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Presentation Overview

“Perspectives on Montana’s Petroleum Industry” MREA-MPA-MONTAX “Bridges to the Future” Conference October 15, 2009 Dave Ballard President Ballard Petroleum Holdings LLC Billings, Montana. Presentation Overview. Industry Overview and Economic Contribution Meet the Producers

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Presentation Overview

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  1. “Perspectives on Montana’s Petroleum Industry”MREA-MPA-MONTAX“Bridges to the Future” ConferenceOctober 15, 2009 Dave BallardPresidentBallard Petroleum Holdings LLCBillings, Montana

  2. Presentation Overview • Industry Overview and Economic Contribution • Meet the Producers • Producing Areas and Trends • Geologic Elements of an Oil Field • Regional Geology • Field Examples and the Technology of Discovery and Production • Have We Reached Peak Production?

  3. Field Examples and the Technology of Discovery and Production • Surface Geologic Mapping • Subsurface Geologic Mapping • Seismic Mapping • Shallow “Tight” Gas Frac Stimulation • Horizontal Drilling and Frac Stimulation • Waterflood Enhanced Oil Recovery • CO2 Flood Enhanced Oil Recovery • Sensitive Environment Operations

  4. Cedar Creek Anticline Oil and Gas Field near Baker, MT

  5. Cedar Creek Anticline Potential • 120 miles long by as much as 6 miles wide • Over 4 billion barrels of oil in place • Red River over 75% • Stony Mountain 10% • Interlake 10% • Madison 5% • Recovery of over 460 million barrels to date; • 11% of oil in place (mainly from Red River) • Production from up to 35 different zones • in over 2800 feet of interval Mission Canyon Lodgepole Interlake Stony Mountain Red River Red River U4 Zone Red River U6 Zone Red River U8 Zone

  6. Cedar Creek Anticline, Carter County, Montana Waterflood Projects as of March, 2008 Pennel B Gross Production Waterflood Response Current Rate 2,746 BOEPD Downspaced to 40 acres Encore purchased from Shell Coral Creek Gross Production Current Rate 2,341 BOEPD Waterflood Response Encore purchased from Shell From: Encore Acquisition Company 8-K Report for 3/4/08

  7. Primary Production Mature Water Flood CO2 Flood Water Injection CO2 Injection Sand with water coating Isolated oil droplets are adhered by surface tension Swelled oil droplets and droplets spreading out by lower surface tension Oil 8 to 18% Additional Recovery 16 to 30% Additional Recovery 8 to 16% Recovery Enhanced Oil Recovery: Carbon Dioxide Flooding

  8. Schematic of the Carbon Dioxide Process in the Reservoir Injection Alternating cycles of water and CO2 injection Production Mixing Zone CO2 + Oil + Water Water + Oil Oil Bank Water CO2 CO2

  9. CO2 Reserves Potential in the Rockies • Existing CO2 Lines • Potential CO2 Lines • Greencore Pipeline (2011) • EAC Operated Fields • Other Fields • CO2 Sources • ExistingProposed • Power Plants • Ethanol Plants • Coal to Gas or Liquids Nebraska Nebraska

  10. Cedar Creek Anticline CO2 Probable/Possible Reserves

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