Economics : Break-Even

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Alluring Macroeconomic Fundamentals High quality rock drives compelling returns, robust rig activity Major U.S. Oil Plays Breakeven Prices (/BBL)1 Alta Mesa Type Well IRR3 33.36 34.66 34.76 32.14 169.3% 27.71 27.53 27.16 24.40 102.6% 89.7% 137.1% Reeves Wolfcamp A Over-Pressured Oil DJ Basin - Wattenberg Wolfcamp A&B N. Delaware Basin - Alta Mesa - Updip Oil SCOOP Woodford Eagle Ford - Karnes STACK Meramec - Core Midland - S. Delaware Basin - Condensate Wolfcamp XY 82.3% STACK 2 71.2% Core XRL Trough 4 5 NYMEX Strip Broker Consensus 70.00/bbl / 3.50/mcf Gen 2.0 Gen 2.5 KFM Acreage Dedications / Resource Allocations Breakdown6 KFM Gas Inlet Volumes by Producer (MMCF/D) (000 of gross acres) % Alta Mesa(7) 69% 52% 55% 175 541 639 366 393 193 86 118 239 50 22 128 Phase I + II Phase III / Western Phase I + II + III Additional Acreage 2017E 2018E 2019E Expansion Under Negotiation Alta Mesa Other Producers (Phase I & II) Other Producers (Phase III) Source: BakerHughes, Wall Street Research. 1 Based on 15% IRR hurdle. Assumes gas price deck of 2017: 3.10/mcf; 2018: 2.99/mcf; 2019: 2.83/mcf; 2020: 2.82/mcf; thereafter: 2.83/mcf. 2 AMR breakeven price company prepared. Based on AMR 651 MBOE mean type curve. 3 Osage type curves assume 17% royalty burden and 3.2mm D&C well cost. Adjusted for transportation costs paid to KFM. Excludes 1.25 / bbl oil transportation costs. 4 NYMEX strip pricing as of 8/3/2017 close until 2021 and held flat thereafter. 5 Assumes Broker Consensus Price Deck (2017: 51.16/bbl / 3.16/mcf; 2018: 54.90/bbl / 3.14/mcf; 2019: 58.00/bbl / 3.05/mcf and held flat thereafter). 6 Not inclusive of producer customers entire gross acreage position; additional gross acreage proximate to KFM available for gathering and processing services. Includes additional acreage to come and/or under negotiation. 13 7Percentage of Phase I & II shown.
Silver Run Acquisition Corp II
August 2017

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. 8 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
April 2017

ROR (%) 0% 20% 40% 60% 80% 100% 120% 140% 160% Meramec Overpressured oil Bakken Core Midland Northern Wolfcamp A & B Tier I Wattenberg Core Marcellus NE PA Delaware Wolfcamp Tier I Meramec Oil Lower Spraberry Delaware Bone Spring & Leonard Utica Dry Gas 82% of CLR SCOOP Condensate D&C capital Marcellus SW Dry gas Non Core Source: Bank of America Merrill Lynch, December 2016 Marcellus SW Wet Gas and Super Rich Central Platform Permian SCOOP Oil Canyon Lime Delaware Wolfcamp Tier II Meramec Wet Gas Plays in the Country Powder River Basin UticaWet gas Haynesville / East Texas Eastern Midland Wolfcamp Southern Midland Wolfcamp Eagle Ford Tier 3 Eagle Ford Tier 2 Cana Midland Wolfcamp D FayettevilleTier 1 Wattenberg Noncore Eaglebine Single Well Rate of Return 60 WTI & 3.50 HH Barnett Bakken Noncore Uinta Basin and Greater Natural Buttes Delaware Wolfcamp Tier 3 Fayetteville Tier 2 Delaware Brushy Canyon Fayetteville Tier 3 185,000 NET ACRES STACK WOODFORD BAKKEN 200,000 NET ACRES 848,000 NET ACRES STACK MERAMEC/OSAGE 1.78 Million Net Reservoir Acres 82% of 2017 D&C Capital Allocated to Top Two ROR Oil 3 346,000 NET ACRES SCOOP WOODFORD SCOOP SPRINGER 200,000 NET ACRES
Continental Resources, Inc.
March 2017

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