Plymouth Exploration LLC (PEX)

Plymouth Exploration, LLC and its partner (“Plymouth”) are offering for sale their Mississippian and Woodford oil assets located in the highly prospective area west of the Nemaha Ridge in Grant and Garfield Counties, Oklahoma. Evercore Partners has been retained as exclusive financial advisor to Plymouth for this transaction.

Attached here (and summarized below) is an overview of the opportunity and the process. The Confidentiality Agreement is also attached for your convenience.


Offering Highlights

  • Rare opportunity for entry into core area of the Mississippian Play plus confirmed Woodford "double play" potential
  • Crude-weighted (58%) net production of over 2,200 Boed(1) from 29 horizontal wells; liquids-rich gas enhances realizations
  • Low-risk Mississippian oil play delineated by vertical well control and proven by Plymouth’s extensive horizontal drilling
  • 675 identified Mississippian and Woodford drilling locations on 37,603 contiguous net acres (40% HBP); >60% pre-tax IRR for Mississippian development locations
  • Average working interest of 91.8% in currently operated units: operates 95% of net production; will operate 94% of net acres (operations assumed with at least 160 acres per 640 acre unit)
  • 2 rigs actively drilling; 3 rigs will HBP all acreage by 3Q 2014
  • "Built to Drill" with saltwater disposal and infrastructure in place to support future development
  • Significant Woodford production potential demonstrated by Plymouth’s recent 420 Boed (30 day) horizontal oil test which has produced 43 Mboe during its first 150 days online

Process

  • Transaction effective date will be March 1, 2013
  • Process Timing
    • Online VDR available starting January 23, 2013
    • Technical presentations begin February 4, 2013 in Houston
    • Bids will be due March 7, 2013
  • Evaluation materials will include:
    • Plymouth's reserve report along with PHDWin and Aries databases
    • Cawley, Gillespie & Associates engineered Mississippian Type Curve
    • Supporting financial, technical and operational data
    • Information on key upside from Plymouth
  • All inquiries should be directed to Evercore

Evercore Energy Group

Contact:
Lance Dardis
909 Fannin, Suite 1750
Houston, TX 77010
Office: (713) 427-5130
Cell: (713) 252-6035
Fax: (713) 403-2444
lance.dardis@evercore.com


Company Overview


Confidentiality Agreement