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  Economics : Rates of Return/ IRR

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Applying ROR-Focused Approach to JAG Assets Jagged Peak utilized NPV-focused development approach in 2H19 Recent production results are in-line with Parsleys risked expectations Capital costs trending lower than Parsleys initial expectations Shifting to ROR-focused approach on Parsleys 2020 development program Increasing proppant loading modestly from legacy JAG design Widening distance between wellbores in all directions Targeting only one landing zone in Wolfcamp B formation JAG NPV-Focused Development Highlights Applying ROR-Focused Approach to JAG Assets NPV-Focused ROR-Focused UTL 1.0 JAG Pad Design PE Pad Design Tighter vertical density: Decrease vertical density: Delaware Venom Stacked 3rd Bone Spring and Stagger 3rd Bone Spring and Basin WARD upper WCA wells (Coriander) upper WCA wells Coriander Tighter horizontal density: Widen horizontal density: 880 horizontal spacing 990+ horizontal spacing (Venom, UTL 1.0) between wells More delineation: Multiple Less delineation: Target one REEVES WCB landing zones (Venom, WCB landing zone in Coriander) prospective areas Parsley Leasehold PECOS JAG Recent Projects Project Project Lateral Current Per Well Name Size Length Oil Rate Coriander 6 wells 8,500 340 Bo/d after 180 days(1) Venom 8 wells 7,900 430 Bo/d after 120 days(2) UTL 1.0 10 wells 9,800 Late March POP (1) Coriander project placed on production mid-August 2019; (2) Venom project placed on production mid-October 2019. 11
Parsley Energy Inc.
March 2020

Delaware Basin Economics by Zone - EOY18 Model Third Bone Spring Wolfcamp A1 Wolfcamp A2 Wolfcamp B Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions Abraxas EOY18 Assumptions 630 MBOE gross type curve 640 MBOE gross type curve 580 MBOE gross type curve 525 MBOE gross type curve 86% Oil 88% Oil 87% Oil 87% Oil Initial rate: 1,100 boepd Initial rate: 809 boepd Initial rate: 843 boepd Initial rate: 634 boepd di: 99.9% di: 97.4% di: 98.6% di: 95.79% dm: 6.0% dm: 7.0% dm: 7.0% dm: 7.0% b-factor: 1.4 b-factor: 1.4 b-factor: 1.4 b-factor: 1.4 Assumed CWC: 7.6 million Assumed CWC: 7.6 million Assumed CWC: 7.6 million Assumed CWC: 7.6 million ROR vs. WTI ROR vs. WTI ROR vs. WTI ROR vs. WTI 18
Abraxas Petroleum Corp.
December 2019

Operations / Technical Update LLEX completed 3 of 5 2018 DUCs to date Haley 1H and 2H began flowing to sales in April 2019, the NE Axis 2H began flowing to sales in June 2019 The 2 Kudu wells are scheduled for completion in September 2019 and are expected to flow to sales in 4Q19 NE Axis 2H IP24-hour rate of 2,455 Boe/d, 712 Bo/d (49% liquids, 29% oil), or 327 Boe/d per 1,000 lateral feet Operations The company has contracted a rig and will resume drilling in 3Q19 with the Grizzly A 2H being the first to spud in August 2019 Overview Focused on high IRR oil weighted prospects in the Wolfcamp B, Wolfcamp A, and 3rd Bone Spring formations throughout 2019 In July 2019, the Company temporarily shut-in 4 wells to remain compliant with state flaring regulations To date, LLEX has installed artificial lifts on nine select wells to enhance performance and increase production, with two additional wells targeted by the end of 3Q19 4 wells are shut-in due to inadequate quality specifications in the natural gas stream. Processing capacity is not an issue Gathering & We continue to independently evaluate a number of field treating options that have the potential to significantly improve Transportation the quality of the natural gas and bring that production to sales Overview LLEX expects to commence shipping crude on the newly built crude oil gathering system and flow a majority of its crude oil through the gathering system in 3Q19 Used operational downtime to deepen geological and engineering study of overall asset area Technical Continue to identify and develop opportunities on the land front, including acreage swaps, acreage defense, and other business development opportunities Overview Monitor and evaluate offset operators, developing best practices for upcoming wells including flowback, choke management, completion parameters, and geologic targets 7
Lilis Energy Inc.
August 2019

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