A Collection of Horizontal Well

Type Curve Parameters in

Oklahoma
HC Evaluations LLC
September 2, 2020
Relevant Quotes
“All models are wrong, but some are useful.”—George Box

Just as the statistician, George Box, once opined. All decline curve (EURs) are wrong, but some are
useful.

Oil and gas decline curve analysis provides a reference point for reservoir engineers, planners,
budgeters and financial modelers to place a value on an asset, to project revenue into the future, and
to help decide whether a well should be drilled or an acquisition made. Decline curve analysis is
rooted on well or lease level production. It is concrete, it is predictable; yet, nevertheless, there is an
art to it.

The slides that follow illustrate how decline curve analysis can be used to compare plays and the
progress of plays as they develop.

Other opinions and analyses can be drawn from the data herein and the author welcomes any
feedback, questions, or thoughts.
Objectives of Horizontal Play Study

1) Objectives of study
a) Excel tool development for quick play evaluation (https://www.hceval.com/workbooks-pt2)
b) Correlation time horizon and its predictability for various plays
c) EUR or PVP* improvements observed over time
d) Decline curve parameter similarities observed over time and across plays

*PVP shown on slides represents oil and gas revenue discounted at 10%, rather than present value profit.
Comments of Slides to Follow
1) The following slides provide analysis of certain horizontal oil and gas producers in Oklahoma
2) The decline curve EURs (estimated ultimate recoveries) assume hyperbolic decline (0<b<1.5) with an
exponential terminal decline of 5%
3) Only horizontal producers with >36 months of producing history are used in the analyses
4) Gas and oil production as reported by 3rd party reporting services are used
5) Tables:
a) Type curve decline parameters, oil, gas initial potentials, estimated ultimate recoveries, one-year
cumulative values
6) Charts:
a) Red lines represent normalized production with sample size (number of wells) shown on each
plot
b) Blue lines represent the best type curve match assuming hyperbolic parameters in 1) above
7) Correlations of 6-months, 12-months, 24-months, and 36-months are reviewed in the first set of
slides across datasets (wells) representing significant horizontal plays in certain counties and
formations in Oklahoma
a) Alfalfa County-Mississippian Producers (sample size 806 wells)
b) Canadian County-Woodford Producers (sample size 678 wells)
 Alfalfa County Mississippian Producers
>36 Months History
6 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 222 1.29 78% 132,529 34,758 0.995 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,215 1.50 64% 1,422,796 256,947 0.999 36.80688
806
Equiv 6:1 (boe) 424 369,662 77,582 Long Revenue of Type Well $8,146,748
Equiv 16:1 (boe) 298 221,454 50,817 -98.34567 PVP@10% Rev $4,741,423

Avg Lat Len (ft) 4,362

Avg Prop per ft (lbs) 167
Avg Measured Depth (ft) 10,173
Avg Proppant (lbs) 726,639
*Constrained to 0.0<b<1.5

Type Curve Fit

1,400.0 250.0

1,200.0
200.0
1,000.0

800.0
Gas decline based on 6 150.0
Mcfpd

bopd
600.0

400.0
Modeled Data
Normalized Data
months only under- 100.0
Modeled Data
Normalized Data

200.0 projects actuals (blue 50.0

0.0 0.0
0 10 20
Months
30 40 curve is less than red) 0 10 20
Months
30 40
 Alfalfa County Mississippian Producers
>36 Months History
12 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 222 1.34 78% 139,650 34,758 0.994 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,176 1.50 61% 1,550,178 256,947 0.998 36.80688
806
Equiv 6:1 (boe) 418 398,013 77,582 Long Revenue of Type Well $8,686,366
Equiv 16:1 (boe) 296 236,536 50,817 -98.34567 PVP@10% Rev $4,958,873

Avg Lat Len (ft) 4,362

Avg Prop per ft (lbs) 167
Avg Measured Depth (ft) 10,173
Avg Proppant (lbs) 726,639
*Constrained to 0.0<b<1.5

Type Curve Fit

1,400.0 250.0

1,200.0
200.0
1,000.0

800.0
Oil decline based on 12 150.0
Mcfpd

bopd
600.0 Modeled Data
Normalized Data
months only over- 100.0
Modeled Data
Normalized Data
400.0

200.0 projects actuals (blue 50.0

0.0
0 10 20 30 40 curve is greater than red) 0.0
0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
>36 Months History
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 216 1.12 79% 113,902 34,758 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,149 1.50 58% 1,622,250 256,947 0.997 36.80688
806
Equiv 6:1 (boe) 408 384,277 77,582 Long Revenue of Type Well $7,800,597
Equiv 16:1 (boe) 288 215,293 50,817 -98.34567 PVP@10% Rev $4,607,673

Avg Lat Len (ft) 4,362

Avg Prop per ft (lbs) 167
Avg Measured Depth (ft) 10,173
Avg Proppant (lbs) 726,639
*Constrained to 0.0<b<1.5

Type Curve Fit

1,400.0 250.0

1,200.0
200.0
1,000.0

800.0
24-month correlation 150.0
Mcfpd

bopd
600.0 Modeled Data
Normalized Data
provides reasonable 100.0
Modeled Data
Normalized Data
400.0

200.0 projection thru observed 50.0

0.0
0 10 20 30 40 40 months 0.0
0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
>36 Months History
36 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 214 1.07 79% 109,084 34,758 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,141 1.50 58% 1,640,424 256,947 0.997 36.80688
806
Equiv 6:1 (boe) 405 382,488 77,582 Long Revenue of Type Well $7,644,206
Equiv 16:1 (boe) 286 211,610 50,817 -98.34567 PVP@10% Rev $4,547,856

Avg Lat Len (ft) 4,362

Avg Prop per ft (lbs) 167
Avg Measured Depth (ft) 10,173
Avg Proppant (lbs) 726,639
*Constrained to 0.0<b<1.5

Type Curve Fit

1,200.0 250.0

1,000.0 200.0

800.0
36-month correlation 150.0
Mcfpd

bopd
600.0

400.0
Modeled Data
Normalized Data
provides reasonable 100.0
Modeled Data
Normalized Data

200.0 projection thru observed 50.0

0.0
0 10 20 30 40 40 months 0.0
0 10 20 30 40
Months Months
 Canadian County Woodford Producers
>36 Months History
6 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 154 1.15 72% 112,715 30,941 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,958 0.00 55% 1,381,214 736,481 0.988 35.59935
678
Equiv 6:1 (boe) 647 342,917 153,688 Long Revenue of Type Well $7,271,023
Equiv 16:1 (boe) 339 199,041 76,971 -98.16267 PVP@10% Rev $5,286,748

