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Project Ozona Economic & Technical Review[8167]

Project

Project Ozona: Single Well Economics Drilling & Completion AFE (not inclusive of estimated $5k of facilities cost per well) (1) Drilling AFE Drilling Costs ACCT CODE DESCRIPTION ORIGINAL SUPPLEMENT TOTAL 220/15 Bits & Mills (12-1/4" & 7-7/8") $0 $/Bit No. $0 $0 220/20 Casing Crews & Equipment $4,000 $/Day 3 Days 220/25 Cement/Cementing Services (8-5/8") . 220/25 Cement/Cementing Services (5-1/2") 220/30 Contract Labor $350 $/Day 8 Days 220/35 Daywork $425 $/Hr 50 Hrs 220/40 Directional Drilling $7,100 $/Day 3 Days 220/45 Engineering Services $/Day Days $3,000 220/50 Equipment Rental $575 $/Day 8 Days 220/55 Inspect/Test/Repair/Replace $/Day Days 220/60 Fishing $/Day Days 220/65 Footage $28 $/Ft 1,500 Ft 220/70 Fuel/Lube/Oil/Grease $100 $/Day 8 Days 220/75 Coring $0 $/Day 0 Days 220/75 Core Evaluation 220/90 Location & ROW $5,000 220/110 Rig Move (RU & RD) + trucking $/Well 1 Ea 220/120 Service Rig $/Day Days 220/125 Snubbing/Coil Tubing Unit $/Day Days 220/135 Supervision $1,500 $/Day 5 Days $7,500 220/140 Surface Damages . 220/145 Swabbing Services $/Day Days 220/150 Transportation $1,400 $/Day 8 Days 220/155 Turnkey . $70,000 220/160 Drilling Fluids $1,200 $/Day 8 Days 220/170 Well Testing $/Day Days 220/175 Wireline Services/Logging $8,200 $/Day 1 Days Total Intangible Cost $85,500 $0 $0 240/10 Intermediate Casing/Liner $/Ft Ft 240/20 Labor $500 $/Day 2 Days 240/35 Misc Fittings/Equipment 240/40 8-5/8" 24 ppf LS Casing $10.01 $/Ft 850 Ft $8,509 240/40 5-1/2" 15.50 ppf LS Casing $6.81 $/Ft 1,500 Ft $10,215 240/50 Tangible Drilling Equipment 240/80 Wellhead Equipment 240/155 Turnkey Equipment Total Tangible Cost $18,724 $0 Total Intangible + Tangible Cost $104,224 $0 Contingency $0 $0 Management Fee (10%) $0 $0 Taxes (8.25%) $8,598 $0 $0 TOTAL $112,822 $0 $0 Completion AFE Completions Costs ACCT CODE Intangible Cost ORIGINAL 225/15 Bits and Mills $/Bit No. 225/20 Casing Crews & Equipment 225/25 Cement/Cementing Services 225/30 Contract Labor $/Day Days 225/35 Daywork $/Day Days 225/45 Engineering Service $/Day Days 225/50 Equipment Rental $/Day Days 225/55 Inspect/Test/Repair/Replace $/Day Days 225/60 Fishing $/Day Days 225/70 Fuel/Lube/Oil/Grease $/Day Days 225/75 Geo Steering/Micro Seismic 225/90 Location & Row (Electrification) $4,000 225/95 Misc Service/Expense/Equip 225/105 Overhead $/Day Days 225/105 Perforating Services $5,700 225/110 Rig Move 225/115 Road Work 225/120 Service Rig $/Hr Hours $2,400 225/125 Snubbing/Coil Tubing Unit $/Day Days 225/130 Stimulation Services $4,000 225/135 Supervision $1,500 $/Day 1 Days $1,500 225/145 Swabbing Services $/Day Days 225/150 Transportation $/Day Days 225/155 Turnkey 225/160 Water & Drilling Fluids $/Bbl Bbls 225/170 Well Testing $/Day Days 225/175 Wireline Services/Logging/ $3,750 225/790 Contingency 225/800 Non-Op IDC Completions $21,350 ACCT CODE Tangible Cost ORIGINAL 245/10 Compressor 245/15 Electrical 245/20 Labor $/Day Days 245/25 Line Pipe/Flowline $/Ft Feet $2,000 245/30 Metering Equipment 245/35 Misc Fittings/Equipment $2,500 245/40 Casing $/Ft Feet 245/45 Production Tubing $/Ft 1,600 Feet $5,000 245/50 Pumping Unit/Prime Mover (Refurbished) $2,500 245/55 Subsurface Equipment/Packers 245/60 Sucker Rods/Down Hole Pump $/Ft 1,600 Feet $5,000 245/60 Surface/Prod Equipment 245/70 Tangible LW & E 245/75 Production Tanks $/Tank No. 245/80 Wellhead Equipment 245/85 Separator Heater Treater 245/90 Pumping Unit/Prime Mover 245/110 Compressor Total Tangible Cost $17,000 TOTAL $38,350 1. These AFEs are fully bid-out on a single well basis; cheaper AFEs are anticipated with the larger, PUD drilling program 16

