Goodrich Petroleum Corporation
Goodrich Petroleum — Investor Presentation (December 2006)
26 slides from Goodrich Petroleum's investor presentation, December 2006
Slide 1: Management Presentation December 2006
NYSE: GDP Management Presentation December, 2006 9596536
Slide 2: Forward Looking Statements – Non-Proved Reserve Information
FORWARD LOOKING STATEMENTS – NON-PROVED RESERVE INFORMATION Certain statements in this presentation regarding future expectations and plans for future activities may be regarded as “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. They are subj
Slide 3: NYSE: GDP Market Data and Investor Contacts
(NYSE:GDP) Headquartered: Houston, Texas Market Data as of November 30, 2006 • Price - $43.96 Per Share • Shares Of Common Stock Outstanding (Basic) – 25 Million • Market Capitalization – $1.1 Billion • Current Insider Ownership – 51% • Current Public Float – 12.5 Million Shares • 52 Week Price Rang
Slide 4: Company Profile
COMPANY PROFILE ■ E & P company focused in Cotton Valley trend of East Texas and Northwest Louisiana ■ 160,000 gross (103,000 net) acres in the Cotton Valley trend. Over 2,300 vertical locations in inventory ■ 152 Cotton Valley Trend wells drilled to date with 100% success rate (142 wells producing,
Slide 5: Areas of Operation
AREAS OF OPERATION Dirgin / Beckville Bethany - Longstreet N. Minden Alabama Bend South Henderson Cotton Cotton South Plumb Bob St. Gabriel Second Bayou Lafitte Corporate Office Houston West Delta 83 Burrwood Field Office Core Properties 5
Slide 6: Corporate Strategy
CORPORATE STRATEGY ■ Accelerate development of the Cotton Valley trend • Approximately 90 wells planned for 2006. • 9 rigs in 2007 would provide for approximately 100 vertical wells, or approximately 50 horizontal and 20 vertical wells ■ Pursue new business opportunities in our core operating areas,
Slide 7: Cotton Valley Trend – Core Acreage
COTTON VALLEY TREND – CORE ACREAGE ■ Natural gas resource play with low dry hole risk and long life reserves (20+ year life) ■ Predictable production decline profile ■ Anticipated 40-acre spacing for vertical wells on core Cotton Valley acreage and 80-acre spacing at Cotton South provides over 2,300
Slide 8: Cotton Valley & Travis Peak Acreage
COTTON VALLEY & TRAVIS PEAK ACREAGE 160,000 Gross Acres DIRGIN-BECKVILLE 12,600 Gross Acres 103,000 Net Acres 10,900 Net Acres Other CV Trend 12,900 Gross Acres 9,400 Net Acres ALABAMA BEND 16,000 Gross Acres 8,000 Net Acres BETHANY-LONGSTREET 21,800 Gross Acres 15,200 Net Acres SOUTH HENDERSON NORT
Slide 9: Texas Regional Cotton Valley Trend
TEXAS REGIONAL COTTON VALLEY TREND Phoenix Prospect Carthage Field • Anadarko • BP • Chevron • Devon • EOG Oak Hill Field Blocker Prospect • Anadarko • BP Sunshine Prospect Oak Hill • Comstock ld F ie • EOG Field ille Beckville Field v ck • Anadarko Be • Comstock • XTO Carthage • GDP Field Minden Fi
Slide 10: Dirgin – Beckville and North Minden Activity
DIRGIN – BECKVILLE AND NORTH MINDEN ACTIVITY 48,300 Gross Acres 41,400 Net Acres 2004 Drilling (10 Wells) 10
Slide 11: Dirgin – Beckville and North Minden Activity
DIRGIN – BECKVILLE AND NORTH MINDEN ACTIVITY 48,300 Gross Acres 41,400 Net Acres 2004 Drilling (10 Wells) 2005 Drilling (47 Wells) 2006 Drilling (43 Wells as of 8/1/2006) 2006 Locations (remaining locations as of 8/1/2006) GDP Future Locations 11
Slide 12: Louisiana Regional Cotton Valley Trend
LOUISIANA REGIONAL COTTON VALLEY TREND Elm Grove Bethany Field Field • Chevron Alabama Bend • Devon ny tha Be ield • El Paso F • XTO Holly Field • El Paso • Winchester Elm Grove Field • Questar e t • Petrohawk gs tre - L on n y ie ld tha F ld Be F ie ll y Ho 12
Slide 13: Bethany Longstreet Activity
BETHANY LONGSTREET ACTIVITY 21,800 Gross Acres 15,200 Net Acres 2004 Drilling 2005 Drilling 2006 Drilling (as of 8/1/2006) 2006 Locations (remaining locations as of 8/1/2006) Future Locations 13
