Investor Presentation
Investor Presentation
Investor Presentation
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EXXI Trades at Discount to NAV<br />
Category 1 PV-10 $/Share 2<br />
$83.51<br />
Proved Developed Reserves $3,554 $43.92<br />
Proved Undeveloped Reserves $2,596 $32.08<br />
53%<br />
Discount<br />
$55.86<br />
Net Debt 3 ($1,630) ($20.14)<br />
Total Net Proved Value $4,520 $55.86<br />
$26.17<br />
Probable Reserves $2,238 $27.66<br />
Total Net Proved + Probable Value $6,758 $83.51<br />
Stock Price at<br />
11/15/13<br />
Total 1P<br />
Total 2P<br />
Stock Price at 12/6/13 $26.17<br />
EXXI Trades at a ~53% Discount to Proved-only NAV<br />
and a 69% Discount to 2P NAV<br />
1<br />
Using 6/30/2013; Prices: $108.24/BO & $3.63/MCF ($91.60/BO & $3.44/MMBTU base before differentials & BTU)<br />
2<br />
80.9 MM shares fully diluted, which includes the effect of repurchase of 3.3MM shares between 10/31/13 and 11/19/13<br />
3<br />
As of 9/30/13, pro forma of $400MM 3% convertible bond deal issued on 11/19/13 less net cash proceeds, and $92.0MM incurred to repurchase<br />
3.3MM common shares between 10/31/13 and 11/19/13<br />
29
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