DELAWARE BASIN REPORT April 2017

REPORT SAMPLE

1

Delaware Basin Report | Table of Contents

This presentation is for discussion purposes only. Information is provided "as is" without warranty of any kind, either expressed or implied. You assume all risk using the information. In no event shall Detring & Associates, LLC or its representatives be liable for any direct, indirect, special or consequential damages resulting from the use of this information.

The materials are confidential, for your private use only, and may not be shared with others (other than your advisors) without Detring & Associates, LLC’s written permission.

Title Page Number

Introduction 4

Horizontal Activity Update 25

Public Disclosure 38

Top Operator Report 42

County Detail 79

Well Performance Analysis 96

Bone Spring 1st 106

Bone Spring 2nd 156

Bone Spring 3rd 206

Wolfcamp A 244

Wolfcamp B 327

Introduction | Location Map(1)

21. Horizontal wells spud since 1/1/2010.

LeaEddy

Pecos

Reeves

Culberson

Jeff Davis

Ward

Gaines

Winkler

Andrews

Loving Ector

Crane

0.752016-17 Hz Permits

Hz Wells

Hz Rigs

Southern DelawareReeves, Loving, Culberson, Winkler, Ward & Pecos Cos. TX

Primary Targets: Wolfcamp & 3rd Bone Spring

Northern DelawareEddy, Lea Cos. NM

Primary Targets: 1st, 2nd & 3rd Bone Spring

5535%

2919%

2113%

1812%

128%

106%

64%

53%

Reeves Loving EddyLea Pecos CulbersonWard Winkler

Rigs by County

Introduction | Top Zones Location Map(1)

31. Horizontal wells spud since 1/1/2010.

LeaEddy

Pecos

Reeves

Culberson

Jeff Davis

Ward

Gaines

Winkler

Andrews

Loving Ector

Crane

Wolfcamp AWolfcamp BBone Spring 1st

Bone Spring 2nd

Bone Spring 3rd

Wolfcamp NABone Spring NA

14%

17%

10%

23%

6%1%

29%

BS 1st BS 2nd BS 3rd WC A

WC B Other(s) NA

Total Spuds(1)

55

40

29

23 22 21 21 21 20 20 19 18 1715

13 12 12 11 11 10

RE

EV

ES

(TX

)

MID

LA

ND

(TX

)

LO

VIN

G (T

X)

WE

LD

(CO

)

BL

AIN

E (O

K)

ED

DY

(NM

)

MA

RT

IN (T

X)

KIN

GFI

SHE

R (O

K)

KA

RN

ES

(TX

)

MC

KE

NZ

IE (N

D)

DE

SO

TO

(LA

)

LE

A (N

M)

UP

TO

N (T

X)

HO

WA

RD

(TX

)

RE

AG

AN

(TX

)

PE

CO

S (T

X)

DU

NN

(ND

)

GR

AD

Y (O

K)

CA

NA

DIA

N (O

K)

DIM

MIT

(TX

)

4

Introduction | Delaware Basin vs. Top U.S. Resource Plays

Hz Rigs Running by County (Total U.S.)

Hz Spuds Through Time

710 Hz Rigs Running

22%

19%

14%11%

8%

6%

6%

14% Delaware

Midland

SCOOP/ STACK

Eagle Ford

Appalachia

Williston

Haynesville

Nov-14 collapse in oil pricing

47%

51%

57%

172%

161%

Midland Delaware Eagle Ford SCOOP/STACK Williston

0

100

200

300

400

500

600

Jan-

10

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Jan-

17

Act

ual

Mon

thly

Sp

ud

s

0%

50%

100%

150%

200%

Nov

-14

May

-15

Nov

-15

May

-16

Nov

-16

Mon

thly

Sp

ud

s vs

. Oct

-14

Delaware Basin leading the country in hz rig count at

22% of total (slightly ahead of the Midland Basin).

Nov-14 collapse in oil pricing

5

Horizontal Activity Update | Development Through Time

LeaEddy

Pecos

Reeves

Culberson

Jeff Davis

Ward

Gaines

Winkler

Andrews

Loving Ector

Crane

2016-17201520142013Pre-2013

Play development began in western Ward/southern Loving along with the

Northern Delaware in NM. Drilling activity has since

expanded to span the majority of the play as multiple benches have

been proven highly economic.

