Exhibit 99.2
CADENCE RESOURCES CORPORATION
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INFORMATION MEMORANDUM
CADENCE RESOURCES CORPORATION
LOGANSPORT, DE SOTO PARISH, LOUISIANA
JULY 29, 2003
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proteus capital corp o 120 BROADWAY, SUITE 1010 o NEW YORK, NY 10271
TEL: (646) 879-5970 o FAX (646) 365-3230 o E-MAIL: proteuscapital@aol.com
www.proteuscapital.com
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CADENCE RESOURCES CORPORATION
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IMPORTANT NOTICE
IN THIS REPORT, CURRENCY IS US FUNDS UNLESS STATED OTHERWISE.
PRICES AS OF CLOSE, JULY 25, 2003
This Memorandum has been prepared solely for information purposes from publicly
disseminated materials supplied to Proteus Capital Corp. ("Proteus") by Cadence
Resources Corporation (the "Company") and information gathered by Proteus from
other sources. Proteus is retained by the Company to provide corporate advisory
services, including but not limited to analysis of the Company's prospects. Any
analysis and conclusions contained herein, other than analysis disseminated by
the Company, are the sole responsibility of Proteus. Proteus has full editorial
control of this Memorandum and all other information and analysis it prepares in
connection with the Company.
The information contained herein has been prepared to assist parties in their
evaluation of the Company. Neither Proteus nor the Company makes any
representation or warranty as to the accuracy or completeness of this
information and shall have no liability for any representations (express or
implied) contained in, or for any omissions from, this presentation or any other
written or oral communication transmitted to the recipient whether or not
Proteus or the Company knew or should have known of any such errors or omissions
or was responsible for or participated in its inclusion in or omission from the
Memorandum.
This Memorandum includes certain estimates, projections and "forward looking
statements" within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. Such forward looking statements reflect various assumptions by
the Company, when attributed to the Company, or Proteus when attributed to
Proteus or "we", concerning anticipated results, which assumptions may or may
not prove to be correct. No representations are made as to the accuracy of such
statements, estimates or projections. These forward-looking statements are made
pursuant to the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. While these statements are made to convey the Company's
progress, business opportunities and growth prospects, such forward-looking
statements represent the opinion of management or Proteus, according to
attribution. Whereas management or Proteus believe such representations to be
true and accurate based on information and data available to, respectively, the
Company or Proteus at this time, actual results may differ materially from those
described. The Company's operations and business prospects are always subject to
risk and uncertainties.
This Memorandum does not constitute or form part of an offer of, or invitation
to acquire, any financial instruments in the Company or any company associated
therewith. Proteus is not a registered investment advisor under the Securities
Act of 1940. Any investment in any security mentioned herein should be made only
after consulting and analyzing financial statements and other documentation
received directly from the issuer of the security or securities involved.
Proteus provides corporate advisory services to the Company, for which it is
paid, and has been granted stock options by the Company.
(C)Copyright 2003 by Proteus Capital Corp., all rights reserved. It is a
violation of United States copyright laws to duplicate or reprint this report
without written consent of Proteus Capital Corp., except that limited portions
may be excerpted for inclusion in other publications provided credit is given
along with the name and address of the publisher. All subsequent written or oral
opinions expressed by Proteus Capital Corp., its associates and staff are
expressly qualified in their entirety by this notice.
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CADENCE RESOURCES CORPORATION
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CADENCE RESOURCES CORPORATION - OVERVIEW
CADENCE RESOURCES CORPORATION IS AN EMERGING ENERGY COMPANY FOCUSED ON
ESTABLISHED, PRODUCTIVE DOMESTIC US OIL AND GAS AREAS: DE SOTO PARISH,
LOUISIANA; WILBARGER COUNTY, TEXAS; AND ALPENA COUNTY, MICHIGAN. OF THESE, WE
CONSIDER THE DE SOTO PARISH PROPERTIES TO BE THE MOST SIGNIFICANT IN TERMS OF
THE POTENTIAL TO ESTABLISH CADENCE AS A MID-SIZED INDEPENDENT NATURAL GAS
PRODUCER.
