Introduction

- 5,681 MBOE net Proved Reserves in the Shannon (3% PDP / 97% PUD)

- 55 BOEPD net production (63% Oil / 22% Gas / 15% NGL)

- ~$2.5MM forecasted operating income for 2018 assuming drilling begins

- August 2018 / most recent completion was 2013

- ~9,551 net and ~10,804 gross acres across three (3) asset areas:

- Juniper Draw, Timber Draw and Flying E Creek

- 5,537 MBOE PUD net Reserves (21 wells) in the Shannon Formation

- Potential for over 2 Billion Bbls of Oil in Place across assets:

- Juniper Draw and Flying E Creek prospective in Muddy, Sussex,

- Niobrara, Mowry and Minnelusa formations

- Timber Draw prospective in Parkman, Sussex, Niobrara, Mowry, Dakota

- Silt and Minnelusa formations

- 3D Seismic and interpretation covering Juniper Draw/2D Seismic and

- interpretation covering Timber Draw available

- Stacked Pay De-Risked By Top Operators:

- 17 active permits by Anschutz in Juniper Draw (Shannon, Niobrara,

- Sussex, Frontier and Muddy

- 39 additional permits by Anschutz and ConocoPhillips (Shannon,

- Frontier, Sussex and others