6

Horizontal Activity Update | Treated Lateral Length Heat Map(1) (Ft)

1. Horizontal wells spud since 1/1/2010.

LeaEddy

Pecos

Reeves

Culberson

Jeff Davis

Ward

Gaines

Winkler

Andrews

Loving Ector

Crane

< 5,0005,000 – 6,0006,000 – 7,0007,000 – 8,0008,000 – 9,0009,000 – 10,000

> 10,000

Early development mostly utilized ~1 mile laterals while recent

expansion within the basin has shifted towards 1.5+ mile

wellbores.

LeaEddy

Pecos

Reeves

Culberson

Jeff Davis

Ward

Gaines

Andrews

Winkler EctorLoving

Crane

Presidio Brewster

Chaves Yoakum

Otero

Horizontal Activity Update | Well Performance Map

EUR vs. GOR (All Zones)

Legend (Size = EUR)

100% Oil 100% Gas

7

GOR increases from west to east in the Delaware Basin,

with superior economics realized regardless of hydrocarbon window.

Horizontal Activity Update | Wellhead Production Detail(1)

Production Through Time (MBoed)

Top Operators & Counties (November 2016)

8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

0

200

400

600

800

1,000

1,200

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

Well C

oun

t ('000s)G

ross

MB

oed

Gas (MBoed)

Oil (MBbld)

Well Count

145

120

106

80

60

COG

EOG

CIMAREX

ANADARKO

OXY

245

226

217

179

104

REEVES (TX)

EDDY (NM)

LEA (NM)

LOVING (TX)

CULBERSON(TX)

1. Horizontal wells spud since 1/1/2010.

CONCHO

LeaEddy

Pecos

Reeves

Culberson

Jeff Davis

Ward

Gaines

Winkler

Andrews

Loving Ector

Crane

BrewsterPresidio

Chaves Yoakum

4,829 horizontal wells were declined across the Delaware Basin (Wolfcamp & Bone Spring)(1)

– Both hydrocarbon streams forecast (wellhead oil and gas)

– Wells parsed by data quality to increase accuracy (see following page)

Economics by well generated using actual & forecast production and economic parameters above

– Capex calculated by well based on lateral length, measured depth and proppant pumped

Type curve subsets generated within each play based on well vintage, geography, performance, hydrocarbon content and completion parameters

– IP-30 and EUR based on statistical distributions (wellhead oil and gas) per pound of proppant

– Curvature (“b” factor) and final decline (“Dm”) based on average of Type 1A wells within subset

– Initial decline (“Di”) varied until IP-30 and EUR match statistical data

Type curves generated by area normalized to 15 MMlb frac’s (i.e., 7,500 ft laterals at 2,000 lb/ft)

Well Performance Analysis | Summary

Location Map

Methodology

Legend

DeclinedUndeclined(2)

Economic Assumptions

Pricing: NYMEX strip as of 3/24/2017

Differentials: ($5.00)/Bbl oil, ($0.50)/Mcf, 30% of NYMEX NGL realized pricing

LOE: $10k/well/mo. for 12 months, $5k/well/mo. thereafter (fixed) + $4.00/Boe (variable)

Gas Stream: 20-30% shrink, 60 - 120 Bbl/MMcfNGL yield

TX Taxes: Oil 4.6%, Gas 7.5%, Ad Valorem: 2.5%

NM Taxes: Oil 7.1%, Gas 7.9%, Ad Valorem: 5.0%

Capex: Based on public disclosure and varied by well based on lateral length, proppant, and depth

Acreage Valuation/Drill-Out (Base Case):

Rigs: 1 rig

Spud-to-Spud Timing: 30 days

Gross Acres: 15,000

Spacing: 160 acres

Location Count: 93 gross locations

Valuation: PV20

91. Horizontal wells with first production after 1/1/2010 and publicly available

production data at time of publication.2. Wells with inadequate production data to forecast reserves & economics.

2017E 2018E 2019E 2020E 2021E+

Oil ($/Bbl) $49.07 $49.90 $49.88 $50.17 $50.92Gas ($/MMBtu) $3.28 $3.05 $2.87 $2.85 $2.85

Well Performance Analysis | Bone Spring Type Area Summary (38 Areas)

1. EUR and IP data are three-stream values, normalized for 7500 TLL & 15MMlb proppant

Threshold Oil Price

Capex ($/Bbl) @ ROR of: EUR(1) IP30(1)

