Investor Presentation March 2017 - Samson Resources Presentation March 2017 77 / 115 / 161 140 / 176...

II

Investor Presentation March 2017

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II Disclaimer

Forward-Looking Statements and Risk Factors This presentation contains certain matters that may be considered “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, including statements regarding the intent, belief or current expectations and projections of the Samson Resources II, LLC (the “Company”) and its management. These statements can be identified by the use of forward-looking terminology, including “plan”, “intend”, “will”, “expect”, “anticipate”, “project”, “should”, “could” or other similar words. You are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties many of which are beyond the control of the Company, its subsidiaries, or its and their management, representatives and advisors, that could materially and adversely affect actual results. These include risks relating to our financial performance and results, our ability to improve our financial results and profitability following emergence from bankruptcy, availability of sufficient cash flow to execute our business plan, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, our ability to hedge future production, our ability to replace reserves and efficiently develop current reserves, and the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements and none of the Company, its subsidiaries, or its and their representatives and advisors undertake any obligation to update any such statements. Reserve Estimates The SEC permits oil and natural gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such term. The Company may use terms in this presentation that the SEC’s guidelines strictly prohibit in SEC filings, such as “estimated ultimate recovery” or “EUR,” “resources,” “net resources,” “total resource potential” and similar terms to estimate oil and natural gas that may ultimately be recovered. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves as used in SEC filings and, accordingly, are subject to substantially greater uncertainty of being actually realized. These estimates have not been fully risked by management. Actual quantities that may be ultimately recovered will likely differ substantially from these estimates. Factors affecting ultimate recovery include the scope of the Company’s actual drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, lease expirations, transportation constraints, regulatory approvals, field spacing rules, actual drilling results and recoveries of oil and natural gas in place, and other factors. These estimates may change significantly as the development of properties provides additional data. PV-10 PV-10 represents the present value, discounted at 10% per year, of estimated future net cash flows. The Company’s calculation of PV-10 herein differs from the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC in that it is calculated before income taxes, using strip prices as of March 1, 2017, rather than after income taxes, using the average price during the preceding 12-month period, determined as an unweighted average of the first-day-of-the-month price for each month. The Company’s calculation of PV-10 should not be considered as an alternative to the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC.

i

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II Samson Resources II Today

(1) Liquidity and net debt calculations summarized on page 5. (2) NYMEX strip pricing as of 3/8/17 shown as Natural Gas / Oil per year: 2017 $3.18 / $51.56, 2018 $3.07 / $52.17, 2019 $2.94 / $51.96, 2020 $2.91 / $52.00, 2021 $2.91 / $52.45, and held flat thereafter. (3) Includes PDP, PDNP and SEC PUDs, plus PUDs developed within 5 years assuming a 4 rig drilling program. See break out on page 3.

Samson Resources II (“Samson” or the “Company”) successfully emerged from bankruptcy on March 1, 2017

3 core asset areas in East Texas / North Louisiana, the Powder River Basin and the Green River Basin

Total debt reduced by ~$4 billion. Pro forma net debt of ~$220 million under a $280 million reserve based lending credit facility (1)

─ Pro forma asset coverage of 1.8x PDP / net debt

Strong liquidity and forecasted free cash flow generation

─ Commodity risk minimized with strong hedging program

─ Continued miscellaneous non-core asset sales resulting in additional liquidity

─ Sustained focus on cost structure with particular emphasis on reductions in lease operating expenses and corporate level expenses

~135 MMcfe/d of Q1 2017E production (72% gas / 28% liquids)

1P PV-10 of >$500 million(2)(3)

Controls ~490,000 net acres (88%+ held by production or fee minerals) of which ~473,000 net acres have exposure to emerging stacked pay opportunities in East Texas / North Louisiana, the Powder River Basin and the Green River Basin

Drilling inventory of ~7,300 gross development locations; large percentage (~2,900 gross locations) economic at current commodity pricing

─ Total 3P Resource of >7.3 Tcf

─ Long term drilling program allows for acceleration and scalability

New CEO Joseph A. Mills announced in February 2017

─ Former Chairman & CEO of Eagle Rock Energy Partners and senior officer at El Paso Production Company and Sonat Exploration Company

─ 35 year industry veteran with a strong operational and cost reduction history with particular focus on East Texas / North Louisiana and the Rockies

─ Over $10 billion in executed A&D transactions

Recently engaged Jefferies and Houlihan Lokey to review strategic alternatives

1

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II

Samson Leasehold Summary

Samson Asset Portfolio Overview (1)

Net Acres: ~240,000 (98% HBP) 1Q 2017 Prod: ~98 MMcfe/d (83% gas) Locations: 2,275 gross / 1,855 net Economic Locations: 580 gross / 370 net PD Value: ~$243 MM (2)

Substantial current production and undeveloped inventory in the Cotton Valley as well as the Haynesville Shale, where recent enhanced completion designs have unlocked large gas resources at attractive costs

East Texas / North Louisiana

Net Acres: ~153,000 (80% HBP) 1Q 2017 Prod: ~14 MMcfe/d (16% gas) Locations: 3,200 gross / 720 net Economic Locations: 800 gross / 160 net PD Value: ~$91 MM (2) Highly-economic stacked-pay oil resource with

significant industry momentum applying modern completion and drilling designs – could prove to be the next Permian Basin with high resource potential and activity

Powder River Basin

Net Acres: ~80,000 (62% HBP) 1Q 2017 Prod: ~23 MMcfe/d (90% gas) Locations: 1,805 gross / 1,390 net Economic Locations: 1,525 gross / 1,240 net PD Value: ~$66 MM (2) Highly consolidated liquids-rich gas play with

strong recent results and increased economic inventory at current prices

2

1

(1) Current production figures represent 1Q 2017E averages. (2) NYMEX strip pricing as of 3/8/17.

