January 13, 2020 Covering the Week of January 3 to January 9, 2020

Week in Review Key Industry Indicators

 Kimbell Royalty Partners announced it agreed to acquire the
Current Week's %
mineral and royalty interests held by Springbok Energy Indicator
Value Change Change Direction
Partners and Springbok Energy Partners II in a transaction
valued at approximately $175 million Prompt Oil Price ($/bbl) $59.56 ($1.62) (2.6%) 
Prompt Gas Price ($/mmbtu) $2.17 $0.05 2.4% 
 The January issue of BMO Calgary’s A&D (Canadian) Market
Wkly Trans. Value ($mm) $175 ($50) (22%) 
Monitor went live last week – read more here
Wkly Trans. Count 1 -- --
US Rig Count 781 (15) (1.9%) 
US Oil Prod'n (mmbbl/d) 12.9 -- --
US Gas Prod'n (bcf/d)(1) 114.8 -- --
US Oil Storage (mmbbl) 431.1 (10.3) (2.3%) 
US Gas Storage (tcf) 3.1 (0.1) (3.1%) 
Quarterly Deal Activity
Asset Corporate Number of Transactions $64.3
$40 500
$35 $31.6 450

Number of Transactions
Transaction Value ($bn)

400
$30
$24.1 350
$25 $21.2 $21.9 $20.8 300
$19.5
$20 $15.8 $17.0 $17.0 250
$9.9 200
$15 $10.7 $10.7
$9.1 $9.2 150
$8.0 $8.2
$10 $4.9 100
$5 $2.2 $1.7 $0.2 50
-- --
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
% Oil 61% 83% 74% 79% 39% 52% 62% 71% 93% 24% 68% 82% 91% 64% 46% 93% 51% 95% 74% 80% 33%

All references to last week in the comments below are through Thursday
Commodities  Oil ended last week down. The conflict with Iran was front-and-center, while storage fundamentals were a
distant second. Iran’s strikes against U.S. air bases in Iraq using ballistic missiles caused the market to
initially soar. As additional news came out indicating there were no deaths and the strikes were isolated,
the market seemed to take some of the risk premium out. President Trump’s press conference further
assured the market that perhaps the worst of this is over and a full scale response from the U.S. would
not be happening. Inventory numbers were significantly bearish and refinery runs were lower by 386kbpd.
The near-term contract closed down $1.62, or 2.6%, at $59.56
 Gas ended last week up. Prompt month pushed against downtrend resistance at $2.16, which has
essentially been in place since the Nov 2019 highs. Lower 48 forecast weather forecasts shifted markedly
colder as the polar air mass over western Canada finds traction and pushes south into the Midwest and
East in the next few days. The near-term contract closed up $0.05, or 2.4%, at $2.17

Equity  S&P E&P(2) underperformed last week (2.3)% vs. SPX(2) 1.2%
 The U.S. equity indexes finished mostly up last week. Consumer discretionary, financials, industrials,
Markets consumer staples, healthcare, materials, and tech were all up. Real estate finished down

Debt  12 issuers priced 14 tranches for $8 billion in proceeds last week

 Three energy deals priced last week
Markets  Genesis Energy priced $750 million of 7.75% senior notes due 2028. BMO Capital Markets acted
as Lead Left Bookrunner on this transaction
 Range Resources priced $550 million of 9.25% senior notes due 2026. BMO Capital Markets acted
as Joint Bookrunner on this transaction
 WPX Energy priced $900 million of 4.5% senior notes due 2030
 U.S. high yield funds reported an inflow of $1.1 billion
 ETFs reported an inflow of $598 million, while mutual funds reported an inflow of $523 million
 High yield index yield was 5.29%; high yield energy index yield was 8.30%
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA, PLS
1 Note: Current quarter’s data is through the week covered by this issue.
1. EIA U.S. natural gas gross withdrawals and production reported monthly as of Oct 2019.
2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index.
 January 13, 2020

The 10 Most Recent Asset Transactions Over $20 Million

Ann'd Proved Prod.
Date Buyer Seller Area Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)

09-Jan-20 Kimbell Royalty Partners Springbok Energy Partners Multi-Region 2,160 net royalty acres across the U.S. $175 n.a. $69,088 nmf

31-Dec-19 BCE-Mach III LLC Alta Mesa Resources Mid-Continent 128,000 net acres in STACK $225 $3.25 $6,403 $1,756

22-Dec-19 Navitas Petroleum LP Denbury Resources Other 50% WI in conventional Texas assets $50 $13.51 $47,619 n.a.

