Economics : Break-Even

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ROR (%) 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% STACK STACK Overpressured oil Overpressured Oil Wattenberg Core Midland Northern Wolfcamp A & B Tier I Lower Spraberry Bakken Core Mboe Bakken Core PLAYS SCOOP SCOOP Condensate Condensate SCOOP Oil SCOOP Oil Eagle Ford Tier 1 CLR TOPQUARTILE STACK Oil STACK Oil Marcellus NE PA STACK Wet Gas Utica Dry Gas Source: Bank of America Merrill Lynch, September 2016 Delaware Bone Spring & Leonard Eastern Midland Wolfcamp Marcellus SW Wet Gas and Super Rich Eagle Ford Tier 2 Central Platform Permian Marcellus SW Dry gas Non Core Cana Delaware Wolfcamp Tier II UticaWet gas Wattenberg Noncore Midland Wolfcamp D Eagle Ford Tier 3 Southern Midland Wolfcamp Bakken Noncore Powder River Basin Uinta Basin and Greater Natural Buttes Barnett Delaware Wolfcamp Tier 3 Single Well Rate of Return 45 WTI & 2.50 HH Delaware Brushy Canyon Haynesville / East Texas FayettevilleTier 1 Canyon Lime Fayetteville Tier 2 Eaglebine Fayetteville Tier 3 CLRs Assets in TopQuartile of U.S. Plays 171,000 NET ACRES STACK WOODFORD BAKKEN 186,000 NET ACRES 860,000 NET ACRES STACK MERAMEC/OSAGE 1.8 Million Net Reservoir Acres 7 369,000 NET ACRES SCOOP WOODFORD SCOOP SPRINGER 188,000 NET ACRES
Continental Resources, Inc.
November 2016

WildHorse Returns Rival the Premier Basins Break-even prices based on before tax half-cycle IRRs of 30% Oil Breakevens by Play 79.20 / Bbl 76.81 70.64 80.00 62.86 60.89 60.77 57.49 55.50 53.13 51.88 50.40 50.00 49.69 49.20 60.00 48.23 48.19 48.04 47.60 46.70 45.83 44.81 44.70 43.46 43.22 42.69 40.79 36.02 40.00 20.00 0.00 Gas Breakevens by Play / MMBtu 5.41 5.34 6.00 4.53 4.45 4.41 3.95 3.84 3.83 3.81 3.69 3.67 4.50 3.66 3.65 3.59 3.57 3.54 3.27 3.23 3.21 3.14 2.87 2.47 2.45 3.00 1.50 0.00 Note: Break-evens per Wall Street Research based on strip pricing as of 9/1/16. Break-even prices based on before tax half-cycle IRRs of 30%. IRRs elsewhere in presentation based on Consensus Pricing as of 11/15/2016. See slides 16 and 27 for more information on WildHorse IRR calculations at consensus pricing. 1. Midland Basin Lower Spraberry comprised of Core Midland Lower Spraberry, Western Glasscock Lower Spraberry, Howard County Lower Spraberry. 2. Wolfcamp A&B comprised of Core Midland Wolfcamp A&B, Western Glasscock Wolfcamp A&B, Howard County Wolfcamp A&B, Midland East Glassock Wolfcamp A&B. 6 3. Stack Meramec comprised of STACK Meramec Normal-Pressured Oil, STACK Meramec Over-Pressured Oil. 4. Delaware Basin comprised of Delaware Basin Loving Wolfcamp A, Delaware Basin Reeves Wolfcamp A, Delaware Basin NM Avalon/Leonard.
WildHorse Resource Development Corp.
February 2017

Top-Tier Economics Breakeven Cost Analysis per barrel 37.96 35.50 33.23 DJ Basin ranks in top tier 30.10 29.65 29.42 29.43 Permian STACK Permian DJ Basin SCOOP Eagle Ford Bakken (Delaware) (Midland) Source: Wells Fargo Securities, LLC 16 16
Bill Barrett Corp.
December 2016

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