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Rates Of Return
Niobrara Dj Basin
  Economics : Rates of Return/ IRR

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EMERGING OPPORTUNITY DJ BASIN Northern extension of Wattenberg field DJ BASIN 34,700 net acres in NW Weld County WYOMING Low entry price achieved through leasing and farm-in activity COLORADO 2017/2018 - 5 wells online (4 Codell, 1 Niobrara) Significant oil in place through all Niobrara benches and Codell 2019 - 5 wells online (4 Codell, 1 Niobrara) Well results compare favorably to core DJ oil rates 2020 - 2 wells online (2 Codell) Focused on enhancing well economics through further drilling 2021 3 wells online & completion optimization WELD (3 Codell) MORGAN ADAMS DENVER 25
Enerplus Corp
August 2022

Prolific and Repeatable Wattenberg Inventory Increased inventory by 15+% to 2,000 at YE20 15 Years of Inventory at Current Pace Average lateral length of 9,000 2,500 Unpermitted Inventory Planned 2021 Submitted Permits Current Approved Permits DUCs 2,000 Evaluating potential increases to EURs and economics Realizing benefits from consistently low line pressures 1,500 Potential uplift from modified completion designs 1,000 YE20 SEC proved reserves of 644 MMBoe 500 43% proved developed 0 YE20 Inventory 2021 - 2023 Spuds 2021 - 2023 TILs YE23 Inventory Area DUCs Permits Unpermitted Total 2021e-2023e TILs EUR % Oil IRR PV10 Payback All Numbers Approximate (MBoe) (millions) (years) Kersey 100 90 150 340 160 689 34% 78% 3.9 1.7 Summit 25 120 260 405 130 669 35% 79% 3.9 1.7 Plains 20 50 360 430 65 762 25% 64% 3.6 1.9 Prairie 55 40 730 825 75 390 50% 44% 1.8 2.1 Total 200 300 1,500 2,000 430 579 36% 60% 3.0 1.9 Weighted-average undiscounted economics for extended-reach lateral wells. Assumes 45/Bbl WTI, 2.50/Mcf NYMEX natural gas and NGL realizations of 12/Bbl held flat June 2021 forever. Well costs of 3.0 (MRL) - 3.6 (XRL) million. 25
PDC Energy, Inc.
June 2021

Sound Economics in Todays Environment Example Full-Cycle NPV & IRR Per Well Economics 600 MBOE 800 MBOE 1 MMBOE NPV 1.0 MM 3.0 MM 5.0 MM IRR 20% 50% 85% Full cycle Wattenberg well economics are competitive with other major basins Note: Price Deck: Oil = 55 Flat, NGL = 30% of WTI, Natural Gas = 3.00 Flat Assumed differentials: oil = 6.50 / NGL = 17% / gas = 0.45 Full cycle NPV and IRR information assumes 4.2 MM well costs and average acreage cost of 15,000 per acre. Rate of return and NPV estimates do not reflect corporate, general and administrative expenses. Examples of estimated EURs may not correspond to estimates of reserves as defined under SEC rules. Estimated production volumes reflect 3-stream equivalent 9
SRC Energy Inc
April 2019
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