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Greka Energy Corporation Is an Independent Oil and Gas Producer with Operations in California and South Louisiana

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Greka Energy Corporation Is an Independent Oil and Gas Producer with Operations in California and South Louisiana Equity Research March 5, 2002 Exploration & Production Greka Energy C. Van Levy (713) 650-2152 R. Michael Villarreal (713) 650-2010 Corporation Victor Ponce de Leon (713) 650-2035 Restructuring Plan Allows Charles R. Parkerson (713) 650-2155 Focus On Asphalt Plant Investment Conclusion Rating: STRONG BUY · Greka Energy announced an aggressive restructuring plan GRKA-OTC (3/4/2002): $7.04 on March 4. The company plans to sell less profitable, non- 52-week Range: $15.50-5.93 Shares Outstanding: 4.7 Million core E&P assets in Louisiana and California. The proceeds Float: 3.9 Million Shares will be used to enhance its most profitable asset, the Santa Market Capitalization: $33 Million Maria basin asphalt refinery. Dividend/Yield: Nil/Nil Fiscal Year Ends: December · To maximize profits, Greka will acquire and fill up the Book Value: $10.12 per Share plant with proximal, long-lived, crude oil reserves. In that 2001E ROE: NM vein, the first acquisition (Vintage Petroleum’s Cat Canyon LT Debt: $39 Million Preferred: Nil field) has been closed into escrow. The acquisition will Common Equity: $46 Million allow Greka to increase “equity” or company-owned throughput from 12% to 32%. Two additional properties have been identified and if consummated will increase plant Earnings per Share utilization above 80%. We maintain our Strong Buy rating 2000 ......................................................$1.77 2001E....................................................$0.51 and 12-month price target of $12 per share. 2002E....................................................$2.23 · Sale of non-core E&P assets—Greka plans to sell the 2003E....................................................$4.18 Potash and Manila Village fields in Louisiana and the P/E Ratio 2000 .......................................................4.0X Richfield East Dome Unit and PRC 91 fields in California. 2001E...................................................13.8X · Focus, focus, focus—Greka will close offices and sell 2002E.....................................................3.2X 2003E.....................................................1.7X assets in Jakarta and Colombia. Offices in Houston will be downsized. G&A expense is expected to decline. · Balance sheet strengthens—Company expects to garner $30-$35 million from asset sales. After restructuring, Greka believes it will have $25 million in debt and $10 Cash Flow per Share 2000 ......................................................$2.10 million of available liquidity. 2001E....................................................$2.07 2002E....................................................$3.45 · Maximize profitability—Greka will focus on increasing 2003E....................................................$6.08 throughput of asphalt plant with long-lived, equity P/CF Ratio controlled production. 2000 .......................................................3.4X · We are not changing our earnings and cash flow 2001E.....................................................3.4X 2002E.....................................................2.0X estimates at this time. 2003E.....................................................1.2X Company Description: Greka Energy Corporation is an independent oil and gas producer with operations in California and South Louisiana. The company also operates an asphalt plant in Santa Maria, California. 02-2634 © 2002 CIBC World Markets Inc., P.O. Box 500, 161 Bay Street, BCE Place, Toronto, Canada M5J 2S8 · (416) 594-7000 CIBC World Markets Corp., 417 Fifth Avenue, New York, NY 10016 · (212) 667-7000 (800) 999-6726 CIBC World Markets Greka Energy Corporation CIBC World Markets Corp., or one of its affiliated companies, makes a market in the securities of and has performed investment banking services for this company. This report is issued and approved for distribution by (i) in the US, CIBC World Markets Corp., a member of the NYSE and SIPC, (ii) in Canada, CIBC World Markets Inc., a member of the IDA and CIPF, (iii) in the UK, CIBC World Markets plc, which is regulated by the FSA, and (iv) in Australia, CIBC World Markets Australia Limited, a member of the Australian Stock Exchange and regulated by the ASIC. Any questions should be directed to your sales representative. Every state in the United States, province in Canada and most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, some of the securities discussed in this report may not be available to every interested investor. Accordingly, this report is provided for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. No part of any report may be reproduced in any manner without the prior written permission of CIBC World Markets. The information and any