SIMMONS & COMPANY INTERNATIONAL 18 TH ANNUAL ENERGY CONFERENCE

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SIMMONS & COMPANY INTERNATIONAL 18 TH ANNUAL ENERGY CONFERENCE Carrizo Oil & Gas March 1, 218

Forward Looking Statements / Note Regarding Reserves This presentation contains statements concerning the Company s intentions, expectations, beliefs, projections, assessments of risks, estimations, plans or predictions for the future, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this presentation include, but are not limited to, statements relating to the Company s business and financial outlook, cost and risk profile of oil and gas exploration and development activities, quality and risk profile of Company s assets, liquidity and the ability to finance exploration and development activities, including accessibility of borrowings under the Company s revolving credit facility, commodity price risk management activities and the impact of our average realized prices, growth strategies, ability to explore for and develop oil and gas resources successfully and economically, estimates and forecasts of the timing, number, profitability and other results of wells we expect to drill and other exploration activities, drilling inventory, downspacing, infill drilling and completion optimization results, estimates regarding timing and levels of production or reserves, estimated ultimate recovery, the Company s capital expenditure plan and allocation by area, cost reductions and savings, efficiency of capital, the price of oil and gas at which projects break-even, future market conditions in the oil and gas industry, ability to make, integrate and develop acquisitions and realize any expected benefits or effects of completed acquisitions, midstream arrangements and agreements, gas marketing strategy, lease terms, expected working or net revenue interests, the ability to adhere to our drilling schedule, acquisition of acreage, including number, timing and size of projects, planned evaluation of prospects, probability of prospects having oil and gas, working capital requirements, liquids weighting, rates of return, net present value, 217 exploration and development plans, any other statements regarding future operations, financial results, business plans and cash needs and all other statements that are not historical facts. Statements in this presentation regarding availability under our revolving credit facility are based solely on the current borrowing base commitment amount and amounts outstanding on such date. The amounts we are able to borrow under the revolving credit facility are subject to, and may be less due to, compliance with financial covenants and other provisions of the credit agreement governing our revolving credit facility. You generally can identify forward-looking statements by the words anticipate, believe, budgeted, continue, could, estimate, expect, forecast, goal, intend, may, objective, plan, potential, predict, projection, scheduled, should, or other similar words. Such statements rely on assumptions and involve risks and uncertainties, many of which are beyond our control, including, but not limited to, those relating to a worldwide economic downturn, availability of financing, the Company s dependence on its exploratory drilling activities, the volatility of and changes in oil and gas prices, the need to replace reserves depleted by production, operating risks of oil and gas operations, the Company s dependence on key personnel, factors that affect the Company s ability to manage its growth and achieve its business strategy, results, delays and uncertainties that may be encountered in drilling, development or production, interpretations and impact of oil and gas reserve estimation and disclosure requirements, activities and approvals of our partners and parties with whom we have alliances, technological changes, capital requirements, the timing and amount of borrowing base determinations (including determinations by lenders) and availability under our revolving credit facility, evaluations of us by lenders under our revolving credit facility, other actions by lenders, the potential impact of government regulations, including current and proposed legislation and regulations related to hydraulic fracturing, oil and natural gas drilling, air emissions and climate change, regulatory determinations, litigation, competition, the uncertainty of reserve information and future net revenue estimates, acquisition risks, availability of equipment and crews, actions by midstream and other industry participants, weather, our ability to obtain permits and licenses, the results of audits and assessments, the failure to obtain certain bank and lease consents, the existence and resolution of title defects, new taxes and impact fees, delays, costs and difficulties relating to our joint ventures, actions by joint venture parties, results of exploration activities, the availability and completion of land acquisitions, cost of oilfield services and equipment, completion and connection of wells, and other factors detailed in the Risk Factors and other sections of the Company s Annual Report on Form 1-K for the year ended December 31, 217 and other filings with the Securities and Exchange Commission ( SEC ). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Each forward-looking statement speaks only as of the date of the particular statement or, if not stated, the date printed on the cover of the presentation. When used in this presentation, the word current and similar expressions refer to the date printed on the cover of the presentation. Each forward-looking statement is expressly qualified by this cautionary statement and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. The information contained in this presentation does not purport to be all-inclusive or to contain all information that potential investors may require. 2 We may use certain terms such as Resource Potential that the SEC s guidelines strictly prohibit us from including in filings with the SEC. Our Probable (2P) and Possible (3P) reserves do not meet SEC rules and guidelines (including those relating to pricing) for such reserves. These terms include reserves with substantially less certainty, and no discount or other adjustment is included in the presentation of such reserve numbers. U.S. investors are urged to consider closely the disclosure in our Form 1-K for the year ended December 31, 217, File No. -29187-87, and in our other filings with the SEC, available from us at 5 Dallas, Suite 23, Houston, Texas, 772. These forms can also be obtained from the SEC by calling 1-8-SEC-33.

