1
April 10, 2017
Oil ended up last week as overall crude stocks were reported down 1.83 million barrels. In addition, oil staged a rally in
the latter part of the week as refinery demand, coupled with supply curtailments in Canada, added a bullish outlook in
WTI. The near-term contract closed the week up $1.64, or 3.2%, at $52.24, the highest close since March 7th.
Natural gas ended up last week due to the coincidence of several minor events. First, Cheneire Train 3 was approved
thus increasing LNG export potential. Second, there was a dip in Northeast dry gas production. Finally, there was an
uptick of 1.5 bcf of power burn. The near-term contract closed the week up $0.07, or 2.2%, at $3.26
Debt
Markets
Energy Week in Review
S&P E&P(2) underperformed last week (0.6%) vs. SPX(2) (0.3%)
On Friday, the March employment report reflected 98,000 nonfarm payrolls versus expectations of 175,000 new jobs
on the month. The weaker-than-expected result is being attributed to poor weather in March and marks the lowest
reading since May of last year
16 issuers priced 18 issues to raise $8.2 billion last week
Year-to-date volume stands at $130.2 billion, compared to $66.0 billion in year-to-date 2016
Retail cash inflows to U.S. high yield mutual funds totaled $2.4 billion last week, compared to the prior week’s outflow
of $249 million. This brings year-to-date outflows for 2017 to $3.6 billion
One High Yield E&P deal priced last week
Ultra Petroleum (Corporate: B1/B+/BB-, Issue: B2/BB-/BB) priced a $1.2 billion Senior Notes offering. The
6.875% (5NC2) Senior Notes due 2022 priced at par while the longer-dated offering of 7.125% (8NC3) Senior
Notes due 2025 priced at 98.5 to yield 7.375%. Additionally, the committed financing package included a $400
million RBL facility. The first-lien RBL Term Loan was upsized following strong market demand by $200 million,
with proceeds shifted from the longer-dated Senior Notes. BMO acted as Joint Bookrunner on both the Senior
Notes and Term Loan transactions and as Administrative Agent on the Reserve Based Lending Facility
Unit Company announced that it acquired 8,300 net acres
in the Anadarko Basin from an undisclosed seller for
$57 million
Carbon Natural Gas entered into an agreement to acquire
Appalachia Basin assets from an undisclosed seller for
$20 million
Ares Management announced that its newly created
subsidiary, Development Capital Resources, entered into a
$300 million drilling partnership with Endeavor Energy
Resources to develop Wolfcamp wells in the Midland Basin
Development Capital Resources concurrently announced a
$150 million drilling joint venture with a non-Permian
operator
Bayou City Energy announced that it raised $310 million
and held the final closing for its second fund
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA
Note: Current quarter’s data is through the week covered by this issue.
1. EIA U.S. natural gas gross withdrawals and production reported monthly as of November 2016.
2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index, ADTV = Average Daily Trading Volume.
Key Industry Indicators
Quarterly Deal Activity
Equity
Markets
Commodities
$27.0 $28.5
$30.8
$2.2
$8.1 $10.1 $10.0
$4.5
$16.9 $20.7 $20.4 $21.9
$0.1 --
50
100
150
200
250
300
--
$5
$10
$15
$20
$25
$30
$35
$40
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
52% 77% 21% 61% 82% 76% 79% 52% 56% 57% 71% 96% 74%
Nu
mb
er
of
Tra
nsacti
on
s
Tra
nsacti
on
Valu
e (
$b
n)
Asset Corporate Number of Transactions
% Oil
Indicator
Current
Value
Week's
Change
%
Change Direction
Prompt Oil Price ($/bbl) $52.24 $1.64 3.2%
Prompt Gas Price ($/mmbtu) $3.26 $0.07 2.2%
Wkly Trans. Value ($mm) $77 $48 166%
Wkly Trans. Count 6 -- --
US Rig Count 839 15 1.8%
US Oil Prod'n (mmbbl/d) 9.2 0.1 0.6%
US Gas Prod'n (bcf/d)(1) 88.1 (0.6) (0.7%)
US Oil Storage (mmbbl) 535.5 1.6 0.3%
US Gas Storage (tcf) 2.1 0.0 0.1%
Covering the Week of April 1 – April 7, 2017
Week in Review
In Commodities, ECM and DCM, let’s go to journalism
standards, even though that’s not how we get the text from
those groups. Main change is that any number below 10 is
spelled out (one instead of 1). This does not apply to
statistical analyses, percentages, or money, of course.
Let’s follow these guidelines when sorting articles:
• First priority: Domestic A&D, ranked by size
• Next: Domestic M&A
• Then: US companies doing international deals (like
Noble’s Tamar)
• Then: Others (Cabot’s Lackawanna)
• Then: Prices, rig count, completions, etc.
