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  Economics : Rates of Return/ IRR

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High Quality Eagle Ford Position with Extensive Operated Inventory 3 1 266,501 net acres in the East Texas Eagle Snap G 1H (WRD) IP30 = 978 BOE/D (79% oil) J. Malazzo B 1H (WRD) IP30 = 850 BOE/D (73% oil) Ford Shale, focused on Burleson, Lee and 16/64 Choke FTP 1,816 psi 26/64 Choke FTP 1,170 psi 6,735 LL (11/22/15) Horizontal Well Activity(1) 7,842 LL (6/8/14) Washington Counties 1,650 total net (2,977 gross) drilling 3 Snap H 1H (WRD) Grant 4H (Apache) locations, 86% of which are in IP30 = 883 BOE/D (74% oil) 16/64 Choke FTP 2,111 psi IP30 = 671 BOE/D (86% oil) 7,726 LL (5/20/14) Burleson County 7,476 LL (1/11/16) Drilled and completed 31 operated 3 Walker Family 3H (Apache) Candace (WRD) horizontal wells as of 9/30/16 IP29 = 1,075 BOE/D (95% oil) IP30 = 1,377 BOE/D (66% oil) 8,833 LL (12/8/14) Q3 2016 net production of 10.4 MBoe/d 16/64 Choke FTP 1,600 psi 7,481 LL (7/2/16) (87% liquids) McCullough-Wineman 2H (Apache) Completions evolution and D&C Lucy 1H (Halcon) IP30 = 944 BOE/D (93% oil) IP30 = 1,208 BOE/D (62% oil) 8,407 LL (12/23/13) reductions have dramatically improved 8,897 LL (11/13/14) well results and returns 2 1 Fojt 1H (WRD) D&C cost per lateral foot reduced by Snoe 1H (WRD) IP30 = 949 BOE/D (74% oil) IP30 = 819 BOE/D (61% oil) 24/64 Choke FTP 1,380 psi 67% since Gen 1 34/64 Choke FTP 574 psi 5,782 LL (2/24/14) 7,980 LL (11/30/14) EUR per 1,000 lateral feet increased 1 29% from Gen 1 to Gen 3 completions 2 Smith 1H (WRD) Schoppe C 1H (WRD) IP30 = 1,176 BOE/D (60% oil) IP30 = 753 BOE/D (79% oil) 50% IRRs(2) for core Burleson 16/64 Choke FTP 1,727 psi 24/64 Choke FTP 1,193 psi 8,309 LL (4/14/14) 7,756 LL (9/15/15) acreage (92% of total Burleson locations) 2 Hensz B 1H (WRD) Brollier 1H (SM Energy/WRD) High realized pricing given proximity to IP30 = 813 BOE/D (3% oil) IP30 = 898 BOE/D (71% oil) 24/64 Choke FTP 1,464 psi 19/64 Choke FCP 2,441 psi Gulf Coast and low operating costs 4,367 LL (7/27/13) 6,131 LL (3/4/15) Burleson Main WildHorse compared to Permian Burleson North Comstock Significant Austin Chalk upside potential Liebscher O.L. Unit 2H (Enervest) IP30 = 989 BOE/D (56% oil) Burleson West Apache Johnston Unit 3 (Enervest) IP30 = 825 BOE/D (19% oil) WRD Completion Generation Burleson South Currently operating three rigs with plans to 4,539 LL (6/30/13) 1 2 3 Anadarko 4,574 LL (9/28/13) Austin Chalk Washington Austin Chalk increase to 4 rigs by the end of 2017 Halcon Lee Other WRD Acreage CWEI Depth Contour Lines (ft) Other Interstate Pipelines Enervest Note: Offset operator well results on a 2-stream basis. WRD well results on a 3-stream basis. 1. Data for WildHorse based on actual results reported by WildHorse management; peer data based on IHS Enerdeq horizontal wells drilled since 6/30/13. 2. See slide 16 for assumptions embedded in Eagle Ford IRR calculations. 11
WildHorse Resource Development
January 2017

Core Growth Assets in Place Inventory Highlights Potential Gross Operated Drilling Inventory (3) 750+ economic gross operated locations in core areas at 60 WTI (1) +43% 1,101 - Represents 11 years of drilling inventory with 4 rigs running (18 wells per rig/year) Spacing assumptions: 769 526 +34% - Middle Bakken: 4-7 wells/DSU (2) Total 572 331 - Three Forks: 4-7 wells/DSU in FBIR (none in El Halcn 251 381 Williams County) 244 Williams Co. 127 - El Halcn: 1,000 spacing FBIR 194 194 194 10/1/16 Strip 60 WTI 80 WTI Assets with Significant Inventory in Place to take Advantage of an Oil Price Recovery (1) Based on 10% IRR threshold over the life of the well. (2) DSU = Drilling Spacing Unit = 1,280 acres. 9 (3) Assumes 3.00/MMBtu gas.
Battalion Oil Corp.
November 2016

Eastern Region Central Brazos Area Overview Gross Leasehold 2,328 Net Leasehold 1,948 % HBP 35% Top EPS 9,800' to 10,500' Assumed Spacing 750 WI% 68% NRI % 51% Engineered Locations Category Length PDP 0 5,000' 0 PUD 0 6,000' 0 PROB 2 7,000' 2 Engineered Acreage POSS 7 8,000' 7 NonEngineered Acreage Total 9 Total 9 Single Well IRR Sensitivities(1,2) Central Brazos Area Type Curve 700 Oil Price (/Bbl) Strip 45 55 65 75 Oil 600 NGLs Production (Boepd) 10% 269 MBOE 21% 29% 45% 65% 89% 500 Dry Gas 400 EUR (MBOE) Type Curve 300 299 MBOE 28% 39% 60% 86% 118% 200 100 +10% 329 MBOE 36% 51% 77% 111% 152% 0 12 120 108 0 48 24 72 84 96 60 36 Months on Production Note: Type curves engineered by Lonestar 1. Assumes flat natural gas price of 3.50 / Mcf. 2. Assumes flat LLS differential of 3.00 / bbl. 32
Lonestar Resources Ltd.
October 2015
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