Case LSS Doc 719 Filed 01/10/17 Page 1 of 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

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1 Case LSS Doc 719 Filed 01/10/17 Page 1 of 2 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE x : In re: : : CHAPARRAL ENERGY, INC., et al., : : Debtors. 1 : x Chapter 11 Case No (LSS) Re: Docket No. 666 NOTICE OF FILING EXHIBITS TO THE DISCLOSURE STATEMENT PLEASE TAKE NOTICE that, on December 19, 2016, the above-captioned debtors and debtors in possession (collectively, the Debtors ) filed the Disclosure Statement for the Joint Plan of Reorganization for Chaparral Energy, Inc. and its Affiliate Debtors Under Chapter 11 of the Bankruptcy Code [Docket No. 666] (the Disclosure Statement ) with the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court ). PLEASE TAKE FURTHER NOTICE that, today. the Debtors are filing Exhibits C (Financial Projections), D (Liquidation Analysis), E (Historical Financial Statements), and F (Valuation Analysis) to the Disclosure Statement (collectively, the Disclosure Statement Exhibits ). The Disclosure Statement Exhibits are attached hereto as Exhibits C, D, E, and F respectively. 1 The Debtors in these cases, along with the last four (or five digits, in cases in which multiple Debtors have the same last four digits) digits of each Debtor s federal tax identification number, are: CEI Acquisition, L.L.C. (1817); CEI Pipeline, L.L.C. (6877); Chaparral Biofuels, L.L.C. (1066); Chaparral CO2, L.L.C. (1656); Chaparral Energy, Inc. (90941); Chaparral Energy, L.L.C. (20941); Chaparral Exploration, L.L.C. (1968); Chaparral Real Estate, L.L.C. (1655); Chaparral Resources, L.L.C. (1710); Green Country Supply, Inc. (2723); and Roadrunner Drilling, L.L.C. (2399). The Debtors address is 701 Cedar Lake Blvd., Oklahoma City, OK US-DOCS\

2 Case LSS Doc 719 Filed 01/10/17 Page 2 of 2 PLEASE TAKE FURTHER NOTICE that a hearing to consider approval of the Disclosure Statement is scheduled for January 24, 2017 at 9:30 a.m. (Eastern Standard Time). Dated: January 10, 2017 Wilmington, Delaware /s/_joseph C. Barsalona II Mark D. Collins (No. 2981) John H. Knight (No. 3848) Joseph C. Barsalona II (No. 6102) Brendan J. Schlauch (No. 6115) RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King St. Wilmington, Delaware Telephone: Fax: collins@rlf.com knight@rlf.com barsalona@rlf.com schlauch@rlf.com - and - Richard A. Levy Keith A. Simon David F. McElhoe LATHAM & WATKINS LLP 885 Third Avenue New York, New York Telephone: Fax: richard.levy@lw.com keith.simon@lw.com david.mcelhoe@lw.com Counsel for Debtors and Debtors in Possession US-DOCS\ RLF v.1 2

3 Case LSS Doc Filed 01/10/17 Page 1 of 5 EXHIBIT C Financial Projections US-DOCS\ RLF v.1

4 Case LSS Doc Filed 01/10/17 Page 2 of 5 Financial Projections The Debtors believe that the Plan is feasible as required by section 1129(a)(11) of the Bankruptcy Code, because Confirmation is not likely to be followed by liquidation or the need for further financial reorganization of the Debtors or any successor to the Debtors. In connection with the planning and development of a plan of reorganization and for purposes of determining whether the Plan will satisfy this feasibility standard, the Debtors have analyzed their ability to satisfy their financial obligations while maintaining sufficient liquidity and capital resources. In connection with the Disclosure Statement, the Debtors senior management team ( Management ) prepared financial projections (the Projections ) for the nine months ending December 31, 2017 and fiscal years 2018 through 2020 (the Projection Period ). The Projections are based on a number of assumptions made by Management with respect to the future performance of the Reorganized Debtors operations. THESE FINANCIAL PROJECTIONS WERE NOT PREPARED WITH A VIEW TOWARD COMPLIANCE WITH PUBLISHED GUIDELINES OF THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR GUIDELINES ESTABLISHED BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FOR PREPARATION AND PRESENTATION OF PROSPECTIVE FINANCIAL INFORMATION. ALTHOUGH MANAGEMENT HAS PREPARED THE PROJECTIONS IN GOOD FAITH AND BELIEVES THE ASSUMPTIONS TO BE REASONABLE, THE DEBTORS AND THE REORGANIZED DEBTORS CAN PROVIDE NO ASSURANCE THAT SUCH ASSUMPTIONS WILL BE REALIZED. AS DESCRIBED IN DETAIL IN THE DISCLOSURE STATEMENT, A VARIETY OF RISK FACTORS COULD AFFECT THE REORGANIZED DEBTORS FINANCIAL RESULTS AND MUST BE CONSIDERED. ACCORDINGLY, ANY REVIEW OF THE PROJECTIONS SHOULD TAKE INTO ACCOUNT THE RISK FACTORS SET FORTH IN THE DISCLOSURE STATEMENT AND THE ASSUMPTIONS DESCRIBED HEREIN, INCLUDING ALL RELEVANT QUALIFICATIONS AND FOOTNOTES. General Assumptions A. Methodology Management developed a business plan for the Projection Period based on forecasted production estimates of the Debtors oil and gas reserves, estimated commodity pricing, and estimated future incurred operating, capital expenditure and overhead costs. B. Presentation The Projections are presented on a consolidated basis. C. Emergence Date Emergence from Chapter 11 is assumed to occur on March 31, 2017 (the Assumed Effective Date ). D. Operations These Projections incorporate the Debtors production estimates and planned revenue reflected in their forecasted capital plan for the Projection Period. The production estimates are based on US DOCS\

