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7 months ago

Project Ozona Economic & Technical Review[8167]

Fénix Proposed

Fénix Proposed Acquisition: General Overview 2017 YTD Historical Revenue Summary Production Date Lease Bbls Lease Gross Lease Severance Owner Gross Owner Severance Owner Net Division of Interest Jan-17 1,710.82 78,791.82 3,635.11 63,033.46 2,908.09 60,125.37 80.0% 1,710.82 78,791.82 3,635.11 1,723.57 79.52 1,644.05 2.2% Feb-17 1,533.58 71,507.78 3,298.95 57,206.22 2,639.16 54,567.06 80.0% 1,533.58 71,507.78 3,298.95 1,564.23 72.16 1,492.07 2.2% Mar-17 1,696.25 73,493.44 3,391.29 58,794.75 2,713.03 56,081.72 80.0% 1,696.25 73,493.44 3,391.29 1,607.67 74.18 1,533.48 2.2% Apr-17 1,893.85 84,513.07 3,899.43 67,610.46 3,119.54 64,490.91 80.0% 1,893.85 84,513.07 3,899.43 1,848.72 85.30 1,763.42 2.2% May-17 1,539.19 65,036.94 3,001.32 52,029.55 2,401.06 49,628.50 80.0% 1,539.19 65,036.94 3,001.32 1,422.68 65.65 1,357.03 2.2% Jun-17 1,869.13 73,976.43 3,414.56 59,181.14 2,731.65 56,449.50 80.0% 1,869.13 73,976.43 3,414.56 1,618.23 74.69 1,543.54 2.2% Jul-17 1,713.52 70,163.52 3,238.26 56,130.82 2,590.61 53,540.21 80.0% 1,713.52 70,163.52 3,238.26 1,534.83 70.84 1,463.99 2.2% Total: 11,956.34 517,483.00 23,878.92 425,306.34 19,625.49 405,680.85 8

Fénix Proposed Acquisition: General Overview All Permian Basin transactions under $100mm (1)(2) Announce Date Buyers Sellers Deal Value ($MM) $/Proved BOE $/Daily BOE $/Acre 9/6/2016 Apache Undisclosed Seller $91.00 $1,300.00 5/24/2017 Halcon Resources Corp Oxy $88.00 $40,000.00 $15,520.10 7/31/2016 WPX Energy Inc Mack Energy Corp $84.00 $8.30 $6,800.00 9/30/2016 Energen Undisclosed Seller $77.00 $22,647.10 1/26/2017 Apollo Global Management LLC EP Energy Corp $75.00 $20,000.00 1/31/2017 Zarvona Energy LLC Pioneer $63.00 $11,250.00 11/30/2016 Matador Resources Company Undisclosed Seller $62.50 $34,747.80 $4,441.40 11/15/2016 SM Energy Laredo Petroleum Inc $60.00 $20,689.70 11/15/2016 SM Energy QStar LLC $60.00 $50,000.00 3/31/2017 SM Energy Undisclosed Seller $59.60 $20,551.70 5/2/2017 Callon Crossing Rocks Energy LLC $52.50 $21,101.30 6/7/2017 Parsley Energy LP Enduro Resource Partners LLC $50.40 $8.98 $22,352.90 $12,583.70 2/9/2017 Energen Undisclosed Seller $50.00 $22,857.10 2/22/2017 Matador Resources Company Undisclosed Seller $49.20 $6,000.00 4/25/2016 Centennial Resources Development LLC Caird Energy LLC; Wheat Resources LLC $44.00 $35,280.00 $14,658.30 3/31/2017 WPX Energy Inc Undisclosed Seller $38.00 $2,122.90 6/14/2016 Boaz Energy II LLC Memorial Production Partners LP $37.40 $12.06 $31,166.70 11/2/2016 WPX Energy Inc Undisclosed Seller $37.20 $8,260.00 1/25/2017 Guidon Energy PrimeEnergy Corp $31.00 $19,343.80 6/30/2017 Jagged Peak Energy Inc Undisclosed Seller $25.70 $14,277.80 8/8/2016 RSP Permian Inc PrimeEnergy Corp; Vanguard Natural Resources LLC $25.60 $35,636.40 $12,774.20 7/13/2017 Energy Hunter Resources Inc Lubbock Energy Partners LLC $22.60 $2,400.90 2/28/2017 Halcon Resources Corp Undisclosed Seller $22.30 $35,125.00 $28,080.80 5/23/2017 Abraxas Devon Energy $20.90 $23,939.40 $10,617.70 7/19/2016 Contango Providence Energy Operators LLC $20.00 $4,000.00 4/30/2016 Energen Undisclosed Seller $20.00 $5,405.40 7/31/2016 Lani Petroleum Resources Inc Clayton Williams Energy $19.50 $34,777.80 $6,548.00 4/17/2017 Ring Energy Inc Forge Energy LLC $16.60 $503.00 3/31/2017 RSP Permian Inc Black Mountain Oil & Gas LLC; Undisclosed Seller $16.50 $21,428.60 12/31/2016 Energen Undisclosed Seller $15.80 $14,363.60 3/31/2017 Undisclosed Buyer Carrizo $15.30 $41,576.10 5/22/2017 Diamondback Energy Vanguard Natural Resources LLC $13.90 $18,348.30 6/30/2017 SM Energy Undisclosed Seller $12.70 $25,400.00 6/22/2016 Laredo Petroleum Inc Undisclosed Seller $10.80 $9,694.80 9/30/2016 RSP Permian Inc Undisclosed Seller $7.40 $23,125.00 7/31/2016 Energen Blake Oil and Gas Corp; Undisclosed Seller $5.10 $6,004.70 11/10/2016 Torchlight Energy Resources Inc McCabe Petroleum Corp $3.70 $663.90 6/30/2016 Abraxas Undisclosed Seller $0.10 $28,888.90 Average: $36.96 $9.78 $32,191.49 $14,592.78 Fenix Petroleum Group Project Ozona $2.20 $2.61 $20,000.00 $150.00 Project Ozona Single Well Acquisition Cost: San Andres vs. Wolfcamp/Spraberry Wolfcamp (single bench) Spraberry (single bench) San Andres 10,000' lateral 10,000' lateral 1450' vertical Average EUR 1,000,000 850,000 30,000 Dedicated Acreage per Location 256 256 20 Average Price Per Acre $14,592.78 $14,592.78 $150.00 Average Lease Cost per Wellbore 3,735,750 3,735,750 3,000 Average Price per barrel (EUR) $3.74 $4.40 $0.10 1. Only transactions since September, 2016 through September, 2017; includes only those transactions that have sufficient data to calculate relevant transaction metrics 2. Data provided by 1Derrick, an industry-leading provider of merger & acquisition data and statistics 9

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