statistical data contained herein have been obtained from sources which we believe to be reliable, but we do not represent that they are accurate or complete, and they should not be relied upon as such. All opinions expressed and data provided herein are subject to change without notice. A CIBC World Markets company or its shareholders, directors, officers and/or employees, may have a long or short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. A CIBC World Markets company may have acted as initial purchaser or placement agent for a private placement of any of the securities of any company mentioned in this report, may from time to time solicit from or perform financial advisory, investment banking or other services for such company, or have lending or other credit relationships with the same. The securities mentioned in this report may not be suitable for all types of investors; their prices, value and/or income they produce may fluctuate and/or be adversely affected by exchange rates. Since the levels and bases of taxation can change, any reference in this report to the impact of taxation should not be construed as offering tax advice; as with any transaction having potential tax implications, clients should consult with their own tax advisors. Past performance is no guarantee of future results. This document and any of the products and information contained herein are not intended for the use of private investors in the UK. Such investors will not be able to enter into agreements or purchase products mentioned herein from CIBC World Markets plc. The comments and views expressed in this document are meant for the general interests of clients of CIBC World Markets Australia Limited. In preparing the advice given in this document, CIBC World Markets did not take into account the investment objectives, financial situation and particular needs of any particular client of CIBC World Markets. Before making an investment decision on the basis of any recommendation made in this document, the recipient should consider how appropriate the recommendation is to their particular investment needs, objectives and financial circumstances. To allow CIBC World Markets to take into consideration a recipient's objectives, financial situation and particular needs, CIBC World Markets requests that, prior to acting on any of the recommendations herein, you contact one of our client advisers to discuss your particular circumstances. Although each company issuing this report is a wholly owned subsidiary of Canadian Imperial Bank of Commerce (“CIBC”), each is solely responsible for its contractual obligations and commitments, and any securities products offered or recommended to or purchased or sold in any client accounts (i) will not be insured by the Federal Deposit Insurance Corporation, the Canada Deposit Insurance Corporation or other similar deposit insurance, (ii) will not be deposits or other obligations of CIBC, (iii) will not be endorsed or guaranteed by CIBC, and (iv) will be subject to investment risks, including possible loss of the principal invested. The CIBC trademark is used under license. Ó 2002 CIBC World Markets Corp. and CIBC World Markets Inc. All rights reserved. 2 Greka Energy Corporation CIBC World Markets Exhibit 1: Consolidated—Income Statement ($MM) 2000 2001E 2002E 2003E 1Q01 2Q01 3Q01 4Q01E 2001E Revenues: Oil & Gas Revenues $15.588 $15.465 $16.140 $20.816 $3.378 $5.068 $3.923 $3.096 $15.465 Refinery Revenues $33.479 $24.647 $36.412 $50.018 $3.611 $6.554 $9.389 $5.093 $24.647 Other $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Total Revenues $49.067 $40.112 $52.552 $70.834 $6.989 $11.622 $13.312 $8.189 $40.112 Expenses: Operating Expenses $25.200 $21.391 $21.788 $23.184 $2.908 $5.602 $9.246 $3.635 $21.391 DD&A Expense $3.592 $3.761 $5.986 $9.296 $0.710 $1.079 $0.969 $1.003 $3.761 G&A Expense $6.699 $7.721 $7.600 $7.800 $2.031 $2.197 $1.593 $1.900 $7.721 Net Profit Sharing $0.495 $0.400 $1.098 $2.136 $0.100 $0.100 $0.100 $0.100 $0.400 Other Expense $1.882 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Total Expense $37.868 $33.273 $36.472 $42.416 $5.749 $8.978 $11.908 $6.638 $33.273 Operating Income $11.199 $6.839 $16.080 $28.417 $1.240 $2.644 $1.404 $1.551 $6.839 EBITDA $14.791 $10.600 $22.066 $37.713 $1.950 $3.723 $2.373 $2.554 $10.600 EBITDA Per Share Basic $3.30 $2.31 $4.70 $8.03 $0.43 $0.82 $0.52 $0.54 $2.31 EBITDA Per Share Diluted $3.11 $2.18 $4.51 $7.70 $0.40 $0.77 $0.50 $0.52 $2.18 Other Expenses (Income): Equity Loss of Saba $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Interest Expense (Income) $4.535 $4.263 $4.939 $7.549 $0.885 $1.004 $1.342 $1.032 $4.263 Loss on Sale of Canadian Properties $0.991 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Other Expenses (Income) $0.000 ($3.601) $0.000 $0.000 ($0.680) ($0.213) ($2.708) $0.000 ($3.601) Total Other Expenses (Income) $5.527 $0.662 $4.939 $7.549 $0.205 $0.791 ($1.366) $1.032 $0.662 Minority Interest in Loss of Cons.
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