Investment Highlights Premier Acreage Positions 122, net acres across the Eagle Ford Shale and Delaware Basin, two of the highest return plays in North America Top Tier Operator Track record of delivering EURs that rank among the best in our core areas as well as operating costs and margins that consistently outperform peers Significant Growth Potential Deep inventory of locations that generate strong returns allows for prudent, economical production growth Solid Financial Position Significant liquidity under the revolver combined with a strong hedge book should allow Carrizo to execute on its multi-year development plan 3 Experienced Management Team Management team has extensive experience drilling horizontal shale wells, having drilled ~1, wells since the early 2 s

Carrizo Overview 122, net acres across the Eagle Ford Shale and Delaware Basin >1,7 net potential horizontal locations in inventory Poised to deliver prudent long-term production growth Targeting cash flow neutrality by YE218 at $55- $6/Bbl oil prices Rate-of-return-driven development program Development program focuses on wells that generate at least a 3% IRR Delaware Basin Eagle Ford Shale Key Statistics NASDAQ Symbol Shares Outstanding Market Capitalization Enterprise Value 82.1 MM $1.2 BN $2.7 BN Net Acreage Position Net Undrilled Locations Eagle Ford Shale 8,2 >7 Delaware Basin 41,8 >1, 4 Q4 17 Production (MBoe/d) 62.4 YE 217 Proved Reserves (MMBoe) 262 Note: Share price as of 2/27/18.

5 Refocused Portfolio Enhances Long-Term Profitability Q3 Actual Q4 Actual December Pro Forma A&D Activity Production Oil NGL 63% 64% 68% Gas Eagle Ford Delaware Basin DJ Basin Appalachia 13% 71% 24% 67% 31% 69% Corporate Operating Margin ~$26/Boe ~$32/Boe ~$34/Boe Streamlining Portfolio in Two High Return Basins Drives Increased Margins and Profitability

218 Development Program 218 DC&I Capital Program - $775 MM Program Highlights 85%-9% Drilling & Completion Continued focus on high-return oily plays 2-rig development program in the Eagle Ford Shale 3-4-rig development program in the Delaware Basin Reflects a double digit increase in service costs Results in strong year-over-year production growth in 218 and sets up for strong growth in future years DC&I Capital Program Detail Eagle Ford Shale D&C $395 Delaware Basin D&C $29 Eagle Ford D&C Delaware Basin D&C Pipeline & Infra. Pipeline & Infrastructure $9 (All figures in $MM) 6 Note: 218 capital program estimates represent the midpoint of guidance range.

Net Daily Prod. (MBoe/d) Net Daily Prod. (MBbl/d) Strong Track Record of Growth Total Production Crude Oil Production 7 45 6 5 4 4 35 3 25 3 2 1 2 15 1 5 FY15 FY16 FY17 FY18E FY15 FY16 FY17 FY18E Eagle Ford Delaware Basin DJ Basin Appalachia / Other 7 Note: 218 production based on midpoint of the guidance range provided on February 26, 218.

