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  Economics : Break-Even

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US Shale Plays U.S. Shale Oil Breakeven Prices DJ Basin among the lowest breakeven prices Source: BofA Merrill Lynch Global Commodities Research 9
PetroShare Corp.
July 2016

Cleveland is Competitive with the Best US Plays WTI Breakevens (/bbl) 60 50 40 30 20 10 0 Source: Wells Fargo Securities, LLC estimates as of February 2016 with the exception of JONE Cleveland returns. Basin breakevens represent PV-10 breakeven. JONE Cleveland breakeven assumes 2 million AFE and 20% net royalty interest. 10
Jones Energy Inc.
April 2016

5 Estimated Break-Even WTI (/Boe; 22.5:1 Oil / Gas Ratio) 0 100 120 20 40 60 80 SCOOP Eagle Ford Delaware Wolfcamp Hz NW Shelf Hz Midland Vt (1) Based on internal estimates. Bone Spring Hz Source: ITG Investment Research. Midland Wolfcamp Hz Marcellus Bakken DJ Basin CBP Hz CBP Vt Break-Even Cost is <40/bbl (1) San Joaquin San Juan Basin - Gallup Carrizos Eagle Ford Weighted Average Miss Lime Cleveland Fayetteville Uinta Vt Cotton Valley Hz Piceance NW Shelf Vt Cana Woodford Haynesville Pinedale Eaglebine Utica Marmaton Powder River Arkoma Woodford Uinta Hz Jonah Barnett Carrizo Acreage is Concentrated in Low-Cost Basins Granite Wash TMS Freestone Trend Barnett Combo Gulf Coast CRZO
Carrizo Oil & Gas Inc.
December 2015

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