Midstates Petroleum Company Inc

Midstates Petroleum — Investor Presentation (May 2016)

47 slides from Midstates Petroleum's investor presentation, May 2, 2016

1. Slide 1: Forward-Looking Statements

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Forward-Looking Statements Private and Confidential – Subject to FRE 408 These materials are highly confidential and may not be used or relied upon for any purpose other than

2. Slide 2: Reserve and Non-GAAP Information

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Reserve and Non-GAAP Information Private and Confidential – Subject to FRE 408 This presentation also includes financial measures that are not in accordance with generally ac

3. Slide 3: Business Plan Overview Asset Overview Corporate Overview / Operations Update Executive Summary

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 OTC: MPOY | www.MidstatesPetroleum.com 3 Business Plan Overview Asset Overview Corporate Overview / Operations Update Executive

4. Slide 4: Management Team

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Management Team Private and Confidential – Subject to FRE 408 • • Mr. Brace has been President, Chief Executive Officer and a Director since March of 2015 Mr. Brace is curren

5. Slide 5: Investment Highlights

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Investment Highlights Private and Confidential – Subject to FRE 408 • Strong team currently in place with a history of delivering best-in-basin results in the Mississippian L

6. Slide 6: Business Plan Overview Asset Overview Corporate Overview / Operations Update Executive Summary

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 OTC: MPOY | www.MidstatesPetroleum.com 6 Business Plan Overview Asset Overview Corporate Overview / Operations Update Executive

7. Slide 7: Organizational Chart

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Organizational Chart Private and Confidential – Subject to FRE 408 • • • • • • • Accounting Treasury Planning Investor Relations IT Supply Chain Human Resources Recruiting Of

8. Slide 8: Midstates Petroleum Overview

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Midstates Private and Confidential – Subject to FRE 408 CONFIDENTIAL Overview Petroleum • Completed transition to a Mid-Continent focused organization from an onshore Louisiana concentrat

9. Slide 9: Performance Demonstrated

   DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Performance Demonstrated Private and Confidential – Subject to FRE 408 35,000 500 30,000 400 25,000 300 20,000 15,000 200 10,000 100 5,000 0 - 2012 2013 2014 2015 2012 2013 2

10. Slide 10: Cash Operating Expenses Improving Over Time

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Expenses(1) Cash Operating Private and Confidential – Subject to FRE 408 Operating Expenses(2) Production Taxes Cash G&A $20.00 $15.00 $2.93 $12.82 $12.48 $1.16 $1.68 $10.32

11. Slide 11: YE 2015 Reserves Reconciliation

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Reconciliation YE 2015 Reserves Private and Confidential – Subject to FRE 408 (1) (2) (3) YE 2015 technical reserves at 4/1/2016 strip pricing Anadarko Reserve value ~$56mm;

12. Slide 12: Business Plan Overview Asset Overview Corporate Overview / Operations Update Executive Summary

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 OTC: MPOY | www.MidstatesPetroleum.com 12 Business Plan Overview Asset Overview Corporate Overview / Operations Update Executive

13. Slide 13: Mississippian Lime Operations Update

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 Mississippian Lime Operations Update OTC: MPOY | www.MidstatesPetroleum.com

14. Slide 14: Mississippian Lime - Premier Position

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Mississippian Private and Confidential – Subject to FRE 408 CONFIDENTIAL Lime - Premier Position 30,000 8 7 25,000 6 20,000 5 15,000 4 3 10,000 2 5,000 1 - 0 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14

15. Slide 15: Mississippian Lime - Differentiated Performance

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Mississippian Lime - Differentiated Performance Private and Confidential – Subject to FRE 408 • • • Continuing Top Tier overall well performance in the Mississippian Lime 299

16. Slide 16: Mississippian Lime – Type Curve

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Mississippian Private and Confidential – Subject to FRE 408 CONFIDENTIAL Lime – Type Curve • Cawley, Gillespie and Associates Mississippian Lime PUD type curve below: Oil Gas 10,000 1,000

