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1 Investor Presentation June

2 Disclaimers This presentation has been prepared by Sundance Energy Australia Limited (ABN ). Summary Information The following disclaimer applies to this document and any information contained in it (the Information ). The Information in this presentation is of general background and does not purport to be complete. It should be read in conjunction with Sundance s other periodic and continuous disclosure announcements lodged with ASX Limited, which are available at You are advised to read this disclaimer carefully before reading or making any other use of this document or any information contained in this document. In accepting this document, you agree to be bound by the following terms and conditions including any modifications to them. Not Financial or Product Advice This presentation is for information purposes only and is not a prospectus, product disclosure statement or other offer document under Australian law or the law of any other jurisdiction. This presentation is not financial product or investment advice or a recommendation to acquire Sundance shares, legal or tax advice. This presentation has been prepared by Sundance without taking into account the objectives, financial situation or needs of individuals. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the Information. You are solely responsible for seeking independent professional advice in relation to the Information and any action taken on the basis of the Information. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Sundance is not licensed to provide financial product advice in respectof Sundance shares. Cooling off rights do not apply to the acquisition of Sundance shares. Financial Data All share price information is in Australian dollars (A$) and all other dollar values are in United States dollars (US$) unless stated otherwise. Sundance s results are reported under Australian International Financial Reporting Standards. Past Performance Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company s views on its future financial performance or condition. Investors should note that past performance, including past share price performance, of Sundance cannot berelieduponasanindicatorof (and provides no guidance asto) future Sundance performance including future share price performance. Investment Risk An investment in Sundance shares is subject to investment and other known and unknown risks, some of which are beyond the control of Sundance. Sundance does not guarantee any particular rate of return or the performance of Sundance, nor does it guarantee the repayment of capital from Sundance or any particular tax treatment. Persons should have regard to the risks outlined in the Information. 2

3 Disclaimers (cont d) Not an Offer The Information does not constitute an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction. Neither this presentation nor anything in it shall form any part of any contract for the acquisition of Sundance shares. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws. No securities described in this presentation will be offered in the United States. Disclaimer Except as required by law, no representation or warranty (express or implied) is made as the fairness, accuracy, completeness, reliability or correctness of the Information, opinions and conclusions, or as to the reasonableness of any assumption contained in this document. By receiving this document and to the extent permitted by law, you release Sundance and its officers, employees, agents and associates from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising by negligence) arising asa result of the reliance by you or any other person on anything contained in or omitted from this document. Forward Looking Statements This presentation includes forward looking statements. These statements relate to Sundance s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like anticipate, believe, intend, estimate, expect, may, plan, project, will, should, seek and similar words or expressions containing same. The forward looking statements reflect the Company s views and assumptions with respect to future events as of the date of this presentation and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict.given these uncertainties, no one should place undue reliance on any forward looking statements attributable to Sundance, or any of its affiliates or persons acting on its behalf. Although every effort has been made to ensure this presentation sets forth a fair and accurate view, we do not undertake any obligation to update or revise any forward looking statements, whetherasaresult of newinformation, future events orotherwise. Reserves This presentation contains information on Sundance Energy s reserves and resources which has been reviewed by our VP of Reservoir Engineering and Business Development, David Ramsden Wood, Professional Engineer, who is licensed in Alberta Canada and is qualified in accordance with ASX Listing Rule Mr. Ramsden Wood has consented to the inclusion of this information in the form and context in which it appears. 3

