RK

Trading

White Paper Figures

November 30, 2016
CONFIDENTIAL

Location of Wells in Focus Area 1 and Focus Area 2

Color Scale Indicates 12Month Oil Production per Foot GPI
41.2

40.8

30

lat

20

10

40.4

40.0

105.0

104.5

104.0

lon

Figure 3.2. 1

103.5

Production vs CnF
Performance is Random Across Operators

12Month Production

15

10

CnF
N
Y

0
Bill Barrett

Figure 4.1.1

Bonanza Creek

Carrizo

Noble I

Noble II*

Whiting

Production vs GPI
Long Wells are Less Productive than Short Wells for Every Operator

12Month Production

15

10
GPI
< 6,000
> 6,000

0
Bill Barrett

Bonanza Creek

Figure 4.2.1

Carrizo

Noble I*

Noble II*

Whiting*

Figure 4.3.1

Long Completions are Less Productive than Short Completions

267 Wells in Focus Area 1

12 Month Production (BBLs per Foot GPI)

30

20

CnF
N
Y

Operator
Carrizo
Noble
Whiting

10

3000

4000

Figure 5.1.1

5000

6000
7000
Gross Perforated Interval Ft

8000

9000

Production vs GPI and TVD

263 Completions in Focus Area 1

Gross Perforated Interval Feet

8000

value
30
6000

20
10

4000

5500

5750

Figure 5.2.1

6000
TVD Feet

6250

6500

Productivity vs Location in Focus Area 1

12Month Production > 20 BBLs Per Ft GPI in Polygon

40.9

40.8

lat

104.1

Figure 5.3.1

104.0

30
20
10

40.7

103.9

lon
CONFIDENTIAL

103.8

103.7

Well Productivity vs Location in Focus Area 1

Residuals from Production ~ GPI + Operator + CnF

40.85

12 Month

Latitude

40.80

20
15
10
5
40.75

40.70
104.00
Figure 5.3.2

103.95

103.90
Longitude

103.85

103.80

Production vs Sand Concentration

267 Wells in Focus Area 1

12 Month Production (BBLs per Foot GPI)

30

20

CnF
N
Y

Operator
Carrizo
Noble
Whiting

10

7.5

Figure 5.4.1

10.0
12.5
Sand Concentration in Frac Fluid (Percentage Weight)

15.0

17.5

Production vs Sand and Water

Ex Location and GPI Effect

Water (Gallons per Ft GPI)

1600

1200
value
10
5
0
5
10
800

400
7.5

Figure 5.4.2

10.0
12.5
Sand Concentration (Percentage of Frac Fluid by Weight)

15.0

17.5

Loca>on vs Produc>on from the GAM

Figure 6.2.1

Figure 6.2.2

CONFIDENTIAL

13

Well Productivity vs Location in Focus Area 1

Productive Trend Runs SW to NE

40.85

12 Month

40.80
Lat

20
15
10
5

40.75

40.70
104.00

Figure 6.2.3

103.95

103.90
Long

103.85

103.80

Figure
Figure
0
10
Figure
61
.2.4

CONFIDENTIAL

15

12Month Production By Focus Area

604 Wells

12 Month Production per Foot GPI

30

20

10

MHA Focus Area 1

Figure 7.0.1

MHA Focus Area 2