To paste the arrows with colors,
• FactSet
• Settings
• Presentation Linking and Formatting
• Import
• Colors
• Change Color font…
For the primary Commodities bullet points on oil and gas
prices, please start with “The near-term contract opened the
week at $___” and end that same bullet point with “The
near-term contract closed the week at $____, down(up)
$___, or ___%.” You don’t have to use exactly those words
as long as the opening and closing prices are included . For
example, you could write, “Opening the week at $45.21, the
near-term oil contract declined steadily based on …” – you
know, think like a journalist, be creative.
TBU – Friday post close
2
April 10, 2017
The 10 Most Recent Asset Transactions Over $20 Million
A&D Valuation Trends(3)
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg
1. Represents total enterprise value.
2. Calculated as percentage of total LTM transaction count.
3. 100 transactions from April 2013 to 2017YTD with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1
(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.
Permian35%
Gulf of Mexico 1%
Bakken7%
Appalachia11%
Mid-Con12%
Eagle Ford9%
Ark-La-Tex3%
Rockies (ex Bakken)
8%
Other15%
LTM By Region
Oil69%
Gas31%
LTM By Commodity
Public Company
48%PE / PE-Backed
18%
Private11%
MLP1%
Other22%
LTM By Buyer Type
Ann'd
Date Buyer Seller Area Asset Description Value(1)
Proved
Multiple
Prod.
Multiple
Net
Acres
($mm) ($/boe) ($/boe/d) ($/acre)
04-Apr-17 Unit Corp Undisclosed Mid-Continent 8,335 net acres in Anadarko Basin $57 $17.73 $41,514 $6,809
03-Apr-17 Carbon Natural Gas Co Undisclosed Marcellus / Utica Appalachia Basin acreage in TN $20 n.a. $33,333 n.a.
28-Mar-17 Chesapeake Range Resources Corp Mid-Continent 19,300 net acres in STACK $26 n.a. n.a. $1,347
24-Mar-17 Oxy Vanguard Natural Resources Permian 3,048 net acres in Midland Basin $78 n.a. $385,862 $25,699
22-Mar-17 Gastar Exploration Inc Undisclosed Mid-Continent Working interest in STACK $51 n.a. $155,758 $9,065
21-Mar-17 Marathon Black Mountain; Undisclosed Permian 21,000 net acres in Delaware Basin $700 n.a. $1,750,000 $33,333
15-Mar-17 Undisclosed Buyer Pioneer Permian 20,500 net acres in Midland Basin $266 n.a. $177,333 $12,976
13-Mar-17 Franco Nevada Corp Undisclosed Permian Royalty interest in Midland Basin $110 n.a. n.a. $121,145
10-Mar-17 Energy 11 LP Kaiser-Francis Oil Company Bakken Working interest in ND $53 n.a. n.a. n.a.
09-Mar-17 Marathon BC Operating; Undisclosed Permian 70,000 net acres in Delaware Basin $1,100 n.a. $220,000 $15,714
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
R / PSales Value /
Proved Reserves (15:1)
(ratio) ($ / boe) ($ / mcfe)
8x $20.23 $1.35
10x $17.78 $1.19
15x $12.89 $0.86
20x $9.34 $0.62
y = 33.860e-0.064x
R² = 0.2426
--
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
-- 5.0x 10.0x 15.0x 20.0x 25.0x
Sa
les
Pri
ce /
Pro
ve
d
Re
serv
es (
$/b
oe
@ 1
5:1
)
R / P
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
(2) (2) (2)
3
April 10, 2017
Select Significant Deals on the Market
Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes
no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.