Cadence's NE Logansport property comprises an initial 3,200 acres in De Soto
Parish, acquired in 2002. Since then, it has signed a joint venture with Bridas
Energy USA and acquired additional acreage both within the joint venture and
100%-owned.
De Soto Parish has a long history as both an oil and natural gas area.
Initial activity in the NE Logansport area dates from 1955. In 1996, Sonat,
Inc. consolidated the Holly and Bethany Longstreet fields - Sonat
subsequently merged with El Paso in 2000. Sonat/El Paso has drilled 119
wells since 1996, all of which have been commercial and all of which have
been completed successfully.
The main targets are the Hosston and Cotton Valley formations. Until
recently, most wells have been completed in the shallower Hosston. However,
El Paso has successfully dual-completed several wells in both formations.
The Cadence property is in the same structure as the Holly field. Cadence's
consulting geologist identified the area and secured lease options before
El Paso stepped-up its drilling rate in the area.
We estimate the PV10 of the projected future cash flow to Cadence to be
$136 million, assuming natural gas at $4.50 per mcf. We estimate Cadence's
share of the cash flow will increase to more than $32 million in the fifth
year of operations.
The Company has two other projects. The Waggoner Ranch in Wilbarger County Texas
is a shallow oil play where recent seismic indicates potential below the
previous productive horizons. Cadence has three producing wells at this property
and is in the process of connecting two more to the gathering system.
Cadence also has a 20% working interest in an Antrim shale project operated by
Aurora Energy, covering up to 200 wells. The Antrim joint venture is a low-cost,
low-risk opportunity to establish production and cash flow - the first four
wells are in production.
The Company's team of geologists, led by Lucius Geer, provides key technical
management. Mr. Geer has a long and distinguished career focused on the Gulf
Coast region. In addition, the Company's management and Board have extensive
experience in financing and managing emerging natural resource companies.
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LOGANSPORT DISTRICT, DE SOTO PARISH, LA
Logansport is located in west central De Soto Parish, in western Louisiana
near the border with east Texas. The area has a long history of oil
production - the first oil well in De Soto Parish was completed in 1916.
The dominant geological feature is the Sabine Uplift, a large structure
that is related to the Cretaceous and younger rocks in the established oil
and gas fields of northeast Texas and northern Louisiana. The Sabine Uplift
divides the prolific East Texas Basin to the west from the Louisiana and
Mississippi salt basins to the east. The Carthage natural gas field,
primarily comprising Cotton Valley sands, was discovered in 1968 on the
eastern side of the East Texas Basin. Carthage, which abuts the Sabine
Uplift, is one of the most prolific fields in Texas, with approximately
1,700 wells drilled, completion rates exceeding 96% and cumulative
production in excess of two trillion cubic feet of gas.
The Holly natural gas field in Louisiana is located on a large, shallow
dipping anticline that trends northeast within the Sabine Uplift. Following
the Cotton Valley discoveries in East Texas, Pelto Oil began exploring the
Holly Field in the mid 1970s. The primary targets are the Cotton Valley
(deepest), Hosston, Sligo, Rodessa, Paluxy, and Tuscaloosa formations. The
top of the Cotton Valley is between 8,800 and 8,900 feet, with the top of
the Hosston about 2,300 feet higher.
Cadence's NE Logansport property is to the southwest of Holly, along the
anticlinal strike and located at about that same stratigraphic position as
the most prolific sections of the Holly field. There is a fault to the
northwest of the anticline - further to the northwest lies the Bethany
Longstreet natural gas field. Continuing to the southwest, the stratigraphy
dips towards the Logansport oil field.