2

1

3

Campbell Johnson

Crook

Weston

Converse Natrona Niobrara

Louisiana Texas

Sweetwater

Daggett Moffat

Wyoming

Utah Colorado

Carbon

Green River Basin Powder River Basin East Texas / North Louisiana

Tulsa, OK, Headquarters

Green River Basin 3

Wyoming

2

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II PDP Reserve Base with Meaningful Undeveloped Value

Reserves Summary PV-10 ($M)

Nat. Gas (MMcf)

Oil (MBbl)

NGL (MBbl)

Total (MMcfe) NYMEX (1) $55.00 /

$3.00 Flat $60.00 /

$3.25 Flat

PDP 357,480 8,331 12,252 480,978 $399,339 $387,015 $448,925

PDNP 467 15 72 989 $584 $607 $722

PUD 504,020 2,038 10,095 576,818 $108,141 $128,613 $202,624

Total Proved 861,967 10,384 22,419 1,058,785 $508,064 $516,235 $652,271

Adj. Technical PUDs (2) 630,309 7,783 24,801 825,813 $69,896 $55,618 $108,121

Probable 1,195,699 37,237 70,393 1,841,479 $381,009 $397,306 $562,329

Possible 2,028,970 75,027 181,918 3,570,640 $463,457 $424,535 $580,105

Adj. Total Unproved 3,854,978 120,047 277,112 6,237,932 $914,362 $877,459 $1,250,555

Adj. Total 3P 4,716,945 130,431 299,531 7,296,717 $1,422,426 $1,393,694 $1,902,825

(1) NYMEX strip pricing as of 3/8/17. (2) Technical PUDs represent PUDs that are accounted for after the 5-year SEC rule.

Overview of Proved Developed and Undeveloped Reserves

Commodity Mix ~7,297 Bcfe of 3P Reserves ~$1,422 MM of 3P Value at Strip

3P Reserves Summary

11%

65%

25%

Oil Natural Gas NGL

7% 8%

11%

25%

49%

PDP PDNP PUDAdj PUD PROB POSS

28%

8%

5% 27%

33%

PDP PDNP PUDAdj PUD PROB POSS

3

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II Extensive, Economic Undeveloped Inventory Across Samson’s Assets

Key Points

Samson has identified ~7,300 / ~4,000 undeveloped gross / net locations across its asset areas:

Gross / Net Location Summary

ETX / NLA: 2,275 / 1,855

─ Haynesville: 570 / 360

ETX Haynesville: 460 / 300

NLA Haynesville: 110 / 60

─ Bossier: 235 / 120

─ Cotton Valley / Taylor: 715 / 645

─ Travis Peak: 755 / 730

Powder River: 3,200 / 720

─ Frontier / Turner: 400 / 80

─ Mowry: 1,000 / 240

─ Niobrara: 1,070 / 215

─ Parkman: 470 / 115

─ Shannon: 200 / 45

─ Sussex: 60 / 25

Green River: 1,805 / 1,390

─ Fort Union: 1,805 / 1,390

Samson Resources II Gross Location Inventory

FORT UNION

HAYNESVILLE

BOSSIER

COTTON VALLEY / TAYLOR

TRAVIS PEAK

MOWRY

FRONTIER / TURNER

NIOBRARA

SHANNON SUSSEX

PARKMAN

TOTAL INVENTORY

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

GREEN RIVERBASIN

EAST TEXAS POWDER RIVERBASIN

INVENTORY

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II Significant Reduction in Leverage and Strong Pro Forma Asset Coverage

Key Points

The Company reduced its total debt by ~$4 B and its annual interest expense by more than $300 MM

Share count of 22,750,000 (1)

─ MIP share count of 1,712,366 (7% of fully-diluted total)

─ MIP includes both stock options and RSUs, and features both value uplift and duration hurdles

The Company’s debt is solely comprised of a Reserve Based Loan (RBL), which has a borrowing base of $280 MM

─ Currently $245 MM drawn on RBL facility

─ The Company has a borrowing base redetermination holiday until October 2017

─ Maturity date of RBL is September 1, 2019

As of March 1, 2017, Samson had ~$60 MM in liquidity, $25 MM of which was in cash

Samson is projected to have more than 1.0x of cushion under its leverage ratio covenant for the foreseeable future

(1) An additional 824,799 options and restricted units are not included in the above number and are subject to time and performance vesting. (2) This data sets forth the Company’s cash and cash equivalents and consolidated capitalization as of the petition date on a historical basis and on a pro forma basis after giving effect to the reorganization. The preliminary pro forma data is unaudited. In

addition, the amounts shown are not final, and are subject to changes and revisions, including differences between the estimates used to develop the pro forma capitalization table and the actual amounts ultimately determined. Balances will also differ due to transactions occurring between December 31, 2016 and the emergence date of March 1, 2017.

Samson Pro Forma Capitalization ($Millions) (2)

Samson Resources Pro Forma Capitalization

Petition Date Adjustments Emergence Date

Cash & Cash Equivalents 130$ (105)$ 25$

Revolving Credit Facility 942$ (697)$ 245$

Second Lien Term Loan 1,000 (1,000) -

9.75% Senior Unsecured Notes 2,250 (2,250) -

Total Debt 4,192$ (3,947)$ 245$

Net Debt 4,062$ (3,842)$ 220$

Credit: Metrics

Net Debt / Production ($ / Mcfe/d) 1,630$

Net Debt / PD Reserves ($ / Mcfe) 0.46$

PDP PV-10 / Net Debt 1.8x

Liquidity Build-Up

RBL Borrowing Base 280$

Less: RBL Balance (245)

RBL Availability 35$

Plus: Cash 25

Total Liquidity 60$

5

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II Commodity Hedge Portfolio (as of 03/24/2017)

Key Points

Samson has active, forward hedge positions to limit its commodity price risk

Total 2017 Hedge Positions

─ Oil Volumes: 1.9 MBbl/d

─ Oil Weighted Avg. Price: $54.77

─ Gas Volumes: 76.2 MMcf/d

─ Gas Weighted Avg. Price: $3.11

─ NGL Volumes: 70.0 MGal/day

─ NGL Weighted Avg. Price: $0.62

─ % Hedged: Oil (80%), Gas (85%), NGL (61%)

Total 2018 Hedge Positions

─ Oil Volumes: 1.6 MBbl/d







Total Jan-Feb 2019 Hedge Positions

─ Oil Volumes (Jan-Feb): 1.5 MBbl/d







Oil Hedge Positions (1)

Natural Gas Hedge Positions (2)

(1) Oil hedges do not incorporate NGL volumes or pricing. (2) BTU factor of 1.02 utilized in calculation of natural gas volumes and pricing.