Source of Select Significant Deals on the Market: IHS, 1Derrick
Energy Headlines
Industry Headlines
Unit Corporation Announces Agreements to Acquire
Oil & Gas Assets in Its Hoxbar Core Area in Western
Oklahoma
Ares Management Announces Formation of
Development Capital Resources
Bayou City Raises Approximately $1.0 Billion in Two
Years for E&P Investments; Closes Second Fund at
$310 Million Hard Cap
Carbon Natural Gas Company Announces Acquisition
of Natural Gas Producing Properties, Midstream
Assets, and Related Financing
Bakken
3 Deals Appalachia
7 Deals
Mid-Con
12 Deals
Eagle Ford
7 Deals
Permian
28 Deals
Other
11 Deals
Ark-La-Tex
6 Deals
Rockies
9 Deals
4/7/2017
Appalachia 7
Ark-La-Tex 6
Bakken 3
Eagle Ford 7
Mid-Con 12
Other 11
Permian 28
Rockies 9
83
BMO Deals (Status)
Barnett (Post Bid)
EXCO Eagle Ford (Post Bid)
East Texas Haynesville (Post Bid)
North Louisiana Haynesville (Post Bid)
Rockies Gas (Coming Soon)
(Click headline to link to the full article)
Lighter Stuff
A&D Headlines
E&P Headlines Oil Hits One-Month High: Markets Account for North Sea
Outage, OPEC Compliance
Saudi Arabia vs. Russia: The Next Oil Price War
Flood of U.S. Oil to Asia Comforts Tanker Market Trashed
by OPEC
Traders Bet Their Oil Storage Assets that OPEC Cuts Will
Work
Canadian Oil Disruption Sends Ripples from Alberta to
Louisiana
Trump’s Coal Plan Unlikely to Stop Ohio’s Natural Gas
Boom
WildHorse Borrowing Base Rises to $450 Million
TBU – Friday post close
4
April 10, 2017
$20
$30
$40
$50
$60
$70
$80
Mar-16 Sep-16 Mar-17 Sep-17 Mar-18
($/b
bl)
--
$1
$2
$3
$4
Mar-16 Sep-16 Mar-17 Sep-17 Mar-18
($/m
mb
tu)
NGL PRICING(2)
HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)
Commodity Prices
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, FactSet
1. Future prices are calendar year average unless stated otherwise.
2. Assumes typical Gulf Coast barrel composition.
WTI OIL (HISTORICAL / FORECAST)
NYMEX WTI Futures as of 07-Apr-17 Close ($/bbl) NYMEX Gas Futures as of 07-Apr-17 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
12 Mo. Strip $53.26 $51.75 $52.72 $38.13
2017 $53.10 $51.58 $53.32 $42.60
2018 $53.32 $51.90 $54.96 $44.57
2019 $52.72 $51.37 $55.96 $46.17
2020 $52.65 $51.39 $56.93 $47.52
2021 $53.18 $51.98 $57.88 $48.58
NYMEX Gas Futures as of 07-Apr-17 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
12 Mo. Strip $3.42 $3.33 $3.20 $2.53
2017 $3.41 $3.32 $3.22 $2.80
2018 $3.07 $3.03 $2.99 $2.88
2019 $2.84 $2.83 $2.86 $2.94
2020 $2.83 $2.82 $2.87 $3.06
2021 $2.85 $2.83 $2.96 $3.20
Historical Prices as of 07-Apr-17 Close ($/gal)
NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago
Ethane $0.25 $0.24 $0.24 $0.18
Propane $0.65 $0.61 $0.57 $0.43
Butane $0.70 $0.66 $0.74 $0.50
Iso-butane $0.78 $0.75 $0.82 $0.54
Pentane+ $1.14 $1.16 $1.14 $0.86
20%
30%
40%
50%
60%
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17
% o
f W
TI
NGL as % of WTI
Links:
http://www.nasdaq.com/markets/crude-oil.aspx
http://www.bloomberg.com/quote/CL1:COM
http://www.nasdaq.com/markets/natural-gas.aspx
http://www.bloomberg.com/quote/NG1:COM
Link to Detailed
Futures Data
Link to Detailed
Historical Graph
Link to Detailed
Futures Data
Link to Detailed
Historical Graph
5
April 10, 2017
$3.26
AECO
Northern
California
Sumas
Southern
California
El Paso - SJ
Waha
HSC
Henry Hub
Panhandle
CIG Chicago
Dominion
Transco
NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 7-APR-17
Commodity Prices (cont’d)
OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 7-APR-17
Clearbrook
Midland
Cushing
St. James
(LLS)
East Coast
U.S. (Brent)
Midland Sweet-
Sour Spread
EMS Legend
Price
Diff.
Legend
Price
Diff.
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg
Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.
