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GeoResources Inc
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The Oil & Gas Conference
| Frank A. Lodzinski | Page 3 of 11 |
May 04, 2024
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"The Oil & Gas Conference"
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Additional Disclosures Thedisclosuresbelowapplytothecontentsofthispresentation:InApril,2007,GeoResources,Inc.(223GEOI224orthe223Company224)mergedwithSouthernBayOil&Gas,L.P. (223SouthernBay224)andasubsidiaryofChandle r Energy,LLCandacquiredcertainoilandgasproperties (collectively,the223Merger224).TheMergerwasaccounted forasareverseacquisitionofGEOIbySouthernBay. Therefore,anyinformationpriorto2007relatessolelytoSouthernBay.Provedreserves,andestimatesofdiscountedpresentvalu esassociatedtherewith(223PV-10224),asshownthroughout thisprofile,areinternalestimatesasof7/1/10andareb asedonfiveyearNYMEXstrippricingat6/30/10andheld flt thft Th NYMEX il ti d f th tit d f $ 77 13 Bbl f 2010 t $ 84 56 Bbl fl a t th erea ft e r . Th e NYMEX o il s t r i puse d f o r th ees ti ma t esrange d f rom $ 77 . 13 pe r Bbl f o r 2010 t o $ 84 . 56 pe r Bbl foryears2015andbeyond.TheNYMEXgasstriprangedfrom$4.84perMcffor2010to$6.36perMcfforyears 2015andbeyond.Actualre alizedpriceswilllikelyvarymateriallyfromtheNYMEXstripat6/30/10.The Company222sindependentengineersareCawley,Gillespie&Associates,Inc.Asusedherein,EBITDAXiscalculatedasearningsbeforei nterest,incometaxes,depr eciation,depletionand amortization and exploration expense and further excludes non cash compensation impairments hedge amortization , and exploration expense and further excludes non - cash compensation , impairments , hedge ineffectivenessandincomeorlossonderivativecontra cts.EBITDAXshouldnotbeconsideredasanalternativeto netincome(asanindicatorofoperatingperformance)or asanalternativetocashflow(asameasureofliquidity orabilitytoservicedebtobligations)andisnotinaccordan cewith,norsuperiorto,generallyacceptedaccounting principles,butprovidesadditionalinformationforevaluationofouroperatingperformance. Estimates of partnership reserves and values associated therewith do not include potential reversionary interests Estimates of partnership reserves and values associated therewith do not include potential reversionary interests .BOEisdefinedasbarrelofoilequivalent,determinedusi ngaratioofsixMCFofnaturalgasequaltoonebarrelof oilequivalent.Typewelleconomicsandcalculatedinternalratesofret urndepictedhereinarebasedoncurrentlyestimatedwell costsandaveragedifferentialsfromNYMEXu sedinourJanuary1,2010independentreservereport. Significant opportnities ma eist to epand or capital ependitres and fll deelop or acreage pending Significant opport u nities ma y e x ist to e x pand o u r capital e x pendit u res and f u ll y de v elop o u r acreage , pending continuedeconomicsuccess.Anestimateofincrementalc apitalexpendituresispresentedhereinonslide19as 223ProjectExpansionwithSuccess224.Su chexpenditures,ifany,mayrequiredebtorequityfundingandestimatesare subjecttosignificantchange.3