Avg Lat Len (ft) 4,831

Avg Prop per ft (lbs) 1,167
Avg Measured Depth (ft) 17,293
Avg Proppant (lbs) 5,638,843
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 180.0
160.0
3,000.0
140.0
2,500.0

2,000.0
Gas decline based on 6 120.0
100.0
Mcfpd

bopd
1,500.0

1,000.0
Modeled Data
Normalized Data
months only under- 80.0
60.0
Modeled Data
Normalized Data

500.0 projects actuals (blue 40.0

20.0
0.0 0.0
0 10 20
Months
30 40 curve is less than red) 0 10 20
Months
30 40
 Canadian County Woodford Producers
>36 Months History
12 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 155 1.34 71% 132,598 30,941 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,978 0.23 55% 1,598,570 736,481 0.992 35.59935
678
Equiv 6:1 (boe) 652 399,026 153,688 Long Revenue of Type Well $8,501,052
Equiv 16:1 (boe) 341 232,508 76,971 -98.16267 PVP@10% Rev $5,872,844

Avg Lat Len (ft) 4,831

Avg Prop per ft (lbs) 1,167
Avg Measured Depth (ft) 17,293
Avg Proppant (lbs) 5,638,843
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 180.0
160.0
3,000.0
140.0
2,500.0

2,000.0
Gas decline based on 12 120.0
100.0
Mcfpd

bopd
1,500.0

1,000.0
Modeled Data
Normalized Data
months only under- 80.0
60.0
Modeled Data
Normalized Data

500.0 projects actuals (blue 40.0

20.0
0.0 0.0
0 10 20
Months
30 40 curve is less than red) 0 10 20
Months
30 40
 Canadian County Woodford Producers
>36 Months History
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 155 1.34 71% 133,150 30,941 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,058 1.10 53% 4,188,022 736,481 0.997 35.59935
678
Equiv 6:1 (boe) 665 831,154 153,688 Long Revenue of Type Well $13,702,058
Equiv 16:1 (boe) 346 394,902 76,971 -98.16267 PVP@10% Rev $7,575,922

Avg Lat Len (ft) 4,831

Avg Prop per ft (lbs) 1,167
Avg Measured Depth (ft) 17,293
Avg Proppant (lbs) 5,638,843
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 180.0
160.0
3,000.0
140.0
2,500.0

2,000.0
24-month correlation 120.0
100.0
Mcfpd

bopd
1,500.0 Modeled Data
Normalized Data
provides reasonable 80.0
60.0
Modeled Data
Normalized Data
1,000.0

500.0 projection thru observed 40.0

20.0
0.0
0 10 20 30 40 40 months 0.0
0 10 20 30 40
Months Months
 Canadian County Woodford Producers
>36 Months History
36 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 153 1.22 71% 122,793 30,941 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,084 1.26 53% 4,638,365 736,481 0.996 35.59935
678
Equiv 6:1 (boe) 667 895,854 153,688 Long Revenue of Type Well $14,188,449
Equiv 16:1 (boe) 346 412,691 76,971 -98.16267 PVP@10% Rev $7,677,575

Avg Lat Len (ft) 4,831

Avg Prop per ft (lbs) 1,167
Avg Measured Depth (ft) 17,293
Avg Proppant (lbs) 5,638,843
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 180.0
160.0
3,000.0
140.0
2,500.0

2,000.0
36-month correlation 120.0
100.0
Mcfpd

bopd
1,500.0 Modeled Data
Normalized Data
provides reasonable 80.0
60.0
Modeled Data
Normalized Data
1,000.0

500.0 projection thru observed 40.0

20.0
0.0
0 10 20 30 40 40 months 0.0
0 10 20 30 40
Months Months
Comparison of First Sales by Year
Various Counties and Plays (24-month Correlation)
1) The following slides provide a view of normalized and fitted type curves using a 24-month correlation
period
2) Again, only horizontal wells with >36 months are incorporated in the analyses
3) 24-month correlation was selected due to the results of Alfalfa County, Mississippian and Canadian
County, Woodford producers
 Alfalfa County Mississippian Producers
Wells with First Production in 2010
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 174 0.20 72% 57,812 36,501 0.974 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 808 0.00 47% 528,381 233,324 0.914 36.95122
16
Equiv 6:1 (boe) 309 145,876 75,389 Long Revenue of Type Well $3,369,251
Equiv 16:1 (boe) 225 90,836 51,084 -98.24179 PVP@10% Rev $3,011,908

Avg Lat Len (ft) 4,367

Avg Prop per ft (lbs) 202
Avg Measured Depth (ft) 9,528
Avg Proppant (lbs) 882,078
*Constrained to 0.0<b<1.5

Type Curve Fit

900.0 200.0
800.0 180.0
700.0 160.0

600.0 Limited sample size. 140.0

120.0
Mcfpd

500.0

bopd
100.0
400.0
300.0
Modeled Data
Normalized Data
Note volatility of the 80.0
60.0
Modeled Data
Normalized Data

200.0
100.0
normalized (red) 40.0
20.0
0.0
0 10 20 30 40 production profile. 0.0
0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
Wells with First Production in 2011
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 127 0.48 71% 52,058 27,420 0.985 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 792 1.50 55% 1,161,748 185,582 0.993 36.89616
75
Equiv 6:1 (boe) 259 245,682 58,351 Long Revenue of Type Well $4,405,806
Equiv 16:1 (boe) 177 124,667 39,019 -98.28914 PVP@10% Rev $3,009,270

Avg Lat Len (ft) 4,109

Avg Prop per ft (lbs) 181
Avg Measured Depth (ft) 9,586
Avg Proppant (lbs) 744,804
*Constrained to 0.0<b<1.5

Type Curve Fit

900.0 140.0
800.0 120.0
700.0
100.0
600.0
80.0
Mcfpd

500.0

bopd
400.0 Modeled Data 60.0 Modeled Data

300.0 Normalized Data Normalized Data

40.0
200.0
20.0
100.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
Wells with First Production in 2012
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 215 1.37 82% 114,346 29,989 0.993 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,018 1.50 60% 1,335,702 222,211 0.991 36.81787
181
Equiv 6:1 (boe) 385 336,963 67,024 Long Revenue of Type Well $7,245,232
Equiv 16:1 (boe) 279 197,827 43,877 -98.33106 PVP@10% Rev $4,172,905

Avg Lat Len (ft) 4,212

Avg Prop per ft (lbs) 215
Avg Measured Depth (ft) 9,961
Avg Proppant (lbs) 904,947
*Constrained to 0.0<b<1.5