17. Slide 17: Mississippian Lime – 2014 & 2015 Well Performance

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Performance Mississippian Private and Confidential – Subject to FRE 408 Lime – 2014 & 2015 Well Normalized Flowing Time (days) 2015 YE PUD Type Curve 2014 & 2015 Wells Actual

18. Slide 18: Demonstrating Capital Discipline

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Demonstrating Capital Discipline Private and Confidential – Subject to FRE 408 • • Reduced average drilling cycle time from 22 to 17 days Further reduced average drilling cyc

19. Slide 19: Mississippian Lime Operating Expense Trend

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Mississippian Lime Operating Expense Trend Private and Confidential – Subject to FRE 408 • Early infrastructure investments yielding best in class results (1)Includes LOE & w

20. Slide 20: Mississippian Lime Asset Development

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 Mississippian Lime Asset Development OTC: MPOY | www.MidstatesPetroleum.com

21. Slide 21: Mississippian Lime Acreage Overview

    Overview(1H2l Mississippian Lime Acreage h 9=j - .. . 1 . I I -t-;.-..r..............-t--+ -4---r--..::.... . I - 26.N_.,il>6<.WJ"-1--t---l WN c + ..:.-.-.l+-:-+--11 =:_,..._,.·...:.L --..-+--!-+ -• .....-• +--t-.:."--7: 26N1 • 26N1 - u LJ I · 1 - . l· - ---·-+--1 1-+"'"L"+--+ -+--+--+--+--------+7

22. Slide 22: Mississippian Lime – Regional Geology

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Mississippian Private and Confidential – Subject to FRE 408 CONFIDENTIAL Lime – Regional Geology • Mississippian reservoirs have diagenetic enhanced porosity, and the best reservoirs are

23. Slide 23: Potential Mississippian Lime Downspacing

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Potential Mississippian Lime Downspacing Private and Confidential – Subject to FRE 408 • Leverage infrastructure and reservoir performance knowledge to economically expand lo

24. Slide 24: Drilling Potential Upside – Mississippian Lime

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Drilling Potential Upside Private and Confidential – Subject to FRE 408 – Mississippian Lime Other Gross Locations (1) (1) Does not include locations on acreage acquired afte

25. Slide 25: Mississippian Lime SWD System

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 Mississippian Lime SWD System OTC: MPOY | www.MidstatesPetroleum.com

26. Slide 26: Woods/Alfalfa SWD System

    Woods/Alfalfa SWD System OTC: MPOY I www.MidstatesPetroleum.com 26

27. Slide 27: Water Disposal Plans

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Water Disposal Plans Private and Confidential – Subject to FRE 408 Midstates Multi-Tier Strategy • Existing non-producing vertical well conversion to SWD well • • • Rank well

28. Slide 28: Alternate Disposal Zones

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Alternate Disposal Zones Private and Confidential – Subject to FRE 408 GR RES POR Endicott Sandstone and Limestone Disposal interval ~40’ thick Endicott • Shallow, often comi

29. Slide 29: Anadarko Basin

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 Anadarko Basin OTC: MPOY | www.MidstatesPetroleum.com

30. Slide 30: Anadarko Basin

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Anadarko Basin Private and Confidential – Subject to FRE 408 •Primary horizons demonstrate • similar Vast acreage position in a proven and predictable results and provide bas

31. Slide 31: Cleveland: Significant Cornerstone Horizon

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Cleveland: Significant Cornerstone Horizon Private and Confidential – Subject to FRE 408 • • • • Pennsylvanian sandstone reservoirs include granite wash and fluvial and marin

32. Slide 32: Anadarko Reservoirs – Primary Target

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Anadarko Private and Confidential – Subject to FRE 408 CONFIDENTIAL Reservoirs – Primary Target OTC: MPOY | www.MidstatesPetroleum.com 33 Cleveland Marmaton Cottage Grove Tonkawa Gross H

33. Slide 33: Inventory Summary Anadarko Basin

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Inventory Summary Anadarko Basin Horizontal Private and Confidential – Subject to FRE 408 Gross Locations (1) “Other” includes Douglas, Kansas City, Red Fork, Morrow, and St.

