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The Only E&P-Led Business Congress On Strategies To Overcome The Sub-$50 Oil Price Challenge For Executive Leaders In The North American Unconventional Oil & Gas Industry Benchmarking E&P Strategies For Reassessing CAPEX Allocation, Cutting Costs, Renegotiating Debt, Accessing Capital And Implementing Successful Hedging And M&A Strategies In The Low Oil Price Scenario To Maximize Returns And Minimize Financial Risk Whilst Prices Remain Low Key Topics Include: May 27-28 | Omni Houston Hotel Mark Miles President & COO Riley Exploration C-Level Speakers Include: M Follow Us @UnconventOilGas www.low-oil-price-financial-strategies.com Register By Friday March 27, 2015 * SAVE $400 • REASSESSING CAPEX ALLOCATION: Benchmarking capital expenditure allocation strategies in the low oil price environment to ensure an efficient deployment of E&P capital and maximize rates of return • RENEGOTIATING CREDIT AGREEMENTS: Evaluating strategies for restructuring debt and stretching borrowing bases to achieve flexibility from lenders on covenants and payoff periods and efficiently fulfil debt repayments • FUNDING CAPEX IN A DOWNMARKET: Quantifying the impact of oil price volatility on debt and equity markets and identifying strategies for accessing capital whilst prices remain low • HEDGING STRATEGIES IN THE LOW OIL PRICE ENVIRONMENT: Brainstorming creative hedging strategies for periods of oil price volatility to safeguard E&Ps’ future revenue against oil price instability and today’s low prices • CUTTING OPERATIONAL COSTS: Examining strategies for renegotiating with service providers and driving down operational costs to reduce break-evens whilst oil prices are low • MERGERS, ACQUISITIONS, PARTNERSHIPS & ALLIANCES OPPORTUNITIES FOR THE LOW OIL PRICE SCENARIO: Evaluating opportunities for E&Ps to partner, merge and acquire to share risk and thrive in a low oil price market Garrett Glass Vice President Finance Lewis Energy Steve Stengell CEO Encore Energy Rick Lester CEO Opal Resources Phil Martin CEO New Century Exploration Chris Faulkner CEO Breitling Energy Randy Keys Senior Vice President & CFO Evolution Petroleum Gary Clark Vice President Investor Relations Apache
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Page 1: CAPEX Reassessment, Cost Cutting & Financial Risk Management Congress 2015

The Only E&P-Led Business Congress On Strategies To Overcome The Sub-$50 Oil Price Challenge For Executive Leaders In The North American Unconventional Oil & Gas Industry

Benchmarking E&P Strategies ForReassessing CAPEX Allocation, Cutting Costs, Renegotiating Debt, Accessing Capital And Implementing Successful Hedging And M&A Strategies In The Low Oil Price ScenarioTo Maximize Returns And Minimize Financial Risk Whilst Prices Remain Low

Key Topics Include:

May 27-28 | Omni Houston Hotel

Mark Miles President & COO Riley Exploration

C-Level Speakers Include:

M Follow Us @UnconventOilGas

www.low-oil-price-financial-strategies.com

Register By FridayMarch 27, 2015

*SAVE $400

• REASSESSING CAPEX ALLOCATION: Benchmarking capital expenditure allocation strategies in the low oil price environment to ensure an efficient deployment of E&P capital and maximize rates of return

• RENEGOTIATING CREDIT AGREEMENTS: Evaluating strategies for restructuring debt and stretching borrowing bases to achieve flexibility from lenders on covenants and payoff periods and efficiently fulfil debt repayments

• FUNDING CAPEX IN A DOWNMARKET: Quantifying the impact of oil price volatility on debt and equity markets and identifying strategies for accessing capital whilst prices remain low

• HEDGING STRATEGIES IN THE LOW OIL PRICE ENVIRONMENT: Brainstorming creative hedging strategies for periods of oil price volatility to safeguard E&Ps’ future revenue against oil price instability and today’s low prices

• CUTTING OPERATIONAL COSTS: Examining strategies for renegotiating with service providers and driving down operational costs to reduce break-evens whilst oil prices are low