4 Company overview Williston Basin Bakken / Three Forks Net acres: ~3,300 1P reserves: 1.4 mmboe Production: 124 boed Non core asset; expected to be divested during 2014 Ticker: SEA (ASX Listed) Share count: million Market capitalization: $547 million Enterprise value: $499 million 2014 Consensus EBITDAX: $147 million (1) Proved reserves: 16.1 mmboe (63% oil) (3) SEC Pre tax PV 10: $270 million (3) 1Q14 daily production: 4,157 boed (74% oil) (3) 2014 Exit Rate: 8,000 9,000 boed (4) Greater Anadarko Mississippian / Woodford Net acres: ~31,000 1P reserves: 4.4 mmboe (2) Production: 1,421 boed % operated: 92% % WI: 40.3% Counties: Logan, Noble and Garfield South Texas Eagle Ford / Georgetown Net acres: ~25,000 (3) 1P reserves: 10.3 mmboe Production: 2,612 boed % operated: 100% % WI: 86.0% Counties: McMullen, Dimmit and Maverick Transformational growth through the drill bit Source: Company filings, press releases and January 1, 2014 NSAI reserve report Note: Market capitalization and enterprise value shown as of June 12, 2014, based on debt of $35mm pro forma for DJ Basin divestiture ($116mm proceeds), Eagle Ford acquisition ($33mm cost); Production numbers represent 1Q14 average daily production (1) Based on Wall Street research consensus estimates (2) Excludes evaluation of the majority of the Company s potential Woodford locations (3) Pro forma for announced Eagle Ford acquisition (~11,000 net acres) and DJ Basin asset divestiture (1P reserves of 4.67 mmboe; production of 566 boed), which are expected to close during 2Q14 and 3Q14, respectively (4) 2014 exit rate of Company guidance 4

5 Key management bios Management Eric McCrady, Managing Director & CEO Eric was appointed CEO in April 2011 and Managing Director of the Board in November He served as CFO from June 2010 until becoming CEO. Eric has over 15 years of entrepreneurial experience with an extensive track record in investment evaluation and management, acquisitions and divestitures, strategic planning, general management, risk management, and capital formation with companies including The Broe Group, a private investment firm, GE Capital and American Coin Merchandising. Cathy Anderson, Chief Financial Officer Cathy was appointed CFO in December Cathy is a Certified Public Accountant with over 25 years experience, primarily in the oil and gas industry, in budgeting and forecasting, regulatory reporting, corporate controls, and financial analysis and management reporting with companies including Key Production (predecessor of Cimarex), OptiGas and Arthur Andersen. Grace Ford, Vice President, Exploration and Development Grace was appointed VP of Exploration and Development in March She served as VP of Geology from September Grace has over 15 years of technical experience focused on geology resource play evaluation and development, exploration, well and completion design, and reservoir characterization with companies including EOG Resources, Baytex Energy USA and Marathon. Mike Wolfe, Vice President, Land Mike was appointed VP of Land in March He served as Senior Land Manager from December Mike has over 30 years of senior land management experience including field leasing, acquisitions and divestitures, title, lease records, and management of a multi rig drilling program with companies such as Cimarex and Texaco. David Ramsden Wood, Vice President Reservoir Engineering & Business Development David was appointed VP of Reservoir Engineering & Business Development in May He has consulted for Sundance in a similar role since January David is a Professional Engineer licensed in Canada with more than 15 years engineering experience across all engineering disciplines with a focus on reservoir engineering, strategic & financial planning and production engineering with companies including Enerplus, Anadarko, and Canadian Hunter. John Whittington, Vice President, Operations John was appointed VP of Operations in May He has over 20 years experience focused on the development and optimization of onshore US resource plays with a particular focus on completion optimization and production operations with companies including Triangle Petroleum, EOG, Schlumberger, and Apex Petroleum Engineering. 5

6 Overview of Sundance Energy 2005 Present Sundance Energy completed its initial public offering on the Australian Securities Exchange ( ASX ) on April 28 th, 2005 At IPO the Company s primary assets were located in the Arkoma Basin in the U.S., as well as the Cooper Basin in Australia Stock performance since IPO (A$) $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 Change in strategic direction to acquire high working interest, Company operated assets In 2012, the Company divested the non operated, low working interest South Antelope prospect in the Bakken for $173 million In 2013, Sundance completed a merger with Texon Petroleum Limited providing an entry into the Eagle Ford play By early 2014, Sundance had acquired nearly 13,000 net acres in the Eagle Ford and over 45,000 net acres in Oklahoma, while divesting several non core positions Change in strategic direction and executive team May 2014 South Texas acquisition increased Sundance s position to ~25,000 net acres (expected to close June 30) Sale of DJ basin non core interests produced proceeds of $116 million allowing for redeployment into Eagle Ford and the Mississippian / Woodford (expected to close mid July) Drive value through drill bit, leverage operational efficiencies and pursue focused, accretive M&A opportunities Current price: A$1.06 $0.00 June 05 June 06 June 07 June 08 June 09 June 10 June 11 June 12 June 13 June 14 Source: Company filings and press releases Note: Current share price shown in A$ as of June 12,

