Economics : Break-Even

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Permian Basin Horizontal Economics Among the Best in the World Average breakeven oil price (/barrel) Recent transactions for Permian Basin acreage: Delaware Basin 27M per acre Midland Basin 58M per acre PXD Midland HZ 35 Source: Financial Times
Pioneer Natural Resources Co.
September 2016

Stone is Focused in Lowest (Non-OPEC) Cost of Supply Basins Achieving Milestones 6.00 NYMEX Breakdown for 15% ATAX IRR Stone focus areas Gas Supply Cost 5.00 H 4.00 a y F n 3.00 N a B e Stone i y a s G e r v o r t 2.00 a b t n i P n r e e l e r i a v t l NE dry t r i t e 1.00 SW rich m Eagle Ford e l Marcellus i Marcellus a a W l Utica n e - -5.6 -2.8 0.0 2.8 5.6 8.4 11.2 14.0 16.8 19.6 Source: Credit Suisse Cumulative Production Growth 2013-2020(Bcfd) Utica Marcellus 140 Oil Supply Cost 120 D u N i Oil Sands US/bbl (Brent) 100 v o e (Mining) Stone A r b r Ul Bone Bakken Wolfcamp 80 ta Eagle Spring n a a r Oil Sands is Ford C a SAGD ck y a 60 M r GOM a a U o n d Lwr S t n i Tert 40 e u y m D W 20 Gulf of Mexico 0 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Source: Wood Mackenzie Commercial oil and condensate reserves undrilled locations and future project only (mmbbl) 3
Stone Energy Corp.
November 2015

Delaware Basin Well Economics Summary Type Curve Wolfcamp A Total Well Cost 7.0 MM 700 350 Frac Stages 31 600 300 Lateral Length 7,000 ft Cumulative Oil - MBO, Gas - MBOE Gross 1,862 Mboe 500 250 Oil - BOPD, Gas - BOEPD EUR Oil 712 Mbo Net 1,396 Mboe 400 200 F&D Cost 5.01 / Boe 300 150 IRR 200% 75 Oil NPV10 18.3 MM 200 100 IRR 150% IRR 65 Oil NPV10 14.7 MM 100 50 & IRR 92% NPV10(1) 55 Oil 0 0 NPV10 11.1 MM 0 2 4 6 8 10 12 14 16 18 20 22 24 Producing Months IRR 57% 45 Oil Daily Oil Daily Wet Gas NPV10 7.6 MM Cumulative Oil Cumulative Wet Gas NYMEX NPV10 Breakeven 23.75 (1) Economics based on NYMEX prices and include 3.00/Mcf gas price, 4.00/Bbl deduct for oil, 0.97/Mcf deduct for gas, NGL pricing 30% of oil price. (2) Water disposal is assumed to be 0.75/bbl. (3) Total well cost includes 500K for allocated infrastructure. 14 14 CRZO
Carrizo Oil & Gas Inc.
January 2017

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