• MERGERS, ACQUISITIONS, PARTNERSHIPS & ALLIANCES OPPORTUNITIES

FOR THE LOW OIL PRICE SCENARIO: Evaluating opportunities for E&Ps to partner, merge and acquire to share risk and thrive in a low oil price market

Garrett Glass Vice President Finance Lewis Energy

Steve Stengell CEO Encore Energy

Rick Lester CEO Opal Resources

Phil Martin CEO New Century Exploration

Chris Faulkner CEO Breitling Energy

Randy Keys Senior Vice President & CFO Evolution Petroleum

Gary Clark Vice President Investor Relations Apache

Page 2: CAPEX Reassessment, Cost Cutting & Financial Risk Management Congress 2015

www.low-oil-price-financial-strategies.com (1) 800 721 3915 [email protected]

With oil prices recently hitting a five-year minimum, North America’s unconventional oil & gas sector is undergoing a profound transformation. The number one priority for E&P companies right now is to reconfigure their corporate and operational strategies and understand how to rationalize costs without impairing the core of their businesses and compromising future revenue growth. For that reason, it is key for operators to understand which assets need to be prioritized and how to reassess capital expenditure to ensure an efficient deployment of E&P capital and maximize rates of return.

The Low Oil Price CAPEX Reassessment, Cost Cutting & Financial Risk Management Congress 2015 presents a strategic level agenda which has been designed to offer CEOs, CFOs, COOs and business decision-makers from

North American tight oil and shale gas operators a platform to partner, discuss and build strategies for navigating the current low oil price scenario.

This is a time-critical strategic congress for top executive leaders in North America’s shale industry and the only operator-led strategic congress that meets to the real needs of E&P C-level executives at this time.

The 2014 oil price meltdown has transformed the landscape of North American shale development and all E&Ps who still want to be part of it need to lower their break-evens, solidify their capital structure, focus on the assets which hold less economic risks and strategically take the lease opportunities the current oil price scenario brings to position themselves in the optimal phase of the development cycle for when oil price raises again.

KEY TOPICS EXAMINED BY SHALE C-LEVEL EXECUTIVES:• REASSESSING CAPEX ALLOCATION: Benchmarking capital expenditure allocation

strategies in the low oil price environment to ensure an efficient deployment of E&P capital and maximize rates of return

• RENEGOTIATING CREDIT AGREEMENTS: Evaluating strategies for restructuring debt and stretching borrowing bases to achieve flexibility from lenders on covenants and payoff periods and efficiently fulfill debt repayments

• FUNDING CAPEX IN A DOWNMARKET: Quantifying the impact of oil price volatility on debt and equity markets and identifying strategies for accessing capital whilst prices remain low

• HEDGING STRATEGIES IN THE LOW OIL PRICE ENVIRONMENT: Brainstorming creative hedging strategies for periods of oil price volatility to safeguard E&Ps’ future revenue against oil price instability and today’s low prices

• CUTTING OPERATIONAL COSTS: Examining strategies for renegotiating with service providers and driving down operational costs to reduce break-evens whilst oil prices are low

• MERGERS, ACQUISITIONS, PARTNERSHIPS & ALLIANCES OPPORTUNITIES FOR THE

LOW OIL PRICE SCENARIO: Evaluating opportunities for E&Ps to partner, merge and acquire to share risk and thrive in a low oil price market

OMNI HOUSTON HOTEL

REGENCY BALLROOMFour RiverwayHouston, Texas 77056Phone: 713 871 8181Website: www.omnihotels.com/hotes/houston

Venue Information:

“Excellent congress to share information with other companies, discussing uncertainties and issues”

Chevron

“Very informative and helpful in respect to networking.”

