TRIANGLE PETROLEUM CORP
FORM
8-K
(Current report filing)
Filed 09/08/11 for the Period Ending 09/08/11
Address
Telephone
CIK
Symbol
SIC Code
Industry
Sector
Fiscal Year
1200 17TH STREET
SUITE 2500
DENVER, CO 80202
303-260-7125
0001281922
TPLM
1311 - Crude Petroleum and Natural Gas
Oil & Gas Exploration and Production
Energy
01/31
http://www.edgar-online.com
© Copyright 2017, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 8, 2011 (September 8, 2011)
TRIANGLE PETROLEUM CORPORATION
(Exact name of registrant as specified in charter)
Nevada
(State or other jurisdiction of
incorporation or organization)
001-34945
(Commission
file number)
98-0430762
(I.R.S. Employer
Identification No.)
1660 Wynkoop St., Suite 900, Denver, CO 80202
(Address of principal executive offices)
Registrant’s telephone number, including area code: (303) 260-7125
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02.
Results of Operations and Financial Condition.
On September 8, 2011, Triangle Petroleum Corporation issued a press release announcing financial and operational results for the
fiscal quarter ended July 31, 2011. The press release is attached as Exhibit 99.1.
The information in Item 2.02 of this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this
Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933,
as amended, except as shall be expressly set forth by specific reference in any such filing.
Item 7.01.
Regulation FD Disclosure.
On September 8, 2011, Triangle Petroleum Corporation posted an updated investor presentation on its corporate website, which
contains non-public information. A copy of this presentation is attached hereto as Exhibit 99.2.
The information in Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this
Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933,
as amended, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01.
(d)
Exhibit
Number
Financial Statements and Exhibits.
Exhibits
Description
99.1*
Press release issued September 8, 2011 announcing financial and operational results for the fiscal quarter ended July 31, 2011
99.2*
Investor Presentation by the Company for September 2011
* Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: September 8, 2011
TRIANGLE PETROLEUM CORPORATION
By: /s/ Jeremy Wagers
Jeremy Wagers
Senior Vice President and
General Counsel
Index to Exhibits
Exhibit
Number
Description
99.1*
Press release issued September 8, 2011 announcing financial and operational results for the fiscal quarter ended July 31, 2011
99.2*
Investor Presentation by the Company for September 2011
* Furnished herewith.
Exhibit 99.1
TRIANGLE PETROLEUM REPORTS SECOND FISCAL QUARTER 2011
FINANCIAL AND OPERATIONAL RESULTS
DENVER – September 8, 2011 – Triangle Petroleum Corporation (AMEX:TPLM) (“Triangle” or “the Company”) today reported its second
fiscal quarter 2011 financial and operational results, including its plans to begin drilling in North Dakota’s Bakken Shale in the fourth quarter
2011. Triangle is a high-growth oriented energy company with a current strategic focus on developing the Bakken Shale and Three Forks
formations of the Williston Basin in North Dakota and Montana.
Highlights Include
•
•
•
•
•
•
Currently producing approximately 600 Boe/d
Completion operations planned for up to an additional 10 high working interest non-operated wells
Forecasting a YE2011 exit rate in excess of 1,000 Boe/d
Received permit for first Triangle operated well, the Dwyer 150-101-21-16-1H, located in McKenzie County, North Dakota.
Operations currently underway on location
Current control of approximately 74,000 net acres in the Bakken Play Fairway
Strong production performance from recently-completed non-operated wells
― Select wells:
Well Name
County
Staal 150 ‐ 99 ‐ 23 ‐ 14 ‐ 1H
Operator
Newfield Production
Co.
Newfield Production
Co.
Bonanza 1 ‐ 21 ‐ 16 ‐ H
Kostelank 28 ‐ 1H
Hodenfield 15 ‐ 33H
Holm 150 ‐ 99 ‐ 13 ‐ 24 ‐ 1H
•
•
Triangle
WI %
24 ‐ hr IP
(Bopd)
McKenzie
23.4%
2,370
McKenzie
12.8%
3,034
Slawson
McKenzie
12.5%
1,320
Hess
Dunn
7.5%
1,040
Hess
Williams
1.7%
2,080
Maintains strong balance sheet and fully-funded position
Adds industry experience to growth-oriented leadership team
“This is a very exciting time for Triangle as we continue to develop our operational capacity in the Williston Basin,” said Dr. Peter Hill, Chief
Executive Officer of Triangle. “We are currently focused on increasing our operated leasehold position with a long-term goal of a 70 percent
operated / 30 percent non-operated acreage portfolio. This transition offers greater ability to control the pace of development and capital
spending, while rapidly growing production and cash flow from our non-operated asset base.”
Budget Updates & Liquidity Highlights
Drilling Commitments through YE2012
1 ‐ Rig Operated Drilling Program
Amount
$
65.6
Non ‐ Operated Drilling Program
Total Drilling Budget
$
$
71.0
136.6
“Based on a 1-rig operated program, we are well-positioned to fund all existing commitments associated with the next twelve months of
operations through cash on hand, cash flow from operations and a reserve-based credit facility that we intend to put in place in the upcoming
months. We have engaged a financial advisor to assist with us in securing a joint venture and negotiations are underway,” said Jonathan
Samuels, President and Chief Financial Officer of Triangle. “We will only increase our operated rig count and associated spending when and if
we secure additional sources of financing.”
Second Quarter 2011 Revenue & Expense Analysis
• Total production of approximately 7,057 barrels of oil equivalent in the fiscal quarter was significantly curtailed by severe weather
and flooding in North Dakota
• Total Williston Basin LOE of $223,239 included $44,583 of expense associated with wells not on production in the fiscal quarter
due to completion delays and / or weather related issues
• Total cash G&A expense of approximately $2.5mm included approximately $800,000 of expenses associated with an unsuccessful
M&A transaction mutually terminated in August due to general market conditions
• Total-stock based compensation expense of approximately $3.5mm reflected a catch-up associated with the July 22 nd stockholder
approval of our 2011 Omnibus Incentive Plan
• Total Nova Scotia LOE of $569,042 related to abandonment activities of wells drilled in 2009
About Triangle
Triangle (AMEX:TPLM) is a high-growth oriented energy company with a current strategic focus on developing oil and gas production the
Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. Led by industry experts from some of the
energy sector’s most-recognized global operators, Triangle is uniquely positioned to unlock the immense value represented by the Bakken, the
largest oil field in North America. Triangle has acquired approximately 74,000 net acres in the Williston Basin and approximately 475,000
gross acres (413,000 net acres) in the Windsor Block of Nova Scotia. For more information, visit Triangle’s Web site at
www.trianglepetroleum.com .
Conference Call Information
Dr. Peter Hill, Chief Executive Officer, and Jonathan Samuels, President and Chief Financial Officer, of Triangle will host a conference call at
9:00 AM MT (11:00 AM ET) to provide an overview of the results and Triangle’s current position, immediately followed by a question and
answer session. Interested parties may dial in using the conference call number (877) 331-9829 (participant passcode # 97272762).
International parties may dial-in using (973) 935-8352. A recording of the conference call will be available through September 15, 2011 at
(855) 859-2056 (participant passcode # 97272762). For international participants, the encore dial-in number is (404) 537-3406.
Forward-looking Statements Disclosure
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally
accompanied by words that convey projected future events or outcomes. Whether actual results and developments will conform with our
expectations and predictions is subject to a number of risks and uncertainties. We refer you to the discussion of risk factors in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended January 31, 2011. All of the forward-looking statements made in this
press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if
substantially realized, they may not have the expected consequences to or effects on our company or our business or operations. Such
statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the
forward-looking statements. We undertake no obligation to update or revise any forward-looking statements.
Exhibit 99.2
CO RP OR AT E PR ESE NT AT IO N S ep t em b er 2 0 11
