The Bakken America s Quality Oil Play!

The Bakken America s Quality Oil Play! Jack Stark- President 218 WBPC Bismarck, ND - May 22-24

Forward-Looking Information Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements included in this presentation other than statements of historical fact, including, but not limited to, forecasts or expectations regarding the Company s business and statements or information concerning the Company s future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, rates of return, budgets, costs, business strategy, objectives, and cash flows, are forward-looking statements. When used in this presentation, the words could, may, believe, anticipate, intend, estimate, expect, project, budget, plan, continue, potential, guidance, strategy, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on the Company s current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes these assumptions and expectations are reasonable, they are inherently subject to numerous business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company s control. No assurance can be given that such expectations will be correct or achieved or the assumptions are accurate. The risks and uncertainties include, but are not limited to, commodity price volatility; the geographic concentration of our operations; financial, market and economic volatility; the inability to access needed capital; the risks and potential liabilities inherent in crude oil and natural gas exploration, drilling and production and the availability of insurance to cover any losses resulting therefrom; difficulties in estimating proved reserves and other revenue-based measures; declines in the values of our crude oil and natural gas properties resulting in impairment charges; our ability to replace proved reserves and sustain production; the availability or cost of equipment and oilfield services; leasehold terms expiring on undeveloped acreage before production can be established; our ability to project future production, achieve targeted results in drilling and well operations and predict the amount and timing of development expenditures; the availability and cost of transportation, processing and refining facilities; legislative and regulatory changes adversely affecting our industry and our business, including initiatives related to hydraulic fracturing; increased market and industry competition, including from alternative fuels and other energy sources; and the other risks described under Part I, Item 1A Risk Factors and elsewhere in the Company s Annual Report on Form 1-K for the year ended December 31, 216, registration statements and other reports filed from time to time with the SEC, and other announcements the Company makes from time to time. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made. Should one or more of the risks or uncertainties described in this presentation occur, or should underlying assumptions prove incorrect, the Company s actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Except as expressly stated above or otherwise required by applicable law, the Company undertakes no obligation to publicly correct or update any forward-looking statement whether as a result of new information, future events or circumstances after the date of this presentation, or otherwise. Readers are cautioned that initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates. We use the term "EUR" or "estimated ultimate recovery" to describe potentially recoverable oil and natural gas hydrocarbon quantities. We include these estimates to demonstrate what we believe to be the potential for future drilling and production on our properties. These estimates are by their nature much more speculative than estimates of proved reserves and require substantial capital spending to implement recovery. Actual locations drilled and quantities that may be ultimately recovered from our properties will differ substantially. EUR data included herein remain subject to change as more well data is analyzed. 2

CLR: #1 Producer and #1 Leasehold Owner in the Bakken 5 4.5 4 CLR ~ 13% of ND Production CLR 218 D&C Budget: $2. Billion MMBo 3.5 3 2.5 2 4% 6% Bakken $1.2 Billion 1.5 1.5 Gross Monthly Production (January 218) Source: NDIC/ Select peers include WLL, HES, COP, EOG, OAS, XOM, WPX, STL, MRO. CLR Partner with North Dakota 1,65 Bakken well Completed to Date 4,+ Bakken wells in Inventory 8, net acres 6 Drilling Rigs 8 Stim Crews ~ 56% of CLR Production Q1 218 3

CLR Bakken Returns Have Never Been Better ROR Evolution of EUR and ROR for CLR Bakken Wells 2% 18% 16% 14% 12% 1% 8% 43 MBOE Model 63 MBOE Model 8 MBOE Model 98 MBOE Model 1,1 MBOE Model (218 $7.9MM) 218 165% ROR 217 6% 215 4% 214 2% 211 % $5 $6 $7 $8 WTI Oil Price, $/BBL 165% ROR (1) from 1.1 MMboe Type Curve 7 month Payout $15MM+ PV1 per well 8% oil $26/BO PV-1 Break even Driven By Ingenuity and Technology Optimized completions Drilling Efficiencies Infrastructure Improvements Rocks Did Not Change! 1. ROR, PV-1 & payout are based on $7 WTI and $3. gas 4

It s All About Connecting with the Rock! CLR s Growing EUR and Recoveries RECOVERY FACTOR PERF SPACING 3%-5% More Stimulated Rock Volume 15%-2% 18 3 FLUID X-LINK GEL HYBRID / SLICKWATER 6 1,2 LBS/FT 98 Mboe 1.1MMboe 5 # STAGES 1, # STAGES 4 3 2 EUR MBOE TC 279 Mboe 43 Mboe 63 Mboe 8 Mboe 8 6 4 LBS/FT & EUR Mboe 1 2 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 Based on 2 mile lateral 5

CLR Drilling Efficiencies Drive Cycle Times Down Spud to TD 3X Faster vs 211 4X Feet per Day in Lateral vs 211 35 SPUD to TD WELLS per RIG YEAR 3 35 LATERAL FT per DAY COST per LATERAL FT 6 3 25 19 21 24 25 2 3 25 $56 $438 $39 $367 5 4 DAYS 2 15 1 7 11 14 15 15 1 WELL COUNT FT 2 15 1 $293 $223 $193 3 2 COST 5 5 5 1 33. 21.7 18.6 17.4 16.4 14.3 11.3 211 212 213 214 215 216 217 832 1,15 1,333 1,495 1,93 2,42 3,154 211 212 213 214 215 216 217 Driven by technology: Multi-well pads Super Spec rigs Motor technology Bit advancements Rotary steerable systems Geo-steering technology Improved geologic targeting 6