NATURAL GAS FIELDS AND TOWNSHIPS: DE SOTO PARISH LA
(RED: SIGNIFICANT GAS; GREEN: BRIDAS/CADENCE JV; BLUE: 100% CADENCE)
LOUISIANA
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NE LOGANSPORT LOCATION, DE SOTO PARISH, LOUISIANA
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REGIONAL GEOLOGY AND STRATIGRAPHY
Geologically and stratigraphically, the area to the north east of
Logansport is not complex. With the exception of a regional northeast
trending fault that divides the Holly and Bethany Longstreet fields, there
is little minor faulting and the stratigraphy dips gently. As a
consequence, well production is largely controlled by porosity and
permeability.
There are five potentially productive sands in the area: Cotton Valley,
Hosston, Sligo, Rodessa, and Paluxy. There have been several successful
completions in the Paluxy, with initial production in excess of 1,000 mcf
per day.
The Rodessa, a lower cretaceous sandy limestone, has generally been left
behind pipe until the deeper sands have been fully produced. However, some
significant production from the Rodessa has been achieved, ranging up to
initial production in excess of 7,000 mcf per day in El Paso's Rochelle
Fuller 25 No. 1 well in the Holly field.
The deeper Sligo or Pettet sands can also be a good producer, yielding 0.67
bcf of gas per foot of pay.
However, the main targets are the Hosston and Cotton Valley formations. The
Hosston, which typically starts between 6,450 feet and 6,600 feet, has been
logged over 2,500 feet, comprising a sand and shale sequence with thick
intervals of tight gas bearing sands. The best sands are located between
7,900 and 8,900 feet.
The lowest targeted formation is the Cotton Valley that lies immediately
under the Hosston. The best sands are the deeper B and C zones, typically
extending to about 10,300 feet.
HOLLY
Pelto's first successful well in the Holly field was spudded in July 1974,
drilled to 10,400 feet and perforated in the Hosston between 7,000 and
8,900 feet. It has produced consistently since then, with cumulative
production of approximately 2.4 billion cubic feet of natural gas.
During the subsequent two years, Pelto drilled an additional seven wells,
all of which were producers and all but two of which is in production
today. Sporadic drilling by various operators continued until 1984. In
1990, exploration in the field started again when Rosewood Resources
returned to the area. Well logs typically showed 40 or 50 zones that could
represent payable gas. However, operators could not differentiate between
gas and gas with water. Consequently, they perforated the wells over large
intervals that often included both gas and water, with new wells often
making as much as 400 barrels of water per day, which shortened the well
life and reduced the ultimate recovery. In the late 1990s, improved logging
and seismic techniques enabled operators to perforate more selectively,
differentiating between those gas zones with producible water and those
without. The improved technology has resulted in significantly higher
production rates and has prompted the reworking and recompletion of
numerous older wells at higher rates.
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The Holly field was consolidated by Sonat Inc. in the mid-1990s. In turn,
Sonat merged with El Paso Energy Corp. in 1999 after clearance by the
Federal Trade Commission.
Since Sonat commenced drilling in late 1996, Sonat/El Paso has successfully
drilled and completed 77 wells with no dry holes and no completion
failures. In fact, of the 123 holes drilled during the past 28 years, there
has been only one dry hole, three completion failures, and four have been
plugged and abandoned following successful production - 115 of the wells
are currently producing.
In 2000, following completion of its merger with Sonat, El Paso started an
aggressive development program for the Holly field. It has drilled an
average of slightly more than two wells per month and reentered many of the
older wells that had been perforated in water as well as gas. El Paso is
currently drilling or completing an additional six wells.
Most of the production has come from the Hosston formation. However, during
the past year, El Paso has typically drilled to the Cotton Valley and
completed in both the Hosston and Cotton Valley - El Paso is producing from
twelve dual completion wells.
The productive part of the Holly field covers 16 sections, with an average
of 7.6 wells per section. Cumulative production from the wells drilled by
Sonat/El Paso is 180 billion cubic feet of gas and the average well has
achieved initial production (either original or after stimulation) of 4,907
million cubic feet per day.
BETHANY LONGSTREET
In the mid-1970s, Amoco started development of the Bethany Longstreet
field, located to the west of Holly and north of NE Logansport.
