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) -US4.50/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 (%) 63% 32% 30% 20% Payout (Years) 1.6 2.6 10% Breakeven WTI Price (US/bbl)(2) 33.50 39.20 0% 1 2 3 4 5 6 7 8 9 10 Year 1) Basis differential to WTI: -US4.50/bbl for 2017 & 2018; -US5.00/bbl for 2019; and US6.00/bbl for 2020 & 2021 16 2) Breakeven based on 10% rate of return
Enerplus Corp
August 2017

Oil Price Breakevens by Basin Breakeven oil prices for most US shale plays are below the current WTI price. Several plays including areas in the Permian basin, Eagle Ford, and MidCon remain viable with WTI in the mid to high 30s. Oil Breakevens by Basin (at 15% ATAX IRR) Assumes gas price of 3.00 per MMBtu Source: Equity Research www.emergelp.com PAGE 37
Emerge Energy Services Lp
May 2017

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

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