7 Track record of growth Average daily production (boed) (1) Proved reserve potential upside (mmboe) (2) 8, ,329 2,966 4, June H Q Exit Summary drilling location, Capex and production Proved reserves 2P reserves 3P reserves Eagle Ford Mississippian / Woodford Williston Basin (5) Proved Estimated Estimated Daily undeveloped Probable / possible Total 3P drilling dev capital leasing capital production drilling locations (3) drilling locations (3)(4) locations (3)(4) expenditures expenditures 1Q14 Gross Net Gross Net Gross Net ($ in millions) ($ in millions) (boed) Eagle Ford $210 $220 $47 $49 2,612 Mississippian / Woodford , , ,421 Williston Basin (5) 124 Total , , $270 $290 $48 $52 4,157 Source: Company filings, press releases, and January 1, 2014 reserve report (1) CAGR based on June 2010 average rate of 253 boed and the mid point 2014 exit rate of Company guidance of 8,000 9,000 boed (2) Pro forma for recent DJ Basin divestiture, expected to close during 3Q14; no reserves are attributed to the ~17,000 net acres acquired in 2014 in Eagle Ford (3) Based on January 1, 2014 NSAI reserve report, 2P and 3P based on internal Sundance estimates (4) Pro forma for 2014 acquisition of direct mineral leases (5) Expected to be divested in

8 2014 forecasted development plan 2014 Exploration and development program 2014 Capital spend by region Gross Wells Net Wells Capex per Well ($ mm) Total Capex ($ mm) 12% 3% Eagle Ford Operated Mississippian $3.5 $24 - $28 Woodford Anadarko total Eagle Ford Operated sub total $264 - $282 10% Mississippian Woodford Non Operated Mississippian/Woodford $4.0 $6 - $8 Non operated sub total $6 - $8 75% Non Op Mississippian / Woodford Total $270 - $290 8

9 1Q14 drilling and completion inventory 1Q14 Producing wells (1) 1Q14 in progress wells (1) 5% 38% 36% Eagle Ford Anadarko Williston (2) 58% 62% Net producing wells Waiting on Frac In progress wells Fraccing / Production testing Total in progress March 31, 2014 Drilling Eagle Ford Anadarko Basin Williston Basin (2) 1.9 Total Source: Company filings and press releases (1) Pro forma for DJ Basin disposition expected to close 3Q14 (2) Williston expected to be divested in

10 Research analyst expectations and key financial metrics 2014 Consensus estimates 2015 Consensus estimates Liquids (mbbl) Production volumes Gas Total (mmcf) (mboe) Production (boed) Analyst Projections Mean 1,977 4,613 2,690 7,363 Median 2,059 4,967 2,698 7,349 Sundance Guidance 7,100 (2) Key financial metrics ($mm) EBITDAX (1) EBIT Capex Analyst Projections Mean $147 $74 $338 Median Sundance Guidance $330 (2) Liquids (mbbl) Production volumes Gas Total (mmcf) (mboe) Production (boed) Analyst Projections Mean 3,452 8,459 4,269 11,695 Median 3,524 8,507 4,491 12,303 Key financial metrics ($mm) EBITDAX (1) EBIT Capex Analyst Projections Mean $226 $113 $315 Median EBITDAX and capital expenditures (2) ($mm) Company reported Wall Street consensus estimates $338 $315 $3 $4 $10 $7 $16 $59 $53 $234 $147 $226 EBITDAX CAPEX FY2010A FY2011A FY2012A FY2013A 2014E 2015E Source: Company Reports and Wall Street research estimates Note: FY2010 FY2012 based on June 30 year end, while FY 2013 as well as E based on December 31 year end due to change in fiscal year end post During 6 months ended December 31, 2012 EBITDAX was $20mm and capex was $71.2mm (1) Adjusted EBITDAX earnings before interest expense, income taxes, depreciation, depletion, amortization, property impairments, gain/(loss) on sale of non current assets, exploration expense, share based compensation and gains/(losses) on commodity hedging, net of settlements on commodity hedging (2) 2014 projections are based on midpoint of Company guidance 10