5 Case LSS Doc Filed 01/10/17 Page 3 of 5 Management s best efforts to forecast the decline curves for their existing proved developed producing wells, as well as new wells brought online during the Projection Period. The actual production from new and existing wells could vary considerably from the assumptions used to prepare the production forecast contained herein. Assumptions With Respect to the Financial Projections A. Production Oil and gas production volumes are estimates based on decline curves for existing producing wells and wells scheduled to be drilled and completed during the Projection Period. B. Commodity Pricing Commodity pricing is based on futures prices for crude oil and natural gas traded on the New York Mercantile Exchange ( NYMEX ) as of January 3, Management estimates an average $1.25/Bbl discount to NYMEX pricing for crude oil, an average $0.21/MMBtu discount to NYMEX pricing for natural gas price realizations and natural gas liquids ( NGLs ) price realizations equal to 30% of NYMEX pricing for crude oil, based primarily on historical differentials. January 3, 2017 NYMEX Strip Pricing Apr.-Dec. Fiscal Year Ending December 31, Commodity Type Crude Oil - WTI ($/Bbl) $55.53 $55.69 $55.24 $55.18 Natural Gas - HHUB ($/MMBtu) Natural Gas Liquids ($/Bbl) C. Operating Expenses Operating expenses, including gathering and transportation expenses and expense workovers, are based on Management estimates. D. Production Taxes Production taxes include severance and ad valorem taxes, and the amounts are based on Management estimates of production volumes and related value, and future tax obligations. E. General and Administrative Costs ( G&A ) G&A is primarily comprised of personnel costs, rent, insurance, and corporate overhead necessary to manage the business and comply with regulatory requirements. Projected G&A is based on current development plans. F. Earnings Before Interest, Taxes, Depreciation, and Amortization ( EBITDA ) EBITDA is anticipated to increase over the forecast period primarily due to increased production from anticipated drilling. US DOCS\

6 Case LSS Doc Filed 01/10/17 Page 4 of 5 G. Capital Expenditures Capital expenditures for drilling and completion activities are projected to total $102 million from April 1, 2017 to December 31, 2017, which includes $40 million for enhanced oil recovery ( EOR ) development, $43 million for drilling 23 gross wells and $19 million of non-operated development. In addition to drilling and completion activities, April 1, 2017 to December 31, 2017 capital expenditures include $16 million for land acquisition costs, capital workovers, infrastructure, and capitalized G&A. Capital expenditures for drilling and completion activities from 2018E to 2020E are projected to range from $200 million to $208 million per year, and $608 million in total, which includes $154 million for EOR development, $369 million for drilling 144 gross wells and $85 million for non-operated development. In addition to drilling and completion activities, 2018E to 2020E capital expenditures include approximately $27 million per year, and $80 million in total, for land acquisition costs, capital workovers, infrastructure, and capitalized G&A. The capital expenditures are based on a drilling program of approximately one and a half rigs in 2017 and three rigs in 2018 through H. Cash Taxes Management projects that no cash income taxes will be owed during the Projection Period as the Debtors' tax attributes immediately post-restructuring as well those generated on a go-forward basis will be sufficient to mitigate any potential taxable income. I. Changes in Working Capital Management projects a decrease in net working capital during the Projection Period of $9 million with a maximum change in any given year of $11 million. J. Capital Structure and Liquidity The Projections assume Exit Credit Facility loans comprised of (a) a $400 million Senior Secured Revolving Credit Facility, with (i) an initial borrowing base of $225 million with semi-annual redeterminations beginning May 1, 2018; and (ii) a rate of LIBOR plus 3.00% to 4.00% based on borrowing base utilization; and a (b) $150 million Senior Secured Term Loan Facility with a rate of LIBOR plus 7.75% and a LIBOR floor of 1.00% The Projections further assume that approximately $124 million of borrowings on the Senior Secured Revolving Credit Facility will be deemed to occur on the Assumed Effective Date, after giving effect to (a) approximately $170 million of cash payments to the Prepetition Credit Agreement Claims including (i) approximately $69 million of cash used to permanently repay the Prepetition Credit Agreement, (ii) approximately $101 million to temporarily repay the Senior Secured Revolving Credit Facility (thus creating availability); (b) payments on account of the Royalty Payment Litigation Claims; (c) financing fees on the new Exit Credit Facility, (d) payments of the remaining unpaid professional fees and expenses associated with the Debtors restructuring; and (e) other restructuring-related expenses. Management expects to have approximately $115 million of liquidity at the Assumed Effective Date including $15 million of balance sheet cash US DOCS\

7 Case LSS Doc Filed 01/10/17 Page 5 of 5 Reorganized Debtors Financial Projections Apr-Dec Fiscal Year Ending December 31, 2017E 2018E 2019E 2020E Net Revenue $253 $369 $408 $435 Less: Operating Expenses (74) (103) (111) (116) Less: Production Taxes (10) (14) (14) (15) Less: General & Administrative Expense (24) (32) (32) (32) EBITDA $145 $220 $250 $271 Less: Cash Taxes Less: Capital Expenditures (118) (227) (235) (226) Less: Change in Working Capital 11 3 (2) (2) Unlevered Free Cash Flow $38 ($4) $13 $43 Less: Cash Interest (16) (22) (24) (25) Less: Scheduled Debt Repayments (4) (5) (16) (7) Levered Free Cash Flow $18 ($30) ($27) $11 Key Balance Sheet Metrics Cash (1) $15 $15 $15 $15 Revolver Availability (2) Total Liquidity $133 $103 $76 $87 Current Assets $76 $88 $91 $93 Current Liabilities Total Debt (3) Total Proved PV-10 1,042 1,162 1,284 1,409 Key Credit Metrics Leverage Ratio 1.5x 1.4x 1.3x 1.1x Current Ratio (4) 3.5x 2.5x 2.2x 2.3x Asset Coverage Ratio 4.4x 4.3x 4.4x 5.1x (1) Assumes $15 million of minimum cash (2) Assumes approximately $0.7 million of letters of credit (3) Total debt includes capital leases and other debt (4) Includes Revolver Availability US DOCS\

