Key Crude Oil Production Commentary

CONTACT US John Best Managing Director jbest@criterionrsch.com James Bevan Editor jbevan@criterionrsch.com Key Crude Oil Production Commentary Contango Oil & Gas reported that they were able to accelerate frac operations on a planned well targeting the Wolfcamp Shale as a completion crew became available sooner than expected. The Crusader #1H Well is now expected to reach production shortly from its 10,184-ft lateral. Additionally, Contango added 2 Mbbl/d in crude oil collars to its 2018 hedging position at prices between $52.00 and $58.76/bbl. Contango now has 63% of 2018 forecasted PDP production hedged. Bill Barrett has made several significant announcements over the last few weeks. In November, they entered into a deal to divest their Uinta Basin assets for $110 million, which includes 2.3 Mboe/d in production and 12 Mmboe in proven reserves. Yesterday, Bill Barrett announced that they have entered into a deal to combine with Fifth Creek Energy Company, LLC in a deal valued at $649 million. Fifth Creek is a portfolio company of NGP, and they will receive 100 million shares of the new company while Bill Barrett will exchange their stock on a 1-for-1 basis. The deal is scheduled to close in the second quarter of 2018. The combined company will hold 151,000-acres and have a drilling inventory of 2,865-wells. Bill Barrett & Fifth Harmony Merger Summary Source: Criterion Research & Bill Barrett DJ Basin Acreage YE16 Proved Reserves (Mmboe) 3Q17 Production (Mboe) Undeveloped Locations Bill Barrett 70,100 55 20.9 1,686 Fifth Creek 81,000 113 2.9 1,179 Combined Entity 151,100 168 23.8 2,865.0 Increase (%) 116% 205% 14% 70% As crude oil producers in the Permian Basin continue to grow their volumes, midstream companies have announced several new projects to bring supply out of the Basin and into demand centers on the Gulf Coast. Magellan Midstream is proposing a 350 Mbbl/d, 645-mile pipeline to carry crude oil from Crane to Three Rivers, then from Three Rivers to Corpus Christi and from Corpus to Houston. If approved, that pipeline would be online at year-end 2019. Magellan s new system would be expandable to 600 Mbbl/d if needed. Meanwhile, Enterprise announced plans to convert one of three current NGL pipelines which carry volumes from the Permian to the Gulf Coast into a crude oil pipeline in the first half of 2020. To bring product from the wellhead to the transport pipelines, Wolf Midstream and Western Gas Partners are both adding on to their respective gathering assets in the Permian Basin. Wolf is developing a 55 Mbbl/ d, 50-mile crude gathering system to serve an independent producer in the Permian. They will deliver these volumes to a terminal in Colorado City, Texas and then on to downstream pipelines. Meanwhile, Western Gas announced plans to add 300-miles of pipeline to their Delaware Basin footprint throughout 2018. Additionally, Western Gas will add 120 Mbbl/d in crude oil treating capacity by year-end 2018. (Continued on page 2) 1