20-Dec-19 Undisclosed Buyer Riviera Operating LLC Ark-La-Tex 75,873 net acres in East Texas $34 $1.02 $7,281 $448

19-Dec-19 Undisclosed Buyer Gulfport Energy Corp Marcellus/Utica Non-op Utica assets $29 n.a. n.a. n.a.

17-Dec-19 Banpu Public Co Ltd Devon Energy Barnett 300,000 net acres in Barnett $770 $1.15 $7,739 $2,567

12-Dec-19 W&T Offshore ConocoPhillips Gulf of Mexico Deepwater GOM assets $20 $4.88 $8,696 n.a.

10-Dec-19 Talos Energy Multiple Gulf of Mexico GOM assets and exploration prospects $640 $14.71 $33,684 n.a.

10-Dec-19 Dow Devon Energy Mid-Continent STACK Basin JV $100 n.a. n.a. n.a.

09-Dec-19 YTEF Drilling Capital LLC Bayswater E&P LLC Other Rockies DJ Basin JV $125 n.a. n.a. n.a.
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

(2) (2) (2)

LTM By Commodity LTM By Region LTM By Buyer Type

Other Permian Other

25% 20% 28%
Oil Public
Rockies (ex.
48% Company
Bakken)
45%
Gas Gulf of Mexico 8%
52% 8% Bakken Private
4% 10%
PE / PE-
Ark-La-Tex Mid-Con Backed
15% Appalachia
5% 17%
7%
Eagle Ford
6%

A&D Valuation Trends(3) Deal Activity – YTD ($bn)(4)

$60 Sales Value /
R/P Proved Reserves
$1.0
(15:1)
-- $0.8
Sales Price / Proved Reserves

$50 (ratio) ($ / boe) ($ / mcfe) --

8x $17.82 $1.19
$40 10x $15.68 $1.05
($/boe @ 15:1)

15x $11.37 $0.76

$30 20x $8.25 $0.55 $1.0

$0.8
$0.2 --
$20 y = 29.782e-0.064x -- $0.2
R² = 0.2924 --
$0.2 $0.0 $0.2
$10
$0.0
2016 2017 2018 2019 2020
-- Deal
-- 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Count 12 43 27 5 1
R/P Asset Corporate

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, PLS
2 1. Represents total enterprise value. 2. Calculated as percentage of total LTM transaction count (number of transactions, not dollar value).
3. 68 transactions from January 2015 to 2019 with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1
(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.
4. Year-to-date data is through this week’s date for each respective year.
 January 13, 2020

Select Significant Deals on the Market

Bakken
6 Deals
Appalachia
7 Deals

Rockies
14 Deals

Mid-Con
11 Deals

Permian Ark-La-Tex
22 Deals 5 Deals

Other Eagle Ford

11 Deals 15 Deals

M&A&D Headlines Industry Headlines

 Kimbell Royalty Partners Announces $175 Million
Acquisition of Mineral and Royalty Interests in a Cash
and Unit Transaction
 Oxy to Spin Off Anadarko's Pipeline Business in a Bid
to Reduce Debt
 EOG Resources Sells Saltwater Disposal Wells in
New Mexico
 Crude Turns Lower, Giving Up Earlier Gains Despite
Fears of Iran Retaliation Against U.S. Interests
 Oil Rally Cools as Iranian Strike Causes No U.S.
Casualties
 How Fracking Changed America Forever
 An End to 'Oil and Gas'? Industry Rebrands in Climate
Push
 Democratic Push for Fracking Ban Worries Oil and
Gas Industry
 U.S. M&A Primed for a Comeback
 Rick Perry Rejoins Energy Transfer Board of Directors
 The 2020 Battle Over Oil and Gas Setbacks Just
Started
 Occidental Starting Widespread Layoffs in Houston
and Beyond
 Apacha Corp. to Close San Antonio Office, Lay Off
272 Employees