A variety of operators, including May Petroleum Inc., drilled and completed
29 wells - with no dry holes and no completion failures - prior to 1996,
when Sonat consolidated the field. Since then, Sonat/El Paso has
successfully drilled and completed 42 holes, maintaining the 100%
completion record with no dry holes.
The productive part of the field covers 14 sections, with an average of
five wells per section. Cumulative production from the wells drilled by
Sonat/El Paso is 119 billion cubic feet of gas and the average well has
achieved initial production (either original or after stimulation) of 5,068
million cubic feet per day. El Paso currently has ten wells permitted and
either being drilled or planned within the next six months.
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SONAT/EL PASO WELL DATA
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BETHANY
LONGSTREET HOLLY TOTAL
Wells permitted 52 86 138
Wells drilled 42 77 119
Permits expired -- 3 3
Awaiting completion 10 6 16
Total cumulative production bcf 119.109 180.055 299.164
Average cumulative production mmcf 2,836 2,338 2,514
Average life to date months 35 36 35
Average production rate mcf/d 2,708 2,190 2,370
Average IP mcf/d 5,068 4,907 4,964
Maximum IP mcf/d 8,875 9,620 9,620
Minumum IP mcf/d 615 767 615
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NE LOGANSPORT
NE Logansport is variously described as being part of the Holly, Bethany
Longstreet, Grand Cane and Logansport fields. Geologically, we believe it
is most relevant to consider NE Logansport the southwestern extension of
Holly. However, while NE Logansport is separated from Bethany Longstreet to
the north by a northeast trending fault, the geology and stratigraphy is
similar so we consider drilling results there to be relevant.
The Cadence NE Logansport property comprises five full sections and one
half sections in the south-central part of Township 13N Range 15W, De Soto
Parish. More specifically, the company has leased sections 27, 28, 29, half
of section 32, and sections 33 and 34.
The first well on the property was drilled in 1920, shortly after the
discovery of oil in De Soto parish. At that time, there was no interest in
gas (it is unclear whether the well produced gas) and it was considered dry
for oil, plugged and abandoned.
The area remained inactive until 1968 when a 7,000-foot well was drilled in
section 27, producing from the Paluxy sands at approximately 3,000 feet.
Subsequent drilling activity was sporadic. In 1978, May Petroleum brought
in well on section 34 that had initial production of 1,500 mcf per day
producing from the Rodessa. In 1981, a 1,000 mcf per day well was
successfully completed on section 28. A decade later, Hallwood Petroleum
successfully started production at nearly 2,000 mcf per day from the
Rodessa in section 27. Cadence identified the potential of the NE
Logansport area based on extensive experience in the area culminating in
three years of intensive mapping and study by Lucius Geer, Consulting
Geologist.
The area has not previously achieved the success of the Holly and Bethany
Longstreet fields primarily because of the difficulty in differentiating
porous sands that included gas from those that contained both gas and
producible water.
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However, state-of-the-art logging techniques developed by Halliburton
identify pore fluids and consequently separate gas with water from gas. The
technique has been used successfully in the Hosston is East Texas and the
Haynesville area of north Louisiana.
Halliburton anticipates that its log will enable the operator to perforate
only water free gas sands and may provide sufficient data on permeability
to reduce or eliminate fracing. While the log adds to initial costs, the
benefits in terms of reduced fracing costs, reduced water disposal costs
and, most importantly, increasing production and reducing stimulation
required are much more significant.
NE LOGANSPORT OPERATIONS AND OWNERSHIP
Cadence Resources acquired leases covering four sections and two half
sections in late 2002. The underlying surface owners have approximately 20%
royalties. In May 2003, Cadence farmed out a 55% operating interest in the
five sections to Bridas Energy USA, a wholly owned subsidiary of Bridas
Corporation, a major, privately held energy company based in Argentina. The
joint venture partners have subsequently acquired an additional half
section.
In addition, Cadence has recently leased the eastern three-eighths of
section 20. Under the terms of the farmout, Bridas gained an addition 20%
working interest in the first well and an area of its choosing comprising
one section or up to four quarter sections around the first well in
exchange for carrying Cadence into production on the first well.