Type Curve Fit

1,200.0 250.0

1,000.0 200.0

800.0
150.0
Mcfpd

bopd
600.0
Modeled Data Modeled Data
100.0
400.0 Normalized Data Normalized Data

50.0
200.0

0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
Wells with First Production in 2013
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 195 1.03 80% 89,422 30,406 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,094 1.50 59% 1,495,652 241,713 0.998 36.81002
225
Equiv 6:1 (boe) 377 338,697 70,691 Long Revenue of Type Well $6,568,176
Equiv 16:1 (boe) 263 182,900 45,513 -98.32562 PVP@10% Rev $3,957,768

Avg Lat Len (ft) 4,258

Avg Prop per ft (lbs) 164
Avg Measured Depth (ft) 10,080
Avg Proppant (lbs) 698,813
*Constrained to 0.0<b<1.5

Type Curve Fit

1,200.0 250.0

1,000.0 200.0

800.0
150.0
Mcfpd

bopd
600.0
Modeled Data Modeled Data
100.0
400.0 Normalized Data Normalized Data

50.0
200.0

0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
Wells with First Production in 2014
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 226 1.02 74% 136,246 40,877 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,352 1.50 57% 2,050,178 309,213 0.993 36.77221
188
Equiv 6:1 (boe) 451 477,942 92,413 Long Revenue of Type Well $9,550,184
Equiv 16:1 (boe) 311 264,382 60,203 -98.37718 PVP@10% Rev $5,597,077

Avg Lat Len (ft) 4,382

Avg Prop per ft (lbs) 145
Avg Measured Depth (ft) 10,286
Avg Proppant (lbs) 634,017
*Constrained to 0.0<b<1.5

Type Curve Fit

1,600.0 250.0
1,400.0
200.0
1,200.0
1,000.0 150.0
Mcfpd

bopd
800.0
Modeled Data Modeled Data
600.0 100.0
Normalized Data Normalized Data
400.0
50.0
200.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
Wells with First Production in 2015
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 282 1.18 81% 140,326 42,122 0.996 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,421 1.50 60% 1,957,321 308,823 0.989 36.77350
111
Equiv 6:1 (boe) 519 466,546 93,593 Long Revenue of Type Well $9,527,693
Equiv 16:1 (boe) 371 262,659 61,424 -98.38387 PVP@10% Rev $5,567,177

Avg Lat Len (ft) 4,764

Avg Prop per ft (lbs) 145
Avg Measured Depth (ft) 10,748
Avg Proppant (lbs) 690,220
*Constrained to 0.0<b<1.5

Type Curve Fit

1,600.0 300.0
1,400.0
250.0
1,200.0
200.0
1,000.0
Mcfpd

bopd
800.0 150.0
Modeled Data Modeled Data
600.0
Normalized Data 100.0 Normalized Data
400.0
50.0
200.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
Wells with First Production in 2016
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 238 1.06 81% 111,719 37,453 0.996 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,439 1.50 68% 1,510,875 278,092 0.991 36.76771
37
Equiv 6:1 (boe) 478 363,531 83,802 Long Revenue of Type Well $7,490,494
Equiv 16:1 (boe) 328 206,148 54,834 -98.42663 PVP@10% Rev $4,604,030

Avg Lat Len (ft) 4,931

Avg Prop per ft (lbs) 100
Avg Measured Depth (ft) 10,919
Avg Proppant (lbs) 493,010
*Constrained to 0.0<b<1.5

Type Curve Fit

1,600.0 300.0
1,400.0
250.0
1,200.0
200.0
1,000.0
Mcfpd

bopd
800.0 150.0
Modeled Data Modeled Data
600.0
Normalized Data 100.0 Normalized Data
400.0
50.0
200.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Alfalfa County Mississippian Producers
Wells with First Production in 2017
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 662 0.85 85% 199,154 86,550 0.994 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,932 1.50 70% 4,134,321 680,965 0.966 36.79730
1
Equiv 6:1 (boe) 1,318 888,207 200,044 Long Revenue of Type Well $16,234,786
Equiv 16:1 (boe) 908 457,549 129,111 -98.26879 PVP@10% Rev $10,100,943

Avg Lat Len (ft) 5,232

Avg Prop per ft (lbs) 179
Avg Measured Depth (ft) 11,139
Avg Proppant (lbs) 934,344
*Constrained to 0.0<b<1.5

Type Curve Fit

4,500.0 700.0
4,000.0 600.0
3,500.0
3,000.0 Limited sample size. 500.0

400.0
Mcfpd

2,500.0

bopd
2,000.0
1,500.0
Modeled Data
Normalized Data
Note volatility of the 300.0 Modeled Data
Normalized Data
200.0
1,000.0
500.0
normalized (red) 100.0

0.0
0 10 20 30 40 production profile. 0.0
0 10 20 30 40
Months Months
 Blaine County Mississippian Producers
Wells with First Production in 2012
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 83 1.50 62% 101,727 18,758 0.940 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,594 0.89 54% 1,664,494 382,069 0.987 35.90597
4
Equiv 6:1 (boe) 349 379,142 82,436 Long Revenue of Type Well $7,398,062
Equiv 16:1 (boe) 183 205,758 42,637 -98.54317 PVP@10% Rev $4,326,400

Avg Lat Len (ft) 5,132

Avg Prop per ft (lbs) 517
Avg Measured Depth (ft) 16,737
Avg Proppant (lbs) 2,652,730
*Constrained to 0.0<b<1.5

Type Curve Fit

1,800.0 100.0
1,600.0 90.0
1,400.0 80.0

1,200.0 Limited sample size. 70.0

60.0
Mcfpd

1,000.0

bopd
50.0
800.0
600.0
Modeled Data
Normalized Data
Note volatility of the 40.0
30.0
Modeled Data
Normalized Data

400.0
200.0
normalized (red) 20.0
10.0
0.0
0 10 20 30 40 production profile. 0.0
0 10 20 30 40
Months Months
 Blaine County Mississippian Producers
Wells with First Production in 2014
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 1,187 1.33 83% 625,717 194,270 0.982 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,140 0.50 57% 2,149,271 787,965 0.839 35.90615
2
Equiv 6:1 (boe) 1,710 983,929 325,598 Long Revenue of Type Well $29,327,234
Equiv 16:1 (boe) 1,383 760,047 243,518 -98.37805 PVP@10% Rev $19,553,577

Avg Lat Len (ft) 7,459

Avg Prop per ft (lbs) 1,439
Avg Measured Depth (ft) 17,804
Avg Proppant (lbs) 10,730,000
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 1,400.0