Shell

Register By FridayMarch 27, 2015

*SAVE $400

Page 3: CAPEX Reassessment, Cost Cutting & Financial Risk Management Congress 2015

EXAMINING STRATEGIES FOR REASSESSING CAPITAL EXPENDITURE ALLOCATION, RENEGOTIATING CREDIT AGREEMENTS AND HEDGING PRODUCTION TO MAXIMIZE RETURNS AND MINIMIZE RISK IN THE LOW OIL PRICE ENVIRONMENT

Day 1Wednesday May 27, 2015

8.30 Chair’s Opening Remarks

CAPEX ALLOCATION STRATEGIES IN THE LOW OIL PRICE SCENARIO

REVEALING CAPITAL EXPENDITURE BUDGETS DURING PERIODS OF LOWER OIL PRICES TO MINIMIZE FINANCIAL

RISK AND MAXIMIZE RATES OF RETURN

KEYNOTE PANEL: CAPEX ALLOCATION

8.40 Providing Multiple Views On The Optimal Strategies For Reassessing Capital Expenditure Allocation In The Low Oil Price Environment To Maximize Rates Of Return

In this interactive exchange, a range of large, mid-sized and small E&Ps will provide their perspectives on the key alterations to CAPEX allocation that they believe will prove most important to successfully navigating the low oil price scenario, focusing on:• Detailing the process used to evaluating rates of return

vs. costs on a well-by-well, project-by-project and play-by-play basis to prioritize E&P capital allocation and determine asset strategies for 2015 and 2016

• Generating different CAPEX allocation strategies for different oil price scenarios to ensure flexible contingency plans for several pricing assumptions

• Estimating potential vendor discounts in equipment and well services to direct cost calculations and identify high value projects within the assets of an E&P company

• Reassessing operational and revenue generating strategies in a downmarket to determine the optimal CAPEX budget for an E&P company

Garrett Glass, Vice President Finance, Lewis EnergyChris Faulkner, CEO, Breitling EnergyKEYNOTE CASE STUDY: CAPEX PRIORITIZATION

9.20 Explaining The Key Pricing And Business Assumptions That An Operator Used To Reprioritize Their CAPEX Budget To Adapt To The Changing Realities Of The Low Oil Price Scenario

• Breaking down the key assumptions that were used to arrive at the optimal CAPEX budget for surviving and thriving in the low oil price environment

• Explaining how different oil price scenarios and forecasts were translated into a practical model for determining capital expenditure

• Detailing the process that was followed to modify capital allocation budgets to transition from an IRR priority to a focus on payback and liquidity

• Understanding what safeguards were put in place within the CAPEX strategy to ensure that ensuring liquidity did not impact the ability to honor covenants

9.50 Question & Answer Session

10.00 Morning Refreshments In Exhibition Showcase Area

CAPEX REDUCTION

10.30 Trimming Off The Fat Whilst Retaining The Muscle: Explaining One Operator’s Strategy For Cutting CAPEX Whilst Minimally Impacting The Long-Term Performance Of The Business

• Detailing a full life-cycle analysis of current expenses that was used to identify the optimal areas for CAPEX reduction

• Explaining the process used to determine which services and technologies have the biggest potential for CAPEX reduction

• Benchmarking strategies for ensuring that short-term CAPEX reductions have the minimum possible impact on long-term productivity and revenue generation

• Prioritizing maintenance capital costs for long-term assets over those of short-term assets to rationalize operations and mitigate the impact of CAPEX reductions on E&P growth strategies

Harold McGowen, CEO, Navidad Resources

11.00 Question & Answer Session

RENEGOTIATING CREDIT AGREEMENTSEVALUATING STRATEGIES FOR RESTRUCTURING DEBT

AND STRETCHING BANK BORROWING BASES TO ACHIEVE FLEXIBILITY FROM LENDERS ON COVENANTS AND PAYOFF PERIODS AND EFFICIENTLY FULFILL DEBT

REPAYMENTS

RENEGOTIATING CREDIT AGREEMENTS IN A DOWNMARKET

11.10 Examining Options For Renegotiating Credit Agreements In The New Low Oil Price Scenario In A Way That Is Acceptable To Both E&Ps And Creditors

• Hearing experiences from E&P companies in credit renegotiation to generate strategies for restructuring debt in the current context of oil price volatility

