rbc capital markets€¦ · optimization of infrastructure gold creek montney ongoing delineation...

RBC Capital Markets Private Company

Energy Conference

January 18, 2017

“Full cycle, fully engaged”

Ken Woolner, P.Eng. President & CEO

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS

2

Certain information with respect to Velvet Energy Ltd. (“Velvet” or the “Company”) contained herein, including expectations, beliefs, plans, goals, objectives, assumptions, information and statements about future events, conditions, results of operations, performance, Velvet’s planned capital expenditure program and the nature of the expenditures, drilling plans, expected drilling and completion costs, expected average production, the expected splits among crude oil, NGLs and natural gas and forecasted commodity prices and factors affecting natural gas prices, forecasted general and administrative expenses, interest expenses, revenue, operating income, operating netbacks, funds from operations and year-end bank debt, management’s assessment of future potential, including numerous years of drilling inventory and expectations with respect to natural gas demand and supply in North America, contain forward-looking statements. These forward-looking statements are based on assumptions and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency exchange rate fluctuations, imprecision of reserve estimates, environmental risks, competition from other explorers, stock market volatility, and ability to access sufficient capital. We caution that the foregoing list of risks and uncertainties is not exhaustive. Statements relating to “reserves” or “resources” are deemed to be forward-looking statements as they involve the implied assessment, based on current estimates and assumptions that the reserves and resources can be profitably produced in the future. Readers are cautioned that disclosure of any well test results are not necessarily indicative of long-term performance. Velvet’s actual results, performance or achievement could differ materially from those expressed or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur. As a result, undue reliance should not be placed on these forward-looking statements. In addition, the reader is cautioned that historical results are not necessarily indicative of future performance. The forward-looking statements contained herein are made as of the date hereof and the Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws. Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Velvet’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

VELVET ENERGY LTD. – A GEOSCIENCE DRIVEN, ORGANIC GROWTH COMPANY

3

Superior liquidity via term debt issue to

accelerate growth of our top tier Edson Ellerslie flagship asset Targeting 19,000 boe/d exit 2017

Continuous improvements yield low cost

producer status in the Deep Basin Liquids yields drive our IRRs and capital

allocation

Gold Creek Montney and exploration portfolio define upside Over 1,000 sections in Deep Basin and

Exploration areas

Differentiated by geoscience and systematic approach to risk management

Velvet Edson Fairway

Gold Creek Montney

MANAGEMENT & DIRECTORS

4

Ken Woolner, P.Eng, President & CEO Geoff MacDonald, P. Geol, Vice President, Exploration Jeremy Kwasnecha, P.Eng, Vice President, Production & Operations

George Gervais, P. Eng., MBA, Executive Vice President

Chris Theal, CFA, CIM, Chief Financial Officer

Peter Henry, CA, Vice President, Finance

Ken Woolner, P.Eng, President & CEO John Brussa, Partner, Burnet, Duckworth & Palmer LLP Vincent Chahley, Independent Businessman Robert E. Hougie, 1901 Partners LP Jacob Strauss, Warburg Pincus

Harvey Doerr, Independent Businessman

Roger Smith, Independent Businessman

Christopher R. Manning, Trilantic Capital Partners

David B. Krieger, Warburg Pincus

MANAGEMENT

BOARD OF DIRECTORS

TRACK RECORD OF ORGANIC GROWTH

5

Over 85% of current production has been added via the drill bit

Disciplined acquisition strategy that targets hurdle rate of return on Multiple on Invested Capital (MOIC)

Vero 2011 Lightstream 2014

Continue to improve Edson full cycle

E&D capex efficiency with objective to reduce to below $14k/boe/d

Daily Production

2011 2012 2013 2014 2015 2016E

Capex ($mm) $39.5 $242.8 $110.7 $245.4 $108.3 $138.0

Cash Flow ($mm) $24.4 $37.3 $87.3 $85.4 $63.8

Edson Wells drilled (G / N) 5 / 4.7 11 / 7.1 26 / 20.1 33 / 26.3 19 / 12.5 25/17.9

Success rate* (%) 79 80 92 82 92

2P F&D cost ($/boe)** $33.51 $15.73 $13.22 $14.32 $14.33

Note on acquisitions: 2012 capex included $195mm net acquisitions; $85mm in 2014 * Success rate is post completion ** F&D includes change in FDC

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Jan-

12

May

-12

Sep-

12

Jan-

13

May

-13

Sep-

13

Jan-

14

May

-14

Sep-

14

Jan-

15

May

-15

Sep-

15

Jan-

16

May

-16

Sep-

16

Jan-

17

Corp

orat

e Pr

oduc

tion

(boe

/d)

Vero Acquisition 2012 2013 LTS Acquisition 2014 2015 2016

2017 BUDGET – FULLY FUNDED TO RAMP ACTIVITY

6

Edson Ellerslie

41 G / 27.1 net wells at $3.3mm DCET 85% Ellerslie wells and rest are stack

locations (Wilrich / Notikewin) Continued investment of $21mm in

optimization of infrastructure

Gold Creek Montney

Ongoing delineation program 1 G / 1 N well in 4Q16 followed by 2 G/ 2 N

wells in 1Q17 $5mm DCET per well Construct pipeline this winter

Land and seismic support Edson consolidation

and advancing exploration concepts

54%

12%

15%

11%

7% 1%

$147.7MM 2017 Capital Program

Edson Ellerslie wells

Edson stack wells

Edson Facilities

Gold Creek Montney

Land & Siesmic

Other

32% YoY growth to an average 16,800 boe/d, with exit 2017 at 19,000 boe/d Run rate 4Q17 EBITDA exceeds $100mm

Balance Sheet - Total Debt to Run rate 4Q17 annualized EBITDA is 2.5x

Edson Ellerslie Hybrid Resource Play – High Return Base Business

7

VELVET’S DEEP BASIN FAIRWAY

8

1. Abundant Data Thousands of feet thick Thousands of penetrations since 1950’s

2. No Water

Basin-centered Petroleum System Relative over-pressure

3. Condensate/Volatile Oil Prone

Local oil-mature sources Gas via migration

4. High IP and EUR

Porosity and Permeability preserved Water Saturations misleading

9

Velvet Deep Basin Inventory Area Formation Gross Net

Edson (288,024 Net Acres)

Notikewin/Falher 103 67

Wilrich 203 137

Bluesky 67 44

Ellerslie 509 343

Rock Creek 53 31

TOTAL 935 622

Velvet maximizes value on every one of it’s 288,000 net acres

Depth of inventory from a depth of understanding multi-zone potential synergies drive attractive half-cycle

economics

EDSON AREA STACKING VALUE

Notikewin

Wilrich

Bluesky

Ellerslie

Velvet acreage

ELLERSLIE: THE DISCOVERY

10

100 mcf/d

14 years

1000 Boe/d

500 Bbl/d

CONVENTIONAL APPROACH: 11-14-50-13W5 (vt): 14 years, 377 Mmcf

UNCONVENTIONAL APPROACH: 16-14-50-13W5 (hz): 40 months:

3.3 Bcf, 141 mstb NGL, 212 mstb Oil

899 MBOE

38 months

A’

4-33-55-17W5

2-3-53-14W5

11-14-50-13W5

A

11

Core from hundreds of wells were analyzed Consistent preservation of porosity and

permeability along the fairway = repeatable results

Production on hundreds of vertical wells was analyzed Horizontal wells demonstrate a significant multiple

of vertical well performance

500 um

4-33-55-17W5 Porosity: 9%; Perm: 2.5 mD Offset Vt in 7 yrs: 0.137 bcf, 11 mstb Offset Hz in 22months: 328 MBOE (1.4 BCF, 54 MStb)

500 um

2-3-53-14W5 Porosity: 7.8%; Perm: 0.4 mD Offset Vt in 7 yrs: 0.90 bcf, 29 mstb oil Offset Hz in 39 months: 609 MBOE (2.6Bcf, 108MStb)

500 um

11-14-50-13W5 Porosity: 14.2%; Perm: 1.0 mD Offset Vt in 10 yrs: 0.37 bcf Offset Hz in 40 months: 899 MBOE (3.3 Bcf, 212 MStb)

VEL Lower Mannville

VEL 3D Seismic

Images on right Shallow marine sand fairway

AN EXTENSIVE FAIRWAY

ELLERSLIE: AN OVERLOOKED UNCONVENTIONAL OPPORTUNITY

2. The Ellerslie appears wet on logs…but isn’t

12

Conventional Petrophysics

Velvet Petrophysics

1. Unlike the Notikewin, (fluvial deposition) …

= Mobile water

1 sq.mi.

…the Ellerslie is extensive (shallow marine deposition)

1 sq.mi.

3. Completion design matters

The exact pore after exposure to 2 completion fluids…

VELVET DOMINATES THE ELLERSLIE HYBRID RESOURCE PLAY

13

288,000 Net Deep-Basin Acres

343 Net Ellerslie Drilling Locations

140 Million BOE

of potential EUR*

* Ellerslie Potential EUR assumes Type Curve Reserves per Well of 412mboe

Drilled 74 gross, 53.8 net to-date

$3.56MM average capex for operated wells in 2015

Target $3.34MM for operated wells in 2016

2016 program:

25 gross (17.9 net) total wells

90% Ellerslie / 10% stack

Velvet controls gathering and processing infrastructure

Optimize facility throughput to minimize unit operating costs

New 11-10 facility onstream Sep/15

Filled plant at start-up and drill to fill our marketing commitment

14

ELLERSLIE PIPELINE, GATHERING & FACILITIES CONTROL

Ellerslie Locations Only

Firm-service & long-term planning

Innovative risk-sharing midstream partnerships

Focus on controllables through the entire value chain

Scale affords cost savings and leverages technology gains

Grassroots play generation Data intensive analysis Constant refining & integration of

G&G model

Target hurdle rate IRRs Margin maximization vs. price

taker

EMPLOYEE ENGAGEMENT IN VALUE CREATION

15

“PROFITABLY converting undeveloped land to PDP provides greatest opportunity for value creation”

TECHNICAL DIFFERENTIATION

MARKET ACCESS COST CONTROL

HEDGING STRATEGY RATE OF RETURN

INVESTING

VELVET ELLERSLIE – CONTINUOUS IMPROVEMENT

16

0

5

10

15

20

25

0

200

400

600

800

1000

2013 2014 2015 2016 - H12016 - H2

Stag

es

Tota

l TN

E

Ellerslie Stage & Tonnage Trends

Total TNE Total Stages

0

500

1,000

1,500

2,000

0

100

200

300

400

500

2013 2014 2015 2016 - H1 2016 - H2

Tota

l LB

(000

s)

LB/f

t

Ellerslie Proppant Intensity Trends

LB/ft Total Lb/well

$2.80 $2.35 $1.96 $1.62 $1.62 $1.60

$1.23 $1.28

$0.98 $1.10 $0.80 $1.05

$0.99 $0.65

$0.62 $0.62 $0.62 $0.65

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Gro

ss W

ell C

ost (

DCET

$M

M)

Ellerslie Well Cost

DRILL COMPLETE EQUIP/TIE

$5.03

$4.28 $3.56 $3.34 $3.30 $3.04

* 2016 normalized for tonnage

22.0

18.6

13.3

10.1 7.6

9.0

0.0

5.0

10.0

15.0

20.0

25.0

2013 2014 2015 2016 BEST 2017TARGET

Spud

to R

ig R

elea

se

Ellerslie Drilling Days

VELVET ELLERSLIE – CONTINUOUS IMPROVEMENT

17

Velvet top quartile opex + tport in Canadian universe

We have reduced opex +tport by 15% in 2016

Several initiatives including compressor removals and recontracting

Top quartile peers average gas weight is 84% vs. Velvet 69%

Velvet is amongst the lowest cost structure for companies with high liquids yield

Velvet long term goal is

VELVET ELLERSLIE IS THE LOWEST DEEP BASIN SUPPLY COST

18 Source: RS Energy Group, November 2016

Third party research: “Velvet’s Ellerslie, a liquids-rich zone, has the lowest operator zone breakeven at $1.97/mcfe HH”

26%

59%

94%

122%

147%

0%

20%

40%

60%

80%

100%

120%

140%

160%

2013 2014 2015 1H 2016 2 H 2016BT

AX R

OR(

%)

CONTINUOUS IMPROVEMENTS DRIVE HIGHER RETURNS

19 Price held flat at $55WTI and $3.00/mmbtu NYMEX; US$0.80/mmbtu NYMEX-AECO basis Supply cost assumes a WTI oil to NYMEX gas equivalency of 18:1, which is consistent with the 5-year strip

