AEC Project Area Locator Map Slide 3 Corporate Presentation - May 2014
2012 Compared to 2013 Production 1,000,000 All Stars Drilling Campaigns - Gross Monthly Production 100,000 BO/BOE BOE Oil 10,000 1,000 This report is based on information which has been compiled by Antares…
Southern Star SUMMARY OPPORTUNITY 5,824 gross (4,697 net) acres(over 75% of position HBP) Robinson No. 1 first PDP well Northern Extension 54 wells in production (58% oil,42% liquids-rich gas (LRG)) Well completed with best frac…
Southern Star HBP & NESS Project Recent Wolfcamp Horizontal Activity Slide 6 Corporate Presentation - May 2014
Southern Star (2013) Development Plan Forward Scenarios Contiguous, Operated Acreage Position Peak Net Production of 11 Mboe/d 4,697 net acres (5,824 gross) PDP Vt - 40s Vt - 20s Wolfcamp Cline Net Capex 15 450 Over 73% of position…
Southern Star Vt. Wolfberry Type Curve Southern Star Southern Star 20s Type Curve and GOR Type Well Assumptions Gross EUR (Mboe) 218 174 Southern Star Southern Star 20s Type Curve Wells GOR Oil EUR (Mbbl) 115 92 1,000 10,000 Gas…
Modeled 10 Well Production Profile R-1 Oil Produced 42o API 85% Oil & 15% Gas Ratio Peak WI = 1,300 BOEPD (1,105 BOPD) 274 Mboe EUR Slide 12 Corporate Presentation - May 2014
Southern Star Existing 3D control Slide 13 Corporate Presentation - May 2014
Southern Star Hz Type Curves: Wolfcamp and Cline Type Curve and GOR Wolfcamp Hz Wolfcamp Cline Hz Cline Hz Wolfcamp Hz Wolfcamp Hz Short Avg Oil (Wolfcamp) Long Hz Short Long Short Cline Hz Cline Hz Short Avg Oil (Cline) 1,000…
Tying NESS Into SS HBP: Wolfcamp C to Strawn A A Live Oak - 2 Ray 6 McNew 2 Robinson 1 Rel. Depth Rel. Depth 0 0 Wolfcamp C1 Perfs Distributed in best porosity, saturation, & resistivity (new wells) 500 500 A…
500 data points Wolfcamp D (Cline) from Petra GDS Wolfcamp D Structure Wolfcamp D Isopach 0 200 400 600 800 8,000 8,400 8,800 9,200 9,600 10,000 Slide 16 Corporate Presentation May…
Barnes-1 WFC D Petrophysic Character Slide 17 Corporate Presentation May 2014
Element SFH Unit 23 No. 1H Results SFH Unit 23 No. 1H Wolfcamp A Objective Ca. 7,800 lateral 736 BOEPD Peak IP 8+ months producing Cum Prod - 70,917+ BO & 71,975+ MCF Source : Keith Skaar - Element December 2013 Industry…
Tying NESS Into SS HBP: Dean to Wolfcamp C A A Live Oak - 2 Ray 6 McNew 2 Robinson 1 Rel. Depth Rel. Depth 0 0 Dean Perfs Clustered in Best Porosity & High Resistivity 500 500 A A Slide 21 Corporate…
500 data points Upper Wolfcamp (A & B) from Petra GDS Wolfcamp A Structure Wolfcamp A & B Isopach 1,000 200 400 600 800 7,000 7,300 7,600 7,900 8,200 8,500 Slide 24 Corporate…
Modeled 5 Well Production Profile 2000 Element SFH Unit 23 1H Modeled Horizontal Contributions Element SFH Unit 23 1H 85% Oil & 15% Gas Ratio Assume Horizontal D&C 6.5 MM 5 Well Program cost similar to 10 well vertical Peak WI =…
Southern Star Summary 2014 Production average production of 1,100 BOEPD 2014 Production average WI production of 924 BOEPD 2014 Production average NRI production of 636 BOEPD January 2014 Net Operating Income - 1,561,622 4 wells…