1.9

1.6

1.5

$54.77 $54.75 $54.75

$40.00

$45.00

$50.00

$55.00

$60.00

$65.00

-

0.5

1.0

1.5

2.0

2017 2018 2019

Pri

ce ($

/Bbl

)

Volu

me

(M

Bbl

/d)

76.2

67.0 62.4

$3.11 $3.11 $3.11

$2.00

$2.50

$3.00

$3.50

$4.00

-

22.5

45.0

67.5

90.0

2017 2018 2019

Pri

ce ($

/Mcf

)

Volu

me

(M

Mcf

/d)

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II

II

EAST TEXAS / NORTH LOUISIANA ASSET OVERVIEW

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II Overview of the ETX / NLA Asset

Notable drilling renaissance in the Haynesville and Mid-Bossier has occurred over the past 24 months, driven by enhanced completion designs

─ Increased proppant and longer lateral development have expanded EURs by ~3x over historical averages; with 30-day IP rates of 30 MMcfe/d+

Wells in core areas of the Haynesville and Cotton Valley generate 50%+ rates of return at current commodity pricing; competitive with any North American resource play

Momentum is increasing in the Mid-Bossier Shale, where operators are experiencing results that rival the Haynesville in terms of productivity / rate of return

Activity has accelerated substantially, with 37 rigs currently running in the area compared to 14 only one year ago

Advantageous geographic location from a transportation and end-market perspective results in premium pricing

Ample access to service providers should mitigate in-basin cost inflation

Assets have attracted significant attention from the M&A market; large acreage packages have transacted for upwards of $11,000 / net acre

Samson Advantages

Large acreage position across the play, with 240,000 net acres

Contiguous acreage position in core areas facilitates the development of longer-lateral, higher-returning wells

Samson’s acreage is largely HBP (98%) and has a high average NRI (~80%) which provides maximum control of development / rig efficiency

Ownership of significant infrastructure improves upstream economics and optionality

Premier Onshore U.S. Natural Gas Resource Play

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II East Texas / North Louisiana Geological Overview

Key Points

Top tier oil and gas producing basin in the United States – multiple stacked pay horizons across large area with extensive and well-developed infrastructure

Well-understood reservoir dynamics and geological characteristics over a stacked pay geologic column with significant well & seismic control

─ Extensive technical data set; including cores & micro-seismic, plus 1,037 mi2 3-D; 8,000 line miles of 2-D

─ Recent focus by industry towards areas with a higher liquids component (TX side)

Mid-Bossier shale play lies above the Haynesville

─ Similar geology and reservoir properties to the Haynesville

─ Significant stacked lateral upside in Shelby Trough area on the Texas side of the play

─ Maturing shale play, with ~200 Hz wells drilled to date

The Cotton Valley and Taylor Sand plays are stratigraphically above the Haynesville and are a series of fine-grained deltaic to barrier-bar type sand reservoirs

─ Liquids-rich; 20-35% of well stream

─ High vertical and horizontal well control

─ Stacked undeveloped Taylor potential

Additional opportunities exist in vertical Travis Peak Sands, Pettit Lime & James Lime

Play Extents

9

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II Overview of Samson’s East Texas / North Louisiana Assets

Key Points

Samson’s East Texas / North Louisiana assets include a total of ~240,000 net acres across a number of counties / parishes in East Texas and North Louisiana

Prospective for Cotton Valley sands, Travis Peak, James Lime, Haynesville and Mid-Bossier shales

Net production of 98 MMcfe/d (83% gas) – largely operated production base with a high average NRI (~80%)

Assets include significant gas gathering infrastructure to help support further development activities:

─ 20 operated gas gathering systems with a capacity to support growth (~30% utilized)

─ Systems also include operated SWD wells (<20% of permitted capacity), salt water gathering (flowing ~26,000 bwpd) and gas lift injection systems (circulating ~30 MMcf/d)

Locator Map Major Field Areas

Field Office in Longview, Texas

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II Significant Haynesville Upside in East Texas Through Optimized Completion Design

Key Points

Recent enhanced completion designs have resulted in significant increases in reserves and production

─ Offset operators have successfully tested Gen 4/5 designs which incorporate significantly larger proppant volume, with tighter stage and cluster spacing

─ Production data supports uplift seen with increased proppant loading and fracture complexity

Other operators in Texas have only systematically pumped Gen 2 jobs

─ Geologic similarities between Texas and Louisiana Haynesville should result in similar EUR increases for more advanced completion designs

─ Poised to jump the learning curve and move straight into Gen 4/5 stimulations

─ Expect similar result improvements in the Bossier Shale play

─ Samson is evaluating East Texas development potential with Gen 5 completion design

Early Generation Texas Completion Optimization Efforts Show Similar Benefit to Louisiana

Haynesville Well Performance

Haynesville Completion Designs

-

5

10

15

20

25

7,5

00

' EU

R (

Bcf

)

Central Panola

Shelby

Louisiana

State Gen 1 Gen 2 Gen 3 Gen 4 Gen 5

TX

LA

Completion Design Texas Louisiana

Gen 1 Gen 2 Gen 1 Gen 2 Gen 3 Gen 4 Gen 5

Timeframe 2008-2013 2013-2015 2008-2010

2010 Present

Illustrative Proppant

(Klbs / cluster) ~50 85 <50 65 110 150 200

Illustrative Proppant Load

(lbs / ft) ~1,000 1,600 <1,000 1,200 2,100 2,700 >3,600

Illustrative EUR / 1,000’

(Bcf / 1,000’) 0.8 1.2 1.0 1.2 1.6 2.2 >2.7

Proposed TX Design

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II Accelerating Activity Across East Texas / North Louisiana

(1) Source: IHS Enerdeq, March 2017. Represents active rigs in East Texas / North Louisiana.