Rate of Return

Enhanced G&G Model

D&C Cost Reduction

Initial Completion Optimization

Further D&C Cost Reduction

Improved Rate of Return from 26% to 147% in 3 years

G&G Model Development

Increased understanding of the petroleum system via source rock maturity and pressure mapping

Drilling duration and cost reduction

54% reduction in drilling days leading to a 34% reduction in DCET costs

Implementing new completion technology

Evolved completion systems, frac fluid systems and proppant loading

Lower capital and operating costs, higher EURs, translate into an Ellerslie supply cost of $1.77/mcfe

0

100

200

300

400

500

600

700

800

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Raw

Oil

Equi

vale

nt P

rodu

ctio

n (b

oe/d

)

Months

Average (47 Wells) ELRL Type Curve

0

50

100

150

200

35 40 45 50 55 60 65

BTAX

RO

R (%

)

WTI ($US/bbl)

ELRL Type Curve - 100 % COS - $3.3mm Capex

$2.50 $3.00 $3.50

ELLERSLIE TYPE CURVES & ECONOMICS

20 Assumes WTI US$55/bbl, NYMEX US$3.00/mmbtu (US$0.85/mmbtu basis), FX $1.35 Sales volumes with shrinkage of 10%. Assumes current Alberta Royalty Framework

IRR vs. Price Sensitivities EUR, IRR and Payout

NYMEX (US$/mmbtu)

IP30 EURGas (mmcf/d): bcf 2.4 1.7

Oil (b/d); mb 197 71C3+ b/mmcf;mb 33 56.4

boe/d; mboe 689.6 4120

DCT Cost mm 3.3Chance of Success % 100

Payout years 0.9RoR % 147

NPV10 mm 3.8PV10 mm 7.1F&D per boe 8.01

TC Parameters

Average Oil Shrinkage9.50%

C2 (bbl/mmscf)0.00

C3 (bbl/mmscf)11.13

C4 (bbl/mmscf)12.49

C5+ (bbl/mmscf)6.15

TOTAL

Tony Mach: Tony Mach:RAW NGL29.77

Gas Shrinkage9.75%

Heating Content (BTU/scf)1130.00

FINAL 2016 TC - ALL AREAFINAL 2015 TC - ALL AREA

SALES OILRAW OILRAW GASRAW NGLRAW BOESALES OILRAW OILRAW GASRAW NGLRAW BOE

MonthOil (SALES)Oil (SALES)Oil (SALES)Oil (RAW)Oil (RAW)Oil (RAW)GasGasGasNGLNGLNGLBOEBOEBOEMonthOil (SALES)Oil (SALES)Oil (RAW)Oil (RAW)GasGasNGLNGLBOEBOE

PD RateCD RateCumulativePD RateCD RateCumulativePD RateCD RateCumulativePD RateCD RateCumulativePD RateCD RateCumulativeCD RateCumulativeCD RateCumulativeCD RateCumulativeCD RateCumulativeCD RateCumulative

bbl/dbbl/dMbblbbl/dbbl/dMbblMcf/dMcf/dMMcfbbl/dbbl/dMbblboepdboepdboebbl/dMbblbbl/dMbblMcf/dMMcfbbl/dMbblboepdboe

1197.38197.386.12218.10218.106.762682.502682.5083.1679.8679.862.48665.18665.1820.621163.034890.98180.155404.402570.2177106.1676.5276.52608.5118255.43

2163.04163.0411.01180.15180.1512.172476.022476.02157.4473.7173.714.69592.82592.8238.412135.139080.05149.3210033.212337.85149579.5769.6069.60538.9634963.14

3138.93138.9315.32153.52153.5216.922300.472300.47228.7568.4868.486.81536.93536.9355.053115.4312658.32127.5413987.092141.04215951.8563.7463.74484.3849979.06

4121.02121.0218.95133.73133.7320.942149.062149.06293.2263.9863.988.73491.90491.9069.814101.3415597.20111.9817234.471979.64273361.5158.9358.93441.9262794.72

5107.22107.2222.27118.48118.4824.612017.272017.27355.7660.0560.0510.59454.69454.6983.90590.4818402.0899.9820333.791841.10330435.5654.8154.81406.8375406.38

696.0896.0825.25106.17106.1727.901899.551899.55414.6556.5556.5512.34422.76422.7697.01681.6720852.2390.2423041.131718.67381995.7651.1651.16376.6986707.09

787.0887.0827.8696.2396.2330.791796.241796.24468.5353.4753.4713.95395.60395.60108.88774.5023161.8782.3325593.221611.59431955.1547.9847.98350.9297585.75

879.3079.3030.3287.6387.6333.501701.181701.18521.2750.6450.6415.52371.16371.16120.38868.5425218.1475.7427865.341517.02477465.6245.1645.16328.57107442.95

972.4772.4732.5080.0880.0835.911612.991612.99569.6648.0248.0216.96348.91348.91130.85963.5127186.9370.1830040.801432.98521887.9342.6642.66309.01117022.13

1066.4566.4534.5573.4273.4238.181531.101531.10617.1245.5845.5818.37328.61328.61141.041059.1329019.9765.3432066.271356.17563929.1440.3740.37291.37126054.46

1161.0361.0336.4567.4467.4440.271453.691453.69662.1943.2843.2819.71309.72309.72150.641155.3730681.0961.1833901.761286.40602521.1338.3038.30275.58134321.95

1256.4356.4338.0362.3662.3642.021384.991384.99700.9741.2341.2320.87293.19293.19158.851251.9632291.7657.4135681.501221.50640387.5636.3636.36260.99142412.76

1352.3252.3239.6557.8157.8143.811320.821320.82741.9139.3239.3222.09277.95277.95167.461348.8233756.3853.9537299.861160.99675217.3134.5634.56247.44149836.08

1448.5048.5041.1053.5953.5945.421258.721258.72779.6737.4737.4723.21263.37263.37175.361445.9435180.4250.7638873.391104.55709458.4432.8832.88234.85157116.46

1545.0645.0642.5049.7949.7946.961200.651200.65816.8935.7435.7424.32249.90249.90183.111543.2436520.7547.7840354.421050.97742038.6031.2931.29222.94164027.52

1641.9641.9643.7646.3646.3648.351146.251146.25851.2834.1234.1225.34237.40237.40190.231640.8637664.8745.1541618.641003.22770128.8929.8729.87212.35169973.46

1739.1539.1544.9743.2643.2649.691095.251095.25885.2332.6132.6126.35225.80225.80197.231738.6638863.4142.7242943.00958.46799841.0228.5328.53202.46176249.84

1836.5636.5646.1140.4040.4050.951046.611046.61917.6831.1631.1627.32214.84214.84203.891836.5539959.9940.3944154.69914.98827290.3527.2427.24192.89182036.41

1934.2534.2547.1337.8437.8452.081001.641001.64947.7329.8229.8228.21204.78204.78210.041934.6041032.4938.2345339.76874.18854389.9226.0226.02183.92187738.08

2032.1432.1448.1335.5135.5153.18959.35959.35977.4728.5628.5629.10195.40195.40216.092032.7842015.8536.2246426.36835.83879464.8024.8824.88175.52193003.82

2130.2130.2149.0433.3833.3854.18919.50919.501005.0527.3727.3729.92186.63186.63221.692131.0942979.6134.3547491.28799.77904257.5523.8123.81167.65198200.88

2228.4328.4349.9231.4231.4255.16881.95881.951032.3926.2626.2630.73178.41178.41227.222229.4943893.7932.5948501.43765.26927980.7122.7822.78160.13203164.88

2326.7826.7850.7529.5929.5956.08845.93845.931058.6225.1825.1831.52170.58170.58232.512328.0244734.4830.9649430.37733.28949979.0621.8321.83153.18207760.21

2425.3325.3351.4627.9927.9956.86813.53813.531081.4024.2224.2232.19163.58163.58237.092426.6545560.7529.4550343.37703.11971775.5320.9320.93146.64212305.96

2523.9923.9952.2026.5126.5157.68782.87782.871105.6723.3123.3132.92156.99156.99241.962525.3746321.9428.0451184.47674.62992014.0620.0820.08140.47216520.15

2622.7122.7152.8825.0925.0958.43752.82752.821128.2522.4122.4133.59150.57150.57246.482624.1847071.3726.7152012.57647.701012092.6319.2819.28134.66220694.67

2721.5221.5253.5523.7823.7859.17724.37724.371150.7121.5621.5634.26144.51144.51250.962723.0347785.4325.4552801.59621.821031369.0218.5118.51129.09224696.42

2820.4220.4254.1622.5722.5759.85697.40697.401171.6320.7620.7634.88138.80138.80255.122822.0148401.8524.3353482.71598.491048126.6417.8217.82124.07228170.48

2919.4019.4054.7621.4421.4460.51671.82671.821192.4520.0020.0035.50133.41133.41259.252921.0649054.6123.2754203.99576.361065993.8017.1617.16119.33231869.62

3018.4318.4355.3420.3720.3761.14647.15647.151212.5219.2719.2736.10128.23128.23263.233020.1249658.3222.2454871.08554.641082632.9116.5116.51114.68235309.90

3117.5517.5555.8619.3919.3961.73624.09624.091231.2418.5818.5836.65123.41123.41266.933119.2550254.9621.2755530.34534.031099187.8315.9015.90110.27238728.32

3216.7216.7256.3818.4818.4862.30602.16602.161249.9117.9317.9337.21118.84118.84270.623218.4250807.5520.3556140.94514.461114621.4915.3215.32106.10241911.19

3315.9515.9556.8617.6317.6362.83581.30581.301267.3417.3117.3137.73114.51114.51274.053317.6451354.4119.4956745.21495.861129993.1114.7614.76102.14245077.39

3415.2315.2357.3316.8316.8363.35561.44561.441284.7516.7116.7138.25110.40110.40277.473416.8951878.1218.6757323.89477.891144807.6914.2314.2398.32248125.17

3514.5414.5457.7816.0716.0763.85542.21542.211301.5616.1416.1438.75106.44106.44280.773516.2052364.1217.9057860.91461.071158639.8013.7313.7394.75250967.54

3613.9213.9258.1915.3815.3864.29524.47524.471316.7715.6115.6139.20102.79102.79283.753615.5452846.0117.1858393.38445.061172436.6113.2513.2591.35253799.48

3713.3313.3358.6014.7314.7364.75507.53507.531332.5015.1115.1139.6799.3299.32286.833714.9253293.7416.4958888.11429.801185330.5312.8012.8088.12256443.20

3812.7712.7758.9814.1114.1165.17491.08491.081347.2314.6214.6240.1195.9695.96289.713814.3453738.2015.8459379.22415.251198203.2912.3612.3685.05259079.77

3912.2412.2459.3613.5313.5365.59475.38475.381361.9714.1514.1540.5592.7692.76292.593913.7754165.1415.2259850.98401.151210638.8811.9411.9482.08261624.13

4011.7411.7459.7112.9812.9865.98460.36460.361375.7813.7013.7040.9689.7089.70295.284013.2654536.4714.6560261.30388.331221512.0611.5611.5679.38263846.64

4111.2711.2760.0612.4612.4666.37446.00446.001389.6113.2813.2841.3786.7986.79297.974112.7854932.5714.1260698.98376.071233170.3211.2011.2076.80266227.36

4210.8210.8260.4011.9611.9666.74432.04432.041403.0012.8612.8641.7783.9783.97300.574212.3055301.6013.5961106.74363.951244088.8010.8310.8374.25268454.88

4310.4010.4060.7111.5011.5067.08418.89418.891415.5712.4712.4742.1481.3181.31303.014311.8555668.9013.0961512.60352.361255011.9410.4910.4971.82270681.26

4410.0110.0161.0211.0611.0667.43406.30406.301428.1612.1012.1042.5278.7878.78305.454411.4256011.4512.6261891.10341.271265249.9910.1610.1669.49272766.10

459.639.6361.3110.6510.6567.75394.23394.231439.9911.7411.7442.8776.3576.35307.744511.0156352.7212.1662268.19330.651275500.279.849.8467.27274851.57

469.289.2861.6010.2510.2568.06382.66382.661451.8511.3911.3943.2274.0374.03310.044610.6156681.7111.7362631.72320.321285430.329.549.5465.11276870.11

478.948.9461.879.879.8768.37371.38371.381463.3611.0611.0643.5671.7771.77312.264710.2456988.9611.3262971.22310.591294747.969.259.2563.08278762.55

488.638.6362.129.539.5368.64361.07361.071473.4710.7510.7543.8769.7169.71314.22489.8957295.4910.9363309.93301.261304086.928.978.9761.14280657.75