11 Proved reserves and production by region Proved reserves by region (mmboe) (1) Production by region (boed) (2) (3) Williston (3) Williston 8% 3% Mississippian / Woodford 34% Mississippian / Woodford 28% Eagle Ford 64% Eagle Ford 63% Total 1P reserves (1) : 16.1 mmboe SEC pre tax PV 10 (1) : $270 million 1Q14 production (2) : 4,157 boed (74% oil) 94% operated by Sundance (2) Source: Based on January 1, 2014 NSAI reserve report (1) Pro forma for DJ Basin divestiture (4.67 mmboe in 1P reserves; $67mm SEC pre tax PV 10 value) (2) Company filings as of March 31, 2014; production is pro forma for DJ Basin divestiture (566 boed) (3) Williston expected to be divested in

12 Historical reserve, capital expenditure and production overview 1P reserves (1) 3P reserves (1) 2012: 10 mmboe 2013: 16 mmboe 2012: 43 mmboe 2013: 81 mmboe 40% 16% 44% Eagle Ford (2) Williston Basin Anadarko Basin 9% 27% 64% 39% 61% Eagle Ford (2) Williston Basin Anadarko Basin 47% 50% 3% Exploration & development capital (1) Daily production (1) 2012: $52m 2013: $220m 2012 : 982 boed 2013: 2,450 boed 26% Eagle Ford 32% Eagle Ford 21% 74% (2)(3) Williston Basin Anadarko Basin 3% 65% 100% (2)(3) Williston Basin Anadarko Basin 24% 56% Source: Based on Sundance Energy s January 1, 2013 and January 1, 2014 NSAI reserve report; Company annual reports (1) Reserve, production and capital expenditure numbers shown pro forma for DJ Basin divestiture (2) Williston expected to be divested in 2014 (3) 2012 Williston included capex of $21.4mm and production of 612 boed related to South Antelope prospect, which was disposed in September

13 Strong track record of value creation A case study on the Texon Petroleum merger and subsequent Eagle Ford expansion Texon assets at merger Operational enhancement Assets today ~7,300 net acres in the Eagle Efficiency improvements Ford play located in McMullen Decreased cycle times county boed of production 1P reserves of 1.6 mmboe 3P reserves of 11.3 mmboe Company operated low risk development drilling Potential for 100+ gross Eagle Ford wells (1) - - Sundance average spud to TD = 16 days Where applicable, utilize pad drilling to optimize capital efficiency Switched to Company employed pumpers Increased average lateral length Well optimization New frac designs - Increasing frac stages, total propant pumped, clusters and cluster spacing - All white sand Use of petrophysical logs to determine optimal frac design South Texas position has grown to ~19,500 net acres in the Eagle Ford and ~5,500 net acres in the Georgetown - 2,612 boed of production in 1Q14 with 9.5 net wells waiting on completion at end of 1Q14-1P reserves of 10.3 mmboe (2) - 3P reserves of 40.7 mmboe (2) Realized production growth of 264% 2 rig horizontal program wells spud through March 31, net wells in progress as of March 31, gross drilling locations Source: Company filings (1) Based on acre spacing (2) Based on January 1, 2014 NSAI reserve report and excludes 2014 acquisitions 13

14 Asset overview Eagle Ford / Georgetown Eagle Ford operator with substantial, high quality drilling inventory and significant production growth profile ~25,000 net acre position targeting the Eagle Ford and Georgetown formations (1) ~19,500 net acres targeting the Eagle Ford formation ~14,000 net acres in McMullen county and ~5,500 net acres in Dimmit county ~5,500 net acres in Maverick county targeting the Georgetown formation Q production of 2,612 boed Georgetown acreage: ~5,500 net acres Eagle Ford acreage: ~5,500 net acres 10.3 mmboe of proved reserves (2) 295 gross (196 net) undrilled Eagle Ford locations representing an 8+ year drilling inventory (3) 2014 capital plan of $ million directed primarily at the Eagle Ford formation Two rigs running expected to drill 21.7 net wells during 2014 Offset operators include: Anadarko, EOG, Pioneer, Chesapeake, Talisman McMullen Area Eagle Ford acreage: ~14,000 net acres (1) Company filings as of May 26, 2014 (2) Based on January 1, 2014 NSAI reserve report and excludes 2014 acquisitions (3) Drilling year inventory based on two rig program drilling 36 net wells per year and assuming acre spacing 14