Area Pre-Tax ROR ($MM) 10% 20% $M/Acre MBoe % Liq (Boed)Bone Spring 3 Area 9 NM $8.8 17.60 19.75 $91 3,762 82% 6,000Bone Spring 2 Area 3 336% 8.6 23.05 26.19 46 2,331 85% 3,774Bone Spring 3 Area 2 318% 8.6 22.08 25.40 48 2,625 82% 3,728Bone Spring 3 Area 4 306% 8.8 22.26 25.52 51 2,634 86% 3,581Bone Spring 1 Area 1 276% 8.4 19.82 23.51 44 2,823 65% 4,019Bone Spring 3 Area 3 250% 8.8 24.07 27.44 46 2,232 93% 3,274Bone Spring 1 Area 2 249% 8.5 20.65 24.32 46 2,796 70% 3,398Bone Spring 1 Area 5 246% 8.6 19.94 23.91 44 2,981 66% 4,054Bone Spring 3 Area 1 224% 8.5 23.54 27.22 38 2,277 73% 3,809Bone Spring 2 Area 9 192% 8.5 20.31 24.79 38 2,659 55% 4,171Bone Spring 2 Area 1 182% 8.5 21.23 25.62 35 2,694 62% 4,015Bone Spring 1 Area 6 172% 8.6 23.03 27.25 35 2,478 69% 3,736Bone Spring 1 Area 9 154% 8.6 13.73 19.91 37 3,345 44% 4,039Bone Spring 2 Area 11 142% 8.6 25.48 29.66 32 2,086 76% 3,351Bone Spring 2 Area 4 103% 8.7 28.27 32.68 27 1,745 89% 2,541Bone Spring 2 Area 13 94% 8.8 28.52 33.15 26 1,797 86% 2,759Bone Spring 2 Area 2 90% 8.5 27.53 32.55 22 2,035 72% 3,133Bone Spring 1 Area 10 88% 8.6 23.69 29.66 24 2,548 57% 3,648Bone Spring 3 Area 7 85% 8.8 28.93 33.65 26 1,700 87% 2,340Bone Spring 2 Area 12 81% 8.7 28.88 33.88 23 1,802 77% 2,796Bone Spring 1 Area 13 79% 8.6 27.42 32.77 24 2,090 79% 2,199Bone Spring 2 Area 8 75% 8.8 30.23 35.11 22 1,614 87% 2,426Bone Spring 1 Area 14 63% 8.7 30.15 35.72 18 1,833 75% 2,217Bone Spring 1 Area 7 53% 8.7 30.74 36.89 15 1,921 69% 2,717Bone Spring 1 Area 11 47% 8.7 32.15 38.53 15 1,707 72% 2,609Bone Spring 3 Area 6 46% 8.7 33.18 39.27 11 1,421 77% 2,435Bone Spring 3 Area 8 37% 8.8 33.97 41.03 11 1,667 69% 2,675Bone Spring 2 Area 10 33% 8.5 36.38 43.18 10 1,403 63% 2,548Bone Spring 1 Area 12 32% 8.7 35.61 42.91 9 1,563 68% 2,176Bone Spring 2 Area 14 31% 8.8 36.08 43.39 7 1,405 73% 2,121Bone Spring 3 Area 5 30% 8.7 37.51 44.26 8 1,276 77% 1,892Bone Spring 1 Area 4 30% 8.4 32.29 42.08 11 1,979 42% 3,145Bone Spring 2 Area 7 28% 8.6 37.96 45.23 7 1,287 78% 1,974Bone Spring 3 Area 10 23% 8.6 40.20 47.58 6 1,173 72% 1,851Bone Spring 1 Area 8 18% 8.5 41.07 51.91 3 1,559 43% 3,328Bone Spring 1 Area 3 17% 8.4 38.85 53.76 5 1,976 38% 2,495Bone Spring 2 Area 5 12% 8.4 47.67 57.76 0 1,041 72% 1,334Bone Spring 2 Area 6 5% 8.5 56.32 66.63 0 821 73% 1,461Average 115% $8.6 $29.48 $35.37 $25 2,029 71% 2,994

Well Performance Analysis | Wolfcamp Type Area Summary (33 Areas)

1. EUR and IP data are three-stream values, normalized for 7500 TLL & 15MMlb proppant

Threshold Oil Price

Capex ($/Bbl) @ ROR of: EUR(1) IP30(1)

