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  Economics : Type Curve

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2020 WELL PERFORMANCE SETTING RECORDS NYSE American: NOG Completion technology and high-grading of well locations has led to improved well recovery across the basin NOGs INCREASING WELL PRODUCTIVITY 2015 Cum (1) HIGHER RECOVERIES + STABLE COSTS = 280,000 2016 Cum (1) +80% IMPROVED CAPITAL EFFICIENCY 2017 Cum (1) 2018 Cum (1) (1) 2019 Cum 240,000 2020 Cum (1) Higher type-curves versus 200,000 other US basins Cum Production (Boe) 160,000 2019 wells in-line with 2018 results 120,000 80,000 despite more step-out wells in 2019 40,000 0 - 30 60 90 120 150 180 210 240 270 300 330 360 2020s program looks as strong or stronger than 2019 Days Online 1. Wells assigned to years based on year in which they started producing. Cumulative type curves comprised of the following numbers of gross wells: 2015 296; 2016 162; 2017 291; 2018 479; 2019-460 ; 2020-203. Includes producing wells as of September 30, 2020. Northern Oil & Gas, Inc. - November 2020 10
Northern Oil and Gas, Inc.
November 2020

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

Capital Efficiency Advantage is Sustainable MROs extended core is delivering superior results to rest of industry Industry Capital Efficiency1 since 2018 50 MRO has long delivered MRO Bakken Myrmidon & Hector/Ajax industry leading Avg 180D Cum mboe / TWC Over 90% of MRO Bakken 40 and EF forward inventory performance from the (20:1 mboe/mil)1 MRO Eagle Ford Karnes, concentrated in these historic Bakken Atascosa, Gonzales Counties high-quality areas 30 (Myrmidon) and Eagle Oil Ford (Karnes) cores 20 Gas Through organic 10 enhancement, MRO has extended the core 0 Each bar is the average of a given operators capital efficiency in a given county across its broader acreage position for both assets Capital Efficiency Analysis: MRO Extended Core vs. Permian Pure-Plays2 Avg 180D Cum mboe / TWC 30 Oil MRO core extension (20:1 mboe/mil)1 Gas areas (Bakken 20 Hector/Ajax; Eagle Ford Atascosa/Gonzales) are delivering top tier 10 capital efficiency that is superior to Permian 0 Pure-Play Operators2 MRO MRO MRO Permian Permian Permian Permian Permian Permian Permian Permian Dunn Atascosa Gonzales Peer Peer Peer Peer Peer Peer Peer Peer (ND) (TX) (TX) 1 Capitalefficiency defined as average cumulative 180 day 20:1 mboe per total well cost (TWC) estimate from Rystad Energy in millions. Based on 20,000 wells from Anadarko, Delaware, DJ, Eagle Ford, Midland, Powder River, and Williston basins with first production in 2018 or later, 180 days of production data and a TWC estimate from Rystad Energys ShaleWellCube dataset, and lateral length of 2000 ft. Wells grouped by operator then by county into sub-groups; sub groups with <10 wells removed leaving 370 sub-groups with 7 10 or more wells 2 Peer operator-county combinations include: CXO Eddy (NM), CXO Lea (NM), FANG Andrews (TX), FANG Howard (TX) PE Martin (TX), PXD Glasscock (TX), PXD Martin (TX), and PXD Midland (TX)
Marathon Oil Corp
November 2020

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