Active Hz Rigs by Operator (1)

East Texas / North Louisiana Rig Count

Key Points

Over the past 12 months, the rig count in East Texas / North Louisiana has nearly tripled; from 14 in March of 2016 to 37 today

Activity in East Texas / North Louisiana has accelerated tremendously as operators continue to improve completion designs and test longer laterals

Incumbents such as GeoSouthern, Vine, Covey Park and Chesapeake continue to report strong results across the play, capitalizing on:

─ Increasing EUR / Ft and IP-30s from extended reach laterals and completion design optimization

─ Low differentials / high netbacks due to proximity to Henry Hub and LNG export terminals

─ Meaningful reductions in well costs across the play

4 4 4 4

3 3

2

37

14

TodayMarch 2016

~3x increase in Hz rigs since 2016 lows

Texas

Louisiana

12

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwj3yvyn2dHPAhULrI8KHV-EDq0QjRwIBw&url=https://secure.pds-austin.com/vine/&psig=AFQjCNH_iNPoh86hCQ1knzc3J2CDD3UVAg&ust=1476239069144065

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwja7q3o2dHPAhWKqo8KHfJcDzAQjRwIBw&url=http://www.coveypark.com/&bvm=bv.135258522,d.c2I&psig=AFQjCNHn39cHJUUpxccb7ytWefeBzsR40w&ust=1476239227013079

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II

Offset Operator Map

Substantial Rates of Return Among East Texas / North Louisiana Offset Operators

Source: Company Investor Presentations. (1) Assumes $3.00 / Mcf flat price deck.

Key Points

Due to improvements in EUR and initial production rates, and a recent reduction in D&C costs, operators are realizing strong single well rates of return across the Haynesville and Cotton Valley plays

Extended reach laterals are particularly economic, with publicly disclosed IRRs in excess of 50%+ across the public offset operator universe

Haynesville & Cotton Valley Reported IRRs (1)

10,000' 7,500' 10,000' 10,000' 4,500' 7,500' 7,500'

100% 95%

76% 70% 67%

60% 58%

Haynesville

Cotton Valley

Legend

Samson

BHP Billiton

Black Stone Minerals

Forestar Group

Sabine Oil & Gas

Vine Oil & Gas

Chesapeake

Covey Park

Indigo Minerals

Range Resources

Active Rig

Comstock

EXCO

Goodrich

GeoSouthern

PetroQuest

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II Numerous Attractive Results Offset to Samson’s Position

Haynesville

Well Name Operator LL (ft) IP30 (MMcf/d) Prop (lbs/ft) Prod Date

CA 12 & 13-15-15 1H Chesapeake 9,747 38.0 (1) 3,000 16-Jun

PCK 13 & 24 & 25-15-15 1H Chesapeake 7,062 31.0 (1) 2,700 16-Jul

PE 36 & 25-15-15 HC 1 Chesapeake 9,759 21.7 1,516 15-Nov

Gamble 4-33 HC 1 Comstock 7,547 20.6 2,878 15-Oct

Harrison 30-19 HC 1 Comstock 7,063 17.8 2,730 16-May

Pyle 6-7 HC Comstock 7,578 21.0 2,588 15-Apr

Ramsey 7-18 HC Comstock 7,124 20.0 2,792 15-Aug

Shahan 5-8 HC 1 Comstock 6,880 17.5 2,855 15-Apr

Oden R P SR 35-2 1 Covey Park 7,442 22.5 3,585 15-Oct

Oden R P SR 35-26 1 Covey Park 6,870 21.9 3,683 15-Oct

Sarge Unit - 1 HR EOG 5,100 18.6 1,866 12-Mar

Whitaker 9-4 HC 1 EXCO 7,597 19.6 2,613 16-Jul

Whitaker 9-4 HC 2 EXCO 7,596 20.2 2,785 16-Jul

Bison Du - 1H Exxon 8,533 21.8 1,427 14-Apr

Liston W L - 8H Exxon 7,752 13.4 1,299 13-Jan

Bertolla 30-31 HC 1 GeoSouthern 7,442 15.9 3,617 14-Mar

Black Stone 12-7 HC 2 GeoSouthern 6,366 20.3 3,098 13-Jun

Marston James 30-31 HC 2 GeoSouthern 7,561 17.3 3,668 14-Feb

Dunaway GU 6H Sabine O&G 6,976 14.6 NR 16-Feb

Panola Dev Gas - 1H Sabine O&G 3,928 9.1 1,903 13-May

Golson 3 SU74 3 Vine 4,661 18.8 4,749 15-Nov

Red River LA1 LP 21H 1 Vine 4,574 21.1 3,556 16-Jan

Robertson Clay 14 2 Vine 4,625 16.7 3,794 15-Oct

San Patricio 7H 3 Vine 4,570 15.1 3,376 16-Jan

Shaw Bill 36 H 1 Vine 4,562 16.3 3,107 15-Oct

Walton Robert 10H XTO 7,314 12.2 1,286 13-Jan

Mid-Bossier


IWI 14 & 23-10-13 2H Chesapeake 7,251 16.8 1,916 16-Apr

Jordan 16-21 HC 1 Comstock 7,430 14.5 2,762 16-Jan

Grizzly 1 Crimson 4,190 9.6 1,017 10-Jul

Hassell GU 2H EOG 3,517 19.3 1,639 10-Mar

Marvin Hardy 1H EOG 4,442 17.2 1,144 10-Nov

Olympia Minerals 2-35 HC-01 GeoSouthern 6,016 11.6 2,733 13-Dec

Olympia Minerals 4-9 HC 1 Vine 5,604 12.1 3,509 16-May

Brahmaputra 1HB XTO 8,694 11.7 1,955 15-Oct

Pechora B 1 XTO 6,720 12.4 1,831 14-Aug

Thundering Herd 1HB XTO 4,848 11.2 692 11-Oct

Ural B 1SL XTO 6,385 9.5 1,411 14-Jun

20

14

15

11

4 8

9 10

12 13

16

18 17

21

22

23

24

25

3

5

1 2

15

16

17

18

20

22

23

26

27

29

31

19

14

34

28

33

35

36

37

4

5

7

10

30

13

12

6

8

9

11

21

24

25

32

1

2

Note: If not otherwise noted, wells reflect public data from IHS Enerdeq. (1) Reflects restricted drawdown rate and peak exhibited rate from Chesapeake IR presentations.

