November 2013 Company Overview Company Snapshot Focusing on - - PowerPoint PPT Presentation

November 2013

East Texas 177 Mid-Con 185 Rockies 233 PDNP 1% PDP 64% PUD 35% As of 12/31/12

Focusing on Liquids-rich Targets in Existing Resource Base Company Snapshot

• Proved Reserves (12/31/12): 2.0 Tcfe
• Q2 2013 Production: 595 MMcfe/d

(29% Liquids)

• Operated Rigs: 11
• Total Net Acres: ~2.2 million

Company Overview

Rockies

Targets: Shannon, Sussex, Frontier, Three Forks, Middle Bakken, Ft. Union, Muddy Legacy Position: San Juan

Mid-Continent & East Texas

Targets: Marmaton, Granite Wash, Hogshooter / Cottage Grove Wash, Cotton Valley Sands and Haynesville / Bossier

Samson Rigs

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Q2’13 Production by Area

Reserves by Category

(MMcfe/d)

Committed Leadership with Investor Support

Industry Experience Public Company Experience Randy Limbacher - Chief Executive Officer and Director 32+ 32+ Richard Fraley - Executive Vice President and Chief Operating Officer 30+ 25 Phil Cook - Executive Vice President and Chief Financial Officer 25+ 17 Louis Jones - Executive Vice President of Business Development, New Ventures and Portfolio Management 30+ 30+ Andrew Kidd - Senior Vice President and General Counsel 20+ 10

Committed Equity Investors with Significant Industry Experience / Investment Exposure

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Corporate Strategy

• Maximize dollars at the drill bit
• Focus on prospects with higher liquids content (returns focused drilling program)
• Reduce costs and improve efficiencies in the field
• Delineate the liquids-rich Ft. Union and Granite Wash positions
• Bolt-on to existing core positions
• Actively monitor M&A market for potential acquisitions that provide visibility and

inventory

• Lower exploration risk
• Well hedged for the next 18 – 24 months
• Incremental non-core assets sales – Estimate of $300 million for 2013
• Equity contribution to fund growth from acquisitions or acceleration of delineated

inventory

• Position portfolio for public market access

Optimize Capital Program Future Drill Bit Inventory Protect the Balance Sheet in Short Term Long Term Opportunities to Strengthen Balance Sheet

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Delivering on Liquids Growth

* Excludes production from Bakken divestiture

5 10 12 14 16 10 11 12 13 19% 22% 26% 29% 0% 5% 10% 15% 20% 25% 30% 35% 10 20 30 Q1'12* Q2'12* Q1'13 Q2'13 % Liquids MBbl/d

Liquids Production by Quarter

NGL Oil % Liquids

$6.6 $6.0 $6.1 $5.5 $5.0 $5.5 $6.0 $6.5 $7.0 Bakken - Ambrose Field Cotton Valley - SE Carthage D&C Costs per Well ($MM) 6

Reducing Drilling & Completion Costs

Down ~8% Down ~8% 6

Driving Down Costs Across the Portfolio

• Pad Drilling
• Completion – Service Provider Reductions

2012 2013 YTD 2012 2013 YTD

Note: 2013 YTD represents wells spud through May for Bakken and April for Cotton Valley

$0.92 $0.92 $0.90 $0.91 $0.92 $0.93 $0.94 1H'12 1H'13

($ per Mcfe)

Lease Operating Expense

Improving Relative Cost Structure

Commitment to Continual Improvement

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• Lease Operating Expense – Flat despite shift to higher cost liquids focused drilling
• Cash G&A – Reduced compensation expense

(1) Income Statement G&A (excluding non-cash compensation & management fee)

$63 $54 $0 $10 $20 $30 $40 $50 $60 $70 1H'12 1H'13

($ MM)

Cash G&A(1)

Rocky Mountain Operations

Samson Rigs

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North Dakota Wyoming Colorado Diversified Position Across Several Basins with Catalysts for Growth Utah Idaho

• Stacked oil plays targeting: Shannon,

Sussex, Muddy, and Frontier

• Q2’13 Production: 4.0 MBoe/d
• Rig Count: 2

Powder River Basin:

• Three Forks and Middle Bakken

development

• Q2’13 Production: 4.5 MBoe/d
• Rig Count: 1

Williston Basin:

• Horizontal program in the Ft. Union
• Q2’13 Production: 85 MMcfe/d
• Rig Count: 2

Green River Basin:

• Mature dry gas asset
• Q2’13 Production: 98 MMcfe/d

San Juan Basin:

• Net Acreage: ~1,000,000
• YE 2012 Proved Reserves: 779 Bcfe
• Q2’13 Average Daily Production: 233 MMcfe/d

Oil 23%; NGL 11%; Gas 66%

• Current Rig Count: 5

Rocky Mountains Snapshot:

Significant Resource Potential – Delineation Continues, Sets Stage for Development Drilling in 2014

Green River Basin – Ft. Union

Overview Asset Map

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Upper, Middle, and Lower Prospective Middle and Lower Prospective

HZ Producing Well Vertical Well (3 Zone Completion) 2013-2014 Lower Target 2013-2014 Middle Target 2013-2014 Upper Target Polar Bar Recompletion

• Rig Count: Currently operating 2 rigs
• Acreage: 39,900 gross acres / 32,000 net acres
• Q2’13 Production: 47 MMcfe/d, up 95% from Q1’13
• Operations Update:
• First four HZ wells exceeding expectations
• Polar Bar recompletion results are encouraging
• Rich Gas
• 2013-2014 Drill Plan:
• Drill & Complete 6 HZ wells
• Test spacing & delineate to the Northeast
• Test stacked lateral concept

Spacing # Locations Tcfe6 Middle/Lower Horizons(1) 1,800' 150 1.3 900' 300 2.6 Upper Horizon 1,800' 23 0.2 900' 46 0.4 Total 1,800' 173 1.5 900' 346 3.0

(1) Equal contribution from Middle and Lower Horizons

Gross Unrisked Resource Potential

Barricade 41-6 MH EUR: ~11.5 Bcfe Barricade 41-6 LH EUR: ~9 Bcfe

Solid Oil-Weighted Position

Bakken – Ambrose Field

Overview Ambrose Field Asset Map Samson Rigs

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• Rig Count: Plan to operate 1 rig through 2014

drilling Middle Bakken and Three Forks

• Williston Basin Snapshot:
• ~69,000 net acres in Divide County
• ~29,000 Operated
• Q2’13 Production – ~4,500 Boe/d
• Development Plans:
• Infill development in Ambrose Field; 8

wells per 1,280 acre unit (4 MB and 4 TF)

• Multi-well pads, three to six wells per pad
• D&C costs down 8% since 2012
• Modeled Well Profile:
• Working Interest: ~41%
• D&C: ~$6.1 MM
• TVD: ~8,000’; Lateral: 10,000’
• EUR: ~300 MBOE

AMBROSE FIELD

Non Operated Acreage Operated Acreage

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Powder River Basin

North Tree Field Hornbuckle Field Scott Field Spearhead Ranch Field Samson Rigs Asset Map by Field Extensive Acreage Position Anchored by Shannon Development with Exploration Upside

Targeted Zones LANCE FM. FOX HILLS SS MESAVERDE LEWIS SS TEAPOT SS. PARKMAN SS. SUSSEX SS. (9,500’) CODY SHALE SHANNON SS. (10,000’) STEELE SH. NIOBRARA SH. "CARLILE SH." WALL CR. SS. FRONTIER FM. (12,000’) MOWRY SH. SHELL CREEK SH. MUDDY SS.(13,000’) THERMOPOLIS SH.

*Strat column from USGS Casper BLM Office Buffalo BLM Office

Helis Oil & Gas

Powder River Basin – North Tree Field

Overview Development Map

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2011-2012 Established Repeatability; 2013 Begins Development

• Rig Count: Currently operating 2 rigs drilling multi-well

pads targeting the Shannon formation in North Tree Field

• Acreage: ~17,000 net acres
• North Tree Activity:
• Drilled and completed 7 horizontal wells to test

and delineate North Tree Field

• 7 well average Max IP of 1,440 BOPD and

average IP30 of 429 BOPD (range 184-807 BOPD)

• Development Plan:
• 2H 2013: 12 HZ wells from 4 pads using a

combination of short and long reach laterals

• 2014: 16 HZ wells from 8 pads using a

combination of short and long reach laterals

• Full Scale Potential North Tree Field – 28

additional locations on 320 acre spacing

Powder River Basin – Sussex

Overview Sussex by Field

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Promising Economics in Delineated Fields

