EX-99.1 2 ex99_1.htm INVESTOR PRESENTATION
Investor Presentation
June 2011
OTCBB: ANFC

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Forward Looking Statements
Statements made by representatives of Ante5, Inc. (“Ante5” or the “Company”) during the course of this
presentation that are not historical facts are “forward‐looking statements” within the meaning of federal
securities laws. These statements are based on certain assumptions and expectations made by the Company
which reflect management’s experience, estimates and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be appropriate. No assurances can be given that
such assumptions and expectations will occur as anticipated and actual results may differ materially from those
implied or anticipated in the forward looking statements. Such statements are subject to a number of risks and
uncertainties, many of which are beyond the control of the Company, and which include risks relating to the
global financial crisis, our ability to obtain additional capital needed to implement our business plan, declines in
prices and demand for gas, oil and natural gas liquids, our minimal operating history, loss of key personnel, lack
of business diversification, reliance on strategic, third‐party relationships, ability to obtain rights to explore and
develop oil and gas reserves, financial performance and results, our indebtedness under our senior secured
promissory notes, our ability to replace reserves and efficiently develop our current reserves, our ability to make
acquisitions on economically acceptable terms, and other important factors. Ante5 undertakes no obligation to
publicly update any forward‐ looking statements, whether as a result of new information or future events.
201106 Ante5 Investor Deck V33

Formation
Market Capitalization
Total Debt
Company Management
Ante5 was incorporated on April 9, 2010. The Company was spun off from its former parent company, Ante5, Inc.
(formerly Ante4, Inc.) in June 2010 with Ante5 shares beginning trading on July 1, 2010. Ante5 closed on its first oil and
gas mineral lease on November 12, 2010. Since then, it has accumulated a total of over 9,600 net acres targeting the
Bakken & Three Forks trends in North Dakota’s Williston Basin.
~$50 million
No debt. $10 million un-drawn revolving facility is available
Bradley Berman, CEO
James Moe, CFO
Joshua Wert, COO
Company Snapshot
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The Bakken
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• Subsurface rock formation
located within the Williston
Basin, covering parts of North
Dakota, Montana and
Saskatchewan.
• 2008 U.S. Geological Survey
assessment estimated that there
are 3.0 to 4.3 billion barrels of
undiscovered, recoverable oil in
the Bakken Formation.
Image Source: http://esask.uregina.ca/entry/williston_basin.html

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Well Count
Oil Produced
Producing Well Count at Year End
Total Barrels of Oil Produced (Millions)
North Dakota Oil Industry
Yellow = 2011 Forecast
Almost 700 new wells were
drilled in 2010. More are
expected to be drilled in
2011 as rig count increases
Source: NDIC Department of Minerals
Yellow: Ante5 Estimates

Permits
Spuds
Rigs
Total Well Permits granted by NDIC
Total Wells Spud by Operators
Peak Rig Count
Permitting activity is a
forecast of future new
wells to be spud
With permitting and rig count
at an all time high, we should
see more than 2,000 new
wells spud in 2011
Analysts expect rig count in
the Bakken to exceed 200
sometime in 2012 or 2013.
North Dakota Oil Industry
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Source: NDIC Department of Minerals
Yellow: Ante5 Estimates
190
163
75
92
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Technological Breakthrough & Ongoing Evolution
Pace of Bakken Development
11 Billion Barrels?
New technology application (horizontal drilling + multi-stage frac’ing) has created an on-shore
resource play that is expected to increase U.S. domestic oil output by 25% within the decade.
Operators continue to evolve completion techniques that are increasing the efficiency and
productivity of North Dakota wells.
Record rig activity and advancements in drilling technology is driving the pace of development in the
Bakken. Government and industry officials believe North Dakota’s record crude production will
double within a decade. If the forecast is correct, North Dakota could in a few years leapfrog to the
2nd largest oil producing state, trailing only Texas.
In 2008, the U-S Geological Survey estimated that there were 3.0 to 4.3 billion barrels of
undiscovered, recoverable oil in the Bakken formation. Because new evidence suggests that actual
recoverable barrels is much higher, the government agency will begin to update its assessment in Fall
2011. With the Three Forks / Sanish formation delineating rapidly, some government and industry
officials are starting to see indications that the region may reasonably yield between 7 and 11 billions
barrels of undiscovered, recoverable oil.
Favorable Developments in North Dakota
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Low Overhead
Diversified
Scalable
Non-Operating expenses are limited to direct drilling and certain operating costs, while most
traditional E&P corporate overhead expenditures (e.g., seismic, legal and accounting, R&D,
Geological and Geophysical, etc.) are minimized or eliminated entirely.
Non-Operators leverage their operating partner’s technical capabilities and scale while, by
holding only a minority interest in many different wells, diversifying risk across geography and
operators throughout the region.
Non-Operators focuses almost exclusively on acreage acquisition. With no exploration or
production staff, and no requirement to gain a majority interest in spacing units, the Non-
Operator efficiently deploys capital by cherry picking parcels as it builds a diversified acreage
portfolio. Management creates substantial market value by becoming experts at acreage
acquisition without the need to add significant general & administration expenses.
Non-Operator Business Model
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Acquire Acreage
Participate in Wells
Sell Oil