• Evaluating the extent to which investment and commercial banks are open to term debt out over longer periods of time to reduce short-term debt services

• Investigating back loans as a service that would allow indebted E&P companies to decrease debt repayments in the current climate of low oil prices by increasing them in upcoming years

• Examining higher reversionary interests as a means of restructuring outstanding debt agreements from E&P companies

• Evaluating how to offer higher working interests and better turnkey agreements to investors to leverage credit renegotiations

Ellie Palma, President, First Solid Energy

11.40 Question & Answer Session

11.50 Lunch In Exhibition Showcase Area

BANK BORROWING BASE REDETERMINATION

12.50 Evaluating Ways In Which E&P Companies Can Stretch Their Bank Borrowing Base And Conserve Existing Credit Lines When Borrowing Bases Are Redetermined During Times Of Low Oil Prices

• Examining strategies for working with lenders ahead of planned borrowing base redetermination dates to reaffirm current amounts

• Identifying ways of extending scheduled borrowing base redeterminations dates to maximize the time for a potential oil price recovery

• Investigating opportunities for requesting credit for the value of the next six months’ production to be added into the borrowing base

• Understanding ways of restructuring borrowing base loans into conforming and non-conforming “stretch” tranches

1.20 Question & Answer Session

FUNDING CAPEX IN THE LOW OIL PRICE SCENARIOQUANTIFYING THE IMPACT OF OIL PRICE VOLATILITY ON DEBT AND EQUITY MARKETS AND IDENTIFYING

STRATEGIES FOR ACCESSING CAPITAL WHILST PRICES REMAIN LOW

ACCESSING DEBT IN A LOW OIL PRICE ENVIRONMENT

1.30 Evaluating Creative Strategies For Accessing Debt During Periods Of Low Oil Prices To Guarantee Continued Funding For Capital Expenditure

• Quantifying the extent to which decreases in oil prices are affecting available capital for E&P operations to outline how the credit landscape has changed in the last nine months

• Analyzing revenue/debt ratios to estimate the maximum level of debt an E&P can repay in today’s downmarket

• Assessing how the substantial decrease in IRR for unconventional oil operations is conditioning investors’ perception of risk to explain the degradation of former security positions in a downmarket

• Evaluating the cost of issued debt and borrowing capital faced by an E&P company in a low oil price scenario to determine interest rates for subsequent access to credit

• Examining bank borrowing base levels and covenant compliance to understand the extent to which an E&P company can access more capital on its asset basis in a low oil price environment

• Comparing the cost of issuing debt vs. equity in the context of low oil prices to judge the optimal strategy for accessing capital for a publicly-traded E&P in today’s downmarket

• Identifying the extent to which E&P companies’ access to capital is determined by the risk level of planned operations to determine the feasibility of guaranteeing access to capital in 2015

2.00 Question & Answer Session

2.10 Afternoon Refreshments In Exhibition Showcase Area

ACCESSING EQUITY MARKETS IN TIMES OF OIL PRICE VOLATILITY

2.40 Scrutinizing Dynamics In The Equity Market At Current Oil Price Levels To Understand Under Which Circumstances Equity Remains A Cost-Effective And Safe Capital Source For E&P Companies

• Evaluating the impact of the oil price downfall on equity markets to determine its on-going feasibility as a mechanism for funding E&P capital expenditure in today’s downmarket

• Assessing the cost of issuing equity in today’s downmarket to determine whether it is an optimum capital source for a publicly-traded E&P in the context of an oil price crash

• Analyzing equity market conditions in relation to current oil prices to understand the cost and level of risk it represents for E&P companies that have exhausted debt as an available source of capital

• Tracking current trends in E&P financing to determine the extent to which they are increasingly turning to the equity market as the debt market becomes more expensive

Jordan Gitterman, Executive Vice President, Ranchers E&P

3.10 Question & Answer Session

HEDGING STRATEGIESEVALUATING CREATIVE HEDGING STRATEGIES FOR

MANAGING FINANCIAL RISK IN THE CONTEXT OF OIL PRICE VOLATILITY

HEDGING SUCCESS STORY

3.20 Providing A Case Study On How An Operator Executed A Hedging Strategy That Successfully Guaranteed Their Revenue And Capital Expenditure Plan Against Violent Decreases In Oil Prices