(Click headline to link to the full article)

Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes
3 no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.
Source of Select Significant Deals on the Market: BMO Transaction Database
Source of Headlines: Press releases
 January 13, 2020

Commodity Prices
WTI OIL (HISTORICAL / FORECAST)

$80
NYMEX WTI Futures as of 09-Jan-20 Close ($/bbl) NYM
$70 (1)
Period Current Last Wk. 6 Mo. Ago 1 Yr. Ago
$60 12 Mo. Strip $57.79 $58.95 $57.28 $54.37
2020 $58.00 $59.17 $56.37 $55.25
($/bbl)

$50
2021 $54.07 $54.82 $54.56 $55.31
$40 2022 $52.10 $52.50 $53.99 $55.35
Link to Detailed Link to Detailed
2023 $51.46 $51.69 $54.16 $55.53
$30 Historical Graph Futures Data
2024 $51.61 $51.80 $54.60 $55.72

$20
Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)

$5
NYMEX Gas Futures as of 09-Jan-20 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
$4
12 Mo. Strip $2.33 $2.29 $2.56 $2.84
($/mmbtu)

2020 $2.29 $2.25 $2.59 $2.72

$3
2021 $2.43 $2.42 $2.58 $2.64
2022 $2.59 $2.57 $2.75 $2.81
$2 2023 $2.59 $2.57 $2.75 $2.81
Link to Detailed Link to Detailed
2024 $2.59 $2.57 $2.75 $2.81
Historical Graph Futures Data
$1
Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

NGL PRICING(2)

NGL as % of WTI
65%
Historical Prices as of 09-Jan-20 Close ($/gal)
NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago
55%
Ethane $0.16 $0.15 $0.14 $0.29
% of WTI

Propane $0.46 $0.45 $0.47 $0.66

45%
Butane $0.71 $0.67 $0.47 $0.69
Iso-butane $0.81 $0.82 $0.62 $0.81
35% Pentane+ $1.20 $1.23 $1.13 $1.08

25%
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

Source: BMO Commodity Products Group, Bloomberg, FactSet

4 1. Future prices are calendar year average unless stated otherwise.
2. Assumes typical Gulf Coast barrel composition.
 January 13, 2020

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 09-JAN-20
EMS
Legend
$51.06
Clearbrook
Price
($8.50)
$56.91
Diff.
($2.65)
$65.37
$5.81
East Coast
U.S. (Brent)
Cushing
$59.56

Midland St. James

Midland Sweet-
(LLS)
Sour Spread $60.51
($1.05) $0.95 $62.84
$3.28

NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 09-JAN-20

Legend Sumas
$1.85 AECO
$3.72 ($0.32)
Price
$1.55
Diff. Transco

$1.87
CIG Chicago ($0.30)
$3.25 Northern $1.90 $2.28 Dominion
$1.08 California ($0.27) $0.11
Panhandle $1.80
$1.74 ($0.37)
$2.08
($0.43)
($0.09)
$2.83
$0.66 El Paso - SJ

Southern $0.79
Waha
California ($1.38)

HSC $2.09
($0.08) Henry Hub
$2.17

Source: BMO Commodity Products Group, Bloomberg

5 Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.
 January 13, 2020

Permian Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 397  (6) 403 Oil Differential $0.80  $0.05 $0.75

Permitting Activity 165  35 130 Gas Differential ($1.38)  ($0.15) ($1.23)