8 Case LSS Doc Filed 01/10/17 Page 1 of 9 EXHIBIT D Liquidation Analysis US-DOCS\ RLF v.1

9 Case LSS Doc Filed 01/10/17 Page 2 of 9 INTRODUCTION Under the best interests of creditors test set forth in section 1129(a)(7) of the Bankruptcy Code, the Bankruptcy Court may not confirm a plan of reorganization unless the plan provides each holder of a claim or interest who does not otherwise vote in favor of the plan with property of a value, as of the Effective Date of the plan, that is not less than the amount that such holder would receive or retain if the debtor was liquidated under chapter 7 of the Bankruptcy Code. To demonstrate that the proposed Plan satisfies the best interests of creditors test, Opportune LLP ( Opportune ) with the assistance of the Debtors, has prepared the following hypothetical liquidation analysis (the Liquidation Analysis ), which is based upon certain assumptions discussed in the Disclosure Statement and in the accompanying notes to the Liquidation Analysis. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Disclosure Statement for the Debtors Proposed Joint Chapter 11 Plan of Reorganization (the Disclosure Statement ) pursuant to chapter 11 of the Bankruptcy code to which this Liquidation Analysis is attached. Statement of Limitations: The determination of the costs of, and proceeds from, the hypothetical liquidation of the Debtors assets in a chapter 7 case is an uncertain process involving the extensive use of significant estimates and assumptions that, although considered reasonable by the Debtors based upon their business judgment and input from their advisors, are inherently subject to significant business, economic, and competitive uncertainties and contingencies beyond the control of the Debtors, their management and their advisors. Inevitably, some assumptions in the Liquidation Analysis would likely not materialize in an actual chapter 7 liquidation, and unanticipated events and circumstances could materially affect the ultimate results in a chapter 7 liquidation, including but not limited to the uncertainty of the currently volatile oil and gas pricing environment. The Liquidation Analysis was prepared for the sole purpose of generating a reasonable good faith estimate of the proceeds that would be generated if the Debtors assets were liquidated in accordance with chapter 7 of the Bankruptcy Code. The Liquidation Analysis is not intended and should not be used for any other purpose. The underlying financial information in the Liquidation Analysis was not compiled or examined by independent accountants. NEITHER THE DEBTORS NOR THEIR ADVISORS MAKE ANY REPRESENTATION OR WARRANTY THAT THE ACTUAL RESULTS WOULD OR WOULD NOT APPROXIMATE THE ESTIMATES AND ASSUMPTIONS REFLECTED IN THE LIQUIDATION ANALYSIS. ACTUAL RESULTS COULD VARY MATERIALLY. THE RECOVERIES SHOWN DO NOT CONTEMPLATE A SALE OR SALES OF THE DEBTORS ASSETS ON A GOING CONCERN BASIS. WHILE THE DEBTORS MAKE NO ASSURANCES, IT IS POSSIBLE THAT PROCEEDS RECEIVED FROM SUCH GOING CONCERN SALE(S) WOULD BE MORE THAN IN THE HYPOTHETICAL CHAPTER 7 LIQUIDATION, THE COSTS ASSOCIATED WITH THE SALE(S) COULD BE LESS, FEWER CLAIMS COULD BE ASSERTED AGAINST THE BANKRUPTCY ESTATES AND/OR CERTAIN ORDINARY COURSE CLAIMS COULD BE ASSUMED BY THE BUYER(S). In preparing the Liquidation Analysis, the Debtors estimated Allowed Claims based upon a review of the Debtors financial statements to account for estimated liabilities as necessary. In addition, the Liquidation Analysis includes estimates for Claims not currently asserted in the Chapter 11 Cases, but which could be asserted and allowed in a chapter 7 liquidation, including unpaid chapter 11 Administrative Claims, and Page 1 of 8 US DOCS\

10 Case LSS Doc Filed 01/10/17 Page 3 of 9 chapter 7 administrative claims such as wind down costs and trustee fees and tax liabilities. To date, the Bankruptcy Court has not estimated or otherwise fixed the total amount of Allowed Claims used for purposes of preparing this Liquidation Analysis. Therefore, the Debtors estimate of Allowed Claims set forth in the Liquidation Analysis should not be relied on for any other purpose, including determining the value of any distribution to be made on account of Allowed Claims and Interests under the Plan. NOTHING CONTAINED IN THE LIQUIDATION ANALYSIS IS INTENDED TO BE OR CONSTITUTES A CONCESSION OR ADMISSION BY THE DEBTORS. THE ACTUAL AMOUNT OF ALLOWED CLAIMS IN THE CHAPTER 11 CASES COULD MATERIALLY DIFFER FROM THE ESTIMATED AMOUNTS SET FORTH IN THE LIQUIDATION ANALYSIS. Chapter 7 Conversion Date and Appointment of Chapter 7 Trustee: The Liquidation Analysis has been prepared assuming that the Debtors chapter 11 cases are converted to Chapter 7 cases on or about March 31, 2017 (the Chapter 7 Conversion Date ), which the Debtors estimate to be a reasonable proxy for the Effective Date. Except for Cash and Cash Equivalents and Oil and Gas Properties, which were subject to additional procedures to determine their estimated balance as of the Chapter 7 Conversion Date, the Liquidation Analysis is based upon the unaudited consolidated balance sheets of the Debtors as of November 30, 2016, and those values, are assumed to be representative of the Debtors approximate assets and liabilities as of the Chapter 7 Conversion Date. It is assumed that, on the Chapter 7 Conversion Date, the Bankruptcy Court would appoint a Chapter 7 trustee (the Trustee ) who would sell all of the Debtors major assets and distribute the cash proceeds, net of liquidation-related costs, to creditors in accordance with applicable bankruptcy law. There can be no assurance that the recoveries realized from the sale of the assets would, in fact, approximate the amounts reflected in this Liquidation Analysis. Under section 704 of the Bankruptcy Code, the Trustee must, among other duties, collect and convert the property of the estate as expeditiously as possible (generally at distressed prices), taking into account the best interests of stakeholders. Global Notes & Assumptions: The Liquidation Analysis should be read in conjunction with the following notes and assumptions: 1. The Liquidation Analysis assumes that the Debtors would be liquidated in a jointly administered and substantively consolidated proceeding. 2. Dependence on unaudited financial statements The Liquidation Analysis contains numerous estimates. Proceeds available for recovery are based upon the unaudited financial statements and balance sheets of the Debtors as of November 30, 2016, unless otherwise noted. 3. Chapter 7 Liquidation Costs & Length of Liquidation Process For the purposes of the Liquidation Analysis, the Debtors have assumed that the Trustee would take approximately four to six months to pursue orderly sales of substantially all the remaining oil and gas assets, monetize and collect receivables as well as other assets on the balance sheet, and otherwise administer and close the estates. While a four to six month liquidation process may be reasonable given the nature of the Debtors assets, in an actual liquidation, the wind down process and time period(s) could vary significantly, thereby impacting recoveries. For example, the uncertain duration and potential outcomes of the process to liquidate and allow Claims, including priority, contingent, litigation, rejection, and other Claims could substantially impact both the timing and the amounts of the distributions of asset proceeds to creditors. Accordingly, there can be no Page 2 of 8 US DOCS\