• Reviewing the performance of an E&P company’s hedges to understand what factors led the operator to achieve protection from price decreases

• Investigating how the analysis on mid-term price variations and optimal period of hedging led an E&P company’s hedges to perform satisfactorily in times of oil price volatility

• Evaluating the impact of an E&P company’s hedging strategy on access to capital to ascertain whether hedging will increase an operator’s access to debt in a downmarket

• Examining what lessons from successful hedging strategies during higher oil prices can be transferred to the oil price environment

3.50 Question & Answer Session

4.00 Chair’s Closing Remarks

4.10 - 5.10 Networking Drinks Reception In Exhibition Showcase Area

www.low-oil-price-financial-strategies.com (1) 800 721 3915 [email protected]

Page 4: CAPEX Reassessment, Cost Cutting & Financial Risk Management Congress 2015

BREAKFAST BRIEFING: LEARNING FROM PREVIOUS OIL

PRICE FLUCTUATIONS

8.30 Analyzing Previous Oil Price Crashes To Draw Practical Lessons On How To Navigate The Current Oil Price Challenge And Forecast Subsequent Variations In Commodity Price Levels

• The 2008 oil price crash: evaluating oil price consolidation and E&P hedging, asset prioritization and debt renegotiation to streamline transferable lessons for today’s downmarket

• Reviewing the decrease of well services and equipment prices in 2008 relative to oil price minimum levels to predict vendor discounts in today’s downmarket

• Evaluating E&P investment histories at times of oil price volatility to brainstorm optimum asset and development plans for E&P activities in 2015

• Assessing the impact of low oil prices in gas price levels to establish a correlation between variations in oil and gas prices in today’s low oil price environment

Shabir Premji, CFO, Groundstar Resources

9.00 Question & Answer Session

9.10 Chair’s Opening Remarks

PARTNERSHIPS, ALLIANCES & MERGERS & ACQUISITION

EVALUATING OPPORTUNITIES FOR E&P COMPANIES TO

PARTNER, MERGE AND AQUIRE TO SHARE RISK AND

THRIVE IN A LOW OIL PRICE MARKET

PANEL SESSION: M&A STRATEGIES FOR THE LOW OIL

PRICE ENVIRONMENT

9.20 Suggesting New Criteria For A Good Acquisition Target In The Current Oil Price Environment To Benchmark M&A Strategies For The Low Oil Price Scenario

This session will feature perspectives from both potential acquirers and potential targets for mergers & acquisitions to determine how their criteria for finding companies that would be a good fit are evolving the current low oil price landscape, focusing on:• Management Criteria: Analyzing how executive

management teams are adapting their acquisition criteria to react to lower oil prices

• Stockholder Criteria: Providing an overview of what stockholders are viewing as the key for a target company to manage risk during periods of oil price volatility

• Funding: Examining what sources of funding potential acquirers are looking to harness to finance acquisition deals in a low oil price scenario

• Liabilities: Evaluating the liability components in an M&A operation in today’s downmarket to protect a potential E&P merger or acquirer from toxic debt and junk stock warrants

Steve Stengell, CEO, Encore Energy

PROJECT DEVELOPMENT IN A DOWNMARKET

10.00 Managing Project Development In A Downturn To Generate Revenue Growth And Prepare For The Upcycle

• Balancing strategic priorities with near-term reality to streamline development strategies

• Pruning The Asset Base: Managing lease expirations and drilling commitments

• Growing The Asset Base: Balancing expansion opportunities with current economics

• Communicating with private equity holders to prevent a stock price downfall

• Preparing for the Upcycle to generate long-term opportunities for strategic growth

Rick Lester, CEO, Opal Resources

10.30 Questions & Answers Session

10.40 Morning Refreshments In Exhibition Showcase Area

LEASE ACQUISITION PLAN

11.10 Identifying Opportunities For Taking Advantage Of Low Price Acreage Opportunities During The Oil Price Downturn To Cost-Effectively Expand And Diversify Your Long-Term Asset Portfolio

