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Break Even
Marmaton Oil Play
  Economics : Break-Even

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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

NYSE: WLL Breakeven WTI Price (/bbl) 20 30 40 50 60 70 80 90 Eagle Ford Oil Tier 1 Bakken Tier 1 TFS Tier 1 San Juan Niobrara Tier 1 * Economics assumes 3.75 /mcf NYMEX Eagle Ford Oil Tier 2 PRB Tier 1 3 of Top 5 Oil Plays Bakken Tier 2 CTM refers to the Cleveland, Tonkawa, Marmaton play Source: Tudor Pickering Holt & Co (TPH) Research SCOOP Condensate Source: Drillinginfo, TPH Research, Company Filings Delaware Bone Spring Midland Wolfcamp Tier 1 Midland Wolfcamp Tier 2 Delaware Wolfcamp Oil Basin Economics Niobrara Tier 2 TFS Tier 2 MS Lime Tier 1 Energy + Technology = Delaware Vt Midland Wolfberry Vt Tier 1 Bakken Tier 3 SCOOP Oil CTM Tier 1 Growth PRB Tier 2 Uinta Vt CTM Tier 2 East Texas Eagle Ford Oil Basin Economics - Price Required for 10% ATROR Midland Wolfcamp Tier 3 Uinta Oil Hz Eagle Ford Oil Tier 3 CTM Tier 3 MS Lime Tier 2 Midland Wolfberry Vt Tier 2 STACK TMS Focused in Three of the Top Five Oil Plays in U.S. 6
Whiting Petroleum Corp.
October 2014

In the Midland Basin by Design Undiscounted Acreage Value (1) (2) Permian Basin Map 250 210.6 201.2 187.2 200 Hz Spraberry Codell 154.5 (75.7) 143.8 (57.5) 141.7 150 135.5 (000s) Marcellus Vt (107.0) 114.2 Wolfberry (34.1) Marcellus Niobrara C (82.2) 100 (71.9) Bakken (74.5) Hz Upper Wolfcamp Niobrara B 50 Devonian (100.8) (71.9) (80.2) Upper Devonian Three Forks (61.6) (39.7) 0 Permian Niobrara Super-Rich Wet Gas Liquids-Rich Liquids-Rich Condensate Bakken Midland Wattenberg Marcellus Utica Marcellus Eagle Ford Utica Pre-Tax PV-10 Break-Even Oil Prices (1)(3) 101 89 82 85 80 80 80 73 74 65 66 68 (4) 59 62 55 USD Uinta HZ PRB Bakken DJ Niobrara DJ Niobrara (Watt) Cleveland Barnett Combo Midland Vt Woodbine Marmaton Uinta Vt Tonkawa Mississippi Lime Eagle Ford Midland Wolfcamp Hz (1) Source: Wall Street research. (2) Calculated as NPV-10 of a typical well multiplied by the number of wells that can be developed on a section. Then that (3) Defined as threshold WTI oil price necessary to generate a 10% pre-tax rate of return, excluding acreage costs. 5 number is divided by the typical number of acres in a section in that play to get a value per acre. (4) Based on 500 MBoe well. Estimated recovery per ITG based on early PXD well performance.
Athlon Energy Inc.
February 2014
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