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  Economics : Type Curve

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Anadarko Basin Vast Acreage Position in a Proven Basin Cleveland IRRs at Various Well Costs(1) and Prices(2) Strong acreage position of 111,000 net acres Expansion of geological understanding and (82,000 in Texas and 29,000 in Oklahoma) refining well design will improve well performance, leading to improved type curve and increased returns Primary horizons demonstrate similar and predictable results and provide attractive returns with achievable cost reductions and Focus in 2015 is on a highreturn capital and more favorable commodity prices expense workover program, and reducing LOE Large inventory of predictable drilling provides solid returns with lower cost or improved prices (1) Includes facilities cost (2) July 27, 2015 WTI Strip, 35% of WTI for NGLs, gas prices held flat at 3.00/MMCF NYSE: MPO www.MidstatesPetroleum.com 13
Midstates Petroleum
September 2015

33 Frack Stages: Ideal Cleveland Density Strong correlation between frack stages and cumulative oil production 33 stages is appropriate frack density for Cleveland Cumulative Oil vs. Frack Stages (at 280 days) 50 60 Expected frack 45 43 trial production 40 Avg Cumulative Oil (Mbbl) 33 Actual frack trial 35 43 60 production 30 25 20 33 frack stages: Actual production 20 Right answer for Estimated production 15 Cleveland 10 5 0 0 10 20 30 40 50 60 Effective Frack Stages 22
Jones Energy Inc.
August 2015

CLEVELAND ECONOMICS, RECENT WELLS Drilling Inventory Economics Recent Well Highlights BOE/D Knox Pipkin 28-4H Mekeel 303 3H 450 30-day IP BOE/D 1,051 30-day IP BOE/D 592 400 EUR MBOE 360 EUR MBOE 330 350 Flathers 232-1H 300 30-day IP BOE/D 702 250 Leland Mekeel 226-4H EUR MBOE 260 200 30-day IP BOE/D 494 EUR MBOE 352 150 100 50 Hoover 216-4H 0 30-day IP BOE/D 715 0 6 12 18 24 30 36 42 48 54 60 EUR MBOE 443 2 mi Month Cleveland1 APA acreage D+C Cost MM 3.6 NYMEX APA 2013 Wells EUR MBOE 275 /MMBTU ROR% 30-Day IP Rate Boed 404 4.00 19% 4.50 22% % Oil / Gas / NGL 16% / 51%/ 33% 5.00 25% WI / NRI 52% / 41% 5.50 29% ROR 22% Total Inventory 3,479 PUD + Probable Inventory 175 Note 1. Type curve assumes 1 mile lateral. 87
Apache Corp
February 2014
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