34. Slide 34: Gulf Coast

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 Gulf Coast OTC: MPOY | www.MidstatesPetroleum.com

35. Slide 35: Gulf Coast – PetroQuest JV Prospects

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Prospects Gulf Coast – PetroQuest JV Private and Confidential – Subject to FRE 408 36 OTC: MPOY | www.MidstatesPetroleum.com Fleetwood JV Summary •$24 million joint venture w

36. Slide 36: Business Plan Overview Asset Overview Corporate Overview / Operations Update Executive Summary

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 OTC: MPOY | www.MidstatesPetroleum.com 37 Business Plan Overview Asset Overview Corporate Overview / Operations Update Executive

37. Slide 37: Business Plan – Assumptions

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Business Plan – Assumptions Private and Confidential – Subject to FRE 408 • The following sets forth certain assumptions utilized by Midstates’ management (“Management”) in c

38. Slide 38: Business Plan – Assumptions (cont’d)

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Business Plan – Assumptions (cont’d) Private and Confidential – Subject to FRE 408 ($ in millions, except per unit amounts) Management utilized the Mississippian Lime type cu

39. Slide 39: Business Plan – Financial Summary

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Business Private and Confidential – Subject to FRE 408 CONFIDENTIAL Plan – Financial Summary ($ in millions, except per unit amounts) Forecast Commodity Prices Oil - WTI ($/Bbl) Gas - HHU

40. Slide 40: Alternative Comparison Scenario

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Alternative CONFIDENTIAL Comparison Scenario EBITDA Average Daily Production (Boed) 30,000 $90 $80 $70 $60 $50 $40 $30 $20 $10 $-25,000 20,000 15,000 10,000 5,000 - 2016E 2017E 2018E 2019

41. Slide 41: Appendix

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Private and Confidential – Subject to FRE 408 APPENDIX OTC: MPOY | www.MidstatesPetroleum.com

42. Slide 42: Adjusted EBITDA Reconciliation

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Adjusted Private and Confidential – Subject to FRE 408 CONFIDENTIAL Reconciliation EBITDA mber 31, OTC: MPOY | www.MidstatesPetroleum.com 43 For the Year Ended Dece 20152014 Adjusted EBIT

43. Slide 43: Reconciliation Cash Operating Expenses

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Reconciliation Cash Operating Expenses Private and Confidential – Subject to FRE 408 OTC: MPOY | www.MidstatesPetroleum.com 44 2015 2015 2015 2015 2014 Q4 Q3 Q2 Q1 Full Year

44. Slide 44: Forecast G&A

    Forecastf1J G&A 2015 G&A Actuals Vs. 2016 G&A Projection (Employee Charges) 40,000 35,000 30,000 25,000 E 20,000 15,000 10,000 5,000 0 2015 G&A Actuals Vs. 2016 G&A Projection (Excluding Employee Charges) 18,000 16,000 ---------------------------------------------------------------------------------

45. Slide 45: Anadarko Operating Expense Trend

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx Anadarko Private and Confidential – Subject to FRE 408 CONFIDENTIAL Operating Expense Trend • Yielding benefits from 2015 focus on high return workover program to mitigate decline and red

46. Slide 46: Forced Pooling in Oklahoma

    DASHED2014\A&D\Management Presentation\GS Drafts\Management Presentation\Bravo Data Room Presentation_vVDRf.pptx CONFIDENTIAL Oklahoma Forced Pooling in Private and Confidential – Subject to FRE 408 OTC: MPOY | www.MidstatesPetroleum.com 47 •Oklahoma Corporation Commission (“OCC”) regulates all oil

47. Slide 47: Forced Pooling in Oklahoma

    Forced Pooling in Oklahoma + Oklahoma Corporation Commission (“OCC”) regulates all oil and || + Capturing Interests by Way of Forced Pooling 2s activity in Oklahoma = Parties may have previously acquired leasehold interes, but + Lands must be “spaced” by the OCC in order to drill a well in no longer

Midstates Petroleum Company — Investor Presentation (May 2016) on 6ix