3

Cotton Valley


Medlin-Youngblood 3H PetroQuest 4,652 9.2 795 16-Feb

Werner Sawmill 4H PetroQuest 3,107 12.3 742 14-Jul

Owens-Shaw 2H Samson 6,105 8.2 1,030 14-Dec

Twomey Heirs-Hancock Smith Alloc Samson 4,335 8.9 732 15-Mar

Taylor


Rogers-Jones GU 2H Memorial 6,368 9.0 1,600 15-Nov

Blake Caroline 1H Samson 4,657 6.9 1,102 15-Jan

Adams WT 2H Valence 5,684 4.4 910 15-May

38

40

39

42

44

43

28 27

32 33

29

30 31

36

6

7

19

26

34 35

37

39

41 40

42

44

43

Cotton Valley

Mid-Bossier

Taylor

Wells by LZ Haynesville

Legend Active Rig

41

38

Texas Louisiana

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II

East Texas / North Louisiana Precedent Transactions

TTV Total Net Daily Prod. $ / Mcf/d $ / Net Acre

Date Buyer Seller ($MM) Acres (MMcf/d) ($/Mcf/d) ($/Acre)

12/20/16 Covey Park Chesapeake 465$ 41,500 50 9,300$ 11,205$

12/05/16 Undisclosed Chesapeake 450 78,000 30 15,000 5,769

10/31/16 Castleton Anadarko 1,000 104,600 272 3,676 9,560

06/06/16 Sheridan Devon 525 138,000 133 3,947 3,804

04/28/16 Indigo BEUSA 250 22,500 20 12,500 11,111

03/18/16 Covey Park EP Energy 420 34,167 113 3,717 12,293

08/25/15 GeoSouthern Encana 850 112,000 217 3,917 7,589

Mean 7,437$ 8,762$

Median 3,947$ 9,560$

Strong Recent Transaction Valuations Across East Texas / North Louisiana

Key Points

Recent transactions have implied multiples of >$11,000 / net acre

Samson’s ~240,000 net acres lie offset to some of the highest $ / acre metrics reported in the last 2 years

East Texas / North Louisiana Transaction Map

Covey / EP

GSE / ECA Covey / CHK

Samson

North

South

Indigo / CHK

CCI / APC Indigo / Beusa

Sheridan / DVN

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II Significant Undeveloped Haynesville and Mid-Bossier Inventory

Key Points

Samson has identified 805 gross / 480 net Haynesville / Bossier locations across its East Texas / North Louisiana acreage

Locations prospective across 4 areas:

─ Panola “Core”

─ Bracky Branch (DeSoto / Red River)

─ Huxley (Shelby)

─ Herrera (Nacogdoches)

Type Log

MID-BOSSIER 150-175 ft

HAYNESVILLE 150-200 ft

250 ft

Haynesville / Bossier Undrilled Inventory

Consolidated Blocks of Acreage in Core Area

Haynesville Shale (570 gross / 360 net)

Bossier Shale (235 gross / 120 net)

Undeveloped Locations (805 gross / 480 net)

Haynesville Panola “Core” Area (300 Gross / 200 Net)

Huxley (115 Gross / 85 Net)

Herrera (315 Gross / 140 Net)

Bracky Branch (75 Gross / 55 Net)

16

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II Large Cotton Valley / Taylor Sands Inventory Driven by Detailed Technical Analysis

Key Points

Samson has identified 715 gross / 645 net Cotton Valley and Taylor Sands locations across its East Texas / North Louisiana acreage

Locations prospective throughout multiple horizons:

─ SE Carthage Trend + Oak Hill Trend

Upper Cotton Valley Sands

150-300 ft gross stacked sands

─ Taylor “Barrier Island” Sand Trend

Longshore, Barrier Island sand trends over tens of miles

Lower perm, elongated reservoirs

Liquids yields up to 20 Bbls/MMcf

Potential for extended laterals

─ Travis Peak / Pettit James Shallower Trend

755+ gross inventory locations

Economic viability driven by capital efficiencies

Recompletion inventory opportunity

Upper Cotton Valley Trend / Taylor Sand Trend Undrilled Inventory

Type Log

Taylor Sand

Cotton Valley

Undeveloped Locations (715 gross / 645 net)

17

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II

II

POWDER RIVER BASIN ASSET OVERVIEW

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II Overview of the Powder River Basin Asset

Play contains 4,000 feet of oil-charged stacked pays, similar to the Permian Basin from a resource perspective

Results thus far across numerous formations have been strong; asset is economic at current pricing

─ The Parkman, Frontier/Turner, Niobrara, Sussex, Shannon and Mowry have each demonstrated strong results across broad areas

Development activity is accelerating across the play; permitting activity up >80% year-over-year

Momentum is being driven by a number of the leading U.S independents, including EOG, Devon, Chesapeake and others

Recent major transactions, including EOG’s acquisition of Yates, and Devon’s acquisition of RKI, further demonstrate industry support for these assets

New gas processing capacity and increasing oil takeaway alleviates historical infrastructure constraints

Samson Advantages

Significant acreage position with 153,000 net acres, largely HBP (80%)

Acreage falls within the core development window of a number of key horizons and is offset by Devon Energy, EOG Resources and SM Energy, among others

Highly contiguous acreage blocks facilitate the development of longer-lateral, higher rate of return wells

Meaninguful Stacked-Pay Oil Resource

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II Powder River Basin – Stacked Pay Basin Provides Significant Upside

Key Points

The Powder River basin contains highly attractive stacked pays, which are present across the basin

Upper targets are oil-prone tight sands with higher permeability than shale plays and generally require less stimulation (lower capex) than shale resource plays

─ High BTU gas with attractive NGL content for further enhanced value

Primary targets are the Parkman, Sussex and Frontier formations

─ Near-term development upside in the Shannon, Niobrara and Mowry as industry players de-risk the play utilizing modern drilling and completion designs

Samson positioned in the core of emerging Niobrara and Mowry resource plays

─ 1,070 mi2 3-D seismic, 281 mi2 proprietary 3-D

─ Large contiguous acreage block optimal for development

─ Industry best in class wells offsetting Samson position

Type Log Stratigraphic Column

Formation

Powder River Basin Coal

Lance

Lewis Shale / Teckla Sand

Mesaverde Teapot

Parkman

Steele Shale Sussex

Shannon

Cody Shale

Niobrara

Carlile Shale

Frontier

Wall Creek / Turner

Emigrant Gap

Belle Fourche

Mowry Shale

Muddy / Newcastle

Dakota

Lakota

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II

Type Log Comparison Key Points

Over 4,000’ gross column in both the Powder River and Delaware Basins

Both basins have ~10 targets with opportunity to stack multiple wells within certain formations