Crude Oil Production Commentary United States Gulfport issued an update on its recent well completions in the SCOOP Springer and SCOOP Woodford formations. The Company completed its first Springer well, the Lauper 4-26H, and it has produced at a 24-hr peak rate of 780.2 boe/d (79% oil, 11% NGL and 10% natural gas). Lilis Energy reported that their recently completed Prizehog BWX State Com #1H well reached a 24-hour production rate of 1,127 boe/d (89% liquids, 71% oil.) The well targeted the Wolfcamp B in the Delaware Basin via 24-frac stages and 200-ft spacing which was fractured with 2,040-lbs of sand per foot. Two additional wells will be drilling in the first quarter of 2018 targeting the New Mexico acreage, one of which will focus on the Wolfcamp A. Black Stone Minerals has entered into a deal to acquire mineral and royalty interests for $340 million from Noble Energy. The deal is being funded via a private placement of Series B Cumulative Convertible Preferred Units to The Carlyle Group. The assets include 140,000 net mineral acres, 380,000 acres of non-participating royalty interests and 600,000 acres of overriding royalty interests spread over 20 states. Notably, 8,300 net acres are in the Midland Basin, and 7,200 are located in the Delaware Basin. Estimated daily production was 2.6 Mboe/d in November, and the deal should close around November 28, 2017. Crude Oil Production Commentary Canada ExxonMobil reported that they had begun production at Hebron Field ahead of schedule after starting the development process eight years ago. The field will run at 150 Mbbl/d once it hits peak production. The asset is 35.5% owned and operated by Exxon while Chevron Canada holds a 29.6% stake, Suncor a 21% stake, Statoil a 9% share and Nalcor a 4.9% share. Husky Energy reported an initial 2018 capital spending guidance that will total between $2.9 and $3.1 billion, rising from 2017 spending which will be between $2.2 and $2.3 billion. Husky intends to dedicate a significant portion of their 2018 upstream budget to developing the Lloyd Thermal portfolio, which will add 60 Mbbl/d in new production between 2019 and 2021. Additionally, capital is being deployed to the 75 Mbbl/d West White Rose Project in the Atlantic to bring it online by 2022. For 2018, Husky intends to produce moderately higher volumes of crude oil, with initial estimates of 235 Mbbl/d. 2

Crude Oil Production History & Forecast by Company (Mbbl/d) 2016-2017 Company Country 12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 Change % Apache Corporation Canada 12.3 11.7 11.6 0.0 0.0-7.3-125% Baytex Energy Corp. Canada 24.3 25.9 26.1 23.8 20.2-1.0-4% Bellatrix Exploration Ltd. Canada 9.0 8.6 9.2 8.6 8.7-1.1-13% Birchcliff Energy Ltd. Canada 4.7 5.3 7.1 6.6 6.6 2.7 42% Bonterra Energy Corp Canada 7.5 7.5 8.3 8.0 8.5 0.1 2% Canadian Natural Resources LtdCanada 539.4 552.5 523.6 738.0 763.9 170.3 26% Cardinal Energy Ltd Canada 12.6 13.0 13.8 13.9 14.8 1.1 8% Cenovus Energy Inc. Canada 219.6 234.9 333.7 369.0 341.7 114.0 36% ConocoPhillips Company Canada 218.0 229.0 99.0 67.8 70.0-73.6-63% Crescent Point Energy Canada 130.4 139.3 140.9 186.0 163.8 24.3 15% Devon Energy Corporation Canada 139.0 138.0 122.0 122.0 148.0 1.6 