498.338.3362.379.219.2168.92351.16351.161484.3610.4510.4544.1967.7367.73316.32499.5557582.0110.5563626.53292.301312856.048.708.7059.27282435.87

508.048.0462.628.898.8969.19341.31341.311494.6010.1610.1644.4965.7765.77318.29509.2357868.1010.2063942.65283.721321651.218.458.4557.48284217.85

517.777.7762.868.588.5869.45331.84331.841504.899.889.8844.8063.8963.89320.27518.9258144.519.8564248.08275.341330186.638.208.2055.74285945.85

527.517.5163.088.298.2969.70322.74322.741514.579.619.6145.0962.0862.08322.13528.6358394.729.5364524.55267.551337945.487.967.9654.12287515.46

537.267.2663.318.028.0269.95313.98313.981524.309.359.3545.3860.3560.35324.00538.3558653.619.2364810.62260.061346007.347.747.7452.57289145.18

547.017.0163.527.757.7570.19305.41305.411533.779.099.0945.6658.6558.65325.82548.0858896.108.9365078.56252.741353589.497.527.5251.05290676.81

556.796.7963.737.507.5070.42297.30297.301542.698.858.8545.9357.0557.05327.53557.8359138.708.6565346.63245.701361206.157.317.3149.60292214.32

566.576.5763.937.267.2670.64289.49289.491551.668.628.6246.1955.5155.51329.25567.5859366.098.3865597.88238.921368373.887.117.1148.20293660.20

576.366.3664.127.037.0370.85281.96281.961560.128.398.3946.4454.0254.02330.87577.3459593.748.1165849.44232.411375578.456.926.9246.85295112.52

586.166.1664.316.816.8171.06274.70274.701568.648.188.1846.7052.6052.60332.50587.1159814.297.8666093.14226.031382585.306.736.7345.53296524.02

595.975.9764.506.606.6071.27267.59267.591576.937.977.9746.9551.2051.20334.09596.9060021.227.6266321.79219.981389184.816.556.5544.29297852.59

605.805.8064.666.416.4171.45261.06261.061584.247.777.7747.1649.9249.92335.49606.6960228.627.3966550.96214.161395823.836.386.3843.09299188.26

615.635.6364.846.226.2271.64254.76254.761592.147.587.5847.4048.6848.68337.00616.4960423.347.1766766.13208.551402080.276.216.2141.93300446.17

625.465.4665.006.046.0471.82248.45248.451599.597.407.4047.6247.4547.45338.42626.3060618.636.9666981.91203.141408377.486.056.0540.82301711.49

635.305.3065.165.865.8672.00242.37242.371607.117.227.2247.8446.2546.25339.86636.1160808.136.7567191.30197.831414510.225.895.8939.73302943.01

645.155.1565.325.695.6972.17236.49236.491614.207.047.0448.0545.1145.11341.21645.9460974.516.5767375.15192.961419912.975.745.7438.73304027.31

655.005.0065.475.535.5372.35230.81230.811621.366.876.8748.2744.0044.00342.57655.7861153.626.3867573.06188.251425748.635.605.6037.76305197.83

664.864.8665.625.375.3772.51225.23225.231628.346.716.7148.4842.9142.91343.90665.6161322.056.2067759.17183.541431254.885.465.4636.79306301.65

674.724.7265.775.225.2272.67219.92219.921634.946.556.5548.6741.8741.87345.16675.4661491.216.0367946.09179.001436803.815.335.3335.86307413.39

684.594.5965.915.085.0872.83214.79214.791641.606.396.3948.8740.8840.88346.43685.3161650.385.8668121.96174.611442041.975.205.2034.96308462.29

694.474.4766.044.944.9472.97209.82209.821647.896.256.2549.0639.9139.91347.62695.1661810.335.7068298.71170.361447323.185.075.0734.09309519.23

704.354.3566.184.814.8173.12205.02205.021654.256.106.1049.2538.9838.98348.83705.0261965.865.5468470.56166.191452475.104.954.9533.24310549.75

714.234.2366.314.684.6873.27200.29200.291660.465.965.9649.4338.0638.06350.01714.8862112.315.3968632.39162.221457341.824.834.8332.43311522.69

724.124.1266.424.564.5673.40195.92195.921665.945.835.8349.6037.2137.21351.05724.7562259.615.2568795.15158.391462251.784.724.7231.65312503.78

734.024.0266.554.444.4473.53191.70191.701671.885.715.7149.7736.3936.39352.18734.6362398.395.1168948.50154.671466891.924.604.6030.89313430.49

743.923.9266.674.334.3373.66187.46187.461677.515.585.5849.9435.5735.57353.25744.5062538.044.9869102.81151.081471575.284.504.5030.16314365.36

753.823.8266.784.224.2273.79183.35183.351683.195.465.4650.1134.7834.78354.33754.3962674.014.8569253.05147.541476148.964.394.3929.44315277.88

763.723.7266.904.114.1173.92179.36179.361688.575.345.3450.2734.0134.01355.35764.2862793.764.7369385.37144.281480188.684.304.3028.77316083.49

773.633.6367.014.014.0174.04175.50175.501694.015.225.2250.4333.2633.26356.38774.1762923.074.6169528.26141.111484563.194.204.2028.13316955.46

783.543.5467.123.913.9174.16171.69171.691699.345.115.1150.5932.5232.52357.39784.0763045.054.4969663.04137.941488701.444.114.1127.48317779.95

793.453.4567.223.813.8174.28168.05168.051704.385.005.0050.7431.8231.82358.34793.9663167.944.3869798.83134.871492882.354.024.0226.86318612.56

803.373.3767.333.723.7274.39164.53164.531709.484.904.9050.8931.1431.14359.31803.8763283.924.2769926.98131.891496838.963.933.9326.25319400.14

813.293.2967.423.633.6374.50161.10161.101714.314.804.8051.0430.4830.48360.22813.7763400.814.1770056.14129.001500837.853.843.8425.67320195.79

823.213.2167.523.553.5574.61157.77157.771719.204.704.7051.1829.8429.84361.15823.6863514.804.0670182.10126.151504748.413.763.7625.09320973.50

833.133.1367.623.463.4674.72154.49154.491723.994.604.6051.3229.2129.21362.05833.5963622.453.9670301.05123.431508451.213.673.6724.54321709.59

843.063.0667.713.383.3874.82151.40151.401728.384.514.5151.4528.6228.62362.88843.5063731.033.8770421.02120.791512195.613.603.6024.00322453.62

852.992.9967.803.313.3174.92148.40148.401732.984.424.4251.5928.0428.04363.75853.4263833.603.7870534.36118.221515742.333.523.5223.48323158.08

862.922.9267.893.233.2375.02145.43145.431737.344.334.3351.7227.4727.47364.57863.3463937.093.6970648.72115.741519330.133.453.4522.98323870.41

872.862.8667.983.163.1675.11142.55142.551741.764.244.2451.8526.9226.92365.41873.2664038.123.6070760.36113.281522841.793.373.3722.48324567.32

882.792.7968.063.093.0975.21139.75139.751745.964.164.1651.9826.3826.38366.20883.1964127.333.5270858.93111.011525950.003.303.3022.02325183.93

892.732.7368.153.023.0275.30137.02137.021750.204.084.0852.1025.8525.85367.00893.1264223.903.4470965.64108.801529322.763.243.2421.58325852.77

902.672.6768.232.952.9575.39134.32134.321754.374.004.0052.2325.3425.34367.79903.0464315.233.3671066.55106.581532520.093.173.1721.13326486.56

912.612.6168.312.892.8975.48131.74131.741758.323.923.9252.3524.8424.84368.53912.9864407.463.2971168.46104.421535757.063.113.1120.69327127.97

922.562.5668.392.822.8275.57129.23129.231762.333.853.8552.4624.3624.36369.29922.9164494.713.2171264.87102.321538826.633.053.0520.27327735.98

932.502.5068.462.762.7675.65126.78126.781766.133.773.7752.5823.8923.89370.00932.8464582.863.1471362.28100.281541935.232.992.9919.85328351.48

942.452.4568.542.712.7175.73124.40124.401769.993.703.7052.6923.4423.44370.73942.7864669.033.0771457.5098.261544981.252.932.9319.45328954.37

952.402.4068.612.652.6575.82122.04122.041773.773.633.6352.8122.9922.99371.44952.7264750.603.0071547.6296.331547871.072.872.8719.06329526.13

962.352.3568.682.592.5975.89119.85119.851777.123.573.5752.9022.5722.57372.08962.6664833.052.9471638.7394.451550798.932.812.8118.68330105.22

972.302.3068.752.542.5475.97117.72117.721780.773.503.5053.0122.1622.16372.76972.6064911.112.8871724.9992.621553577.462.762.7618.31330654.56

982.252.2568.822.492.4976.04115.58115.581784.243.443.4453.1221.7521.75373.41982.5564990.062.8171812.2290.841556393.382.702.7017.95331211.11

992.212.2168.892.442.4476.12113.48113.481787.763.383.3853.2221.3521.35374.08992.4965067.292.7571897.5689.071559154.672.652.6517.60331756.67

1002.162.1668.952.392.3976.19111.44111.441791.103.323.3253.3220.9620.96374.711002.4465138.042.7071975.7487.411561689.622.602.6017.26332257.34

1012.122.1269.022.342.3476.26109.45109.451794.503.263.2653.4220.5920.59375.341012.3965212.122.6472057.5985.791564349.212.552.5516.94332782.45

1022.082.0869.082.302.3076.33107.48107.481797.833.203.2053.5220.2120.21375.971022.3465282.312.5972135.1584.191566874.882.512.5116.62333280.96

1032.042.0469.142.252.2576.40105.59105.591800.993.143.1453.6219.8519.85376.571032.2965353.342.5372213.6482.631569436.292.462.4616.30333786.36

1042.002.0069.202.212.2176.47103.74103.741804.213.093.0953.7119.5019.50377.171042.2465420.682.4872288.0481.101571869.372.412.4116.00334266.27

1051.961.9669.262.172.1776.53101.94101.941807.273.033.0353.8019.1619.16377.741052.2065488.842.4372363.3679.621574337.512.372.3715.70334752.95

1061.921.9269.322.122.1276.60100.18100.181810.372.982.9853.8918.8218.82378.331062.1565555.612.3872437.1478.151576760.052.332.3315.40335230.48

1071.881.8869.382.082.0876.6698.4498.441813.432.932.9353.9918.4918.49378.901072.1165618.922.3372507.1076.731579062.092.282.2815.12335684.11

1081.851.8569.432.042.0476.7296.8296.821816.142.882.8854.0718.1818.18379.411082.0765683.052.2972577.9575.361581398.192.242.2414.85336144.32

1091.821.8269.492.012.0176.7895.2495.241819.092.842.8454.1517.8817.88379.961092.0365743.882.2472645.1774.021583618.652.202.2014.58336581.61

1101.781.7869.541.971.9776.8493.6493.641821.902.792.7954.2417.5817.58380.491101.9965805.502.2072713.2672.711585872.502.162.1614.31337025.34

1111.751.7569.601.931.9376.9092.0892.081824.752.742.7454.3217.2817.28381.031111.9565865.902.1572780.0071.411588086.092.132.1314.05337461.01

1121.721.7269.651.901.9076.9690.5690.561827.472.702.7054.4016.9916.99381.541121.9165919.432.1172839.1570.201590051.652.092.0913.81337847.76

1131.691.6969.701.861.8677.0289.0789.071830.232.652.6554.4916.7116.71382.061131.8865977.602.0772903.4269.021592191.272.052.0513.58338268.64

1141.661.6669.751.831.8377.0787.5987.591832.952.612.6154.5716.4316.43382.571141.8466032.812.0372964.4367.831594226.162.022.0213.34338668.79

1151.631.6369.801.801.8077.1386.1786.171835.532.572.5754.6416.1616.16383.051151.8166088.792.0073026.2866.671596292.831.981.9813.11339075.09

1161.601.6069.851.771.7777.1884.7884.781838.162.522.5254.7215.9015.90383.541161.7766141.931.9673085.0165.531598258.781.951.9512.88339461.47

1171.571.5769.901.731.7377.2383.4283.421840.662.482.4854.8015.6415.64384.011171.7466195.821.9273144.5564.421600255.891.921.9212.66339853.87

1181.541.5469.951.701.7077.2982.0982.091843.212.442.4454.8715.3915.39384.491181.7166248.691.8873202.9763.321602218.881.891.8912.44340239.45