RIG COUNT DIFFERENTIALS

$6.00 Midland Waha $1.60
H V+D % of Total Rigs
500 60%
400 50% $0.00 $0.00

$ / mmbtu
40%

$ / bbl
300
30% -$6.00 -$1.60
200
20%
100 -$12.00 -$3.20
10%
-- 0% -$18.00 -$4.80
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D
1,247 4,500 Oil Gas 4,314 17,000
1,207 1,256
1,065 1,050
905 4,000 15,000
852
769 750 744 778
598 3,500 13,000

mmcf/d
mbbl/d

3,000 11,000
197 15,457
2,500 9,000

2,000 7,000
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
1,500 5,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value (1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre) (2)
09-Dec-19 Laredo Petroleum Inc Undisclosed Seller 4,475 net acres in Midland Basin $65 n.a. $46,429 $14,525
05-Nov-19 Laredo Petroleum Inc Cordero Energy 7,360 net acres in Permian $130 n.a. n.a. $17,697
30-Sep-19 Viper Energy Partners Undisclosed Seller 1,045 net royalty acres in Permian $168 n.a. $143,959 nmf
13-Sep-19 Viper Energy Partners Santa Elena Minerals LP 1,358 net royalty acres in Permian $150 n.a. $107,143 nmf
03-Sep-19 Spur Energy Partners Concho Resources Inc ~70,000 net acres in Eddy and Lea, NM $925 n.a. $37,000 $13,214
Mean $288 n.a. $83,633 $15,145
Median $150 n.a. $76,786 $14,525
Blue = BM O provided t ransact ion advisory services Green = BM O provided acquisit ion f inancing or relat ed services
Purple = BM O provided bot h t ransact ion advisory services and acquisit ion f inancing or relat ed services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$200,000 $88,108 $80,000
$24,791
$150,000 $60,000
$100,000 $40,000
$ / acre
$ / boe/d

$50,000 $20,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 1 2 6 9 5 7 11 9 9 6 1 0 7 2 5 4 1 2 4 4 # Deals 1 2 8 8 6 6 12 13 15 7 2 2 7 2 5 4 1 2 0 4

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
6 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 January 13, 2020

Eagle Ford Snapshot

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 80  2 78 Oil Differential $3.25  $0.10 $3.15

Permitting Activity 48  7 41 Gas Differential ($0.08) -- ($0.08)

RIG COUNT DIFFERENTIALS

H V+D % of Total Rigs $10.00 MEH HSC $0.50

300 20% $8.00 $0.40
$6.00 $0.30

$ / mmbtu
15%
200 $4.00 $0.20

$ / bbl
10% $2.00 $0.10
$0.00 $0.00
100
5% -$2.00 -$0.10
-$4.00 -$0.20
-- 0% -$6.00 -$0.30
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D Oil Gas
1,800 8,000
472
398 401
353 351 1,600 7,345 7,500

mmcf/d
222 221 205 204
mbbl/d

173 201 192 1,400 7,000

60
1,200 6,500
1,391
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
1,000 6,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

Ann'd Proved Prod.
Date Buyer Seller Asset Description Value (1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre) (2)
12-Nov-19 Kimbell Royalty Partners Buckhorn Resources 400 net royalty acres in Eagle Ford $32 n.a. $117,752 nmf
07-Nov-19 Repsol Equinor 100% ow nership in former Eagle Ford JV $325 n.a. $9,559 $7,476
06-Nov-19 Marathon Rocky Creek & Delago 18,000 net acres in Eagle Ford $185 n.a. $26,429 $10,278
17-Jul-19 Undisclosed Buyer Sundance Energy 6,100 net acres in Dimmit County $30 n.a. $28,069 $4,836
19-Nov-18 Lonestar Resources Inc Sabine Oil & Gas Corp 2,706 net acres in Eagle Ford $39 $2.98 $48,375 $14,302
Mean $122 $2.98 $46,037 $9,223
Median $39 $2.98 $28,069 $8,877
Blue = BM O provided t ransact ion advisory services Green = BM O provided acquisit ion f inancing or relat ed services
Purple = BM O provided bot h t ransact ion advisory services and acquisit ion f inancing or relat ed services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$150,000 $60,000
$66,216 $50,000
$100,000 $40,000 $8,045
$30,000
$ / boe/d