Production (MBbls/d) Hedged Pricing $/Bbl $MM Strong Liquidity Position No Near-term Maturities and Ample Flexibility on the Revolver Debt Maturities $9 $8 $7 $6 $5 $4 $3 $2 $1 $ 7.5% Notes 218 219 22 Sept Crude Oil Hedges 2 45 4 35 3 25 2 15 1 5 $8 Revolver 221 222 May 6.25% Notes 223 April $58.2 $58.2 $58.2 $58.2 $6.29 $49.16 $49.16 $49.16 $49.16 $48.4 Q1'18 Q2'18 Q3'18 Q4'18 FY19 Swap Volume Unhedged Production Weighted Average Ceiling Price 1 8.25% Notes 224 225 July Collar Volume Weighted Average Floor Price $8 $7 $6 $5 $4 $3 $2 $1 $ Revolving Credit Facility $8 million borrowing base commitment with interest rate of LIBOR + 2.%-3.% Consortium of 19 banks led by Wells Fargo Restrictive covenants Total Net Debt < 4.x TTM Adj. EBITDA 7.5% Senior Unsecured Notes (due 22) $13 million outstanding Currently callable No liquidity or performance-based covenants 6.25% Senior Unsecured Notes (due 223) $65 million outstanding Callable on April 15, 218 No liquidity or performance-based covenants 8.25% Senior Unsecured Notes (due 225) $25 million outstanding Callable on July 15, 22 No liquidity or performance-based covenants Corporate Credit Rating B2/B+ 8 1 Balance as of 12/31/17. Subject to springing maturity date of June 22 if 7.5% Notes have not been refinanced prior to such time. 2 Q1 production based on midpoint of Q1 guidance provided February 26, 218. Q2-Q4 is implied based on FY18 guidance.

Eagle Ford Shale A Premier Industry Asset Acreage almost entirely in the volatile oil window, where returns rank amongst the best in North America Deep drilling inventory with all locations identified, planned, and de-risked Multiple completion optimization initiatives underway 218 Operated Activity 2 rig drilling program Drill 6-65 gross / 56-61 net wells Frac 8-85 gross / 71-76 net wells Eagle Ford Shale Overview Net Acres 8,2 Net De-risked Location Inventory >7 EUR / Well (Mboe) 4-6 Spacing Between Laterals (Ft.) 33-5 Effective Lateral Length (Ft.) ~6,6 Net Undrilled Resource Potential (1) (MMboe) >35 (1) Includes 89 MMboe of PUDs. 9

Cumulative Production, MBo Eagle Ford Shale Increased Performance from 217 Drilling Program 15 125 1 75 5 25 217 Quarterly Averages 216 Quarterly Averages 3 6 9 12 15 18 21 24 27 3 33 36 39 42 45 48 51 54 57 6 63 66 69 72 1 Producing Days

11 Eagle Ford Shale Brown Trust Multipad Advantages of Multipad Development Reduces the number of parent-child relationships created over time Reduces the percentage of time wells need to be shut-in for offset completions over the project life Brown Trust multipad expected to result in 7%- 75% less parent well downtime relative to traditional 4-6 well pad development Minimizes number of times parent wells take frac hits over project life Existing Wells Multipad Wells Very important in areas where parent wells have been producing for extended periods of time as older wells are more susceptible to offset frac damage Results in better stimulation efficiency as fewer parent wells mean less ineffective frac fluid pumped during well completion Better multi-directional stress profile achieved during completion operations Completion crews

Delaware Basin High-return, Stacked-pay Potential Blocky acreage position that supports efficient long-lateral development Acreage contains more than 3,8 of stacked pay targeting up to 1 potential zones Potential to provide decades of drilling inventory Impressive well results both on-lease and from offset operators 218 Operated Activity 3-4 rig drilling program Drill 33-38 gross / 26-3 net wells Frac 33-38 gross / 25-29 net wells Delaware Basin Overview Net Acres 41,8 Net De-risked Location Inventory >4 EUR / Well (Mboe) 9-2,3 Spacing between Laterals (Ft.) 66 Effective Lateral Length (Ft.) ~7, Net Undrilled Resource Potential (1) (MMboe) >4 (1) Includes 63 MMboe of PUDs. 12

13 Delaware Basin High-Quality Stacked Pay with Large Inventory Upside Up to 1 potential targets across a 3,8 section from the Avalon through the Wolfcamp D Gross Section Thickness (ft.) Derisked Drilling Locations 4 of 6 target Wolfcamp horizons have been successfully tested with horizontal drilling Avalon 1st Bone Spring 65-75 35-45 Offset production has been established in the 3rd Bone Spring, Wolfcamp X/Y, and Wolfcamp C 2nd Bone Spring 3rd Bone Spring 6-7 55-6 3 Unrisked More than 4 net potential derisked locations identified across the Wolfcamp A and B zones with the most well control Significant inventory expansion potential from additional zones and future downspacing Wolfcamp X/Y Wolfcamp A Upper Wolfcamp B Lower Wolfcamp B Wolfcamp C Wolfcamp D 7-12 2-225 19-23 2-26 15-17 225-3 >4 >7 Unrisked *Formations not drawn to scale. Producing Horizon Upside Horizon