1191.521.5269.991.671.6777.3480.7780.771845.712.402.4054.9515.1415.14384.961191.6766298.911.8573258.4662.261604086.801.851.8512.23340606.26

1201.491.4970.031.651.6577.3979.5479.541847.942.372.3755.0114.9014.90385.381201.6466349.851.8273314.7561.231605984.941.821.8212.02340978.91

1211.471.4770.081.621.6277.4478.3478.341850.372.332.3355.0914.6814.68385.831211.6166398.251.7873368.2360.221607791.541.791.7911.82341333.49

1221.441.4470.121.591.5977.4877.1277.121852.682.302.3055.1514.4514.45386.261221.5866447.351.7573422.4959.231609627.751.761.7611.62341693.78

1231.421.4270.171.571.5777.5375.9375.931855.032.262.2655.2214.2214.22386.701231.5666495.561.7273475.7558.251611433.551.731.7311.43342048.01

1241.391.3970.211.541.5477.5874.7774.771857.282.232.2355.2914.0014.00387.121241.5366538.351.6973523.0357.341613039.021.711.7111.24342362.87

1251.371.3770.251.511.5177.6373.6373.631859.562.192.1955.3613.7813.78387.551251.5066584.901.6673574.4856.451614788.821.681.6811.07342705.95

1261.351.3570.291.491.4977.6772.4972.491861.812.162.1655.4313.5713.57387.971261.4866629.161.6373623.3855.541616455.061.651.6510.89343032.56

1271.321.3270.331.461.4677.7271.4071.401863.952.132.1355.4913.3613.36388.371271.4566674.091.6073673.0354.661618149.441.631.6310.71343364.60

1281.301.3070.371.441.4477.7670.3370.331866.132.092.0955.5513.1613.16388.781281.4266716.821.5773720.2453.791619763.231.601.6010.54343680.78

1291.281.2870.411.421.4277.8069.2869.281868.212.062.0655.6212.9612.96389.171291.4066760.201.5573768.1752.951621404.581.581.5810.37344002.27

1301.261.2670.451.391.3977.8568.2668.261870.322.032.0355.6812.7712.77389.571301.3766802.821.5273815.2752.111623019.861.551.5510.20344318.58

1311.241.2470.491.371.3777.8967.2467.241872.412.002.0055.7412.5812.58389.961311.3566843.361.4973860.0651.301624558.731.531.5310.04344619.85

1321.221.2270.521.351.3577.9366.2766.271874.331.971.9755.8012.4012.40390.321321.3366884.531.4773905.5650.501626124.331.501.509.88344926.28

1331.201.2070.561.331.3377.9765.3265.321876.351.941.9455.8612.2212.22390.691331.3166923.711.4473948.8549.731627616.151.481.489.73345218.21

1341.181.1870.601.311.3178.0164.3864.381878.291.921.9255.9212.0412.04391.061341.2866963.511.4273992.8348.971629134.151.461.469.58345515.18

1351.171.1770.631.291.2978.0563.4563.451880.251.891.8955.9811.8611.86391.421351.2667002.631.3974036.0648.211630628.721.441.449.43345807.51

1361.151.1570.671.271.2778.0962.5562.551882.131.861.8656.0311.6911.69391.771361.2467037.401.3774074.4747.511631958.931.411.419.29346067.63

1371.131.1370.701.251.2578.1261.6661.661884.041.841.8456.0911.5311.53392.131371.2267075.281.3574116.3346.821633410.271.391.399.15346351.37

1381.111.1170.741.231.2378.1660.7760.771885.921.811.8156.1411.3611.36392.481381.2067111.331.3374156.1746.121634793.811.371.379.01346621.80

1391.101.1070.771.211.2178.2059.9259.921887.721.781.7856.2011.2011.20392.821391.1867147.981.3174196.6645.431636202.231.351.358.88346897.03

1401.081.0870.801.191.1978.2459.0859.081889.551.761.7656.2511.0411.04393.161401.1667182.861.2874235.2144.761637545.091.331.338.75347159.39

1411.061.0670.841.171.1778.2758.2658.261891.301.731.7356.3010.8910.89393.491411.1467218.331.2674274.4044.101638912.321.311.318.61347426.45

1421.051.0570.871.161.1678.3157.4657.461893.081.711.7156.3610.7310.73393.821421.1367253.221.2474312.9543.451640259.261.291.298.49347689.49

1431.031.0370.901.141.1478.3456.6556.651894.841.691.6956.4110.5810.58394.151431.1167286.451.2274349.6642.821641543.811.271.278.36347940.30

1441.021.0270.931.121.1278.3755.9155.911896.401.661.6656.4610.4410.44394.441441.0967320.231.2074387.0042.201642851.991.261.268.24348195.66

1451.001.0070.961.111.1178.4155.1755.171898.111.641.6456.5110.3010.30394.761451.0767352.411.1974422.5641.591644099.781.241.248.12348439.19

1460.990.9970.991.091.0978.4454.4254.421899.751.621.6256.5610.1610.16395.071461.0667385.141.1774458.7241.001645370.741.221.228.00348687.18

1470.970.9771.021.081.0878.4753.6953.691901.411.601.6056.6110.0310.03395.381471.0467417.361.1574494.3240.411646623.331.201.207.88348931.54

1480.960.9671.051.061.0678.5152.9752.971903.001.581.5856.659.899.89395.671481.0267447.031.1374527.1039.841647778.801.191.197.77349156.90

1490.950.9571.081.051.0578.5452.2752.271904.621.561.5656.709.769.76395.981491.0167478.271.1174561.6239.291648996.871.171.177.66349394.43

1500.930.9371.111.031.0378.5751.5751.571906.221.541.5456.759.639.63396.271500.9967508.031.1074594.5138.741650159.151.151.157.55349621.03

1510.920.9271.131.021.0278.6050.8950.891907.751.511.5156.799.509.50396.561510.9867538.321.0874627.9838.201651343.441.141.147.45349851.89

1520.910.9171.161.001.0078.6350.2250.221909.301.501.5056.849.379.37396.851520.9667567.181.0674659.8737.671652473.661.121.127.34350072.15

1530.890.8971.190.990.9978.6649.5749.571910.791.481.4856.889.259.25397.131530.9567596.561.0574692.3337.151653625.471.111.117.24350296.58

1540.880.8871.220.970.9778.6948.9348.931912.311.461.4656.939.139.13397.411540.9367625.491.0374724.3036.641654761.221.091.097.14350517.84

1550.870.8771.240.960.9678.7248.2848.281913.801.441.4456.979.019.01397.691550.9267653.071.0274754.7736.141655845.351.081.087.04350728.99

1560.860.8671.270.950.9578.7547.6947.691915.141.421.4257.018.908.90397.941560.9167681.141.0074785.7935.651656950.421.061.066.94350944.19

1570.850.8571.290.940.9478.7847.1047.101916.601.401.4057.068.798.79398.211570.8967707.900.9974815.3635.171658005.411.051.056.85351149.59

1580.840.8471.320.920.9278.8046.5046.501917.991.381.3857.108.678.67398.471580.8867735.150.9774845.4734.691659080.921.031.036.75351358.96

1590.820.8271.340.910.9178.8345.9145.911919.421.371.3757.148.568.56398.741590.8767761.990.9674875.1334.221660141.821.021.026.66351565.43

1600.810.8171.370.900.9078.8645.3345.331920.781.351.3557.188.458.45398.991600.8567785.900.9474901.5433.781661087.731.011.016.57351749.50

1610.800.8071.390.890.8978.8944.7744.771922.171.331.3357.228.358.35399.251610.8467811.990.9374930.3833.351662121.580.990.996.49351950.64

1620.790.7971.420.870.8778.9144.2044.201923.541.321.3257.268.248.24399.501620.8367836.880.9274957.8832.911663108.910.980.986.40352142.70

1630.780.7871.440.860.8678.9443.6543.651924.851.301.3057.308.148.14399.751630.8267862.230.9074985.8932.481664115.770.970.976.32352338.52

1640.770.7771.460.850.8578.9743.1243.121926.181.281.2857.348.048.04400.001640.8167886.410.8975012.6132.061665077.450.950.956.23352525.52

1650.760.7671.490.840.8478.9942.5942.591927.461.271.2757.387.947.94400.241650.7967911.040.8875039.8231.641666058.290.940.946.15352716.21

1660.750.7571.510.830.8379.0242.0742.071928.761.251.2557.427.847.84400.481660.7867935.320.8775066.6531.221667026.260.930.936.07352904.36

1670.740.7471.530.820.8279.0441.5541.551930.051.241.2457.467.747.74400.721670.7767958.480.8575092.2530.821667950.970.920.925.99353084.08

1680.730.7371.550.810.8179.0741.0641.061931.201.221.2257.497.657.65400.931680.7667982.090.8475118.3330.431668894.280.910.915.91353267.37

1690.720.7271.580.800.8079.0940.5940.591932.461.211.2157.537.567.56401.171690.7568004.610.8375143.2130.041669795.540.890.895.84353442.47

1700.710.7171.600.790.7979.1140.1040.101933.661.191.1957.577.477.47401.391700.7468027.560.8275168.5729.661670715.050.880.885.76353621.08

1710.710.7171.620.780.7879.1439.6239.621934.891.181.1857.607.387.38401.621710.7368050.190.8175193.5829.281671622.770.870.875.69353797.37

1720.700.7071.640.770.7779.1639.1539.151936.071.171.1757.647.297.29401.841720.7268070.360.8075215.8628.931672432.700.860.865.62353954.65

1730.690.6971.660.760.7679.1938.6938.691937.271.151.1557.677.217.21402.061730.7168092.390.7975240.2128.581673318.570.850.855.55354126.64

1740.680.6871.680.750.7579.2138.2338.231938.451.141.1457.717.127.12402.281740.7068113.430.7775263.4528.221674165.200.840.845.48354290.99

1750.670.6771.700.740.7479.2337.7837.781939.581.121.1257.747.047.04402.491750.6968134.870.7675287.1427.871675029.230.830.835.41354458.68

1760.660.6671.720.730.7379.2537.3437.341940.741.111.1157.786.966.96402.711760.6868155.340.7575309.7627.531675855.090.820.825.34354618.94

1770.650.6571.740.720.7279.2736.9136.911941.851.101.1057.816.876.87402.921770.6768176.210.7475332.8227.191676698.000.810.815.28354782.49

1780.650.6571.760.710.7179.3036.4836.481942.981.091.0957.846.796.79403.131780.6668196.790.7375355.5726.851677530.470.800.805.21354943.98

1790.640.6471.780.710.7179.3236.0636.061944.101.071.0757.886.726.72403.341790.6668216.450.7275377.2926.531678326.290.790.795.15355098.34

1800.630.6371.800.700.7079.3435.6535.651945.131.061.0657.916.646.64403.531800.6568236.490.7175399.4426.211679138.690.780.785.08355255.89

1810.620.6271.820.690.6979.3635.2535.251946.221.051.0557.946.566.56403.731810.6468255.640.7175420.5925.891679915.420.770.775.02355406.50

1820.620.6271.840.680.6879.3834.8634.861947.271.041.0457.976.496.49403.931820.6368275.160.7075442.1725.581680708.420.760.764.96355560.24

1830.610.6171.860.670.6779.4034.4634.461948.341.031.0358.006.426.42404.121830.6268294.420.6975463.4525.271681491.810.750.754.90355712.09

1840.600.6071.880.660.6679.4234.0834.081949.361.011.0158.036.346.34404.321840.6168311.610.6875482.4424.981682191.250.740.744.84355847.65

1850.590.5971.900.660.6679.4433.7033.701950.401.001.0058.066.276.27404.511850.6168330.390.6775503.1924.691682956.770.740.744.79355995.99

1860.590.5971.910.650.6579.4633.3133.311951.440.990.9958.096.206.20404.701860.6068348.340.6675523.0224.401683688.870.730.734.73356137.84

1870.580.5871.930.640.6479.4832.9532.951952.430.980.9858.126.136.13404.891870.5968366.640.6575543.2524.121684436.500.720.724.67356282.67

1880.570.5771.950.630.6379.5032.5832.581953.440.970.9758.156.066.06405.071880.5868384.130.6475562.5823.841685151.580.710.714.62356421.18

1890.570.5771.970.630.6379.5232.2332.231954.400.960.9658.186.006.00405.251890.5868401.980.6475582.3023.561685881.900.700.704.56356562.61

1900.560.5671.980.620.6279.5431.8731.871955.390.950.9558.215.935.93405.441900.5768419.590.6375601.7623.281686603.630.690.694.51356702.37

