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April 2004 Update

Natural Gas Growth. April 2004 Update. Mark Erickson President & CEO. 14 Inverness Drive East, Suite H-236 Englewood, CO 80112-5625 www.gascoenergy.com Phone: 303-483-0044 • Fax: 303-483-0011. OTCBB: GASE. Forward-Looking Statements.

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April 2004 Update

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  1. Natural Gas Growth April 2004 Update Mark Erickson President & CEO 14 Inverness Drive East, Suite H-236Englewood, CO 80112-5625www.gascoenergy.comPhone: 303-483-0044 • Fax: 303-483-0011 OTCBB: GASE

  2. Forward-Looking Statements • Certain statements set forth in this presentation relate to management’s future plans, objectives and expectations. Such statements are forward looking within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this presentation, including, without limitation, statements regarding the Company’s future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward looking statements. In addition, forward- looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “project,” “estimate,” “anticipate,” “believe,” or “continue” or the negative thereof or similar terminology. Although any forward-looking statements contained in this presentation are to the knowledge or in the judgment of the officers and directors of the Company, believed to be reasonable, there can be no assurances that any of these expectations will prove correct or that any of the actions that are planned will be taken. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual performance and financial results in future periods to differ materially from any projection, estimate or forecasted result. Some of the key factors that may cause actual results to vary from those the Company expects include inherent uncertainties in interpreting engineering and reserve or production data; operating hazards; delays or cancellations of drilling operations because of weather and other natural and economic forces; fluctuations in oil and natural gas prices in response to changes in supply; competition from other companies with greater resources; environmental and other government regulations; defects in title to properties; increases in the Company’s cost of borrowing or inability or unavailability of capital resources to fund capital expenditures; and other risks described under “Risk Factors” in Part I, Item 1 of the Company’s latest Annual Report on Form 10-K filed with the Securities and Exchange Commission.

  3. Solid NAV Growth Platform • Rocky Mountain Natural Gas Focus • Predictable, low-risk reserve adds going forward • Low geologic risk, statistical play • Technology and completion-efficiency driven • Robust internally generated, multi-pay prospect portfolio • Control 274,019 gross acres; 141,435 net acres (3/26/04) • Production / Reserves (100% Utah) • Current gross production (3/26/04) : 3.40 MMcfd • Current net production (3/26/04) : 2.00 MMcfd • Proved reserves (pro forma 12/31/03 for COP Acquisition) : 20.7 Bcfe • Financial / Capitalization • Raised $59 MM in one debt and five equity tranches • Recent $21.5 MM equity offering completed in two days in early Feb. 2004 • Management and Director ownership 14.3% • At 3/26/04 : cash $17.7 MM / debt $2.5 MM

  4. Gasco Rocky Mountain Focus AreasUS Tight Sand Resource Estimates #2 Green River Basin – 18.5 Tcf 346 Tcf 40% 21 Tcf 100% 31 Tcf 100% #1 Uinta Basin – > than 30.7 Tcf* 43 Tcf 56% Regional Gas Potential & % Restricted *Source: US Geologic Survey & Potential Gas Committee / excludes CBM

  5. Corporate Strategy • Cause drilling to happen. • Increase production and proven reserves. • Increase the value of probable and possible reserves. “Growth through the Bit”

  6. Reserve Value Recognition <1% Proven Proven Reserve Value $21.6 MM Pro forma 12/31/03* Acreage Allocation 99% Unproven Gasco’s Net Acreage Acreage with Proven Reserves (Pro forma 12/31/03*) * Pro forma reserves (12/31/03) run at a net Rocky Mountain Price of $5.89 Mcf/$29.69 Bbl after adjustments for energy content and transportation fees. Pro forma reserves include 3/04 COP acquisition @ 75% interest acquired. Assuming 3rd party exercises its right to acquire 25% of COP Acq.