Delaware Basin CLARK JUDY STATE C19 1H 423893346 GR_PCF ILD_PCF 2 1 MCGARY STATE UNIT 1 1161 4238935292 DPHI_PCF 1.3 GR_PCF -.1 ILD_PCF 2 1 STATE CVX 22 2266 42389351117 DPHI_PCF 1.3 GR_PCF -.1 ILD_PCF 2 1 SAUL 3571 423893526 DPHI_PCF 1.3 GR_PCF -.1 WOODSON 36 3663 42389353567 ILD_PCF 2 1 DPHI_PCF 1.3 GR_PCF -.1 ILD_PCF 2 1 ZEMAN 4 UNIT 471 4238935441 DPHI_PCF 1.3 GR_PCF -.1 ILD_PCF 2 1 PEREGRINE 27 3 4238933627 DPHI_PCF 1.3 GR_PCF -.1 ILD_PCF 2 1 DPHI_PCF 1.3 -.1 Rel Depth(ft) -75 9 5/8 IN 235 Sacks of Cement Successful Wells in Four Out of Six Wolfcamp Horizons -65 9 5/8 IN 245 Sacks of Cement 1-55 1 BS3_MID_SHALE [PCF] -45 1 9 5/8 IN 21 Sacks of Cement 1 1-35 A BS_SAND_3 [PCF] -25 1 5/8 IINN 99 5/8 26 Sacks Sacks ofof Cement Cement 26 BS3-15 1 BS_MK5 [PCF] -5 WOLFCAMP [PCF] 5 WOLFCAMP_A [PCF] X/Y A 7 IN 615 Sacks of Cement 9 5/8 IN 2585 Sacks of Cement 15 WCA 25 WOLFCAMP_B [PCF] 35 WCBU 11 MIDDLE_B [PC F] 45 11 55 11 WCBL 11 11 65 WOLFCAMP_C [PCF] 75 11 WCC 85 WOLFCAMP_D [PCF] 11 95 WCD 15 WCB_EXL [PCF] 115 BHP Well 1 14 ExL Well 1 ExL Well 2 ExL Well 3 ExL Well 4 ExL Well 5 J Cleo Well 1 Producing Horizontal Wells 5 1/2 IN 13 Sacks of Cement 125

15 Delaware Basin Continued Delineation of Wolfcamp A and B Highlights Strong results seen from Wolfcamp A and B wells Reeves 1 2 3 4 5 6 Ward Higher-than-expected flowing pressures from Wolfcamp B wells Processing yields have exceeded expectations, resulting in much stronger three-stream rates than forecast Wolfcamp A Wolfcamp B # Well Name Zone Lateral Length (ft.) 3-Day Rate* (Boe/d) 6-Day Rate* (Boe/d) 9-Day Rate* (Boe/d) 1 Christian 2 1T WCA 7,287 1,646 (5% oil) 1,621 (49% oil) 1,57 (49% oil) 2 State CVX Unit A1314 1H WCB 6,448 1,491 (55% oil) 1,476 (53% oil) 1,359 (53% oil) 3 McDermott St. Unit 172 WCA 9,396 1,855 (5% oil) 1,771 (5% oil) 1,667 (49% oil) 4 Woodson A36 1 WCB 9,968 1,61 (57% oil) 1,477 (58% oil) 1,38 (57% oil) 5 Dorothy Unit 38 #1 WCB 8,64 1,595 (65% oil) 6 Zeman-State A 442 1H WCA 7,654 2,21 (55% oil) *Two-stream production

Gross Volumes (Bbls/d) 16 Delaware Basin 3x Contracted Expansion of Piped Water-handling Capacity by Year-end 25, 2, Current Disposal Capacity Current Upgrade Delaware Zone SWD Well DBM Midstream Water Production Forecast year-end capacity: ~195, BWPD 15, 1, 5, Current capacity: 63, BWPD