1910.550.5572.000.610.6179.5631.5231.521956.370.940.9458.245.875.87405.621910.5668436.430.6275620.3623.011687294.030.690.694.46356836.03

1920.550.5572.020.610.6179.5831.1931.191957.240.930.9358.275.805.80405.781920.5568453.600.6175639.3422.751687999.260.680.684.40356972.55

1930.540.5472.030.600.6079.5930.8730.871958.200.920.9258.305.745.74405.961930.5568470.020.6075657.4822.491688673.940.670.674.35357103.14

1940.540.5472.050.590.5979.6130.5330.531959.110.910.9158.325.685.68406.131940.5468486.770.6075675.9922.231689363.190.660.664.30357236.52

1950.530.5372.060.590.5979.6330.2130.211960.050.900.9058.355.625.62406.301950.5368503.320.5975694.2721.981690044.500.650.654.25357368.36

1960.520.5272.080.580.5879.6529.8929.891960.950.890.8958.385.565.56406.471960.5368518.610.5875711.1721.731690674.780.650.654.20357490.30

1970.520.5272.100.570.5779.6629.5729.571961.860.880.8858.405.505.50406.641970.5268534.750.5875729.0121.491691341.090.640.644.16357619.19

1980.510.5172.110.570.5779.6829.2529.251962.770.870.8758.435.445.44406.811980.5168550.190.5775746.0621.251691978.700.630.634.11357742.51

1990.510.5172.130.560.5679.7028.9428.941963.640.860.8658.465.385.38406.971990.5168565.940.5675763.4721.021692630.220.630.634.06357868.51

2000.500.5072.140.550.5579.7228.6428.641964.530.850.8558.485.335.33407.142000.5068581.010.5575780.1220.781693253.730.620.624.02357989.07

2010.500.5072.160.550.5579.7328.3428.341965.380.840.8458.515.275.27407.302010.5068596.390.5575797.1120.551693890.900.610.613.97358112.26

2020.490.4972.170.540.5479.7528.0528.051966.250.840.8458.545.225.22407.462020.4968611.580.5475813.9020.321694520.960.610.613.93358234.06

2030.490.4972.190.540.5479.7727.7527.751967.110.830.8358.565.165.16407.622030.4868626.100.5475829.9520.101695124.010.600.603.89358350.62

2040.480.4872.200.530.5379.7827.4827.481967.880.820.8258.585.115.11407.762040.4868640.940.5375846.3419.881695740.360.590.593.84358469.73

2050.480.4872.220.530.5379.8027.2127.211968.720.810.8158.615.065.06407.922050.4768655.120.5275862.0119.671696330.360.590.593.80358583.74

2060.470.4772.230.520.5279.8126.9326.931969.530.800.8058.635.015.01408.072060.4768669.600.5275878.0219.451696933.420.580.583.76358700.25

2070.470.4772.250.510.5179.8326.6526.651970.350.790.7958.664.964.96408.222070.4668683.920.5175893.8319.241697529.880.570.573.72358815.48

2080.460.4672.260.510.5179.8426.3826.381971.150.790.7958.684.914.91408.372080.4668696.700.5075907.9519.041698063.020.570.573.68358918.45

2090.460.4672.270.500.5079.8626.1226.121971.960.780.7858.714.864.86408.522090.4568710.690.5075923.4118.841698647.180.560.563.64359031.27

2100.450.4572.290.500.5079.8825.8525.851972.760.770.7758.734.814.81408.672100.4568724.070.4975938.2018.641699206.470.560.563.60359139.28

2110.450.4572.300.490.4979.8925.5925.591973.520.760.7658.754.764.76408.812110.4468737.740.4975953.3018.451699778.280.550.553.56359249.68

2120.440.4472.310.490.4979.9125.3425.341974.310.750.7558.784.714.71408.962120.4468750.820.4875967.7518.251700325.790.540.543.52359355.38

2130.440.4472.330.480.4879.9225.0925.091975.060.750.7558.804.664.66409.102130.4368764.170.4875982.5118.061700885.610.540.543.49359463.45

2140.430.4372.340.480.4879.9324.8424.841975.830.740.7458.824.624.62409.242140.4368777.380.4775997.1017.871701439.450.530.533.45359570.34

2150.430.4372.350.470.4779.9524.5924.591976.590.730.7358.844.574.57409.382150.4268790.010.4776011.0617.681701969.840.530.533.41359672.70

2160.420.4272.370.470.4779.9624.3624.361977.280.730.7358.864.534.53409.512160.4268802.920.4676025.3217.501702512.210.520.523.38359777.36

2170.420.4272.380.460.4679.9824.1224.121978.020.720.7258.894.484.48409.652170.4168815.260.4576038.9717.311703031.640.520.523.34359877.57

2180.420.4272.390.460.4679.9923.8923.891978.740.710.7158.914.444.44409.782180.4168827.880.4576052.9117.141703562.850.510.513.31359980.05

2190.410.4172.400.450.4580.0023.6623.661979.470.700.7058.934.404.40409.922190.4068840.360.4476066.6916.961704088.510.500.503.27360081.44

2200.410.4172.420.450.4580.0223.4323.431980.180.700.7058.954.354.35410.052200.4068851.500.4476079.0116.791704558.600.500.503.24360172.11

2210.400.4072.430.450.4580.0323.2023.201980.900.690.6958.974.314.31410.182210.3968863.710.4476092.5016.621705073.910.490.493.21360271.48

2220.400.4072.440.440.4480.0522.9822.981981.610.680.6858.994.274.27410.312220.3968875.390.4376105.4116.451705567.540.490.493.17360366.66

2230.400.4072.450.440.4480.0622.7622.761982.290.680.6859.014.234.23410.442230.3968887.330.4376118.6016.291706072.450.480.483.14360464.01

2240.390.3972.460.430.4380.0722.5422.541982.990.670.6759.034.194.19410.572240.3868898.760.4276131.2316.121706556.150.480.483.11360557.25

2250.390.3972.480.430.4380.0822.3322.331983.660.660.6659.054.154.15410.692250.3868910.440.4276144.1415.961707050.940.480.483.08360652.63

2260.380.3872.490.420.4280.1022.1222.121984.350.660.6659.074.114.11410.822260.3768921.990.4176156.9015.801707540.710.470.473.04360747.02

2270.380.3872.500.420.4280.1121.9121.911985.030.650.6559.094.074.07410.952270.3768933.050.4176169.1215.641708009.950.470.473.01360837.44

2280.380.3872.510.420.4280.1221.7021.701985.650.650.6559.114.034.03411.072280.3668944.360.4076181.6115.491708490.010.460.462.98360929.94

2290.370.3772.520.410.4180.1421.5021.501986.320.640.6459.134.004.00411.192290.3668955.180.4076193.5715.331708949.980.460.462.95361018.56

2300.370.3772.530.410.4180.1521.3021.301986.960.630.6359.153.963.96411.312300.3668966.240.3976205.7915.181709420.610.450.452.92361109.22

2310.370.3772.550.400.4080.1621.1121.111987.610.630.6359.173.923.92411.432310.3568977.180.3976217.8815.031709886.530.450.452.89361198.97

2320.360.3672.560.400.4080.1720.9120.911988.240.620.6259.193.893.89411.552320.3568986.960.3976228.6914.891710303.370.440.442.87361279.25

2330.360.3672.570.400.4080.1820.7220.721988.880.620.6259.213.853.85411.672330.3568997.680.3876240.5314.751710760.530.440.442.84361367.29

2340.360.3672.580.390.3980.2020.5320.531989.520.610.6159.233.813.81411.782340.3469007.950.3876251.8714.601711198.630.430.432.81361451.65

2350.350.3572.590.390.3980.2120.3420.341990.130.610.6159.253.783.78411.902350.3469018.440.3776263.4714.461711646.960.430.432.78361537.96

2360.350.3572.600.390.3980.2220.1520.151990.760.600.6059.263.743.74412.012360.3369028.490.3776274.5814.321712076.640.430.432.76361620.68

2370.350.3572.610.380.3880.2319.9719.971991.350.590.5959.283.713.71412.122370.3369038.770.3776285.9314.181712516.370.420.422.73361705.33

2380.340.3472.620.380.3880.2419.7919.791991.970.590.5959.303.683.68412.242380.3369048.940.3676297.1714.051712951.810.420.422.70361789.14

2390.340.3472.630.370.3780.2619.6119.611992.580.580.5859.323.643.64412.352390.3269058.670.3676307.9313.911713369.190.410.412.68361869.46

2400.340.3472.640.370.3780.2719.4419.441993.120.580.5859.343.613.61412.452400.3269068.630.3576318.9313.781713796.380.410.412.65361951.66

2410.330.3372.650.370.3780.2819.2719.271993.720.570.5759.353.583.58412.562410.3269078.170.3576329.4713.651714205.870.410.412.63362030.45

2420.330.3372.660.360.3680.2919.1019.101994.290.570.5759.373.553.55412.672420.3169087.930.3576340.2513.521714625.020.400.402.60362111.09

2430.330.3372.670.360.3680.3018.9318.931994.880.560.5659.393.523.52412.782430.3169097.580.3476350.9213.391715040.150.400.402.58362190.95

2440.320.3272.680.360.3680.3118.7618.761995.440.560.5659.403.493.49412.882440.3169106.520.3476360.8013.271715424.920.390.392.55362264.95

2450.320.3272.690.350.3580.3218.6018.601996.020.550.5559.423.453.45412.992450.3169115.990.3476371.2613.151715832.440.390.392.53362343.33

2460.320.3272.700.350.3580.3318.4318.431996.590.550.5559.443.423.42413.102460.3069125.050.3376381.2713.021716223.150.390.392.50362418.47

2470.320.3272.710.350.3580.3418.2718.271997.140.540.5459.453.393.39413.202470.3069134.330.3376391.5212.901716623.130.380.382.48362495.38

2480.310.3172.720.350.3580.3518.1118.111997.700.540.5459.473.363.36413.302480.3069143.210.3376401.3412.781717006.630.380.382.46362569.11

2490.310.3172.730.340.3480.3617.9517.951998.240.530.5359.493.333.33413.402490.2969152.300.3276411.3812.671717399.260.380.382.43362644.59

2500.310.3172.740.340.3480.3717.8017.801998.790.530.5359.503.313.31413.512500.2969161.300.3276421.3212.551717788.230.370.372.41362719.36

2510.300.3072.750.340.3480.3817.6417.641999.340.530.5359.523.283.28413.612510.2969169.920.3276430.8512.431718161.200.370.372.39362791.05

2520.300.3072.760.330.3380.3917.5017.501999.830.520.5259.533.253.25413.702520.2869178.740.3176440.5912.321718543.090.370.372.37362864.44

2530.300.3072.770.330.3380.4017.3517.352000.360.520.5259.553.223.22413.802530.2869187.190.3176449.9312.211718909.300.360.362.35362934.81

2540.300.3072.770.330.3380.4117.2017.202000.880.510.5159.573.193.19413.892540.2869195.830.3176459.4912.101719284.290.360.362.32363006.87

2550.290.2972.780.320.3280.4217.0617.062001.410.510.5159.583.173.17413.992550.2869204.400.3176468.9511.991719655.840.360.362.30363078.25

2560.290.2972.790.320.3280.4316.9116.912001.920.500.5059.603.143.14414.092560.2769212.060.3076477.4111.881719988.510.350.352.28363142.16

2570.290.2972.800.320.3280.4416.7716.772002.440.500.5059.613.113.11414.182570.2769220.460.3076486.6911.781720353.630.350.352.26363212.30

2580.290.2972.810.320.3280.4516.6316.632002.950.490.4959.633.093.09414.282580.2769228.510.3076495.5911.671720703.810.350.352.24363279.56

2590.280.2872.820.310.3180.4616.4916.492003.450.490.4959.643.063.06414.372590.2769236.750.2976504.6911.571721062.440.340.342.22363348.43

2600.280.2872.830.310.3180.4716.3516.352003.950.490.4959.663.043.04414.462600.2669244.650.2976513.4211.471721406.420.340.342.20363414.49

2610.280.2872.840.310.3180.4816.2116.212004.440.480.4859.673.013.01414.552610.2669252.730.2976522.3511.361721758.720.340.342.18363482.14

2620.280.2872.840.310.3180.4916.0816.082004.940.480.4859.692.982.98414.652620.2669260.730.2976531.1911.261722107.870.340.342.16363549.17

2630.270.2772.850.300.3080.5015.9415.942005.430.470.4759.702.962.96414.742630.2669268.400.2876539.6711.161722442.780.330.332.14363613.47

