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Fayetteville Historical well performance Mcf/d 5,000 Fayetteville Wells Normalized to 5,300' CLAT 2 Bcf Typecurve 4,500 3 Bcf Typecurve 4,000 4 Bcf Typecurve 3,500 3,000 2,500 2,000 1,500 1,000 500 0 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500 Days of Production SWN has production history in 4,000 wells from the Fayetteville Shale in an expansive area with well-understood rock properties, homogenous subsurface Significant opportunity for redevelopment of legacy Fayetteville properties utilizing modern day drilling and completion methods coupled with longer laterals to optimize performance Field primarily developed on average of 5,300 CLAT; redevelopment opportunities will vary in application and length, some of which approach 10,000 CLAT (1) Data as of June 30, 2018. Excludes shut-in wells and wells with mechanical problems (48). 38
Southwestern Energy Co.
August 2018

Montney Wells Have Shallow Decline Rates Why shallow decline rates Recent UGR Wells Montney is not a shale Production Curves Enhanced permeability from natural fracturing in low- porosity areas Some areas have better permeability due to almost- conventional rock Best Month 1st Year EUR (Mcf/D) Decline (Bcf) Haynesville 11,600 68% 6.9 Marcellus 11,277 70% 12.8 Utica 11,184 73% 11.2 Eagle Ford 6,503 70% 5.6 Montney 5,860 58% 7.4 Barnett 3,046 68% 4.0 Fayetteville 3,047 64% 3.4 Data from TPH and corporate presentations as Increasing to 8,000 Mcf/D and 10 Bcf referenced by Production Curves graph. Confidential and Proprietary 11
Ugr Blair Creek Ltd
July 2015

Dorchester Minerals NASDAQ: DMLP Fayetteville Shale 2012 Production Results 374 wells producing at year-end 2012 2.9 MMcfd (WI) 5.8 MMcfd 2.9 MMcfd (RI) Produced 2.3 Bcf in 2012 52% from wells completed since January 2011 Net Daily Production (Mcfd) Normalized Production Rate (Mcfd) 8,000 10,000 2.0 Bcf (SEECO) Net RI Production 7,000 2.5 Bcf (SEECO) Net WI Production 6,000 3.0 Bcf (SEECO) DMLP Average 5,000 4,000 1,000 3,000 2,000 1,000 0 100 2006 2007 2008 2009 2010 2011 2012 2013 0 5 10 15 20 25 30 35 Months on Production Note: Volumes from AOGC, 1st point on DMLP normalize curve based on estimates from partial month data 30
Dorchester Minerals Lp
May 2013
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