15 Asset overview (cont d) Eagle Ford McMullen area Eagle Ford well performance vs. internal type curve (1) 10,000 BOE/d 1, Months on production 375 mboe type curve 5,500 foot lateral 525 mboe type curve 7,000 foot lateral 2013 Avg production 5,211 foot average lateral Shannon 3H 30 day 1,017 boed Shannon 2H 30 day 937 boed Months on Production Well economics / Return sensitivities (1) Well Economics McMullen area Gross (net) locations ~180 (~127.5) Spacing assumptions acres Well cost $7.5 $9.5 million EUR (mboe) Estimated oil 65% 80% LOE per boe $5.00 $7.00 Estimated NPV per well $3.1 $7.1 million (2) IRR (%) Rate of Return Sensitivities $8.2 MM Well - 5,500ft lateral Nymex Price/Bbl (LLS x 103%) $4.25/Mcf flat; NGL's at 40%, 375 MBoe well Performance Based on a 5500' lateral Source: Company filings and press releases (1) Based on internal Sundance estimates (2) $90 Flat Oil: $4.25 Flat Gas, $3.5MM capex 15

16 Asset overview (cont d) Eagle Ford Dimmit Well economics / Return sensitivities (1) Dimmit Eagle Ford well control Well Economics Dimmit LEGEND Gross (net) locations ~115 (~69) Spacing assumptions acres Well cost $5.5 $7.5 million SEA Acreage Anadarko Eagle Ford Wells Chesapeake Eagle Ford Wells Murphy Eagle Ford Wells Newfield Eagle Ford Wells Talisman Eagle Ford Wells EUR (mboe) Estimated oil 55% 60% LOE per boe $5.00 $7.00 N Estimated NPV per well $1.9 $5.5 million (2) 10 miles Source: Company filings and press releases (1) Based on internal Sundance estimates (2) $90 Flat Oil: $4.25 Flat Gas, $3.5MM capex 16

17 Asset overview (cont d) Mississippian / Woodford ~31,000 net acre position targeting the Mississippian and Woodford formations primarily in Logan county Q production of ~1,421 boed 4.4 mmboe of proved reserves (1) 269 net undrilled Mississippian / Woodford locations representing a 7.5 year drilling inventory (2) 2014 capital plan of ~$60 70 million directed to Anadarko Basin operations Two rigs running expected to drill 13 net wells during 2014 Offset operators include: Devon, Orion, Slawson, D&J, Stephens Source: Company filings and press releases (1) Based on January 1, 2014 NSAI reserve report (2) Drilling year inventory based on two rig program drilling 36 net wells per year and assuming acre spacing 17

18 Asset overview (cont d) Mississippian / Woodford Logan area Mississippian well performance vs. internal type curve 1,000 BOE/d 100 Months on production 200 mboe type curve 250 mboe type curve Actual 2013 development program Gen 2 well designs Months on Production Well economics / Return sensitivities (1) Well Economics Logan area Net locations Spacing assumptions acres Average well costs $3.5 million EUR (mboe) Estimated oil 50% 70% LOE per boe $8.00 $12.00 Estimated NPV per well $0.5 $2.7 million (2) 30 day IP (boed) IRR (%) Rate of Return Sensitivities $3.5 MM Well with 65% Oil Nymex Price/Bbl 3% Discount to WTI; $4.25/Mcf flat; no NGL's 200 MBoe 250 MBoe (1) Based on internal Sundance estimates (2) $90 Flat Oil: $4.25 Flat Gas, $3.5MM capex 18

