Economics : Break-Even

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(1) PREMIER, DIVERSIFIED ASSET BASE MARCELLUS 1 rig POWDER RIVER BASIN 4 rigs 1.60 2.20/mcf Breakeven Acreage 577,000 (86% Held) 4.7 million 25 35/bbl Breakeven Net acres Acreage 275,000 (72% Held) UTICA 2 rigs 1.35 1.80/mcf Breakeven Acreage 938,000 (87% Held) 13,300 Undrilled locations MID-CONTINENT 150 1 rig 30 40/bbl Breakeven TIL Count 125 Acreage 806,000 (97% Held) 100 75 50 HAYNESVILLE 25 3 rigs 2.00 2.50/mcf Breakeven Acreage 358,000 (90% Held) 0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 EAGLE FORD Gulf Coast Rockies 4 rigs Appalachia North Appalachia South 30 40/bbl Breakeven Mid-Continent South Texas Acreage 245,000 (97% Held) (1) Net acreage at December 31, 2017 is proforma for announced Mid-Continent asset divestitures and excludes approximately 1.5 million of Other net acreage; 2018 estimated average rig count; PV10 breakeven with oil held flat at 55/bbl and gas held flat at 3/mcf Q4 2017 EARNINGS 6
Chesapeake Energy Corp
February 2018

Alta Mesa Resources Focused on development and consolidation in the STACK Upstream Metrics Net STACK Surface Acres 130,000 Current Net Production (BOE/D) 24,000 % Liquids 69% KFM System Resource Potential (MMBOE)1 1,000 NW Breakeven Oil Price, /BBL WTI < 30 STACK Single-well IRR 80% Gross Identified Base Case 4,196 Locations2 Operated STACK Hz. Wells Producing / 221/ 247 STACK Operated STACK Hz. Wells Drilled3 Early 2018 rig count 6 Midstream Metrics Natural Gas Processing Feb 18 3504 MMCF/D Pipelines 400+ miles 300,000 gross MERGE Dedicated Acreage acres 50 MBBL with 6 Oil Storage Capacity loading LACTs5 Source: Public Filings, Investor Relations Note: Acreage as of 11/9/2017 1 Does not include additional resource potential or undeveloped locations on 20,000 net acres acquired mid-2017 in the Major County Acquisition 2 Does not Include additional locations from downspacing in the Oswego, Meramec, Lower and Upper Osage formations or additional locations in the Big Lime, Cherokee, Manning, Chester, Woodford and Hunton formations 3 Horizontal wells drilled as of 1/6/2018, 214 Meramec/Osage, 6 Oswego, 1 Manning on production 4 Includes existing 90 MMCF/D offtake processing plus expected completion of 200 MMCFD expansion 5 Lease Automatic Custody Transfer units 4
Alta Mesa Resources, Inc
February 2018

Alluring Macroeconomic Fundamentals High quality rock drives compelling returns, robust rig activity Major U.S. Oil Plays Breakeven Prices (/BBL)1 Alta Mesa Type Well IRR3 33.36 34.66 34.76 32.14 169.3% 27.71 27.53 27.16 24.40 102.6% 89.7% 137.1% Reeves Wolfcamp A Over-Pressured Oil DJ Basin - Wattenberg Wolfcamp A&B N. Delaware Basin - Alta Mesa - Updip Oil SCOOP Woodford Eagle Ford - Karnes STACK Meramec - Core Midland - S. Delaware Basin - Condensate Wolfcamp XY 82.3% STACK 2 71.2% Core XRL Trough 4 5 NYMEX Strip Broker Consensus 70.00/bbl / 3.50/mcf Gen 2.0 Gen 2.5 KFM Acreage Dedications / Resource Allocations Breakdown6 KFM Gas Inlet Volumes by Producer (MMCF/D) (000 of gross acres) % Alta Mesa(7) 69% 52% 55% 175 541 639 366 393 193 86 118 239 50 22 128 Phase I + II Phase III / Western Phase I + II + III Additional Acreage 2017E 2018E 2019E Expansion Under Negotiation Alta Mesa Other Producers (Phase I & II) Other Producers (Phase III) Source: BakerHughes, Wall Street Research. 1 Based on 15% IRR hurdle. Assumes gas price deck of 2017: 3.10/mcf; 2018: 2.99/mcf; 2019: 2.83/mcf; 2020: 2.82/mcf; thereafter: 2.83/mcf. 2 AMR breakeven price company prepared. Based on AMR 651 MBOE mean type curve. 3 Osage type curves assume 17% royalty burden and 3.2mm D&C well cost. Adjusted for transportation costs paid to KFM. Excludes 1.25 / bbl oil transportation costs. 4 NYMEX strip pricing as of 8/3/2017 close until 2021 and held flat thereafter. 5 Assumes Broker Consensus Price Deck (2017: 51.16/bbl / 3.16/mcf; 2018: 54.90/bbl / 3.14/mcf; 2019: 58.00/bbl / 3.05/mcf and held flat thereafter). 6 Not inclusive of producer customers entire gross acreage position; additional gross acreage proximate to KFM available for gathering and processing services. Includes additional acreage to come and/or under negotiation. 13 7Percentage of Phase I & II shown.
Silver Run Acquisition Corp II
August 2017

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