Area Pre-Tax ROR ($MM) 10% 20% $M/Acre MBoe % Liq (Boed)Wolfcamp A Area 19 655% $8.8 $20.36 $23.03 $57 2,725 87% 4,238Wolfcamp A Area 13 621% 8.8 18.79 21.58 63 3,199 82% 4,202Wolfcamp B Area 3 236% 8.8 12.23 16.71 51 4,460 58% 4,305Wolfcamp A Area 18 177% 8.8 23.93 27.90 35 2,196 83% 3,310Wolfcamp A Area 2 147% 8.7 21.57 26.00 34 2,580 68% 2,982Wolfcamp A Area 3 122% 8.8 24.70 29.28 28 2,155 73% 3,178Wolfcamp A Area 5 122% 8.9 25.54 30.02 29 2,049 80% 2,930Wolfcamp B Area 4 121% 8.7 15.75 21.53 35 3,595 55% 2,858Wolfcamp B Area 2 105% 8.7 17.38 23.56 32 3,019 49% 3,046Wolfcamp B Area 1 104% 8.7 14.29 21.15 34 3,458 45% 3,082Wolfcamp A Area 10 104% 8.9 25.88 30.48 29 2,016 87% 2,066Wolfcamp A Area 4 103% 8.9 25.10 30.01 27 2,196 75% 2,651Wolfcamp A Area 15 99% 8.8 26.82 31.67 23 1,924 74% 3,224Wolfcamp A Area 12 98% 8.8 25.29 30.10 27 2,084 74% 2,325Wolfcamp A Area 1 97% 8.6 19.01 24.95 35 3,115 57% 2,009Wolfcamp A Area 20 87% 8.7 27.71 32.64 23 1,781 87% 2,057Wolfcamp A Area 7 84% 8.7 24.99 30.47 24 2,240 68% 2,285Wolfcamp A Area 14 77% 8.9 29.08 34.24 21 1,674 90% 2,321Wolfcamp A Area 9 76% 8.8 28.45 33.78 20 1,787 79% 2,753Wolfcamp B Area 5 71% 8.8 27.04 32.75 21 2,015 71% 2,199Wolfcamp A Area 17 54% 8.8 32.23 37.80 14 1,424 81% 2,352Wolfcamp A Area 24 51% 8.8 31.91 37.90 17 1,617 86% 2,045Wolfcamp B Area 8 47% 8.8 33.81 39.55 12 1,339 80% 2,513Wolfcamp A Area 25 35% 8.8 36.86 42.93 10 1,152 93% 2,062Wolfcamp A Area 6 32% 8.7 32.96 41.61 8 1,827 60% 1,770Wolfcamp A Area 11 32% 8.8 35.83 43.13 7 1,450 69% 2,181Wolfcamp A Area 22 32% 8.7 37.01 43.64 7 1,137 87% 1,428Wolfcamp A Area 16 27% 8.7 38.33 45.52 5 1,162 84% 1,747Wolfcamp B Area 7 19% 8.8 42.45 50.52 1 1,025 84% 1,536Wolfcamp A Area 23 19% 8.7 42.34 50.69 0 1,019 85% 1,279Wolfcamp A Area 21 15% 8.8 44.91 53.33 0 908 88% 1,454Wolfcamp A Area 8 12% 8.7 47.80 58.59 0 949 83% 977Wolfcamp B Area 6 8% 8.8 52.59 66.88 0 1,227 52% 1,632Average 112% $8.8 $29.18 $35.27 $22 2,015 75% 2,454

6000

7000

5500

5000

7500

4500

4000

3500

3000

6500

8000

2500

8500

9000

5500

5000

4500

5500

50008500

9000

LeaEddy

Reeves

Culberson Ward

Loving

Andrews

Gaines

NA

674 714 877 834

NA

753 1,009

1,270 1,082

NA

1,427

1,722

2,147 1,917

NA

572 645 622 693

NA

536 577 722 590

NA

1,108 1,222

1,344 1,284

2012 2013 2014 2015 2016

19

18

5

2

CAPITAN

CIMAREX

CONOCOPHILLIPS

BHP BILLITONNA

4

15

20

5

2012 2013 2014 2015 2016

NA

5.5 6.3 6.8

8.0

NA

6.2

9.2

12.5

16.9

2012 2013 2014 2015 2016

TLL Proppant

NA

1,115

1,447

1,842 2,107

2012 2013 2014 2015 2016

12

Wolfcamp A Area 1 | Summary

Location Map

Top Operators (Total Wells Drilled) Spuds Through Time

Avg. EUR (MBoe) and IP-30 (Boed)(1)

Oil Gas 1. 2-phase.