FOR WA RD L OOKING ST AT EM E NT T h is p re sen t a ti o n i n cl u d es a n u mb e r o f fo rw ard -lo o k i ng st at e me nt s th a t re fle ct t h e c u rre n t v i ews o f o u r ma n ag e me n t wi th res pe c t to fu tu re e v en t s an d fi n a nc i al p e rfo rma n ce . Yo u c an id e n t ify th e se st a te me n ts b y fo rwa rd -lo o k i ng wo rd s su ch as “ma y , ”“ wil l ,” “ ex p e ct ,” “ an t ic ip a t e, ” “be l ie v e, ”“ est i ma te ” an d “co n t in u e , ” or si mi la r w o rd s . Th o se s ta te me n t s i n cl u d e st at e me n ts re ga rd i ng o u r an d me mb e rs o f o ur ma n ag e me n t t ea m’s i n te n t , b e l ie f o r cu rre nt ex p e ct at i o n s a s wel l a s t h e a ssu m pt i o n s o n wh ic h s u ch sta t em en t s are b a se d. P ro sp ec t iv e i n v est o rs are c au t i o n ed t h a t an y su c h fo rwa rd -lo o k i ng st at e me nt s are n o t g u a ran t e es o f fu t u re p erfo rma n ce an d i n v o lv e ri sk an d u nc e rta in t i es, a n d t h at ac tu a l res u lt s ma y d i ffer ma te ria l ly from t h o se c o n te mp l at e d b y s u ch forw ard -lo o k i ng st at e me nt s. R e ad e rs are u rg e d t o c are fu ll y re v ie w an d co n si d er th e v a ri ou s d i sc lo su re s ma d e b y u s in th e se m at eri a ls an d o u r o t h er re p o rt s fi le d w it h t h e U. S. Sec u ri ti es a n d E x ch a n g e Co m mi ssi o n . Th e se p re se nt a ti o n m at eri a ls sh o u l d b e re ad in co n j u n ct io n wi th th e se c ti o n s e n t it le d “M an a g em en t ’s Di sc u ssi o n a n d An a l y sis o f Fin a n ci a l C o nd i t io n an d Re su l ts o f O p era ti o n s ” in ou r An n u al R e p o rt o n Fo rm 1 0 -K, an d wit h o u r “Co n s ol i d at ed Fi n an c ia l St at e me n ts ” an d n o t es t h ere t o i n o u r An n u a l R ep o rt o n Fo rm 10 -K fo r t h e y e ar en d e d Ja n u ary 3 1 , 2 0 11 . Im p o rt a n t fac to rs c u rre n t ly k n ow n t o o u r m an a g em en t c o u l d c au se a c tu a l res u lt s to di ffe r ma t eri al l y fro m th o se in fo rw ard -lo o k i ng st at e me nt s. W e u n d ert ak e n o o b li g at i o n t o u p d at e o r re v is e fo rward -lo o k i ng st at e me nt s to refl e ct c h an g e d a ssu m p ti o n s, t he oc c u rre n c e o f u n an t i ci p at e d e ve n t s o r ch a n g es i n t h e fut u re o p e ra t in g resu l t s o v e r t im e. W e b el i ev e t h at th e se a ssu m pt i o n s a re b as ed u p on rea so n a b le d a ta de ri v ed fro m a n d k n o wn ab o u t o u r b u si n e ss an d o p e rat i o n s. No a ss ura n c es are m ad e t h a t ac t ua l re su lt s o f o p e rat io n s o r t h e res u lt s o f o u r fu t u re ac ti v i ti es wi l l n o t d iffe r ma t eri al l y fro m th e se a ssu m p ti o n s. Fa ct o rs th a t co u l d c a us e d iffe ren c es i n cl u d e, b u t a re n o t li m it ed to ,
hi st o ry o f lo ss es , u n c e rt a in t y o f d ril li n g re su l ts , i n a b il it y t o a cq u i re ad d i ti o n al l e as eh o l d i n te res ts o r o t h er o il a n d n a tu ra l ga s p ro p ert ie s, i n ab i li t y t o ma n a g e g ro w th in o u r b u si n ess , in a b il i ty to co n t ro lp ro p e rt i es we d o n ot op e ra te , in a b il i ty to p rot e ct a g a in st c e rta in li a b il it i es as so c ia te d w it h o u r p ro p e rti e s, la c k o f d i v ers ifi ca t io n , su b st a n ti al c a p it al re q u ire me n t s a n d l im it e d a cc es s to ad d i ti o n al c a pi t al , co m p et i ti o n i n t h e o il a n d n a tu ra l g as i n d u stry , g l o b al fi n a nc i al c o n d it i on s , o il a n d n a tu ra l g as re al iz e d p ri ce s, se as o n al we a th e r c o n d it io n s , m ark e t in g an d d i st rib u t io n o f o i l an d n at u ral g a s, t h e in fl u en c e o f o u r sig n i fic a n t st oc k h o ld e rs, g o v e rn m en t re g u la t io n o f t he oi l a n d n a tu ra l g as i n du s try , p o t en t ia l re g ul a ti o n a ffec t in g h y d ra u li c fra ct u rin g , e n v iro n me n ta l re g u la ti o n s, i n cl u d in g cl im at e c h an g e re g u la ti o n s, u n i ns u red o r u n d eri n su re d ri sk s, a bo ri g in a l c la i ms rel at i n g t o o u r C a n ad i an p ro p ert ie s, d e fec ts i n t it l e to o ur o il a n d n at u ra l g as i nt e rest s, m at e ri a l we ak n e ss in o u r i nt e rn al a cc o u n ti n g c o n tro l s, a n d fo rei g n c u rren c y e x c ha n g e ri sk s. Pri o r t o 2 0 1 0 , th e S EC g e n era l ly p erm it te d o i l a n d g a s c o mp a n ie s, i n t h ei r fi li n g s, t o d i scl o se o n l y p ro v e d re serv e s th a t a c om p an y h as d e mo n st rat e d b y a c tu a l p ro du c t io n or co n c l us iv e fo rm at io n te st s to b e ec o n o mi ca ll y an d l e g al ly p ro d u ci b le u n d e r e x is ti n g e co n o m ic a n d o p e rat in g co n d i ti o n s. B eg i n n in g wi th y ea r-en d re se rv es fo r 2 0 0 9 , t h e SEC p erm it s th e o p t io n a l d is cl o su re o f p ro b a b le a n d p o ss ib l e res erv e s. We u s e th e t e rm s “ est i ma te d u l ti ma t el y re co v e rab l e ,” or EU R, “ re so u rc e p o te n ti a l, ”“ re c o v era b le re se rv es ”or o th e r d e sc rip t io n s o f v o l u me s of h y d ro ca rb o n s t o d e sc rib e v o l u me s o f res ou rc e s p o t en t ia l ly rec o v era b le th ro u g h a d d it io n a l d ril l in g o r re co v e ry t ec h n iq u e s t h a tt h e SE C ’s g u i d el in e s p ro hi b i t u s fro m i n cl u d in g in fil in g s wi th th e S EC . E sti ma t es o f re so u rc e p ot e n ti al , re co v e rab l e res erv e s o r es ti ma te d u l t im at el y re c o v era b le a mo u n t s d o n o t refl ec t v o l um es t h at a re d e mo n st rat e da s b ei n g c o mm erc ia l ly o r t ec h n ic al l y re co v e rab l e. E v en if co m me rci a ll y o r te ch n i c al ly rec o v era b l e, a si g n ifi c an t re co v e ry
fa c to r wo u ld b e ap p l ie d t o t h es e v o lu m es t o d e te rmi n e es ti ma te s o f v o l u me s o fp ro v ed res erv e s. Ac co rd i n g ly , t h es e es ti ma te s are b y th e ir n at u re mo re sp e cu l at i v e th a n e st im at e s o f p ro v e d re se rv es a nd ac c o rdi n g l y a re su b je c t to su b st an t ia l ly g rea te r ri sk o f b ei n g a c tu a ll y re a li ze d b y u s. Th e m e th o d o lo g y fo r re so u rce p o t en t i al , rec o v era b le re se rv es o r e st im a te d u l ti ma t el y re co v e rab l e a mo u n ts m ay al so be di ffe re n t t h an th e m et h o d o lo g y an d g u i d el i n es u se d b y th e So c ie t y o f Pet ro le u m En g i n ee rs an d is d iffe re nt fro m t h e SE C ’sg u id e li n e s fo r est i ma ti n g p ro b a bl e a n d p o ssi b l e rese rv e s. Fu rth e rmo re , th e fo rwa rd -lo o k i ng st at e me nt s co n t a in e d i n t h is p res en t at i o n a re ma d e as o fth e d a t e h ere o f, a n d w e u n de rt ak e n o ob l i g at io n , e x ce p t a s re q u ire d b y ap p l ic ab l e se c uri t ie s le g is la ti o n , to u p d at e p u b li c ly o r t o rev i se a n y o f th e i n cl u d e d fo rwa rd lo o k i n g st a te me n ts , wh et h e r a s a re su l t o f n e w i n fo rma ti o n , fu tu re e v en t s or o th e rwi se . Th e fo rwa rd -lo o k i ng st at e me nt s co n t a in e d h e rei n a re ex p re ssl y q u a li fi ed b y t h is ca u t io n a ry st a te me n t.
TAB L E OF CO NTE NT S S u mma ry A cre ag e O v erv i ew W il li st o n B a si n Ge o lo g y Sta t io n Pro sp ec t Op e rat i o n s Fi n a n ci al O v erv i ew Ke y In v e stm e nt Co n s id e rat io n s 5 7 9 1 3 15 2 3 2 7
SUM M AR Y
SUM M AR Y PL AT FOR M : ~7 4 ,0 0 0 n e t a cre s, 4 5 % o p e ra t ed , a cq u i red at ~ $ 1, 3 0 0 /a c re in th e B a k ke n Oi l Pl ay ▪ ~31 , 0 0 0 n e t ac res i n C o re Are a wi th av e rag e p e r we l l IR R o f ~5 0 % a t cu rre n t st rip p ri c es ― Ov e r 7 5 % o f t h e a cre ag e e x p ire s in 2 0 1 4+ ― E x pa n d i ng o p era te d p o s it io n in C o re Area t h ro u g h l an d tra d es a n db o l t -on ac re ag e a cq u i si ti o n s ▪ ~43 , 0 0 0 n e t ac res i n l arg e ly c on t i g uo u s b l o ck in Ea st ern M o n ta n a(“ Sta t io n P ro sp ec t ” ) ―O pe ra te d wi t h o v er 4 0 Dri l li n g Sp a c in g U n it s (D SUs), o ffe rin g ~2 4 5 p o te n t ia l we ll l o ca t io n s ▪ Cu rre n t p ro d uc t io n o f a pp ro x i ma te l y 6 0 0 B o e /d TE AM : Gro w o p era ti o n s / sea so n e d t ec h n ic a l te a m w it h W il l is to n a n d re so u rc e p la y e x p eri en c e ▪ Firs t o pe ra te d we l l sp u d s in la te S ep t em b er ▪ Cu rre n tl y p l a nn i n g 1 -ri g o p e rat e d p ro g ram t o d ri ll u p to 8 n e t we ll s(1 4 g ro ss ) b y e n d 2 0 1 2 ▪ Pad d ril li n g o f u p t o 8 l o c at io n s p e r u n it i n d e -ri sk e d C o re Are a; i n t eg ra te d w it h i n frast ru c tu re b u i ld ▪ Aim t o l o we r F& D / L OE c o st s b y 1 0 % -20 % in th e fu t u re ▪ No n -op e ra te d p l an s c on t i n ue wit h a p p ro x im at el y 8. 5 n e t we ll s(5 0 + g ro ss) in Co re A rea b y en d 20 1 2 STR E NGT H: St ro n g b al an c e sh e et – ~$ 11 0 mm c as h p o si ti o n a n d n o d e b t ▪ 1 -ri g p ro g ra m is fu ll y fu n d e d t h ro u g h 2 0 1 2 ▪ Ex p a ns io n to 3 o p e ra t ed rig s in H2 ’12 is p l an n e d b u t a t C o mp a ny d is cre t io n a n d d e p en d e n t o n : ― Fin d i n g a s tra te g i c JV pa rt n er ac ro ss p ort fo l io ―C l o si n g a re serv e -ba se d c red i t fa ci li t y ― C o n si de ri n g a p ri va t e p la ce me n t o f l o n g -te rm, c o ve n a n t -li g h t d eb t ― Ge n era l ma rk et co n d i ti o n s ▪ Pro d uc t io n g ro w s t o 2 , 0 0 0 -2, 8 0 0 B o e /d b y e n d 2 0 1 2 d ep e n d in g o n rig co u n t 5 No n -Op era te d / O p era te d P rod u c t io n A cc el e rat io n