Bridas obtained permits to drill the first well, the Ardis Martin Timber
Co. Number 1, which was spudded in June 2003 and drilled to 10,262 feet
targeting the Hosston and Cotton Valley formations. On July 17, Cadence
announced that well logs indicate 107 feet of pay in the Cotton Valley and
186 feet of pay in the Hosston sand formations. The well will be tested in
early August. On July 7, 2003 Bridas obtained permits for the Mary Belle
Smith No. 1 well, also located in section 27, and spudded the well on July
21, 2003.
Continuing from that well, we anticipate that Bridas will establish a
development plan for the field that is likely to comprise about 55 wells
that, at one well per month, would take four-and-a-half years to complete.
Cadence and Bridas are also acquiring additional leases in the area that
will likely extend the development plans.
WELL ECONOMICS
The drilling conditions are not complex - the ground is not fractured or
overpressured. After the first couple of wells, drilling costs are
projected at $750,000 per 10,300-foot well, with completion and connection
to the gathering system budgeted at $350,000 per successful well.
The "typical" well production profile set out in the chart below reflects
the extensive experience gained at Holly and Bethany Longstreet. Current
indications are that the Ardis Martin Timber Co. No. 1 well is comparable
with or slightly better than this "typical" well projection. Obviously that
is not statistically significant but it is certainly encouraging.
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This profile is based on dual completion in the Hosston and Cotton Valley
formations - it does not include potential from the shallower sands.
LOGANSPORT PROJECT: TYPICAL PRODUCTION PROFILE
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PROJECT ECONOMICS
Based on the well history at Holly and Bethany Longstreet, we have
estimated a distribution of initial production, set out in the second chart
below. This assumes a total of 55 producing wells drilled over the
five-and-a-half sections on a mixture of 80-acre and 40-acre spacing.
In our Base Case analysis, we have assumed a dry hole rate of 10% and a
completion rate of 90%. Thus, in order to drill and successfully complete
55 wells, we have assumed six completion failures and seven dry holes,
equating to a total of 68 boreholes.
These numbers should be viewed in the context of the Holly and Bethany
Longstreet fields, where dry hole rates have been zero and completion rates
in excess of 95%.
We have assumed, based on current indications, that the first well will
achieve initial production of 3,000 mcf per day. We have then assumed that
the drilling sequence will start with the least productive (two 1,500 mcf
per day wells) and end with the most productive (one 6,500 mcf per day
well). We also assume that one well will be spudded and drilled each month,
with completion in the second month and production commencing in the month
three.
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LOGANSPORT PROJECT: WELL IP DISTRIBUTION
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NE LOGANSPORT PROJECT SUMMARY
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PER HOLE
100% OPERATING INTEREST, 20% ROYALTIES
Cost to drill $'000 750.0
Cost to complete $'000 350.0
TOTAL $'000 1,100.0
AVERAGE WELL
Initial production mcf/d 3,109
Total production mmcf 4,255
Dry Hole Rate % 10.0%
Completion rate % 90.0%
FIELD, 100% BASIS
Number of sections 5.5
Number of producing wells 55
Completion failures 6
Dry Holes 7
Cumulative production bcf 234.1
Production per section bcf 42.6
CADENCE INTEREST
Average participation % 41.4%
Cumulative production bcf 96.8
Natural gas price $/mcf 4.50
Condensate price $/bbl 25.00
Pretax PV10 $ million 135.794
CADENCE FUNDING REQUIREMENT $ million 5.091