CLR Bakken Well Costs Decrease as Performance Increases $12 LIFT CMP DRL $1 $1.1 $9.6 $1.1 $9.4 ACCELERATED LIFT Bakken CWC ($MM) $8 $6 $4 $5.3 $5.4 $8.5 $4.9 $6.6 $6.4 $6.7 $4.2 $7.5 $.8 $4.7 $7.9 $.8 $4.8 $2 $4.8 $4.2 $3.6 $3.4 $3. $2.5 $2. $2.2 $ 211 212 213 214 215 216 217 218 7

Accelerated Lift Bringing Bakken Value Forward 16 CLR Bakken Wells on ESP by Quarter 2, 217 214 ~3X Oil in 1 st Year(1) 14 12 117 136 Cum. Oil (Bbls) 15, 1, 5, + 122 MBO / 1 YR Wells 1 8 1 2 3 4 5 6 7 8 9 1 11 12 Months Producing 6 4 2 15 24 39 5 57 66 Cum. Fluid (Bbls) 4, 3, 2, 1, 217 214 ~3X Total Fluid in 1 st Year(1) + 239 MBbls / 1 YR 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 1 2 3 4 5 6 7 8 9 1 11 12 Months Producing (1) CLR Operated Wells 8

Step Change in Well Performance Rapidly Expanding Across the Bakken Field- Industry Wide Industry-Wide Bakken Wells or Units that Produced Over 1, Boe in 9 Days 2-214 15 Years 215-217 3 Years Source: IHS and Internal Reporting Wells or units with wells >1Mboe in 9 Days Approximate Bakken Field Outline 1 mi 9

CLR Crude Differentials Improved 65% since 214 Bakken Oil Differential to WTI No Longer Disadvantage Crude Netbacks increased $7.52/bbl since 214 $ ($2) 214 215 216 217 1Q'18 Growing Infrastructure brings better pricing DAPL Renegotiated Contracts Catalyst for exporting Bakken Crude CLR has exported almost 2MM barrels of Bakken Crude to Asia and UK Other opportunities being evaluated Bakken quality ideal for European and Asian refineries $ /Barrel ($4) ($6) ($8) PIPE RAIL ($1) ($12) ($11.83) ($9.21) ($8.26) ($6.14) ($4.31) ($14) 1

Bakken Quality Shines Through Bakken 1% of Reservoir in Oil Window 8% Oil Low Water Cut (Avg. <5%) Consistent API Crude Permian Multi-Phase Reservoir (Oil/Condensate/Gas) ~65% Oil (Avg.) High Water Cut (Avg. ~7%) Variable API Crude 11

Bakken 1% in Oil Window Bakken MMBOPD & BCFD Bakken Oil Window 1.2 MMBOPD 2. BCFD (YE 217) Permian MMBOPD & BCFD Permian Horizontal wells 2. MMBOPD 6.1 BCFD (YE 217) Source: IHS Oil Window Condensate Window Gas Window 12

Bakken Low Water Cut Bakken HZ Production 52% Oil Cut Permian HZ Production 32% Oil Cut MMBbls / Daily MMBbls / Daily 2. MMBOPD 4.3 MMBWPD (YE 217) WATER 1.2 MMBOPD 1.1 MMBWPD (YE 217) WATER Source: IHS 13

Superior Production from The Bakken 14, 12, First 6 Months Cumulative Oil Production 217 2 Most Active Counties in Permian Cumulative Oil Production 1, 8, 6, 4, 2, Source: JRCO Research, Drilling Info and CLR Reeves Midland CLR Bakken Source: JRCO Research May 218 14

Bakken Consistent High Quality Crude Wells reported over last 2 years (DrillingInfo) 1, Permian Bakken Peak Monthly Oil Production Per Well (bbl) 9, 8, 7, 6, 5, 4, 3, 2, 1, Source: DrillingInfo 2 3 4 5 6 API Gravity 15

Early Stage Demands on Bakken Infrastructure Behind Us Bakken 14, mi 2 57 Active Rigs Max Rig Count 229 (June 212) Bakken Play Permian 15, mi 2 463 Active Rigs Delaware Basin 6,7 mi 2 Midland Basin 8,3 mi 2 15 Miles Active Rigs 15 Miles 15 Miles Source: NDIC, IHS, Baker Hughes 16

North Dakota Actual and Projected Crude Oil Growth 1,8 6 ND Production (Mbopd) 7 Rigs 1,8 6 1,5 Monthly Completions 1,5 ND Rigs Rigs / Monthly Completions 1,2 4 3 9 2 6 Projected Growth 1,2 4 9 3 6 2 ND Production (Mbopd) 1 3 3 1 21 211 212 213 214 215 216 217 218 219 22 221 222 Source: NDIC, IHS, and CLR estimates 17

Bakken Infrastructure Expanding to Keep up with Growth 3,5 Crude Oil Takeaway Capacity NDIC NGL Takeaway Projection 3, BPD 2,5 Thousand Bopd 2, 1,5 1, RAIL PIPE 5-29 211 213 215 217 219E Local Refining Pipeline Rail Bakken Production Forecasted Production (5 Rigs) Forecasted Production (6 Rigs) Source: North Dakota Pipeline Authority and CLR estimates 18

218: Breakout Year For CLR Delivering Sustainable, Cash-Flow Positive Growth 1.9 Million Net Reservoir Acres (~7% HBP (1) ) Annual Production Boe per Day 35, 3, 25, 2, 15, 1, STACK SCOOP Bakken Legacy Bakken 8, net acres SCOOP/STACK 1,1, net acres 242,637 285,-3, 218 Breakout year for CLR $2.3 Billion CAPEX 17-24% Production Growth ~$1Billion free cash flow Investment grade status 5, 21 211 212 213 214 215 216 217 218E 1. Acreage numbers and HBP numbers are approximate as of 1Q18. 19