$52.24
$54.16
$1.92
$50.85
($1.39)
$50.38
($1.86)$52.74
$0.50
$55.24
$3.00
($0.01)
$3.32
$0.06
$2.48
($0.78)
$3.11
($0.15)
MAPS IN
MASTER VIEW
$2.11
($1.15)
$2.82
($0.44)
$3.11
($0.15)
$3.22
($0.04)
$2.79
($0.47)
$2.85
($0.41)$2.80
($0.46)
$2.87
($0.39)
$2.92
($0.34)
6
April 10, 2017
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
24-Mar-17 Oxy Vanguard Natural Resources 3,048 net acres in Midland Basin $78 n.a. $385,862 $25,699
21-Mar-17 Marathon Black Mountain; Undisclosed 21,000 net acres in Delaware Basin $700 n.a. $1,750,000 $33,333
15-Mar-17 Undisclosed Buyer Pioneer 20,500 net acres in Midland Basin $266 n.a. $177,333 $12,976
09-Mar-17 Marathon BC Operating; Undisclosed 70,000 net acres in Delaware Basin $1,100 n.a. $220,000 $15,714
03-Mar-17 Resolute Energy Undisclosed 4,592 net acrews in Delaware Basin $160 n.a. $200,000 $34,843
Mean $461 n.a. $546,639 $24,513
Median $266 n.a. $220,000 $25,699
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
--$20$40$60$80
$100$120
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3 7 4 1 2 3 2 2 3 4 3 0 0
$ /
bo
e
# Deals
$28.07
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS
Permian Snapshot
RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
--
100
200
300
400
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
-$0.50
-$0.30
-$0.10
$0.10
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$4.00
-$2.00
$0.00
$2.00
$ /
mm
btu
$ /
bb
l
Midland Waha
--
$100,000
$200,000
$300,000
$400,000
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
7 9 6 1 3 8 8 5 9 11 14 14 0
$ /
bo
e/d
# Deals
$180,862
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 331 12 319 Oil Differential ($1.15) ($0.05) ($1.10)
Permitting Activity 179 (97) 276 Gas Differential ($0.40) $0.10 ($0.50)
654 582670
542 590 606732
553
783 725862
1212
179
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
4,000
5,000
6,000
7,000
8,000
1,000
1,500
2,000
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas2,116
7,540
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
7
April 10, 2017
--$20,000$40,000$60,000$80,000
$100,000$120,000
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
6 3 3 1 1 3 1 2 4 2 4 4 0
$ /
bo
e/d
# Deals
$56,501
--
$5
$10
$15
$20
$25
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
5 2 2 1 1 3 0 2 1 0 3 4 0
$ /
bo
e
# Deals
$13.68
--
50
100
150
200
250
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 72 (1) 73 Oil Differential $2.30 $0.40 $1.90
Permitting Activity 114 (20) 134 Gas Differential ($0.04) $0.03 ($0.07)
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
31-Jan-17 EV Energy Partners Undisclosed East Texas Eagle Ford $59 $9.17 $58,700 n.a.
24-Jan-17 Hawkwood Energy LLC Halcon Resources Corp 80,500 net acres in E. TX Eagle Ford $500 $22.94 $83,333 $6,211
12-Jan-17 Sanchez; Blackstone Anadarko 155,000 net acres in Eagle Ford $2,275 $7.58 $33,955 $14,677
03-Jan-17 Venado Oil & Gas SM Energy 37,500 net non-operated acres $800 $12.31 $29,347 $21,333
22-Nov-16 Shun Cheong Holdings Stonegate Production Frio, Dimmit, & La Salle Co. $278 n.a. $42,121 $10,863
Mean $782 $13.00 $49,491 $13,271
Median $500 $10.74 $42,121 $12,770
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
-$0.30
-$0.10
$0.10
$0.30
$0.50
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$4.00
-$2.00
$0.00
$2.00
$4.00
$6.00
$8.00
$ /
mm
btu
$ /
bb
l
LLS HSC
300245
203 238323
253301 267
424 413 405
526
114
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
6,000
8,000
10,000
12,000
1,000
1,500
2,000
2,500
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
1,378
8,200
Eagle Ford Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close TBU – Friday post close
TBU – Friday post close TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
8
April 10, 2017
--
$5,000
$10,000
$15,000
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3 2 3 0 0 4 1 1 2 1 2 0 0
$ /
mcfe
/d
# Deals
$6,369
$0.0
$2.0
$4.0
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
2 1 2 0 0 4 0 2 2 0 0 0 0
$ /
mcfe
# Deals
$1.67
--
20
40
60
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 39 -- 39 Oil Differential $2.30 $0.40 $1.90
Permitting Activity 14 (31) 45 Gas Differential -- -- --
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(3)
20-Dec-16 Covey Park Energy LLC Chesapeake 41,500 net acres in Haynesville $465 n.a. $9,300 $11,205
05-Dec-16 Indigo Minerals LLC Chesapeake 78,000 net acres in De Soto & Sabine $450 n.a. $15,000 $5,769
30-Sep-16 Castleton Commodities Int'l Anadarko 104,600 net acres in the Haynesville $1,000 n.a. $4,219 $9,560
26-Jul-16 Chesapeake Freeport-McMoRan 72,000 net acres and 1,450 wells $87 n.a. n.a. $1,208
06-Jun-16 Undisclosed Devon Energy Panola Co., TX $525 $1.01 $3,977 n.a.