3,000.0 1,200.0

2,500.0

2,000.0
Limited sample size. 1,000.0

800.0
Mcfpd

bopd
1,500.0 Modeled Data
Normalized Data
Note volatility of the 600.0 Modeled Data
Normalized Data
1,000.0 400.0

500.0 normalized (red) 200.0

0.0
0 10 20 30 40 production profile. 0.0
0 10 20 30 40
Months Months
 Blaine County Mississippian Producers
Wells with First Production in 2015
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 407 0.57 70% 194,537 86,755 0.979 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,545 0.99 67% 1,996,202 543,474 0.984 35.86623
13
Equiv 6:1 (boe) 831 527,238 177,334 Long Revenue of Type Well $11,773,903
Equiv 16:1 (boe) 566 319,300 120,723 -98.28731 PVP@10% Rev $8,667,686

Avg Lat Len (ft) 7,168

Avg Prop per ft (lbs) 1,824
Avg Measured Depth (ft) 17,563
Avg Proppant (lbs) 13,071,385
*Constrained to 0.0<b<1.5

Type Curve Fit

3,000.0 450.0
400.0
2,500.0
350.0
2,000.0 300.0
250.0
Mcfpd

bopd
1,500.0
Modeled Data 200.0 Modeled Data

1,000.0 Normalized Data 150.0 Normalized Data

100.0
500.0
50.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Blaine County Mississippian Producers
Wells with First Production in 2016
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 780 0.85 83% 276,257 115,654 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,925 0.00 46% 2,567,843 1,151,993 0.996 35.84731
42
Equiv 6:1 (boe) 1,434 704,231 307,653 Long Revenue of Type Well $16,185,978
Equiv 16:1 (boe) 1,025 436,747 187,654 -98.38320 PVP@10% Rev $12,548,954

Avg Lat Len (ft) 7,306

Avg Prop per ft (lbs) 2,338
Avg Measured Depth (ft) 18,481
Avg Proppant (lbs) 17,081,667
*Constrained to 0.0<b<1.5

Type Curve Fit

4,500.0 900.0
4,000.0 800.0
3,500.0 700.0
3,000.0 600.0
500.0
Mcfpd

2,500.0

bopd
2,000.0 Modeled Data 400.0 Modeled Data

1,500.0 Normalized Data 300.0 Normalized Data

1,000.0 200.0
500.0 100.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Blaine County Mississippian Producers
Wells with First Production in 2017
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 691 0.79 84% 213,813 96,669 0.994 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,102 1.18 57% 4,097,207 716,842 0.969 35.90596
18
Equiv 6:1 (boe) 1,208 896,681 216,143 Long Revenue of Type Well $16,746,950
Equiv 16:1 (boe) 885 469,889 141,472 -98.37086 PVP@10% Rev $10,839,264

Avg Lat Len (ft) 6,819

Avg Prop per ft (lbs) 2,380
Avg Measured Depth (ft) 17,373
Avg Proppant (lbs) 16,229,000
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 800.0

3,000.0 700.0
600.0
2,500.0
500.0
2,000.0
Mcfpd

bopd
400.0
1,500.0 Modeled Data Modeled Data
300.0
Normalized Data Normalized Data
1,000.0 200.0
500.0 100.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Kingfisher County Mississippian Producers
Wells with First Production in 2013
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 319 0.98 83% 123,692 44,617 0.992 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 587 1.44 58% 723,000 142,722 0.988 36.03512
18
Equiv 6:1 (boe) 417 244,192 68,404 Long Revenue of Type Well $6,393,677
Equiv 16:1 (boe) 356 168,879 53,537 -97.77248 PVP@10% Rev $4,284,975

Avg Lat Len (ft) 5,170

Avg Prop per ft (lbs) 779
Avg Measured Depth (ft) 12,347
Avg Proppant (lbs) 4,025,333
*Constrained to 0.0<b<1.5

Type Curve Fit

700.0 350.0

600.0 300.0

500.0

400.0
Limited sample size. 250.0

200.0
Mcfpd

bopd
300.0 Modeled Data
Normalized Data
Note volatility of the 150.0 Modeled Data
Normalized Data
200.0 100.0

100.0 normalized (red) 50.0

0.0
0 10 20 30 40 production profile. 0.0
0 10 20 30 40
Months Months
 Kingfisher County Mississippian Producers
Wells with First Production in 2014
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 473 0.98 77% 242,180 79,101 0.991 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 840 1.50 42% 1,853,395 221,429 0.941 35.94156
31
Equiv 6:1 (boe) 613 551,079 116,006 Long Revenue of Type Well $13,393,990
Equiv 16:1 (boe) 526 358,017 92,941 -97.86120 PVP@10% Rev $8,299,732

Avg Lat Len (ft) 5,998

Avg Prop per ft (lbs) 1,124
Avg Measured Depth (ft) 14,049
Avg Proppant (lbs) 6,742,857
*Constrained to 0.0<b<1.5

Type Curve Fit

900.0 500.0
800.0 450.0
700.0 400.0
350.0
600.0
300.0
Mcfpd

500.0

bopd
250.0
400.0 Modeled Data Modeled Data
200.0
300.0 Normalized Data
150.0
Normalized Data

200.0 100.0
100.0 50.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Kingfisher County Mississippian Producers
Wells with First Production in 2015
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 633 1.13 80% 316,425 94,688 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,823 0.00 52% 948,128 485,688 0.990 35.89719
87
Equiv 6:1 (boe) 937 474,446 175,636 Long Revenue of Type Well $14,553,239
Equiv 16:1 (boe) 747 375,683 125,044 -97.95245 PVP@10% Rev $9,839,397

Avg Lat Len (ft) 7,911

Avg Prop per ft (lbs) 1,429
Avg Measured Depth (ft) 16,307
Avg Proppant (lbs) 11,302,980
*Constrained to 0.0<b<1.5

Type Curve Fit

2,000.0 700.0
1,800.0
600.0
1,600.0
1,400.0 500.0
1,200.0 400.0
Mcfpd

bopd
1,000.0
Modeled Data 300.0 Modeled Data
800.0
Normalized Data Normalized Data
600.0 200.0
400.0
100.0
200.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Kingfisher County Mississippian Producers
Wells with First Production in 2016
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 472 0.79 76% 214,736 82,705 0.999 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,261 0.96 54% 1,409,969 314,822 0.997 35.90871
131
Equiv 6:1 (boe) 682 449,731 135,176 Long Revenue of Type Well $11,409,378
Equiv 16:1 (boe) 551 302,859 102,382 -97.90819 PVP@10% Rev $7,991,443

