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Break Even
Wolfbone
  Economics : Break-Even

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North American Crude Oil Play Comparison 22 Payout1 Breakeven Price2 Payout (Years) Breakeven (US/bbl) Sask. Bakken Hz. 2.1 Sask. Bakken Hz. 49.33 Viking Hz. Dodsland 2.3 Viking Hz. Dodsland 49.40 Eagle Ford Oil - East 2.6 Cardium Hz. Pembina E. 54.78 Eagle Ford Oil - West 3.9 Eagle Ford Oil - East 59.66 Cardium Hz. Pembina E. 4.3 North Dakota Bakken 61.75 Permian - Wolfcamp Delaware 5.0 Eagle Ford Oil - West 65.26 Permian - Wolfcamp Midland 5.0 Permian - Wolfberry 68.32 North Dakota Bakken 5.0 Permian - Wolfcamp Midland 69.23 Permian - Wolfberry 5.2 Permian - Wolfcamp Delaware 69.77 Permian - Bone Spring/Leonard 5.2 North Dakota Three Forks 70.20 Permian - Wolfbone 5.6 Permian - Bone Spring/Leonard 70.23 North Dakota Three Forks 7.4 Permian - Wolfbone 70.36 Source: Peters & Co. Limited Research. 1. Payout calculation is based on a US65.00 flat WTI price assumption. 2. Breakeven pricing based on WTI (US/bbl) and a 10% discount rate. Canadian breakeven pricing converted from Edmonton Par (C/bbl) to WTI (US/bbl) using a US6.50/bbl differential and exchange rate of 1.1958 (CAD/USD).
Teine Energy
June 2015

0 100 10 20 30 40 50 60 70 80 90 Wattenberg HZ 3/24/2015 NE Weld 10% Eagle Ford East (oil) Bakken Core Eagle Ford West 15% (cond) Yeso Hz Cana Woodford Granite Wash (cond) Wolfcamp North Cana Stack Wolfcamp Del Wolfcamp South Source: IEA, Bloomberg, BofA Merrill Lynch Global Commodities Research. (11/27/14) Bone Spring Bakken South Miss Lime Barnett Liquids Wolfbone Vt Utica (cond) U.S. Oil Breakeven: 15% IRR Suggests 50-80 for Key Plays Spraberry Vt Cline 7
PDC Energy, Inc.
March 2015

Break-Even WTI (/Bbl) (25:1 NYMEX to WTI Ratio) 0 50 100 150 200 250 300 350 400 450 500 Central Basin Platform Vt. [WINKLER (TX)] Central Basin Platform Vt. [ECTOR (TX)] Freestone [NAVARRO (TX)] Midland Basin Vt. [ECTOR (TX)] Central Basin Platform Vt. [ANDREWS (TX)] Midland Basin Vt. [SCURRY (TX)] Midland Basin Vt. [UPTON (TX)] Cana Woodford [STEPHENS (OK)] Cleveland [ROBERTS (TX)] Utica Lean Condy South Eagle Ford East Condy [DEWITT (TX)] Cana Woodford [GARVIN (OK)] Eagle Ford East Oil [GONZALES (TX)] Marmaton [LIPSCOMB (TX)] Yeso Vt [EDDY (NM)] Delaware Basin Hz. [WARD (TX)] Yeso Vt [LEA (NM)] Midland Basin Vt. [HOWARD (TX)] Bakken FBIR Tonkawa [DEWEY (OK)] Central Basin Platform Vt. [GAINES (TX)] Eagle Ford East Oil [KARNES (TX)] Granite Wash Central Basin Platform Vt. [CRANE (TX)] Eagle Ford West Oil [LIVE OAK (TX)] Woodbine [MADISON (TX)] Eagle Ford West Oil [MCMULLEN (TX)] Midland Basin Vt. [GLASSCOCK (TX)] Midland Basin Vt. [MARTIN (TX)] Midland Basin Vt. Cleveland [DEWEY (OK)] Arkoma Woodford Midland Basin Vt. [ANDREWS (TX)] Midland Basin Vt. [MIDLAND (TX)] DJ Niobrara (Other) Midland Basin Vt. [LYNN (TX)] Bakken Sanish Parshall Marmaton [OCHILTREE (TX)] Eagle Ford East Condy [KARNES (TX)] Eagle Ford West Oil [LASALLE (TX)] Delaware Basin Hz. [LEA (NM)] Eagle Ford West Condy [DIMMIT (TX)] Woodbine [GRIMES (TX)] Eagle Ford West Condy [WEBB (TX)] Eagle Ford West