Slide 14: Lower Cotton Valley Sand Horizontal Well Design
LOWER COTTON VALLEY SAND HORIZONTAL WELL DESIGN Pre-Drill Assumptions Anticipated Lateral 2,500’ – 3,000’ Upper Cotton Valley Depth at Entry ± 10,000’ Anticipated IP 3-6 MMcfe/d Anticipated EUR 3-6 Bcfe Completed Well Cost $4.5 – 5.0 MM 400’ of Estimated Frac Growth Taylor Sands 200’ of Estimated Fr
Slide 15: Cotton Valley Regional Cross Section
COTTON VALLEY REGIONAL CROSS SECTION Texas Louisiana Devon Horizontal IP 10 MMcfd Minden Field Carthage Field Bethany Longstreet Field Offset to GDP initial Horizontal test Offset to Devon (Horizontal) Haygood No. 11 Base of B Lime Top of Cotton Valley Top of Cotton Valley Top of Cotton Valley Upper
Slide 16: Cotton Valley Trend – Travis Peak
COTTON VALLEY TREND – TRAVIS PEAK ■ COTTON SOUTH PROSPECT (ANGELINA RIVER) • Travis Peak is primary objective. Secondary objectives in Cotton Valley, Rodessa and Glen Rose sands • Approximately 19,200 gross (5,900 net) acres with average working interest of 42% in the wells drilled to date • Seven w
Slide 17: Cotton/Cotton South Prospects
COTTON/COTTON SOUTH PROSPECTS TRAVIS PEAK, JAMES LIME, AND DEEP BOSSIER PROSPECTS EnCana Mast # 1 47,000 Gross Acres PTD 17,000 Bossier Test Well 17,000 Net Acres James Lime T Brown Loco Bayou 501-3 Compl: 7/30/01 IP: 1,059 Mcfpd Cum: .2 Bcf 1 Lateral, No Frac James Lime Samson J Winston 1H Compl: 9
Slide 18: Cotton Valley Trend Production Volumes
COTTON VALLEY TREND PRODUCTION VOLUMES (AVERAGE DAILY MCFE) 52,000 50 48,000 40 35,000 34,200 32,800 MCFE PER DAY 30 24,200 22,000 20 16,000 16,000 12,320 11,000 10 8,350 7,800 4,350 5,300 3,000 810 550 0 3Q 2004 4Q 2004 1Q 2005 2Q 2005 3Q 2005 4Q 2005 1Q 2006 2Q 2006 3Q 2006 Gross Net 18
Slide 19: Cotton Valley / Travis Peak Breakdown
COTTON VALLEY / TRAVIS PEAK BREAKDOWN AVERAGE DAILY PRODUCTION VOLUMES (MCFE) 55,000 52,000 COTTON SOUTH 48,000 50,000 TRAVIS PEAK 4,200 45,000 COTTON VALLEY 3,500 10,300 40,000 10,400 35,000 34,200 35,000 32,800 1,300 4,300 1,100 30,000 6,500 6,100 6,700 24,000 25,000 22,000 1,000 2,300 1,400 20,00
Slide 20: Cotton Valley Trend Inventory
COTTON VALLEY TREND INVENTORY (VERTICAL WELLS ONLY ON 40 ACRE SPACING) 2006 Capital Program Total Inventory Net 2006 Net Net Gross Net Probable/ Unrisked Developed Probable Probable Possible Capital Reserve Proved and and Reserve # of Expenditures Exposure Reserves Possible Possible Exposure Area Pr
Slide 21: Financial Information
FINANCIAL INFORMATION 21
Slide 22: Capitalization Table
CAPITALIZATION TABLE (unaudited, $ in 000s) Actual As Adjusted 9/30/06 9/30/06 Cash and equivalents $1,314 $1,314 Long-term debt: Revolving Loan under senior credit facility $88,500 $18,500 Second Lien Term Loan $50,00 0 0 Convertible Senior Notes due 2026 0 125,000 Total Debt $138,50 0 $143,500 Sto
Slide 23: Hedging Summary
HEDGING SUMMARY Daily Crude Oil and Natural Gas Hedged Volumes 25,000 30,000 MMBTUD MMBTUD 400 400 BOPD Ceiling BOPD Ceiling 400 $12.67 400 800 $12.42 BOPD BOPD BOPD 10,000 MMBTUD Ceiling Ceiling 15,000 $76.50 $76.50 MMBTUD $53.35 $6.95 $50.80 $7.77 $53.35 Ceiling Floor Floor Floor $60.00 $7.67 $7.8
Slide 24: Inventory - Net Reserve Exposure
INVENTORY - NET RESERVE EXPOSURE (VERTICAL WELLS ONLY) 2006 Total Inventory 2006 Net Net Gross Net Probable/ Unrisked Developed Proved Probable Probable Possible # of Capital Reserve Reserves and and Reserve Projects Expenditures Exposure (Bcfe) Possible Possible Exposure Company Inventory (MM) (Bcf
Slide 25: Why Invest in Goodrich Petroleum?
WHY INVEST IN GOODRICH PETROLEUM? ■ Excellent exposure to Natural Gas. Rapid growth in production volumes and reserves ■ NAV per share growing through conversion of 2P and 3P reserves into proved ■ Large acreage position in Cotton Valley and Travis Peak Trend • Over 2,300 potential drilling location
Slide 26: Petroleum Corporation
PETROLEUM CORPORATION
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