19 Capitalization and hedge position Capital structure ($mm, except shares outstanding) Cash (1) $175.0 Long term debt (2) 35.0 Issued capital (3) Total capitalization $359.1 Shares outstanding Hedge position as of March 31, 2014 Oil derivative contracts Gas derivative contracts Weighted average Weighted average Year Units (Bbls) Floor Ceiling Units (Mcf) Floor Ceiling 2H ,000 $91.69 $ ,000 $4.25 $ ,000 $82.83 $ ,000 $4.14 $ 4.14 Cash $175.0 Undrawn senior debt Liquidity (4) $275.0 Source: Company filings and press releases (1) Based on 1Q14 cash of $74mm pro forma for DJ Basin divestiture ($116mm proceeds), Eagle Ford acquisition ($33mm cost) and second tranche equity offering of $18.4mm ( AUD/USD as at June 12, 2014) (2) Amount outstanding as of May 2, 2014 (3) Based on December 31, 2013 Issued Capital of $237mm pro forma for February 2014 capital raise of $68.7mm and April 2014 capital raise of $18.4mm (4) Liquidity defined as cash plus undrawn borrowing base without adjusting for other current assets or current liabilities 19

20 Credit facility summary Credit Facilities $300 million senior credit facility due December 2017 $100 million borrowing base (none outstanding) (1) 3bank syndicate Wells Fargo (Administrative Agent) Bank of Nova Scotia Bank of America Merrill Lynch Financial covenants tested on a quarterly basis Current ratio: consolidated current assets to current liabilities will not be less than 1.0x Maximum leverage ratio: the ratio of consolidated funded debt to adjusted consolidated EBITDAX (2) shall not exceed 4.0x $100 million junior credit facility due June 2018 Approved for $35 million (all of which is outstanding) (1) Provides for term loans to be made in a series of draws up to $100 million Financial covenants: Current ratio: consolidated current assets to current liabilities will not be less than 1.0x Maximum leverage ratio: the ratio of consolidated funded debt to adjusted consolidated EBITDAX (2) shall not exceed 4.5x Asset coverage ratio: PV 10 to consolidated debt not less than 1.5x Source: Company filings and press releases (1) Amount outstanding as of May 2, 2014 (2) Adjusted EBITDAX earnings before interest expense, income taxes, depreciation, depletion, amortization, property impairments, gain/(loss) on sale of noncurrent assets, exploration expense, share based compensation and gains/(losses) on commodity hedging, net of settlements on commodity hedging 20

21 Key investment highlights Exposure to premier U.S. oil resource plays Rapidly increasing production and improving well economics Liquids rich, high rate of return Financial strength and conservative capital structure Strong, proven management Premier position in 2 of the leading US oil resource plays the Eagle Ford and Mississippian / Woodford Over 70,000 net acres, including ~25,000 in the Eagle Ford / Georgetown Formations (1) and ~46,000 in the Anadarko Basin Approximately 295 gross (196 net) Eagle Ford drilling locations (2) providing attractive multi year drilling inventory We have operatorship on a majority of our identified undeveloped drilling locations Achieved 1Q production of 4,157 boed, representing a ~363% increase over 1Q exit rate production estimated to be 8,000 9,000 boed Improvements in well design and completion techniques are driving material improvements in well economics Accelerated development and improving results will drive meaningful uplift in reserve base Current production 72% oil with liquids rich associated gas Eagle Ford and Mississippian amongst the highest basin wide returns in North America (3) Low current gross leverage (debt of $35mm vs March 31, 2014 LTM EBITDAX of $70mm) $275mm of total liquidity, consisting of ~$175mm cash and junior / senior credit facility capacity of $100mm (4) US based executive management team has an average of 20+ years of oil and gas experience Majority gained at Sundance or other premier operations, including EOG, Marathon, Cimarex, Baytex and Key Production 5 person technical team has been involved in the development of unconventional assets in the areas that Sundance operates Source: Company filings and press releases (1) Pro forma for acquisition (~11,000 net acres) (2) Pro forma for 2014 acquisitions (3) Based on Credit Suisse research (4) Based on 1Q14 cash of $74mm pro forma for DJ Basin divestiture ($116mm proceeds), Eagle Ford acquisition ($33mm cost) and second tranche equity offering of $18mm ( AUD/USD as at June 12, 2014) 21