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East Denver Niobrara Single-Well

Economics

1

18

Type Curve Production Volumes

(1) Based on Probable category reserve projections from MaCartney Engineering, LLC reserve report dated 22 August, 2016, assumes NYMEX strip commodity pricing as of 12 August, 2016;

excludes corporate overhead, income taxes and midstream tie-in capex.

$0

$100

$200

$300

$400

$500

$600

$700

$800

2017

2018

2019

2020

2021

Monthly EBITDA ($000)

0

200

400

600

800

1000

1200

1400

1600

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Daily Production

Oil (MBopd)

and

Gas (MMcfpd)

Mbopd

MMcfpd

($5)

($4)

($3)

($2)

($1)

$0

$1

$2

$3

$4

$5

$6

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Cumulative Free Cash Flow ($MM)

Single Well Monthly EBITDA

Single Well Cumulative Free Cash Flows

IRR

ROI

NPV10

Program

(%)

(x)

($MM)

Single Well

92%

2.5x

$3.6

6 Wells

92%

2.5x

$21.5

24 Wells

92%

2.5x

$129.1

Unlevered Project Economics

Payout in less than one year

Unlevered IRR of 92%

Six-well NPV of $21.5 MM

Gross EUR’s of 563 MBOE (60% oil)

50% of lifetime production in first 2.5 years

Project Key Points