MDU With A New Corporate Presentation

A PDF file: http://files.shareholder.com/downloads/MDU/1408063649x0x559719/52989124-3e4d-470c-8d67-a53fa4272ccf/IPAA%20Presentation%20UPDATED%20FINAL.pdf

Four divisions:

• E&P (Fidelity, headquartered in Denver)
• Construction
• Electric and Natural Gas Utilities
• Pipeline & Energy Services

E&P

• Predominantly natural gas (34% oil)
• 4Q11 production: 30,000 boepd (compare with Whiting: 70,000 boepd)
• Presentation says 3 rigs in the Bakken, but I thought we saw 4 recently (?)>
• Key operating areas in Montana and North Dakota: Bakken (124,000 net acres); Heath Shale (90,000 acres -- Montana); and, Cedar Creek Anticline ("net profits interest" -- Montana)

Mountrail County: Bakken

• 16,000 net acres
• production sets new record: >5,000 net bopd operated and non-operated
• EURs of 250 - 500,000 (compare with Whiting approaching 1 million bbls EUR)

Stark County: Three Forks

• 51,000 net acres
• EURs of 250 - 400,000 bbls

Richland County (Montana): Bakken

• 57,000 net acre block adjacent to prolific Elm Coulee field
• EURs of 250 - 400,000 bbls

Heath Shale play in Montana

• 90,000 net acres
• EURs of 165 - 220,000 bbls

Materials and Services

• "unprecedented NDDOT budget at $1.73 billion for 2011 - 2013, $800,000 more than last biennium"
• Ports of Southern California
• Long Beach: $25 million contract for Phase I
• Los Angeles: 1.2 million tons of aggregate; contract through 2012

Miscellaneous

• ND diesel consumption increased 51% in past three years; Bakken area consumption -- 50,000 bpd; ND's sole refinery produces 17,000 bpd
• Will lay 13 miles of pipeline from ONEOK's Stateline I and Stateline II to Northern Border Ppeline
• Completed construction of 12 miles of pipeline from Bear Paw Energy's Garden Creek facility (ONEOK) to Northern Border Pipeline in December, 2011

With all that:

• Continuing operations in 2010: $243 million; in 2011: $225 million