Avg Lat Len (ft) 6,137

Avg Prop per ft (lbs) 1,632
Avg Measured Depth (ft) 14,372
Avg Proppant (lbs) 10,013,435
*Constrained to 0.0<b<1.5

Type Curve Fit

1,400.0 500.0
450.0
1,200.0
400.0
1,000.0 350.0
800.0 300.0
Mcfpd

bopd
250.0
600.0 Modeled Data Modeled Data
200.0
Normalized Data Normalized Data
400.0 150.0
100.0
200.0
50.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Kingfisher County Mississippian Producers
Wells with First Production in 2017
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 509 0.69 80% 183,761 85,239 0.998 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,177 0.13 52% 639,716 305,566 0.989 35.89911
41
Equiv 6:1 (boe) 705 290,380 136,166 Long Revenue of Type Well $8,629,868
Equiv 16:1 (boe) 583 223,743 104,337 -97.90167 PVP@10% Rev $6,820,839

Avg Lat Len (ft) 5,657

Avg Prop per ft (lbs) 2,249
Avg Measured Depth (ft) 13,754
Avg Proppant (lbs) 12,721,902
*Constrained to 0.0<b<1.5

Type Curve Fit

1,400.0 600.0

1,200.0 500.0
1,000.0
400.0
800.0
Mcfpd

bopd
300.0
600.0 Modeled Data Modeled Data
Normalized Data 200.0 Normalized Data
400.0

200.0 100.0

0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2008
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 74 1.33 64% 77,829 15,580 0.946 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,116 1.50 52% 5,584,456 743,150 0.982 35.58932
10
Equiv 6:1 (boe) 593 1,008,572 139,438 Long Revenue of Type Well $14,282,089
Equiv 16:1 (boe) 268 426,858 62,027 -98.23046 PVP@10% Rev $7,113,209

Avg Lat Len (ft) 3,676

Avg Prop per ft (lbs) 376
Avg Measured Depth (ft) 16,978
Avg Proppant (lbs) 1,383,358
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 80.0

3,000.0 70.0
60.0
2,500.0

2,000.0
Limited sample size. 50.0
Mcfpd

bopd
40.0
1,500.0 Modeled Data
Normalized Data
Note volatility of the 30.0
Modeled Data
Normalized Data
1,000.0

500.0 normalized (red) 20.0

10.0
0.0
0 10 20 30 40 production profile. 0.0
0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2009
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 125 1.50 72% 108,051 21,737 0.982 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,689 1.09 50% 5,461,131 933,068 0.995 35.58451
32
Equiv 6:1 (boe) 740 1,018,239 177,249 Long Revenue of Type Well $15,244,283
Equiv 16:1 (boe) 355 449,371 80,054 -98.23074 PVP@10% Rev $8,163,289

Avg Lat Len (ft) 4,135

Avg Prop per ft (lbs) 527
Avg Measured Depth (ft) 17,544
Avg Proppant (lbs) 2,179,737
*Constrained to 0.0<b<1.5

Type Curve Fit

4,000.0 140.0
3,500.0 120.0
3,000.0 100.0
2,500.0
80.0
Mcfpd

bopd
2,000.0
Modeled Data 60.0 Modeled Data
1,500.0
Normalized Data Normalized Data
40.0
1,000.0
500.0 20.0

0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2010
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 88 1.50 55% 127,252 20,309 0.986 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,277 1.50 58% 4,910,176 734,278 0.993 35.59843
60
Equiv 6:1 (boe) 634 945,614 142,688 Long Revenue of Type Well $14,910,425
Equiv 16:1 (boe) 293 434,138 66,201 -98.18827 PVP@10% Rev $7,525,278

Avg Lat Len (ft) 4,569

Avg Prop per ft (lbs) 781
Avg Measured Depth (ft) 17,457
Avg Proppant (lbs) 3,570,053
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 100.0
90.0
3,000.0
80.0
2,500.0 70.0
2,000.0 60.0
Mcfpd

bopd
50.0
1,500.0 Modeled Data Modeled Data
40.0
Normalized Data Normalized Data
1,000.0 30.0
20.0
500.0
10.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2011
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 91 1.50 55% 136,101 22,989 0.988 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 1,909 1.27 50% 3,202,922 477,698 0.997 35.58480
65
Equiv 6:1 (boe) 409 669,921 102,605 Long Revenue of Type Well $11,849,888
Equiv 16:1 (boe) 211 336,284 52,845 -98.16605 PVP@10% Rev $6,154,271

Avg Lat Len (ft) 4,575

Avg Prop per ft (lbs) 644
Avg Measured Depth (ft) 17,168
Avg Proppant (lbs) 2,945,949
*Constrained to 0.0<b<1.5

Type Curve Fit

2,500.0 100.0
90.0
2,000.0 80.0
70.0
1,500.0 60.0
Mcfpd

bopd
50.0
Modeled Data Modeled Data
1,000.0 40.0
Normalized Data Normalized Data
30.0
500.0 20.0
10.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2012
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 73 1.50 57% 102,487 16,591 0.983 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,431 1.50 57% 3,767,395 544,468 0.983 35.59971
145
Equiv 6:1 (boe) 478 730,386 107,336 Long Revenue of Type Well $11,634,269
Equiv 16:1 (boe) 225 337,949 50,621 -98.18225 PVP@10% Rev $5,845,772

Avg Lat Len (ft) 4,679

Avg Prop per ft (lbs) 774
Avg Measured Depth (ft) 17,257
Avg Proppant (lbs) 3,620,507
*Constrained to 0.0<b<1.5

Type Curve Fit

3,000.0 80.0
70.0
2,500.0
60.0
2,000.0
50.0
Mcfpd

bopd
1,500.0 40.0
Modeled Data Modeled Data
30.0
1,000.0 Normalized Data Normalized Data
20.0
500.0
10.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2013
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 82 1.50 63% 96,535 17,508 0.970 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,781 1.50 56% 4,402,200 642,826 0.995 35.61303
138
Equiv 6:1 (boe) 545 830,235 124,646 Long Revenue of Type Well $12,665,804
Equiv 16:1 (boe) 255 371,673 57,685 -98.19671 PVP@10% Rev $6,372,202

Avg Lat Len (ft) 4,721

Avg Prop per ft (lbs) 723
Avg Measured Depth (ft) 17,452
Avg Proppant (lbs) 3,412,942
*Constrained to 0.0<b<1.5