AC RE AGE O VER V IE W
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WIL LIST ON B ASIN GEO LOG Y M ID DLE B AK KEN AC R E AGE – GEOL OGY W ILL ISTO N B AS IN L EA SEH OLD M AP 1 0 1 6 2 N 9 4 W 1 6 2 N 9 3 W 1 6 2 N 9 6W 1 6 2 N 9 5 W 1 6 2 N 9 0 W 1 6 2 N 9 2 W 16 2 N 9 1 W 3 5 N 5 8 E 3 5 N 5 6 E 3 5 N 5 7 E 3 5 N 5 3 E 35 N 5 4 E 3 5 N 5 5 E 1 6 1 N 1 0 3 W 1 6 1N 1 0 2 W 1 6 1 N 1 0 1 W 1 6 1 N 1 0 0W 16 1 N 9 9 W 1 6 1 N 9 3 W 1 6 1 N 9 8 W 1 61 N 9 7 W 1 6 1 N 9 6 W 1 6 1 N 9 5 W 1 6 1N 9 2 W 1 6 1 N 9 1 W 1 6 1 N 9 4 W 1 6 1 N 9 0 W 3 4 N 4 9E 3 4 N 5 0 E 3 4 N 5 1 E 3 4 N 5 8 E 3 4 N 5 2 E 3 4 N 5 3 E 34 N 5 7 E 3 4 N 5 6 E 3 4 N 5 4 E 3 4 N 5 5 E 1 6 0 N 1 0 3W 1 6 0 N 1 0 2 W 1 6 0 N 1 0 1 W 1 6 0 N 10 0 W 1 6 0 N 9 9 W 1 6 0N 9 3 W 1 6 0 N 96 W 1 6 0 N 9 5 W 1 6 0 N 9 4 W 1 6 0 N 9 2W 1 6 0 N 9 8 W 1 6 0 N 9 7 W 1 6 0 N 9 1 W 33 N 4 9 E 3 3 N 5 0 E 3 3 N 5 1 E 3 3 N 5 2 E 3 3 N 5 3 E 3 3N 5 4 E 3 3 N 57 E 3 3 N 5 6 E 3 3 N 5 8 E 3 3 N 5 5 E 1 5 9N 1 0 3 W 1 5 9 N 1 0 0 W 1 5 9 N 9 9 W 1 59 N 1 0 2 W 1 5 9 N 1 0 1 W 1 5 9 N 9 8W 15 9 N 9 1 W 1 5 9 N 9 2 W 1 5 9 N 9 3 W 1 59 N 9 7 W 1 5 9 N 9 5 W 1 5 9 N 9 6 W 1 5 9N 9 4 W 3 2 N 52 E 3 2 N 4 9 E 3 2 N 5 3 E 3 2 N 5 4 E 3 2 N 5 1 E 3 2 N 5 0E 3 2 N 5 7 E 3 2 N 5 8 E 3 2 N 5 6 E 3 2 N 5 9 E 3 2 N 5 5 E 15 8 N 1 0 3 W 1 5 8 N 1 0 0 W 1 5 8 N 1 01 W 1 5 8 N 1 0 2 W 1 5 8N 9 9 W 1 5 8 N 92 W 1 5 8 N 9 8 W 1 5 8 N 9 7 W 1 5 8 N 96 W 1 5 8 N 9 1 W 1 5 8 N 9 5 W 1 5 8 N 9 3W 15 8 N 9 4 W 1 5 8 N 9 0 W 3 1 N 5 4 E 3 1 N 5 5 E 3 1 N 5 7E 3 1 N 5 8 E 3 1 N 5 3 E 3 1 N 5 0 E 3 1 N 5 1 E 3 1 N 5 2 E 31 N 4 9 E 3 1 N 5 9 E 3 1 N 5 6 E 1 5 7 N 1 0 3 W 1 5 7 N 10 2 W 1 5 7 N 1 0 1 W 1 57 N 1 0 0 W 1 5 7 N 9 9 W 1 5 7 N 9 2 W 1 57 N 9 1 W 1 5 7 N 9 8 W 1 5 7 N 9 7 W 1 5 7N 9 4 W 1 5 7 N 93 W 1 5 7 N 9 5 W 1 5 7 N 9 6 W 1 5 7 N 9 0W 3 0 N 5 3 E 3 0 N 5 4 E 3 0 N 5 1 E 3 0 N 5 2 E 3 0 N 5 5 E 30 N 5 0 E 3 0 N 5 9 E 3 0 N 4 9 E 3 0 N 5 8 E 3 0 N 5 7 E 3 0N 5 6 E 1 5 6 N 1 0 4 W 1 5 6 N 1 0 3 W 1 56 N 1 0 2 W 1 5 6 N 1 0 1 W 1 5 6 N 1 00 W 1 5 6 N 9 9 W 1 5 6 N 9 7 W 1 5 6 N 9 5W 15 6 N 9 6 W 1 5 6 N 9 4 W 1 5 6 N 9 3 W 1 56 N 9 2 W 1 5 6 N 9 8 W 1 5 6 N 9 1 W 2 9 N 5 1 E 2 9 N 5 2E 2 9 N 5 6 E 2 9 N 5 5 E 2 9 N 5 7 E 2 9 N 5 3 E 2 9 N 5 0 E 29 N 5 4 E 2 9 N 5 8 E 2 9 N 5 9 E 1 5 5 N 1 0 4 W 1 5 5 N 10 3 W 1 5 5 N 1 0 2 W 1 55 N 1 0 1 W 1 5 5 N 9 9 W 1 5 5 N 1 0 0 W 15 5 N 9 8 W 1 5 5 N 9 7 W 1 5 5 N 9 6 W 1 55 N 9 5 W 1 5 5 N 9 4 W 1 5 5 N 9 3 W 1 5 5N 9 2 W 1 5 5 N 91 W 2 8 N 5 4 E 2 8 N 5 2 E
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M IDDL E BA KKE N T YPE W EL L 0 2 0 0 4 0 0 6 0 0 8 0 0 1 , 0 0 0 1 ,2 0 0 1 ,4 0 0 1 , 6 0 0 0 1 2 2 4 3 6 4 8 6 0 Gro ss b b l s / d M o n th s W ILL ISTO N B AS IN GE OL OGY WIL L IS TON B ASIN HIGH LIGH TS In d u stry h as su b st a n ti al l y d e -ri sk e d t h e Pl ay , d e fin i n g c o mm erc ia l b o u n d ari es ▪ 8m m ac re – 12 , 5 0 0 sq u a re mi le – co n t in u o u s o il a cc u mu l a ti o n ▪ 25 0 -40 0 b n b arre ls o f e st im at e d o i l in p la ce (N DIC , ND G eo l o g ic al Su rv ey , 2 0 0 8 ) ▪ 4. 9 -6. 2 b n b a rrel s of es ti ma t ed rec o v era b le re se rv es fro m M id d l e B ak k e n an d Th re e Fo rk s form at i o n s (US GS 20 0 8 ); a ssu m p ti o n o f o nl y 1. 5 % re co v e ry fa ct o r ▪ In d u s try ass u me s 5 % -10 % rec o v ery fac to r – gi v i n g 1 2 -24 b n ran g e (C o n ti n e n ta l, 2 0 1 1 ) T e ch n o l og y co n t i nu e s to su p p o rt h ig h e r re co v e ry ra te s an d in c rea se d d e n sit y ▪ M ic ro -sei sm ic a n d we l l d at a su p p o rt in g u p to 4 M i d d le Ba k k en a n d 4 Th re e Fo rk s lo c at i on s p e r 1 ,2 8 0 u n it ▪ 25 -30 + st a g e fra c so n 9 , 5 0 0 ’-10 , 0 0 0 ’la te ral s o p ti ma l ▪ Ad v an c es c o nt i n u e wit h s u b su rfac e, i n fras tru c tu re a n d c o st s ▪ We ll E UR p o t e nt i al 3 5 0 -50 0 -75 0 M b o e 1 1 So u rc e: T ri an g l e Pe tro l eu m C o rp o rat io n es ti ma te s. No t e : Th e fu t u re wel l t y p e cu rv e wa s d eri v ed u si n g t he av e rag e we l l p erfo rma n c e o f 4 0 we l ls d ri ll ed b y Oa si s Pet ro le u m a nd Sl aws o n Ex p l o rat io n from 2 0 0 9 th ro u g h Ju l y 2 0 1 1 . T y p e C urv e A ssu m pt i o n s 3 0 -Day Av e ra g e IP (b bl s/ d ) 5 7 5 D i 7 0 % B Fa ct o r 1 . 7 5 D (re si d ) 7 % Tri an g l e Ty p e C u rv e Gro ss b b l s/ d M on t h s
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0 0 0 0 0 0 0 0 0 3 7 N 5 7E 3 7 N 5 8 E 1 6 4 N 1 0 3 W 3 7 N 5 6 E 3 7N 5 5 E 3 7 N 54 E 3 7 N 5 2 E 3 7 N 5 3 E 1 6 3 N 1 0 3W 36 N 4 2 E 3 6 N 4 6 E 3 6 N 4 5 E 3 6 N 4 7 E 3 6 N 4 4 E 36 N 4 9 E 3 6 N 51 E 3 6 N 5 0 E 3 6 N 5 2 E 3 6 N 4 3 E 3 6N 4 8 E 3 6 N 5 5E 3 6 N 5 6 E 3 6 N 5 3 E 3 6 N 5 4 E 3 6 N 5 7 E 3 6 N 5 8E 16 2 N 1 0 3 W 3 5 N 4 8 E 3 5 N 4 7 E 3 5N 4 9 E 3 5 N 4 2E 3 5 N 5 0 E 3 5 N 5 1 E 3 5 N 5 8 E 3 5 N 4 3 E 3 5 N 4 5E 35 N 4 6 E 3 5 N 4 4 E 3 5 N 5 6 E 3 5 N 5 7 E 3 5 N 5 2 E 35 N 5 3 E 3 5 N 54 E 3 5 N 5 5 E 1 6 1 N 1 0 3 W 3 4 N 4 8E 34 N 4 7 E 3 4 N 4 5 E 3 4 N 4 9 E 3 4 N 4 4 E 3 4 N 4 3 E 34 N 5 0 E 3 4 N 46 E 3 4 N 5 1 E 3 4 N 5 8 E 3 4 N 5 2 E 3 4N 5 3 E 3 4 N 5 7E 3 4 N 5 6 E 3 4 N 5 4 E 3 4 N 5 5 E 1 6 0N 1 0 3 W 3 3 N 48 E 3 3 N 4 7 E 3 3 N 4 9 E 3 3 N 4 3 E 3 3N 5 0 E 3 3 N 44 E 3 3 N 4 5 E 3 3 N 5 1 E 3 3 N 5 2 E 3 3 N 4 6 E 3 3 N 5 3E 33 N 5 4 E 3 3 N 5 7 E 3 3 N 5 6 E 3 3 N 5 8 E 3 3 N 5 5 E 15 9 N 1 0 3 W 3 2 N 4 3 E 3 2 N 4 4 E 3 2 N 4 5 E 3 2 N 5 2E 3 2 N 4 6 E 3 2 N 4 7 E 3 2 N 4 8 E 3 2 N 4 9 E 3 2 N 5 3 E 32 N 5 4 E 3 2 N 51 E 3 2 N 5 0 E 3 2 N 5 7 E 3 2 N 5 8 E 3 2N 5 6 E 3 2 N 59 E 3 2 N 5 5 E 1 5 8 N 1 0 3 W 3 1 N 4 3 E 31 N 4 6 E 3 1 N 44 E 3 1 N 4 5 E 3 1 N 5 4 E 3 1 N 5 5 E 3 1N 5 7 E 3 1 N 58 E 3 1 N 5 3 E 3 1 N 5 0 E 3 1 N 5 1 E 3 1 N 5 2 E 3 1 N 4 9E 3 1 N 5 9 E 3 1 N 4 8 E 3 1 N 5 6 E 3 1 N 4 7 E 1 5 7 N 1 03 W 3 0 N 4 6 E 3 0 N 4 3 E 3 0 N 4 4 E 3 0 N 4 5 E 3 0 N 5 3E 3 0 N 5 4 E 3 0 N 5 1 E 3 0 N 5 2 E 3 0 N 5 5 E 3 0 N 5 0 E 30 N 5 9 E 3 0 N 49 E 3 0 N 5 8 E 3 0 N 5 7 E 3 0 N 5 6 E 3 0N 4 7 E 3 0 N 48 E 1 5 6 N 1 0 4 W 2 9 N 4 3 E 2 9 N 4 4 E 29 N 4 5 E 2 9 N 4 6 E 2 9 N 5 1 E 2 9 N 5 2 E 2 9 N 5 6 E 2 9N 5 5 E 2 9 N 57 E 2 9 N 5 3 E 2 9 N 4 8 E 2 9 N 4 9 E 2 9 N 5 0 E 2 9 N 4 7E 2 9 N 5 4 E 2 9 N 5 8 E 2 9 N 5 9 E 1 5 5 N 1 0 4 W 1 5 5 N 1 0 3 W 2 8 N 4 4 E 2 8 N 4 5 E 2 8 N 4 6 E 28 N 4 7 E 2 8 N 5 4 E 2 8 N 5 2 E 2 8 N 5 3 E 2 8 N 5 5 E 2 8N 5 1 E 2 8 N 56 E 2 8 N 5 7 E 2 8 N 5 0 E 2 8 N 4 8 E 2 8 N 4 9 E 2 8 N 5 8E 2 8 N 5 9 E 1 5 4 N 1 0 4 W 1 5 4 N 1 0 3W 2 7 N 4 4 E 2 7 N 4 5 E 2 7 N 4 6 E 2 7 N 5 0 E 2 7 N 5 2 E 27 N 5 1 E 2 7 N 5 5 E 2 7 N 5 3 E 2 7 N 4 9 E 2 7 N 5 4 E 2 7N 4 8 E 2 7 N 58 E 2 7 N 5 6 E 2 7 N 5 7 E 2 7 N 4 7 E 2 7 N 5 9 E 1 5 3 N 10 4 W 1 5 3 N 1 0 3 W 2 6N 4 4 E 2 6 N 4 5E 2 6 N 4 6 E 2 6 N 4 8 E 2 6 N 4 7 E 2 6 N 4 9 E 2 6 N 5 0E 26 N 5 1 E 2 6 N 5 4 E 2 6 N 5 5 E 2 6 N 5 2 E 2 6 N 5 8 E 2 6N 5 9 E 2 6 N 56 E 2 6 N 5 7 E 2 6 N 5 3 E 1 5 2 N 1 0 4W 25 N 4 4 E 2 5 N
46 E 2 5 N 4 7 E 2 5 N 4 5 E 2 5 N 4 8 E 2 5N 5 0 E 2 5 N 49 E S h eri d an Dan i e ls R o o se v el t Up r. B ak k e n Su b c ro p Up r. B ak k e n Su b c ro p M i d d le B a k k en Sh al e Su b c ro p Lw r. Ba k k e n Sh a le S ub c ro p P ra i rie S al t Ed g e T F Sam so n S u bc ro p 0 0 0 0 . 2 5 5 2 . 0 0 . 2 5 5 2 . 0 0 . 2 5 0 . 5 0 . 5 5 . 0 5 . 0 5 . 0 5 . 0 FE ET 0 5 1, 8 1 6 PE T RA 8 / 3 0 /2 0 1 1 1 0 : 0 5 :3 9 AM T ri an g l e ’s re g io n a l ma p p in g sh o ws >3 0 % o i l sa tu ra ti o n w it h in th e M i d d l e Ba k k e na n d T h ree F o rk s i n St a ti o n Pro s p ec t ST ATIO N PR OS PEC T S TAT ION PR OSP EC T – RO OSE VEL T AND SHE R IDAN C OUNT IES 1 3  40 DSUs / 1 ,2 8 0 a c res  ~ 24 5 we ll l o ca t io n s  Re q u ire s “ Pro o f o f C o n c ep t ” pro g ra m ― 3 -4 v ert i ca l we ll s to fin d be st i n t erv a ls ― C o re / t es t / lo g  Lo n g l a te ral / m u lt i - sta g e c o mp le t io n s fo r d e v el o p me n t So u rce : T ria n g le P et ro le u m C orp o ra ti o n , 2 0 1 1 . N o te : B o ld e d b l ac k l i ne s in d i c at e ma p p ed fau l ts i n St a ti o n Pro sp e c t are a.
