Economics : Rates of Return/ IRR

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Greeley Crescent Development Area Blended GC Well Economics Core Wattenberg Implied Full-Cycle NPV & IRR Blended GC Mid-Length Type Curve vs SRC Per Well at Various EUR and Acreage Cost Operated Horizontal Production Assumptions 400 700 MBOE Type Curve NPV (mm) 800 MBOE Type Curve 350 900 MBOE Type Curve 700 MBOE 800 MBOE 900 MBOE Cumulative Production (MBOE) 20k/acre 1.01 3.38 4.17 300 15k/acre 1.20 3.58 4.37 250 IRR 700 MBOE 800 MBOE 900 MBOE 200 20k/acre 20% 45% 58% 150 15k/acre 23% 50% 64% 100 50 0 0 6 12 18 24 30 36 Month Note: Strip Price Deck: 2017 = 51.59 / 2018 = 52.07 / 2019 = 51.11 / 2020 = 50.35 / 2021 = 50.10 / 2022 = 50.19 / 2023 = 50.48 / 2024 = 50.95 / 52.04 flat starting 2026 Assumed differentials: oil = 7.00 / gas = 0.45 Full cycle NPV and IRR information assumes 3.75 mm ML lateral well costs. Rate of return and NPV estimates do not reflect corporate, general and administrative expenses. Estimated EURs may not correspond to estimates of reserves as defined under SEC rules. Production volumes reflect to 3-stream equivalent www.srcenergy.com 8
SRC Energy Inc
December 2017

Fifth Creek Undeveloped Well Economics Deep Inventory of High Return Niobrara & Codell Locations Fifth Creek XRL (9,500') Type Curves & Economics Niobrara Codell 2Phase EUR (MBoe) 400 475 475 575 % Oil 78% 78% D&C (mm) 5.1 5.1 IRR NYMEX Strip(1) 59% 98% 56% 86% NPV10 NYMEX Strip (mm) 3.0 4.7 3.9 5.7 Breakeven Oil Price (/Bbl)(2) 35 40 30 40 Gross Proved Undeveloped Locations 739 440 Net Proved Undeveloped Locations 487 289 (1) NYMEX strip pricing as of 11/24/2017 14 (2) WTI price required for a 10% pretax, preG&A IRR assuming a 20:1 oil to gas price ratio.
Bill Barrett Corp.
December 2017

970 2P Locations 40% IRRs at strip 1,200 2P Locations 40% IRRs at strip Combined company acreage in predominantly rural areas
Sandridge Energy, Inc.
November 2017

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