• Rig Count: Currently no active rigs. Two rigs

currently planned to move from Green River back to Powder River to resume Sussex program in February 2014

• Summary:
• ~60,000 net acres
• 55 HZ producing Sussex wells in Hornbuckle,

Spearhead, and Scott Fields

• Q2’13 Production: ~2,800 Boe/d
• Next Steps:
• 20 potential locations in 2014
• Continuing to delineate in Scott Field
• Additional locations dependent on further

drilling results and defining down spacing potential

Hornbuckle Scott Spearhead Ranch

Helis Oil & Gas

Powder River Basin – Frontier

Overview West Hornbuckle - Frontier 38N 75W 36N 75W 36N 74W 37N 75W

OBO Wells Samson Joined

Emerging Opportunity 39N 75W

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39N 74W 38N 74W 37N 74W

• Rig Count: Currently no active operated rigs
• Prospective Acreage: ~9,000 net acres (West Hornbuckle)
• Activity to Date:
• Bill Barrett, Helis and SM Energy currently actively

drilling

• Samson has participated in 3 HZ Frontier wells
• Henry Fed 44-17-17-3774H (BBG Operated)
• Henry Fed 41-20-3774H (BBG Operated)
• Hornbuckle 15-33-28H (Helis Operated)
• Next Steps:
• Continue non-op participation to monitor
• pportunity of testing play with our own wells
• Continued success from others could lead to
• perated delineation program – up to 6 wells
• Actively permitting for locations

Helis Oil & Gas

Potential Operated Drilling Locations

Mid-Continent / East Texas Operations

Legacy Position with Embedded Upside and Strong Natural Gas Option Samson Rigs

• Liquids rich development targeting the

Granite Wash and Marmaton plays

• Q2’13 Production: 162 MMcfe/d
• Rig Count: 4

Anadarko Basin:

Oklahoma

• Cotton Valley Sands
• Gas Option: Haynesville/Bossier
• Q2’13 Production: 177 MMcfe/d
• Rig Count: 2

East Texas / North Louisiana:

• Mature Dry Gas Asset
• Q2’13 Production: 23 MMcfe/d

Arkoma Basin:

• Net Acreage: ~954,000
• YE 2012 Proved Reserves: 1,235 Bcfe
• Q2’13 Average Daily Production: 362 MMcfe/d

Oil 11%; NGL 14%; Gas 75%

• Current Rig Count: 6

MC/ET Snapshot: Texas Louisiana

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Anadarko Shelf – Granite Wash

Overview Granite Wash Asset Map

• Rig Count: Currently operating 2 rigs drilling

multi-well pads targeting Granite Wash stacked pay

• Acreage: ~63,000 net acres across Hemphill,

Wheeler and Roberts Counties

• ~200 potential stacked operated drilling

locations

• Next Steps:
• 2H 2013 Plan: Test three pads with 2 - 4

stacked laterals each

• Reduce Well Costs: Average single well

D&C $7.2 MM, currently targeting $6.5 MM via pad drilling

Transition to Pad Drilling Creates Potential for Long-Term Visibility

Samson Rigs Stacked GW Potential 2013 Planned Drilling Pounds 2 Well Pad Lister 3 Well Pad Hefley 4 Well Pad Potential Pad Drilling Locations

Texas Oklahoma

16 Non Operated Acreage Operated Acreage

Marmaton

Overview Asset Map – Black Kettle

Opportunistic Program with the Potential to Add Scale

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ROGER MILLS

Samson Rigs Key Wells Maxon 2-13H IP 30: 1,300 BOPD; 6.4 MMCFD wet gas

• Rig Count: Currently operating 2 rigs in Black

Kettle

• Activity Summary:
• Six operated wells currently producing

with strong results; liquids cut higher than expected in current focus area

• Continue 2 rig program into 2014
• Key Goals and Next Steps:
• Reduce drill days / cost
• Test down dip and infill spacing -

Success could yield an additional 30+ locations

• Estimated Well Profile:
• Working Interest: ~50%
• D&C: $7.9 MM
• TVD: 11,300’; Lateral 5,000’
• EUR: 257 MBOE (66% liquids)

Leon 3-10H IP 30: 1200 BOPD; 4.4 MMCFD wet gas Lea Erma 2-15H IP 30: 900 BOPD; 3.0 MMCFD wet gas