  7. Riverbend Wells are Building Blocks *Assumes PV-10, Gasco type well 2.0 Bcf & $4.50 NYMEX 100% WI / 80% NRI Predictable & Sustainable Growth Based on 40-acre spacing = • 1 PDP (unrisked) $ 3.0 MM • 8 PUD (unrisked) $ 8.0 MM • 16 Probable (risked 50%)$ 8.0 MM Total*$19.0 MM PROB PROB PROB PROB PROB • $2.00 MM well investment can create up to $19 MM in NAV • 30-year reserve life provides predictable cash flow PUD PUD PUD PROB PROB PDP PUD PUD PROB PROB PUD PUD PUD PROB PROB PROB PROB PROB PROB PROB

  8. Senior Management TeamProven Gas Finders and Company Builders “Rocky Mountain Technical Experts” Average 20 years oil and gas experience • Mark Erickson, President & CEO • Co-founded Pennaco Energy • Michael Decker, EVP & COO • Former VP of Exploitation, Prima Oil & Gas • King Grant, EVP & CFO • Former SVP, Natural Resources Group, ING Barings • John Longwell, Operations Manager • Former SVP of Operations, Prima Oil & Gas

  9. Service Parties Agreement • Focuses on lowering per-unit costs • Team-oriented, tailor-made D&C operations • Applying proven, tight-sand technologies • Steepens the learning curve

  10. Technology and Rockies Expertise Basin-specific Engineering and Technology Maximizes Production • PowerSTIM (SLB) • Team-oriented well optimization service from spud through production • Focus on reducing completion time, driving down per-unit costs and maximizing economies of scale • Advanced, multi-application completion technologies • CoilFRAC (SLB); Induced Stress Diversion (SLB); FAS DRILL (HAL) FAS DRILL Frac Plug PowerSTIM CoilFRAC

  11. Agreement Components • Up to 50 wells in five, 10-well bundles ($100 MM) • Bundle election by parties • 50 wells = less than 5% of Gasco net Riverbend locations • Gasco can fund up to 20% of each of first three bundles and up to 30% of remaining bundles • Non-recourse payments out of production • Payments proportionate to service-dollars risked • Service provided at market rate • Payments only from the PDP location • Gasco can continue to develop its acreage independent of this agreement

  12. Core Operating Areas Uinta Basin, Utah • Wasatch, Mesaverde and Blackhawk formations • Active Players: • Bill Barrett Corp., Dominion Resources (D), EOG Resources (EOG), Inland, Questar (STR), Samson Resources, St. Mary Land (SM), Stone Energy (SGY), Westport (WRC) Green River Basin, Wyoming • Fort Union, Lance, Mesaverde, Ericson and Rock Springs formations • Active Players: • BP Amoco (BP), EnCana (ECA), EOG Resources (EOG), Shell (RD), Stone Energy (SGY), Ultra Petroleum (UPL), Western Gas Resources (WGR), Williams (WMB) WY GREATER GREEN RIVER BASIN SALT LAKE CITY UINTA BASIN DENVER (GASE HQ) UT CO

  13. Riverbend Project - Uinta Basin, Utah“A Legacy Asset” Acreage (Federal 80%, State 19%, Fee 1%) • 119,259 gross (59,858 net) acres, with 19,324 gross (12,297 net) acres remaining to be earned or assigned at 3/26/04. • Potential gross locations: 3,000 • Potential net locations: 1,450 • Potential operated locations: 2,000 • Gasco unrisked net resource potential: 1-2 TCF Operations • 11 gross wells • Production (3/26/04) • Gross 3.40 MMcfd • Net 2.00 MMcfd • Proved Reserves: 12/31/03 (NSAI) 14.2 Bcfe 3/04 COP Acq.* 6.5 Bcfe 20.7 Bcfe ============= * Pro forma reserves include 3/04 COP acquisition @ 75% interest acquired. Assuming 3rd party exercises its right to acquire 25% of COP Acq. ID WY 1.0+ Tcfe Cum. Production Natural Buttes Reserve Breakdown Riverbend Project PUD 80% UT CO PDP 20%

