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  Economics : Rates of Return/ IRR

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FORT BERTHOLD WELL PERFORMANCE Maintaining strong well performance at lower cost Enerplus Fort Berthold Well Performance WELL ECONOMICS(1) Cumulative oil production per well (Mbbl) WTI Oil Price 50/bbl 60/bbl Payout: 1.8 yrs 1.1 yrs 500 IRR: 45% 95% Breakeven (10% IRR): 38/bbl WTI 400 300 Total Well Costs (USMM)(2) 8.1 200 6.4 100 1.7 MILLION WELL COST - REDUCTION 0 100 200 300 400 500 600 Producing days 2017 2020 YTD 2017 wells 2018 wells 2019 wells 2020 wells 2017 Avg 2018 Avg 2019 Avg 2020 Avg 1) Well economics are based on the average 2P reserves booked per undeveloped location for a 2-mile lateral (730 mboe) and a total well cost of US6.4MM. 14 2) Well cost for a 2-mile lateral including drill, complete, tie-in and facilities costs.
Enerplus Corp
November 2020

Bakken Significant inventory of high return locations Future Locations with IRRs at 15% or Above 2020 Bakken Development Well Plan Gross number of economic locations at various WTI prices1 Tioga Beaver 15 years of future 3,000 Lodge East 6 rigs running in 2020; locations that offer 2,950 Goliath Nesson unchanged from 2019 attractive returns 2,700 at 50/bbl WTI Stony Capa Creek 175 wells online in 1,900 Keene 2020 Buffalo (+12% from 156 wells Wallow in 2019) 900 Continued focus on Little Knife optimizing development of acreage beyond core Keene / East Beaver Other2 WTI 40/bbl 50/bbl 60/bbl 70/bbl 80/bbl Stony Creek Nesson Lodge / Capa EUR (MBOE) 1,400 1,150 1,300 1,000 Rig 30 IP180 Oil (MBO) 135 120 95 95 63 90 98 100 Years1 IRR (%)3 100% 85% 60% 50% 2020 wells online 30 55 30 60 Tighter well spacing higher EUR recovery per DSU higher DSU NPV higher asset value (1) Point forward January 2020, locations generating 15% after tax return. Assumes 30 wells/rig-year. Includes Middle Bakken and Three Forks (2) Other includes Tioga, Little Knife, Goliath, Buffalo Wallow. (3) At 65/bbl Brent / 60/bbl WTI. Includes Hess net midstream tariffs, field-level G&A and severance taxes. 20
Hess Corp
February 2020

ATAX IRR (%) 20% 40% 60% 80% 0% 100% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Condy Marcellus Viking Montney Cantuar Mannville Ellerslie Charlie Lake Montney Upper Mannville Frobisher / Alida SE SK Unfracked Dunvegan Montney Upper Mannville Montney Montney Bakken Permian SE SK Bakken Midale Bakken Montney Cold Lake SE SK Fracked Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian SW SK Viking Shaunavon Mannville Ratcliffe/Midale Cardium Montney VET Sparky Eagle Ford Permian Permian ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Gething Ratcliffe/Midale Woodford Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Oil/Liquids Cardium Permian Cardium Pembina Powder River Beaverhill Lake Eagle Ford Montney Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. PROJECT RANKING BY ATAX IRR Duvernay Montney Permian Gas Utica Permian Utica PRB Parkman / Montney Turner / Shannon* Marcellus Deep Basin Woodford Bakken Bakken Torquay NORTH AMERICAN PROJECT RANKING Montney Woodford Permian SAGD - Heavy Oil Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Scotia Capital research, November 2019. Price assumptions: WTI US55/bbl, HH Natural Gas US2.50/mcf, AECO 1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** 55
Vermilion Energy Inc.
January 2020

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