Mississippi Lime

• Rig Count: Currently no active rigs
• Activity Summary: Drilled and completed 4

successful wells in our Dietz Area (one stacked lateral)

• Operating Update:
• Production tracking above type curve;

continue monitoring existing production in our Dietz area. Up to ~20 unrisked locations remaining

• Continue to evaluate play and adjacent
• pportunity sets (i.e. Cheyenne Valley)
• Dietz Area Estimated Well Profile:
• Working Interest: ~60% (Dietz Area)
• D&C: $5.6 MM
• TVD: 6,900’; Lateral 5,000’
• EUR: 300 MBOE (90% Liquids)

Overview Asset Map – Dietz & Cheyenne Valley

Emerging Play with Promising Initial Results

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Lower Mississippi Dietz Area Cheyenne Valley Area Upper Mississippi

4 Well Avg. IP30 - ~290 BOPD

Major Woods Kingfisher Woodward Garfield

East Texas – Cotton Valley

Cotton Valley Overview Focus Area - Southeast Carthage Field Transition to Pad Drilling and Focus on Liquids-Rich Intervals has Led to Solid Returns

Twomey Heirs #3H

(Cotton Valley C Completion) IP30 - 7,200 Mcfd & 450 BOPD

B Sand Target Samson Rigs

Werner-Caraway (7 Well Pad)

19 C Sand Target

• Rig Count: Operating 2 rigs in SE Carthage Field
• Cotton Valley Snapshot:
• Acreage: ~31,000 net acres
• Primary Targets: CV C & B Sands
• Secondary Target: CV Taylor
• Q2’13 Production: 78 MMcfe/d
• Operating Update:
• Continue focusing on SE Carthage liquids rich

intervals; 29 locations remaining (as of 10/1)

• D&C costs improving, down 8% since 2012
• Complete two more wells by year end; 7 well

pad sales expected 1Q’14

• Modeled Well Profile – CV C & B Sands:
• Working Interest: ~66%
• D&C: ~$5.5 MM
• 3-Stream EUR: 5.1 – 7.4 Bcfe

Reeves 4 Well Pad (1st Sales 9/29/2013)

East Texas – Cotton Valley Taylor

HARRISON PANOLA RUSK

2014 Planned Drilling 2013 Planned Drilling

WOODLAWN SCOTTSVILLE COBRA OAK HILL

Cotton Valley Taylor Cotton Valley Taylor Overview

• Current Plans:
• Two wells scheduled in Q4’13 – Q1’14
• Four additional wells scheduled in 2014
• Drilling focused on targets with the

highest liquids yields (~80% gas & 20% liquids)

• Cost saving efficiencies proven in drilling

the CV C & B Sands will be utilized to establish the economic viability of the CV Taylor program (~$7.5 MM in 2013 - 2014)

• 70+ locations across core fields
• Expected Gas Quality:
• WH Btu Factor: 1.100
• WH NGL Yield: ~40 Bbl/MMcf
• WH Condensate Yield: 7 B/MM

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Financial Strategy

Committed to a Strong and Stable Capitalization Profile

• Target pre IPO leverage at or below 3.5x
• Maintain financial flexibility to execute on near-term capital plan
• Focus on maintaining solid liquidity position
• Access equity capital to delever with growth focused acquisition

Capital Spending Decisions Driven by Risked Discounted Cash Flow

• Target minimum of 20% IRR for capital projects
• Project level cash flow generation and sale of non-core assets will fund development programs

Continue to Improve Operating Margins by Deploying Capital to Highest Return Opportunities

• Focus on oil / liquids-rich projects
• Improving liquids mix
• Maximize capital to drill bit

Hedging Strategy Focused on De-Risking Price for Substantial Portion of the Forecasted Production

• Target 50% to 75% of rolling 18 to 24 month production
• Maintain a diversified group of hedge counterparties
• Opportunistically hedge in times of dislocation for longer periods

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$284 $1,496 $1,000 $2,250 $0 $500 $1,000 $1,500 $2,000 $2,500 2016 2017 2018 2019 2020 Revolver - Borrowings Revolver - Availability Second Lien Senior Notes

Financial Position

(1) Revolver borrowings and availability excludes outstanding letters of credit

Sufficient Liquidity – No Near-term Maturities

(1)

