Elk River 2017 Permian Basin Divestiture

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2 Opportunity Overview Opportunity to acquire ~,0 highly economic net acres in the Permian Basin Current net production of ~ boe/d (March ) Position de-risked through offset well control % Cochran % ~,0 Net Acres Gas % ~ boepd Oil % Continued improvement in well performance driven by completion optimization Cochran and packages benefit from low cost development opportunities targeting the San Andres and other shallow oil formations Chaves Roosevelt Cochran Cochran Package Yoakum Hockley Terry BLK Cochran Detail Lubbock 0 0 Lynn Crosby Cochran 0 Dickens Garza BLK P Kent Yoakum Sto Recent lease extensions allow buyer to control development pace Significant development and permitting offsetting Elk River acreage The Central Basin Platform and Northwest Shelf are emerging as premier horizontal plays with a rich history of prolific oil and gas production from multiple stacked reservoirs o Lea Eddy BLK A BLK A0 Detail BLK A Loving BLK BL BLK A Culberson 0 Reeves BLK A Gaines Package Ector Winkler Ward Crane Dawson Martin Midland Upton Borden Howard Glasscock Reagan Scurry Mitchell Sterling Irion Fisher Nolan Coke Tom Gree

3 Key Investment Highlights ~,0 net acres (majority 0% WI) in County offsetting strong well results by Apache Position ideally suited for active development given its largely contiguous footprint Elk River is preparing to spud two horizontal wells later this year County Package Favorable structural position and thick hydrocarbon column benefit development of multiple reservoirs (San Andres, Clear Fork, Wichita-Albany, etc.) ~ locations in development plan with attractive economics Cash flow positive beginning in Low D&C costs of $. million for a,00 lateral Wichita-Albany well Additional upside in the deeper Devonian, Ellenberger, and Woodford formations Elk River development to date has focused on the Upper Wichita-Albany Current net production of ~ boe/d (March ); % oil Initial infrastructure in place with limited additional build required Current water production disposed of in Elk River owned SWD well ~,0 net acres (,0 gross) in southern Cochran County surrounded by prolific legacy fields Cochran County Package Emerging San Andres ROZ play provides a highly economic target with its low D&C costs and potential for efficient operations Approximately % of acreage can be held with a one rig program Benefits from structural and stratigraphic trapping mechanisms Position adjacent to active development by Steward, Element, Windy Cove, and Custer & Wright High working interest (%) and contiguous footprint provide operational control for efficient development with existing JOA in place Full Platform Exit Full area exit for Elk River All depths (where owned) to be conveyed to buyer

4 County Opportunities COMMENTARY WICHITA-ALBANY STRUCTURE () Horizontal Wichita-Albany wells are drilled extensively in the Three Bar Unit along flank-to-structure positions with high oil saturation (no vertical production) To date, Elk River wells have focused on the Upper Wichita-Albany. The development plan targets both the Upper and Lower Wichita-Albany as de-risked with offset production In addition to structural traps, the Upper San Andres horizontal play also targets stratigraphic traps Apache Carmichael horizontal Clear Fork wells target the Martin Field structural halo Horizontal development in the Clear Fork has yet to be tested on Elk River acreage Additional unquantified potential in Devonian, Ellenberger, and Woodford shale TYPE CURVES San Andres Clear Fork Upper Wichita Albany Lower Wichita Albany EUR (mboe) () () () () Production (bbl/d), Months WTI ($/bbl) IRRs () $ $0 $ $0 San Andres % % % % Clear Fork % % % % Upper Wichita-Albany % % % % Lower Wichita-Albany % % 0% %. Source of faults BEG.. Assumes $/mmbtu natural gas pricing.

5 Blowing Sand Prospect Cochran County, Texas COMMENTARY Located on the south flank of Slaughter Field with numerous vertical producers nearby 0% operated with % WI and % lease burdens on,0 net acres potential gross locations targeting the San Andres Residual Oil Zone with. mmboe upside potential New and emerging horizontal San Andres ROZ Play in active development. Industry activity includes: wells permitted in Cochran and Yoakum Counties in last twelve months Four rigs currently drilling Two producing direct offset horizontal San Andres (SA) wells, two offset fraced SA horizontals that are waiting on state IP potential, one drilled horizontal SA well waiting on completion, and eight active permits by Steward, Element, and Custer & Wright Prospect is being de-risked by offset activity TYPE CURVE,000 San Andres Type Curve TYPE LOG San Andres Pi Marker Chamblis Brahaney Lower Brahaney GR Res ND Son Target SAN ANDRES ROZ PLAY TOP OPERATOR ACTIVITY & TYPE CURVE LOC. Production (bbl/d) Months WTI ($/bbl) IRRs () $ $0 $ $0 San Andres % % % % Glorieta. Assumes $/mmbtu natural gas pricing.

