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  Economics : Break-Even

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Appendix: Single Well Economics Internal Type Curves NLA NLA NLA NLA Caddo Caddo Bossier ETX ETX STX Eagle STX Eagle DeSoto X-Unit Standard X-Unit Shelby Shelby ETX Ford Core Ford Core Unit Core Lateral Lateral Lateral HSVL BSSR Highlander Tier 1 Tier 2 1 Target Lateral Length Ft 4,500 7,500 4,500 7,500 7,500 7,500 6,500 7,500 7,500 2 Gross Locations 24 52 21 168 71 97 123 49 38 3 Net Locations 9 13 8 78 29 41 30 14 18 4 WI % 39 25 37 47 42 42 25 39 47 5 NRI % 30 19 29 37 32 32 19 31 35 6 Spacing Acres 136 227 136 227 207 207 224 172 172 Type Curve 7 IP Mcf/d or Boe/d 16,000 16,000 12,000 10,000 9,400 9,400 11,500 500 420 8 Phase I Duration Month Month 16 18 18 12 14 14 18 15 4 9 Phase I B Factor x 0 0 0 0 0.6 0.6 0 1.25 1.25 10 Phase I Initial Decline % 60 40 52 41 22 22 41 61 85 11 Phase II Duration Month Month n/a n/a n/a n/a 7 7 n/a n/a 4 12 Phase II B Factor x 1 1 1 1 0.6 0.6 1 1.25 1.25 13 Phase II Initial Decline % 57.1 66.2 64.5 55 42 42 42.5 35 35 14 Phase III Initial Decline % n/a n/a n/a n/a 33 33 n/a n/a 46.5 15 Terminal Decline % 6 6 6 6 6 6 6 6 6 16 Wellhead EUR Bcf/Mbo 9.5 12 7.2 9.6 13 13 13 535 392 17 EUR per 1,000 (lateral length) Bcf or Mbo 2.1 1.6 1.6 1.28 1.75 1.75 2 71 52 18 D&C/Pumping Unit MM 6.0 8.0 6.0 8.4 9.2 9.5 10.3 3.8/0.275 3.8/0.275 19 LOE Fixed /month 1,876 1,876 1,876 2,465 2,922 2,922 2,711 8,914 7,249 20 Variable/Gathering Expense /mcf,/bbl .02/.44 .02/.44 .02/.44 .02/.44 0.03/0.29 0.03/0.29 0.02/0.31 0.03/0.0 0.16/0.0 Single Well Returns 21 PV10 (8/8ths)1 MM 4.6 4.7 2.4 1.4 5.8 5.5 3.6 3.2 2.3 1 22 IRR % 83 58 44 18 38 36 25 49 34 23 Breakeven Flat Price (25%) /MMBTU or /BBL 2.20 2.35 2.53 3.04 2.64 2.70 3.05 44.25 47.50 24 PV/I, Disc X 1.77 1.59 1.4 1.17 1.63 1.58 1.35 1.79 1.58 1. Economics based on September 30, 2016 strip prices through 2021 and held flat thereafter at 3.57 per Mcf for Henry Hub Natural Gas and 58.80 for WTI Oil. 20
Exco Resources Inc.
November 2016

NEW TECHNOLOGY DRIVES VALUE CREATION LONGER LATERALS AND BIGGER COMPLETIONS Rate of Return (1) Enhanced 3% ROR 47% ROR (1) Completion Combination of extended laterals and current & High IP 47% completions revolutionize economics Reduced D&C 37% Costs Longer Laterals 25% 18% 2.30 break-even CA 1H PV10 break-even gas price 3% Springridge 5K Springridge 7.5K Springridge 10K 10K CA 2H 10K CA 1H Lateral Lateral Lateral 2014 2015 2016 10,000' wells remaining 660 Haynesville locations 190 Bossier locations (1) Assumes 3.00 flat price deck 2016 ANALYST DAY GULF COAST 10
Chesapeake Energy Corp
October 2016

Recent STACK Research 45 Oil, 2.50 Gas 35 Oil, 2.00 Gas SCOOP/STACK Midland Hzl Eagle Ford Williston DJ Basin Delaware Other Oil Permian Vert The SCOOP/STACK continues to be the most economic oil basin Heikkinen Energy Advisors 8/18/2016 50 Oil, 3.00 Gas, 41% NGL 37 Oil, 2.40 Gas, 34% NGL Pinedale Midland Average Fayetteville Permian Haynesville Cotton Other Marc. Marc. Delaware Basin Williston Other Valley Utica /STACK Utica SCOOP Eagle Gas Wet Wet Dry Ford Dry WTD Oil DJ Vert Hzl 2016 Gastar Exploration Inc. 14
Gastar Exploration Inc
September 2016
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