Carbon Energy Corporation · OTC:CRBO
Carbon Energy — Shareholder Meeting (June 2023)
19 slides from Carbon Energy's shareholder meeting presentation, Jun 8, 2023
Slide 1: Carbon Energy Corporation Annual Meeting Presentation
Carbon Energy Corporation Annual Meeting Presentation June 8, 2023 1
Slide 2: Important Disclosures
IMPORTANT DISCLOSURES Forward-Looking Statements The slides contain certain information that predicts, projects, or uses future events as expectations or possibilities (each, a “forward-looking statement”). Except for historical information, statements made in the slide presentation, including those
Slide 3: Carbon Energy Corporation ownership of Carbon California
Carbon Energy Corporation Carbon California Company LLC 53.92% 3
Slide 4: Carbon California Company, LLC overview
Carbon Energy Corporation Carbon California Company, LLC ➢Emphasis on Health, Safety and Environmental best practices and compliance ➢Create incremental value from Ventura Basin oil assets • Continue lease operating expense reduction • Identify and execute workover and recompletion opportunities • O
Slide 5: Production volumes at December 31, 2022
Carbon Energy Corporation Carbon California December 31, 2022 Oil (barrels of oil per day) 1,165 Natural Gas (mcf of gas per day) 1,740 Natural Gas Liquids (barrels of oil per day) 149 Barrels of oil equivalent (boe per day) 1,574 5
Slide 6: Proved reserves and PV10%
Carbon Energy Corporation December 31, 2022 PV10% Carbon California mmboe $million Proved Reserves 18.2 82% $ Oil 314.3 & NLG Proved Developed Reserves 16.5 $ 272.7 Proved Undeveloped Reserves 1.7 $ 41.7 SEC Pricing Methodology 6
Slide 7: Financial Summary
Carbon Energy Financial Summary Carbon Energy Corporation 12/31/2022 ($000) Assets $2,912 Cash $50 Restricted Cash/Escrow $2,790 Accounts Receivable $72 Outstanding Common Shares 2,089,739 Carbon Energy Corporation has no debt 7
Slide 8: Financial Summary: 2022 results
Carbon Energy Financial Summary Consolidated results of Carbon Energy include Carbon California Year Ended December 31, 2022 (in thousands, except production and per unit data) (unaudited) Revenue: Total Revenue $ 47,986 Expenses: Total Expenses $ 30,463 Operating income $ 17,523 Other income and (e
Slide 9: Carbon California Credit Facilities
Carbon California Credit Facilities December 31, 2022 ($000) ➢ Carbon California Company, LLC Debt $47,203 • Senior Credit Facility $30,735 • Subordinated Debt $16,468 ➢ Debt is non-recourse to Carbon Energy Corporation 9
Slide 10: Carbon California Company, LLC
Carbon California Company, LLC June 2023 10
Slide 11: Carbon California Strategy
Carbon California Strategy Ventura Basin, California ➢ The Ventura Basin of California is an area which presents an excellent opportunity to acquire and develop a portfolio of light oil, low operating cost producing properties ➢ Legacy producers have divested Ventura Basin production and midstream a
Slide 12: California Oil and Gas Basins
California Oil and Gas Basins Petrolia Sacramento Sacramento Basin San Francisco San Joaquin Basin Santa Cruz Salinas Basin Bakersfield Santa Maria Basin Ventura Ventura Basin Los Angeles Basin Los Angeles _______________________________ San Diego 12 12
Slide 13: Ventura Basin Field Development
Ventura Basin Field Development a Carbon California Operated Fields Ventu ra County Los Angeles County a Fields Operated By Others . Temescal /. 5 ea Piru Creek / Wayside Canyon Hopper Canyon . anor Rancho e a — Timber con ee nay Meiners Oak aS 4 a qe Del Vaff = Re ee = ec lee eet 4 3 Bia phwacionta
Slide 14: Development Opportunities
Development Opportunities Resource by opportunity (MBoe) PV10 by opportunity ($000) Recompletions 2.4 1.1 Return to Production 2.5 $72 $63 Big Canyon Drill Monterey Drill $1 13.9 Saugus Drill $2 $9 5.5 $41 Mohnian Drill $21 2.7 Diatomite Drill 0.2 1.2 Sespe Exploration $5 $20 4.4 Sespe Field Infill
Slide 15: Regional Oil Price
Regional Oil Price 15 As of April 24, 2023
Slide 16: Carbon Energy Corporation management
Carbon Energy Corporation Patrick R. McDonald, Chief Executive Officer Mr. McDonald is an energy and natural resources industry Chief Executive Officer and Board Director with 40 years of executive management and boardroom experience in North American upstream and midstream operations. In leadership
Slide 17: Carbon California Company, LLC management
Carbon California Company, LLC. Scott Price, President Mr. Price has served as President of the Carbon California since July 2017. Prior to joining Carbon, Mr. Price was the President and owner of Mirada Petroleum, Inc, an independent Operator in Kern, Los Angeles and Ventura Counties. He has over 2
Slide 18: Meeting Open to Shareholder Questions
Carbon Energy Corporation Meeting Open to Shareholder Questions 18
Slide 19: Company addresses and website
200 Union Blvd, Suite 200 Lakewood, CO 80228 270 Quail Ct, Suite B Santa Paula, CA 93060 www.carbonenergycorp.com