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Rates Of Return
Wolfbone
  Economics : Rates of Return/ IRR

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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

Attractive Well Economics (Typical Well) Gates Ranch Vertical Vertical Horizontal Briscoe L&E Wolfbone Wolfbone Upper North Ranch Far South Southeast Far North Central East Wolfcamp Central 100% 100% 100% 100% 100% 100% 71% 55% 100% Average WI / NRI 75% 75% 75% 75% 81% 75% 53% 41% 75% Average Cost / Well, gross 6.0 - 6.5 6.0 - 6.5 6.0 - 6.5 6.0 - 6.5 6.0 - 6.5 6.0 - 6.5 3.5 3.5 8.5 (MM) Gross 30-day IP 1,508 1,498 1,411 1,384 1,853 917 237 269 1,090 (Boe/d) Gross Reserves 2,350 2,150 1,129 1,017 925 892 255 226 550 (MBoe) 16% Oil 16% Oil 20% Oil 20% Oil 22% Oil 42% Oil 70% Oil 65% Oil 74% Oil P50, Unrisked 39% NGL 39% NGL 37% NGL 37% NGL 41% NGL 29% NGL 16% NGL 19% NGL 10% NGL Rate of Return 110% 104% 66% 58% 125% 73% 27% 21% 44% BFIT (%) PV10 BFIT (MM) 20,102 18,160 8,377 7,056 11,013 9,306 1,234 576 5,206 Payout BFIT (yrs) 0.9 0.9 1.2 1.3 0.7 1.1 2.8 3.4 1.8 Net Developed 3.55 3.88 7.38 8.20 8.31 9.34 18.30 20.68 20.63 F&D (/Boe) Note: Reserves and Economic metrics are Unrisked. Horizontal wells based on 5,000 lateral length. Oil price assumptions, /Bbl - 92.30 in 2014, 85.00 in 2015, 80.40 thereafter. NGL price assumptions, /Bbl - 36.19 in 2014, 34.00 in 2015, 34.00 thereafter. Gas price assumptions, /MMBtu - 4.14 in 2014, 3.99 in 2014, 3.97 thereafter. 32
Rosetta Resources, Inc.
February 2014

DELAWARE BASIN DRILLING INVENTORY ECONOMICS (JUNE 2012) BOE/D Vertical Well (Wolfbone) 250 D+C Cost MM 3.6 200 EUR MBOE 280 150 % Liquids 61% ROR 37% 100 WI / NRI 64% / 49% 50 Current Inventory 1,419 (2% PUD) 0 0 6 12 18 24 30 36 42 48 54 60 Month BOE/D Horizontal Well (Avalon/Bone Spring) 600 D+C Cost MM 6.6 500 EUR MBOE 313 400 % Liquids 74% 300 ROR 30% 200 WI / NRI 88% / 70% 100 Current Inventory 404 (3% PUD) 0 0 6 12 18 24 30 36 42 48 54 60 Month 45
Apache Corp
April 2013
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