11 Case LSS Doc Filed 01/10/17 Page 4 of 9 assurance that the values reflected in this Liquidation Analysis would be realized if the Debtors were, in fact, to undergo such liquidation. Pursuant to section 726 of the Bankruptcy Code, the allowed administrative expenses incurred by the Trustee, including expenses associated with selling the Debtors' assets, would be entitled to payment in full prior to any distributions to chapter 11 Administrative Claims and Priority Tax Claims. The estimates used in the Liquidation Analysis for these expenses include estimates for operational expenses and certain legal, accounting and other professionals, as well as an assumed 3% fee payable to the Chapter 7 Trustee based on the amount of liquidated assets. It is assumed the Chapter 7 administrative and priority claims, post-chapter 7 conversion expenses and professional fees, and the Trustee fees are entitled to payment in full prior to any distribution to Holders of any other Claims. 4. Additional Claims The cessation of business in a liquidation is likely to trigger certain Claims that otherwise would not exist under a Plan absent a liquidation. Examples of these kinds of Claims include various potential employee Claims, tax liabilities, Claims related to further rejection of unexpired leases and executory contracts, bonding or letters of credit for plugging and abandoning ( P&A ) liabilities, litigation claims, and other potential Allowed Claims. While some of these Claims could be significant and, in certain instances, may be entitled to priority in payment over General Unsecured Claims, no adjustment has been made for these potential Claims. 5. Preference or fraudulent transfers No recovery or related litigation costs have been attributed to any potential avoidance actions under the Bankruptcy Code, including potential preference or fraudulent transfer actions due to, among other issues, the costs of such litigation, the uncertainty of the outcome, and anticipated disputes regarding these matters. 6. Distribution of Net Proceeds Chapter 11 Administrative Claim amounts and Priority Tax Claim amounts, trustee fees and other such Claims that may arise in a liquidation scenario would be paid in full from the liquidation proceeds before the balance of those proceeds can be made available to pay General Unsecured Claims. Under the absolute priority rule, no junior creditor would receive any distribution until all senior creditors are paid in full, and no equity holder would receive any distribution until all creditors are paid in full. The assumed distributions to creditors as reflected in the Liquidation Analysis are estimated in accordance with the absolute priority rule. Conclusion: The Debtors have determined, based on the following analysis along with the preliminary Plan recovery amounts described in Section I.C. of the Disclosure Statement, that upon the Effective Date, the Plan will provide all creditors and equity holders with a recovery (if any) that is not less than what they would otherwise receive pursuant to a liquidation of the Debtors under chapter 7 of the Bankruptcy Code, and as such believe that the Plan satisfies the requirement of section 1129(a)(7) of the Bankruptcy Code. Page 3 of 8 US DOCS\

12 Case LSS Doc Filed 01/10/17 Page 5 of 9 NET PROCEEDS AVAILABLE FOR DISTRIBUTION CHAPARRAL ENERGY, INC. CONSOLIDATED DEBTORS Estimated NBV Low Potential Recovery High Potential Recovery Notes March 31, 2017 % $ % $ Assets: Cash and Cash Equivalents A $ 163, % $ 163, % $ 163,656 Accounts Receivable B 34,905 82% 28,772 92% 32,209 Other Current Assets C 12,374 21% 2,583 27% 3,362 Oil and Gas Properties D n/a n/a 630,000 n/a 840,000 Other Non Current Assets E 48,104 39% 18,587 47% 22,705 Gross Liquidation Proceeds $ 843,597 $ 1,061,933 Liquidation Adjustments: Net Wind Down Expenses F (14,700) (9,800) Trustee Fees G (20,398) (26,948) Trustee Legal & Financial Advisors H (20,398) (17,966) Subtotal $ (55,496) $ (54,714) Net Liquidation Proceeds Available for Distribution: $ 788,101 $ 1,007,219 SUMMARY OF ESTIMATED CLAIMS RECOVERY CHAPARRAL ENERGY, INC. CONSOLIDATED DEBTORS Low Recovery Estimate High Recovery Estimate Notes Claims Estimate % $ % $ Administrative Claims I $ 52, % $ 52, % $ 52,930 Priority Tax Claims J 1, % 1, % 1,655 Class 1 Other Priority Claims K 1, % 1, % 1,680 Class 2 Other Secured Claims L 26, % 26, % 26,981 Class 3 Secured Tax Claims M 100% 100% Class 4 Prepetition Credit Agreement Claims N 459, % 459, % 459,995 Unsecured Claims: Class 5 Prepetition Notes Claims O 1,267,410 19% 242,210 36% 458,957 Class 6 General Unsecured Claims P 6,365 19% 1,216 36% 2,305 Class 7 Convenience Class Claims Q 19% 36% Class 8 Royalty Payment Litigation Claims R 7,500 19% 1,433 36% 2,716 Total Unsecured Claims $ 1,281,275 19% $ 244,859 36% $ 463,977 Intercompany and Equity Claims: Class 9 Intercompany Claims S n/a n/a Class 10 Old Parent Interests T n/a n/a Class 11 Old Affiliate Interests in any Parent Subsidiary U n/a n/a Total Intercompany and Equity Claims $ n/a $ n/a $ Total Estimated Claims and Recoveries $ 1,824,517 $ 788,101 $ 1,007,219 Page 4 of 8 US DOCS\