2640.270.2772.860.300.3080.5115.8115.812005.870.470.4759.712.942.94414.822640.253307238569276.25566508910.2876548.3511.071722785.820.330.332.12363679.32

2650.270.2772.870.300.3080.5215.6915.692006.360.470.4759.732.912.91414.912650.250913905469283.783082250.2876556.6710.971723114.890.330.332.11363742.48

2660.270.2772.880.300.3080.5315.5615.562006.830.460.4659.742.892.89415.002660.248551275269291.488171780.2776565.1810.871723451.980.320.322.09363807.18

2670.270.2772.880.290.2980.5415.4315.432007.310.460.4659.762.862.86415.092670.246180614769299.11977083570.2776573.6110.781723786.090.320.322.07363871.29

2680.260.2672.890.290.2980.5415.3115.312007.760.460.4659.772.842.84415.172680.243952794669305.95044908370.2776581.1610.691724085.340.320.322.05363928.72

2690.260.2672.900.290.2980.5515.1815.182008.240.450.4559.792.822.82415.262690.241752660569313.44478156040.2776589.4410.601724413.890.320.322.03363991.76

2700.260.2672.910.290.2980.5615.0615.062008.700.450.4559.802.802.80415.352700.239505809769320.62995585260.2676597.3810.511724729.110.310.312.02364052.23

2710.260.2672.920.280.2880.5714.9414.942009.150.440.4459.812.772.77415.432710.237287313569327.98586257050.2676605.5110.421725052.050.310.312.00364114.18

2720.250.2572.920.280.2880.5814.8114.812009.610.440.4459.832.752.75415.512720.235096420769335.03875519290.2676613.3010.331725361.900.310.311.98364173.62

2730.250.2572.930.280.2880.5914.7014.702010.050.440.4459.842.732.73415.602730.232932995769342.25967806080.2676621.2810.241725679.360.300.301.96364234.51

2740.250.2572.940.280.2880.6014.5814.582010.500.430.4359.852.712.71415.682740.230761581369349.41328708140.2576629.1910.151725994.070.300.301.95364294.87

2750.250.2572.950.270.2780.6014.4614.462010.950.430.4359.872.682.68415.762750.228651800569356.2728410950.2576636.7710.071726296.060.300.301.93364352.78

2760.250.2572.950.270.2780.6114.3514.352011.370.430.4359.882.662.66415.842760.064388620369358.26888832470.0776638.972.841726383.980.080.080.54364369.63

2770.240.2472.960.270.2780.6214.2414.242011.810.420.4259.892.642.64415.922770.000.000.000.000.000.00

2780.240.2472.970.270.2780.6314.1214.122012.230.420.4259.902.622.62416.002780.000.000.000.000.000.00

2790.240.2472.980.270.2780.6414.0114.012012.670.420.4259.922.602.60416.082790.000.000.000.000.000.00

2800.240.2472.980.260.2680.6513.9013.902013.080.410.4159.932.582.58416.162800.000.000.000.000.000.00

2810.240.2472.990.260.2680.6513.7913.792013.510.410.4159.942.562.56416.242810.000.000.000.000.000.00

2820.230.2373.000.260.2680.6613.6813.682013.930.410.4159.952.542.54416.322820.000.000.000.000.000.00

2830.230.2373.010.260.2680.6713.5813.582014.340.400.4059.972.522.52416.392830.000.000.000.000.000.00

2840.230.2373.010.260.2680.6813.4713.472014.760.400.4059.982.502.50416.472840.000.000.000.000.000.00

2850.230.2373.020.250.2580.6813.3713.372015.160.400.4059.992.482.48416.542850.000.000.000.000.000.00

2860.230.2373.030.250.2580.6913.2713.272015.570.390.3960.002.462.46416.622860.000.000.000.000.000.00

2870.230.2373.030.250.2580.7013.1613.162015.980.390.3960.022.442.44416.702870.000.000.000.000.000.00

2880.220.2273.040.250.2580.7113.0613.062016.350.390.3960.032.422.42416.762880.000.000.000.000.000.00

2890.220.2273.050.250.2580.7112.9712.972016.750.390.3960.042.412.41416.842890.000.000.000.000.000.00

2900.220.2273.050.240.2480.7212.8712.872017.130.380.3860.052.392.39416.912900.000.000.000.000.000.00

2910.220.2273.060.240.2480.7312.7712.772017.530.380.3860.062.372.37416.982910.000.000.000.000.000.00

2920.220.2273.070.240.2480.7412.6812.682017.910.380.3860.072.352.35417.052920.000.000.000.000.000.00

2930.220.2273.070.240.2480.7412.5812.582018.300.370.3760.082.332.33417.132930.000.000.000.000.000.00

2940.210.2173.080.240.2480.7512.4812.482018.690.370.3760.102.322.32417.202940.000.000.000.000.000.00

2950.210.2173.090.230.2380.7612.3912.392019.060.370.3760.112.302.30417.272950.000.000.000.000.000.00

2960.210.2173.090.230.2380.7712.3012.302019.440.370.3760.122.282.28417.342960.000.000.000.000.000.00

2970.210.2173.100.230.2380.7712.2112.212019.810.360.3660.132.272.27417.412970.000.000.000.000.000.00

2980.210.2173.110.230.2380.7812.1212.122020.180.360.3660.142.252.25417.482980.000.000.000.000.000.00

2990.210.2173.110.230.2380.7912.0212.022020.550.360.3660.152.232.23417.552990.000.000.000.000.000.00

3000.200.2073.120.230.2380.7911.9411.942020.890.360.3660.162.222.22417.613000.000.000.000.000.000.00

3010.200.2073.120.220.2280.8011.8511.852021.260.350.3560.172.202.20417.683010.000.000.000.000.000.00

3020.200.2073.130.220.2280.8111.7711.772021.610.350.3560.182.182.18417.743020.000.000.000.000.000.00

3030.200.2073.140.220.2280.8111.6811.682021.970.350.3560.192.172.17417.813030.000.000.000.000.000.00

3040.200.2073.140.220.2280.8211.6011.602022.320.350.3560.202.152.15417.873040.000.000.000.000.000.00

3050.200.2073.150.220.2280.8311.5111.512022.680.340.3460.222.142.14417.943050.000.000.000.000.000.00

3060.200.2073.150.220.2280.8311.4311.432023.030.340.3460.232.122.12418.003060.000.000.000.000.000.00

3070.190.1973.160.210.2180.8411.3411.342023.370.340.3460.242.102.10418.073070.000.000.000.000.000.00

3080.190.1973.170.210.2180.8511.2611.262023.720.340.3460.252.092.09418.133080.000.000.000.000.000.00

3090.190.1973.170.210.2180.8511.1811.182024.060.330.3360.262.072.07418.203090.000.000.000.000.000.00

3100.190.1973.180.210.2180.8611.1011.102024.400.330.3360.272.062.06418.263100.000.000.000.000.000.00

3110.190.1973.180.210.2180.8711.0211.022024.740.330.3360.282.042.04418.323110.000.000.000.000.000.00

3120.190.1973.190.210.2180.8710.9410.942025.050.330.3360.292.032.03418.383120.000.000.000.000.000.00

3130.190.1973.190.210.2180.8810.8710.872025.380.320.3260.302.022.02418.443130.000.000.000.000.000.00

3140.180.1873.200.200.2080.8810.7910.792025.710.320.3260.312.002.00418.503140.000.000.000.000.000.00

3150.180.1873.210.200.2080.8910.7110.712026.040.320.3260.321.991.99418.563150.000.000.000.000.000.00

3160.180.1873.210.200.2080.9010.6410.642026.360.320.3260.321.971.97418.623160.000.000.000.000.000.00

3170.180.1873.220.200.2080.9010.5610.562026.690.310.3160.331.961.96418.683170.000.000.000.000.000.00

3180.180.1873.220.200.2080.9110.4910.492027.010.310.3160.341.951.95418.743180.000.000.000.000.000.00

3190.180.1873.230.200.2080.9110.4210.422027.320.310.3160.351.931.93418.803190.000.000.000.000.000.00

3200.180.1873.230.200.2080.9210.3410.342027.640.310.3160.361.921.92418.863200.000.000.000.000.000.00

3210.180.1873.240.190.1980.9310.2710.272027.950.310.3160.371.911.91418.923210.000.000.000.000.000.00

3220.170.1773.240.190.1980.9310.2010.202028.270.300.3060.381.891.89418.983220.000.000.000.000.000.00

3230.170.1773.250.190.1980.9410.1310.132028.580.300.3060.391.881.88419.043230.000.000.000.000.000.00

3240.170.1773.250.190.1980.9410.0610.062028.870.300.3060.401.871.87419.093240.000.000.000.000.000.00

3250.170.1773.260.190.1980.9510.0110.012028.990.300.3060.401.861.86419.113250.000.000.000.000.000.00

Summary

FX @ 1.31

Type Well Economics (Sales)IRR Vs. Oil Price Sensitivities

2016 Type Curve2015 Type CurveVariance

IP30EURIP30EURIP30EUR

Gas (mmcf/d): bcf2.41.72.31.54%13%

Oil (b/d); mb197711636721%6%

C3+ b/mmcf;mb376437550%16%

boe/d; mboe6904196343689%14%

DCT Costmm$ 3.30mm$ 3.30

Chance of Success%100%100

Payoutyears0.9years1.0years(0.1)

RoR%141%105%36.0

NPV10mm$ 3.4mm$ 2.8mm$ 0.6

PV10mm$ 6.7mm$ 6.1mm$ 0.6

F&Dper boe$ 7.87per boe$ 8.97per boe$ (1.10)

* WTI US$55/bbl, NYMEX gas US$3.00/mmbtu, FX $1.31. Sales Volumes (9.75% Shrinkage)

RoR

WTI2015 Type Curve - 100% COS ($3.3 MM)2015 Type Curve - 100% COS 10% Capex Reduction2015 Type Curve -100% COS 10% Capex Increase2016 Type Curve - 100% COS ($3.3 MM)2016 TC - 100% COS 10% Capex Reduction2016 TC - 100% COS 10% Capex Increase

3542.357.830.857.977.343.7

4570.893.454.394.712473.5

55105.3137.282.3140.9183.8110.5

65146.9190.8115.7198.6259.4156

FX @ 1.35

Type Well Economics (Sales)IRR Vs. Oil Price Sensitivities

2016 Type Curve2015 Type CurveVariance

IP30EURIP30EURIP30EUR

Gas (mmcf/d): bcf2.41.72.31.54%13%

Oil (b/d); mb197711636721%6%

C3+ b/mmcf;mb3356.43348.70%16%

boe/d; mboe6904126343629%14%

DCT Costmm$ 3.30mm$ 3.30

Chance of Success%100%100

Payoutyears0.9years1.0years(0.1)

RoR%147%110%37.0

NPV10mm$ 3.8mm$ 3.1mm$ 0.7

PV10mm$ 7.1mm$ 6.4mm$ 0.7

F&Dper boe$ 8.01per boe$ 9.12per boe$ (1.11)

* WTI US$55/bbl, NYMEX gas US$3.00/mmbtu, FX $1.35. Sales Volumes (9.75% Shrinkage)

RoR

WTI2015 Type Curve - 100% COS ($3.3 MM)2015 Type Curve - 100% COS 10% Capex Reduction2015 Type Curve -100% COS 10% Capex Increase2016 Type Curve - 100% COS ($3.3 MM)2016 TC - 100% COS 10% Capex Reduction2016 TC - 100% COS 10% Capex Increase

3545.361.533.361.882.146.9

4574.59857.399.6130.377.4

55109.914386147.3192115.5

65152.5198120.2206.7270.2162.3

$3.00 NYMEX & 1.31 FX

2015 Type Curve - 100% COS ($3.3 MM)3545556542.370.8105.3146.92015 Type Curve - 100% COS 10% Capex Reduction3545556557.893.4137.19999999999999190.82015 Type Curve -100% COS 10% Capex Increase3545556530.854.382.3115.72016 Type Curve - 100% COS ($3.3 MM)3545556557.994.7140.9198.62016 TC - 100% COS 10% Capex Reduction3545556577.3124183.8259.399999999999982016 TC - 100% COS 10% Capex Increase3545556543.773.5110.5156

WTI ($US/bbl)

ROR BT (%)

$3.00 NYMEX & 1.35 FX

2015 Type Curve - 100% COS ($3.3 MM)3545556542.370.8105.3146.92015 Type Curve - 100% COS 10% Capex Reduction3545556557.893.4137.19999999999999190.82015 Type Curve -100% COS 10% Capex Increase3545556530.854.382.3115.72016 Type Curve - 100% COS ($3.3 MM)3545556557.994.7140.9198.62016 TC - 100% COS 10% Capex Reduction3545556577.3124183.8259.399999999999982016 TC - 100% COS 10% Capex Increase3545556543.773.5110.5156