17 Summary Premier Acreage Positions Top Tier Operator Significant Growth Potential Strong Financial Position Experienced Management Team

18 Appendix

19 Guidance Summary Actual Guidance 1Q 217 2Q 217 3Q 217 4Q 217 1Q 218 FY 218 Production Volumes: Total (Boe/d) 46,367 51,19 55,224 62,417 48,6-49,8 58,5-6,1 Crude Oil % 62% 66% 63% 64% 65% - 67% 65% - 67% NGLs % 1% 1% 12% 15% 15% - 17% 15% - 17& Natural Gas % 28% 24% 25% 21% 17% - 19% 17% - 19% Unhedged Price Realizations: Crude Oil (% of NYMEX oil) 95.1% 96.6% 98.3% 12.6% 99.% - 11.% N/A NGLs (% of NYMEX oil) 35.3% 35.6% 41.5% 42.2% 33.% - 35.% N/A Natural Gas (% of NYMEX gas) 73.4% 74.7% 75.9% 8.4% 91.% - 93.% N/A Cash (Paid) Received for Derivative Settlements, net ($MM) $1.5 ($.3) $6.5 $.6 ($16.) - (13.) N/A Costs and Expenses: Lease Operating ($/Boe) $7.15 $7.76 $6.86 $6.81 $8.5 - $9. $7.5 - $8.25 Production Taxes (% of Total Revenues) 4.1% 4.29% 4.27% 4.63% 4.75% - 5.% 4.75% - 5.25% Ad Valorem Taxes ($MM) $3. $1.1 $1.7 $1.5 $2.3 - $2.8 $8. - $1. Cash G&A ($MM) $19.7 $1. $1.5 $1.7 $24. - $24.5 $52.5 - $54.5 DD&A ($/Boe) $13.3 $12.72 $13.3 $14.2 $13.75 - $14.75 $13.5 - $14.5 Interest Expense, net ($MM) $2.6 $21.1 $2.7 $18.5 $15.8 - $16.8 N/A

Hedge Position Detail Crude Oil Period Type of Contract Daily Volume (Bbl/d) Floor Price Ceiling Price Sub-floor Price Q1 218 Total Volume 3, Swaps 6, $49.55 3-Way Collars 24, $49.6 $6.14 $39.38 Q2 218 Total Volume 3, Swaps 6, $49.55 3-Way Collars 24, $49.6 $6.14 $39.38 Q3 218 Total Volume 3, Swaps 6, $49.55 3-Way Collars 24, $49.6 $6.14 $39.38 Q4 218 Total Volume 3, Swaps 6, $49.55 3-Way Collars 24, $49.6 $6.14 $39.38 FY 219 Total Volume 12, 3-Way Collars 12, $48.4 $6.29 $4. Note: Crude oil hedge position includes sold call options in 218 22. Volumes sold and weighted average ceiling prices are as follow: 3,388 Bbls/d at ~$71/Bbl in FY 218, 3,875 Bbls/d at ~$74/Bbl in FY 219, 4,575 Bbls/d at ~$76/Bbl in FY 22. Total hedging premium payments are as follow: $1.1 MM for 2H17, $9.6 MM for FY 218, $9. MM for FY 219, $3.8 MM for FY22. 2

Hedge Position Detail Natural Gas Liquids Period Product Stream Type of Contract Q1 218 Q2 218 Q3 218 Q4 218 Daily Volume (Bbl/d) Fixed Price Ethane Swaps 2,2 $12.1 Propane Swaps 1,5 $34.23 Butane Swaps 2 $38.85 Isobutane Swaps 6 $38.98 Natural Gasoline Swaps 6 $55.23 Ethane Swaps 2,2 $12.1 Propane Swaps 1,5 $34.23 Butane Swaps 2 $38.85 Isobutane Swaps 6 $38.98 Natural Gasoline Swaps 6 $55.23 Ethane Swaps 2,2 $12.1 Propane Swaps 1,5 $34.23 Butane Swaps 2 $38.85 Isobutane Swaps 6 $38.98 Natural Gasoline Swaps 6 $55.23 Ethane Swaps 2,2 $12.1 Propane Swaps 1,5 $34.23 Butane Swaps 2 $38.85 Isobutane Swaps 6 $38.98 Natural Gasoline Swaps 6 $55.23 21 Note: The fixed prices of the Company s natural gas liquids derivatives contracts are based on the OPIS Mont Belvieu Non-TET reference pries for the applicable product stream.