6 Stable Production and Cash Flow HISTORICAL & FORECASTED NET PDP PRODUCTION & CASH FLOW $0 00 Net Production WTI Monthly PDP Cash Flow 00 NYMEX WTI ($/bbl) $0 $0 $0 $0 $ $ Net Production (boe/d) Last LOS Data -Mar- Historical Forecast Effective Date 0-Jun Cash Flow ($m) $0 0 Apr- Aug- Dec- Apr- Aug- Dec- Apr- -00 JUNE E NET PRODUCTION BY COUNTY BY COMMODITY BY FORMATION NGL % Gas % ~0 boe/d ~0 boe/d ~0 boe/d 0% Oil % Wichita- Albany 0% Note: WTI $0/bbl flat; Henry Hub $/mmbtu flat.

7 Elk River s Estimated Net Reserves and Present Value (PV-) Total Summary Resource Estimate as of August, () Category Gross Count Net Oil Net NGL Net Gas Net Total Net Capex Net PV- Dev. Costs (mmbbl) (mmbbl) (bcf) (mmboe) ($mm) ($mm) ($/boe) PDP () $. -- PDNP () $. $. $. LOC ().... $. $. $. Cochran LOC () $. $. $.0 Grand Total.... $. $. $. NET PV- BY RESOURCE CATEGORY NET PV- BY AREA NET RESOURCE BY PRODUCT NET RESOURCE BY OPERATORSHIP PD % Cochran LOC % Cochran % NGL % Gas % $ mm $ mm mmboe mmboe LOC % 0% Oil % Op 0% Note: WTI $0/bbl flat; Henry Hub $/mmbtu flat.. Gross count includes four SWD wells for County and three SWD wells for Cochran County.

8 Additional Transaction Information Confidentiality Agreement Download at signed copy to Evaluation Materials Evaluation data available beginning week of July, Includes supporting documents such as LOS, land, commercial assumptions, and technical support Reserve Report in ARIES; PHDWin coming soon Data Rooms (Houston, TX) Open Late July Early August, After executing a Confidentiality Agreement, please contact Chelsea Neville (--0, elkriver.permian@bmo.com) to schedule a Data Room appointment if desired Primary Contact Submit questions and inquiries to elkriver.permian@bmo.com Process Dates Bid Instructions will be provided to participants prior to Bid Date JULY August S M T W T F S S M T W T F S Data Room presentations Holiday BMO Capital Markets Project Team 0 0 Geoff Roberts, PE MD / Head of US A&D --00 geoff.roberts@bmo.com Disclaimer Howard Barnwell Director / Transaction Manager -- howard.barnwell@bmo.com Dan Schockling Director / Commercial --00 dan.schockling@bmo.com Sherri Clark, PE Senior Engineer -- sherri.clark@bmo.com Bob Maurer, CPG Senior Geoscientist -- bob.maurer@bmo.com Zola George, CPG Senior Geoscientist --0 zola.george@bmo.com NOTE: All or part of the Elk River Permian Basin Divestiture is subject to prior sale at any time and any dates are subject to revisions at any time, at the sole discretion of Elk River Resources, LLC ( Elk River ) and BMO Capital Markets Corp. ( BMOCMC ). Please do not contact Elk River directly. Direct all inquiries to the BMO Capital Markets Corp. ( BMOCMC ) personnel listed above. DISCLAIMER: No representation or warranty is given as to the achievement, completeness, accuracy or reasonableness of any information, data, projection, forecast, or other forward-looking statement (including, but not limited to, with respect to future production and the cash flows to be derived therefrom) contained in this presentation, all of which (i) reflect various assumptions made by, and significant elements of judgment of, Elk River and its management and (ii) are subject to business, economic and competitive uncertainties and contingencies. Neither Elk River, nor any of its directors, officers, employees, affiliates, consultants, representatives or agents, including, but not limited to, BMOCMC, (i) assumes any responsibility or duty to update or revise this information, or to inform any prospective purchaser(s) of any matter of which any of them becomes aware that may affect any matter referred to in this information, (ii) accepts responsibility for any errors and omissions which may be contained herein and (iii) accepts any liability whatsoever for any loss (whether direct or consequential) arising from any use of or reliance on this information. In all cases, interested parties should conduct their own investigation and analysis of the properties, in consultation with their own legal, technical, financial, accounting and other advisors. The presentation of this information does not constitute an offer that can be accepted to form a binding contract or deemed a basis for contract by estoppel or otherwise, and no prospective purchaser may rely on this information as a basis for incurring any costs, undertaking any obligation or foregoing any opportunity. Elk River reserves the right, at any time, to terminate any ongoing discussions with any prospective purchaser and to modify any procedures without giving advance notice or providing any reason therefor to such prospective purchasers, and the act of providing this information shall not be construed, interpreted or implied to obligate Elk River to furnish any additional information or to compel Elk River to consummate a transaction with respect to all or any portion of the Properties. No legal relationship shall be created between Elk River and the recipient by virtue of the provision of this information by Elk River or by virtue of any discussion or communications in connection herewith. Elk River further reserves the right to take any action with respect to the Properties, whether within or outside the ordinary course of business. This document is not to be construed as an offer or solicitation to buy or sell any security.

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