Economics : Break-Even

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Stone is Now Focused in Low Cost Deep Water GOM 140 Gulf of Mexico Oil Supply Cost 120 D N u i Oil Sands 100 o (Mining) v b US/bbl (Brent) Stone A e r l Bone Bakken Wolfcamp a Ua Eagle Ford r r 80 Spring t n a Oil Sands SAGD i s a ck C a GOM y 60 r aa M Lwr U o d S n i Tert t u 40 n e m D y W 20 0 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Source: Wood Mackenzie as of March 2016 Commercial oil and condensate reserves undrilled locations and future project only (mmbbl) 5
Stone Energy Corp.
March 2017

ROR (%) 0% 20% 40% 60% 80% 100% 120% 140% 160% Meramec Overpressured oil Bakken Core Midland Northern Wolfcamp A & B Tier I Wattenberg Core Marcellus NE PA Delaware Wolfcamp Tier I Meramec Oil Lower Spraberry Delaware Bone Spring & Leonard Utica Dry Gas 82% of CLR SCOOP Condensate D&C capital Marcellus SW Dry gas Non Core Source: Bank of America Merrill Lynch, December 2016 Marcellus SW Wet Gas and Super Rich Central Platform Permian SCOOP Oil Canyon Lime Delaware Wolfcamp Tier II Meramec Wet Gas Plays in the Country Powder River Basin UticaWet gas Haynesville / East Texas Eastern Midland Wolfcamp Southern Midland Wolfcamp Eagle Ford Tier 3 Eagle Ford Tier 2 Cana Midland Wolfcamp D FayettevilleTier 1 Wattenberg Noncore Eaglebine Single Well Rate of Return 60 WTI & 3.50 HH Barnett Bakken Noncore Uinta Basin and Greater Natural Buttes Delaware Wolfcamp Tier 3 Fayetteville Tier 2 Delaware Brushy Canyon Fayetteville Tier 3 185,000 NET ACRES STACK WOODFORD BAKKEN 200,000 NET ACRES 848,000 NET ACRES STACK MERAMEC/OSAGE 1.78 Million Net Reservoir Acres 82% of 2017 D&C Capital Allocated to Top Two ROR Oil 3 346,000 NET ACRES SCOOP WOODFORD SCOOP SPRINGER 200,000 NET ACRES
Continental Resources, Inc.
March 2017

Fort Berthold Type Curves and Well Economics Fort Berthold Type Curves Well / Economic Assumptions Barrels of oil per day Lateral length 10,000 ft. 1,800 1,600 1,200 MBO Type Curve (1,400 MBOE) Proppant loading 1,000 lbs/lateral ft 1,400 900 MBO Type Curve (1,050 MBOE) Drilling & completions cost US7MM 1,200 1,000 Facilities cost US1MM 800 600 WTI price (flat) US50/bbl 400 Differential to WTI -US6.00/bbl 200 0 NYMEX price (flat) US3.00/Mcf 0 5 10 15 20 25 30 35 40 45 50 Months Type Curve Production & Economics Cumulative % of Recoverable Oil Produced by Year Oil (MBO) 1,200 900 80% Oil Equivalent (MBOE) 1,400 1,050 70% 60% 30 Day Cum. Oil Prod (bbls) 48,118 36,089 50% 1st Year Cum. Oil Prod (bbls) 267,121 200,341 40% IRR Pretax (%) 55% 28% 30% 20% Payout (Years) 1.8 3.0 10% Breakeven WTI Price (US/bbl)(1) 34.00 40.00 0% 1 2 3 4 5 6 7 8 9 10 Year 1) Breakeven based on 10% rate of return 14
Enerplus Corp
January 2017

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