Appalachia Focused Montage Adds to 2021 Gas Hedge Book, Increase 2020

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| Thursday,April 23,2020

The company provided the following prelim look at 1Q'20 results.

Production and Hedging Updates:

Exceeded the Company's most recent production guidance range of 585-600 MMcfe per day with the preliminary net production for the first quarter 2020 averaging approximately 611 MMcfe per day, which is above analyst consensus estimates
Increased its 2020 natural gas hedges and now has approximately 65% of its projected natural gas production in 2020 hedged with an average floor price of approximately $2.62 per MMbtu
Increased its 2021 natural gas hedges and now has an average of approximately 175,000 MMbtu per day of natural gas production with an average floor price of approximately $2.48 per MMbtu

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