Avg. TLL (Mft) and Proppant (MMlb) Avg. Frac Density (lbs/ft)

EU

RIP

-30

ROID >2.0x ROID 1.0-2.0x ROID 0.5-1.0x ROID <0.5x

Total (M) Per MMlb Proppant %

Oil Gas Equiv. Oil Gas Equiv. Oil

IP 1,021 5,717 1,974 68 381 132 52%

IP-30 925 5,460 1,835 62 364 122 50%

EUR 1,156 9,965 2,817 77 664 188 41%

Di 92.8% 69.0% NA NA NA NA NA

b 1.356 1.659 NA NA NA NA NA

Dm 8.0% 8.0% NA NA NA NA NA

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0 2 4 6 8 10

Cum

. Pro

d. (

MB

oe)

Years

Cum Gas

Cum Oil

1,000 MBoe

1

10

100

1,000

10,000

0 2 4 6 8 10

Avg

. Pro

d. (

Bbl

d |

Mcf

d)

Years

Oil (Bod)

Gas (Mcfd)

Type Curve Parameters(1) Type Curve Profile

Statistical Distributions

Type Curve Cumulative Production

Wolfcamp A Area 1 | Type Curve Summary

1. IP/EUR data in Bod/MBbl (oil), Mcfd/MMcf (gas), and Boed/MBoe (total). “Per MMlb” values assume 15 MMlb proppant. 13

P99

P90

P50

P10

P1

1 10 100 1,000 10,000 100,000 1,000,000EUR (MBbl/MMcf) & IP-30 (Bod/Mcfd) per MMlb Prop.

EUR / MMlb Prop IP-30 / MMlb PropMBbl MMcf Bod Mcfd

Stat. Mean 80 662 62 372P10 125 992 92 578P90 42 385 37 203Skew (P10/P90) 3.0x 2.6x 2.5x 2.8xCount 30 28 33 33

Oil42%Gas

58%

IP-3

0 M

ix

Oil50%

Gas50%

EU

R M

ix

EUR DetailGas Total % Liq.

Oil WH Sales NGL WH Sales SalesEUR 1,194 9,936 7,949 596 2,850 3,115 57%Economic (Pre-Tax) & Capex Parameters

PV-10 PV-15 PV-20 PV-25 PV-30NPV ($MM) $14.17 $10.69 $8.44 $6.84 $5.64ROR 97%Payout (Years) (Undis. / Disc. @ 10%) 1.25 1.33ROI (Undis. / Disc. @ 10%) 5.21x 2.67xBase Case $M/Acre $34.8Capex ($MM) $8.6MD (Mft) / TLL (Mft) / Proppant (MMlb) 16.5 / 7.5 / 15.0

$7.7

$4.1 $2.9 $2.4 $2.0

$10.0

$5.4

$3.9$3.2

$2.7

0 1 2 3 4

Year

Taxes LOE

EBITDA Revenue

92%

72%

75%

69%

102%

128%

131%

132%

Opex

Type Curve

Capex

Price

0%

50%

100%

150%

200%

$15.00 $25.00 $35.00 $45.00 $55.00 $65.00 $75.00

Pre

-Tax

RO

R

Oil Price ($/Bbl)

Capex TH Price$7.60 $16.84$8.60 $19.01$9.60 $21.18

$31

$28

$22

$26

$38

$39

$43

$43

Capex

Spacing

Rigs

Pricing

$0

$50

$100

$150

$200

$250

$300

$350

05

1015

20

2530

3540

45

50

0 2 4 6 8 10 12 14 16 18

An

nu

al EB

ITD

A /

Cap

ex ($MM

)

Avg

. Pro

d. (

MB

oed

)

Year

Net Prod. EBITDA Capex

1. ROR sensitivity ranges: +/-10% for Price, Type Curve, and Opex | +/-$1MM for Capex.

2. Threshold pricing calculated by holding gas price deck at strip.

Wolfcamp A Area 1 | Type Curve Economics

Base Case: 97%

Base Case: $35M

Single-Well ROR Sensitivities(1)Type Curve Economics Summary(1)

Single-Well Revenue/EBITDA ($MM) Single-Well Oil Price/Capex Sensitivities(2)

Drill-Out Production & FCF $M/Acre Sensitivities(3)

14

LeaEddy

Reeves

Culberson

Loving

Ward

Winkler

Pecos

Jeff Davis

32%

68%

WC A Other(s)

15

Wolfcamp A | Top Operators(1)

Anadarko (215)Shell (155)Concho (147) Oxy (144) Energen (100) Cimarex (85)EOG (81)BHP (72)Noble (69)Centennial (49)Others (384)

