 Updated Forecast 2015-2017 April 15, 2015 Confidential: Subject to NDA Exhibit 99.1 |
 Privileged & Confidential Prepared at the Request of Counsel Subject to FRE 408 UPDATED FORECAST - U.K. CASH FLOWS 2 Confidential: Subject to NDA U.K. CASH FLOWS Note 1: Note 2: Note 3: Note 4: Note 5: Note 6: Note 7: Note 8: UK Cash Flow 1Q 2Q 3Q 4Q FY 2015 FY 2016 FY 2017 Net Revenue 52,781 $ 50,900 $ 39,118 $ 55,340 $ 198,139 $ 204,841 $ 217,572 $ Operating Expense 19,580 20,420 17,810 20,061 77,872 78,374 79,167 Net Operating Cash Flow 33,201 $ 30,479 $ 21,308 $ 35,278 $ 120,267 $ 126,467 $ 138,405 $ General & Administrative - 679 1,018 1,018 2,716 4,950 4,800 EBITDA 33,201 $ 29,800 $ 20,289 $ 34,260 $ 117,551 $ 121,517 $ 133,605 $ Restructuring Costs - $ 1,500 $ - $ - $ 1,500 $ - $ - $ Capex 12,617 32,589 10,386 8,683 64,274 87,321 46,690 Tax Expense 13,936 4,181 (8,576) - 9,541 360 61 Interest 12,100 12,100 12,100 12,100 48,400 48,400 46,709 LC Funding - - - 20,000 20,000 - - Debt Amortization - - - - - - 44,122 Working Capital / Other 4,452 - - - 4,452 - - Total UK Cash Flow (1,000) $ (20,569) $ 6,380 $ (6,523) $ (21,712) $ (14,565) $ (3,978) $ Ending UK Cash 49,000 $ 28,431 $ 34,811 $ 28,288 $ 28,288 $ 13,723 $ 9,745 $ Ending US Cash 17,000 $ 3,337 $ (8,710) $ (26,435) $ (26,435) $ Net income (loss) (23,331) $ (15,158) $ (15,631) $ (2,617) $ (56,738) $ (53,765) $ (79,619) $ DD&A 43,462 48,000 36,668 48,154 176,285 177,446 182,081 Tax expense (178) (17,789) (13,995) (24,525) (56,486) (55,154) (15,567) Loan Cost & Discount Amort. 1,147 1,147 1,147 1,147 4,590 4,590 - Interest expense 12,100 12,100 12,100 12,100 48,400 48,400 46,709 Restructuring cost - 1,500 - - 1,500 - - EBITDA 33,201 $ 29,800 $ 20,289 $ 34,260 $ 117,551 $ 121,517 $ 133,605 $ Emerge from Chapter 11 at the end of October 2015. First quarter production set to actual. Strip pricing as of April 10, 2015; exchange rate updated to 1.47 USD to GBP. Professional fees updated based on later emergence date and recent monthly fees. Assumes that the current EEUK loan is refinanced at an 11% interest and is amortized at 10%. Certain cost reductions associated with OPEX and SG&A are implemented throughout 2015. Net Income and EBITDA do not factor in the non-cash allocation of G&A from the US to the UK. Covenant EBITDA would be adjusted downward by approximately $10mm in 2015 due to allocation of US G&A. |
 Privileged & Confidential Prepared at the Request of Counsel Subject to FRE 408 3 Confidential: Subject to NDA UPDATED FORECAST - U.S. CASH FLOWS U.S. CASH FLOWS Note 1: US Cash Flow 1Q 2Q 3Q 4Q FY 2015 Net Revenue 1,001 $ 1,880 $ 591 $ - $ 3,472 $ Operating Expense 802 502 104 - 1,408 Net Operating Cash Flow 199 $ 1,378 $ 487 $ - $ 2,064 $ General & Administrative 3,704 3,324 3,134 1,045 11,207 EBITDA (3,505) $ (1,946) $ (2,647) $ (1,045) $ (9,143) $ Professional Fees 8,258 $ 8,601 $ 9,373 $ 14,680 $ 40,912 $ Other Restructuring Costs - 500 - 2,000 2,500 Capex 1,941 2,616 27 - 4,584 Proceeds from Asset Sale - - [ ] - [ ] Working Capital / Other (796) - - - (796) Total US Cash Flow (14,500) $ (13,663) $ (12,047) $ (17,725) $ (57,935) $ Ending US Cash 17,000 $ 3,337 $ (8,710) $ (26,435) $ (26,435) $ Net income (loss) (12,785) $ (11,416) $ (13,480) $ (17,725) $ (55,405) $ DD&A 514 970 297 - 1,781 Tax expense 507 (601) 1,164 - 1,069 Loan Cost & Discount Amort. - - - - - Interest expense - - - - - Restructuring cost 8,258 9,101 9,373 16,680 43,412 EBITDA (3,505) $ (1,946) $ (2,647) $ (1,045) $ (9,143) $ Net Income and EBITDA do not factor in the non-cash allocation of G&A from the US to the UK. |
 U.K. 3P STRIP CASE INTERNAL UNAUDITED RESERVE REPORT METRICS 4 Confidential: Subject to NDA NET MMBOE Note 1: Reserve report as disclosed in the 8-k dated February 27, 2015. 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Alba 1P Alba 2P Alba 3P Bacchus 1P Bacchus 2P Bacchus 3P Rochelle 1P Rochelle 2P Rochelle 3P Other 1P Other 2P Other 3P Privileged & Confidential Prepared at the Request of Counsel Subject to FRE 408 |
 U.K. 3P STRIP CASE INTERNAL UNAUDITED RESERVE REPORT METRICS 5 Confidential: Subject to NDA CAPEX OPEX Note 1: Reserve report as disclosed in the 8-k dated February 27, 2015. Note 2: Reserve report OPEX and CAPEX do not include any allocations of SG&A. In 2014, SG&A allocated to UK OPEX and UK CAPEX were $4 million and $6 million, respectively. In 2014, SG&A allocated to US OPEX and US CAPEX were $3 million and $5 million, respectively. Note 3: Post production CAPEX is associated with plugging and abandonment liabilities which, as in the case of Alba, requires financial security be posted in the form of a Letter of Credit. Note 4: From the beginning to the end of Q1-2015 the UK cash balance has remained flat. $0 $20 $40 $60 $80 Alba Bacchus Rochelle Other $0 $20 $40 $60 $80 $100 Alba Bacchus Rochelle Other Privileged & Confidential Prepared at the Request of Counsel Subject to FRE 408 |