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  Economics : Break-Even

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Targeted Acreage in the Best Basin Clearfork Permian Basin Attributes Upper Spraberry Tremendous oil in place Lower Long history of oil production Spraberry Multi-stack horizontal targets 4,500 gross ft of prospective zones Dean Upper Infrastructure and takeaway capacity Wolfcamp Industry knowledgeable State and mineral owners Middle Wolfcamp Basin Single-Well Returns1 35% Lower Wolfcamp 30% 25% ROR Canyon 20% Penn Shale 15% Cline 10% 5% Strawn 0% Atoka Barnett Woodford 1 Credit Suisse data based on strip pricing as of 2/19/15 6
Laredo Petroleum Inc.
April 2015

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