1. Operator activity based on spudded wells since 2010.

Wolfcamp A | Wolfcamp A Structure

Wolfcamp A, overlain by the Bone Spring Formation, rapidly climbs on the Eastern edge of the

basin as it nears the Central Basin Platform

16

Lea

Eddy

Pecos

Reeves

Culberson

Jeff Davis

Ward

Chaves

Gaines

WinklerLoving

Andrews

Ector

Crane

Yoakum

0 20 40 60 8010

Miles ®

8000

9000

7000

5000

6000

4000

2000

3000

SST

VD

Fee

t

LeaEddy

Reeves

Culberson

Pecos

Ward

Loving Winkler

Jeff Davis

Gaines

Top Operator Detail | Concho Resources Position

Concho is one of the leading operators in the basin with its legacy position and vast inventory

of core acreage. The company historically focused on NM development in the Bone Spring but

has recently expanded south where the Wolfcamp reigns supreme.

17Hz Rigs 2016-17 Hz Permits Hz Wells Concho Resources Acreage Position

Concho / Jetta Operating (Jan-16)$360MM | $24M/Acre

Concho / Clayton Williams (Jan-16)Acreage Swap

Concho / Endurance (Nov-16)$434MM | $22M/Acre

Top Operator Detail | Concho Resources Operational Statistics

Spuds Through Time

Spuds by Reservoir (2010-2016) Gross Operated Production (MBoed)(2)

Avg. EUR (MBoe) and IP-30 (Boed)(1)

Avg. TLL (Mft) and Proppant (MMlb) Avg. Frac Density (lbs/ft)

EU

RIP

-30

1. 2-phase.2. Horizontal wells with first production after 1/1/2010 and publicly available production data

at time of publication.

191 258 328 391 551 185 152

213 283

387

376 410 541

675

937

435 525 611 673 855 268 201

249 289 365

703 726 860

962

1,220

2012 2013 2014 2015 2016

5.0 5.2 5.7 5.8 6.7

3.4 4.3

6.3

8.2

11.2

2012 2013 2014 2015 2016

TLL Proppant

683 820

1,112

1,400

1,654

2012 2013 2014 2015 2016

92

151

249

173

94

2012 2013 2014 2015 2016

15%

36%

10%

16%

4%

19%

BoneSpring_1 BoneSpring_2 BoneSpring_3Wolfcamp_A Wolfcamp_B NA 0

100

200

300

400

500

600

700

800

900

0

20

40

60

80

100

120

140

160

180

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

Well C

oun

t

Gro

ss M

Boe

d

Gas (Boed)

Oil (Bbld)

Well Count

Reeves

Pecos

Ward

LovingWinkler

Lea

Jeff Davis

Eddy

County Detail | Reeves Co.

The Wolfcamp (A&B) have been the overwhelmingly favorite target in Reeves County.

It is the most horizontally active county in the country with >50 rigs currently running.

19

Wolfcamp AWolfcamp BBone Spring 1st

Bone Spring 2nd

Bone Spring 3rd

Wolfcamp NABone Spring NA

County Detail | Reeves Co. Operational Statistics

Spuds Through Time

Spuds by Reservoir (2010-2016) Gross Operated Production (MBoed)(2)

Avg. EUR (MBoe) and IP-30 (Boed)(1)

Avg. TLL (Mft) and Proppant (MMlb) Avg. Frac Density (lbs/ft)

EU

RIP

-30

1. 2-phase.2. Horizontal wells with first production after 1/1/2010 and publicly available production data

at time of publication.

141 274 374 375 611

128 206

251 230

400

269 480

625 604

1,011

236 429 545 597 638 170 228

257 273 361 406

657 802 870

1,000

2012 2013 2014 2015 2016

0

100

200

300

400

500

600

700

800

900

1,000

0

50

100

150

200

250

300

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

Well C

oun

t

Gro

ss M

Boe

d

Gas (Boed)

Oil (Bbld)

Well Count

744

969

1,207

1,447 1,525

2012 2013 2014 2015 2016

4.9 5.5 5.8 6.1

7.4

3.7

5.3

7.0

8.9

11.3

2012 2013 2014 2015 2016

TLL Proppant

44%

14%2%

1%1%

38%

Wolfcamp_A Wolfcamp_B BoneSpring_3BoneSpring_2 BoneSpring_1 NA

60

142

339 313 314

2012 2013 2014 2015 2016