Oil [DIMMIT (TX)] Central Basin Platform Vt. Bakken West Anticline Bakken Nesson Anticline Woodbine [BRAZOS (TX)] Eagle Ford West Condy [MCMULLEN (TX)] Central Basin Platform Vt. [WARD (TX)] Delaware Basin Hz. [LOVING (TX)] Mississippi Lime [PAWNEE (OK)] horizontal Wolfcamp play. Yeso Hz [EDDY (NM)] Eagle Ford East Condy [LIVE OAK (TX)] Uinta Vt. [DUCHESNE (UT)] Mississippi Lime [ALFALFA (OK)] Eagle Ford East Oil [LAVACA (TX)] Barnett Combo [COOKE (TX)] Cana Woodford [GRADY (OK)] Bakken East Nesson Cleveland [OCHILTREE (TX)] Mississippi Lime [WOODS (OK)] Bakken Bailey Eagle Ford West Condy [LASALLE (TX)] Bakken Eagle Ford East Oil [WILSON (TX)] DJ Niobrara (Watt) [WELD (CO)] Delaware Basin Hz. [EDDY (NM)] Marcellus [WYOMING (PA)] Cleveland Marcellus [SUSQUEHANNA (PA)] Midland Basin Vt. [REAGAN (TX)] Haynesville Bakken S. Extension Eagle Ford West Oil [ATASCOSA (TX)] estimates do not include the emerging Granite Wash [WHEELER (TX)] Utica Rich Condy South Granite Wash [ROBERTS (TX)] Barnett Combo [MONTAGUE (TX)] Source: ITG IR, raw data provided by didesktop Granite Wash [HEMPHILL (TX)] Uinta Hz. [DUCHESNE (UT)] Mississippi Lime Woodbine [LEON (TX)] Central Basin Platform Vt. [LEA (NM)] Cleveland [LIPSCOMB (TX)] DJ Niobrara (Watt) was not an issue. At 4 NYMEX/100 WTI, Cleveland [HEMPHILL (TX)] Over 900 Tcf natural gas and 50 Bbbl if price Marcellus [MARSHALL (WV)] Marcellus [ALLEGHENY (PA)] remaining oil resource equals gas. Resources Cumulative Oil Resource (Bbbl) Tonkawa [HEMPHILL (TX)] Marcellus [WASHINGTON (PA)] Eagle Ford West Wet Gas [WEBB (TX)] Cumulative Gas Resource (Bboe) Marmaton [BEAVER (OK)] Marcellus [WETZEL (WV)] Cleveland [CUSTER (OK)] Mississippi Lime [PAYNE (OK)] Bakken Elm Coulee Eagle Ford West Oil [ZAVALA (TX)] Tonkawa [ELLIS (OK)] Utica Rich Condy Central Uinta Vt. [UINTAH (UT)] Cana Woodford [CANADIAN (OK)] DJ Niobrara (Other) [LARAMIE (WY)] Bakken N. Extension Eagle Ford West Oil [FRIO (TX)] Wolfbone Vt [REEVES (TX)] Midland Basin Hz. [GLASSCOCK (TX)] Cleveland [ELLIS (OK)] Marcellus [BRADFORD (PA)] Delaware Basin Hz. [WINKLER (TX)] Tonkawa [ROGER MILLS (OK)] Barnett Combo [HOOD (TX)] Haynesville [BIENVILLE (LA)] Cana Woodford [DEWEY (OK)] Marcellus [GREENE (PA)] Eagle Ford West Wet Gas [LASALLE (TX)] Fayetteville [VAN BUREN (AR)] Cotton Valley Hz [RUSK (TX)] Marcellus [BEAVER (PA)] Piceance Haynesville [RED RIVER (LA)] Marcellus Bakken Billings Nose Midland Basin Vt. [IRION (TX)] Eagle Ford Marcellus [LYCOMING (PA)] Fayetteville [CONWAY (AR)] Eagle Ford East Oil [FAYETTE (TX)] Delaware Basin Hz. [REEVES (TX)] Midland Basin Vt. [STERLING (TX)] Pinedale [SUBLETTE (WY)] Barnett Combo DJ Niobrara (Other) [WELD (CO)] Cumulative Total Resource (Bboe) (6:1 Oil to Gas Ratio) Bakken W. Extension Deep Bossier [LEON (TX)] Cotton Valley Hz Utica Dry Gas Central Marcellus [BUTLER (PA)] Utica Lean Condy Central Fayetteville [WHITE (AR)] Eagle Ford West Wet Gas [MCMULLEN (TX)] Fayetteville [CLEBURNE (AR)] Midland Basin Vt. [CROCKETT (TX)] Mississippi Lime [KAY (OK)] Barnett Combo [WISE (TX)] Haynesville [BOSSIER (LA)] Rise of the Big Three: The Future of L48 Oil Production Midland Basin Vt. [DAWSON (TX)] Tonkawa [LIPSCOMB (TX)] Marcellus [HARRISON (WV)] Midland Basin Hz. [IRION (TX)] Freestone [ROBERTSON (TX)] Mississippi Lime [GRANT (OK)] Fayetteville [FAULKNER (AR)] Cotton Valley Hz [MARION (TX)] Piceance [GARFIELD (CO)] Marcellus [DODDRIDGE (WV)] Barnett Shale [DENTON (TX)] Midland Basin Vt. [BORDEN (TX)] Marcellus [TYLER (WV)] Piceance [RIO BLANCO (CO)] Deep Bossier [ROBERTSON (TX)] Haynesville [NATCHITOCHES (LA)] Marcellus [WESTMORELAND (PA)] Eagle Ford East Wet Gas [DEWITT (TX)] Haynesville [CADDO (LA)] Haynesville [SAN AUGUSTINE (TX)] Haynesville [DE SOTO (LA)] Haynesville [NACOGDOCHES (TX)] Cotton Valley Hz [GREGG (TX)] Barnett Shale [WISE (TX)] Barnett Shale [PALO PINTO (TX)] Marcellus [CLINTON (PA)] Cotton Valley Hz [HARRISON (TX)] Marmaton Cleveland [HANSFORD (TX)] Fayetteville Cotton Valley Hz [PANOLA (TX)] Haynesville [SABINE (LA)] Arkoma Woodford [COAL (OK)] Marcellus [FAYETTE (PA)] Deep Bossier Barnett Shale Marcellus [MARION (WV)] Barnett Shale [TARRANT (TX)] Marcellus [SULLIVAN (PA)] Eagle Ford West Dry Gas [WEBB (TX)] Cana Woodford [BLAINE (OK)] Marcellus [TIOGA (PA)] Eagle Ford West Dry Gas [LASALLE (TX)] Midland Basin Hz. [CROCKETT (TX)] Piceance Niobrara Marcellus [ARMSTRONG (PA)] Barnett Shale [JOHNSON (TX)] Eagle Ford East Wet Gas [KARNES (TX)] Barnett Shale [HOOD (TX)] Marcellus [JEFFERSON (PA)] Eagle Ford East Wet Gas [BEE (TX)] Midland Basin Vt. [MITCHELL (TX)] Haynesville [SABINE (TX)] Freestone [LEON (TX)] Fayetteville [INDEPENDENCE (AR)] Barnett Shale [ELLIS (TX)] Utica Oil South Eagle Ford East Wet Gas [LIVE OAK (TX)] Arkoma Woodford [PITTSBURG (OK)] Barnett Shale [SOMERVELL (TX)] Midland Basin Hz. [REAGAN (TX)] Freestone [LIMESTONE (TX)] Barnett Shale [DALLAS (TX)] Barnett Shale [PARKER (TX)] 11/2013 Barnett Combo [DENTON (TX)] Arkoma Woodford [ATOKA (OK)] Haynesville [PANOLA (TX)] Arkoma Woodford [HUGHES (OK)] Marcellus [INDIANA (PA)] Freestone [FREESTONE (TX)] Delaware Basin Hz. [CULBERSON (TX)] Central Basin Platform Vt. [PECOS (TX)] Cana Woodford [CADDO (OK)] Barnett Shale [HILL (TX)] Haynesville [SHELBY (TX)] Haynesville [HARRISON (TX)] Fayetteville [JACKSON (AR)] Pinedale Freestone [HENDERSON (TX)] Cleveland [ROGER MILLS (OK)] Freestone Fayetteville [POPE (AR)] Barnett Combo [CLAY (TX)] Marcellus [CENTRE (PA)] Utica Oil Central Barnett Shale [JACK (TX)] Cotton Valley Hz [SHELBY (TX)] Marcellus [TAYLOR (WV)] Marcellus [UPSHUR (WV)] Barnett Combo [PALO PINTO (TX)] Cana Woodford Haynesville [WEBSTER (LA)] Marcellus [CLARION (PA)] Marcellus [CLEARFIELD (PA)] Marcellus [ELK (PA)] Midland Basin Hz. Midland Basin Vt. [GAINES (TX)] DJ Niobrara (Other) [MORGAN (CO)] Marcellus [POTTER (PA)] Delaware Basin Hz. Oil and Gas Supply Cost and Dispatch Curve Eagle Ford West Condy [MAVERICK (TX)] Haynesville [RUSK (TX)] Marcellus [MCKEAN (PA)] Midland Basin Vt. [GARZA (TX)] Barnett Shale [ERATH (TX)] Barnett Combo [JACK (TX)] Marcellus [RITCHIE (WV)] Freestone [ANDERSON (TX)] Marcellus [LAWRENCE (PA)] 0 50 100 150 200 250 Slide No. 11 Cumulative Remaining Resource (Bboe)
Investment Technology Group Inc.(ITG)
November 2013
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