target Merger Criteria Significant PDP Asset Value Exclusive focus on PDP thesis since founding of the business Quality Assets Within Overlooked Bas
Slide 9: Presidio pipeline: Impending asset supply wave
Presidio pipeline: Impending asset supply wave "The opportunity set of PDP assets is only going to grow... The best move, IMHO, would be to find an experienced team that is willing to really work on the optimization of older assets..." –Enverus Intelligence Report Dividend per Share ($/sh)2 No FY-20
Slide 10: Presidio illustrative pipeline: Potential acquisitions
Presidio illustrative pipeline: Potential acquisitions1 Continuously vetting opportunities that would strengthen Presidio as a PDP YieldCo and maximize shareholder returns Average Active Indicative Avg. Average Transaction Wells2 Transaction Value Production LTM % Gas Range ($MM) (Horizontal / ($MM)
Slide 11: Attractive initial yield versus peers
Attractive initial yield versus peers Unrivaled Anticipated Dividend With Long-Term Sustainability vs. Public Peers1 16% 14% I J 12% Peer-Leading Anticipated 10% H Dividend Yield (%) Peer Avg. G Dividend Yield 8.4% Yield E Based on 8% F $10.00/Sh C Price 6% A D 13.5% 2 B 4% 2% Peer Avg. 7 Year R/P 0
Slide 12: Differentiated business model delivers compelling value proposition
Differentiated business model delivers compelling value proposition Presidio Working Interest Peer Royalty Interest Peer Category Metric1 Average2 Average3 Low-Decline, Long Average PDP Decline 8% 24%4 22%4 Operating Metrics Duration PDP Assets Nearly Double Peer Reserve Life Ratio 11.7 7.8 6.1 PDP
Slide 13: Transaction overview
Transaction overview The combination de-leverages Presidio and creates a platform with a strong strategic purpose and growth potential Transaction Summary Pro Forma Capitalization6 Deal Structure As of De-Spac Transaction Close Presidio acquired at $479MM1 enterprise value, including $200MM of equit
Slide 14: Presidio Petroleum
Presidio Petroleum Section II
Slide 15: Presidio public company vision
Presidio public company vision Repeatable, three-step process to create a growing platform of stable, long duration cash flows with an emphasis on highly-efficient capital allocation and total shareholder return Acquire Optimize Produce Utilize our disciplined, Increase efficiency across Extract cru
Slide 16: How Presidio generates value: Five Stages of Asset Enhancement
How Presidio generates value Consistent and repeatable framework to create value and deliver outsized returns to investors Creative Development Capture option value from emerging development plays, commercialize “home-grown” technology Partnership Five Stages of Asset Enhancement Continuous Data dri
Slide 17: Corporate carve-out and buyout track record
Corporate carve-out and buyout track record Presidio has a track record of successful acquisitions, reducing costs on average by ~50% relative to prior owners within one year of closing Cumulative Presidio PDP Wells Under Management1 Month 1 OPEX Reduction2 5,000 125% 4,253 Cumulative Wells Acquired
Slide 18: Presidio's Kaizen philosophy: "We are never done optimizing"
Presidio's Kaizen philosophy: "We are never done optimizing" Continuous Vertical Undeveloped Optimization Integration Acreage Reduced operating expenses Established Trail Dust Accelerated value on 126k 23% Y/Y (Q3’24/Q3’23)1 business unit to bring certain total undeveloped acres oil field services i
Slide 19: Technology-driven fast feedback loops between Fort Worth and the field
Technology-driven fast feedback loops between Fort Worth and the field AI Clean Field Predictive Gamification: Optimization: Data: Financial Real-Time Incentivizes field Enhances Pumpers deliver Modeling: Dashboards: teams to achieve operational clean, Leveraging field Field data is quarterly goals
Slide 20: Result: Superior returns on capital employed and profitability
Result: Superior returns on capital employed and profitability Return on Capital Employed1 19.0% 11.9% 9.3% 8.3% 7.6% 7.2% 6.7% 5.8% 3.2% 2.7% 1.7% Presidio Information Energy Consumer Materials Communication Consumer Industrials Utilities Real Estate Financials Technology Staples Services Discretio
Slide 21: Summary Financial Projections
Summary Financial Projections Section III
Slide 22: Summary financial projections with illustrative future acquisitions
Summary financial projections with illustrative future acquisitions Enterprise Value ($MM) Unlevered Free Cash Flow1,2 ($MM) $2,000 Common Equity * Preferred Equity Net Debt $350 $300 $287 $1,438 $1,500 $250 $1,157 $213 $557 $200 $MM $MM $1,000 $850 $155 $425 $137 $150 $148 $126 $131 $100 $500 $744
Slide 23: Summary financial projections assuming no future acquisitions
Summary financial projections assuming no future acquisitions Total Production (Mboe/d) Total EBITDA (Hedged) ($MM) 30 Oil Gas NGL 150% $150 5.0x 25.7 24.1 22.2 $125 $116 $116 4.0x $110 Production Hedged (%) 20 83% 100% $100 3.0x 82% Leverage Mboe/d 68% $MM $75 2.0x 10 50% $50 1.0x (0.3x) (0.4x) (0.
Slide 24: Appendix
Appendix Section IV
Slide 25: Durable yield combined with simple capital allocation strategy for base business
Durable yield combined with simple capital allocation strategy for base business Illustrative Unlevered FCF/Sh Utilization – NYMEX Strip1 Low Exposure to Common Dividend Preferred Dividend Near-Zero Capex Development Net Debt Reduction Net Interest & Corporate Taxes $1.91 $1.92 Risk $2.0 $1.83 $0.19
Slide 26: Unique strategy compares favorably to current public investment opportunities
Unique strategy compares favorably to current public investment opportunities Presidio’s PDP strategy provides a differentiated mix of high current cash flow yield with low exposure to development risk Asset Type Presidio Operated Non-Operated Royalty Positive Attributes Full Control Visibility on C
Slide 27: Key assumptions in illustrative transactions
Key assumptions in illustrative transactions Key Transaction Assumptions FY-2025 Illustrative FY-2026 Illustrative FY-2027 Illustrative Illustrative Transaction Transaction Transaction Transactions $200MM $300MM $400MM Transactions assume: 20% free cash flow yield 40% debt funding at 7% annual inter
Slide 28: Glossary
Glossary Cash from Operations: A metric to determine whether a company generates enough cash flow to maintain operations, calculated as Total EBITDA (Hedged) less Interest Expense and Cash Taxes. Dividend Coverage Ratio: A metric that measures a company's ability to pay its fixed dividend to applica
Slide 29: Risks related to Presidio's business
Risks related to Presidio's business Presidio’s business depends on third-party transportation and processing facilities and other assets that are owned by third-parties. The loss of a key member of Presidio’s management team, upon whose knowledge, relationships with industry participants, leadershi
Slide 30: Risks related to ownership of company securities and the Business Combination
Risks related to ownership of company securities and the Business Combination Our sponsor, certain members of the Company’s board of directors and certain other Company officers have interests in the Business Combination that are different from or are in addition to other shareholders in recommendin
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