1% Encana Corporation Canada 0.4 0.4 0.4 0.6 0.8-1.4-260% Husky Energy Inc Canada 185.9 230.7 221.0 225.5 224.8 42.6 19% Imperial Oil Ltd. Canada 377.0 357.0 370.5 384.0 385.0 11.6 3% MEG Energy Corp Canada 81.8 77.2 72.4 85.0 89.3-0.2 0% Murphy Oil Corporation Canada 13.2 12.4 11.3 4.0 4.0-9.1-114% Perpetual Energy Inc Canada 1.1 0.9 1.0 1.1 1.3 0.0-1% Peyto Exploration Canada 8.9 9.6 8.3 8.1 9.0 1.3 15% Raging River Exploration Inc Canada 18.8 20.9 20.0 21.2 22.6 5.2 25% Suncor Energy Inc. Canada 680.9 651.5 469.3 626.5 758.7 69.4 11% Tamarack Valley Energy Ltd. Canada 4.8 7.9 9.5 9.9 10.8 5.4 56% Seven Generations Energy Ltd Canada 43.2 46.8 54.2 56.1 67.2 16.9 30% Chinook Energy Inc Canada 0.5 0.0 0.0 0.4 0.5-0.5-215% Crew Energy Inc Canada 2.7 2.4 2.3 3.1 4.4 0.3 8% Kelt Exploration Ltd Canada 4.7 5.8 5.9 8.4 9.5 2.3 31% Athabasca Oil Corp Canada 9.8 25.1 33.2 31.8 37.8 24.3 76% Royal Dutch Shell PLC Canada 113.5 124.5 62.5 66.3 70.9-33.4-41% Anadarko Petroleum Corporatio U.S. 240.0 269.0 243.0 268.0 288.0 34.0 13% Antero Resources Corporation U.S. 5.4 7.1 6.7 6.5 5.6 1.4 21% Apache Corporation U.S. 94.6 90.7 86.1 92.6 103.0-10.8-12% Approach Resources, Inc. U.S. 3.3 3.1 3.1 3.0 3.2-0.4-13% Baytex Energy Corp. U.S. 18.9 20.7 21.9 19.9 17.3 0.0 0% Cabot Oil & Gas Corporation U.S. 8.9 10.2 11.1 13.4 16.8 1.9 15% California Resources CorporatioU.S. 90.0 86.0 83.0 83.3 89.7-9.5-11% Callon Petroleum Company U.S. 14.0 15.9 17.5 17.3 19.4 5.9 33% Chesapeake Energy Corporation U.S. 87.0 88.9 87.9 86.0 100.0 0.5 1% Cimarex Energy Co. U.S. 45.6 52.2 57.9 59.7 60.0 12.3 21% Concho Resources, Inc. U.S. 100.2 113.6 113.2 116.4 123.7 24.3 21% ConocoPhillips Company U.S. 346.0 351.0 348.0 345.7 338.1-11.8-3% Continental Resources, Inc. U.S. 116.5 119.2 125.4 139.7 157.8 7.4 5% 3

Crude Oil Production History & Forecast by Company (Mbbl/d) 2016-2017 Company Country 12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 Change % Denbury Resources Inc. U.S. 58.4 58.3 57.9 59.3 61.9-2.1-4% Devon Energy Corporation U.S. 105.0 123.0 116.0 119.5 125.5 1.7 1% Earthstone Energy, Inc. U.S. 2.5 4.9 5.0 5.2 5.6 2.9 56% Eclipse Resources Corporation U.S. 4.7 5.0 3.8 3.5 4.5 0.5 13% Encana Corporation U.S. 66.0 67.0 77.0 119.4 148.8 31.3 30% Energen Corp. U.S. 32.0 33.3 45.1 47.9 53.4 8.8 20% EOG Resources, Inc. U.S. 306.3 312.5 333.1 340.0 354.4 56.7 17% EP Energy Corporation U.S. 45.7 46.9 48.9 48.0 48.2 0.7 1% EQT Corporation U.S. 1.9 2.5 3.2 3.8 4.3 1.5 42% EXCO Resources Inc. U.S. 4.1 3.7 3.3 2.0 2.2-2.0-73% Freeport-McMoRan Inc. U.S. 0.0 12.4 12.5 12.4 12.5 12.5 100% Hess Corporation U.S. 115.0 122.0 115.0 110.0 120.0-5.5-5% Marathon Oil Corporation U.S. 126.0 118.0 125.0 132.3 151.1-0.9-1% Mid-Con Energy Partners, LP U.S. 3.6 3.4 3.4 3.5 3.7-0.3-9% Murphy Oil Corporation U.S. 44.2 46.0 44.5 51.5 46.1-1.2-3% Newfield Exploration Co. U.S. 53.0 55.0 56.0 63.3 65.1 3.1 5% Noble Energy, Inc. U.S. 102.0 99.0 110.0 107.5 126.5 11.0 10% Oasis Petroleum Inc. U.S. 42.7 49.3 47.5 50.7 56.2 9.4 19% Occidental Petroleum CorporatioU.S. 184.0 192.0 195.0 196.3 196.7 7.0 4% Parsley Energy, Inc. U.S. 30.6 37.7 