Mean $505 $1.01 $8,124 $6,936
Median $465 $1.01 $6,760 $7,665
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
--
$2.00
$4.00
$6.00
$8.00
$10.00
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
--
$2.00
$4.00
$6.00
$8.00
$10.00
$ /
mm
btu
$ /
bb
l
LLS Henry Hub
8979
88105
133 127
102 94101
137
97
140
14
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
5,000
7,000
9,000
50
100
150
200
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
103
6,960
Ark-La-Tex Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
9
April 10, 2017
--
$10
$20
$30
$40
$50
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
0 3 1 0 0 0 0 3 1 1 0 0 0
$ /
mcfe
# Deals
$8.95
--$5,000
$10,000$15,000$20,000$25,000$30,000
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
2 4 3 0 1 0 0 1 2 2 5 2 1
$ /
mcfe
/d
# Deals
$7,694
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(3)
03-Apr-17 Carbon Natural Gas Co Undisclosed Appalachia Basin acreage in TN $20 n.a. $5,556 n.a.
08-Feb-17 EQT Corporation Stone Energy 85,400 net acres in WV Marcellus $527 n.a. $6,588 $6,171
02-Feb-17 EQT Corporation Undisclosed 14,000 net acres in WV Marcellus $130 n.a. n.a. $9,286
17-Jan-17 Banpu Public Co Ltd Chief Oil & Gas LLC Non-op wells in PA Marcellus $63 n.a. n.a. n.a.
04-Jan-17 Antero Resources Corp Rex Energy Corp 4,100 net acres in Ohio Utica $30 n.a. $3,333 $7,317
Mean $154 n.a. $5,159 $7,591
Median $63 n.a. $5,556 $7,317
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
--
50
100
150
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 67 1 66 Oil Differential $3.00 $0.77 $2.23
Permitting Activity 79 (12) 91 Gas Differential ($0.39) $0.09 ($0.48)
-$2.00
-$1.00
$0.00
$1.00
$2.00
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$15.00
-$10.00
-$5.00
$0.00
$5.00
$10.00
$15.00
$ /
mm
btu
$ /
bb
l
Brent Dominion
308
236
311280 282
259285
319 295
213
382 390
79
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
12,000
14,000
16,000
18,000
20,000
22,000
24,000
--
50
100
150
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
61
18,092
Appalachia Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
10
April 10, 2017
--
$50,000
$100,000
$150,000
$200,000
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
2 6 2 0 0 1 4 0 3 3 3 0 0
$ /
bo
e/d
# Deals
$43,639
--
$10
$20
$30
$40
$50
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
1 4 1 0 0 1 2 0 2 1 1 0 0
$ /
bo
e
# Deals
$17.80
--
50
100
150
200
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 42 -- 42 Oil Differential $0.50 ($0.35) $0.85
Permitting Activity 11 (7) 18 Gas Differential ($0.43) $0.11 ($0.54)
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
10-Mar-17 Energy 11 LP Kaiser-Francis Oil Company Purchase of additional WI in ND $53 n.a. n.a. n.a.
12-Dec-16 Undisclosed Enerplus 5,800 net acres in ND $292 n.a. $73,000 $50,345
22-Nov-16 Salt Creek Oil and Gas LLC Undisclosed 1,795 net acres in Williston Basin $38 n.a. $69,273 $21,226
17-Oct-16 Oasis Petroleum Inc SM Energy 55,000 net acres in North Dakota $785 $15.64 $63,306 $14,273
27-Sep-16 New Emerald Energy LLC Emerald Oil Inc 86,000 net acres in ND and MT $127 n.a. $22,244 $1,471
Mean $259 $15.64 $56,956 $21,829
Median $127 $15.64 $66,290 $17,749
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
-$0.80
-$0.60
-$0.40
-$0.20
$0.00
$0.20
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$8.00
-$6.00
-$4.00
-$2.00
$0.00
$2.00
$ /
mm
btu
$ /
bb
l
Clearbrook CIG
77
49
7283
102
6677 75
31
79
45
96
11
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
1,000
1,250
1,500
1,750
2,000
600
800
1,000
1,200
1,400
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
1,088
1,829
Bakken Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
11
April 10, 2017
--
$5
$10
$15
$20
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
7 3 0 1 0 2 3 0 1 0 0 1 0
$ /
bo
e
# Deals
$6.18
# Deals
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(3)
12-Jan-17 Undisclosed Synergy Resources Corp 10,000 net acres in DJ Basin $71 n.a. $16,905 $7,100
04-Jan-17 Elk Petroleum Ltd Freeport-McMoRan Inc Non-op acreage in Wind River Basin $20 $0.26 $980 n.a.
12-Dec-16 Extraction Oil & Gas Undisclosed 16,800 net acres in DJ Basin $177 n.a. n.a. $10,536
04-Nov-16 Ute Energy III Exploration Western Uinta Basin acreage $52 n.a. n.a. n.a.
