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Q3 2011 Update
| Tim Marquez | Page 11 of 11 |
April 27, 2017
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"Q3 2011 Update"
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Sevier – Type Curve & IRR Sensitivity(1) Venoco, Inc. 11 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% $60 $70 $80 $90 $100 $110 $120 IRR Type Curve IRR Sensitivity to Oil Price(2) (1) All data reflects unrisked estimates that are generally based on deterministic volumetric calculations that utilize Venoco?s and historical drilling results in a given area and represent our current understanding of the reservoir properties. The estimates reflect modeled data and not the results of wells drilled to date. Capital costs incurred for use in economics estimates include run-rate drilling and completion costs and facility investments, but exclude costs such as capitalized G&A, land acquisition, and permitting costs. See “Cautionary Statement Regarding Forward Looking Information” and “Net Asset Value & Unrisked Data.” (2) Net price received at field. During 2011, California postings have been at a premium to WTI. 25% 75% 125% 175% 225% 275% 325% 375% IRR Gross IP (BOPD) $2.5MM D&C $2.0MM D&C 85 107 127 145 169 182 211 220 253 257 295 295 IRR Sensitivity to D&C and IP 0 50 100 150 200 250 300 350 BOPD Daily Oil Production (BOPD) Sevier Type Curve (Vertical) $100/Bbl (~$85 NYMEX)(2) ? Potential Original Oil in Place: 1.36 BBO ? Recovery Factor: 6.5% ? Potential Net Reserves: 70.3 MMBO ? Net Productive Acres: 6,000 ? Development Well Count: 300 ? Single Well Economics ? Gross D&C Cost = $2.5 MM ? EUR = 233 MBO (net) IP = 295 BOPD ? NPV-10 = $7.6 MM Flat Pricing: $100/BO and $4/MCF ? ROR = >100% Status: Discovery announced