Top of Greyburg Project Ozona: Single Well Economics Greyburg through San Andres Cross Section (northern portion of property (Sec. 5, 61 & 84) Vaughn #34, Sec. 5 Vaughn #9, Sec. 5 Vaughn #17, Sec. 61 Vaughn #16, Sec. 61 Vaughn #27, Sec. 84 Vaughn #28, Sec. 84 Well No. IP(BOPD) Comp date Section 2 30 INJ May-75 5 INJ Sep-50 2 10 Jul-86 10 143 Oct-50 11 141 Oct-50 12 118 Jan-51 13 144 Feb-51 14 137 Mar-51 15 288 Apr-51 16 197 May-51 17 168 Jun-51 18 192 Jul-51 19 141 Aug-51 20 120 Oct-51 21 121 Sep-51 22 119 Nov-51 23 141 Sep-51 24 144 Aug-51 31 6 Mar-78 34 18 Dec-80 36 25 Dec-80 45 INJ Jun-86 30A INJ Sep-87 Well No. IP(BOPD) Comp date Section 5 9 112 Apr-51 34 0 Apr-52 23 84 Sep-51 21 146 Sep-51 7 94 Mar-51 Initial Individual Well Results Well No. IP(BOPD) Comp date Section 61 V1 23 Nov-14 8 219 Mar-51 6 149 Feb-51 5 114 Mar-51 4 225 Jan-51 2 86 Nov-50 1 65 Oct-50 11 92 May-51 10 214 Apr-51 13 168 Jun-51 17 198 Jul-51 16 182 Jun-51 15 226 Jun-51 19 163 Aug-51 20 232 Aug-51 22 218 Sep-51 30 0 Jan-52 3 145 Dec-50 Well No. IP(BOPD) Comp date Section 84 30 21 Nov-06 12 61 May-51 28 97 Nov-51 26 88 Nov-51 27 112 Dec-51 29 22 Jan-51 25 50 Oct-51 24 29 Oct-51 18 118 Jul-51 14 162 Jun-51 Well No. IP(BOPD) Comp date Section 85 34 52 Jun-50 34 36 Apr-75 65 10 Jan-77 42 40 Jun-52 39 41 Mar-53 37 May-53 T-2 72 Jun-51 63 94 Dec-50 62 65 Dec-50 61 65 Jan-51 60 76 Feb-51 59 126 Apr-51 58 80 May-51 57 96 Jul-51 56 190 Jul-51 55 220 May-51 54 88 Feb-51 53 80 Mar-51 49 50 Oct-50 52 90 Mar-00 51 100 Jan-51 50 75 Oct-50 40 57 Aug-51 38 48 Aug-50 36 85 Apr-50 35 100 May-50 64 173 Jun-51 12 118 Jan-51 19 141 Aug-51 14 137 Mar-51 Cross Section Locations Average Initial Rates of Production Far Exceed the 20 bopd IP Assumption Used in Economic Projections 17

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