OPER A TIONS
OPER A TIONS PL ANN ED LO CA TION S AN D A CT IVIT Y 1 5 SIGNIFIC AN T WE LL – IP R a te T ria n g le Acre ag e i n C o re A re a T ria n g le A ct iv e O BO W el l s T ria n g le Perm it t ed OB O W el l s H ig h le v el v i si b il i ty o n d ril l in g ac ti v i ty ▪ Ex p e ct t o p a rti ci p a te i n a p p ro x im at el y 8. 5 n e t we ll s b y e n d 2 0 1 2 ▪ Cu rre n tl y u n d e r m o re th a n 5 0 w el ls ▪ All w it h in d e -ri sk e d C o re Are a ▪ JVs wi th qu a l it y o p e rat o rs ▪ Cu rre n t p ro d uc t io n o f ~6 0 0 B o e /d So u rce : T ria n g le P et ro le u m C orp o ra ti o n , 2 0 1 1 . T ri an g l e Lo c at i o ns 1 5 9 N 1 0 0W 1 5 9 N 9 9 W 1 5 9 N 1 0 1 W 1 5 9 N 9 8W 1 5 9 N 9 7 W 1 5 9 N 9 6 W 3 2 N 5 7 E 3 2N 5 8 E 3 2 N 59 E 1 5 8 N 1 0 3 W 1 5 8 N 1 0 0 W 1 5 8 N 1 0 1 W 1 5 8 N 1 0 2 W 1 58 N 9 9 W 1 5 8 N 9 8 W 1 5 8 N 9 7 W 1 58 N 9 6 W 3 1 N 58 E 3 1 N 5 9 E 1 5 7 N 1 0 3 W 1 5 7 N 10 2 W 1 5 7 N 1 0 1 W 1 5 7N 1 0 0 W 1 5 7 N 9 9 W 1 5 7 N 9 8 W 1 5 7N 9 7 W 1 5 7 N 9 5 W 1 5 7 N 9 6 W 3 0 N 5 9 E 3 0 N 5 8 E 15 6 N 1 0 4 W 1 5 6 N 1 0 3 W 1 5 6 N 1 02 W 1 5 6 N 1 0 1 W 1 5 6N 1 0 0 W 1 5 6 N 9 9 W 1 5 6 N 9 7 W 1 5 6N 9 6 W 1 5 6 N 98 W 2 9 N 5 8 E 2 9 N 5 9 E 1 5 5 N 1 0 4W 15 5 N 1 0 3 W 1 5 5 N 1 0 2 W 1 5 5 N 10 1 W 1 5 5 N 9 9 W 1 5 5 N 1 0 0 W 1 5 5 N 9 8 W 1 5 5 N 9 7 W 1 5 5 N 9 6 W 2 8 N 5 8E 28 N 5 9 E 1 5 4 N 1 0 4 W 1 5 4 N 1 0 3W 1 5 4 N 1 0 2 W 1 5 4 N 9 9 W 1 5 4 N 1 00 W 1 5 4 N 9 8 W 1 5 4 N 1 0 1 W 1 5 4 N 97 W 1 5 4 N 9 6 W 2 7 N 5 8 E 2 7 N 5 9 E 1 53 N 1 0 4 W 1 5 3 N 1 0 2 W 1 5 3 N 1 03 W 1 5 3 N 1 0 0 W 1 5 3 N 9 9 W 1 5 3 N 98 W 1 5 3 N 9 7 W 1 5 3 N 1 0 1 W 1 5 3 N 96 W 2 6 N 5 8 E 2 6 N 5 9 E 1 5 2 N 1 0 3 W 15 2 N 1 0 4 W 1 5 2 N 1 0 0 W 1 5 2 N 9 9W 1 5 2 N 1 0 2 W 1 5 2 N 1 0 1 W 1 5 2 N 98 W 1 5 2 N 9 7 W 1 5 2 N 9 6 W 2 5 N 5 9 E 25 N 5 8 E 1 5 1 N 1 0 1 W 1 5 1 N 1 0 3W 15 1 N 1 0 2 W 1 5 1 N 1 0 4 W 1 5 1 N 10 0 W 1 5 1 N 9 9 W 1 5 1 N 9 8 W 1 5 1 N 97 W 1 5 1 N 9 6 W 2 4 N 6 0 E 2 4 N 5 9 E 1 50 N 1 0 1 W 1 5 0 N 1 0 3 W 1 5 0 N 1 0 2W 1 5 0 N 1 0 4 W 1 5 0 N 1 0 0 W 1 5 0 N 99 W 1 5 0 N 9 8 W 1 5 0 N 9 7 W 1 5 0 N 9 6W 2 3 N 6 0 E 2 3 N 5 9 E 1 4 9 N 1 0 4 W 1 49 N 1 0 2 W 1 4 9 N 1 0 3 W 1 4 9 N 1 01 W 1 4 9 N 1 0 0 W 1 4 9 N 9 9 W 1 4 9 N 98 W 1 4 9 N 9 7 W 1 4 9 N 9 6 W 2 2 N 5 9 E 22 N 6 0 E 1 4 8 N 1 0 4 W 1 4 8 N 1 0 3 W 14 8 N 1 0 5 W 1 4 8 N 1 0 2 W 1 4 8 N 1 01 W 1 4 8 N 1 0 0 W 1 4 8N 9 9 W 1 4 8 N 96 W 1 4 8 N 9 8 W 1 4 8 N 9 7 W 2 1 N 6 0 E 21 N 5 9 E 1 4 7 N 1 0 5 W
14 7 N 1 0 4 W 1 4 7 N 1 0 3 W 1 4 7 N 10 2 W 1 4 7 N 1 0 1 W Wi ll i am s M cKe n z ie X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X XXX X X X X X X X X X X X X X XX X X X X X X X X XXX XXX X XXX XX X X X X X X X X X X X X X X X X X X X X X X X X X X X X XX X X XXX XX X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X XX X X X X X X X X X X X X X X X X X XX X X X X X X X X X X X X X X X X X X X X X X X X X X X X X XX XX XX X X XX X XXXX XX X X X XX X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X XX X X X X X X X X X X X XX XX X XX XX X X X X X X XXX X X X X X X X X X XX X X X X X X X X X X 3 3 0 2 5 0 0 6 3 9 0 0 00 C ONT INEN TAL R E SOUR C E S IN CO R POR AT ED FE DER A L JOR GE NSON 1 4 -5H 2 2 4 4 , 5 0 0 8 ,1 0 8 9 0 .5 3 3 0 2 5 0 0 8 4 6 0 0 00 TR A CK ER R E SOU RC E S DEV EL OPM E NT II L LC HAY DR AW 3 4 -1H 1 , 03 0 1 5 ,6 2 2 3 4 , 7 8 5 5 8 9 .4 33 0 2 5 0 0 9 8 3 0 0 0 0 XT O E NE R GY INC OR POR AT ED B OOM E R 3 4 X -35 1 ,0 3 7 1 1 , 4 8 5 2 4 ,6 2 0 3 51 . 1 3 3 0 2 5 0 1 0 2 9 0 00 0 B UR LING TON R E SOUR C ES O& G CO L P J OR GE NSON FE DER AL 4 4 -9H 4 8 0 1 4 , 2 5 0 3 3 0 5 3 0 26 2 0 0 0 0 0 X TO EN ER GY INC OR PO RA TE D K LAN DL ST ATE 1 4 X-36 1 9 1 4 ,3 0 9 1 2 ,6 2 9 2 1 4 . 2 3 3 0 5 3 0 26 5 3 0 0 0 0 B U RL INGT ON R ESO UR C ES O& G C O LP FE DE RA L AM Y 1 4 -8H 4 2 2 , 3 0 6
5, 0 6 3 5 1 .5 3 3 0 5 3 02 6 6 1 0 0 0 0 X TO EN ER GY INC OR POR A TE D M C K ENZ IE FE DER AL 1 4 X -31 2 3 1 3 ,9 2 3 1 1 ,7 6 8 1 3 1 . 6 3 3 0 5 3 0 26 7 2 0 0 0 0 E NC OR E OP ER AT ING LIM IT ED PAR T NE R SHIP TIT AN E -GIER KE 2 0 -1 -H 8 0 1, 9 3 4 4 , 38 2 5 0 .5 33 0 5 3 0 2 6 7 9 0 0 0 0 SL AW SON EXP LOR A TION C OM PA NY IN CO R POR S TIL ET TO FE DE RA L 1 -29 H 2 2 5 4 , 7 6 3 1 0 ,4 1 4 15 9 3 3 0 53 0 2 6 8 7 0 0 0 0 XT O ENE R GY INC OR POR AT E D ST AT E FE DER AL 4 4 X -16 2 9 1 2 ,6 5 4 7 ,9 3 7 7 2 . 6 3 3 0 5 3 0 2 6 96 0 0 0 0 XTO E NER GY INC OR PO R ATE D TR AC Y FE DER AL 4 4 X -4 1 9 3 3 , 13 7 1 1 ,1 7 4 1 1 5 . 3 3 3 0 5 3 0 2 70 7 0 0 0 0 KODIAK OIL & GA S US A IN CO RP OR AT ED KODIA K GR IZ ZL Y 1 3 -6H 8 2 1 , 3 2 6 4 ,1 3 4 7 5 3 3 0 5 3 0 2 70 9 0 0 0 0 KODIAK OIL & GA S US A IN CO R POR AT ED KODIA K F EDE R AL 4 -11 H 3 9 3 8 , 5 9 6 1 9 ,6 5 7 22 3 . 4 3 3 0 5 3 0 2 7 1 00 0 0 0 XTO E NER GY INC OR P OR ATE D HAT TE R 1 1 X -34 5 6 3 1 1 ,1 7 2 2 4 ,4 2 1 4 2 8 .8 3 3 0 5 3 02 7 1 1 0 0 0 0 E NE R PLU S R E SOUR C E S (US A) C OR P OR ATIO N T ITAN F-WP 3 2 -14 -H 1 3 5 1 , 8 3 1 5 ,7 7 9 4 2 .5 3 3 0 5 3 0 2 7 4 3 0 0 0 0 KOD IAK O IL & GAS USA INC OR POR AT E D GR IZ ZL Y FED ER AL 1 -27 H 2 6 0 4 , 4 2 5 8 ,8 7 8 1 28 . 5 3 3 0 5 3 0 2 7 4 9 00 0 0 B RIG HAM OIL & GAS L P M R AC HE K 1 5 -22 1 H 5 6 5 6 ,4 8 3 1 5 , 0 5 4 2 2 5 .9 33 0 5 3 0 2 7 7 5 0 0 0 0 SL AW SON EXP LOR A TION C OM PA NY IN C OR POR M AVE RIC K FE DER A L 1 -14 H 2 4 9 4 , 5 9 3 1 2 ,2 2 1 17 2 . 8 3 3 0 5 3 0 2 8 3 50 0 0 0 B UR LING TON R ES OUR C ES O& G C O L P KE L LOG G W ES T 2 4 -31 H 3 2 1 5 , 9 5 9 1 1 ,7 0 9 76 . 2 3 3 0 5 3 0 2 8 6 4 00 0 0 XTO E NER G Y INC OR P OR ATE D ALK AI C R E EK 4 4 X -10 7 0 3 1 1 ,7 3 4 2 4 ,8 4 4 3 4 8 3 3 0 5 3 0 2 8 7 2 0 0 0 0 B UR LIN GTO N R E SOUR C E S O &G C O L P M AVE R ICK 4 4 -12 H 4 3 7 6 , 5 3 2 1 1 ,8 9 6 65 . 2 3 3 0 5 3 0 2 9 0 0 00 0 0 ENC O RE O PER A TING LIM ITE D P AR TNE R SHIP SKO GLU ND 1 1 -10 H 2 8 8 6 , 8 4 2 1 5 ,9 3 1 17 8 . 2 3 3 0 5 3 0 2 9 0 80 0 0 0 ENC O RE O PER AT ING LIM IT E D PA R TNE R SHIP NYGA R D 1 6 -36 H 2 0 3 3 , 8 0 0 7 ,4 4 0 1 04 . 8 3 3 0 5 3 0 2 9 1 2 00 0 0 B UR LING TON R ES OUR C ES O& G CO L P C HE R R Y C R E EK 1 1 -25 H 1 ,1 0 7 1 0 ,5 2 1
