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Rates Of Return
Olmos Formation
  Economics : Rates of Return/ IRR

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Eagle Ford Operations Gross Locations % Area County Acres YE14 Gas IRR(1) Fasken Webb 8,302 Lower Eagle Ford 45 100% 65% Upper Eagle Ford 60 100% Olmos 20 100% AWP Gas Acreage McMullen 9,994 Lower Eagle Ford 79 80% 30% Condensate Acreage McMullen 3,355 Lower Eagle Ford 11 60% 15% Olmos 15 57% Oil Acreage McMullen 14,749 Lower Eagle Ford 104 20% 15% Artesia Lower EF Oil Acreage La Salle 4,849 39 40% Condensate Acreage La Salle 4,933 43 50% Oro Grande Gas Acreage La Salle 12,635 74 100% Gas Acreage Option McMullen 11,850 71 100% SFY Acreage (1) Pre-tax IRR; internal calculation using 55/bbl and 3.00/Mmcf using target 2015 well costs. 6
Swift Energy Co.
April 2015

MOSMAN ROCKINGHAM (MR) OLMOS - OIL Production & reserves with low risk development potential 1 well planned Q3 2014 Talon operated project, approximately 3,800 net acres (10100% WI) Olmos Tight Sandstone Reservoir Currently one MR Olmos vertical producing well, Wheeler 1 1P, 2P and 3P reserves of 83 mboe, 741 mboe and 2.13 mmboe respectively (NSAI 31 December 2013)* New 3D seismic 15 potential Olmos horizontal well locations using 120 ac spacing which replaces a 29 well vertical development plan based on 40 acre spacing Estimated gross 3.55.5 mmboe contingent resource potential (1C) based on vertical well analogs Proof of concept well planned for Q3 2014 Currently negotiating to add additional acreage to increase potential wells to 25 Talon Development Estimates Talon gross prospective acres*** 1,800 Well spacing (acres) 120 Potential undeveloped Olmos 15 locations Gross well cost 5.5m Estimated well potential (mboe) 235 325 * Refer to page 37. **Calculated using a constant price scenario 75% NRI Estimated NPV per well** 3.5 5.5m ***1,800 acres of a total of 3,800 acres are believed to be within IRR** 76% 100% commercially productive zones based on seismic analysis 13 May 2014
Talon Petroleum Limited
May 2014

STS Olmos Well Economics Typical Development Well CharacterisLcs CumulaLve Oil ProducLon vs Time FormaLon Depth: 8,900 Lateral Lengths: 4,200 Frac Stages: 12- 16 IniLal ProducLon Rate: 1,000 Boe/d Spacing: 800 lateral displacement Project Type Curve Analysis* Well Costs: 5.8 million EUR: 390 MBoe PV 10%: 3.9 MMUSD Internal ROR: 46% Field Level Economic Parameters Product Mix: Oil: 61% NGL: 22% Gas: 16% EecLve Wellhead Prices : Oil: 102.26 / Bbl Gas: 3.05 / MMBtu NGL: 0.68 / gallon EecLve Realized Price: 71.65/ Boe Direct OperaLng Expense: 9.00 / Boe Cash Margin: 62.65/ Boe * Management es3mate based on type curve from NI 51-101 report eec3ve 1/31/13. www.terraceenergy.net 13
Terrace Energy Corp.
March 2014
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