$ / acre

$50,000 $20,000
$10,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 1 1 3 1 2 2 2 4 4 3 1 2 7 2 0 3 0 0 1 3 # Deals 0 1 2 1 2 2 0 4 2 3 1 2 4 2 1 3 0 0 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
7 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 January 13, 2020

Ark-La-Tex Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 47  (5) 52 Oil Differential $3.85  $0.20 $3.65

Permitting Activity 12  6 6 Gas Differential -- -- --

RIG COUNT DIFFERENTIALS

$10.00 LLS Henry Hub $10.00

H V+D % of Total Rigs
80 20%
$8.00 $8.00

$ / mmbtu
60 15%
$6.00 $6.00

$ / bbl
40 10%
$4.00 $4.00
20 5% $2.00 $2.00
-- 0% -- --
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D
120 Oil Gas 14,000
13,194
174 195 196
110 12,500
132 137
113 116 116 100 11,000

mmcf/d
100 117
mbbl/d

84
61 90 9,500

12 80 8,000

70 73 6,500
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
60 5,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)
20-Dec-19 Undisclosed Buyer Riviera Operating LLC 75,873 net acres in East Texas $34 $0.17 $1,213 $448
29-Jul-19 Osaka Gas Sabine Oil & Gas Corp 175,000 net acres in East TX $610 n.a. $2,905 $9,136
19-Dec-18 Comstock Shelby Shale LLC 6,023 net acres in Haynesville $21 n.a. n.a. $3,404
19-Nov-18 Aethon III QEP Resources Inc 49,700 net acres in Haynesville $735 $0.77 $2,475 $14,789
05-Sep-18 Viking Energy Group Multiple Sellers Texas and Louisiana assets $100 n.a. n.a. n.a.
Mean $300 $0.47 $2,198 $6,944
Median $100 $0.47 $2,475 $6,270
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$12,000 $20,000
$10,000 $3,983 $15,000
$8,000
$10,000 $3,180
$6,000
$ / acre
$ / mcfe/d

$4,000 $5,000
$2,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 0 0 5 1 1 3 2 3 0 2 2 0 1 1 2 1 0 1 1 1 # Deals 0 0 3 1 1 2 1 3 0 1 2 0 1 1 1 1 0 1 1 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
8 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, and 2019.
 January 13, 2020

Appalachia Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 51 -- 51 Oil Differential $5.81  $0.74 $5.07

Permitting Activity 15  (6) 21 Gas Differential ($0.58)  ($0.06) ($0.51)

RIG COUNT DIFFERENTIALS

H V+D % of Total Rigs $15.00 Brent Dominion $3.00

150 20%
$10.00 $2.00

$ / mmbtu
15% $5.00 $1.00
100

$ / bbl
10% $0.00 $0.00
50 -$5.00 -$1.00
5%
-$10.00 -$2.00
-- 0% -$15.00 -$3.00
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D Oil Gas
160 31,380 35,000
397 419
382 384
335 348
276 303 295 140 30,000
259 232

mmcf/d
182
mbbl/d

120 25,000

17
100 20,000
146
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
80 15,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)
19-Dec-19 Undisclosed Buyer Gulfport Energy Corp Non-op Utica assets $29 n.a. n.a. n.a.
21-Oct-19 Heritage Resources Inc Range Resources Southwest Applachia ORRIs $150 n.a. $15,337 nmf
24-Jul-19 Diversified Gas & Oil EdgeMarc Energy Holdings 12,730 net acres in Ohio Utica $50 $0.32 $769 $3,928
19-Jul-19 Multiple Range Resources Corp Southwest Applachia ORRIs $600 n.a. $15,790 nmf
30-Jun-19 Undisclosed Buyer Range Resources Corp 20,000 non-producing net acres in PA $34 n.a. n.a. $1,700
Mean $173 $0.32 $10,632 $2,814
Median $50 $0.32 $15,337 $2,814
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$30,000 $12,000
$25,000 $5,500 $10,000
$20,000 $8,000
$15,000 $6,000 $564
$ / acre
$ / mcfe/d

