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  Economics : Rates of Return/ IRR

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Haynesville vs. Appalachia Favorable Differentials Lower Midstream Costs Superior Full-Cycle Economics 2020 Q1 Gathering & Transportation 2019 EBITDAX Margin / 3-Year F&D Differentials vs. Henry Hub (/mcfe) (/mcfe) 1.03 3.6x (0.15) 3.1x 0.23 (0.34) Perryville 2020 Q1 (CRK Hub) Dom South 2020 Q1 CRK Appalachia Median CRK Appalachia Median Deeper Inventory Higher IRRs1, Faster Payback Ample In-Basin Demand Inventory Life (Years) Basin Average Payback (Years) Haynesville Appalachia IRR (%) 3.0 60% Basin Under- Over- 57.8 55% 2.5 Demand supplied supplied 55% 2.5 50% 2.0 Open, More Nearly Full 45% Access to 1.5 Premium Capacity in ex MVP / 1.5 40% Markets Process ACP 35% 16.4 1.0 34% 30% 0.5 Ability to 25% Grow Open Limited 0.0 20%Production CRK Appalachia Median Haynesville Appalachia Source: RSEG, Public filings. Appalachia includes COG, RRC, AR, EQT, CNX, MR, GPOR. Note: Inventory life calculated as Locations Remaining/2019 Gross Wells. (1) Based on RSEG type curves. 8
Comstock Resources Inc.
June 2020

Assumptions Louisiana 4,600' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 12.6 Bcf (2.7 Bcf/1,000) 10,000 Sales Gas BTU Price 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.15 / MMBtu Differentials/ Transportation: 0.30 / Mcf Transportation 100 Fixed Opex Fixed Opex: 3,290 / month 0 20 40 60 80 100 120 Months Variable Opex 0.07 / Mcf 4,600' Lateral Severance Tax Payout or 24 month tax holiday; IRR Sensitivity Analysis Estimates (IRR Sensitivity to EURs and Capex) thereafter 0.12 / Mcf IRRs Incoporate Early Time Outperformance EUR Capex Ad Val Tax 0.03 / Mcf (Mmcfe) (M) 90% 100% 110% 90% 100% 110% Royalty Burden 27.0% 2.00 25.0% 37.8% 52.6% 2.00 53.0% 37.8% 27.0% Gas Price Gas Price 2.25 43.3% 61.3% 81.9% 2.25 82.8% 61.3% 45.9% D&C Capex 7.0 MM 2.50 65.0% 89.2% 117.1% 2.50 118.5% 89.2% 68.3% Facilities/Tubing 2.75 90.5% 122.1% 158.9% 2.75 161.0% 122.1% 94.6% Capex 0.381 MM, included in D&C Capex 3.00 120.0% 160.6% 208.4% 3.00 211.4% 160.6% 125.1% Ownership: WI 100% - NRI 73% Spud to 1st Sale 60 Days Pricing: Flat Pricing PV10 (M) AFE: Two well pad. 7,047 (Post Capex) (2.75/Mcf Pricing) Economic EURs vary depending on gas price assumptions. May, 2020 20
Goodrich Petroleum Corp.
May 2020

ATAX IRR (%) 20% 40% 60% 80% 0% 100% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Condy Marcellus Viking Montney Cantuar Mannville Ellerslie Charlie Lake Montney Upper Mannville Frobisher / Alida SE SK Unfracked Dunvegan Montney Upper Mannville Montney Montney Bakken Permian SE SK Bakken Midale Bakken Montney Cold Lake SE SK Fracked Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian SW SK Viking Shaunavon Mannville Ratcliffe/Midale Cardium Montney VET Sparky Eagle Ford Permian Permian ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Gething Ratcliffe/Midale Woodford Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Oil/Liquids Cardium Permian Cardium Pembina Powder River Beaverhill Lake Eagle Ford Montney Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. PROJECT RANKING BY ATAX IRR Duvernay Montney Permian Gas Utica Permian Utica PRB Parkman / Montney Turner / Shannon* Marcellus Deep Basin Woodford Bakken Bakken Torquay NORTH AMERICAN PROJECT RANKING Montney Woodford Permian SAGD - Heavy Oil Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Scotia Capital research, November 2019. Price assumptions: WTI US55/bbl, HH Natural Gas US2.50/mcf, AECO 1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** 55
Vermilion Energy Inc.
January 2020

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