06-Sep-16 Red Willow Production Co Samson Resources 61,400 net acres in San Juan Basin $116 n.a. n.a. $1,881
Mean $87 $0.26 $8,943 $6,506
Median $71 $0.26 $8,943 $7,100
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS
Rockies (excl. Bakken) Snapshot
RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
--
50
100
150
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
-$0.80
-$0.60
-$0.40
-$0.20
$0.00
$0.20
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$8.00
-$6.00
-$4.00
-$2.00
$0.00
$2.00
$ /
mm
btu
$ /
bb
l
Clearbrook CIG
--
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
9 3 4 2 0 4 4 1 6 0 0 2 0
$ /
bo
e/d
# Deals
$40,797
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 57 2 55 Oil Differential $0.50 ($0.35) $0.85
Permitting Activity 156 (90) 246 Gas Differential ($0.43) $0.11 ($0.54)
791969
833 867 832 843 833736
568701
942 874
156
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
10,000
11,000
12,000
13,000
14,000
15,000
--
200
400
600
800
1,000
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
573
12,967
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – States to include
TBU – Friday post close
12
April 10, 2017
--
$50,000
$100,000
$150,000
$200,000
$250,000
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
2 5 4 0 3 1 2 1 6 4 2 2 1
$ /
bo
e/d
# Deals
$78,269
--
$5
$10
$15
$20
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
1 4 1 0 3 0 0 0 2 0 1 0 1
$ /
bo
e
# Deals
$11.60
--
50
100
150
200
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 80 1 79 Oil Differential -- -- --
Permitting Activity 50 (31) 81 Gas Differential ($0.39) $0.05 ($0.44)
Ann'd
Date Buyer Seller Asset Description Value(1)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
04-Apr-17 Unit Corp Undisclosed 8,335 net acres in Anadarko Basin $57 $17.73 $41,514 $6,809
28-Mar-17 Chesapeake Range Resources Corp 19,300 net acres in STACK $26 n.a. n.a. $1,347
22-Mar-17 Gastar Exploration Inc Undisclosed Working interest in STACK $51 n.a. $155,758 $9,065
20-Jan-17 SandRidge Energy IOG Capital; Red Mountain 13,100 net acres in SCOOP/STACK $48 n.a. $68,571 $3,664
13-Dec-16 Gulfport Energy Corp Vitruvian Exploration II LLC 46,400 net surface acres in SCOOP $1,850 $9.69 $60,656 $39,871
Mean $406 $13.71 $81,625 $12,151
Median $51 $13.71 $64,614 $6,809
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
-$0.50
-$0.30
-$0.10
$0.10
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
-$0.40
-$0.20
$0.00
$0.20
$ /
mm
btu
$ /
bb
l
Cushing Panhandle
160198
230263 268
225 239 243291 273
314348
50
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
V+D H
--
5,000
10,000
15,000
--
200
400
600
800
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
547
9,511
Mid-Continent Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million.
2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.
3. $/acre multiple not adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
13
April 10, 2017
--
$5,000
$10,000
$15,000
$20,000
$25,000
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
2 0 0 0 0 1 1 0 0 2 0 0 0
$ /
bo
e/d
# Deals
$19,234
--
$5
$10
$15
$20
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
2 0 0 0 0 1 0 0 0 1 0 0 0
$ /
bo
e
# Deals
$9.06
# Deals
--
20
40
60
80
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
H V+D
Item Value Wkly Change Last Week Item Value Wkly Change Last Week
Rig Count 22 -- 22 Oil Differential $2.30 $0.40 $1.90
Permitting Activity -- -- 0 Gas Differential -- -- --
--
$2.00
$4.00
$6.00
$8.00
$10.00
Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17
--
$2.00
$4.00
$6.00
$8.00
$10.00
$ /
mm
btu
$ /
bb
l
LLS Henry Hub
22 22
17 16
6
1614
19 1820 19
17
0
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
2,000
3,000
4,000
5,000
1,000
1,500
2,000
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
mm
cf/
d
mb
bl/
d
Oil Gas
1,660
3,319
Gulf of Mexico Snapshot
GROSS PRODUCTION
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
PERMITTING ACTIVITY BY MONTH
DIFFERENTIALS RIG COUNT
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info
Note: Current quarter’s data is through the week covered by this issue.
1. Permits include directional and unidentified drilling permits. 2. Represents total enterprise value. Excludes transactions with deal value <$20
million. 3. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions. 4. $/acre multiple not
adjusted for value associated with production.
