'New Day' For Jordan Cove LNG, Says Colorado Producer. U.S. natural gas prices rise as winter stocks look tight

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1 S E P T E M B E R 2 8, Prior Day s NYMEX Oct-17 Contract (CT) : 8:45 9:3 1:15 11: 11:45 12:3 13:15 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 NYMEX NG Futures 14: Oct-17 Settlement $2.974 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct YR Strip YR Strip I N T H E N E W S 'New Day' For Jordan Cove LNG, Says Colorado Producer Group Natural Gas Intelligence reports: Colorado s West Slope producer group is optimistic the new FERC application for the Jordan Cove liquefied natural gas (LNG) export project in Oregon and companion Pacific Connector transmission pipeline should open a 'New Day' For Jordan Cove LNG, Says Colorado Producer 1 2 M O N T H C A N D L E S T I C K ( W E E K L Y ) Group U.S. natural gas prices rise as winter stocks look tight "new day" to complete the promise of a 1 Bcf/d export project on the U.S. West Coast. Jordan Cove in its application noted that it has secured some customers, altered the proposed onsite power plant and opened the right-of-way portfolio. Although it is still unclear from where Jordan Cove will secure all of its gas supply, a rough "back-of-a-napkin" calculation is to multiply 1 Bcf/d at the Opal Hub price to get a sense of the broad value" of the export project to western Colorado. For more visit naturalgasintel.com or click U.S. natural gas prices rise as winter stocks look tight U.S. natural gas stocks look somewhat tight after low prices this summer worked off the excess stocks that built up in the first half of the year. Current stocks are in line with the five-year seasonal average but that may not be enough given the increase in exports and the number of additional combined-cycle power plants that have become operational in 217. The last two winters have been exceptionally mild; if this winter proves colder, which is likely simply on the basis of probabilities, inventories could come under pressure. Hurricanes Harvey and Irma caused extensive damage to electricity transmission and distribution networks in Texas and Florida. But the rise in stocks is likely to prove temporary as electrical connections are restored throughout the region and petchems plants return to normal operations. Now that excess stocks inherited from earlier this year have been worked down, the outlook for gas this winter appears somewhat tight and forward prices are rising as a result. For more on this story visit reuters.com or click Prompt Natural Gas (NG) Daily Sentiment BEARISH RESISTANCE 3.1 & 3.15 SUPPORT 3.1 & 2.96 Trading Summary NATURAL GAS Futures Close Change NG Volume 418,284 (29,484) Open Int. 1,311,842 1,75 CRUDE AND GASOLINE Futures Close Change Crude RBOB (.448) Crude/NG (.24) METALS Futures Close Change Gold 1,284.1 (1.8) EQUITIES Exchange Close Change DOW 22, S&P 5 2, CURRENCY Currency Close Change EUR/USD (.49) USD/CND (.1) Contact Us Mansfield Energy Corp 125 Airport Pkwy Gainesville, GA info@mansfieldoil.com Phone: (8)

2 S E P T E M B E R 2 8, P H Y S I C A L S P O T N A T U R A L G A S P R I C E M A P Trade Date: Sep Flow Date(s): Sep (.1) 2.63 (.34) (.) (.7) (.1) 2.53 (.3) 2.62 (.36) (.6).3 (.2) (.1) (.16) (.2) (.11) (.3) (.3) NYMEX DISCLAIMER: The content herein is privileged and confidential. Content is presented for informational purposes and is a reflection of the market opinions of its authors subject to change without notice. Content is derived from sources believed to be accurate at the time of release but carries no guarantee of accuracy or completeness. Mansfield Energy Corp and its clients may or may not take positions similar or opposite those discussed herein. The reader should realize that the trading of commodities involves risk, and the reader assumes all responsibility for the risk of financial losses. ID DAILY INDEX PRICE CHANGE ID DAILY INDEX PRICE CHANGE ID DAILY INDEX PRICE CHANGE 1 Stanfield 2.44 (.1) NGPL-Midcont Pool REX E-ANR 2.79 (.1) 76 2 Malin 2.53 (.3) Panhandle Leidy-Transco 1.14 (.6) 77 3 PG&E - Citygate EP-Permian Henry Socal-Citygate 2.98 (.3) TGP-Z Transco SoCal Border 2.63 (.3) Houston Ship Channel Sonat-Z South Waha NGPL-TXOK FGT-Z EP-SJ Blanco Pool TETCO-M Dominion-South 1.19 (.11) 81 8 Opal Plant Tailgate 2.5 (.2) Chicago Citygates 2.85 (.2) Transco-Z6 (non-ny) NWP-Wyoming 2.47 (.) Michcon 2.86 (.1) Transco-Z6 (NY) 2.78 (.16) 83 1 Ventura 2.74 (.7) 33 2 Iroquois (into) 2.63 (.34) 71 3 Iroquois-Z (.36) 74 Page 2