• Reallocating drilling and completions and operations budget towards increased lease acquisition budgets to take advantage of the current depressed market

• Strategizing asset development plans to determine optimal lease acquisition targets

• Streamlining alternative lease acquisition strategies in the event of a sudden increase in oil prices to secure revenue growth

• Examining potential acreage positions to determine low-cost drilling targets

• Evaluating cost-per-acre, acreage plans and asset targets to determine potential leases in a downmarket

Steve Stengell, CEO, Encore Energy

11.40 Question & Answer Session

REPRIORITIZING ASSETS AND STREAMLINING WELL SHUT-IN PLANS

11.50 Providing A Perspective On How E&Ps Can Analyze The Operational Costs Within Different Acreage Positions In Their Portfolio To Restrategize Asset Priorities In A Low Oil Environment And Determine The Amount of Wells That Should Be Shut-In At Different Price Points

• Restrategizing drilling targets in asset bases relative to costs to optimize capital expenditure in today’s downmarket

• Reevaluating drilling targets in the wake of the oil price plunge to ascertain which wells offer minimal risk and higher producibility values

• Evaluating analogue wells with similar depth and thickness values to current asset bases to streamline asset development strategies

• Scrutinizing required capital, drilling periods and frac sizes for analogue wells to estimate total operational costs for an E&P asset base in a sub-$50 oil price market

• Streamlining a shut-in strategy for a percentage of active wells in an E&P company’s acreage position to minimize well costs and improve risk control in times of oil price volatility

• Reassessing well-by-well costs vs. producibility and revenue expectation in a low oil price environment to determine which ones should be shut-in

12.20 Question & Answer Session

12.30 Lunch In Exhibition Showcase Area

OPERATIONAL COST CUTTING STRATEGIESEXAMINING STRATEGIES FOR RENEGOTIATING WITH

SERVICE PROVIDERS AND DRIVING DOWN OPERATIONAL COSTS TO REDUCE BREAK-EVENS WHILST OIL PRICES

ARE LOW

RENEGOTIATING SERVICE AGREEMENTS

1.30 Evaluating E&P Tactics For Negotiating With Vendors To Bring Services And Equipment Prices Down In The Wake Of A 5-Year Oil Price Minimum To Reduce Operational Costs

• Reassessing commercial agreements with service companies across all divisions of the E&P spectrum to ensure maximum cost reduction in times of record-low oil prices

• Recalculating break-evens in the wake of the current low oil price crash to determine a service price target in today’s downmarket

• Hearing from an E&P company on what negotiation tactics are being used in today’s downmarket to brainstorm opportunities for price reductions in well services and equipment

• Streamlining E&P strategies for contract renegotiations and service prices discounts to achieve a stronger potential for negotiation

• Reviewing E&P companies’ insight on which E&P sectors and suppliers are most amenable to reduce their service prices in the context of a low oil price crush to dictate potential commercial agreements

Cody Lee, Founder, Westward Energy

2.00 Question & Answer Session

OPERATIONAL COST REDUCTION

2.10 Providing Strategic Perspectives On Where The Biggest Opportunities For Reducing Drilling, Completions And Production Costs Lie In Order To Drive Down Break-Even Prices

• Benchmarking the optimal phase of operations for implementing cost-cutting efforts, focusing on:

• Drilling• Completions• Artificial Lift & Production

• Scrutinizing the highest cost divisions in an E&P project to identify the optimal opportunities for cost reduction, focusing on:

• Fracs and rentals• Drilling equipment and services• Drilling rigs• Downhole equipment• Surface equipment• Docks and damages• Coiled tubing

• Evaluating cost vs. impact on productivity for each segment of the E&P operational phases to rationalize targets for cost reduction

• Formalizing an organizational learning process for information sharing across all departments of an E&P company to capture lessons learned in all operational and administrative divisions and implement them