Select Operational Photos Robinson Battery Beall Fresh Water Pit Robinson No. 2 Drilling Northern Star Pump & Battery Slide 24 Corporate Presentation - May 2014
Northern Star Activity Locator Slide 26 Corporate Presentation - May 2014
Oil In Place Resource (Archer 16-1) A A Third-party petrophysical analysis by NuTech andRel. Depth Archer 16-1 Cozart A-1R Newbrough 1 HAL indicates significant OOIP in Northern Star Formation OOIP (MMbbl/section) Lower…
Wolfcamp Characteristics (Archer 16-1) Top Wolfcamp A (ft) 9,500' API Gravity (API) 38 API GOR (scf/bbl) 500-1,000 Thickness (ft) 1,200'+ Average Porosity (%) 10% Average Permeability (D) 5 D Carbonate Content (%) 60-65%…
High TOC and Secondary Porosity in the Wolfcamp Well Cozart A No. 1R Depth (ft) 9,730' Formation Wolfcamp B TOC (%) 8.9% Porosity (%) 10.2% Photomicrograph Description This sample contains numerous dissolution pores (likely…
Northern Star 2013 Scoping Economics Significant In-Place Oil Resource Peak Net Production of 11 Mboe/d 11,984 net acres (12,100 gross), 75% NRI (8/8ths) 12 Vt - 40s Wolfcamp Cline Net Capex 300 197 MMB/sec OOIP from Lower Spraberry…
2013 Vt. - Cozart 19 No.1 Completion Pumped Cozart 19 No. 1 - Production BOPD/BOEPD/BWPD 100 100 MCFD Oil TOT Liquids Water 2014 Cum Production 5,600 BO 7,873 MCF (6,913 BOE) BOE 2014 Av. Rates 54 BOPD, 76 MCFD (67…
Modeled 10 Well Production Profile C 19-1 Oil Produced 45o API 85% Oil & 15% Gas Ratio Peak WI = 1700 BOEPD (1,445 BOPD) 272 Mboe EUR Slide 33 Corporate Presentation - May 2014
Northern Star Geochemical Character Formation Leco Rock-Eval Rock-Eval Rock-Eval Tmax Calculated Hydrogen Oxygen S2/S3 S1/TOC Production Name Depth TOC S1 S2 S3 %Ro Index Index Conc. Norm. Oil Index (mg HC/mg (ft) (wt% HC) (mg HC/g)…
Northern Star - Petrophysical Wolfcamp A Cozart 19-1 NuLook Pettaway-1 ShaleLog Slide 35 Corporate Presentation - May 2014
Northern Star - Petrophysical Wolfcamp B Cozart 19-1 NuLook Pettaway-1 ShaleLog Slide 36 Corporate Presentation - May 2014
Northern Star - Petrophysical & Core Wolfcamp B 100 Ohms Cozart 17 AR-1 NuLook Slide 37 Corporate Presentation - May 2014
Northern Star - Petrophysical LS Pay 1 100 Ohms 100 Ohms 100% Sat. 20-30% Sat. Cozart 19-1 NuLook & NMR Pettaway-1 ShaleLog Slide 38 Corporate Presentation - May 2014
Northern Star - Petrophysical Wolfcamp D 100 Ohms 100% Sat. Cozart 19-1 NuLook & NMR Slide 39 Corporate Presentation - May 2014
Northern Star Hz Type Curves: Wolfcamp and Cline Type Curve and GOR Wolfcamp Hz Wolfcamp Cline Hz Cline Hz Wolfcamp Hz Wolfcamp Hz Short Avg Oil (Wolfcamp) Long Hz Short Long Short Cline Hz Cline Hz Short Avg Oil (Cline) 1,000…
Northern Star - Horizontal Development Slide 41 Corporate Presentation - May 2014
Northern Star Summary 2014 Production average production of 95 BOEPD (85% oil) 2014 Production average WI production of 95 BOEPD (85% oil) 2014 Production average NRI production of 71 BOEPD (85% oil) Average 2013 Net Operating Income…
Big Star Summary Situation Big Star Project Highlights Offset Vt. Wolfberry and Hz Mississippian Activity 1. Contiguous Land Position 11,000 net acres, 81% WI, 75% NRI (8/8ths) Favorable land terms support flexible development 2.…