3 Waha Basis (platts Iferc) Month Strike Close Imp Vol Nov Dec Jan Feb Mar Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 N A T U R A L G A S B A S I S F U T U R E S, H E N R Y H U B S P O T P R I C E S, A N D F O R W A R D C U R V E Sumas Basis (platts Iferc) Henry Hub Daily Spot Price S E P T E M B E R 2 8, CME NG Option Prices ATM Call Month Strike Close Imp Vol Nov Dec Jan Feb Mar Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 CME NG Option Prices ATM Put SEP 217 AUG 217 JUL NYMEX Natural Gas Forward Curve 1/1/219 11/1/219 9/1/22 2/1/221 7/1/221 12/1/221 5/1/222 1/1/222 3/1/223 8/1/223 1/1/224 6/1/224 11/1/224 4/1/225 9/1/225 2/1/ Michcon Basis (platts Iferc) Socal Basis (platts Iferc) Transco Zone 6 Basis (platts Iferc) Transco Zone 4 Basis (platts Iferc) Page 3

4 S E P T E M B E R 2 8, W E E K L Y G A S I N U N D E R G R O U N D S T O R A G E W I T H 5 - Y R R A N G E Rig Count Report Date: September 22, 217 Total Change US (1) CN EIA Weekly NG Storage Actual and Surveys for September 21th, 217 Released September 28, 217 Release Date: September 21, 217 T R O P I C A L S T O R M A C T I V I T Y A T L A N T I C PIRA +59 ARM +65 Reuters +66 EIA ACTUAL +58 Total Working Gas In Storage 3,48 BCF +97 BCF (LAST WEEK) (136) BCF (LAST YEAR) +67 BCF (5-YR AVG) LEE U.S. Natural Gas Supply Gas Week 9/14-9/2 Average daily values (BCF/D): Last Year (BCF/d) Dry Production +7. Total Supply Last Week (BCF/d) Dry Production Total Supply [NEXT REPORT ON SEP 28] U.S. Natural Gas Demand Gas Week 9/14-9/2 Average daily values (BCF/D): Last Year (BCF/d) Power +3.9 Total Demand Last Week (BCF/d) Power Total Demand [NEXT REPORT ON SEP 28] Page 4

5 S E P T E M B E R 2 8, W E A T H E R H I G H / L O W T E M P E R A T U R E T O M O R R O W HIGH Temperature LOW Temperature W E A T H E R 6 T O 1 D A Y O U T L O O K N O A A Temperature Precipitation W E A T H E R 8 T O 1 4 D A Y O U T L O O K N O A A Temperature Precipitation Page 5

6 11/1/217 1/1/218 5/1/218 7/1/218 9/1/218 11/1/218 1/1/219 11/1/217 1/1/218 5/1/218 7/1/218 9/1/218 11/1/218 1/1/219 S E P T E M B E R 2 8, E T H A N E F U T U R E S, N G / E T H A N E R A T I O, P R O P A N E F U T U R E S, A N D T H E F R A C S P R E A D Ethane Futures 1.7 Ethane / Natural Gas Ratio CME Future Prices Ethane (C2) Non-LDH Mont Belvieu (cents/gallon) Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Propane Futures Frac Spread 1YR Strip CME Future Prices Propane (C3) Non-LDH Mont Belvieu (cents/gallon) Oct (.1) Nov (.6) Dec (.4) Jan (.4) Feb (.5) Mar (.3) Apr (.3) May (.1) Jun (.1) Jul (.1) Aug (.1) Sep YR Strip.83 (.3) Page 6

7 11/1/217 7/1/218 11/1/218 3/1/219 7/1/219 11/1/219 3/1/22 7/1/22 11/1/22 3/1/221 7/1/221 11/1/221 3/1/222 7/1/222 11/1/222 3/1/223 7/1/223 S E P T E M B E R 2 8, Prompt WTI (CL) Crude Daily Sentiment BULLISH RESISTANCE & SUPPORT & FOLLOW US ON TWITTER: NYMEX Brent (BZ) Nov (.54) Dec (.35) Jan (.27) Feb (.22) Mar (.18) Apr (.15) May (.12) Jun (.1) Jul (.9) Aug (.7) Sep (.5) Oct (.3) Nov (.1) Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct B R E N T C R U D E F O R W A R D C U R V E /1/217 7/1/218 11/1/218 3/1/219 7/1/219 11/1/219 3/1/22 7/1/22 11/1/22 3/1/221 7/1/221 11/1/221 3/1/222 7/1/222 11/1/222 3/1/223 7/1/223 11/1/223 3/1/224 7/1/224 W T I C R U D E F O R W A R D C U R V E /1/217 9/1/218 7/1/219 5/1/22 1/1/22 3/1/221 8/1/221 1/1/222 6/1/222 11/1/222 4/1/223 9/1/223 2/1/224 7/1/224 12/1/224 5/1/225 1/1/225 3/1/226 W T I B R E N T S P R E A D (1) (2) (3) (4) (5) (6) FRAC Spread Specifications Ethane : 42% Propane: 28% Butane: 11% 66,5 btu/g 9,83 btu/g 12,916 btu/g Iso-Butane: 6% 98,935 btu/g Natural Gasoline: 13% 115,21 btu/g Prompt NGL Futures ($/gallon) Oct-17 Butane Iso-Butane Nat Gasoline Close Change NYMEX WTI (CL) Futures Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct YR Strip (.18) (.45) 5YR Strip 55.8 (.1) (7) 1YR Strip YR Strip (.3) Page 7