Economics : Type Curve

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Eagle Ford Shale Well Economics Summary Type Curve Core Tier 1 700 210 Total Well Cost 4.0 MM 4.2 MM 650 195 600 180 Frac Stages 31.6 32.1 550 165 Lateral Length 6,300 ft. 6,400 ft. 500 150 Percent of Inventory 84% 16% 450 135 Daily Average Oil, BOPD Cumulative Oil, MBO Gross 553 Mboe 403 Mboe 400 120 EUR Oil Only 423 Mbo 233 Mbo 350 105 Net 419 Mboe 320 Mboe 300 90 F&D Cost 9.55 / Boe 13.13 / Boe 250 75 200 60 IRR 250% 96% 75 Oil 150 45 NPV 9.2 MM 3.7 MM 100 30 IRR 150% 56% 65 Oil 50 15 IRR NPV 7.1 MM 2.5 MM & 0 0 IRR 116% 28% 0 2 4 6 8 10 12 14 16 18 20 22 24 NPV (1) 55 Oil NPV 5.1 MM 1.2 MM Producing Months IRR 58% 10% Daily Production, BOPD Cum Production, MBO 45 Oil NPV 3.0 MM NYMEX NPV10 Breakeven 30.50 45.00 (1) Economics based on NYMEX prices and include 2.50/Bbl deduct for oil, 3.00/Mcf NYMEX gas price, NGL pricing 29% of NYMEX oil price. (2) Total well cost includes 200K for allocated infrastructure. 12 CRZO
Carrizo Oil & Gas Inc.
May 2017

Recent Well Results Outperform and Delineate Extensive Acreage Position WRD Gen 3 wells continue to outperform 91 Boe/ft type curve across the acreage Horizontal Well Activity(1) position 80% of Gen 3 wells drilled to date are performing above 91 Boe / ft type Jackson 1H EUR: 110+ Boe/Ft curve EUR IP30= 958 BOE/D (85% oil) Current Eagle Ford producing wells exist across entire 800 square mile area 6,297 LL (3/27/2017) Gen 3 Completions Outperforming Type Curve (6 Mo Cum)(2) Altimore 1H EUR: 120+ Boe/Ft IP30 = 1,048 BOE/D (84% oil) 120,000 6,435 LL (3/31/2017) 100,000 Candace 1H EUR: 138 Boe/Ft Cumulative Production (Boe) IP30 = 1,081 BOE/D (88% oil) 7,481 LL (9/2/16) 80,000 Paul 134 Unit 2H EUR: 130+ Boe/Ft 0 20 60,000 IP30 = 1,035 BOE/D (93% oil) Miles 5,363 LL (3/8/17) WildHorse 3rd Party EF HZ Well WRD Acreage with Locations Additional WRD Acreage(3) 40,000 Cooper B 1H Mach A 2H Belmont Stakes 1H Kentucky Derby 1H EUR: 107 Boe/Ft EUR: 111 Boe/Ft EUR: 135 Boe/Ft EUR: 100 Boe/Ft IP30 = 576 BOE/D (85% oil) IP30 = 607 BOE/D (64% oil) IP30 = 740 BOE/D (65% oil) IP30 = 594 BOE/D (55% oil) 4,780 LL (12/12/16) 6,672 LL (2/22/17) 5,831 LL (10/1/16) 5,126 LL (10/1/16) 20,000 IRR Sensitivity at Consensus Price Deck(4) 0 0 30 60 90 120 150 180 EUR (Boe / Ft) Days 91 100 110 120 130 140 Gen 3 Avg Avg Boe Boe Cum Cum (23 wells) Burleson 91 Boe/ft Main Type Curve Type Curve 55% 68% 84% 100% 121% 145% CandaceGen Recent 1H3 Well Results 1. Data for WildHorse based on actual results reported by WildHorse management. The initial production rates represent the peak average of the IP rates for the applicable consecutive days of production; IP rates are not normalized for lateral length. Dates are first production. 2. The first day of the peak IP30 rate is considered day 1 of cumulative production. Data is normalized for 6,500 laterals, downtime, and irregular production. 3. Represents 130,000 net acres with no locations assigned under evaluation. 4. See slide 14 for assumptions embedded in Eagle Ford IRR calculation. IRR based on Consensus Pricing as of 4/26/2017: 54.00 / 3.15 for 2017, 60.00 / 3.11 for 2018, 61.00 / 3.09 for 2019, 66.50 / 3.25 for 2020, 70.00 / 3.45 for 2021 and thereafter for WTI and 9 Henry Hub respectively.
WildHorse Resource Development Corp.
May 2017

Attractive Eagle Ford Type Curve and Economics Approximately 50% Estimated Rate of Return at 50/barrel WTI Oil Price Area 1 Lower Eagle Ford Type Curve1 Well Economics Have Improved Substantially 300 1,000 Daily Oil Production (BOPD) 100 Avg Hawg Hunter Well (Normalized to 6,000 ') Expected Rate of Return - % Cumulative Oil Production (MBO) 250 Daily Average Oil Production - BOPD Slickwater 800 80 Completion Cumulative Oil - MBO 200 Previous Hybrid Completion 600 60 150 400 40 100 20 200 50 Gas Price assumed 3.00 Flat 0 0 0 35 40 45 50 55 60 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NYMEX Oil Price (Assumed flat) - /Bbl Months on Production Area 1 Lower Eagle Ford Type Curve1 Well Costs 4.9 5.1 million Frac Stages 24 Lateral Length (Ft.) 6,000 Production Mix2 90% Oil, 10% Natural Gas Gross EUR (MBOE) 490 PV-103 3.1 million 1) Type curve is managements estimate. Calculated predominantly with data from wells with Gen 1 to 3 slickwater completion designs. 2) Wellhead rate, pre-processing. Post processing type curve production mix is 86% oil, 7% natural gas, 7% NGLs 3) The calculation of PV-10 assumes a 5.0mm well cost, 50.00 NYMEX oil, 3.00 Henry Hub gas pricing and NGL pricing at 30% of NYMEX Oil flat for the economic life of the well. 5
Penn Virginia Corp
May 2017

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