Type Curve Fit

3,000.0 90.0
80.0
2,500.0
70.0
2,000.0 60.0
50.0
Mcfpd

bopd
1,500.0
Modeled Data 40.0 Modeled Data

1,000.0 Normalized Data 30.0 Normalized Data

20.0
500.0
10.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2014
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 234 1.05 80% 115,285 38,630 0.994 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 4,787 1.23 61% 5,739,264 1,062,737 0.997 35.60617
78
Equiv 6:1 (boe) 1,032 1,071,829 215,753 Long Revenue of Type Well $16,089,945
Equiv 16:1 (boe) 533 473,989 105,051 -98.16932 PVP@10% Rev $9,180,263

Avg Lat Len (ft) 5,053

Avg Prop per ft (lbs) 1,183
Avg Measured Depth (ft) 17,556
Avg Proppant (lbs) 5,979,000
*Constrained to 0.0<b<1.5

Type Curve Fit

6,000.0 250.0

5,000.0 200.0

4,000.0
150.0
Mcfpd

bopd
3,000.0
Modeled Data Modeled Data
100.0
2,000.0 Normalized Data Normalized Data

50.0
1,000.0

0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2015
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 305 0.99 82% 130,473 48,503 0.995 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 4,725 1.16 57% 6,157,163 1,107,918 0.997 35.64739
80
Equiv 6:1 (boe) 1,092 1,156,667 233,156 Long Revenue of Type Well $17,533,242
Equiv 16:1 (boe) 600 515,296 117,748 -98.15841 PVP@10% Rev $10,173,504

Avg Lat Len (ft) 4,989

Avg Prop per ft (lbs) 2,064
Avg Measured Depth (ft) 17,062
Avg Proppant (lbs) 10,296,025
*Constrained to 0.0<b<1.5

Type Curve Fit

5,000.0 350.0
4,500.0
300.0
4,000.0
3,500.0 250.0
3,000.0 200.0
Mcfpd

bopd
2,500.0
Modeled Data 150.0 Modeled Data
2,000.0
Normalized Data Normalized Data
1,500.0 100.0
1,000.0
50.0
500.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2016
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 302 1.06 70% 218,369 60,615 0.998 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,829 1.23 51% 4,464,151 680,311 0.993 35.54652
54
Equiv 6:1 (boe) 773 962,394 174,000 Long Revenue of Type Well $17,663,048
Equiv 16:1 (boe) 479 497,378 103,135 -98.00804 PVP@10% Rev $10,092,344

Avg Lat Len (ft) 5,737

Avg Prop per ft (lbs) 2,499
Avg Measured Depth (ft) 16,819
Avg Proppant (lbs) 14,337,333
*Constrained to 0.0<b<1.5

Type Curve Fit

3,000.0 350.0

2,500.0 300.0

250.0
2,000.0
200.0
Mcfpd

bopd
1,500.0
Modeled Data 150.0 Modeled Data

1,000.0 Normalized Data Normalized Data

100.0
500.0 50.0

0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Canadian County Woodford Producers
Wells with First Production in 2017
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 421 0.89 74% 226,274 74,163 0.995 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,910 1.35 58% 4,152,800 685,308 0.996 35.52863
26
Equiv 6:1 (boe) 906 918,407 188,381 Long Revenue of Type Well $17,356,560
Equiv 16:1 (boe) 603 485,824 116,995 -98.00721 PVP@10% Rev $10,406,349

Avg Lat Len (ft) 5,880

Avg Prop per ft (lbs) 2,207
Avg Measured Depth (ft) 17,358
Avg Proppant (lbs) 12,975,769
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 450.0
400.0
3,000.0
350.0
2,500.0
300.0
2,000.0 250.0
Mcfpd

bopd
1,500.0 Modeled Data 200.0 Modeled Data
Normalized Data 150.0 Normalized Data
1,000.0
100.0
500.0 50.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Grady County Woodford Producers
Wells with First Production in 2011
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 108 1.50 57% 150,849 24,746 0.974 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,350 0.02 47% 1,491,884 656,057 0.975 35.06806
9
Equiv 6:1 (boe) 499 399,497 134,089 Long Revenue of Type Well $9,017,742
Equiv 16:1 (boe) 254 244,092 65,750 -97.87261 PVP@10% Rev $5,853,697

Avg Lat Len (ft) 5,003

Avg Prop per ft (lbs) 534
Avg Measured Depth (ft) 18,000
Avg Proppant (lbs) 2,672,427
*Constrained to 0.0<b<1.5

Type Curve Fit

2,500.0 120.0

100.0
2,000.0

1,500.0 Limited sample size. 80.0

Mcfpd

bopd
60.0
1,000.0
Modeled Data
Normalized Data
Note volatility of the 40.0
Modeled Data
Normalized Data

500.0
normalized (red) 20.0

0.0
0 10 20 30 40 production profile. 0.0
0 10 20 30 40
Months Months
 Grady County Woodford Producers
Wells with First Production in 2012
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 163 0.22 56% 85,438 40,319 0.988 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,238 1.50 50% 4,213,510 543,339 0.976 34.91527
31
Equiv 6:1 (boe) 536 787,690 130,875 Long Revenue of Type Well $11,844,555
Equiv 16:1 (boe) 303 348,783 74,277 -97.75269 PVP@10% Rev $6,895,525

Avg Lat Len (ft) 4,126

Avg Prop per ft (lbs) 741
Avg Measured Depth (ft) 18,551
Avg Proppant (lbs) 3,057,365
*Constrained to 0.0<b<1.5

Type Curve Fit

2,500.0 180.0
160.0
2,000.0 140.0
120.0
1,500.0
100.0
Mcfpd

bopd
Modeled Data 80.0 Modeled Data
1,000.0
Normalized Data 60.0 Normalized Data

500.0 40.0
20.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Grady County Woodford Producers
Wells with First Production in 2013
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 189 0.65 65% 111,410 40,614 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,311 1.50 53% 5,848,795 833,360 0.989 34.89000
42
Equiv 6:1 (boe) 740 1,086,209 179,507 Long Revenue of Type Well $16,153,995
Equiv 16:1 (boe) 395 476,960 92,699 -97.76163 PVP@10% Rev $8,965,671

Avg Lat Len (ft) 4,567

Avg Prop per ft (lbs) 718
Avg Measured Depth (ft) 19,325
Avg Proppant (lbs) 3,279,476
*Constrained to 0.0<b<1.5