The Powder River Basin is generating favorable returns even without widespread use of enhanced completions and realization of cost savings through efficiencies

Powder River Basin Compares Favorably to Delaware Basin

Powder River Basin

Delaware Basin

Over-Pressured

Depth

Significant OOIP

Conventional Targets

Unconventional Targets

High % Oil

Large Hydrocarbon Column

A Teapot

Parkman

Sussex

Shannon

Niobrara Marl

Niobrara Chalk

Frontier/Turner Third Bench

Mowry

Frontier/Turner First Bench

Steele

Gammon Bentonite

Powder River Basin Powder River Basin

Brushy Canyon

Avalon

1st Bone Sand

1st Bone Shale

2nd Bone Sand

2nd Bone Shale

3rd Bone Sand

XY Sands

Wolfcamp A

Upper Wolfcamp B

Lower Wolfcamp B

Delaware Basin Delaware Basin

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II

Powder River Basin Activity

Strong Results Across Multiple Formations Offset Samson’s Assets

Acreage Samson

Hartzog Draw Unit 4535H 911 Boe/d IP30

Shannon Denbury

Leavitt Trust 12-4TH 1,247 Boe/d IP30

Turner Ballard

Bolt 241-06H 2,200 Boe/d IP30

Parkman EOG Resources

Flatbow 212-162 1H 1,307 Boe/d IP30

Turner EOG Resources

Chimney Cone 34-34TH 970 Boe/d IP30

Turner MCL1 Oil and Gas

Bolt 1-35H 1,150 Boe/d IP30

Mowry EOG Resources

Arbalest 60-3502H 1,162 Boe/d IP30


Arbalest 66-0607H 1,867 Boe/d IP30

Turner EOG Resources

Mary’s Draw 468-34H 1,035 Boe/d IP30


PRCC 224071-2TH 1,380 Boe/d IP30

Turner Devon Energy

Crow Unit 37-69 16-1TH 729 Boe/d IP30

Teapot Devon Energy

Crow Unit 37-69 27-1TH 966 Boe/d IP30

Teapot Devon Energy

Breckenridge Unit 14-20-1H 572 Boe/d IP30

Teapot Systems Petroleum Inc

Graham 26-35-71 A SX 10H 995 Boe/d IP30

Sussex Chesapeake

Combs 17-33-70 A 2H 1,730 Boe/d IP30

Niobrara Chesapeake

Wagonhound 33-71 30-1H 936 Boe/d IP30

Frontier Chesapeake

Hornbuckle 15-33/28H 1,634 Boe/d IP30

Frontier Helis O&G

Tuesday Draw 3874-26-35-3SH 1,130 IP30 Boe/d (reported)

Shannon Wold

Federal 15W-10-3 H 1,550 Boe/d IP30

Frontier Helis O&G

Manning Fed 41-0817 38-73BH 1,143 Boe/d IP30

Sussex Samson Resources

Wibaux Gold Fed 4076 10-3-1SH 870 Boe/d IP30

Shannon SM Energy

Ballista 213-1301H 1,274 Boe/d IP30

Niobrara Chesapeake

Dilts 44-14 TH 1,542 Boe/d IP30

Turner Ballard Petroleum

Iberlin Fed 1-6TH 923 Boe/d IP30

Turner Peak Powder River Resources

Roufus 4779 13-1FH Completion sched. 4/17

Frontier ConocoPhillips (SRC OBO)

Key Points

Samson’s Powder River asset includes a total of ~153,000 net acres across Converse, Johnson and Campbell Counties, WY

─ Acreage is ~80% HBP

─ Current net production of 13.8 MMcfe/d (84% oil)

Prospective for a number of key formations including the Sussex, Shannon, Parkman, Teapot, Turner, Niobrara and Mowry/Muddy among others

─ Recent industry activity has resulted in initial production rates of over 1,000 Boe/d 30-day IP (90%+ oil) in Shannon, Niobrara, Sussex, Frontier/Turner and Mowry

─ Samson acreage offsets emerging Niobrara activity with 30-day IP over 1,100 Boe/d (2,500 lbs/ft completions)

─ Multiple industry Turner offsets to Samson acreage exceed 500 MBoe in first 12 months

─ Two section wells with larger completions continue to increase return on investment

22

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II Growing Industry Momentum Across the Basin Supports Samson Acreage Potential

Legend Samson

Anadarko

Anschutz

Chesapeake

Contango

EOG

Kirkwood

Liberty Resources

M&K Oil Company

Petro-Hunt

SM Energy

True Oil

Yates

Ballard

Blackstone

Citation

Devon

Storm Cat

Active Rigs: 1

Q4 ‘16 Net Prod.: 90 MMcfe/d

Net Acres: 470,000 net acres

“Our Rockies position…we feel, again, that we have cored up the Tier 1 opportunities in the Powder River Basin. It's an area that we have been engaged in for some 20-plus years. We've done some of the best work in our portfolio…with our Powder River work.”

Tony Vaughn, COO November 18, 2016

Active Rigs: 1-2

Q4 ‘16 Net Prod.: 72 MMcfe/d


“Today [the most unrecognized asset in our portfolio] is clearly the Powder River Basin. With the technology and the learnings from other areas, this is emerging as a really, really exciting area that we're looking forward to sharing more results as the year goes on.”

Douglas Lawler, CEO February 14, 2017

Active Rigs: 2-4


“We had great success in the Powder River Basin during 2016… [Our] Turner wells compete with the best inventory in the company… We are expanding [the Powder River Basin drilling] program in 2017 to complete 30 net wells and we look forward to blocking up acreage, applying longer laterals, adding to our premium inventory and exploring the 4,800 feet of stack pay.”

David Trice, EVP of Exploration February 28, 2017

Active Rigs: 1

Net Acres: ~156,000 net acres

“[This Rockies acreage] is a terrific asset that provides attractive full-cycle returns.”

Jay Ottoson, President and CEO October 3, 2016

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II

Hz Permits Locator Map

Activity in the Powder River Basin Continues to Ramp

Sources: Company investor presentations and publicly available information.

