How Are We Still Drilling? DUG Midcontinent Conference 2020

Calyx is Running Only Rig in Arkoma Basin

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• Top tier results in Arkoma Woodford

• Operational efficiencies • Vendor pricing reductions

• Low cost LOE • Company owned water system

• Drillco

Oklahoma Rig Count Over Time

Mid Continent Shale Play Overview

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• 530 sections

• 145,500 net acres

▫ 52% HBP

• Woodford and Caney commercialized

• 9 Tcf recoverable

• Mayes potential over entire acreage

4 North Arkoma Acreage Overview

5 North Arkoma Type Log and Geologic Summary

Caney Shale • Conventional landing zone (siltstone) • GIP > 45 BCF/section • High amount of natural fractures • Recycled water completions limits damage due to clays

• Transition from very high early decline to very low late decline

Mayes Limestone • Consists of 70-80% brittle reservoir rock layered

between the primary source rocks of the region • Age equivalent to Anadarko Meramec Shale • Two wells drilled by Calyx to date

• Calyx Mayes play extends over majority of acreage position

Top Caney Shale

Caney Siltstone

Base Caney Target Zone

Top Mayes Limestone

Top Woodford Shale

Top Sylvan Shale

Woodford Shale • Highly siliceous shale with high TOC • World class source rock • Commercial wells to a minimum of 45’ thickness • +25% IRR at current strip

• Large completions not necessary

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Calyx acreage average gas composition (1210 BTU, 5.4 GPM)

Woodford (42 wells out of 83 total wells) represents 73% of gas production as of 7/10/2020

Calyx Growth and Production Timeline

Comparing Calyx 2020 Woodford Wells to Arkoma Basin

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Calyx is consistently achieving top tier Arkoma Woodford wells

Above chart compares 2020 Calyx Woodford well results to other Arkoma wells drilled since 2018 (IHS).

Includes Hughes, Coal, Okfuskee, Okmulgee, and McIntosh counties

Recent Woodford Results and Economics

Using 3rd party type curve and current AFE of $3.2MM, IRR > 25%

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Using strip pricing as of 6/10/20

3rd Party type curve EUR: 7.0 Bcf Qi = 7000 Mcfd; De = 96%; B = 1.5

Reducing Drilling & Completion Cost

• Current AFE $3.2MM for 10,000’ lateral

• $0.46 F&D for 7 Bcf Woodford Type Curve

Savings by Category (2019 vs Last 6 Wells) • Operational improvements: $387k/well

• Reduced pricing: $540k/well • Total savings: $927k/well

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Year # Wells

Brought Online

Avg Drilled

Lateral Length Cost/Ft Avg Cost per Well

2018 Actual 31 9,959 $426 $4,244,644

2019 Actual 27 10,367 $400 $4,147,030

2020 Actual 14 10,236 $334 $3,421,665

2020 Actual Last 6 wells 10,265 $314 $3,220,170

Data as of 6/8/2020

Improving Drilling Efficiencies

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60 days from SPUD to online for a 3 well pad

+10,000’ Laterals in Less Than 7 Days (SPUD to TD)

Completions: Attention to Detail = $$$ Saved

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• Detailed NPT tracking and analysis

• Vendor partnerships

• Continuous improvement in processes

+10 Stages/Day Completions

+20% reduction in completion costs over last year

Safety and Sustainability

• Proactive Safety Program

▫ Actively tracking vendor safety compliance and employees

▫ Vendors are Safeland trained and certified

• Commitment to Sustainability

▫ 40% increase in production in 2020 will only result in 18% increase in GHG emissions due to planned reduction strategies

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• 3 storage facilities with total 650k+ barrels storage capacity

• 4 SWD wells for relief disposal with capacity of 45k bbls/d

• Using system for brine transfer to frac

• Water system enables extremely low well LOE

13 Riverside Water System Overview

Greasy Creek

1 in-ground pit 1 above ground tank

1 SWD

Wetumka

6 above ground tanks 1 SWD

West Wetumka

2 above ground tanks 1 SWD

Klimek (North) 1 SWD

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Average 32% of produced water re-used in 2020

9MM Bbls reused since 2017

235k bbl pit w/ aeration

53k bbl AST w/ aeration

SWD 15k bbl/d capacity

Riser system with trailer mounted transfer pumps throughout field

Focus on Water Reuse

NGC Water Facility

• Focus on drilling Woodford inventory

• Bullish on 2021 natural gas pricing

• 2020 EOY target gross production of 140 to 175 MMcfe/d

• Evaluating mergers, acquisitions and other opportunities in central and eastern Oklahoma

15 2020 Outlook