24 , 7 2 7 1 3 1 .8 3 3 0 53 0 2 9 2 2 0 0 0 0 Z EN ER GY INC OR POR AT E D NE L SON M ILD RE D 4 -25 H 5 9 3 1 0 , 8 13 2 1 ,9 2 5 1 9 8 . 9 3 3 0 5 3 0 2 9 26 0 0 0 0 SUM M IT R E SOUR C E S IN CO R POR AT ED B OXC AR BU TT E SOUT H FED ER AL 1 1 -22 H 9 5 1 , 7 9 1 4 ,5 5 0 2 8 .7 3 3 0 5 3 0 2 9 3 1 0 0 00 B R IGHAM OIL & GAS L P FIGAR O 2 9 -32 1 -H 1 , 3 10 1 7 ,0 3 4 3 5 , 9 5 4 4 9 4 .1 3 30 5 3 0 2 9 3 7 0 0 0 0 XT O ENE R GY INC OR POR AT ED L UNDIN FE DER A L 31 X -9 1 ,1 6 4 12 , 3 0 0 3 0 ,6 1 6 3 8 6. 2 3 3 0 5 3 0 2 9 6 0 0 0 00 PANT HE R E NER G Y C OM P ANY LL C R OS CO E 2 H-8 5 4 3 1 2 ,6 6 5 2 1 ,5 0 9 1 9 3 . 3 3 3 0 5 3 0 29 9 7 0 0 0 0 N EW FIEL D PR ODUC T ION C OM PAN Y C L EAR C R EE K F EDE R AL 1 -25 H 1 ,6 7 0 1 2 ,9 8 2 2 4 , 4 92 1 6 6 .4 3 3 0 5 3 0 3 0 0 1 0 0 0 0 ST M A RY L AND & EX PLO RA TION C OM P ANY KLA M M 1 3 -10 H 4 0 6 1 0 , 3 10 2 4 ,6 9 0 4 5 2 . 2 3 3 0 5 3 0 3 0 08 0 0 0 0 ZE NER G Y INC OR P OR ATE D AAGVIK 1 -35 H 5 0 1 1 2 , 6 56 2 9 ,5 8 8 2 8 6 3 3 05 3 0 3 0 2 6 0 0 0 0 XT O ENE R GY INC OR POR AT ED VIO LE T 2 1X -29 7 0 8 4 ,5 0 5 1 1 ,9 6 2 1 1 9 33 0 5 3 0 3 0 3 0 0 0 0 0 XT O E NE R GY INC OR POR AT ED AL KAL I C R EE K 4 1 X-15 8 7 3 9 ,1 8 6 1 7 ,5 7 9 2 9 2 . 4 3 3 0 5 3 0 30 3 3 0 0 0 0 X TO EN ER GY INC OR PO RA TE D B UR N S FE DE R AL 4 1 X -30 3 7 2 3 ,5 0 7 1 0 ,0 4 3 6 4 . 1 3 3 0 5 3 0 3 04 4 0 0 0 0 ZE NER GY INC OR PO R ATE D LUN DEE N 4 -26 H 7 0 2 1 2 , 1 21 2 9 ,5 5 0 4 4 3 . 4 3 3 0 5 3 0 3 0 46 0 0 0 0 NEW FIE LD PR ODU CT ION C OM PA NY C L EA R C R EE K STA TE 1 -36 H 1 ,0 3 3 9 ,4 1 7 1 7 , 6 3 5 1 4 6 .7 33 0 5 3 0 3 0 5 5 0 0 0 0 XT O E NE R GY INC OR POR AT ED M ON DAK FED ER AL 1 1 X -14 4 8 9 4 ,3 1 7 1 2 ,5 2 1 1 3 5 . 5 3 3 0 5 3 0 30 5 9 0 0 0 0 P EAK NO RT H DAKOT A LL C SO NDR OL 3 0 -21 H 5 7 6 1 4 , 2 42 3 2 ,9 8 1 4 4 5 . 2 3 3 0 5 3 0 3 0 63 0 0 0 0 BU R LINGT ON R ES OUR C ES O& G C O L P B UL LR U SH 2 4 -10 H 1 ,7 9 8 1 8 ,3 2 8 5 5 , 8 14 8 6 0 .3 3 3 0 5 3 0 3 0 7 1 0 0 0 0 XT O E NE R GY IN C OR POR AT ED ED WAR D 2 1 X -28 5 3 5 0 9 2 , 0 9 5 1 9 .4 3 3 0 53 0 3 0 7 7 0 0 0 0 OA SIS PET R OLE UM NO AM E R ICA L LC ANGE LL 5 2 0 0 3 1 -28 H 2 ,8 8 7 1 6 ,6 6 6 5 0 , 9 25 3 5 7 .5 3 3 0 5 3 0 3 0 8 7 0 0 0 0 B R IGHAM OIL & GA S L P PAP INEAU T R UST 1 7 -20 1 -H 2 , 6 16 2 5 ,4 4 1 4 8 , 4 0 7
42 6 . 9 3 3 0 5 3 0 3 0 8 90 0 0 0 XTO E NER GY INC OR P OR ATE D M ONDA K FE DE R AL 1 4 X-11 1 ,1 7 5 1 2 , 0 3 9 2 1 ,1 5 3 3 85 . 7 3 3 0 5 3 0 3 0 9 7 0 00 0 B R IG HAM OIL & GAS L P SED LAC E K TR UST 3 3 -4 1 -H 2 , 4 13 2 1 ,4 7 3 3 9 , 5 1 9 2 8 0 .6 3 30 5 3 0 3 0 9 9 0 0 0 0 B R IGHAM OIL & GA S L P AB E LM A NN -STAT E 2 1 -16 1 -H 2 , 8 44 2 5 ,3 9 4 5 2 , 4 6 8 3 6 0 .9 3 30 5 3 0 3 1 0 2 0 0 0 0 NE WF IEL D P RO DUC T IO N C OM PANY M E GAM OU TH 1 -8H 2 9 3 .5 3 3 0 53 0 3 1 0 5 0 0 0 0 Z EN ER GY INC OR POR A TE D B E R QUIST 3 4 -27 H 4 6 2 1 1 , 5 32 3 6 ,1 1 7 3 3 0 5 3 0 3 1 0 6 0 0 0 0 B R IGHAM OIL & GAS L P TJ EL DE 2 9 -32 1 -H 2 , 8 03 2 3 ,4 1 6 4 4 , 2 2 6 3 3 7 .8 3 30 5 3 0 3 1 0 7 0 0 0 0 Z ENE R GY INC OR POR AT E D R OL FSR UD 7 -6H 6 3 5 1 2 , 8 0 8 3 2 ,6 0 7 51 9 . 1 3 3 0 5 3 0 3 1 1 00 0 0 0 NEW FIE LD PR ODU C TION C OM PA NY B L UE FIN 1 -13 H 1 ,8 6 9 1 2 ,2 2 3 2 5 , 5 23 2 4 8 .6 3 3 0 5 3 0 3 1 1 1 0 0 0 0 PE AK GR ASSL AND S L LC SC HIL KE 8 -24 H 1 ,0 6 0 2 4 ,2 8 1 5 3 , 7 77 6 8 4 .9 3 3 0 5 3 0 3 1 1 5 0 0 0 0 E NC OR E OPE R ATIN G L IM ITE D PAR TN ER SH IP KL AM M 3 4 -9N WH 2 1 6 8 , 74 5 2 3 ,5 7 3 1 8 8 . 9 3 3 0 5 3 0 3 12 1 0 0 0 0 Z E NER GY INC OR PO R ATE D PED ER SON 1 0 -3H 5 2 2 1 0 , 7 4 3 3 3 0 5 3 0 31 2 9 0 0 0 0 S T M AR Y LAN D & E XPL OR AT ION C O M PANY JO HNSON 1 6 -34 H 4 1 0 .6 3 3 05 3 0 3 1 3 7 0 0 0 0 B UR L INGT ON R E SOU RC E S O&G C O LP AM AN DA 2 1 -14 H 1 ,8 3 3 3 3 10 5 0 1 5 4 0 0 0 0 0 OT C R INC OR P OR ATE D SIGM A -LE E 1 4 -3 7 2 3 , 8 02 1 0 ,0 7 1 9 4 . 9 3 3 1 0 5 0 1 5 6 10 0 0 0 OTC R INC OR POR AT ED GAM M A-STAT E 1 6 -15 3 1 4 5 ,6 6 1 1 1 ,9 0 8 1 0 1 . 1 3 3 1 0 5 0 15 6 4 0 0 0 0 B R IGH AM O IL & GAS L P F IEL D 1 8 -19 1 H 1 4 1 3 ,6 0 6 9 , 9 7 0 1 0 8 .1 3 31 0 5 0 1 5 7 4 0 0 0 0 B R IGHAM OIL & GA S L P E R IC K SON 8 -17 1 H 1 5 6 2 ,0 4 2 7 , 7 2 7 1 3 0 .6 3 31 0 5 0 1 5 8 3 0 0 0 0 E VER T SON OPE R AT ING C O M PANY INC OR PO RA E VER T SON AOG C HAM PION 1 -25 H 1 8 2 2 , 3 6 6 6 ,1 3 6 2 6 3 3 1 0 5 01 6 8 9 0 0 0 0 Z AVA NNA LL C L EON AR D 1 -23 H 4 9 6 , 8 3 9 1 4 ,6 2 8 1 91 . 6 3 3 1 0 5 0 1 7 0 6 00 0 0 AM E R IC A N OIL & G AS CO M PANY INC OR PO R A VIA LL R ON 1 -25 H 1 ,9 8 1 2 2 ,0 9 0 4 2 , 1 11 3 2 7 .6 3 3 1 0 5 0 1 7 1 0 0 0 0 0 Z AVANN A L LC GEN E 1 -22 H
1, 1 2 8 1 8 ,5 1 6 4 0 ,1 9 9 4 1 6 . 8 3 3 1 0 5 0 17 1 1 0 0 0 0 Z AVA NNA LL C B OB C AT 1 -25 H 1 ,0 7 5 1 9 ,3 5 5 3 8 , 5 29 3 0 1 .2 3 3 1 0 5 0 1 7 1 2 0 0 0 0 Z AVANN A L LC GR ASSE R 1 -26 H 1 ,2 6 7 2 3 ,7 0 4 5 6 , 0 92 5 4 6 .5 3 3 1 0 5 0 1 7 1 4 0 0 0 0 Z AVANN A L LC M AR T Y 1 -20 H 8 5 1 1 7 , 5 75 3 8 ,7 6 9 3 9 1 . 9 3 3 1 0 5 0 1 7 24 0 0 0 0 ZAV ANNA LL C T IGE R 1 -23 H 7 8 3 1 6 , 3 63 3 7 ,1 9 4 3 3 6 . 2 3 3 1 0 5 0 1 7 40 0 0 0 0 BR IGH AM OIL & GAS L P OLS ON B R AD 9 -16 1 -H 1 , 8 10 2 1 ,9 6 2 4 3 , 2 6 8 6 5 4 .6 3 31 0 5 0 1 7 4 5 0 0 0 0 B R IGHAM OIL & GA S L P B C D FAR M S 1 6 -21 1 -H 1 , 5 53 1 6 ,8 4 9 3 5 , 7 7 8 2 5 6 .2 3 31 0 5 0 1 7 4 7 0 0 0 0 B R IGHAM OIL & GA S L P L EE 1 6 -21 1 -H 1 , 3 41 1 7 ,6 3 7 3 9 , 7 0 6 2 9 4 .3 3 31 0 5 0 1 7 4 8 0 0 0 0 E OG RE SOU R CE S INC OR POR AT ED R OUN D PR A IRIE 1 -17 H 2 6 7 1 0 , 1 72 2 6 ,6 9 5 2 3 6 . 1 3 3 1 0 5 0 1 7 49 0 0 0 0 BR IGH AM OIL & GAS L P STR AN D 1 6 -9 1 -H 1 , 9 47 2 0 ,8 3 6 4 3 , 4 2 2 3 8 5 3 3 1 0 5 0 1 7 5 1 00 0 0 B RIG HAM OIL & GAS L P STA TE 3 6 -1 1 -H 3 , 2 36 3 8 ,6 7 9 7 1 , 8 9 2 5 2 8 .2 3 31 0 5 0 1 7 5 2 0 0 0 0 B R IGHAM OIL & GA S L P W ILL ISTO N 2 5 -36 1 -H 2 , 7 69 3 3 ,5 1 0 6 5 , 4 5 3 4 7 7 .7 3 31 0 5 0 1 7 5 3 0 0 0 0 B R IGHAM OIL & GA S L P OW AN -NEHR IN G 2 7 -34 1 -H 2 , 2 15 2 5 ,3 8 3 5 2 , 1 6 5 4 1 0 .8 3 31 0 5 0 1 7 5 5 0 0 0 0 B R IGHAM OIL & GA S L P JA CK SON 3 5 -34 1 -H 3 , 0 64 2 3 ,1 5 5 4 5 , 0 1 7 4 5 5 .1 3 31 0 5 0 1 7 5 6 0 0 0 0 NE WF IEL D P RO DUC T IO N C OM PANY HE IDI 1 -4H 1 , 07 1 8 ,1 6 6 2 0 , 1 8 5 1 6 9 .9 3 31 0 5 0 1 7 5 7 0 0 0 0 OA SIS P ET R OLE UM NO AM E RIC A LL C S ANDAK ER 5 60 2 1 1 -13 H 1 ,2 2 8 1 3 ,2 0 4 3 0 , 6 29 4 5 6 .4 3 3 1 0 5 0 1 7 6 0 0 0 0 0 B R IGHAM OIL & GA S L P ER IC KS ON JAC K 6 -31 1 -H 2 , 3 23 1 9 ,0 8 5 3 8 , 9 5 3 2 4 9 .4 3 31 0 5 0 1 7 6 1 0 0 0 0 B R IGHAM OIL & GA S L P OW AN 2 9 -32 1 -H 1 , 9 76 2 0 ,8 7 7 4 0 , 4 8 5 2 7 9 .2 3 31 0 5 0 1 7 6 2 0 0 0 0 B R IGHAM OIL & GA S L P KAL IL 2 5 -36 1 5 6 1 -H 1 , 3 34 1 3 ,1 4 1 3 0 , 0 8 9 2 9 0 .5 3 31 0 5 0 1 7 6 7 0 0 0 0 B R IGHAM OIL & GA S L P AR NS ON 1 3 -24 1 -H 1 , 1 81 1 2 ,9 5 7 2 6 , 1 5 9 3 2 9 .5 3 31 0 5 0 1 7 6 9 0 0 0 0 E OG RE SOU R CE S INC OR POR AT ED HAR D SC R AB B LE 1 -16 H 8 9 2 9 , 4 9 0 2 2 ,8 1 3 40 2 . 9 3 3 1 0 5 0 1 7 7 20 0 0 0 B RIG HAM OIL & GAS L P M OR TE NSO N 5 -32 1 -H 1 , 9 24
