Non-Operated

Working Interest

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• 6,062.575 Gross Acres / 5,664.544 Net Acres

• Lease Costs Due as Prospect Areas Are Proposed - $900/Net Acre
  - 75.00% Net Revenue Lease
  - 640 Acres Included in Initial Prospect Area
  - Continuing Option to Participate in Future Prospect Areas Until First Election Not to Participate in a Prospect Area, Lease Extension, or Other Leasehold Expense

• 12.50% CWI Through the Tanks on the First Three Horizontal Wells Drilled

• Horizontal Potential:
  - Strawn A, Strawn B, Strawn C, Palo Pinto, & Canyon
  - 50+ Potential Horizontal Locations

• Vertical Potential:
  - Noodle Creek, Hope Lime, Swastika, Three Fingers, Odom Lime, Caddo Lime, Mississippian, & Ellenberger

• Nine Potential Re-Entry Candidates

• Seller Reserves the Right to Retain Working Interest & Operations

Non-Operated Working Interest

Reeves County, Texas

At a Glance

• 153.81 Gross Acres (506.90 Gross Acres in Coriander Unit)

• 18.81 Net Lease Acres (All HBP)

• 12.2273% Working Interest (3.7102% WI in Coriander Unit)

• 9.1705% Net Revenue Interest (2.78262% NRI in Coriander Unit)

• Operated by Parsley Energy, Inc.

• Potential Horizontal Objectives:

  2nd Bone Spring, 3rd Bone Spring, Wolfcamp A (Upper & Lower)

  & Wolfcamp B (Upper & Middle)

• Parsley Energy & Diamondback Horizontal Activity in the Area

• 7 Producing Horizontal 3rd Bone Spring / Wolfcamp Wells

• 1 Producing Vertical Wolfbone Well