13 Case LSS Doc Filed 01/10/17 Page 6 of 9 Specific Notes to the Liquidation Analysis: Gross Liquidation Proceeds - Except as noted herein, the Liquidation Analysis was developed using the unaudited balance sheets for the Debtors as of November 30, Historical balance sheet amounts, unless otherwise noted herein, are intended to be proxies for actual balances on the date of a hypothetical liquidation. A. Cash & Cash Equivalents Cash and Cash Equivalents consist of all bank accounts held by the Debtors, including deposit accounts and investment accounts. The pro forma balance is based on the Debtors forecasted cash balance as of the Effective Date, which is expected to be fully recoverable. B. Accounts Receivable Accounts Receivable includes, among other things, $27.9 million in receivables related to the sales of oil and gas, $2.0 million due from joint interest billing ( JIB ) partners, and a $4.8 million production tax credit from the state of Oklahoma. For purposes of the Liquidation Analysis it was assumed receivables greater than 120 days outstanding would be uncollectible. Recovery of the oil and gas sales receivables was estimated at 83% to 93%, the JIB receivables at 75% to 85% and the state tax credit at 80% to 90%. The blended recovery rate for the Debtors Accounts Receivable was 82% to 92%. C. Other Current Assets Other Current Assets include, among other things, $2.6 million of prepaid insurance, $1.2 million in crude oil and other products held in storage tanks and $6.7 million of inventory warehouse stock consisting of casing and accessories, coil tubing, line pipe, and wellhead equipment and accessories and $1.0 million of prepaid software. For purposes of the Liquidation Analysis, recovery of the crude oil inventory was estimated at 80% to 90%, the warehouse stock at 25% to 35% and the prepaid insurance and software balances were assumed to have zero recovery. The blended recovery rate for the Debtors Other Current assets was 21% to 27%. D. Oil and Gas Properties Given the daily production and depletion of the oil and gas assets, it is expected that the Trustee will pursue a prudent, prompt and broad marketing of the assets over a four to six month period, with the divestiture directed by a qualified investment bank or firm that specializes in managing oil and gas acquisitions and divestitures. It is also assumed that the Trustee will not incur additional risk or have access to capital necessary to continue development, drilling or completion of the oil and gas assets other than to the extent necessary to maintain material portions of value. The adjusted net book value of the Debtors oil and gas properties as of November 30, 2016 was $542.5 million. Because of the full cost impairment test prescribed by SEC Regulation S-X Rule 4-10, the Company s book value was effectively limited to include proved reserves only. The liquidation of the Debtors oil and natural gas properties would include both proved and unproved reserves and would produce a sale value in the range of $630 million to $840 million based on equally weighting of the income approach (the discounted cash flow method) and the market approach (the precedent transaction method). Page 5 of 8 US DOCS\

14 Case LSS Doc Filed 01/10/17 Page 7 of 9 The income approach considered the reserve reports with an effective date of April 1, 2017 using the NYMEX strip as of January 3, 2017 for the commodity price forecast. Adjustments were made to the reserve report for risking, inflation, gas handling costs, corporate general and administrative expense, and federal income taxes. The projected cash flows were discounted to present value based on a weighted average cost of capital estimated using guideline companies. Corporate general and administrative expenses and gas handling costs were not included in the reserve report. The market approach considered recent transactions in the same basins as the Debtors reserves in applying certain metrics such as price per acre and production multiples to the Debtors reserves. It is important to note that value range above assumes the sale of all oil and gas assets in an orderly liquidation and does not consider a reduction in value that would exist because of execution risk and the reasonable possibility that not all assets may be sold in a four to six month period. It is not possible to quantify the impact of such items with a high degree of certainty. E. Other Non-Current Assets Other Non-Current Assets include, among other things, $26.3 million for the Debtors corporate headquarters in Oklahoma City, OK as well as multiple field offices throughout Oklahoma, $12.7 million of equipment including machinery, office/computer and other equipment, $2.9 million of vehicles, $2.6 million of deferred loan cost, and $2.0 million of Ethanol investments and $1.3 million of bonding deposits. For purposes of the Liquidation Analysis, recovery of the corporate headquarters and other field offices was estimated at 50% to 60%, the vehicles at 60% to 70%, the equipment at 25% to 35% and the ethanol investments, loan costs, and bonding deposits are assumed to have zero recovery. The blended recovery rate for the Debtors Other Non-Current Assets was 39% to 47%. Liquidation Adjustments F. Net Wind-Down Expenses The Liquidation Analysis assumes the chapter 7 liquidation process will take four to six months to complete and that certain limited functions would be required during the liquidation process to effectuate a sale of the assets and the orderly wind-down of the business. Examples of such costs incurred during a Chapter 7 liquidation would include, but are not limited to, expenses associated with salary and hourly compensation, retention or bonus programs to maintain key personnel, and costs associated with the usage of the corporate and field offices. This Liquidation Analysis includes the cost of an employee retention program equal to 25% of total employee compensation. As discussed above, the liquidation valuation of the oil and gas reserves includes corporate payroll and general & administrative costs that a market participant may consider when valuing these assets. The Liquidation Adjustments include an incremental amount of corporate payroll and general & administrative costs that reflect the Debtors expected cost structure during the liquidation period. The Liquidation Analysis does not incorporate any severance costs from the termination of employees. G. Trustee Fees Compensation for the Chapter 7 Trustee would be limited to fee guidelines in section 326(a) of the Bankruptcy Code. The Debtors have assumed trustee fees of 3% of the gross proceeds from the liquidation, excluding cash. Page 6 of 8 US DOCS\