Hedge Position Detail Natural Gas Period Type of Contract Daily Volume (MMBtu/d) Floor Price Ceiling Price Sub-floor Price Q1 218 Total Volume 8,611 Swaps 8,611 $3.1 Q2 218 Total Volume 25, Swaps 25, $3.1 Q3 218 Total Volume 25, Swaps 25, $3.1 Q4 218 Total Volume 25, Swaps 25, $3.1 22 Note: Total hedged natural gas volumes for Q1 218 reflects March 218 contract volume. Carrizo also sold 33, MMBtu/d of call options on natural gas in 217-22. The weighted average ceiling price for these call options each year are as follow: $3./MMBtu in FY 217, $3.25/MMBtu in FY 218, $3.25/MMBtu in FY 219, $3.5/MMBtu in FY 22.

23 Eagle Ford Shale API Gravity 4Q17 Net Sales Revenue by Product Zavala Frio Atascosa 4% 91% Oil Gas NGL 6% Dimmit La Salle McMullen 4Q17 Volumes by API Gravity 9% Source: DrillingInfo initial completion reports. 5 46-49 35-45 1% %

Eagle Ford Shale Well Economics Summary Oil, BOPD Cumulative Oil, MBO Type Curve Core 7 21 Total Well Cost $4.5 MM Frac Stages 33 6 18 Lateral Length 6,6 ft. 5 15 Gross 52 Mboe EUR Oil Only 382 Mbo 4 12 Net 376 Mboe 3 9 F&D Cost $11.9 / Boe IRR & NPV (1) $6 Oil $55 Oil $5 Oil IRR >1% NPV $5. MM IRR 79% NPV $4.1 MM IRR 58% NPV $3.2 MM 2 1 2 4 6 8 1 12 14 16 18 2 22 24 Producing Months Daily Oil Cumulative Oil 6 3 NYMEX NPV1 Breakeven $32. (1) Economics based on NYMEX prices and include ~$1./Bbl deduct for oil, $3./Mcf NYMEX gas price, NGL pricing 35% of NYMEX oil price. (2) Total well cost includes ~$2K for allocated infrastructure. 24

Delaware Basin - Phantom Area Location, Location, Location ExL State CVX 3-day rate: 1,494 Boe/d (48% oil) APC Irene 3-day rate: 1,229 Boe/d (68% oil) ExL Grady State 3-day rate: 1,657 Boe/d (6% oil) Christian 3-day rate: 1,623 Boe/d (51% oil) State CVX 3-day rate: 1,473 Boe/d (56% oil) CDEV Iceman 3-day rate: 1,66 Boe/d (53% oil) CDEV Big House 3-day rate: 86 Boe/d (6% oil) ExL Fox 3-day rate: 1,647 Boe/d (57% oil) ExL Woodson 3-day rate: 1,725 Boe/d (62% oil) CDEV Pop 3-day rate: 2,463 Boe/d (49% Oil) ExL Zeman 3-day rate: 1,685 Boe/d (63% oil) CDEV Admiral 3-day rate: 1,52 Boe/d (61% Oil) Zeman 3-day rate: 2,21 Boe/d (55% oil) Wolfcamp A Wolfcamp B 3 rd Bone Spring Carbonate CDEV Parker 3-day rate: 1,411 Boe/d (75% Oil) PDC Keyhole 3-day rate: 1,522 Boe/d (69% oil) ExL Womac 3-day rate: 1,355 Boe/d (65% oil) 25 Source: Company investor presentations, press releases, public filings, and Drilling Info. Note: Production shown is 2-stream.