TRANSACTION PROVED RESERVE MULTIPLES(3) TRANSACTION PRODUCTION MULTIPLES(3)
Asset descriptions are all hard-coded and need to be
adjusted if new deals are added
(1)
Ann'd
Date Buyer Seller Asset Description Value(2)
Proved
Multiple
Prod.
Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(3)
12-Sep-16 Anadarko Freeport-McMoRan Inc Deepwater GOM assets $2,000 $15.88 $25,000 n.a.
29-Aug-16 EnVen Energy Ventures Shell Brutus and Glider fields $425 n.a. $17,000 n.a.
09-Nov-15 EnVen Energy Ventures Marathon Petronius and Neptune fields $205 n.a. $20,500 n.a.
01-Jul-15 Undisclosed Energy XXI East Bay field $21 $2.23 $10,244 n.a.
Mean $663 $9.06 $18,186 n.a.
Median $315 $9.06 $18,750 n.a.
Blue = BMO Capital provided transaction advisory services
Green = BMO Capital provided acquisition financing or related services
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
TBU – Friday post close
14
April 10, 2017
Energy Headlines
1/13/2017
Appalachia 4
Ark-La-Tex 4
Bakken 3
Eagle Ford 8
Mid-Con 18
Other 4
Permian 33
Rockies 6
Lighter Stuff
E&P Headlines
Upcoming Industry Events April 2017
July 2017
August 2017
May 2017
June 2017
September 2017
October 2017
January 2018
February 2018
November 2017
December 2017
March 2018
Apr 2 AAPG 2017 Annual Convention
Apr 3-4 IPAA OGIS New York
Apr 3-5 DUG Permian Basin
Apr 3-5 SPE Intl Conference on Oilfield Chemistry
Apr 5 SPEE-Houston Luncheon
Apr 10-11 Platts North American Crude Oil Summit
Apr 18 Houston Producers Forum Luncheon
Apr 12 IPAA/TIPRO Leaders in Industry Luncheon
Apr 17-18 Hart’s Energy Capital Conference
Apr 21 ADAM-Houston Monthly Luncheon
May 1-4 Offshore Technology Conference
May 3 SPEE-Houston Luncheon
May 8-10 Argus US Natural Gas Markets
May 8-10 SPE Reservoir Characterization and Stimulation
May 16 Houston Producers Forum Luncheon
May 18 IADC Drilling Onshore Conference
May 10 IPAA/TIPRO Leaders in Industry Luncheon
May 19 ADAM-Houston Monthly Luncheon
May 23-24 Hart’s Midstream Texas Conference
Jun 8-9 IADC International Tax Seminar
Jun 10-13 SPEE Annual Conference
Jun 14 IPAA/TIPRO Leaders in Industry Luncheon
Jun 16 ADAM-Houston Monthly Luncheon
Jun 20 Houston Producers Forum Luncheon
Jun 20-22 DUG East
Jun 25 2017 AAPG Rocky Mountain Annual Meeting
Jun 27-29 Cyber Security for Oil & Gas
Jun 28-29 IADC World Drilling 2017 Conference
Jul 12 IPAA/TIPRO Leaders in Industry Luncheon
Jul 24-26 SPE/AAPG/SEG Unconventional Resources
Aug 9 IPAA/TIPRO Leaders in Industry Luncheon
Aug 13-17 Enercom Oil & Gas Conference
Aug 15 Houston Producers Forum Luncheon
Aug 16-17 NAPE Summer
Aug 18 ADAM-Houston Monthly Luncheon
Aug 22-23 IADC Asset Integrity & Reliability Conference
Aug 22-24 COGA Rocky Mountain Energy Summit
Aug 29-30 IADC Well Control Conference
Aug 29-31 DUG Eagle Ford
Sep 6 SPEE-Houston Luncheon
Sep 6-7 Hart’s A&D Strategies and Opportunities
Sep 13 IADC Shale Energy Workshop
Sep 13 IPAA/TIPRO Leaders in Industry Luncheon
Sep 13-14 SPE Liquids Rich Basins Conference
Sep 15 ADAM-Houston Monthly Luncheon
Sep 19 Houston Producers Forum Luncheon
Sep 19-21 DUG Midcontinent
Oct 3 IPAA OGIS New York
Oct 4 SPEE-Houston Luncheon
Oct 9-11 SPE Annual Technical Conference
Oct 11 IPAA/TIPRO Leaders in Industry Luncheon
Oct 17 Houston Producers Forum Luncheon
Oct 17-18 IADC Human Factors Conference
Oct 20 ADAM-Houston Monthly Luncheon
Oct 24-25 IADC Advanced Rig Technology Conference
Nov 1 SPEE-Houston Luncheon
Nov 6-7 Hart’s Executive Oil Conference (Midland)
Nov 6-8 AICPA Oil & Gas Conference
Nov 8 IPAA Annual Meeting
Nov 8 IPAA/TIPRO Leaders in Industry Luncheon
Nov 8-10 IADC Annual General Meeting
Nov 17 ADAM-Houston Monthly Luncheon
Nov 21 Houston Producers Forum Luncheon
Dec 5 SPEE-Houston Luncheon
Dec 13 IPAA Leaders in Industry Luncheon
Jan 16 Houston Producers Forum Luncheon
Jan 19 ADAM-Houston Monthly Luncheon
Jan 23-25 SPE Hydraulic Fracturing Technology
Jan 30-Feb 1 Hart’s Marcellus-Utica Midstream
Mar 5-9 CERA Week
Mar 6-8 IADC/SPE Drilling Conference
Mar 18 ADAM-Houston Monthly Luncheon