Key Points

Horizontal permits have continued to increase annually

─ 2016 Hz permits in excess of 3,000

─ Represents a 83% increase year-over-year

─ 4 year CAGR of 51%

─ 2017 on pace for >4,000 permits filed

The majority of activity has taken place in Southern Campbell and Northern Converse Counties near the core of the Turner / Parkman area

Hz Permits by Year

905

1,284

1,715

3,131

2013 2014 2015 2016

Acreage Samson

2016

2015

2013

2014

Hz Permits

Rig and Permitting Activity

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II

February & March 2017 Federal Lease Auction Map

Premium Acreage Valuations in Recent Federal Auctions

Source: BLM Federal lease sale results.

February & March 2017 Lease Sale Results

161 $16,500 / acre

126 $10,500 / acre

129F $13,500 / acre

131 $12,000 / acre

130 $11,500 / acre

127 $12,000 / acre

123 $10,000 / acre

Legend Bids ($ / Acre)

Samson

>$10,000

$5,000 - $10,000

<$100

$500 - $5,000

$100 - $500

Campbell

Converse

Johnson

Natrona

Key Points

The recent Wyoming BLM February and March 2017 lease auctions gave a strong indication that value for core Powder River Basin acreage is in excess of ~$15,000 / acre

The highest $ / acre acreage parcels lie directly offset to Samson’s acreage in Campbell County

Parcel # Auction Month Acres $ / Acre

161 February 2017 317 $ 16,500

121 March 2017 40 $ 15,001

120 March 2017 39 $ 13,501

129M March 2017 480 $ 13,501

129F February 2017 791 $ 13,500

127 February 2017 1,512 $ 12,000

131 February 2017 207 $ 12,000

130 February 2017 648 $ 11,500

125 March 2017 159 $ 10,599

126 February 2017 120 $ 10,500

123 February 2017 1,760 $ 10,000

116 March 2017 120 $ 8,501

117 March 2017 80 $ 8,401

121 $15,001 / acre

120 $13,501 / acre

129M $13,501 / acre

125 $10,599 / acre

116 $8,501 / acre 117

$8,401 / acre

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II

Powder River Basin Undrilled Inventory

Meaningful Development Potential Across Samson’s Undrilled Position

Key Points

Samson has identified 3,200 gross / 720 net locations across its Powder River Basin acreage

Locations prospective throughout 6 horizons

─ Parkman

─ Sussex

─ Shannon

─ Niobrara Formation

─ Frontier / Turner

─ Mowry Shale

Other potential exists in:

─ Teapot

─ Deeper Muddy Formation

─ Dakota / Morrison

Current Development Cube Schematic (1)(2)

Undeveloped Locations (3,200 gross / 720 net)

Sussex

Parkman

Niobrara

Mowry

Frontier / Turner

Shannon

Primary Target

Density Assumption

2 wells / section

2 wells / section

2 wells / section

4 wells / section

2 wells / section

4 wells / section

(1) Reflects current industry density assumptions. Further down-spacing expected in the future. (2) Samson’s inventory is designed around 2-section lateral length wells, approximately 10,000’.

26

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II

II

GREEN RIVER BASIN ASSET OVERVIEW

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II Overview of the Green River Basin Asset

Stacked development potential from the Fort Union, Almond, Lewis Shale and Lance intervals

─ Multiple proven petroleum systems, locally sourced, with most of the recent production coming from the Lance-Fort Union formations and the Lewis Shale systems

─ Analogous to established gas manufacturing resource plays such as Jonah, Pinedale and Wamsutter

Strong recent well results in Samson’s Barricade/Endurance area indicate considerable development potential in the Fort Union horizon

─ ~1,000’ gross interval creates opportunities for multiple targeted completions/zones within the Fort Union

─ Pad drilling in the Fort Union will continue to improve costs and economics across the play

─ Potential for horizontal and vertical down spacing as interval delineation continues

─ Deeper horizon/target upside in Lewis and Lance

Samson has a meaningful position in the Wamsutter Field with positive offset development results by BP and others

Samson Advantages

Samson acreage located in the geologic core of the thermally mature, over-pressured reservoir in the Ft Union

Liquids-rich gas play with strong recent results

Significant economic inventory at current prices

Highly consolidated, contiguous operated acreage position with high working interest and control

Samson’s future plans include implementing “Gen 2” completion design to enhance recoveries & increase EURs

300% increase in sand volumes and 50% increase in total stages

Early Results from Multiple Stacked-Pay Zones Indicates Large Potential for Gas Resource

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II

Green River Basin Asset Map

Green River Basin Asset Overview

Key Points

Samson’s Greater Green asset includes a total of ~80,000 net acres across Carbon and Sweetwater Counties, WY

─ Acreage is ~ 62% held by production

─ Current net production of 22.7 MMcfe/d (90% gas)

Prospective for over 1,000’ of stacked Ft. Union pay

Large contiguous block optimal for pad drilling, centralized facilities and midstream take away. Ample takeaway capacity exists to support future development activity

662 mi2 3-D data over Ft. Union play; 190 mi2 proprietary 3-D in Green River Basin

Vertical Ft. Union plan ready for 2017/18 Stip season rig activity, pending permitting successes (1)

Fort Union

Well Name LL (ft) Gas Peak Rate (Mcf/d)

Oil Peak Rate (Bbl/d)

Barricade – 11-7 Vertical 4,923 120

Barricade – 32NE-6D Vertical 3,920 175

Polar Bar #2 Vertical 4,500 83

Barricade – 14-01V Vertical 4,540 136

Barricade - 24-36S2MH 5,181 12,662 243

Barricade - 41-6S1MH 5,138 21,003 602

Barricade - 41-6S1LH 3,566 15,610 254

Barricade Unit - 14-01H 4,002 12,158 402

4

5

7

6

8

1

2

3

Sweetwater

Carbon

Moffat

Wyoming

Colorado

(1) Stip season is generally between March 1 and July 31.