Delaware Basin - Western Area Strong Well Results Along the Culberson/Reeves Border XEC California Chrome 39 1H 3-day rate: 1,44 Boe/d (48% oil) BHP 113-1 1H 3-day rate: 1,11 Boe/d (48% oil) Fortress State 1H 3-day rate: 1,52 Boe/d (25% oil, 36% gas, 39% NGL) 3ROC Wise West State 73WA 3-day rate: 1,399 Boe/d (4% oil) 3ROC Wise Unit 13WA 3-day rate: 737 Boe/d (4% oil) Company XEC Venetian Way 38 1H 3-day rate: 1,573 Boe/d (51% oil) Capitan Dorothy St. 12 1H 3-day rate: 1,21 Boe/d (5% oil) Capitan Cliff Fee 4 1H 3-day rate: 1,667 Boe/d (47% oil) BHP 113-24x1 1H 3-day rate: 961 Boe/d (52% oil) BHP 113-23x14 1H 3-day rate: 2,22 Boe/d (32% oil) Corsair State 3H 3-day rate: 1,227 Boe/d (4% oil, 25% gas, 35% NGL) Liberator State 1H (3-day rate: 1,4 Boe/d (35% oil, 25% gas, 4% NGL) EOG Harrison Ranch 36H 3-day rate: 959 Boe/d (54% oil) Wolfcamp A EOG Harrison Ranch 154H 3-day rate: 3,975 Boe/d (78% oil) Source: Company investor presentations, press releases, public filings, and Drilling Info. Note: Production shown is 2-stream, unless otherwise noted. 26 3ROC Dr. Pepper Unit 46-39 3-day rate: 1,482 Boe/d (51% oil) 3ROC Smither State 47-38 3-day rate: 1,476 Boe/d (41% oil)

Delaware Basin Phantom Area Well Economics Summary Oil BOPD, Gas - BOEPD Oil BOPD, Gas - BOEPD Cumulative Oil MBO, Gas - MBOE Cumulative Oil MBO, Gas - MBOE Type Curve Wolfcamp A Wolfcamp B 1,2 Wolfcamp A 3 Total Well Cost $9.5 MM $9.5 MM 1, 25 Frac Stages 42 42 8 2 Lateral Length 7, ft. 7, ft. 6 15 Gross 1,648 Mboe 1,461 Mboe 4 1 EUR Oil Only 833 Mbo 649 Mbo 2 5 Net 1,236 Mboe 1,96 Mboe F&D Cost $7.65 / Boe $8.62 / Boe 2 4 6 8 1 12 14 16 18 2 22 24 Producing Months IRR & NPV (1) $6 Oil $55 Oil IRR 93% 62% NPV $13.4 MM $9.2MM IRR 75% 49% NPV $11.4 MM $7.6 MM 1,2 1, Daily Oil Cumulative Oil Wolfcamp B Daily Wet Gas Cumulative Wet Gas 3 25 27 $5 Oil IRR 59% 38% NPV $9.4 MM $5.9 MM NYMEX NPV1 Breakeven $26.5 $31.5 (1) Economics are three stream and based on NYMEX prices and include $3./Mcf gas price, $2./Bbl deduct for oil, $.5/Mcf deduct for gas, NGL pricing 35% of oil price. (2) Total well cost includes ~$45K for allocated infrastructure. 8 6 4 2 2 4 6 8 1 12 14 16 18 2 22 24 Producing Months 2 15 1 5

Delaware Basin Liberator Area Well Economics Summary Oil - BOPD, Gas - BOEPD Cumulative Oil - MBO, Gas - MBOE Type Curve Wolfcamp A Total Well Cost $9.1 MM 7 35 Frac Stages 42 6 3 Lateral Length 7, ft. Gross 1,684 Mboe 5 25 EUR Oil Only Net 71 Mbo 1,263 Mboe 4 2 F&D Cost $7.21 / Boe 3 15 IRR & NPV (1) $6 Oil $55 Oil $5 Oil IRR 52% NPV1 $8.9 MM IRR 42% NPV1 $7.2 MM IRR 33% NPV1 $5.5 MM NYMEX NPV1 Breakeven $36.5 (1) Economics based on NYMEX prices and include $3./Mcf gas price, $2./Bbl deduct for oil, $.5/Mcf deduct for gas, NGL pricing 35% of oil price. (2) Total well cost includes ~$45K for allocated infrastructure. 2 1 1 5 2 4 6 8 1 12 14 16 18 2 22 24 Producing Months Daily Oil Daily Wet Gas Cumulative Oil Cumulative Wet Gas 28 28