Mark Miles, President & COO, Riley Exploration

Day 2Thursday May 28, 2015

BENCHMARKING COST REDUCTION STRATEGIES, RENEGOTIATING SERVICE AGREEMENTS AND FORGING PARTNERSHIPS BETWEEN E&P COMPANIES TO LOWER BREAK-EVENS IN THE CONTEXT OF LOW OIL PRICES

www.low-oil-price-financial-strategies.com (1) 800 721 3915 [email protected]

Page 5: CAPEX Reassessment, Cost Cutting & Financial Risk Management Congress 2015

Day 2 (continuation)Thursday May 28, 2015

www.low-oil-price-financial-strategies.com (1) 800 721 3915 [email protected]

2.40 Question & Answer Session

ROUNDTABLE PANEL: JOINING FORCES IN THE WAKE OF LOW OIL PRICES

2.50 Exploring Opportunities For E&P And Supplier Collaboration And Partnerships To Achieve Lower Operational Break-Evens

• Evaluating new models for E&Ps and service companies to partner to improve the quality and economics of services during lower oil prices

• Exploring potential models whereby service companies share in both the costs and the revenues of drilling projects to manage financial risk for the E&P

• Estimating the amount and types of equipment that are currently inactive to determine which categories have the most realistic chance of seeing prices fall

• Scrutinizing the volume of equipment that will become inactive in the third and fourth quarters of 2015 to allow E&Ps and service companies to identify future price fluctuations

Mark Miles, President & COO, Riley ExplorationRandy Keys, Senior Vice President & CFO, Evolution Petroleum3.30 Afternoon Refreshments In Exhibition Showcase Area

MITIGATING INVESTOR RELATIONS & HUMAN RESOURCE IMPACTS

MINIMIZING THE IMPACTS OF CAPEX REDUCTIONS AND HUMAN RESOURCES DOWNSIZING ON STOCK PRICES AND EMPLOYEE MORALEPREVENTING A STOCK PRICE

MELTDOWN IN TIMES OF SUB-$50 OIL PRICES

4.00 Nurturing Transparency When Communicating Drastic CAPEX Decisions To Shareholders To Prevent Large Scale Stock Sales In Times Of Oil Price Volatility

• Nurturing transparency when communicating CAPEX reductions to shareholders to boost investor confidence

• Improving corporate communications in today’s downmarket to minimize the level of risk perceived by E&P shareholders

• Reevaluating EUR projections and ROI rates in the wake of the oil price crash to ensure investors the most accurate possible information

• Minimizing E&P shareholders’ perception of risk in the current low oil price environment to guarantee current investment lines and maximize equity buying

Gary Clark, Vice President Investor Relations, Apache

4.30 Question & Answers Session

DOWNSIZING HUMAN CAPITAL

4.40 Weighing Up Strategies For Mitigating The Operational, Financial And Company Morale Impacts Of Human Resources Downsizing During The Oil Price Scenario

• Mapping and minimizing soft costs such as severance packages generated as a result of downsizing an E&P workforce

• Calculating the short-term cost-savings that can be made through downsizing against long term productivity costs to determine how much downsizing makes economic sense

• Integrating an HR perspective into human capital downsizing in times of low oil prices to optimize workforce restructuring and ensure legal compliance

• Benchmarking strategies for maintaining morale amongst retained employees during a period of downsizing

5.10 Question & Answer Session

5.20 Chair’s Closing Remarks And End Of Conference

To secure your booth or discuss tailor-made sponsorship packages, contact

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Sponsorship Opportunities

The Low Oil Price CAPEX Reassessment, Cost Cutting & Financial Risk Management Congress 2015 will present a strategic level agenda, designed to offer CEOs, CFOs, COOs and business decision-makers from North American tight oil and shale gas operators a platform to partner, discuss and build strategies for navigating the current low oil price scenario. This congress is the premier opportunity to engage with key E&P decision makers to outline your solutions with the current oil prices.

Achieving Your Business And Marketing Objectives At The Congress

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Page 6: CAPEX Reassessment, Cost Cutting & Financial Risk Management Congress 2015

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