$10,000 $4,000
$5,000 $2,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 0 1 0 0 1 2 2 3 2 5 1 4 3 4 3 1 1 0 2 1 # Deals 0 1 0 0 1 2 2 4 2 4 1 3 1 3 2 0 0 0 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
9 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, and 2019.
 January 13, 2020

Bakken Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 51  (1) 52 Oil Differential ($2.65)  ($0.40) ($2.25)

Permitting Activity 18  2 16 Gas Differential ($0.27)  ($0.09) ($0.18)

RIG COUNT DIFFERENTIALS

H V+D % of Total Rigs $10.00 Clearbrook CIG $0.50
200 20%

150 15%

$ / mmbtu
$0.00 $0.00

$ / bbl
100 10%
-$10.00 -$0.50
50 5%

-- 0%
-$20.00 -$1.00
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D Oil Gas 1,383
1,500 3,300
154 157
144 138 145 138 1,400 3,000
133 144
114 110
1,300 2,700
83

mmcf/d
72
mbbl/d

1,200 2,941 2,400

24 1,100 2,100

1,000 1,800
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
900 1,500
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
22-Apr-19 Northern Oil and Gas Flywheel Energy LLC 18,000 net acres in Williston Basin $310 n.a. $47,014 $17,238
31-Jul-18 Northern Oil and Gas W Energy Partners 10,600 net acres in Williston Basin $288 n.a. $42,708 $27,196
18-Jul-18 Northern Oil and Gas Pivotal Petroleum Partners LP Producing assets in Williston Basin $152 n.a. $37,032 n.a.
12-Jul-18 PetroShale Inc Slawson Exploration Co 1,981 net acres in Williston Basin $55 $6.04 $100,000 $27,764
06-Jul-18 Energy Resources 12 LP Bruin E&P Partners LLC 2.8% non-operated WI in Bakken assets $83 n.a. n.a. n.a.
Mean $178 $6.04 $56,688 $24,066
Median $152 $6.04 $44,861 $27,196
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$80,000 $25,000
$60,000 $45,752 $20,000
$15,000
$40,000
$ / boe/d

$1,751
$ / acre

$10,000
$20,000 $5,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 0 1 1 4 0 2 3 3 0 1 3 3 0 6 3 0 0 1 0 0 # Deals 0 0 1 2 0 0 2 3 1 0 3 2 0 5 2 0 0 1 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
10 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 January 13, 2020

Rockies (excl. Bakken) Snapshot

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 49  (3) 52 Oil Differential ($2.65)  ($0.40) ($2.25)

Permitting Activity 20  (1) 21 Gas Differential ($0.27)  ($0.09) ($0.18)

RIG COUNT DIFFERENTIALS

H V+D % of Total Rigs $10.00 Clearbrook CIG $0.50
150 20%

15%

$ / mmbtu
100 $0.00 $0.00

$ / bbl
10%
50 -$10.00 -$0.50
5%

-- 0% -$20.00 -$1.00
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D
1,000 Oil Gas 15,500
494 836
402 434 900 15,000
352 328 327 296
306
285

mmcf/d
212 800 14,500
mbbl/d

164 167
700 14,000
20
600 13,500
13,296
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
500 13,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value (1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre) (2)
09-Dec-19 YTEF Drilling Capital LLC Baysw ater E&P LLC DJ Basin JV $125 n.a. n.a. n.a.
03-Sep-19 Undisclosed Buyer Crescent Point 224,000 net undeveloped acres in Uinta $525 n.a. $32,051 $2,344
14-Feb-19 Undisclosed Buyer Harvest Oil & Gas Corp San Juan Basin assets $43 $1.57 $10,835 n.a.
31-Jan-19 Undisclosed Buyer Extraction Oil & Gas 5,000 net acres in Pow der River $22 n.a. n.a. $4,480
01-Oct-18 DJR Energy LLC Encana 182,000 net acres in San Juan Basin $480 n.a. $88,889 $2,637
Mean $239 $1.57 $43,925 $3,154
Median $125 $1.57 $32,051 $2,637
Blue = BM O provided t ransact ion advisory services Green = BM O provided acquisit ion f inancing or relat ed services
Purple = BM O provided bot h t ransact ion advisory services and acquisit ion f inancing or relat ed services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$120,000 $20,000
$100,000 $36,255
$15,000
$80,000
$60,000 $10,000 $2,380
$ / acre
$ / boe/d