  14. Riverbend ProjectUinta Basin, Utah Mapped area approx. 50 miles X 30 miles GASCO Riverbend Wells GASCO Gate Canyon Area Key Pipelines Leases Wells & Locations Significant Potential Activity 6 miles 155 Industry Wells Drilled 2 P&A 47 Months as of 10/22/2003 Gasco Riverbend Wells

  15. Riverbend ProjectCompetitive Landscape Gasco Leases Gasco Riverbend Wells Westport Resources (Kerr-McGee?) St. Mary Land Stone / Inland / Yates EOG Samson Dominion / Questar Dominion / EOG / Samson Bill Barrett Corp. 6 miles

  16. Riverbend Project Implementation • Accelerate drilling program. • Continually improve drilling and completion efficiency. • Maintain high working interest. • Operate whenever possible.

  17. Riverbend Cross Section Wasatch (7000’ - 9000’) Riverbend Project • Repeatability • Manufacturing model • Low geologic risk • Statistical play 0.25 to 1.0 Bcf Estimated 3450 PSI Normal-pressured Gas Upper Mesaverde (9000’ - 11,000’) 0.5 to 1.0 Bcf Estimated 5500 PSI Over-pressured Gas Riverbend Type Well* • D&C $2.0 - $2.5 MM • 1.25 to 5.50 Bcf • 30 Days to TD @ 12,000’ Lower Mesaverde (11,000’ - 12,500’) 0.75 to 1.5 Bcf Estimated 8250 PSI Over-pressured Gas Blackhawk (12,500’ - 14,000’) 1.0 to 2.0 Bcf Estimated *Hypothetical case; actual well results may vary from this diagram. 9275 PSI Over-pressured Gas

  18. Mesaverde / Wasatch Type Well

  19. Wyoming Projects Green River Basin, WY Acreage (Federal 90%, State 9%, Fee 1%) • 112,582 gross (62,614 net) acres, with 22,854 gross (6,667 net) acres remaining to be earned or assigned at 3/26/04 • Total potential locations: 3,000+ • Operated locations: 500+ ( > 50% Avg. WI) • Gasco unrisked net resource potential : 0.5 -1.0 TCF Operations • 200 miles 2-D seismic acquired. • 100 miles 3-D seismic acquired. • 6 Burlington wells drilled, completed and flowing. • 3 Gasco wells drilled, 1 completed waiting on pipeline. • 2 Potential Discoveries (Grindstone & Muddy Creek Projects). Grindstone Project Merna Field Pinedale Anticline LaBarge Platform ID Jonah Field Moxa Arch WY UT CO Muddy Creek Project

  20. Takeaway Capacity Takeaway MMcf/d Pipeline ND MT GREATER GREEN RIVER BASIN SD NE ID WY UT Expansion WEST UINTA BASIN EAST CO AZ NM

  21. Gasco Natural Gas Price All Gasco production is currently unhedged *www.enernetenergy.com – reported 4/8/04 for close on 4/7/04

  22. Capital Summary Shares 000s 63,364 3,947 4,167 5,637 77,115 Share Related at 3/26/04 Common shares outstanding Preferred series (converted) Convertible Debentures Total options Fully diluted shares % Fully Diluted Shares 9.0% 5.4% 14.3%# Management Ownership Common Stock* Options** Shares 000s 6,910 4,151 *Assumes management’s Preferred position is converted to Common **Management options exercise price from $1.00 to 3.15 (Avg. $1.69); All options exercise price from $1.00 to $3.70 (Avg. $1.84). # Does not foot due to rounding

  23. Positioned for Growth • Capital in place • Large inventory of predictable, repeatable, low-risk reserve adds <1% Proven • Low geologic risk; statistical play • Leading industry partners contributing technology and risked services Acreage Allocation 99% Unproven Gasco’s Net Acreage Acreage with Proven Reserves

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