Type Curve Fit

3,500.0 200.0
180.0
3,000.0
160.0
2,500.0 140.0
2,000.0 120.0
Mcfpd

bopd
100.0
1,500.0 Modeled Data Modeled Data
80.0
Normalized Data Normalized Data
1,000.0 60.0
40.0
500.0
20.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Grady County Woodford Producers
Wells with First Production in 2014
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 228 0.70 48% 240,974 59,547 0.988 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 2,455 0.43 43% 2,305,829 671,365 0.987 34.98011
48
Equiv 6:1 (boe) 637 625,279 171,441 Long Revenue of Type Well $14,250,630
Equiv 16:1 (boe) 381 385,089 101,507 -97.77303 PVP@10% Rev $9,750,316

Avg Lat Len (ft) 6,505

Avg Prop per ft (lbs) 827
Avg Measured Depth (ft) 20,507
Avg Proppant (lbs) 5,381,455
*Constrained to 0.0<b<1.5

Type Curve Fit

3,000.0 250.0

2,500.0 200.0

2,000.0
150.0
Mcfpd

bopd
1,500.0
Modeled Data Modeled Data
100.0
1,000.0 Normalized Data Normalized Data

50.0
500.0

0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Grady County Woodford Producers
Wells with First Production in 2015
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 418 1.28 67% 379,778 81,435 0.997 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 3,925 0.34 41% 3,672,632 1,089,965 0.993 34.93840
57
Equiv 6:1 (boe) 1,073 991,883 263,095 Long Revenue of Type Well $22,536,374
Equiv 16:1 (boe) 664 609,317 149,557 -97.77346 PVP@10% Rev $14,488,258

Avg Lat Len (ft) 6,670

Avg Prop per ft (lbs) 896
Avg Measured Depth (ft) 21,130
Avg Proppant (lbs) 5,979,448
*Constrained to 0.0<b<1.5

Type Curve Fit

4,500.0 450.0
4,000.0 400.0
3,500.0 350.0
3,000.0 300.0
250.0
Mcfpd

2,500.0

bopd
2,000.0 Modeled Data 200.0 Modeled Data

1,500.0 Normalized Data 150.0 Normalized Data

1,000.0 100.0
500.0 50.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Grady County Woodford Producers
Wells with First Production in 2016
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 350 1.20 61% 364,031 76,234 0.996 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 5,627 0.93 46% 8,350,987 1,478,486 0.998 34.96555
59
Equiv 6:1 (boe) 1,288 1,755,863 322,648 Long Revenue of Type Well $31,263,232
Equiv 16:1 (boe) 701 885,968 168,639 -97.76214 PVP@10% Rev $17,715,706

Avg Lat Len (ft) 7,502

Avg Prop per ft (lbs) 1,656
Avg Measured Depth (ft) 21,536
Avg Proppant (lbs) 12,424,253
*Constrained to 0.0<b<1.5

Type Curve Fit

6,000.0 400.0
350.0
5,000.0
300.0
4,000.0
250.0
Mcfpd

bopd
3,000.0 200.0
Modeled Data Modeled Data
150.0
2,000.0 Normalized Data Normalized Data
100.0
1,000.0
50.0
0.0 0.0
0 10 20 30 40 0 10 20 30 40
Months Months
 Grady County Woodford Producers
Wells with First Production in 2017
24 Month Correlation
Phase Sample Size IP n or b* De EUR Year 1 Cum R-Squared Lat/Long Oil Price ($/bbl) 40.00
Oil (bbls) 351 1.50 54% 540,742 87,347 0.944 Lat Gas Price ($/mcf) 2.00
Gas (mcfs) 5,753 0.29 31% 7,556,282 1,753,610 0.795 34.96120
11
Equiv 6:1 (boe) 1,310 1,800,122 379,615 Long Revenue of Type Well $36,742,224
Equiv 16:1 (boe) 710 1,013,009 196,947 -97.74761 PVP@10% Rev $22,851,387

Avg Lat Len (ft) 9,118

Avg Prop per ft (lbs) 1,729
Avg Measured Depth (ft) 22,778
Avg Proppant (lbs) 15,761,818
*Constrained to 0.0<b<1.5

Type Curve Fit

7,000.0 400.0

6,000.0 350.0
300.0
5,000.0

4,000.0
Limited sample size. 250.0
Mcfpd

bopd
200.0
3,000.0 Modeled Data
Normalized Data
Note volatility of the 150.0
Modeled Data
Normalized Data
2,000.0

1,000.0 normalized (red) 100.0

50.0
0.0
0 10 20 30 40 production profile. 0.0
0 10 20 30 40
Months Months
Observations Horizontal Play Study
1) Several of the plays show improving discounted revenue over time as proppant density and lateral
length increased (as expected):
a) Alfalfa County, Mississippian
b) Canadian and Grady County, Woodford
2) Other plays show mixed results
a) Blaine and Kingfisher County, Mississippian
3) Mixed results can occur for a variety of reasons, among which are
a) Commodity pricing
i. High pricing will justify drilling marginal locations
ii. Low pricing will shift development focus to premium locations
b) Drought conditions
i. Fracture stimulations rely heavily on locally sourced water
c) Regulatory regimes
i. Lateral lengths were somewhat limited in Oklahoma to less than one mile due to spacing
unit regulations
d) Vertical wellbore placement within a given formation
i. As a given play develops, different landing zones are tested along different fracture
placement densities
 Tabulated Parameters of 24 Month Type Curve Fits from Above
By Formation, County and Year of First Sales
24 Month Correlation Oil Gas Equiv (16:1) Equiv (16:1)