15 Case LSS Doc Filed 01/10/17 Page 8 of 9 H. Trustee Legal & Financial Advisors Compensation for the Chapter 7 trustee s professionals (counsel and other legal, financial, and professional services) during the Chapter 7 case is estimated to be between 2% and 3% of total liquidation proceeds, excluding cash. Claims - I. Administrative Claims Administrative Claims include, among other things, approximately $27.1 million of unpaid postpetition vendor payables, $13.5 million of revenue distributions payable, $3.9 million of employee payroll and benefits claims, a $4.4 million Termination Fee for the Backstop Commitment Agreement, $4.0 million of unpaid Chapter 11 professional fees and other costs and expenses of administration of the Debtors estates after the Petition Date. The Liquidation Analysis projects a recovery rate of 100%. J. Priority Tax Claims The Priority Tax Claims consist of $1.7 million of property ad valorem taxes and other taxes. The Liquidation Analysis projects a recovery rate of 100%. K. Class 1 Other Priority Claims Other Priority Claims consist of $1.7 million related to P&A work that the Company anticipates will be performed during the liquidation process. The Liquidation Analysis projects a recovery rate of 100%. L. Class 2 Other Secured Claims Other Secured Claims consists of a $9.6 million building mortgage, $16.9 million of compressor leases and $0.4 million of vehicle leases. The Liquidation Analysis projects a recovery rate of 100%. M. Class 3 Secured Tax Claims There are currently no Secured Tax Claims. To the extent such Claims exist, the Debtors believe that such Claims would also constitute Priority Tax Claims. Regardless of the classification of such Claims, which the Debtors have not determined, the projected recovery is 100%. N. Class 4 Prepetition Credit Agreement Claims Consists of the estimated principal balance of the Prepetition Credit Agreement as of the Chapter 7 Conversion Date of $444.4 million. The Class 4 Claims would also be entitled to $ 15.6 million of accrued interest during the period the Trustee is selling the Debtors assets and closing the estates. For the purposes of calculating accrued interest a liquidation period of six months and an interest rate of 7% has been assumed. The Liquidation Analysis projects a 100% recovery of Prepetition Credit Agreement Claims. O. Class 5 Prepetition Notes Claims Consists of three distinct series of notes consisting of an aggregate principal amount of $1,208.0 million and approximately $59.4 million of pre-petition accrued and unpaid interest. Prepetition Notes Claims are pari passu with General Unsecured Claims and Royalty Payment Litigation Claims. The Liquidation Analysis projects a recovery rate of approximately 19% to 36%. Page 7 of 8 US DOCS\

16 Case LSS Doc Filed 01/10/17 Page 9 of 9 P. Class 6 General Unsecured Claims General Unsecured Claims include, among other things, $1.3 million in prepetition severance payable to employees terminated prior to the Petition Date, $2.5 million of contract-related claims, $1.1 million of pre-petition utility claims, $0.8 million of other pre-petition employee claims and $0.5 million of other pre-petition trade payables. The Liquidation Analysis projects a recovery rate of 19% to 36%. Q. Class 7 Convenience Class Claims Consists of General Unsecured Claims that, individually, are $100,000 or less. This Liquidation Analysis assumes there is no convenience class offering and therefore these Claims treated as, and included with, Class 6 - General Unsecured Claims. See above. R. Class 8 Royalty Payment Litigation Claims Represents Claims against the Debtors for the alleged failure to properly report, account for, and distribute royalty interest payments to owners of mineral interests in the State of Oklahoma, including the civil class action lawsuit pending before the United States District Court for the Western District of Oklahoma. For the purposes of the Liquidation Analysis, it is assumed that the total Claims amount is equal to the Litigation Settlement as provided in the Disclosure Statement totaling $7.5 million and that each holder of an allowed Litigation Claim shall receive the same treatment as a holder of an allowed General Unsecured Claim. The Liquidation Analysis projects a recovery rate for the Class 8 Claims of 19% to 36%. S. Class 9 Intercompany Claims Intercompany Claims are estimated to be zero for this recovery analysis. Class 9 Claims are projected to receive zero recovery. T. Class 10 Old Parent Interests Class 10 claims are projected to receive zero recovery. U. Class 11 Old Affiliate Interests in any Parent Subsidiary Class 11 claims are projected to receive zero recovery. Page 8 of 8 US DOCS\

17 Case LSS Doc Filed 01/10/17 Page 1 of 9 EXHIBIT E Historical Financial Statements US-DOCS\ RLF v.1

18 Case LSS Doc Filed 01/10/17 Page 2 of 9 MOST RECENT QUARTERLY FINANCIAL INFORMATION Consolidated Balance Sheet Chaparral Energy Inc. and Subsidiaries As Presented in the Form 10 Q, Filed November 16, 2016 September 30, 2016 December 31, (dollars in thousands, except share data) (unaudited) 2015 Assets Current assets: Cash and cash equivalents $ 189,361 $ 17,065 Accounts receivable, net 41,273 79,000 Inventories, net 8,121 12,329 Prepaid expenses 2,945 3,700 Derivative instruments 143,737 Total current assets 241, ,831 Property and equipment at cost, net 43,179 48,962 Oil and natural gas properties, using the full cost method: Proved 4,279,179 4,128,193 Unevaluated (excluded from the amortization base) 17,115 66,905 Accumulated depreciation, depletion, amortization and impairment (3,763,423) (3,396,261) Total oil and natural gas properties 532, ,837 Derivative instruments 19,501 Deferred income taxes 53,914 Other assets 8,253 27,694 Total assets $ 826,003 $ 1,204,739 The notes and other information presented in the Form 10 Q form an integral part of and should be read in conjunction with the above financial statements. US DOCS\