$40,000
$5,000
$20,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 2 0 4 4 1 6 2 0 1 6 3 9 3 1 3 1 1 0 2 0 # Deals 0 0 3 3 0 1 1 0 1 0 1 5 2 0 2 1 0 0 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
11 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 January 13, 2020

Mid-Continent Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 54  1 53 Oil Differential -- -- --

Permitting Activity 34  (29) 63 Gas Differential ($0.42)  $0.04 ($0.45)

RIG COUNT DIFFERENTIALS

$0.25 Cushing Panhandle $0.25
H V+D % of Total Rigs
400 20%
$0.00 $0.00

$ / mmbtu
300 15%
-$0.25 -$0.25

$ / bbl
200 10%
-$0.50 -$0.50
100 5%
-$0.75 -$0.75
-- 0% -$1.00 -$1.00
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D
435 850 Oil Gas 753 18,000
403 389
339 367 349 345 339 333
298 324 800 16,800
277

mmcf/d
750 15,600
mbbl/d

47 700 14,400

650 13,200
12,931
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
600 12,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
31-Dec-19 BCE-Mach III LLC Alta Mesa Resources 128,000 net acres in STACK $225 $3.25 $6,403 $1,756
10-Dec-19 Dow Devon Energy STACK Basin JV $100 n.a. n.a. n.a.
27-Sep-19 Contango White Star Petroleum LLC 314,800 net acres in Mid-Con $133 $1.57 $8,833 $421
12-Sep-19 Contango Will Energy Corporation TX Panhandle, W. Anadarko, and N.LA $23 n.a. $16,429 $144
28-Aug-19 Scout Energy Partners Riviera Resources Inc Hugoton Basin assets $295 $2.30 $17,020 $295
Mean $155 $2.37 $12,171 $654
Median $133 $2.30 $12,631 $358
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$200,000 $20,000
$150,000 $15,000
$100,000 $18,800 $10,000 $4,284
$ / boe/d

$ / acre

$50,000 $5,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 1 4 1 3 1 6 3 1 4 2 4 5 2 2 5 4 2 0 4 3 # Deals 1 3 1 2 0 3 3 2 4 1 2 1 0 0 0 1 0 0 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
12 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 January 13, 2020

Gulf of Mexico Snapshot

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 20  (1) 21 Oil Differential $3.85  $0.20 $3.65

Permitting Activity 2  (9) 11 Gas Differential -- -- --

RIG COUNT DIFFERENTIALS

Deep Water Shelf % of Total Rigs LLS Henry Hub
$10.00 $10.00
40 20%
$8.00 $8.00
30 15%

$ / mmbtu
$6.00 $6.00

$ / bbl
20 10%
$4.00 $4.00
10 5%
$2.00 $2.00
-- 0% -- --
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH(1) GROSS PRODUCTION
32 33 33
31 2,200 Oil Gas 4,500
29 28 1,854
26 26 27
23 24
22 2,000 4,000