Year of Avg Measured Avg Lateral Avg Prop per Rev @10%
Formation County First Sales Operator # of Wells Depth (ft) Length (ft) Ft (lbs) IP (bopd) hyp b* De EUR (bbl) R-Squared IP (mcfpd) hyp b* De EUR (mmcf) R-Squared EUR (boe) Cum (boe) DCF Comments
Mississippian Alfalfa 2010 Various 16 9,528 4,367 202 174 0.20 72% 57,812 0.9736 808 0.00 47% 528,381 0.9141 90,836 51,084 $3,011,908 Limited data
Mississippian Alfalfa 2011 Various 75 9,586 4,109 181 127 0.48 71% 52,058 0.9848 792 1.50 55% 1,161,748 0.9934 124,667 39,019 $3,009,270
Mississippian Alfalfa 2012 Various 181 9,961 4,212 215 215 1.37 82% 114,346 0.9932 1,018 1.50 60% 1,335,702 0.9912 197,827 43,877 $4,172,905
Mississippian Alfalfa 2013 Various 225 10,080 4,258 164 195 1.03 80% 89,422 0.9970 1,094 1.50 59% 1,495,650 0.9985 182,900 45,513 $3,957,768
Mississippian Alfalfa 2014 Various 188 10,286 4,382 145 226 1.02 74% 136,246 0.9973 1,352 1.50 57% 2,050,178 0.9930 264,382 60,203 $5,597,077
Mississippian Alfalfa 2015 Various 111 10,748 4,764 145 282 1.18 81% 140,326 0.9957 1,421 1.50 60% 1,957,321 0.9890 262,659 61,424 $5,567,177
Mississippian Alfalfa 2016 Various 37 10,919 4,931 100 238 1.06 81% 111,719 0.9960 1,439 1.50 68% 1,510,875 0.9913 206,148 54,834 $4,604,030
Mississippian Alfalfa 2017 Various 1 11,139 5,232 179 662 0.85 85% 199,154 0.9941 3,932 1.50 70% 4,134,321 0.9661 457,549 129,111 $10,100,943 Limited data
Mississippian Blaine 2012 Various 4 16,737 5,132 517 83 1.50 62% 101,727 0.9402 1,594 0.89 54% 1,664,494 0.9867 205,758 42,637 $4,326,400 Limited data
Mississippian Blaine 2014 Various 2 17,804 7,459 1,439 1,187 1.33 83% 625,717 0.9818 3,140 0.50 57% 2,149,271 0.8393 760,047 243,518 $19,553,577 Limited data
Mississippian Blaine 2015 Various 13 17,563 7,168 1,824 407 0.57 70% 194,537 0.9795 2,545 0.99 67% 1,996,202 0.9836 319,300 120,723 $8,667,686
Mississippian Blaine 2016 Various 42 18,481 7,306 2,338 780 0.85 83% 276,257 0.9974 3,925 0.00 46% 2,567,843 0.9957 436,747 187,654 $12,548,954
Mississippian Blaine 2017 Various 18 17,373 6,819 2,380 691 0.79 84% 213,813 0.9936 3,102 1.18 57% 4,097,207 0.9693 469,889 141,472 $10,839,264 Limited data
Mississippian Kingfisher 2013 Various 18 12,347 5,170 779 319 0.98 83% 123,692 0.9920 587 1.44 58% 723,000 0.9880 168,879 53,537 $4,284,975 Limited data
Mississippian Kingfisher 2014 Various 31 14,049 5,998 1,124 473 0.98 77% 242,180 0.9912 840 1.50 42% 1,853,395 0.9410 358,017 92,941 $8,299,732
Mississippian Kingfisher 2015 Various 87 16,307 7,911 1,429 633 1.13 80% 316,425 0.9970 1,823 0.00 52% 948,128 0.9902 375,683 125,044 $9,839,397
Mississippian Kingfisher 2016 Various 131 14,372 6,137 1,632 472 0.79 76% 214,736 0.9989 1,261 0.96 54% 1,409,969 0.9966 302,859 102,382 $7,991,443
Mississippian Kingfisher 2017 Various 41 13,754 5,657 2,249 509 0.69 80% 183,761 0.9976 1,177 0.13 52% 639,716 0.9889 223,743 104,337 $6,820,839
Woodford Canadian 2008 Various 10 16,978 3,676 376 74 1.33 64% 77,829 0.9461 3,116 1.50 52% 5,584,456 0.9815 426,858 62,027 $7,113,209 Limited data
Woodford Canadian 2009 Various 32 17,544 4,135 527 125 1.50 72% 108,051 0.9825 3,689 1.09 50% 5,461,131 0.9953 449,371 80,054 $8,163,289
Woodford Canadian 2010 Various 60 17,457 4,569 781 88 1.50 55% 127,252 0.9861 3,277 1.50 58% 4,910,176 0.9927 434,138 66,201 $7,525,278
Woodford Canadian 2011 Various 65 17,168 4,575 644 91 1.50 55% 136,101 0.9877 1,909 1.27 50% 3,202,922 0.9969 336,284 52,845 $6,154,271
Woodford Canadian 2012 Various 145 17,257 4,679 774 73 1.50 57% 102,487 0.9826 2,431 1.50 57% 3,767,395 0.9828 337,949 50,621 $5,845,772
Woodford Canadian 2013 Various 138 17,452 4,721 723 82 1.50 63% 96,535 0.9703 2,781 1.50 56% 4,402,200 0.9949 371,673 57,685 $6,372,202
Woodford Canadian 2014 Various 78 17,556 5,053 1,183 234 1.05 80% 115,285 0.9936 4,787 1.23 61% 5,739,264 0.9971 473,989 105,051 $9,180,263
Woodford Canadian 2015 Various 80 17,062 4,989 2,064 305 0.99 82% 130,473 0.9953 4,725 1.16 57% 6,157,163 0.9968 515,296 117,748 $10,173,504
Woodford Canadian 2016 Various 54 16,819 5,737 2,499 302 1.06 70% 218,369 0.9975 2,829 1.23 51% 4,464,151 0.9932 497,378 103,135 $10,092,344
Woodford Canadian 2017 Various 26 17,358 5,880 2,207 421 0.89 74% 226,274 0.9952 2,910 1.35 58% 4,152,800 0.9957 485,824 116,995 $10,406,349
Woodford Grady 2011 Various 9 18,000 5,003 534 108 1.50 57% 150,849 0.9738 2,350 0.02 47% 1,491,884 0.9752 244,092 65,750 $5,853,697 Limited data
Woodford Grady 2012 Various 31 18,551 4,126 741 163 0.22 56% 85,438 0.9883 2,238 1.50 50% 4,213,510 0.9760 348,783 74,277 $6,895,525
Woodford Grady 2013 Various 42 19,325 4,567 718 189 0.65 65% 111,410 0.9973 3,311 1.50 53% 5,848,795 0.9892 476,960 92,699 $8,965,671
Woodford Grady 2014 Various 48 20,507 6,505 827 228 0.70 48% 240,974 0.9882 2,455 0.43 43% 2,305,829 0.9869 385,089 101,507 $9,750,316
Woodford Grady 2015 Various 57 21,130 6,670 896 418 1.28 67% 379,778 0.9973 3,925 0.34 41% 3,672,632 0.9930 609,317 149,557 $14,488,258
Woodford Grady 2016 Various 59 21,536 7,502 1,656 350 1.20 61% 364,031 0.9964 5,627 0.93 46% 8,350,987 0.9984 885,968 168,639 $17,715,706
Woodford Grady 2017 Various 11 22,778 9,118 1,729 351 1.50 54% 540,742 0.9443 5,753 0.29 31% 7,556,282 0.7952 1,013,009 196,947 $22,851,387 Limited data