Ft. Union Wamsutter

Wamsutter

Well Name LL (ft) Gas Peak Rate (MMcfe/d) Stimulation

BP Latham Draw 11-160H MSVD 2,812 IP30: 1.4 873 lbs/ft Gen 1 BP Champlin 452-J 9-20H MSVD 3,914 IP30: 10.8 1,667 lbs/ft Gen 2 BP Latham Draw 3-40H MSVD 2,624 IP30: 11.7 2,109 lbs/ft Gen 3 BP High Point 23-155H LEWIS 3,765 IP30: 7.6 1,806 lbs/ft Gen 2

Acreage

Wells

Samson

Vertical

Horizontal

B

C A

D

A B C D

BP currently drilling MSVD

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II

Washakie Basin Structure

Fort Union: An Emerging Play with Multiple Target Benches

Key Points

The Fort Union is a complex stratigraphic section containing sand, silt, shale, and coals with an interbedded source

Over 1,000 ft of vertical liquids-rich, over-pressured sand makes for an optimal resource style target

New completions and tighter stage spacing maximizes gas recovery

Ongoing delineation under way to determine play extent, and primary target zone(s) and additional stacked formations

Fort Union

Lance

Fox Hills

Lewis

Mesaverde

Type Log

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II Substantial Remaining Inventory Across Samson’s Ft. Union Asset

Key Points

Samson has identified over 1,805 gross / 1,390 net locations across its Green River Basin acreage

~1,000’ gross interval of charged hydrocarbons

Positioned for accelerated capital deployment and efficiency through pad development

Liquids yields up to 50 Bbls/MMcf through Gen 2 stimulation with limited entry

Designed for centralized facilities and infrastructure

Modeled spacing at 27 acres with analogous reservoirs testing 10 acre spacing

Key Upside

Incremental resource available through exploitation of deeper horizons (Lance / Lewis / Mesaverde)

Gen 2 completions are comprised of 300% increase in total sand volumes and a 50% increase in total stages

Undrilled Vertical Inventory

Barricade Unit

Endurance Unit

Offset Federal Units - Lewis

Undeveloped Locations (1,805 gross / 1,390 net)

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77 / 115 / 161

140 / 176 / 140

235 / 245 / 255

Fill: 210 / 227 / 242

Out: 0 / 0 / 255

Fill: 222 / 242 / 224

Out: 0 / 128 / 0

Fill: 255 / 228 / 135

Out: 255 / 153 / 0

Fill: 255 / 217 / 217

Out: 192 / 0 / 0

Fill: 230 / 205 / 255

Out: 102 / 0 / 204

II

II

APPENDIX

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77 / 115 / 161

140 / 176 / 140

235 / 245 / 255

Fill: 210 / 227 / 242

Out: 0 / 0 / 255

Fill: 222 / 242 / 224

Out: 0 / 128 / 0

Fill: 255 / 228 / 135

Out: 255 / 153 / 0

Fill: 255 / 217 / 217

Out: 192 / 0 / 0

Fill: 230 / 205 / 255

Out: 102 / 0 / 204

II New Board of Directors

Joseph A. Mills President and CEO

Mr. Mills has nearly 35 years of experience in the oil and gas industry, including public company management experience. Most recently, he served as Chairman of the Board and CEO of Eagle Rock Energy Partners, where he was responsible for creating and managing the strategic direction of the company and its growth. Prior to that role, he founded and served as CEO of Montierra Minerals & Production, L.P., a private equity backed mineral and upstream company. He has also served as Senior Vice President of Operations for Black Stone Minerals, L.P., Senior Vice President of El Paso Production Company and Sonat Exploration Company. Mr. Mills serves on the Board of the Houston Producers Forum and is a member of the University of Houston Energy Advisory Board. Mr. Mills holds a BBA in Petroleum Land Management from the University of Texas, Austin and an M.B.A. in Finance from the University of Houston.

Eugene Davis Chairman

Mr. Davis is the chairman and CEO of PIRINATE Consulting Group, LLC, a privately held consulting firm specializing in turnaround management, merger and acquisition consulting and hostile and friendly takeovers, proxy contests and strategic advisory services for domestic and international public and private business entities. Since forming PIRINATE in 1997, Mr. Davis has advised, managed, sold, liquidated and served as a CEO, CRO, Director, and Chairman of the Board of a number of businesses. Previously, Mr. Davis served as President, Vice Chairman and Director of Emerson Radio Corporation and CEO and Vice Chairman of Sport Supply Group, Inc. Mr. Davis holds a bachelor’s degree from Columbia College, a master of international affairs degree (MIA) in international law and organization from the School of International Affairs of Columbia University, and a J.D. from Columbia University School of Law.

Phillip Gayle Director

Mr. Gayle is a Co-Founder and Managing Partner of Millennial Energy Partners. During Mr. Gayle’s tenure at Millennial, he has secured private equity investments in excess of $300 million leading to direct participation in the drilling and completion of over 100 wells across most major unconventional plays in the US Lower 48. Prior to Millennial, Mr. Gayle served as VP of Business Development for Central Crude, Inc. where he managed commercial contract negotiations governing the company’s oil and gas exploration and production operations throughout Louisiana and Texas. Prior to that, he worked as an independent petroleum landman for El Paso Exploration & Production, Chesapeake Energy and several other small independent oil and gas companies. Mr. Gayle earned a Bachelor of Business Administration degree in Management and Entrepreneurship from Louisiana State University’s E.J. Ourso College of Business.

Matthew Bonanno Director

Mr. Bonanno joined York Capital Management in July 2010 and is a Partner of the firm. Mr. Bonanno joined York Capital from the Blackstone Group, where he worked as an associate focusing on restructuring, recapitalization and reorganization transactions. Prior to joining the Blackstone Group, Mr. Bonanno worked on financing and strategic transactions at News Corporation and as an investment banker at JP Morgan and Goldman Sachs. Mr. Bonanno is currently a member of the board, in his capacity as a York employee, of Rever Offshore AS, all entities incorporated pursuant to York’s partnership with Costamare Inc. and Augustea Bunge Maritime, Next Decade LLC and Vantage Drilling Co. He received a bachelor’s degree in history from Georgetown University and an M.B.A. in finance from The Wharton School of the University of Pennsylvania.

L. Spencer Wells Director

Mr. L. Spencer Wells co-founded Drivetrain, LLC and Drivetrain Advisors in December 2013 and serves as its Partner. Mr. Wells has more than 16 years of experience in analyzing, advising and investing in public and private companies. Prior to Drivetrain, he served as a Partner at TPG Special Situation Partners and has remained a Senior Advisor. Prior to that, he worked at Silverpoint Capital as a Partner and Portfolio Management, where he oversaw investments in energy, chemicals, and buildings products sectors. Mr. Wells earned his M.B.A. with honors from Columbia University in 1997 and his B.A. degree from Wesleyan University in 1992.

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