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Project Ozona Economic & Technical Review[8167]

Project

Project Ozona: Single Well Economics Historical Lease Operating Expense 2016 Lease Operating Expense Expense Item Opex Intangible Exp. Equip. Exp. Monthly Average MISCELLANEOUS EXPENSE $4,428.67 $0.00 $0.00 $369.06 EQUIPMENT REPLACE & REPAIR $13,626.03 $0.00 $0.00 $1,135.50 ADMINISTRATIVE OVERHEAD $0.00 $0.00 $0.00 $0.00 SALT WATER DISPOSAL $1,967.45 $0.00 $0.00 $163.95 WELL SERVICE & CIRCULATION $5,286.10 $0.00 $0.00 $440.51 POWER & FUEL $30,722.30 $0.00 $0.00 $2,560.19 PUMP REPAIR $17,252.74 $0.00 $0.00 $1,437.73 INSURANCE $1,920.00 $0.00 $0.00 $160.00 TANK BATTERY REPAIR $109.83 $0.00 $0.00 $9.15 TESTING $708.00 $0.00 $0.00 $59.00 AD VALOREM TAX $8,830.09 $0.00 $0.00 $735.84 ENGINE & MOTOR REPAIR $525.58 $0.00 $0.00 $43.80 LOCATION EXPENSE $0.00 $1,790.40 $0.00 $149.20 EQUIPMENT RENTAL $701.25 $0.00 $0.00 $58.44 OIL TREATMENT $750.00 $0.00 $0.00 $62.50 STEAMING & HOT OIL $0.00 $0.00 $0.00 $0.00 PRODUCTION CASING $0.00 $0.00 $0.00 $0.00 FRESH WATER/DISPOSAL WATER $0.00 $0.00 $0.00 $0.00 REPAIRS $0.00 $0.00 $0.00 $0.00 $86,828.04 $1,790.40 $0.00 $7,384.87 Total: $88,618.44 Average Month Cost per Well (40 active wells): $184.62 2017 YTD Lease Operating Expense Expense Item Opex Intangible Exp. Equip. Exp. Monthly Average MISCELLANEOUS EXPENSE $1,920.06 $0.00 $0.00 $240.01 EQUIPMENT REPLACE & REPAIR $26,033.23 $0.00 $0.00 $3,254.15 ADMINISTRATIVE OVERHEAD $0.00 $0.00 $0.00 $0.00 SALT WATER DISPOSAL $1,425.75 $0.00 $0.00 $178.22 WELL SERVICE & CIRCULATION $4,219.15 $0.00 $0.00 $527.39 POWER & FUEL $26,890.57 $0.00 $0.00 $3,361.32 PUMP REPAIR $3,771.78 $0.00 $0.00 $471.47 INSURANCE $2,040.00 $0.00 $0.00 $255.00 TANK BATTERY REPAIR $816.64 $0.00 $0.00 $102.08 TESTING $0.00 $0.00 $0.00 $0.00 AD VALOREM TAX $0.00 $0.00 $0.00 $0.00 ENGINE & MOTOR REPAIR $2,340.14 $0.00 $0.00 $292.52 LOCATION EXPENSE $0.00 $8,899.28 $0.00 $1,112.41 EQUIPMENT RENTAL $0.00 $0.00 $0.00 $0.00 OIL TREATMENT $0.00 $0.00 $0.00 $0.00 STEAMING & HOT OIL $1,193.46 $0.00 $0.00 $149.18 PRODUCTION CASING $0.00 $0.00 $34,858.24 $4,357.28 FRESH WATER/DISPOSAL WATER $0.00 $4,449.50 $0.00 $556.19 REPAIRS $0.00 $135.54 $0.00 $16.94 $70,650.78 $13,484.32 $34,858.24 $14,874.17 Total: $118,993.34 Average Month Cost per Well (40 active wells): $371.85 Note: LOE numbers exclude overhead charges and pumper expense. Fenix will charge $350 per well per month (total monthly charge of $14,000) for administrative overhead and $275 (1) per well per month (total monthly charge of $11,000) for pumper expense. 1. Pumper expense is inclusive of truck, fuel and insurance expense 14

Project Ozona: Single Well Economics Project Ozona Single Well Type Curve vs. Average Offset Well Type Curve (1) Conservative Projected Single Well Economics (2) Actual Offset Single Well Performance (2)(3) 1. All economic assumptions are the same as described on page 10 of this presentation except the database uses a commodity price tied to NYMEX strip as of 9/15/2017 as opposed to a $45 flat price 2. Curves are inclusive of total D&C costs (including facilities) AND full acquisition costs; price allocation assumes $30,000 per PUD location (assumes 30 total PUD locations) 3. Derived from analysis of 80 current or former active producing wells within the same field and formation 15

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