WTI ($US/bbl)

ROR BT (%)

NPV15&10 - NOV '16 BOD

Ellerslie BTAX NPV15 ($M) - Capex Sensitivity - January 2017 Effective Date

Oil $7.30 Offset, Gas $0.20/mcf Transport

Aeco Basis $0.85 US/MMBTU, Energy Content 1,130 BTU/SCF, F/X 1.35, Processing $0.75/mcf

NGL Factors C3 = 13.3%, C4 = 37%, C5 = 85% WTI

BASE CASE10% CAPITAL REDUCTION10% CAPITAL INCREASE

CAPEX $3.3MMCAPEX $2.97MMCAPEX $3.63MM

2016 TYPE CURVE100% COSNYMEXWTINYMEXWTINYMEXWTI

354555653545556535455565

$ 2.506191,5242,4303,338$ 2.509431,8482,7543,662$ 2.502951,2002,1063,014

$ 3.001,5552,4633,3714,281$ 3.001,8792,7873,6954,605$ 3.001,2312,1393,0473,957

$ 3.502,4963,4054,3155,225$ 3.502,8203,7294,6395,549$ 3.502,1723,0813,9914,901


354555653545556535455565

$ 2.502481,0741,9032,732$ 2.505731,3992,2273,057$ 2.50(76)7501,5782,408

$ 3.001,0701,8982,7293,560$ 3.001,3942,2233,0533,884$ 3.007451,5742,4053,236

$ 3.501,8952,7253,5574,389$ 3.502,2193,0493,8814,713$ 3.501,5702,4013,2334,065


354555653545556535455565

$ 2.502,6283,9565,2856,615$ 2.502,9514,2795,6096,939$ 2.502,3043,6324,9616,292

$ 3.004,0435,3736,7048,036$ 3.004,3665,6977,0288,360$ 3.003,7195,0496,3807,712

$ 3.505,4616,7938,1259,458$ 3.505,7857,1178,4499,782$ 3.505,1376,4697,8019,134


354555653545556535455565

$ 2.501,6242,7423,8604,980$ 2.501,9483,0654,1845,304$ 2.501,3002,4183,5374,657

$ 3.002,8003,9205,0416,162$ 3.003,1244,2445,3646,486$ 3.002,4763,5964,7175,838

$ 3.503,9805,1016,2237,345$ 3.504,3045,4256,5477,669$ 3.503,6564,7775,8997,021


354555653545556535455565

$ 2.50(394)2949851,676$ 2.50(70)6191,3092,001$ 2.50(30)6601,352

$ 3.003029931,6862,379$ 3.006261,3182,0102,704$ 3.00(22)6691,3622,055

$ 3.501,0031,6962,3903,085$ 3.501,3272,0202,7153,409$ 3.506781,3722,0662,761


354555653545556535455565

$ 2.50(551)(90)$ 2.50(226)234$ 2.50(415)

$ 3.00(551)(89)373$ 3.00(226)235698$ 3.00(414)49

$ 3.50(550)(88)375839$ 3.50(225)2377001,163$ 3.50(412)51514

COSCAPITAL ($MM)

COSCAPITAL ($MM)2.973.303.63

2.973.303.6350% TC800474149

50% TC432106(220)75% TC2,9042,5781,874

75% TC2,3432,0181,692100% TC4,9124,5874,262

100% TC4,1593,8343,509125% TC6,9106,5856,261

125% TC5,9645,6395,314150% TC8,9068,5818,256

150% TC7,7677,4427,118

COSCAPITAL ($MM)COSCAPITAL ($MM)

2.973.303.632.973.303.63

50% TC66(260)(500)50% TC(297)(500)(700)

75% TC1,7841,4591,13475% TC1,229903578

100% TC3,4073,0822,757100% TC2,6592,3342,009

125% TC5,0204,6954,370125% TC4,0793,7543,429

150% TC6,6306,3065,981150% TC5,4975,1724,847

&D &T

&D &T

&D &T

&D &T

2016 TC - $55 WTI/$3 NYMEX (varying COS) - 0.75 $/Mcf Gas Variable

50% TC2.973.33.63431.6106-219.575% TC2.973.33.632342.80000000000022017.51692.1100% TC2.973.33.634158.53833.53508.5125% TC2.973.33.635963.95639.15314.3150% TC2.973.33.637766.97442.27117.5

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.63799.6474.1148.675% TC2.973.33.632903.82578.41874.4100% TC2.973.33.634912.34587.34262.3999999999996125% TC2.973.33.636910.26585.46260.6150% TC2.973.33.638905.79999999999938581.18256.4

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.6366-259.5-50075% TC2.973.33.631784.31458.91133.5999999999999100% TC2.973.33.6334073082.12757.1125% TC2.973.33.635019.846954370.2150% TC2.973.33.636630.26305.55980.8

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.63-296.8-500-70075% TC2.973.33.631228.8903.4578.1100% TC2.973.33.632658.82333.80000000000022008.8125% TC2.973.33.634078.83753.93429.1150% TC2.973.33.635496.55171.84847.1000000000004

CAPITAL ($MM)

NPV10 ($M)

Payout - OCT 2016

Ellerslie Payout - Capex Sensitivity


Aeco Basis $0.84 US/MMBTU (avg from NOV BOD), Energy Content 1,130 BTU/SCF, F/X 1.31, Processing $0.75/mcf

NGL Factors C3 = 13.3%, C4 = 37%, C5 = 85% WTI (avg from NOV BOD)

BASE CASE10% CAPITAL DECREASE 10% CAPITAL INCREASE



354555653545556535455565

$ 2.502.01.31.00.9$ 2.501.61.20.90.8$ 2.502.51.61.21.0

$ 3.001.41.10.90.8$ 3.001.21.00.80.7$ 3.001.71.21.00.8

$ 3.501.20.90.80.7$ 3.501.00.80.70.6$ 3.501.31.00.90.8


354555653545556535455565

$ 2.503.62.01.51.2$ 2.502.61.71.21.0$ 2.506.12.51.71.3

$ 3.002.11.51.21.0$ 3.001.81.31.00.9$ 3.002.61.81.41.1

$ 3.501.61.31.00.9$ 3.501.41.10.90.8$ 3.501.91.51.21.0


354555653545556535455565

$ 2.502.91.91.4$ 2.504.12.21.61.2$ 2.503.92.31.7

$ 3.003.02.01.51.2$ 3.002.31.61.31.0$ 3.004.02.41.81.4

$ 3.502.11.61.31.1$ 3.501.71.31.10.9$ 3.502.51.81.51.2


354555653545556535455565

$ 2.505.92.81.9$ 2.503.42.11.6$ 2.503.72.4

$ 3.005.92.92.01.6$ 3.003.62.21.61.3$ 3.003.82.51.9

$ 3.503.02.11.61.3$ 3.502.31.71.41.1$ 3.504.02.61.91.5


354555653545556535455565

$ 2.502.51.61.21.0$ 2.502.01.41.10.9$ 2.503.31.91.41.2

$ 3.001.71.31.00.9$ 3.001.41.10.90.8$ 3.002.01.51.21.0

$ 3.501.31.10.90.8$ 3.501.20.90.80.7$ 3.501.51.21.00.9

&D &T

&D &T

&D &T

&D &T

2015 TC - 100% COS - $3.3MM

$2.50 354555652.51.61.21 $3.00 354555651.71.310.9 $3.50 354555651.31.10000000000000010.90.8

WTI ($US/bbl)

Payout (yrs)

2016 TC - 70% COS - $3.3MM

$2.50 354555652.91.91.4 $3.00 35455565321.51.2 $3.50 354555652.11.61.31.1000000000000001

WTI ($US/bbl)

Payout (yrs)

2016 TC - 70% COS - $2.97MM

$2.50 354555654.09999999999999962.20000000000000021.61.2 $3.00 354555652.29999999999999981.61.31 $3.50 354555651.71.31.10000000000000010.9

WTI ($US/bbl)

Payout (yrs)

2016 TC - 70% COS - $3.63MM

$2.50 354555653.92.29999999999999981.7 $3.00 3545556542.41.81.4 $3.50 354555652.51.81.51.2

WTI ($US/bbl)

Payout (yrs)

2016 TC - 60% COS - $3.3MM

$2.50 354555655.92.81.9 $3.00 354555655.92.921.6 $3.50 3545556532.11.61.3

WTI ($US/bbl)

Payout (yrs)

2016 TC - 60% COS - $2.97MM

$2.50 354555653.42.11.6 $3.00 354555653.62.20000000000000021.61.3 $3.50 354555652.29999999999999981.71.41.1000000000000001

WTI ($US/bbl)

Payout (yrs)

2016 TC - 60% COS - $3.63MM

$2.50 354555653.72.4 $3.00 354555653.82.51.9 $3.50 3545556542.61.91.5

WTI ($US/bbl)

Payout (yrs)

2016 TC - 100% COS - $3.3MM

$2.50 3545556521.310.9 $3.00 354555651.41.10000000000000010.90.8 $3.50 354555651.20.90.80.7

WTI ($US/bbl)

Payout (yrs)

2016 TC - 100% COS - $2.97MM

$2.50 354555651.61.20.90.8 $3.00 354555651.210.80.7 $3.50 3545556510.80.70.6

WTI ($US/bbl)

Payout (yrs)

2015 TC - 100% COS - $2.97MM

$2.50 3545556521.41.10000000000000010.9 $3.00 354555651.41.10000000000000010.90.8 $3.50 354555651.20.90.80.7

WTI ($US/bbl)

Payout (yrs)

2015 TC - 100 COS - $3.63MM

$2.50 354555653.31.91.41.2 $3.00 3545556521.51.21 $3.50 354555651.51.210.9

WTI ($US/bbl)

Payout (yrs)

2016 TC - 100% COS - $3.63MM

$2.50 354555652.51.61.21 $3.00 354555651.71.210.8 $3.50 354555651.310.90.8

WTI ($US/bbl)

Payout (yrs)

2016 TC - 80% COS - $3.3MM

$2.50 354555653.621.51.2 $3.00 354555652.11.51.21 $3.50 354555651.61.310.9

WTI ($US/bbl)

Payout (yrs)

2016 TC - 80% COS - $2.97MM

$2.50 354555652.61.71.21 $3.00 354555651.81.310.9 $3.50 354555651.41.10000000000000010.90.8

WTI ($US/bbl)

Payout (yrs)

2016 TC - 80% COS - $3.63MM

$2.50 354555656.12.51.71.3 $3.00 354555652.61.81.41.1000000000000001 $3.50 354555651.91.51.21

WTI ($US/bbl)

Payout (yrs)

NPV15-NOV '16 BOD-Jan 16 Eff

Ellerslie BTAX NPV15 ($M) - Capex Sensitivity - January 2016 Effective Date







354555653545556535455565

$ 2.505381,3252,1132,902$ 2.508201,6062,3953,184$ 2.502561,0431,8312,621

$ 3.001,3522,1412,9313,722$ 3.001,6342,4233,2134,004$ 3.001,0701,8592,6493,440

$ 3.502,1702,9603,7524,543$ 3.502,4523,2424,0334,825$ 3.501,8882,6793,4704,261


354555653545556535455565

$ 2.502169341,6542,376$ 2.504981,2161,9362,658$ 2.50(66)6521,3722,094

$ 3.009301,6512,3733,095$ 3.001,2121,9332,6553,377$ 3.006481,3692,0912,814

$ 3.501,6472,3693,0933,816$ 3.501,9292,6513,3744,098$ 3.501,3652,0872,8113,534


354555653545556535455565

$ 2.502,2853,4394,5955,752$ 2.502,5663,7214,8776,034$ 2.502,0033,1584,3145,471

$ 3.003,5154,6725,8296,987$ 3.003,7964,9536,1117,269$ 3.003,2334,3905,5486,706

$ 3.504,7495,9067,0658,224$ 3.505,0306,1887,3478,505$ 3.504,4675,6256,7837,942


354555653545556535455565

$ 2.501,4122,3843,3574,330$ 2.501,6942,6653,6384,612$ 2.501,1302,1023,0754,049

$ 3.002,4343,4084,3835,358$ 3.002,7163,6904,6645,639$ 3.002,1533,1264,1015,076

$ 3.503,4604,4355,4116,387$ 3.503,7424,7175,6936,669$ 3.503,1794,1545,1296,105


354555653545556535455565

$ 2.50(343)2568561,457$ 2.50(61)5381,1381,739$ 2.50(26)5741,175

$ 3.002628641,4662,069$ 3.005441,1461,7482,351$ 3.00(20)5821,1841,787

$ 3.508721,4752,0782,682$ 3.501,1541,7572,3602,964$ 3.505901,1931,7962,400


354555653545556535455565

$ 2.50(479)(79)$ 2.50(197)204$ 2.50(361)

