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Project Ozona Economic & Technical Review[8167]

Top of Greyburg

Top of Greyburg Project Ozona: Single Well Economics Greyburg through San Andres Cross Section (southern portion of property (Sec. 82 & 88) Pearson #4, Sec. 88 Bean #3, Sec. 88 Bean #2E, Sec. 88 Vaughn #40S, Sec. 82 Vaughn #44S, Sec. 82 Vaughn #43S, Sec. 82 Well No. IP (BOPD) Comp date Section 81 3 13 Aug-54 1C 51 Apr-53 1 62 May-65 2 55 Nov-64 Initial Individual Well Results Well No. IP (BOPD) Comp date Section 82 40-S 120 Feb-55 39 105 Nov-54 44-S 88 Aug-55 43-S 0 Jul-55 39 105 Nov-54 18 43 Jul-65 17 33 Apr-65 16 61 Mar-55 15 77 Apr-55 14 47 Mar-55 11 70 Mar-55 13 195 Feb-55 12 45 Apr-55 10 135 Feb-55 9 77 Feb-55 8 50 Jan-55 7 208 Dec-54 5 179 Dec-54 4 184 Dec-54 3 67 Nov-54 2 112 Jan-55 1 0 Sep-53 41 44 Mar-55 Well No. IP (BOPD) Comp date Section 88 B4 30 Nov-12 4 8 Nov-54 3 168 Jun-54 13-88 30 Jan-67 14-88 9 Aug-87 12 20 Jan-87 11 35 Jul-81 9 30 Nov-77 2 29 Sep-75 3 8 Sep-76 4 40 Jul-76 5 9 Dec-76 6 9 Apr-77 1 8 Nov-72 2 140 Oct-54 2 73 Nov-54 3 142 Dec-54 1 120 Jan-55 3 D&A Jan-55 Well No. IP (BOPD) Comp date Section 89 4 15 Feb-17 1 D&A Jun-78 7 13 May-77 8 35 Nov-77 10 9 Feb-78 Cross Section Locations Average Initial Rates of Production Far Exceed the 20 bopd IP Assumption Used in Economic Projections 18

Project Ozona: Acreage & EUR Overview 19

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