RBL Capacity: $1.78B Debt Maturity Profile and Liquidity ($MM)

• As of October 31, 2013, we had borrowings of ~$284 million on our revolver

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Current Hedge Position

As of October 1, 2013

Year MMBtu/d(1) Swap Price 2013 332,000 $3.75 2014 309,000 $4.15 2015 92,000 $4.09 2016 86,000 $4.08 2017 40,000 $3.92 Year Bbls/d(1) Swap Price 2013 17,750 $92.82 2014 16,500 $90.63 2015 3,500 $90.91 Year Bbls/d(1) Swap Price 2013 8,650 $35.81 2014 4,500 $34.78

Gas Swaps Oil Swaps NGL Swaps

2013: Balance of year (1): Volumes are rounded

Hedging Strategy Focused on Protecting Cash Flow From Expected Future Production

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Adjusted EBITDA Reconciliation

Three Months Three Months Twelve Months Ended Ended Ended March 31, 2013 June 30, 2013 June 30, 2013 (revised) Net income (loss) $ (58,229) $ 83,044 $ (1,514,074) Interest expense, net

• $ -

Provision (benefit) for income taxes (32,385) 46,032 $ (797,126) Depreciation, depletion and amortization (a) 129,063 127,967 $ 618,208 EBITDA $ 38,449 $ 257,043 $ (1,692,992) Adjustment for unrealized hedging losses (gains) 64,075 (82,012) 109,300 Adjustment for non-cash stock compensation expense (b) 4,961 6,123 37,850 Adjustment for fees paid to co-investors (c) 5,250 5,250 20,500 Adjustment for fees paid for public company compliance 1,709 568 2,841 Loss on sale of other property and equipment 3,005

• 3,005

Adjustment for restructuring expenses (d)

• 46,643

Adjustment for bad debt expense

• 62

Provision to reduce carrying value of oil and gas properties 69,269 11,061 2,242,447 Unusual or non-recurring charges described in credit agreement 2,812 5,764 8,576 Adjusted EBITDA $ 189,530 $ 203,797 $ 778,232

(a) Includes depreciation, depletion and amortization of oil and gas properties and depreciation and amortization of other property and equipment. (b) Stock compensation expense recognized in earnings, net of capitalization (c) Quarterly management fee (d) Total expenses incurred in Q4 related to the restructuring (including the RIF)

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All statements included in this presentation, other than statements of historical fact, may constitute forward-looking statements, including, but not limited to, statements or information regarding our future growth, results of operations, reserves,

• perational and financial performance, business prospects and opportunities and other future events. Words such as, but not limited to,

“anticipate,” “continue,” “estimate,” “expect,” “may,” “might,” “will,” “project,” “should,” “believe,” “intend,” “continue,” “could,” “plan,” “predict” and similar expressions are intended to identify forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance contained in this presentation are forward-looking statements. All forward-looking statements involve risks and uncertainties. The occurrence of the events described and the achievement of the expected results depend on many events and assumptions, some or all of which are not predictable or within our control. Although the forward-looking statements contained in this presentation reflect our current beliefs based upon information currently available to us and upon assumptions which we currently believe to be reasonable, actual results may differ materially from expected results. Factors that may cause actual results to differ from expected results include, but are not limited to: (i) fluctuations in oil and natural gas prices; (ii) the uncertainty inherent in estimating our reserves, future net revenues and PV-10; (iii) the timing and amount of future production of oil and natural gas; (iv) cash flow and changes in the availability and cost of capital; (v) environmental, drilling and other

• perating risks, including liability claims as a result of our oil and natural gas operations; (vi) proved and unproved drilling locations and

future drilling plans; (vii) the effects of existing and future laws and governmental regulations, including environmental, hydraulic fracturing and climate change regulation; and (viii) any of the risk factors and other cautionary statements described in our Registration Statement on Form S-4, filed with the Securities and Exchange Commission (the “SEC”) on February 14, 2013, and any other registration statements, reports or other information that we may subsequently file from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements. Should one or more of the risks or uncertainties referred to in this presentation occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. Further, new factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible to predict all such factors, or to the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. All forward-looking statements, expressed or implied, included in this presentation are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Each forward-looking statement speaks only as of the date of this presentation, and we undertake no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Forward-Looking Statements