Mar 20 Houston Producers Forum Luncheon
Feb 7-9 NAPE Summit
Feb 6-7 IADC HSE & Training Conference
Feb 16 ADAM-Houston Monthly Luncheon
Feb 20 Houston Producers Forum Luncheon
TBU – Friday post close
15
April 10, 2017
This
Week Change
Last
Week
Last
Year
Total Rigs 839 15 824 443
Oil 672 10 662 354
Gas 165 5 160 89
Miscellaneous 2 -- 2 --
Directional 71 1 70 52
Horizontal 695 10 685 341
Vertical 73 4 69 50
Basin
Arkoma 10 1 9 4
Barnett 5 -- 5 4
Cana 50 2 48 32
DJ-Niobrara 23 -- 23 15
Eagle Ford 72 (1) 73 43
Fayetteville 1 -- 1 --
Granite Wash 10 (4) 14 4
GOM 22 -- 22 24
Haynesville 38 -- 38 12
Marcellus 45 1 44 29
Mississippian 8 2 6 5
Permian 331 12 319 142
Utica 22 -- 22 12
Williston 42 -- 42 27
Other 160 2 158 90
This material is prepared by the BMO Capital Markets’ Investment and Corporate Banking Department, for distribution to BMO Capital Markets’ clientele. It is not a product of
BMO Capital Markets’ Research Department. The views of the Investment and Corporate Banking Department may differ from those of the Research Department.
BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal
Ireland p.l.c, and Bank of Montreal (China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp. (Member SIPC) in the U.S., BMO Nesbitt Burns Inc.
(Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia and BMO Capital Markets Limited (authorised
and regulated by the Financial Conduct Authority) in Europe and Australia. “Nesbitt Burns” is a registered trademark of BMO Nesbitt Burns Inc., used under license. “BMO Capital
Markets” is a trademark of Bank of Montreal, used under license. "BMO (M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under license. ® Registered
trademark of Bank of Montreal in the United States, Canada and elsewhere.™ Trademark of Bank of Montreal in the United States and Canada.
Bank of Montreal or its subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets.
The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital
Markets endeavors to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and
complete. However, BMO Capital Markets makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions contained
herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this report or its contents. Information may be available to BMO Capital Markets or its
affiliates that is not reflected in this report. The information in this report is not intended to be used as the primary basis of investment decisions, and because of individual client
objectives, should not be construed as advice designed to meet the particular investment needs of any investor. This material is for information purposes only and is not an offer to sell or
the solicitation of an offer to buy any security. BMO Capital Markets or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.
BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or in options, futures or
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same. The reader should assume that BMO Capital Markets or its affiliates may have a conflict of interest and should not rely solely on this report in evaluating whether or not to buy or
sell securities of issuers discussed herein.
All values in this document are in US$ unless otherwise specified.
Geoff Roberts
MD & Head of U.S. A&D
713-518-1268
Howard Barnwell
Director & Transactions Mgr.
713-546-9767
TRANSACTIONS NEWSLETTER
Contacts
Disclaimer
Source of rig count stats: Baker Hughes
Rig Count Summary
MAPS IN
MASTER VIEW
Rob Priske
Director & Transactions Mgr.
713-546-9727
Legend
Current
Change
Arkoma
Barnett
Cana
DJ-Niobrara
Eagle Ford
Haynesville
Fayetteville
Granite Wash
GOM
Permian
Marcellus
Mississippian
Utica
Williston
10
1
5
--
50
2
23
--
72
(1)
1
--
10
(4)
22
--
38
--
45
1
8
2
331
12
22
--
42
--
Chelsea Neville
Transactions Coordinator
713-546-9703
Rob Priske
Director & Transactions Mgr.
713-546-9727
Geoff Roberts
MD & Head of U.S. A&D
713-518-1268
Marshall Soper
Analyst
713-546-9706
Aaron Moeller
Analyst
713-518-1262