Carbon Energy Corporation · OTC:CRBO
Carbon Energy — Shareholder Meeting (June 2021)
18 slides from Carbon Energy's shareholder meeting presentation, Jun 10, 2021
Slide 1: Carbon Energy Corporation Annual Meeting Presentation
Carbon Energy Corporation Annual Meeting Presentation June 10, 2021 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 Company LLC
Carbon Energy Corporation Carbon California Company LLC 53.92% 3
Slide 4: Highlights
Highlights Sale of Appalachian business May 2020 for $125 million • $15,000,000 natural gas price based Contingent Payment 2021-2022 Continued identification and development of low risk growth opportunities Low base production decline 3.5% Brent oil price June 1, 2021 $69.63 per barrel Signific
Slide 5: 2021 Plan: Growth Through Field Development
2021 Plan Growth Through Field Development 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 • Optimize fiel
Slide 6: Carbon Financial Summary
Carbon Financial Summary Year Ended December 31, 2020 (1) Oil (barrels of oil per day) 1,278 Natural Gas (mcf of gas per day) 1,495 Natural Gas Liquids (barrels of oil per day) 134 Barrels of oil equivalent (boe per day) 1,661 EBITDA ($000) $1,993 (1) Consolidated Carbon Energy + 100% Carbon Califor
Slide 7: Carbon Financial Summary
Carbon Financial Summary Three Months Ended March 31, (in thousands, except production and per unit data) Revenue: Natural gas sales $549 Natural gas liquids $428 Oil sales $6,507 Total sales $7,484 Commodity derivative loss ($5,042) Total Revenue $2,442 Expenses: Lease operating expenses $2,530 Tra
Slide 8: Carbon Financial Summary
Carbon Financial Summary Three M onths Ended 31-M ar-21 (in thousands, except production and per unit data) Capital Expenditures Drilling and Development $605 Operations Information: Natural gas production (M cf) 161,807 Oil production (Bbl) 108,324 Natural gas liquids production (Bbl) 15,622 Combin
Slide 9: Carbon Assets / Liabilities
Carbon Assets / Liabilities ($000) Carbon Assets $11,500 (1) • Contingent Payment $ 11,000 • Surface Properties $ 500 Old Ironsides Promissory Note Balance $14,000 • Maturity date December 31, 2023 (1) estimated market to market value based on June 1 Nymex strip pricing 9
Slide 10: 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 10 10
Slide 11: Ventura Basin Field Development
Ventura Basin Field Development (a Carbon California Operated Fields a Fields Operated By Others Ventura’ County lugs . a. < e incon San Miguelito Ventura West Montalvo Temescal/. » Los Angeles County Wayside Canyon Piru Creek | tour Canyon . anos Rancho zelupber Retin Del peivae Canyo, e “inate a a
Slide 12: Carbon California Credit Facilities
Carbon California Credit Facilities ($000) Carbon California Company, LLC (100%) debt March 31, 2021: $51,816 • Senior Credit Facility $36,950 • Subordinated Debt $14,866 Debt is NON-RECOURSE to Carbon Energy Corporation 12
Slide 13: Carbon California Asset Summary June 1, 2021
Carbon California Asset Summary June 1, 2021 Wellcount • 304 producing oil wells • 18 – 34 °API crude oil • 1,250 BTU natural gas Net Sales • 1,225 BOPD Crude Oil • 1,880 MCFD Residue Gas (1,060 BTU) • 175 BPD Plant Liquids • 1,715 BOEPD Equivalent Oil • 72% Crude Oil / 18% Residue Gas / 10% Pla
Slide 14: Carbon California Net Oil and Equivalent Sales
Average Daily Net Oil Sales (BOPD, BOED) - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Nov-16 2,200 Jan-17 Feb 15, 2017: CRC & MIR Acquisition Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May 1, 2018: Sespe Acquisition May-18 Jul-18 Sep-18 BOPD 14 Nov-18 Jan-19 Mar-19 May-19 BOE/D Jul-19
Slide 15: Proved + Resource Summary - Net Ownership
Carbon Energy Corporation Proved + Resource Summary - Net Ownership As of April 1, 2021 NYMEX STRIP Prices: June 1, 2021 OIL EQUIV RESERVE CATEGORY OIL GAS NGL (6:1) NPV MBO MMCF MBBL MMBOE @ 10% Total Proved + Resource 24,009 25,470 2,500 31 $ 149,848 Proved Developed Producing 4,968 8,161 764 7 $
Slide 16: Development Opportunities
Development Opportunities Resource by opportunity (MBoe) PV10 by opportunity ($000) Monterey $45 14.2 8.9 $42 Saugus Mohnian Diatomite 3.3 $1 Sespe Explore $5 $13 5.1 Sespe Field $3 $40 0.4 5.2 Timber Canyon Field $1 $2 1.2 0.5 Holser Field 0.2 Water Flood 44 MMBoe $199 million Opportunity summary:
Slide 17: Meeting Open to Shareholder Questions
Meeting Open to Shareholder Questions 17
Slide 18: Company addresses and website
1700 Broadway Suite 1170 Denver, CO 80290 270 Quail Court, Suite B Santa Paula, CA 93060 www.carbonenergycorp.com