EnerCom The Oil & Gas Conference. An Integrated Workflow for Unconventional Reservoirs

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1 EnerCom The Oil & Gas Conference An Integrated Workflow for Unconventional Reservoirs August 20,

2 Current Situation Oakspring Overview Oakspring Energy, LLC ( Oakspring ) has been formed by Brycap Investments, Inc. ( Brycap ) and Jeff Miller to further energy companies recognition of underlying technical elements of unconventional oil and gas reservoirs which in turn leads to more effective and efficient development of their oil and natural gas reserves. Bryant Patton of Brycap Investments, Inc. (www.brycap.com) has been successful the last 37 years generating lucrative ownership interests in energy assets in several upstream and midstream businesses. Jeff Miller has 34 years of experience focused on the technical elements of unconventional oil and gas development. Jeff was most recently the VP of Geoscience Technology at Chesapeake Energy Corporation. Enhance Producer s ability to forecast economics, allocate capital and improve economic performance. Oakspring Value-Add Provide timely comprehensive analysis tailored to meet the technical needs of Producer. Employ methods and practices to acquire high quality core analysis to build petrophysical models which then allow for integration of petrophysics, geoscience and engineering to provide the foundation for improved predictability of hydrocarbons in place, deliverability/permeability and EUR assessments. Working with Oakspring Alignment with Producers who can benefit from Oakspring s specific knowledge, methods and practices. Oakspring validates its work through investments in prospective Producer projects via nonoperated working interest participation. 2

3 Multidisciplinary Methods, Practices and Workflows Unconventional reservoirs require optimally integrated multidisciplinary methods, practices and workflows major drivers for success must be understood. Methods, Practices and Workflows Focus on rock properties Tailored to Producer Complements, supplements and integrates Producer s existing geoscience and engineering work (does not compete with it) Geological, petrophysical and engineering models and maps built using data derived from high quality core analysis correlate with productivity. Developing the means to predict results by applying currently available technology is vastly superior to trial and error methods. This technology is utilized throughout geoscience and engineering disciplines; from core analysis, petrophysics and geocellular modeling to rock mechanics, production analysis and numerical simulation. Familiarity with current commercial vendor capabilities in these technologies, methods and workflows is essential. Use workflows which have a history of success in exploration and development programs. High quality core analysis is a basic building block for unconventional reservoir evaluation and petrophysical model calibration. Technology and methods for measuring critical rock properties varies from one commercial core analysis lab to another. Oakspring Energy possesses the knowledge necessary for acquisition of higher quality core analysis. 3

4 Cracking the Code on Unconventional Assets It Starts With Core Analysis Oakspring Energy mission: To provide producers with superior quality petrophysical, geologic, geochemical, and rock properties data. Apply available technology to improve understanding of critical rock properties Provide data to geoscience and engineering teams to improve exploration and development programs Provide timely analyses tailored to the technical needs of producers. Confidentially provide analysis to the producer Turn around core analysis in 4 weeks and an additional 4-6 weeks for Oakspring analysis 4

5 Areas of Interest The Oakspring technical team has direct knowledge and experience in nearly every major shale play across the lower 48. 5

6 Petrophysical Model Development Core : Log Model and Integration Key Well Studies Compile Core Data Develop Rock Model Matrix mineralogy Clay types Kerogen (TOC- >BVOM) Lithofacies Perm stress dependence Core:Log Integration Normalization GR, RHOB, NPHI Clay Model (mineralogy - logs) Kerogen Model Porosity Model Saturation Model OGIP/OOIP Permeability Model (in-situ, effective) Flow Unit Gp/Np Compile Digital LAS and Tops Data LAS with minimum data over interval Tops Log QC and Normalization Remove bad wells Edit bad hole den/neu Determine NRM interval Determine NRM routine 6

7 Integrated Horizontal Workflow Critical Elements All three Critical Elements must be positive for a successful well or play High Quality Core Analysis Data Petrophysical Model Hydrocarbons in Place Critical Element Deliverability Critical Element Hazard Identification Critical Element Processes Well Performance Analysis Numerical Flow Simulation Deliverables Resource Assessment, Field Development Plan, Production and and Economic Performance Implementation 7

8 Critical Elements All three must be satisfied for successful play or development well Maturity Over Mature Gas Window Oil Window Immature Pressure Pressure gradient Depth Drive Mechanism PVT Stress Sensitivity Horizontal Target Deliverability Faults/Fracture Systems Water Zones Adsorption Isotherm Hydrocarbons in Place Hazards Flow Unit Stratigraphy Lithofacies Frac Model Porosity Saturations - Oil, gas, and water Permeability Flow Unit Frac Model Stimulated rock volume Frac design Mechanical Properties Diagenetic Data Sources Core, Logs, Seismic Production Analysis Numerical Flow Simulation Economics 8

9 Risk Mitigation and Value Add Integration of major drivers, high quality core analysis, technology and workflows provides opportunity to mitigate risk and create or add value in these areas: Evaluation of exploration and development projects identify growth opportunities, optimize delineation and development plans and prevent entry into uneconomic projects. Provide clarity to identify higher ROR areas for play delineation and drilling programs. Optimize the integration of geoscience and engineering integrated tools, models and workflows. Improve drilling and completion techniques by using key drivers. Benefit from Jeff Miller s worldwide experience in unconventional reservoirs most recently at CHK leading the unconventional exploration and research groups. Oakspring can get your team up the learning curve rapidly and complement your technical resources. Improve capital allocation and economic performance. 9

10 Cost- Benefit Analysis Play Delineation - Oakspring Study vs. Drilling Program (All assumptions are illustrative and not based upon any actual program.) Oakspring Study: Initial cost for 200 ft. of core Cost for drilling and completion of initial test well: Estimated $3.5mm - $6mm/well Additional incremental cost for: Acquiring core from initial test well: $1,000/ft; $200,000 total Lab costs for core analysis and comprehensive analysis: $2,000/ft to run core analysis from lab; $400,000 total Additional cores may be required as acreage is further developed Typical Delineation Method: Initial costs Drill and complete 5 trial and error wells on prospective position to determine area of highest productivity: Estimated $3.5mm - $6mm/well Total estimated costs to drill well, acquire data, forecast viability & economics: $4.1mm - $6.6mm for initial test well, core, lab and Oakspring study Additional core may not be required for each successive well Total estimated costs after 5 completed trial and error wells: $17.5mm - $30mm Vs. Total estimated cost after 1 pilot well with high quality core analysis and Oakspring study: $4.1mm - $6.6mm Opportunity to select next most viable location after initial well Doesn t it make sense to allocate nominal additional capital toward currently available technology to potentially improve the outcome of each successive well during the delineation trial program? 10

11 Organization Chart Jeff Miller President Bryant H. Patton Principal Business Development Reservoir Engineer Nelson Spradlin Reservoir Engineer Eric Carlson VP Petrophysics John Stachowiak VP Geology Kathy Bridges Acct/Admin/Docs Mark Mazza Tom Cronin Land Emily Miller Geo-Tech Darien Whitehurst Geologist Greg Simmons 11

12 Conclusions Unconventional reservoirs require multidisciplinary integrated solutions Unconventional reservoirs are a multivariate problem The major drivers for success must be understood (Critical Elements) An integrated approach will lead to key discoveries with correlation to unconventional reservoir productivity 12

13 Contact Information Oklahoma City Office: Oakspring Energy, LLC 101 W. Hefner Road Oklahoma City, OK Jeff Miller, President Dallas Office: Oakspring Energy, LLC 2602 McKinney Ave. Suite 200 Dallas, TX Bryant H. Patton, Principal 13

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