Year-End 2014 Conference Call April 1, 2015 Supplemental Materials - PowerPoint PPT Presentation

Year-End 2014 Conference Call April 1, 2015 Supplemental Materials

Forward-Looking & Other Cautionary Statements Cautionary Statement Regarding Forward-Looking Statements The information in this presentation by Samson Resources Corporation (the “Company,” “we” or “our”) includes “forward - looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, operational and financial performance, business prospects and opportunities and future events. Words such as, but not limited to, “anticipate,” “continue,” “estimate,” “expect,” “may,” “might,” “will,” “project,” “should,” “believe,” “intend,” “continue,” “could,” “plan,” “predict,” “potential,” “goal,” “foresee” and negatives of these words and similar expressions a re 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. Factors that may cause actual results to differ from expected results include, but are not limited to: (i) our substantial indebtedness; (ii) our ability to refinance, restructure or amend our indebtedness or otherwise improve our capital structure and liquidity; (iii) fluctuations in oil and natural gas prices; (iv) the uncertainty inherent in estimating our reserves, future net revenues and PV-10; (v) the timing and amount of future production of oil and natural gas; (vi) cash flow and changes in the availability and cost of capital; (vii) environmental, drilling and other operating risks, including liability claims as a result of our oil and natural gas operations; (viii) proved and unproved drilling locations and future drilling plans; (ix) the effects of existing and future laws and governmental regulations, including environmental, hydraulic fracturing and climate change regulation; (x) restrictions contained in our debt agreements; (xi) our ability to generate sufficient cash to service our indebtedness; (xii) our ability to make acquisitions and divestitures on favorable terms or at all; and (xiii) any of the risk factors and other cautionary statements, including under the heading “Risk Factors,” described in the Company’s Annual Report on form 10 -K for the year ended December 31, 2014, and in the other documents and reports we file from time to time with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Should one or more of the risks or uncertainties referenced above 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 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. Each forward-looking statement speaks only as of the date of this presentation, and, except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Non-GAAP Disclosures This presentation refers to certain non-GAAP financial measures. Definitions of these measures and reconciliation between U.S. GAAP and non-GAAP financial measures are included at the end of this presentation. 2

Key Strategic Initiatives Recent Actions 2015 Objectives  Amended credit facility to preserve near-  Retain key technical and professional term liquidity talent  Creates runway from which to  Further reduce costs implement a comprehensive  Continue program to upgrade key facilities restructuring  Continue asset evaluations and potential  Ceased drilling sales of non-core assets  Recent completions and operational  Achieve permanent changes to our capital performance improvements structure  Sold Arkoma assets  Rationalize debt load to match asset  Proceeds of $48 MM base and current performance  Reduced workforce by approximately 30% and implemented other cost cutting initiatives  Hired advisors to facilitate debt restructuring 3

2014 Financial & Operating Metrics 2014 2013 Q4'14 Q3'14 Production (MMcfe/d) 530 578 515 530 (1) Realized Price ($/Mcfe) $5.43 $5.32 $5.12 $5.61 Operating Expenses ($/Mcfe) LOE $1.09 $0.93 $1.14 $1.12 Production Tax $0.41 $0.36 $0.30 $0.45 (2) Cash G&A $0.64 $0.50 $0.75 $0.60 Total $2.14 $1.79 $2.19 $2.17 (3) Cash Operating Margin ($/Mcfe) $3.29 $3.53 $2.93 $3.44 (4) Adjusted EBITDA ($MM) $663 $775 $148 $175 (1) Including realized derivatives (2) Income Statement G&A excluding stock-based G&A compensation expenses of $0.27 and $0.12 per Mcfe for the year ended December 31, 2014 and December 31, 2013, respectively, and $0.43 and $0.24 per Mcfe for the three months ended December 31, 2014 and September 30, 2014, respectively. Note: CY 2014 Cash G&A includes one time cash incentive compensation of $0.04 per Mcfe (3) Cash operating margin is a non-GAAP financial measure. A description of cash operating margin is included at the end of this presentation and the calculation of the measure is provided above. 4 (4) Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to its nearest GAAP financial measure is included at the end of this presentation.

2014 Free Cash Flow & Net Debt ($MM) 2014 2013 Q4'14 Q3'14 Cash Flow From Operations $488 $689 $124 $103 Divestiture Proceeds $157 $317 $42 $61 Total $644 $1,005 $167 $164 Cash Capital Expenditures: Drilling and Completion $594 $667 $142 $121 Acquisitions $58 $0 $58 $0 LGG, Facility & Other $41 $84 $18 $11 Capitalized Cash Interest & Internal Costs $276 $330 $16 $109 Total $969 $1,081 $233 $241 Free Cash Flow Before Financing Activities (1) ($325) ($76) ($67) ($78) Net Debt (2) $3,881 $3,553 Note: Totals may not sum due to independent rounding (1) Reflects net cash provided by operating activities plus net cash used in investing activities 5 (2) Long-term debt (including debt classified as current) less cash and cash equivalents

March 2015 RBL Amendment Detail Previous Current Borrowing Base ($MM) $1,000 $950 Commitment Amount ($MM) $2,250 Borrowing Base ($950) Drawn Pricing (LIBOR Spread) 150 - 250 bps 200 - 300 bps "Going Concern" Certification Requirement for YE 2014 Yes Waived Financials Pro-Forma Liquidity Requirement To Service Junior Debt No $150 MM (Beginning July 1, 2015) First Lien Debt / EBITDA Covenant: Through Q3'15 1.50x 2.75x Q4'15 1.50x 1.50x Total Debt / EBITDA Covenant: Q1'16 4.50x 4.50x Automatic Reduction Equal to Net Cash Proceeds Received with the Exception of Subject to Collateral Coverage; Triggered Non-Core Mid-Con and Permian Minerals, Borrowing Base Reduction Related to Asset Sales for Aggregate Asset Sales in Excess of 5% whereby Reduction Equal to the Greater of (i) 100% of Bank PV-9 or (ii) 75% of Net Cash Proceeds Received Lender Consent Required for Borrowing Base Increase 90% 100% 6 6

Cost Reduction Initiatives  Currently in the midst of comprehensive cost-reduction efforts to decrease headcount and non-headcount general and administrative expenses and operating costs  One time costs offset current year efficiency gains  Yearly run-rate reduction is projected to be approximately $60 MM  Unlikely to have significant positive impact on near-term liquidity  Implemented reduction of force affecting approximately 30% of employees in March 2015  Currently evaluating field operations personnel, which will be complete in approximately four weeks and will result in reductions  One time severance costs of approximately $30 MM Plan to achieve run-rate cash G&A savings of $60 MM 7 7

Divestiture Strategy Asset Sale Update 2013 – Q1 2015 Divestitures  Executed Arkoma divestiture for $48 MM (1)(2) No. of Proceeds Year Transactions  Bakken, Wamsutter, San Juan, Permian Minerals 2013 $317 MM 56 and Non-Core Mid-Con assets marketed, but did 2014 $157 MM 111 not receive acceptable bids ~$59 MM (2) Q1’15 6  Ability to efficiently re-initiate sales process under more favorable price environment  Continue to evaluate non-core assets in order to optimize the portfolio  Under RBL amendment, any sale proceeds received would reduce borrowing base capacity on a dollar-for-dollar basis, except for our Non-Core Mid-Con and Permian Minerals (3) (1) Closed on March 13, 2015 (2) Excludes post closing adjustments 8 (3) Non-Core Mid-Con and Permian Minerals divestitures trigger reduction equal to the greater of Bank PV-9 or 75% of the Net Cash Proceeds. Refer to Slide 6 for detail.