14 , 1 9 0 2 9 ,0 7 4 3 8 5. 4 3 3 1 0 5 0 1 7 7 7 0 00 0 OASIS PE TR OL E UM N O A M ER IC A LL C NJ OS F EDE R AL 5 6 0 2 1 1 -13 H 1 ,8 3 5 1 4 ,7 6 2 3 1 , 9 25 3 1 3 .3 3 3 1 0 5 0 1 7 8 1 0 0 0 0 C ONT INE NTA L RE SOU RC E S INC OR POR AT ED ST ED M AN 1 -24 H 8 8 0 1 0 , 1 70 2 3 ,3 5 0 4 1 7 . 1 3 3 1 0 5 0 1 7 84 0 0 0 0 EOG R ES OUR C ES INC OR PO R ATE D M ONT 1 -28 H 6 8 0 5 , 9 0 5 3 3 1 0 5 0 17 8 9 0 0 0 0 C O NTINE NT AL R ES OUR C ES INC OR PO RA TE D A NSE TH 1 -29 H 5 7 2 1 2 , 1 91 2 7 ,1 5 1 2 0 5 . 4 3 3 1 0 5 0 1 7 91 0 0 0 0 NOR TH PL AINS EN ER GY L LC E IDE 5 -13 H 7 4 6 1 8 , 9 47 3 9 ,4 2 2 3 7 8 3 3 10 5 0 1 8 0 0 0 0 0 0 B R IGHA M OIL & G AS L P SU KUT 2 8 -33 1 -H 1 , 7 52 2 0 ,4 5 2 3 3 1 0 5 0 1 8 0 3 0 0 00 NOR T H P LAIN S E NE RG Y L LC SC ANL AN 3 -5H 8 1 9 2 2 , 0 9 5 3 3 1 0 5 0 18 0 4 0 0 0 0 Z E NER GY INC OR PO RA TE D J OHNS ON 29 -30 H 6 8 3 9 , 9 3 1 1 8 0 3 3 1 0 5 0 1 8 0 50 0 0 0 C ONT IN ENT AL R E SOUR C E S INC O RP OR AT ED LE E 1 -20 H 6 4 1 9 , 2 0 2 2 1 ,9 6 2 33 1 0 5 0 1 8 0 6 0 0 0 0 B R IGHAM OIL & GA S L P AB E 3 0 -31 1 -H 1 , 5 78 1 8 ,6 3 0 3 9 , 3 4 9 4 5 7 .8 3 31 0 5 0 1 8 0 8 0 0 0 0 B R IGHAM OIL & GA S L P OW AN AB E 2 1 -16 1 -H 1 , 9 83 2 1 ,6 6 9 3 3 1 0 5 0 1 8 1 3 0 0 00 OAS IS PE TR O LE UM NO A M ER IC A LL C KJ OS 55 0 2 4 4 -24 H 1 ,0 9 9 1 1 ,5 6 7 3 2 , 4 36 3 0 8 .8 3 3 1 0 5 0 1 8 2 0 0 0 0 0 AM E R IC AN O IL & GAS C OM PAN Y IN CO RP OR A B E R GST R OM 1 5 -23 H 2 ,4 4 4 2 4 ,0 4 6 3 3 1 0 5 0 1 8 2 3 00 0 0 B R IG HAM OIL & GAS L P LAR S EN 3 -10 1 -H 2 , 6 31 2 6 ,3 3 1 3 3 1 0 5 0 1 8 3 2 0 0 00 AM E R IC AN O IL & GAS C OM PAN Y INC O RP OR A J OHNS ON 1 5 -35 H 1 ,8 6 0 1 8 ,6 6 3 3 3 1 0 5 0 1 8 4 9 00 0 0 PE TR O -HUNT L LC FOR SE TH 1 5 7 -10 0 -25 B -36 -1H 4 4 0 1 1 , 4 6 3 FE ET 0 1 1 ,3 2 8 PE T RA 3 / 3 /2 0 1 1 1 2 : 3 7 :0 1 PM BE XP: 1 5 5 3 B EXP : 1 33 4 B EXP : 1 9 4 7 B EX P: 2 4 1 7 B EX P: 2 6 3 1 B E XP: 3 2 3 6 B E XP: 2 7 6 9 B E XP: 3 0 6 4 BE XP: 2 3 2 3 B EXP : 2 86 0 B EXP :2 4 1 3 B E XP: 4 1 6 9 B E XP: 3 30 1 B EXP :2 8 0 3 X TO: 11 7 5 C OP: 1 79 8 XT O: 1 1 6 4 XT O: 1 1 0 7 NF X: 1 8 6 9 NF X: 1 2 0 3 Ne wfi el d St a al , 1 2 .8 4 % W I W ee k o f 8 /2 8 / 2 0 1 1 : IP ra te o f 3 ,0 3 4 B o e /d Ne wfie l d Ho l m, 2 3 .4 4 % WI We ek o f 8 / 2 1/ 2 0 1 1 : IP ra t e o f 2 ,3 7 0 B o e/ d Dw y er 1 50 -10 1 -21 -16 -1H
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Pro d uc i n g W el l Na me Op e rat o r S ta tu s T ria n g le W I (% ) C o u n t y T arg e t To w n sh ip R a n g e Fe de ra l 4 -11 H Ko d i ak Pro d u ci n g 2 6 . 25 % M cK en z ie B K KN 1 4 7 N 1 0 5 W Griz z ly 1 -27 H R K o di a k Pro d u c in g 26 . 2 5 % M c Ke n zi e TF K 1 4 8 N 1 0 5 W Griz z ly 1 3 -6H Ko d i ak Pro d u ci n g 2 6 . 2 5% M c Ken z ie BK KN 14 7 N 1 0 4 W Ho l m 1 5 0 -99 -13 -24 -1H Ne wfi el d P ro d u c ti o n C o . Pro d u c in g 2 3. 4 4 % M c Ke n zi e B KKN 1 5 0 N 9 9 W R o e d esk e F ed e ral 1 2 x -21 XT O Pro d u c in g 1 5 .0 0 % M c Ke n zi e B KKN 1 4 8 N 1 0 4 W S ta al 1 5 0 -99 -23 -14 -1H Ne wfi el d P ro d u c ti o n C o . Pro d u c in g 1 2. 8 4 % M c Ke n zi e B KKN 1 5 0 N 9 9 W B o n a nz a 1 -21 -16 -H Sl a wso n P ro du c i n g 1 2 .4 7 % M cKe n zi e B KKN 1 5 2 N 1 02 W K o ste l an k 2 8 -1H He ss/ T rac k er Pro d u ci n g 7 . 5 0% Du n n B KK N 1 4 5 N 9 7 W We ll N am e Op era t o r St at u s Tri an g l e WI (% ) C o u n ty Ta rg et T o wn sh i p R an g e St e wa rt 52 0 0 1 2 -29 H Oa si s P et ro le u m Dri ll in g 3 1 .4 1 % M c Ke n zi e B KKN 1 5 2 N 1 0 0 W E as t Gri zz ly Fe d era l 3 -25 -36 -15 H Ko d i ak Oi l an d Gas Pe rmi t te d 2 5 .0 0 % M cK en z ie B KK N 1 4 8 N 1 0 4 W Ea st Gri zz l y St a te 4 -16 -15 -8H Ko d i ak Oi l an d Gas Pe rmi t te d 2 0 . 00 % M cK en z ie B K KN 1 4 8 N 1 0 4 W Ka hu n a 1 -7-6H Sl a wso n D ri l li n g 1 8 . 9 5% M c Ken z ie BK KN 14 9 N 9 9 W C ro ssb o w # 1 -7 -6H Sl a wso n W a it in g o n C o mp l et i o n 1 7 .9 2 % M cKe n z ie B KKN 1 4 9 N 1 02 W C o n d o r 1 -36 -25 H Sl aw so n W ai t in g o n C o mp l et i on 1 7 .9 1 % M cKe n zi e B KKN 1 4 9 N 10 3 W G ab ri el # 3 -36 -25 H Sl aw so n Pe rmi t te d 1 7 . 7 1% M c Ken z ie BK KN 15 1 N 9 9 W B arn s to rme r F ed 1 -3 -10 H Sl aw so n Pe rmi t te d 1 6 . 4 1% M c Ken z ie BK KN 14 8 N 1 0 0 W Fre d eri ck Ja me s 3 -10 H Z en e rg y Op e rat i ng C o mp a n y , LL C Pe rmi tt e d 1 6 .2 5 % M cKe n z ie B KK N T B D T B D H awk e y e 1 6 -21 -1H B ri gh a m Ex p l o rat i o n C o mp a n y Pe rmi t te d 1 5 .1 2 % M cK en z ie B KK N T B D T B D M cG reg o r 2 6 -1H He ss Dri ll i ng 1 0 .7 4 % M c Ke n zi e B KKN 1 4 9 N 10 0 W K o ufa x 3 -10 # 1 H Z a va n n a Dri ll i ng 7 .5 0 % M cKe n z ie B KK N 1 4 9 N 1 0 2W S o ren so n 3 4 -27 1 H U R SA R e so u rc es Gro u p L LC Pe rmi tt ed 6 .6 5 % M cKe n zi e T B D T B D T B D L a wla r 1 5 1 -98 -31 -30 -1H Ne wfi el d P ro d u c ti o n C o .
