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Tuesday, June 3, 2014

Oasis Corporate Presentation -- June, 2014

Oasis presentations are found here.

28 slides in the June, 2014, presentation.

Slide 3:
  • 506,960 acres
  • proved reserves: 219 million boe  [219,000,000/506,960 = 430 bbls/acre x 1280 long lateral = 550K EUR]
  • 3,590 gross operated locations
  • ~ 17 years of inventory
Slide 7: 2014 focus
  • inventory acceleration with 16 rigs [16 x 10 = 160 wells/year]
  • optimizing downspacing
  • further TFS delineation
  • full DSU development (MB, TFS 1, 2, and 3)
  • MB: 46% of drilling
  • TFS 1: 40%
  • TFS 2: 11%
  • TFS 3: 4%
  • net: 155.5 wells x 4% = 6 wells
Slide 8: 2014 rig allocation
  • MT: 2
  • ND, north of Williston: 4
  • ND, Williston area: 4
  • ND, Burke: 2
  • ND, Mountrail: 4
Slide 9: 2014 completion techniques
  • completing ~ 60% of wells in 2H14 with alternative completion techniques
  • slickwater
  • proppant mix / amount
  • coil tubing completions
  • White unit: 2MB, 2 TFS1, 2 TFS2, 2 TFS 3
  • effective 4 - 5 well per formation spacing
Slide 10: Indian Hills results
  • without slickwater: 70,000 bbls in 90 days
  • with slickwater: 80,000 bbls in 90 days
  • Indian Hills 750,000 boe EUR type curve
Slide 11: well costs and EURs
  • 2012: $9.7 million
  • 4Q13: $7.9 million
  • 1Q14: $7.6 million
  • across the Bakken: 450,000 to 750,000 boe EURs
  • IRR@ $90/bbl WTI: 56% to 62% (60%)
Slide 13: lower TFS -- very encouraging
  • range: 400K to 600K EURs
  • 150 days: 60 - 80K
Slide 15: Oasis Well Services
  • 2nd frack spread to ramp to 100% utilization by 2H14
  • 2 spreads will complete 50 - 60% of Oasis operated well
  • can complete four wells simultaneously
Slide 16: crude oil gathering infrastructure
  • slide shows significant 3Q14 acquisition; first time I noticed this
  • 3Q14 acquisition, areas of: Foreman Butte, Indian Hills, Painted Woods, and North Cottonwood
Slide 17: balance sheet
  • strong balance sheet and liquidity
  • no near-term debt maturities
  • divested non-operated properties for ~$322 million

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