Economics : Type Curve

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Haynesville/Bossier Wells Wells exceeding expectations 30 Gen 1 Type Curve (7500' Lateral) Gen I HV Wells (Average of 12 wells) 25 Bossier Wells (Average of 2 wells) 20 Gen II HV Wells (Average of 16 wells) MMcf per day Gen ll HV Short Lateral Wells (Average of 8 wells) 15 10 5 Type Curve 0 0 200 400 600 800 1000 Days on production 16
Comstock Resources Inc.
May 2018

Assumptions Louisiana Type Curve 4,600' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 11.5 Bcf (2.5 Bcf/1,000) 10,000 Sales Gas BTU Price 1.022 Adjustment 1,000 Pricing Average - NYMEX less 0.60 / MMBtu Differentials (includes transportation) 100 0 20 40 60 80 100 120 Fixed Opex Fixed Opex: 3,676 / month Months Variable Opex 0.05 / Mcf 4,600' Lateral IRR Sensitivity Analysis (IRR sensitivity to EURs and Capex) 24 month tax holiday; Severance Tax thereafter, 0.11 / Mcf EUR Capex (Mmcfe) (M) Ad Val Tax 0.03 / Mcf 90% 100% 110% 90% 100% 110% 2.50 15.2% 22.9% 33.9% 2.50 31.7% 22.9% 16.0% Gas Price Gas Price Royalty Burden 27.0% 2.75 25.4% 36.3% 49.2% 2.75 49.0% 36.3% 26.5% D&C Capex 8.3 MM 3.00 37.8% 52.7% 70.4% 3.00 70.2% 52.7% 39.2% 3.50 70.3% 96.2% 127.5% 3.50 127.3% 96.2% 72.6% Facilities Capex 0.17 MM, included in D&C Capex Spud to 1st Sale 60 Days Ownership:WI 100% - NRI 73% PV10 (M) Pricing: Flat Pricing 5,002 (3.00/Mcf Pricing) Economic EURs vary depending on gas price assumptions. May 2018 21
Goodrich Petroleum Corp.
May 2018

Haynesville 1Q 2018 Activity Put on production two new wells Both wells were 10,000 laterals Wiggins 2 well is one of the highest 24hour IP wells on record in the Haynesville Field at 44.4 MMcfed Completed and returned to production seven refracs Yearwood 18H best performing QEP refrac to date 24hour IP of 19.6 MMcfed Produced 1.1 Bcfe in first 60 days Gross production has increased 301 MMcfed since activity resumed 2Q 2016 QEP Operated Haynesville Wells 500 Actuals Gross Gas Production Rate (MMCFED) Base PDP Forecast 400 Update Graph 301 MMcfed Increase New drill program started 300 Wiggins 1 (New Well) 24hr IP 38.3 MMcfed Wiggins 2 (New Well) 200 24hr IP 44.4 MMcfed Yearwood 18H Refrac 100 24hr IP 19.6 MMcfed 1Q18 Refracs (7 wells) QEP Drilling Rig Refrac program Inception 1Q18 New Drills (2 Wells) 0 Jun11 Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Jun18 QEP Operated as of 3/31/2018 QEP NonOp as of 3/31/2018 Date 21
QEP Resources, Inc.
April 2018

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