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Project Ozona Economic & Technical Review[8167]

Fénix Proposed

Fénix Proposed Acquisition: General Overview Project Level Economic Sensitivities Gross Wellhead Sensitivities Project Level Sensativities Net Investor Sensitivities Investor Project Level Sensitivities IRR Sensitivity (Price per Barrel vs. Initial Daily Rate of Production) IRR Sensitivity (Price per Barrel vs. Initial Daily Rate of Production) 55% 23 Bbls/d 22 Bbls/d 21 Bbls/d 20 Bbls/d 19 Bbls/d 18 Bbls/d 17 Bbls/d 38% 23 Bbls/d 22 Bbls/d 21 Bbls/d 20 Bbls/d 19 Bbls/d 18 Bbls/d 17 Bbls/d $60.00 113.7% 107.0% 100.4% 93.9% 87.5% 81.1% 74.9% $60.00 81.1% 76.2% 71.4% 66.6% 61.9% 57.2% 52.6% $55.00 98.0% 92.1% 86.3% 80.5% 74.9% 69.2% 63.7% $55.00 69.7% 65.4% 61.1% 56.8% 52.6% 48.5% 44.3% $50.00 82.9% 77.8% 72.7% 67.7% 62.7% 57.7% 52.9% $50.00 58.7% 54.9% 51.1% 47.3% 43.6% 39.9% 36.2% $45.00 68.4% 64.0% 59.6% 55.2% 50.9% 46.6% 42.3% $45.00 48.0% 44.6% 41.3% 38.0% 34.8% 31.5% 28.2% $40.00 54.5% 50.7% 46.9% 43.1% 39.4% 35.7% 32.0% $40.00 37.5% 34.6% 31.7% 28.9% 26.0% 23.1% 20.2% $35.00 40.9% 37.7% 34.5% 31.3% 28.1% 24.9% 21.6% $35.00 27.2% 24.7% 22.2% 19.7% 17.1% 14.6% 11.9% $30.00 27.7% 25.0% 22.2% 19.5% 16.7% 13.8% 11.0% $30.00 16.8% 14.6% 12.4% 10.2% 7.9% 5.5% 3.1% IRR Sensitivity (Price per Barrel vs. Monthly Lease Operating Expense) IRR Sensitivity (Price per Barrel vs. Monthly Lease Operating Expense) 55% $700 $800 $900 $1,000 $1,100 $1,200 $1,300 38% $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $60.00 101.0% 98.6% 96.2% 93.9% 91.6% 89.3% 87.0% $60.00 71.9% 70.1% 68.4% 66.6% 64.8% 63.1% 61.3% $55.00 87.4% 85.1% 82.8% 80.5% 78.3% 76.1% 73.8% $55.00 62.0% 60.3% 58.6% 56.8% 55.1% 53.4% 51.7% $50.00 74.2% 72.0% 69.8% 67.7% 65.5% 63.3% 61.1% $50.00 52.4% 50.7% 49.0% 47.3% 45.6% 43.9% 42.2% $45.00 61.6% 59.5% 57.3% 55.2% 53.1% 50.9% 48.8% $45.00 43.1% 41.4% 39.7% 38.0% 36.3% 34.6% 32.9% $40.00 49.5% 47.4% 45.3% 43.1% 41.0% 38.9% 36.8% $40.00 34.0% 32.3% 30.6% 28.9% 27.1% 25.4% 23.6% $35.00 37.7% 35.6% 33.5% 31.3% 29.2% 27.0% 24.7% $35.00 24.9% 23.2% 21.5% 19.7% 17.9% 16.0% 14.1% $30.00 26.1% 23.9% 21.7% 19.5% 17.2% 14.8% 12.3% $30.00 15.8% 14.0% 12.1% 10.2% 8.2% 6.1% 3.8% 6

Fénix Proposed Acquisition: General Overview 2016 Historical Revenue Summary Production Date Lease Bbls Lease Gross Lease Severance Owner Gross Owner Severance Owner Net Division of Interest Jan-16 1,352.64 34,963.05 1,616.77 27,970.44 1,293.42 26,677.02 80.0% 1,352.64 34,963.05 1,616.77 764.82 35.37 729.45 2.2% Feb-16 1,544.69 38,804.16 1,794.65 31,043.33 1,435.72 29,607.61 80.0% 1,544.69 38,804.16 1,794.65 848.84 39.26 809.58 2.2% Mar-16 1,863.30 58,164.77 2,687.23 46,531.82 2,149.78 44,382.03 80.0% 1,863.30 58,164.77 2,687.23 1,272.35 58.78 1,213.57 2.2% Apr-16 1,374.44 47,003.10 2,170.73 37,602.48 1,736.58 35,865.90 80.0% 1,374.44 47,003.10 2,170.73 1,028.19 47.48 980.71 2.2% May-16 1,334.73 53,184.97 2,454.85 42,547.98 1,963.88 40,584.10 80.0% 1,334.73 53,184.97 2,454.85 1,163.42 53.70 1,109.72 2.2% Jun-16 1,691.97 72,490.75 3,345.14 57,992.60 2,676.11 55,316.49 80.0% 1,691.97 72,490.75 3,345.14 1,585.74 73.17 1,512.56 2.2% Jul-16 1,699.20 66,686.81 3,078.21 53,349.45 2,462.57 50,886.88 80.0% 1,699.20 66,686.81 3,078.21 1,458.77 67.34 1,391.44 2.2% Aug-16 1,528.50 59,646.64 2,753.29 47,717.31 2,202.63 45,514.68 80.0% 1,528.50 59,646.64 2,753.29 1,304.77 60.23 1,244.54 2.2% Sep-16 1,189.79 45,570.13 2,103.65 36,456.10 1,682.92 34,773.18 80.0% 1,189.79 45,570.13 2,103.65 996.85 46.02 950.83 2.2% Oct-16 1,686.91 71,740.93 3,310.63 57,392.74 2,648.50 54,744.24 80.0% 1,686.91 71,740.93 3,310.63 1,569.33 72.42 1,496.91 2.2% Nov-16 1,350.07 53,505.99 2,469.74 42,804.79 1,975.79 40,829.00 80.0% 1,350.07 53,505.99 2,469.74 1,170.44 54.03 1,116.42 2.2% Dec-16 1,532.04 70,507.55 3,252.93 56,406.04 2,602.34 53,803.70 80.0% 1,532.04 70,507.55 3,252.93 1,542.35 71.16 1,471.19 2.2% Total: 18,148.28 672,268.85 31,037.82 552,520.96 25,509.21 527,011.75 7

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