Dril li n g 6 . 3 3 % M c Ke nz i e B KKN 1 5 1 N 9 8 W M o rt en s on 6 -5H Z en e rg y , Inc Perm it t ed 5. 8 6 % W il l ia ms TB D T BD T B D Sk e d sv o l d 1 5 0 -10 1 -4B -9 -1H Pe t ro -Hu n t, L LC Dril l in g 5 . 2 1 % M c Ke n zi e B KKN/ TF K 1 5 0 N 1 0 1 W Sh o rt Pra iri e 3 -14 1 5 H EO G D ri l li n g 4 . 8 3 % Wi l li am s BK KN 15 4 N 1 0 4 W Du rh am 1 -2H C o n ti n e n ta l R es ou rc e s, In c. Dri l li n g 4 .5 3 % M cK en z ie B K KN 1 5 1 N 9 9 W No rd en g 1 -8H C o n ti n e n ta l Wa i ti n g o n C o m p le ti o n 4 . 0 9 % M c Ke nz i e TF K 1 5 1 N 9 7 W M o ran 15 -1H He ss Dri ll i ng 3 .9 8 % M cKe n z ie B KKN 1 4 9 N 1 01 W F la tl a n d 2 4 X-11 XT O E n erg y Pe rm it t ed 3 .6 5 % M c Ke n zi e T BD T B D T B D R o l fsru d St a te 1 4 X -36 XT O E n erg y Pe rm it t ed 3 .6 5 % M c Ke n zi e T BD T B D T B D S mo k ey 1 5 -22 -15 -2H Ko d i ak Wa i ti n g o n C o m p le ti o n 3 . 1 3 % M c Ken z i e B KKN 1 4 9N 9 8 W T an k Tru st 1 -1 -12 H -15 6 -98 An sc h u tz E x p lo ra ti o n C o rp Perm it t ed 2 .8 3 % W il l ia ms TB D T BD T B D L ei se th 1 -24 H SM En e rg y C o m pa n y P erm it t ed 2. 8 1 % M c Ke n zi e TB D TB D T BD W il so n 15 0 -99 -29 -32 H Ne wfi el d Pro d u c ti o n C o . W ai ti n g o n C o mp le t io n 2 .7 0 % M c Ke n zi e B KKN 1 5 0 N 9 9 W J o hn s o n # 3 4 -8H W h it in g Dri ll in g 2 .6 9 % M c Ke n zi e T FK 1 4 9 N 9 9 W Sy v e rso n 1 5 0 -99 -36 -25 -1H Ne wfi el d P ro d u c ti o n C o . Dri l li n g 2 .3 1 % M cK en z ie B KK N 1 5 0 N 9 9 W OPE R ATIO NS S EL EC T ED NON -OPER A TE D W EL L L IST 1 6 Ne wfi el d Ho l m, 2 3 . 4 4 % WI We e k o f 8 / 2 1 /2 0 1 1 : IP rat e o f 2 , 3 7 0 B o e/ d N ewfi e ld Sta a l, 1 2 .8 4 % WI We ek o f 8 / 2 8 /2 0 1 1 : IP ra t e o f 3 ,0 3 4 B o e/ d C o mp l e ti o n s / P ro du c t io n Ri si n g – at 9 / 1 /2 0 1 1 , ~6 0 0 N et B o e /d
OPER A TIONS E XPE R IENC E D, GR OW TH -OR IENT ED OP ER AT IONAL T EA M T ria n g le h a s ap p ro a ch e d t h e b u il d -ou t o f it s o p era ti o n al t e am b y foc u si n g o n fi v e k e y o p e ra t io n a l d is ci p li n e s o u t li n ed b el o w: 1 7 4 2 1 3 5 Le g en d Des cri p ti o n Su b s u rfa c e Dril l in g Co m p le t io n s Pro d u ct i o n / Fa ci l it ie s R es erv o i r M a n ag e me n t 1 2 3 4 5
OPER A TIONS E XPE R IENC E D, GR OW TH -OR IENT ED OP ER AT IONS TE AM (C ONT ’D) OP ER AT IONAL D IS C IPLINE P ER SO NNE L PR IOR E XPE R IENC E SU B SUR FAC E Ki m Pe rez ▪ M o st rec e n tl y w it h E OG Re so u rc es , In c . ▪ Afte r 3 0 y ea rs o f se rv ic e, M r. P ere z to o k ea rly ret i rem en t fro m EO G R e so u rce s, In c . to jo i n T ria n g le . C o n d u ct ed res ea rch an d d ev e lo p e d d ri ll ab l e p ro sp e ct s in th e W il l is to n B a si n a s wel l a s i n t h e Gre en R iv e r B a si n, U in t a B as in , C e nt ra l M o n ta n a, P ara d o x B as in , L as An i ma s Arch an d So u th w est e rn Ne b ras ka . Ad d i ti o n al l y , M r. Pere z ma p p ed an d d ev e lo p e d t h e Th re e Fo rk s p la y i n t h e W il li st o n B a si n a nd wa s re sp o n si b le fo r we ll s it e g eo l o g y . M r. Pe re z re ce i ve d a M S i n G eo l o g y fro m th e U ni v e rsit y of Wy o m in g . DR IL LING Do m in i c Sp e n ce r ▪ M o st rec e n tl y w it h B i ll B a rret t C o rp o rat io n ▪ M r. Sp en c er ’s c are e r b e ga n w it h B i ll B a rret t C o rp o rat io n in 2 0 0 3 , w h ere h e se rv e d a s a D ri l li n g E n g in e er, Dri l li n g Su p e rin t e n de n t , Op era ti o n s En g i n ee r, Pro je c t C oo rd i n at o r a n d m o st re ce n tl y a s an Op era t io n s M a na g e r a n d Te a m Co o rd i n at o r. M r. Sp e nc e r’s t ec h n i ca l ex p e rti se a n d d ri ll i n g p ro je c t ma n ag e me n t sk i ll s pro v i d e as se ts t o a st ro n g T ria n g le t e am . M r. Sp en c er g rad u a te d fro m C o l ora d o S ch o o l o f M i n e s w it h a B . S. d eg re e in PE . CO M PL ET IONS Jo h n W h it t in g t o n Op e rat io n s M a n ag e r ▪ M o st rec e n tl y w it h E OG Re so u rc es , In c . ▪ M r. Wh i tt in g t o n ’s 2 3 y ea rs o f ex p e rie n c e en c o mp a ss d ri l li n g , co m p le ti o n a n d p ro d u c ti o n o p e ra t io n s. M os t rec e nt l y , M r. Wh i tt i n gt o n s p en t o v e r fi v e y ea rs wit h E OG R es ou rc e s, In c. , b eg i n n in g w it h a l mo st fo u r y e a rs d e v el o p in g th e B a rn et t Sh a le d u ri n g i ts e arl ie r h o ri z on t a l d ev e lo p m en t st a g es . J o h n t h en j o i n ed EOG R e so u rce s, In c. o p e rat i o ns e x p lo i ti n g t h e ir ho ri z on t a l B ak k e n an d T h re e Fo rk s p o si t io n s i n t he Wi ll i sto n B asi n . M r. W hi t ti n g to n rec ei v e d a PE d e g ree fro m t h e New M e x ic o In s ti tu t e o f M in i n g a n d T ec h n ol o g y . PR ODU C TION AND FAC IL ITIE S J .D. M cNa l ly ▪ M o st rec e n tl y w it h E OG Re so u rc es , In c . ▪ M r. M cN al ly sp e n t th e fi rst se v en y ea rs o f h i s c a re e r a s a
pro d u c ti o n e n g in e e r fo r E x x o nM o bi l , wo rk in g o n a ra ng e o f in t e rn a t io n a l o il a n d g a s pro d u c ti o n s y st em s, in c l ud i n g d e ta i le d d e si g n , c o n st ru ct io n an d o p era ti o n s. Ad d i ti o n al l y , he serv e d a s o ne of tw o g l o ba l p ro d u ct i o n e n gi n e ers, o v e rse ei n g n e w p ro j ec t s a n d o v e r 1 M M B o ed . He s p en t h i s l a st t h ree y e ars a t EOG R e so u rce s, In c . as a p ro d u ct io n en g i n ee r fo r th e W il l ist o n B a si n . Th e re, h e wa s res po n s ib l e fo r h o ri zo n t al o i l we ll a rt ifi ci a l li ft o p ti mi z at io n , g a th e rin g sy st em s an d fac il i ti es , in c lu d i n g n e w a sse t d e v el o p me n t an d est a b li sh e d p ro d u ct i on ma i nt e n an c e. M r. M c Na ll y re c ei v ed a B .S. i n E n g in e e ri n g fro m M IT . R ESE R VOIR M ANAG EM E NT C rai g S mi th ▪ M o st rec e n tl y w it h R o se tt a R e so u rce s ▪ M r. Smi th is a R e g is te red Pro fes sio n a l E ng i n e er in th e St a te o f Co l o rad o wi th 3 4 y e ars o f e n g in e eri n g e x p eri en c e . Wi th a co m b in e d g e o lo g y an d en g i n ee rin g d eg re e, h e h a s e x p ert i se i n p ro d u ct io n an d res erv o i r e ng i n e eri n g , e c o n om ic ev a lu a ti o n s, M o n t e C arl o s im ul a ti o n a n d st a ti st ic s, fi n an c ia l sy s te ms , s o ftwa re a n d d at a b ase de v e lo p m en t a n d se v era l p ro g ram mi n g l an g u a g es . H e h as mo s t rec en t l y wo rk e d wi t h R o se tt a R es o urc e s In c . o n p ro j ec ts i n t h e Ni ob ra ra a nd Sa n Ju a n b a si n s. M r. Smi t h g ra d ua t ed from C o l o rad o Sch o o l o f M in e s wit h a B. S. i n e n gi n e eri n g . 18