19 Case LSS Doc Filed 01/10/17 Page 3 of 9 Consolidated Balance Sheet Continued Chaparral Energy Inc. and Subsidiaries As Presented in the Form 10 Q, Filed November 16, 2016 September 30, 2016 December 31, (dollars in thousands, except share data) (unaudited) 2015 Liabilities and stockholders deficit Current liabilities: Accounts payable and accrued liabilities $ 32,003 $ 66,222 Accrued payroll and benefits payable 2,553 15,305 Accrued interest payable ,303 Revenue distribution payable 8,874 12,391 Long-term debt and capital leases, classified as current 472,435 1,607,127 Deferred income taxes 53,914 Total current liabilities 515,972 1,778,262 Stock-based compensation 400 Asset retirement obligations 50,211 46,434 Liabilities subject to compromise 1,286,828 Commitments and contingencies (Note 9) Stockholders deficit: Preferred stock, 600,000 shares authorized, none issued and outstanding Class A Common stock, $0.01 par value, 10,000,000 shares authorized and 334,545 and 345,289 shares issued and outstanding as of September 30, 2016, and December 31, 2015, respectively 4 4 Class B Common stock, $0.01 par value, 10,000,000 shares authorized and 344,859 shares issued and outstanding 3 3 Class C Common stock, $0.01 par value, 10,000,000 shares authorized and 209,882 shares issued and outstanding 2 2 Class E Common stock, $0.01 par value, 10,000,000 shares authorized and 504,276 shares issued and outstanding 5 5 Class F Common stock, $0.01 par value, 1 share authorized, issued, and outstanding Class G Common stock, $0.01 par value, 3 shares authorized and 2 shares issued and outstanding Additional paid in capital 425, ,307 Accumulated deficit (1,452,229) (1,051,678) Total stockholders' deficit (1,027,008) (620,357) Total liabilities and stockholders' deficit $ 826,003 $ 1,204,739 The notes and other information presented in the Form 10 Q form an integral part of and should be read in conjunction with the above financial statements. US DOCS\

20 Case LSS Doc Filed 01/10/17 Page 4 of 9 Consolidated Statement of Operations Chaparral Energy Inc. and Subsidiaries As Presented in the Form 10 Q, Filed November 16, 2016 Three months ended September 30, Nine months ended September 30, (in thousands) (unaudited) Revenues - commodity sales $ 65,847 $ 74,512 $ 180,076 $ 261,801 Costs and expenses: Lease operating 22,291 24,881 68,462 83,921 Transportation and processing 2,429 1,902 6,493 6,246 Production taxes 2,174 2,795 6,812 11,123 Depreciation, depletion and amortization 29,624 52,027 94, ,694 Loss on impairment of oil and gas assets 737, , ,320 Loss on impairment of other assets 202 1,461 13,311 General and administrative 1,519 7,389 14,812 25,843 Liability management 9,396 Cost reduction initiatives ,228 9,739 Total costs and expenses 58, , ,139 1,279,197 Operating income (loss) 7,519 (752,843) (306,063) (1,017,396) Non-operating income (expense): Interest expense (7,436) (28,598) (57,243) (83,202) Non-hedge derivative gains (losses) 85,415 (9,468) 105,266 Write-off of Senior Note issuance costs, discount and premium (16,970) Other (expense) income, net (129) ,088 Net non-operating (expense) income (7,565) 56,925 (83,464) 24,152 Reorganization items, net (5,504) (10,859) Loss before income taxes (5,550) (695,918) (400,386) (993,244) Income tax (benefit) expense (59) (48,776) 165 (161,314) Net loss $ (5,491) $ (647,142) $ (400,551) $ (831,930) The notes and other information presented in the Form 10 Q form an integral part of and should be read in conjunction with the above financial statements. US DOCS\

21 Case LSS Doc Filed 01/10/17 Page 5 of 9 Consolidated Statements of Cash Flows Chaparral Energy Inc. and Subsidiaries As Presented in the Form 10 Q, Filed November 16, 2016 Nine months ended September 30, (in thousands) (unaudited) Cash flows from operating activities Net loss $ (400,551) $ (831,930) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation, depletion and amortization 94, ,694 Loss on impairment of assets 282, ,631 Write-off of Senior Note issuance costs, discount and premium 16,970 Deferred income taxes (161,480) Non-hedge derivative losses (gains) 9,468 (105,266) Loss (gain) on sale of assets 128 (1,448) Other 2,832 4,013 Change in assets and liabilities Accounts receivable (4,866) 16,625 Inventories 2,758 (3,642) Prepaid expenses and other assets (370) 2,258 Accounts payable and accrued liabilities 24,026 (15,012) Revenue distribution payable 1,173 (12,444) Stock-based compensation (5,384) (4,355) Net cash provided by operating activities 23,120 29,644 Cash flows from investing activities Expenditures for property, plant, and equipment and oil and natural gas properties (119,994) (267,203) Proceeds from asset dispositions ,251 Proceeds from non-hedge derivative instruments 90, ,149 Cash in escrow 49 Net cash used in investing activities (28,401) (64,803) Cash flows from financing activities Proceeds from long-term debt 181, ,000 Repayment of long-term debt (1,563) (75,354) Principal payments under capital lease obligations (1,860) (1,792) Payment of other financing fees (1,404) Net cash provided by financing activities 177,577 41,450 Net increase in cash and cash equivalents 172,296 6,291 Cash and cash equivalents at beginning of period 17,065 31,492 Cash and cash equivalents at end of period $ 189,361 $ 37,783 The notes and other information presented in the Form 10 Q form an integral part of and should be read in conjunction with the above financial statements. US DOCS\

22 Case LSS Doc Filed 01/10/17 Page 6 of 9 MOST RECENT FISCAL YEAR FINANCIAL INFORMATION Consolidated Balance Sheet Chaparral Energy Inc. and Subsidiaries As Presented in the Form 10 K, Filed March 30, 2016 December 31, (dollars in thousands, except per share data) Assets Current assets: Cash and cash equivalents $ 17,065 $ 31,492 Accounts receivable, net 79,000 98,444 Inventories, net 12,329 25,557 Prepaid expenses 3,700 4,484 Derivative instruments 143, ,921 Total current assets 255, ,898 Property and equipment at cost, net 48,962 66,561 Oil and natural gas properties, using the full cost method: Proved 4,128,193 3,735,817 Unevaluated (excluded from the amortization base) 66, ,425 Accumulated depreciation, depletion, amortization and impairment (3,396,261) (1,701,851) Total oil and natural gas properties 798,837 2,322,391 Derivative instruments 19,501 71,710 Deferred income taxes 53,914 Other assets 27,694 31,256 Total assets $ 1,204,739 $ 2,831,816 The notes and other information presented in the Form 10 K form an integral part of and should be read in conjunction with the above financial statements. US DOCS\