43.0 51.7 58.2 22.1 46% Pioneer Natural Resources Co. U.S. 142.8 145.6 146.9 162.0 171.9 23.0 15% QEP Resources, Inc. U.S. 53.1 52.0 53.5 54.1 56.8-1.3-2% Range Resources Corporation U.S. 12.0 11.8 11.6 14.0 15.3 3.3 25% Rice Energy Inc. U.S. 1.9 2.5 2.3 2.5 2.7 1.7 66% Ring Energy, Inc. U.S. 2.2 2.7 3.4 3.4 3.7 1.2 38% RSP Permian, Inc. U.S. 25.4 33.7 38.8 39.6 46.4 18.3 46% Sanchez Energy Corporation U.S. 16.7 17.4 22.8 22.1 29.0 5.4 24% Southwestern Energy Co. U.S. 5.0 5.8 6.2 8.2 8.5 1.2 17% Ultra Petroleum Corp. U.S. 7.7 8.8 7.4 9.6 12.7 1.7 17% Whiting Petroleum Corp. U.S. 82.1 81.1 75.9 81.3 89.2-11.0-13% WPX Energy, Inc. U.S. 44.7 46.1 58.6 62.5 66.8 17.0 29% Bill Barrett Corp. U.S. 10.4 9.2 9.9 11.5 12.2 0.1 1% Diamondback Energy, Inc. U.S. 38.1 46.2 57.5 61.7 63.6 25.7 45% Matador Resources Company U.S. 15.7 18.3 19.4 19.7 21.4 5.8 29% SandRidge Energy, Inc. U.S. 13.2 12.6 11.5 11.5 10.5-3.5-30% SM Energy Company U.S. 43.9 39.2 32.0 34.6 36.7-9.7-27% W&T Offshore Inc. U.S. 18.5 20.1 21.1 18.8 21.4 0.6 3% CONSOL Energy Inc. U.S. 0.2 0.2 0.4 0.2 0.2 0.0 15% Black Stone Minerals, L.P. U.S. 9.0 9.6 9.1 9.4 9.5-0.7-7% Resolute Energy Corporation U.S. 13.5 13.5 15.4 17.5 23.6 7.1 40% 4

Crude Oil Production History & Forecast by Company (Mbbl/d) 2016-2017 Company Country 12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 Change % EV Energy Partners LP U.S. 3.0 3.7 4.1 3.8 3.7 0.5 13% Gulfport Energy Corp. U.S. 4.9 5.7 7.1 7.5 8.5 1.4 19% National Fuel Gas Company U.S. 7.8 7.5 7.4 7.5 7.7-0.4-5% Northern Oil and Gas, Inc. U.S. 11.6 11.3 11.6 11.6 11.8-0.3-2% PDC Energy, Inc. U.S. 27.0 27.9 35.6 35.2 42.1 11.3 32% Contango Oil & Gas Company U.S. 1.3 1.3 1.6 1.7 1.7 0.0-2% PetroQuest Energy Inc. U.S. 1.4 1.5 1.6 1.6 1.8 0.2 15% Amplify Energy Corporation U.S. 10.4 10.7 10.9 11.0 11.5 0.4 4% Linn Energy, Inc U.S. 24.6 25.0 21.6 17.0 15.0-28.0-142% SRC Energy Inc. U.S. 6.9 11.4 21.2 27.4 29.7 16.5 73% Total 6,017.0 6,240.4 6,013.5 6,623.8 7,045.9 665.5 10% Source: Criterion Research, Investor Presentations 5

Criterion Research LLC 11767 Katy Freeway Suite 720 Houston, TX 77079 info@criterionrsch.com ADDITIONAL INFORMATION AVAILABLE UPON REQUEST This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any commodity, futures contract, equity, bond or option contract on any other financial asset. Criterion Research does not provide investment, financial, tax, or other advice, nor does it operate as a broker-dealer. Criterion Research does not recommend the purchase or sale of any particular security or securities. Although any statements of fact in this report have been obtained from and are based upon sources that Criterion Research believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. Criterion Research, its officers and/or employees, may at any time have a long and/or short position in any commodity, futures contract, equity, bond or option contract on any other financial asset mentioned in this report. All opinions and estimates included in this report constitute Criterion Research judgment as of the date of this report and are subject to change without notice. 6