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As a Base Case, we have used a natural gas price of $4.50 per mcf and a
condensate price of $25 per barrel. We estimate the PV10 of the pretax
future cash flow from the whole project, net of 20% royalties, to be $324
million and the PV10 of the pretax future cash flow to Cadence to be $136
million. Sensitivity Analysis
SENSITIVITY ANALYSIS
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Condensate Price
Natural Gas Price ($/bbl)
($/mcf)
15.00 20.00 25.00 30.00
2.00 48.352 50.315 52.277 54.240
2.50 65.056 67.018 68.981 70.943
3.00 81.759 83.721 85.684 87.647
3.50 98.462 100.425 102.387 104.350
4.00 115.165 117.128 119.091 121.053
4.50 131.869 133.831 135.794 137.756
5.00 148.572 150.535 152.497 154.460
5.50 165.275 167.238 169.201 171.163
6.00 181.979 183.941 185.904 187.866
6.50 198.682 200.645 202.607 204.570
7.00 215.385 217.348 219.310 221.273
7.50 232.089 234.051 236.014 237.976
8.00 248.792 250.754 252.717 254.680
8.50 265.495 267.458 269.420 271.383
9.00 282.199 284.161 286.124 288.086
9.50 298.902 300.864 302.827 304.790
10.00 315.605 317.568 319.530 321.493
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ESTIMATED PV10 TO CADENCE
AT DIFFFERENT NATURAL GAS PRICES
[GRPAHIC OMITTED]
PRETAX PV10 ($ MILLION): CADENCE RESOURCES' INTEREST
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The table and chart on the previous page demonstrate the sensitivity of the
PV10 to different natural gas and condensate prices. The condensate price
has little effect, whereas changes in the natural gas price have a
significant effect on the valuation. If the natural gas price maintains its
recent level of $6.00 per mcf, the PV10 increases by 37% to $186 million.
In the Base Case model, pretax cash flow to Cadence increases to a peak of
nearly $33 million in year 5, before stabilizing at approximately $15
million a year from year 8. The chart below sets out the projected value
(cumulative cash flow plus PV10) to Cadence over the next decade.
NE LOGANSPORT: CADENCE INTEREST
($ MILLION)
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[GRAPHIC OMITTED]
PV10 PLUS ACCUMULATED CASH (LHS)
ANNUAL PRETAX CASH FLOW (RHS)
The table below sets out the projected contribution to Cadence from its
interest in the NE Logansport project. Net revenues are projected to
increase rapidly from $3.6 million in the first year of activity (ending
June 2004) to nearly $33 million in year five (ending June 2008).
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NE LOGANSPORT PROJECTED CONTRIBUTION TO CADENCE
Year: 1 2 3 4 5
NE LOGANSPORT
Project production mmcf 2,957 9,016 13,619 17,890 23,506
Cadence share mmcf 1,115 3,225 5,285 7,572 10,240
Wells completed # 10 12 12 12 9
Wells in production (period end) # 10 22 34 46 55
Revenue $'000 5,019 14,513 23,781 34,075 46,080
Operating costs
Lifting $'000 (9) (33) (57) (80) (99)
Share of lease royalties $'000 (1,004) (2,903) (4,756) (6,815) (9,216)
Share of taxes (other than income) $'000 (418) (1,209) (1,982) (2,840) (3,840)
TOTAL $'000 (1,431) (4,145) (6,794) (9,735) (13,155)
Net revenues $'000 3,588 10,369 16,986 24,340 32,925
Capital costs
Drilling $'000 (3,981) (3,519) (5,000) (5,000) (3,333)
Completion $'000 (1,672) (1,478) (2,100) (2,100) (1,400)
TOTAL $'000 (5,654) (4,996) (7,100) (7,100) (4,733)
Free cash flow before taxation $'000 (2,066) 5,372 9,886 17,240 28,192
Cumulative $'000 (2,066) 3,306 13,192 30,433 58,625
CONTACT INFORMATION
CADENCE RESOURCES CORPORATION
Howard Crosby
6 East Rose Street
P.O. Box 2056
Walla Walla, WA 99362
Tel: (509) 526-3491 Mobile: (509) 301-6322
Fax: (509) 526-3492 e-mail: crosbyent@valint.net
PROTEUS CAPITAL CORP.
Douglas J. Newby
120 Broadway, Suite 1010
New York, NY 10271
Tel: (646) 879-5970
Fax: (646) 365-3230
E-mail: ProteusCapital@aol.com
www.proteuscapital.com