23 Case LSS Doc Filed 01/10/17 Page 7 of 9 Consolidated Balance Sheet Continued Chaparral Energy Inc. and Subsidiaries As Presented in the Form 10 K, Filed March 30, 2016 December 31, (dollars in thousands, except per share data) Liabilities and stockholders equity (deficit) Current liabilities: Accounts payable and accrued liabilities $ 66,222 $ 191,957 Accrued payroll and benefits payable 15,305 21,654 Accrued interest payable 23,303 24,106 Revenue distribution payable 12,391 24,467 Long-term debt and capital leases, classified as current 1,607,127 5,377 Derivative instruments 77 Deferred income taxes 53,914 60,728 Total current liabilities 1,778, ,366 Long-term debt and capital leases, less current maturities 1,628,425 Stock-based compensation 400 3,131 Asset retirement obligations 46,434 43,277 Deferred income taxes 116,759 Commitments and contingencies (Note 14) Stockholders (deficit) equity: Preferred stock, 600,000 shares authorized, none issued and outstanding Class A Common stock, $0.01 par value, 10,000,000 shares authorized and 345,289 and 364,896 shares issued and outstanding at December 31, 2015 and 2014, respectively 4 4 Class B Common stock, $0.01 par value, 10,000,000 shares authorized and 344,859 shares issued and outstanding 3 3 Class C Common stock, $0.01 par value, 10,000,000 shares authorized and 209,882 shares issued and outstanding 2 2 Class E Common stock, $0.01 par value, 10,000,000 shares authorized and 504,276 shares issued and outstanding 5 5 Class F Common stock, $0.01 par value, 1 share authorized, issued, and outstanding Class G Common stock, $0.01 par value, 3 shares authorized and 2 shares issued and outstanding Additional paid in capital 431, ,678 (Accumulated deficit) retained earnings (1,051,678) 282,166 Total stockholders' (deficit) equity (620,357) 711,858 Total liabilities and stockholders' (deficit) equity $ 1,204,739 $ 2,831,816 The notes and other information presented in the Form 10 K form an integral part of and should be read in conjunction with the above financial statements. US DOCS\

24 Case LSS Doc Filed 01/10/17 Page 8 of 9 Consolidated Statement of Operations Chaparral Energy Inc. and Subsidiaries As Presented in the Form 10 K, Filed March 30, 2016 Year ended December 31, (in thousands) Revenues: Commodity sales $ 324,315 $ 681,557 $ 591,674 Gain from oil hedging activities 37,134 Total revenues 324, , ,808 Costs and expenses: Lease operating 110, , ,690 Transportation and processing 8,541 8,295 7,081 Production taxes 9,953 28,305 33,266 Depreciation, depletion and amortization 216, , ,426 Loss on impairment of oil and gas assets 1,491,129 Loss on impairment of other assets 16,207 3,490 General and administrative 39,089 53,414 53,883 Cost reduction initiatives 10,028 Total costs and expenses 1,902, , ,836 Operating (loss) income (1,577,865) 204, ,972 Non-operating income (expense): Interest expense (112,400) (104,241) (96,876) Gain on extinguishment of debt 31,590 Non-hedge derivative gains (losses) 145, ,320 (21,635) Other income, net 2,324 2,630 1,075 Net non-operating income (expense) 66, ,709 (117,436) (Loss) income before income taxes (1,511,063) 333,736 88,536 Income tax (benefit) expense (177,219) 124,443 32,849 Net (loss) income $ (1,333,844) $ 209,293 $ 55,687 The notes and other information presented in the Form 10 K form an integral part of and should be read in conjunction with the above financial statements. US DOCS\

25 Case LSS Doc Filed 01/10/17 Page 9 of 9 Consolidated Statements of Cash Flows Chaparral Energy Inc. and Subsidiaries As Presented in the Form 10 K, Filed March 30, 2016 Year ended December 31, (in thousands) Cash flows from operating activities Net (loss) income $ (1,333,844) $ 209,293 $ 55,687 Adjustments to reconcile net income to net cash provided by operating activities Depreciation, depletion, and amortization 216, , ,426 Loss on impairment of assets 1,507,336 3,490 Deferred income taxes (177,487) 123,891 31,734 Gain on hedge reclassification adjustments (37,134) Non-hedge derivative (gains) losses (145,288) (231,320) 21,635 Gain on sale of assets (1,584) (2,152) (670) Gain on extinguishment of debt (31,590) Other 6,057 4,294 4,418 Change in assets and liabilities Accounts receivable 15,720 4,692 (21,216) Inventories (1,968) (5,516) (5,923) Prepaid expenses and other assets 481 (750) (1,299) Accounts payable and accrued liabilities (17,200) (24,652) 9,977 Revenue distribution payable (12,075) (671) 6,986 Stock-based compensation (5,524) 894 3,942 Net cash provided by operating activities 19, , ,053 Cash flows from investing activities Expenditures for property, plant, and equipment (313,481) (685,459) (491,022) Acquisition of a business (153,858) Proceeds from asset dispositions 42, , ,246 Settlement of non-hedge derivative instruments 233,605 2,417 19,113 Derivative premiums paid and other (20,609) (601) Net cash used in investing activities (37,258) (412,222) (515,122) Cash flows from financing activities Proceeds from long-term debt 120, , ,797 Repayment of long-term debt (102,978) (228,594) (52,100) Repurchase of Senior Notes (9,995) Proceeds from sale and leaseback of assets 24,500 Principal payments under capital lease obligations (2,400) (2,313) (352) Payment of other financing fees (1,404) Net cash provided by financing activities 3,223 71, ,845 Net (decrease) increase in cash and cash equivalents (14,427) (17,103) 18,776 Cash and cash equivalents at beginning of period 31,492 48,595 29,819 Cash and cash equivalents at end of period $ 17,065 $ 31,492 $ 48,595 The notes and other information presented in the Form 10 K form an integral part of and should be read in conjunction with the above financial statements. US DOCS\