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  Economics : Break-Even

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5 Estimated Break-Even WTI (/Boe; 22.5:1 Oil / Gas Ratio) 0 100 120 20 40 60 80 SCOOP Eagle Ford Delaware Wolfcamp Hz NW Shelf Hz Midland Vt (1) Based on internal estimates. Bone Spring Hz Source: ITG Investment Research. Midland Wolfcamp Hz Marcellus Bakken DJ Basin CBP Hz CBP Vt Break-Even Cost is <40/bbl (1) San Joaquin San Juan Basin - Gallup Carrizos Eagle Ford Weighted Average Miss Lime Cleveland Fayetteville Uinta Vt Cotton Valley Hz Piceance NW Shelf Vt Cana Woodford Haynesville Pinedale Eaglebine Utica Marmaton Powder River Arkoma Woodford Uinta Hz Jonah Barnett Carrizo Acreage is Concentrated in Low-Cost Basins Granite Wash TMS Freestone Trend Barnett Combo Gulf Coast CRZO
Carrizo Oil & Gas Inc.
August 2015

In the Midland Basin by Design Undiscounted Acreage Value (1) (2) Permian Basin Map 250 210.6 201.2 187.2 200 Hz Spraberry Codell 154.5 (75.7) 143.8 (57.5) 141.7 150 135.5 (000s) Marcellus Vt (107.0) 114.2 Wolfberry (34.1) Marcellus Niobrara C (82.2) 100 (71.9) Bakken (74.5) Hz Upper Wolfcamp Niobrara B 50 Devonian (100.8) (71.9) (80.2) Upper Devonian Three Forks (61.6) (39.7) 0 Permian Niobrara Super-Rich Wet Gas Liquids-Rich Liquids-Rich Condensate Bakken Midland Wattenberg Marcellus Utica Marcellus Eagle Ford Utica Pre-Tax PV-10 Break-Even Oil Prices (1)(3) 101 89 82 85 80 80 80 73 74 65 66 68 (4) 59 62 55 USD Uinta HZ PRB Bakken DJ Niobrara DJ Niobrara (Watt) Cleveland Barnett Combo Midland Vt Woodbine Marmaton Uinta Vt Tonkawa Mississippi Lime Eagle Ford Midland Wolfcamp Hz (1) Source: Wall Street research. (2) Calculated as NPV-10 of a typical well multiplied by the number of wells that can be developed on a section. Then that (3) Defined as threshold WTI oil price necessary to generate a 10% pre-tax rate of return, excluding acreage costs. 5 number is divided by the typical number of acres in a section in that play to get a value per acre. (4) Based on 500 MBoe well. Estimated recovery per ITG based on early PXD well performance.
Athlon Energy Inc.
February 2014

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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