$ 3.00(479)(78)324$ 3.00(197)204606$ 3.00(360)42

$ 3.50(478)(77)326729$ 3.50(196)2066081,011$ 3.50(359)44447

COSCAPITAL ($MM)


2.973.303.6350% TC

50% TC75% TC

75% TC100% TC

100% TC125% TC

125% TC150% TC

150% TC

NPV10 ($M)IRR(%)

0.75 $/Mcf Gas VariableCOSCAPITAL ($MM)CAPITAL ($MM)

2.973.33.632.973.33.63

50%39296(200)22.312.65.2

COSCAPITAL ($MM)COSCAPITAL ($MM)75%2,1301,8341,53890.868.452.0

2.973.303.632.973.303.63100%3,7803,4853,189192.0147.3115.5

50% TC50% TC125%5,4215,2164,831339.7259.1203.3

75% TC75% TC150%7,0606,7656,470500.0414.1322.4

100% TC100% TC

125% TC125% TCNPV10 ($M)IRR(%)

150% TC150% TC0.25 $/Mcf Gas VariableCOSCAPITAL ($MM)CAPITAL ($MM)

2.973.33.632.973.33.63

50%72743113533.021.713.2

75%2,6392,3442,048113.686.767.3

100%4,4654,1703,874236.5181.9143.4

125%6,2825,9865,691419.3319.3250.7

150%8,0967,8007,505600.0500.0398.4

&D &T

&D &T

&D &T

&D &T


50% TC2.973.33.6375% TC2.973.33.63100% TC2.973.33.63125% TC2.973.33.63150% TC2.973.33.63

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.6375% TC2.973.33.63100% TC2.973.33.63125% TC2.973.33.63150% TC2.973.33.63

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.6375% TC2.973.33.63100% TC2.973.33.63125% TC2.973.33.63150% TC2.973.33.63

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.6375% TC2.973.33.63100% TC2.973.33.63125% TC2.973.33.63150% TC2.973.33.63

CAPITAL ($MM)

NPV10 ($M)

NPV10 - NOV'16 BOD - Jan16 Eff

Ellerslie NPV10 ($M) - Capex Sensitivity - January 2016 Effective Date







354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.003,485$ 3.003,780$ 3.003,189

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.0096$ 3.00392$ 3.00(200)

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.001,834$ 3.002,130$ 3.001,538

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.005,126$ 3.005,421$ 3.004,831

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.006,765$ 3.007,060$ 3.006,470

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.00$ 3.00$ 3.00

$ 3.50$ 3.50$ 3.50

COSCAPITAL ($MM)


2.973.303.6350% TC727431135

50% TC39296(200)75% TC2,6392,3442,048

75% TC2,1301,8341,538100% TC4,4654,1703,874

100% TC3,7803,4853,189125% TC6,2825,9865,691

125% TC5,4215,2164,831150% TC8,0967,8007,505

150% TC7,0606,7656,470

NPV10 ($M)IRR(%)

0.75 $/Mcf Gas VariableCOSCAPITAL ($MM)CAPITAL ($MM)

2.973.33.632.973.33.63

50%39296(200)22.312.65.2

COSCAPITAL ($MM)COSCAPITAL ($MM)75%2,1301,8341,53890.868.452.0

2.973.303.632.973.303.63100%3,7803,4853,189192.0147.3115.5

50% TC60(236)(500)50% TC(270)(500)(700)125%5,4215,2164,831339.7259.1203.3

75% TC1,6221,3261,03075% TC1,117821525150%7,0606,7656,470500.0414.1322.4

100% TC3,0972,8012,506100% TC2,4172,1211,826

125% TC4,5634,2683,972125% TC3,7083,4123,117NPV10 ($M)IRR(%)

150% TC6,0275,7325,437150% TC4,9964,7014,4060.25 $/Mcf Gas VariableCOSCAPITAL ($MM)CAPITAL ($MM)

2.973.33.632.973.33.63

50%72743113533.021.713.2

75%2,6392,3442,048113.686.767.3

100%4,4654,1703,874236.5181.9143.4

125%6,2825,9865,691419.3319.3250.7

150%8,0967,8007,505600.0500.0398.4

&D &T

&D &T

&D &T

&D &T


50% TC2.973.33.6339296.1-199.975% TC2.973.33.632129.51833.71537.8100% TC2.973.33.63378034853189125% TC2.973.33.635421.25215.89999999999964830.6000000000004150% TC2.973.33.637060.367656469.8

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.63726.6430.7134.6999999999999975% TC2.973.33.632639.42343.62047.8100% TC2.973.33.634465.34169.83874.3125% TC2.973.33.636281.55986.25690.9150% TC2.973.33.638095.77800.47505.2

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.6359.7-236.2-50075% TC2.973.33.631621.71325.91030.0999999999999100% TC2.973.33.633096.92801.42505.9125% TC2.973.33.6345634267.60000000000043972.3150% TC2.973.33.6360275731.75436.5

CAPITAL ($MM)

NPV10 ($M)


50% TC2.973.33.63-270-500-70075% TC2.973.33.631116.8821525.1100% TC2.973.33.632416.69999999999982121.19999999999981825.7125% TC2.973.33.633707.534123116.8150% TC2.973.33.634996.39999999999964701.10000000000044405.8999999999996

CAPITAL ($MM)

NPV10 ($M)

Payout - NOV '16 BOD

Ellerslie Payout - Capex Sensitivity - Jan 2017 Effective Date


Aeco Basis $0.84 US/MMBTU (avg from NOV BOD), Energy Content 1,130 BTU/SCF, F/X 1.30, Processing $0.75/mcf

NGL Factors C3 = 13.3%, C4 = 37%, C5 = 85% WTI (avg from NOV BOD)




354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.000.9$ 3.000.8$ 3.001.0

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.003.2$ 3.002.4$ 3.004.7

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.001.3$ 3.001.1$ 3.001.6

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.000.7$ 3.000.6$ 3.000.8

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.000.6$ 3.000.5$ 3.000.6

$ 3.50$ 3.50$ 3.50


354555653545556535455565

$ 2.50$ 2.50$ 2.50

$ 3.001.0$ 3.000.9$ 3.001.2

$ 3.50$ 3.50$ 3.50

COSCAPITAL ($MM)

2.973.303.63

50%2.43.24.7

75%1.11.31.6

100%0.80.91.0

125%0.60.70.8

150%0.50.60.6

&D &T

&D &T

&D &T

&D &T

2016 TC - $55 WTI/$3 NYMEX (varying COS)

50%2.973.33.632.43.24.775%2.973.33.631.10000000000000011.31.6100%2.973.33.630.80.91125%2.973.33.630.60.70.8150%2.973.33.630.50.60.6

CAPITAL ($MM)

Payout (years)

ROR - OCT 2016

Ellerslie BTAX IRR - Capex SensitivityEllerslie BTAX IRR - Capex Sensitivity

Oil $7.30 Offset, Gas $0.20/mcf TransportOil $7.30 Offset, Gas $0.20/mcf Transport

Aeco Basis $0.84 US/MMBTU (avg from NOV BOD), Energy Content 1,130 BTU/SCF, F/X 1.30, Processing $0.75/mcfAeco Basis $0.85 US/MMBTU, Energy Content 1,130 BTU/SCF, F/X 1.35, Processing $0.75/mcf

NGL Factors C3 = 13.3%, C4 = 37%, C5 = 85% WTI (avg from NOV BOD)NGL Factors C3 = 13.3%, C4 = 37%, C5 = 85% WTI

BASE CASE10% CAPITAL REDUCTION10% CAPITAL INCREASEBASE CASE10% CAPITAL REDUCTION10% CAPITAL INCREASE

CAPEX $3.3MMCAPEX $2.97MMCAPEX $3.63MMCAPEX $3.3MMCAPEX $2.97MMCAPEX $3.63MM

2016 TYPE CURVE100% COSNYMEXWTINYMEXWTINYMEXWTI2016 TYPE CURVE100% COSNYMEXWTINYMEXWTINYMEXWTI

354555653545556535455565354555653545556535455565

$ 2.5030.261.3100.6150.0$ 2.5043.782.6132.8196.8$ 2.5020.245.877.6116.9$ 2.50$ 2.50$ 2.50

$ 3.0057.994.7140.9198.6$ 3.0077.3124.0183.8259.4$ 3.0043.773.5110.5156.0$ 3.00$ 3.00$ 3.00

$ 3.5089.2132.7186.9256.9$ 3.50116.0171.9242.7331.5$ 3.5069.7104.6147.5199.9$ 3.50$ 3.50$ 3.50


354555653545556535455565354555653545556535455565

$ 2.508.228.753.182.5$ 2.5017.142.072.3109.5$ 2.501.418.839.063.0$ 2.50$ 2.50$ 2.50

$ 3.0027.550.578.3111.7$ 3.0039.868.3103.4146.1$ 3.0018.337.460.187.1$ 3.00$ 3.00$ 3.00

$ 3.5048.274.5106.2144.2$ 3.5064.797.8138.2187.4$ 3.5036.057.583.1113.5$ 3.50$ 3.50$ 3.50


354555653545556535455565354555653545556535455565

$ 2.5015.234.456.7$ 2.505.625.648.976.8$ 2.507.423.642.0$ 2.50$ 2.50$ 2.50

$ 3.0014.732.854.079.0$ 3.0024.346.472.7104.3$ 3.007.422.740.260.6$ 3.00$ 3.00$ 3.00

$ 3.5031.451.575.3103.4$ 3.5044.069.099.0134.8$ 3.5021.838.658.180.8$ 3.50$ 3.50$ 3.50


354555653545556535455565354555653545556535455565

$ 2.501.215.832.1$ 2.508.926.346.3$ 2.507.821.6$ 2.50$ 2.50$ 2.50

$ 3.001.515.431.048.8$ 3.008.825.344.366.4$ 3.007.821.035.8$ 3.00$ 3.00$ 3.00

$ 3.5015.029.946.966.6$ 3.5024.442.563.688.3$ 3.507.820.434.650.7$ 3.50$ 3.50$ 3.50


354555653545556535455565354555653545556535455565

$ 2.5019.644.474.2110.2$ 2.5030.660.998.2144.0$ 2.5011.432.256.785.9$ 2.50$ 2.50$ 2.50

$ 3.0042.370.8105.3146.9$ 3.0057.893.4137.2190.8$ 3.0030.854.382.3115.7$ 3.00$ 3.00$ 3.00

$ 3.5067.6100.7140.7188.7$ 3.5088.8130.8182.1244.5$ 3.5052.079.0111.2149.3$ 3.50$ 3.50$ 3.50

&D &T

&D &T

&D &T

&D &T

2015 TC - 100% COS - $3.3MM

$2.50 3545556519.60000000000000144.474.2110.2 $3.00 3545556542.370.8105.3146.9 $3.50 3545556567.599999999999994100.7140.69999999999999188.7

WTI ($US/bbl)

ROR (%)

2016 TC - 60% COS - $3.3MM

$2.50 354555651.215.832.1 $3.00 354555651.515.43148.8 $3.50 354555651529.946.966.599999999999994

WTI ($US/bbl)

ROR (%)

2016 TC - 60% COS - $2.97MM

$2.50 354555658.926.346.3 $3.00 354555658.800000000000000725.344.366.400000000000006 $3.50 3545556524.442.563.688.3

WTI ($US/bbl)

ROR (%)

2016 TC - 60% COS - $3.63MM

$2.50 354555657.821.6 $3.00 354555657.82135.799999999999997 $3.50 354555657.820.39999999999999934.650.7

WTI ($US/bbl)

ROR (%)

2016 TC - 100% COS - $3.3MM

$2.50 3545556530.261.3100.6150 $3.00 3545556557.994.7140.9198.6 $3.50 3545556589.2132.69999999999999186.9256.89999999999998

WTI ($US/bbl)

ROR (%)

2016 TC - 100% COS - $2.97MM

$2.50 3545556543.782.6132.80000000000001196.8 $3.00 3545556577.3124183.8259.39999999999998 $3.50 35455565116171.9242.7331.5

WTI ($US/bbl)

ROR (%)

2016 TC - 100% COS - $3.63MM

$2.50 3545

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