mmcf/d
1,800 3,500
mbbl/d

9
1,600 3,000

1,400 2,500
2,879
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20
1,200 2,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value (2) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre) (3)
12-Dec-19 W&T Offshore ConocoPhillips Deepw ater GOM assets $20 $4.88 $8,696 n.a.
10-Dec-19 Talos Energy Multiple GOM assets and exploration prospects $640 $14.71 $33,684 n.a.
27-Jun-19 W&T Offshore ExxonMobil Mobile Bay assets $200 $2.70 $10,101 n.a.
13-May-19 Equinor Shell 22.45% WI in Caesar-Tonga Field $965 n.a. $60,313 n.a.
23-Apr-19 Murphy LLOG Bluew ater LLC Mississippi Canyon & Green Canyon $1,375 $20.83 $36,184 n.a.
Mean $640 $10.78 $29,796 n.a.
Median $640 $9.79 $33,684 n.a.
Blue = BM O provided t ransact ion advisory services Green = BM O provided acquisit ion f inancing or relat ed services
Purple = BM O provided bot h t ransact ion advisory services and acquisit ion f inancing or relat ed services

TRANSACTION PRODUCTION MULTIPLES(4) TRANSACTION PROVED RESERVE MULTIPLES(4)

$60,000 $30,696 $40 $15.86
$45,000 $30
$30,000 $20
$ / boe/d

$ / boe

$15,000 $10
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 0 0 1 1 0 0 2 0 0 0 0 1 2 2 2 1 1 3 0 2 0 0 1 0 0 0 2 1 0 0 0 1 2 1 0 1 1 2 0 2
# Deals
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
13 Note: Current quarter’s data is through the week covered by this issue.
1. Permits include directional and unidentified drilling permits. 2. Represents total enterprise value. Excludes transactions with deal value <$20 million.
3. $/acre multiple not adjusted for value associated with production.
4. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
 January 13, 2020

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Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes
14 no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.
 January 13, 2020

Rig Count Summary

BMO uses updated basin outlines, and the resulting rig counts, to more accurately represent current basin knowledge. The data below reflect these changes
and is different than those shown by Baker Hughes. The totals are the same.

This Last Last

Week Change Week Year Williston
Total Rigs 781 (15) 796 1,075 51
Oil 659 (11) 670 873
(1)
Gas 119 (4) 123 202
Miscellaneous 3 -- 3 --
Directional 45 (6) 51 62 Green River
18
Horizontal 698 (3) 701 948
9 Powder River Marcellus
Vertical 38 (6) 44 65 --
(1) Utica 41
Basin
10 1
Piceance
Permian 397 (6) 403 488 19
SCOOP/STACK/Merge 40 1 39 105 3 DJ-Niobrara (1)
(1)
Granite Wash 6 -- 6 19 --
Eagle Ford 80 2 78 99
Haynesville 47 (5) 52 64 Granite Wash SCOOP/STACK/Merge
Marcellus 41 1 40 61
Utica 10 (1) 11 18 6 40
Williston 51 (1) 52 56 -- 1
DJ-Niobrara 19 (1) 20 31
Green River 9 (1) 10 18
Haynesville
Permian
Powder River 18 -- 18 18 397 47
Piceance 3 -- 3 7
(6) (5)
Gulf Coast Onshore 7 (1) 8 23
GOM 20 (1) 21 21
7
Alaska 7 (1) 8 9 Eagle Ford
Legend 80 (1) Gulf Coast Onshore
Other 26 (1) 27 38
Mid-Con 8 -- 8 23 2
Rockies -- (1) 1 3 Current 20 GOM
Western 16 -- 16 10 Change (1)
Eastern 2 -- 2 2

Contacts
Jason Martinez Howard Barnwell Rob Priske Dan Schockling
MD & Head of U.S. A&D MD & Transactions Mgr. MD & Transactions Mgr. MD & Head of Commercial
713-546-9771 713-546-9767 713-546-9727 713-518-1223
jason.martinez@bmo.com howard.barnwell@bmo.com rob.priske@bmo.com dan.schockling@bmo.com
Michael Hackett Marian Yu Aaron Moeller Michelle Tankimovich
Vice President Associate Associate Analyst

Disclaimer
This material is prepared by the BMO Capital Markets’ Investment and Corporate Banking Department, for distribution to BMO Capital Markets’ clientele. It is not a product of
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The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital
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Source of rig count stats: Baker Hughes

15