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Spacing Unit (1280 Net Acres)
Well Drilling Process & Timing*
Well
Permitted
Non-Operator
Receives “AFE”
Non-Operator Elects to
Participate in Well
Well Spud
Well Drilled
Well Producing
Oil & Gas Well (Operators)
•Majority interest owners (i.e., operators) may permit a well on a standard
spacing unit. Wells are usually permitted on a 2-section spacing unit. Each
section is about ~640 acres. As such, a spacing unit is usually 1,280 acres.
Minority Interest (Non-Operators)
•Example: 2 Parcels, 64 net acres each. Totals 128 net acres, or 10% of the 1280 spacing unit.
•Minority interest owners have the right to elect to be pooled into a pro-rata share of costs and
revenue in those spacing units in which they own mineral rights.
Day 0
Day 30
Day 60
Day 90
Day 120
Day 180
* Timeline can be shorter or longer depending primarily on factors affecting successful drilling and completion of a well that are both within and beyond the operator’s control.
Well Operations
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Non-Operator
Acreage Acquisition
Financial Flexibility
• ~9,600 net acres (and growing) in the play. Acreage is primarily in Williams,
Mountrail & Dunn Counties in North Dakota.
• Substantial permitting activity on Ante5 acreage
• 40 gross (0.90 net) wells (Permitted, Preparing to Drill, Drilling, Awaiting Completion, Completing & Producing)
• Continue to cultivate strategic alliance with two men local to North Dakota.
One is a ~25-year landman, the other a ~25-year geologist. Together, they own
more than 20% of Ante5 and they have represented & warranted title of all
leases assigned to Ante5 by them.
• Develop additional acreage acquisition channels (e.g., direct to mineral owners,
via contract landmen, etc.)
• Capital Raise of $11 million in December 2010
• ~$2.5 million in Cash on Hand
• No debt. $10 million un-drawn revolving facility is available
• Goal: National Exchange listed by Q4 2011 / Q1 2012
Ante5 Strategy
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Strategic Acreage Position
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Ante5 Acreage is located primarily in Williams,
Mountrail & Dunn Counties.
* This map does not include all of Ante5’s leaseholds in Williams & Mountrail. A
PDF version of our full leasehold map is available at
www.ante5oil.com/Leaseholds
Zoom in on Ante5’s Williams & Mountrail Acreage*

Diversified Operating Partners
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Ante5 Well Activity
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Gross EUR per Well: 500,000 BOE
Average Well Cost: $8.5 million
Net Revenue Interest: 80.0%
Price of Oil / Gas: $90.00 / $5.00
Key Assumptions
Well Economics
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$7.0 million
$8.5 million
$10.0 million
Well Cost
IRR
IRR
Present Value* - Cash Flow: $15.0 million
Return of Capital: ~24 Months
$6.5 million
Conclusions
EUR: 500m BOE
EUR: 600m BOE
*10% Interest Rate
Price ($) / Barrel
Price ($) / Barrel
$100 Oil

Acreage Economics
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Current Holdings
Forecast 1
Forecast 2
Total Acreage
9,640
15,000
20,000
$49
$76
$102
Acreage Valuation (millions)
Other Key Assumptions: NPV of 1 well = $6.5 million, inclusive of well initial drilling and continued operating costs. The model excludes overhead and land acquisition costs.
Ante5 Economics
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Forecast 3
30,000
$152
1 Well
$5,081: Value of an Acre in a Drilling Unit with a Single Well (“1 Well Economics”)
$98
$152
$203
$305
2 Wells
$147
$229
$305
$457
3 Wells
$196
$305
$406
$610
4 Wells
$245
$381
$508
$762
5 Wells
$294
$457
$610
$915
6 Wells
Key Assumption

• Ante5 is a Non-Operator exclusive to the Bakken / Three Forks with an
aggressive acreage acquisition strategy and a low-overhead business model.
• We believe Ante5 drilling inventory is currently undervalued compared to
Bakken peers.
• Ante5 targeting a national exchange listing by Year End 2011 / Early 2012.
Investment Highlights
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Authorization for Expenditure (AFE) | An estimate of the costs of drilling and completing a new oil and gas well that an operator is required to send to all minority (i.e., Non-Operator) participants in a well. Upon receipt, the Non-Operator has 30 days to elect into the well.
Conventional Play | Exploring for oil or gas via vertical drilling methods .
Unconventional Play | Exploring for oil or gas via horizontal drilling / completion methods .
Spud / Spud Date | A well is spud when an operator begins drilling into the Earth.
Unitization | Process whereby owners of adjoining properties pool leases into a single operated unit.
Held by Production (HBP) | A lease remains in effect as long as oil or gas is produced in paying quantities.
Working Interest | Percentage ownership in an oil & gas lease granting the lessee the right to explore , drill & produce oil & gas from a tract of property.
Gross Well | Any well the company participates in is considered a “gross well ” .
Net Well | Sum of fractional working interest held in all gross wells. For example, a 10% working interest in one gross plus a 5% working interest in another gross well equals 0.15 of a net well.
Frac’ing / Multi-stage Frac’ing | The practice of pumping special fluids down the well under high pressure to fracture the formation, causing it to crack open and createpassages for the reservoir fluids to more easily flow into the wellbore.
Initial Production (IP) | The initial flow rate of a well.
Estimated Ultimate Recovery (EUR) | The estimate total amount of barrels to be produced from an oil well.
Bakken Formation | Shale found in the Williston Basin wherein significant amounts of oil is trapped.
Three Forks Formation | Shale 150 feet below Bakken found in the Williston Basin in which significant amounts of oil is trapped.
Permits | An operator is required to file for a permit to drill a well with the state oil and gas board prior to drilling.
Drilling Unit / Spacing Unit | A surface area, and the subsurface beneath the surface area, established for the purpose of drilling for or producing oil or gas.

Industry Definitions
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www.ante5oil.com
Bradley Berman
Chief Executive Officer
bberman@ante5oil.com
952-426-1851
For More Information
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