Economics : Break-Even

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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 US6.7MM 1,200 1,000 Facilities cost US1.1MM 800 600 WTI price (flat) US50/bbl 400 Differential to WTI(1) -US3.75/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 (%) 65% 33% 30% 20% Payout (Years) 1.6 2.6 10% Breakeven WTI Price (US/bbl)(2) 33.00 38.70 0% 1 2 3 4 5 6 7 8 9 10 Year 1) Basis differential to WTI: -US3.75/bbl for 2018; -US4.25/bbl for 2019; and US5.25/bbl for 2020+ 16 2) Breakeven based on 10% rate of return
Enerplus Corp
November 2017

U.S. Unconventional Shale Plays Oil Break- Break-Even Economics Oil break- break-evens assuming 30% BTAX IRRs 53.25 54.05 51.91 44.41 45.93 46.40 MIDLAND SCOOP/STACK DELAWARE EAGLE FORD DJ BASIN BAKKEN Oil sub- sub-play break- break-evens assuming 30% BTAX IRRs Source: JPM research (JPM Energy Conference Preview: looking for Signs of Shale Restraint 6.26.2017) (NASDAQ: BKEP & BKEPP) Private and Confidential 21
Blueknight Energy Partners, L.P.
August 2017

Extensive well database from the evaluation and participation in over 3000 gross wells in the basin drives investment decisions A sizable inventory of undrilled locations for future investment Net Undeveloped Breakeven Locations 689 643 521 318 50 WTI 60 WTI 70 WTI 80 WTI 3.00 HH 3.00 HH 3.00 HH 3.00 HH 5 Source: Company info, NDIC, and DrillingInfo NOG Leasehold NOG Producing Well
Northern Oil and Gas, Inc.
August 2017

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