OPER A TIONS PA TH TO OP ER AT OR SHIP – CO NVE RT ING NON -OPER A TE D T O OPE RA TE D G o al o f 7 0% o p era te d / 3 0 % n on -op e ra te d p o si ti o n ▪ Co n t ro ls p a ce o f d ev e lo p m en t ▪ M ax i mi ze op e ra ti o n al e ffic i en c y a n d re se rv e c a p tu re ▪ Co n t ro l co s t b ase ▪ Cre a te s n e w b u sin e ss o p p o rtu n i ti e s v i a v ert i ca l in t e g ra t io n an d jo i n t v en t u res ▪ In c re ase s u n iv e rse o f p o t en t i al b u y e rs T a rg e t in g >5 0 % c o nt ro l o f a u n i t, o r >3 5 % wo rk i n g i n te res t wi th o u t a n y o t h er d om in a n t o p era t o r i n u n it TR ADIT IONAL A PPR OAC H ▪ Acq u i si ti o n o f sma ll e r n o n -op e ra te d i n te res ts ▪ Le tt ers o f s u p p ort fro m n o n -op e ra to rs ▪ Acre ag e t ra d es an d swa p s ▪ Acq u i si ti o n o f do m in a n t p o si ti o n fro m o t he r o p e rat o rs ▪ To p l e asi n g A DDIT IO NAL OP POR TU NITIE S AS O PER AT OR ▪ Farm -in s ▪ Co n t in u e d e mp h a si s o n to p le as in g ▪ Acq u i si ti o n o f di st re sse d l ea se s n e a r e x pi ra ti o n ▪ Use ri g a s l e ve ra g e 1 9 To Da te , Ha v e Sec u re d 2 4 M o n t h s of Op e rat ed In v en t o ry i n De -ri sk e d C o re Are a
Stra te g y ▪ Safe ty , e n v iro n m en t a n d e ffic i en c y a re p ara mo u n t ▪ Ca p i ta li z e o n B ak k e n k n o wle d g e a nd te c h n ol o g y ▪ Pla n fo r su cc e ss; u t il i ze fl ex i b il i ty in d es ig n ▪ Draw fro m in t eg ra ti o n o f te a m’s e x p eri en c e i n t h e Wi ll i st on B as in Ex e cu t io n ▪ Fo cu so p e rat i o n s i n d e -ri sk e d C o re Are a; c a p it al i ze o n th e p ro x i mi ty o f p l an n e d we ll pa d s an d o p era ti o n s ▪ Li mi te x p o su re t o c on d i t io n s b ey o n d Tri an g l e’s c o n tro l ― M in i mi ze ex p o su re t o we a th e r -re l at ed d o wn t i me ― D ec rea se d e p en d e n cy o n st res se d , s en s it iv e ro a d s ▪ M ax i mi ze e ffic ie n ci e s b y red u c in g d ep e n d en c e o n se rv i ce s t h a t are i n s h ort s u p p ly ― M i ti g at e i mp a ct s fro m t h e st res sed la b o r a n d s up p l y m ark e t i n t h e Wi ll i st on B as in ▪ Uti l iz et ru st ed , l o n g -sta n d in g rel a ti o n sh ip s t o se c ure th e d e si re d s erv i ce s DR ILL ING – XTR E M E R IG 7 C o n tra ct a n d E x ec u ti o n ▪ Two -y ea r t erm , ren e wa bl e ▪ Sp u d o f fi rst we l l ea rly Oc to b e r 2 0 1 1 ▪ “ Sis te r ri g ” cu rre nt l y wo rk i n g i n t h e b asi n In v e n to ry ▪ 1, 0 0 0 HP Dra w -wo rk s ▪ 1, 6 0 0 HP p u mp s ▪ To p d ri v e ▪ Sel f s k id d i n g p ad d es ig n ▪ Co m p ac t, s ma ll fo o t p rin t –fe we r t ru ck lo a d s OPE RA TION S 2 0 OPE RA TION AL ST RA TE GY AND EXE C UT ION
DR ILL ING U NIT LA YOUT OP ER AT IONS 1 ,2 8 0 Acre D ril li n g U ni t ▪ 2 we ll p a d s p er 1, 2 8 0 u n i t ▪ Pla n u p to 4 we ll s p er we ll p a d ― U p t o 2 M id d l e B ak k e n la te ra ls (~9 ,8 0 0 ’ le n g th in zo n e ) ― U p t o 2 T h ree F o rks l at e ral s (~ 9 ,8 0 0 ’ le n g th in zo n e ) ▪ To t al o f u p t o 8 w el ls p e r 1 ,2 8 0 M ax i mi z e Effi ci e nc i es ▪ M ax i mi ze oi l re co v e ry ▪ Co n d e n se d ri ll in g , c o mp l et io n , p ro d u c ti o n o p e ra t io n s ― Dri l li n g : • Uti l iz e rig ’s s ki d s y st em t o m ov e b e t wee n w el ls o n a pa d ― C o mp l et io n s : • Ba t ch co m pl e te m u lt i pl e we l ls a t a ti me ― Pro d u ct io n : • Co n d e n se p ro d u ct i on eq u i p me n t to a c en t ral l o ca t io n ▪ M in i mi ze s si te c o st , tru c k m o ve me n t s ▪ M ax i mi ze s effi ci e n ci es o f w in t er o p era ti o n s 2 1 Se ct i o n L in e s W e ll Pa d s
FINANC IAL O VER VIE W
▪ $11 0 m m o f c ash ▪ No d e b t ▪ Sh are Pri c e: $ 5 . 2 0 ▪ Fu ll y D il u te d S ha re s O ut st a n di n g : 4 5 .3 m m ▪ M ark e t C ap i ta l iz at i o n : $ 23 5 . 6 mm ▪ En t erp ri se Va lu e : $ 1 2 5 .6 m m 2 0 1 2 PLA NNING: U SES OF C APIT AL FR OM AUG UST 1 , 2 0 1 1 T HR OUGH DE C EM B E R 3 1 , 2 0 1 2 FIN ANC IAL OVE R VIE W AS OF S EPT E M B ER 7 , 2 0 1 1 CU R RE NT C OM M ITM E NT S ▪ No h e d ge s ▪ Two -y ea r ri g c o n tra ct w it h Xt re me Co i l Dri ll i n g ― Xt re me R ig 7 ― T o ta l e x po s u re o f u p t o $ 1 7 mm 2 3 C u rre n t Fi n an c i al Po s it io n ▪ 1 -ri g p ro g ra m is fu ll y fu n d e d t h ro u g h 2 0 1 2 ; ex p a n si o n t o 3 o p e rat e d rig s i n H2 ’12 at Co m p an y d isc re ti o n ― P ro je ct i n g t ot a l sp e n d o f $ 6 5 .6 m m to fu n d 1 -ri g p ro g ra mt h ro ug h en d o f 2 0 1 2 ▪ No n -op e ra te d p l an s c on t i n ue wit h a p p ro x im at el y 8. 5 n e t we ll s (5 0 + g ro ss ) i n C o re Are a ― Pro j ec ti n g t o t al s pe n d o f $ 7 1 mm to d ril l a p pro x i ma t el y 8 . 5 n e t ad d i ti o n al n o n -op e ra te d we l lst h ro u g h e n d o f 2 0 1 2 ▪ Re d u ci n g L a nd Sp e n d fro m p rev i o u sly an n o u n c ed $ 5 0m m to $ 3 5 mm; $2 5 m m al rea d y s p en t ▪ In c re asi n g In fra st ru c t u re bu d g e t fro m p rev i o u sly an n o u n c ed $ 1 5 mmt o $ 3 0 m m ― Ve rti ca l i n te g rat io n o p p o rt u n i ti es c u rren t ly b ei n g e v al u at e d ▪ Ca sh G&A c o sts o f ~$ 8 .0 m m
FINANC IAL O VER VIE W ▪ An y b u d g et su rp lu s wo u l d b e u se d t o a cc e le rat e d ev e l o pm e nt an d g ro w a cre ag e p o si t io n ▪ Stra te g y w il l b e a sse t an d li a bi l it y m at c h in g , i .e . to t al re v en u e fro m h e d ge s ma tc h e s m ed i u m-te rm fi x e d o b li g a ti o n s 2 4 DE TAIL ED SOU R CE S AND USE S (A UGUST 1 , 2 0 1 1 THR OU GH D EC E M B ER 3 1, 2 0 1 2 ) Fo cu s o n L iq u i d it y Use s A mo u n t C o mm en t s 1 -Ri g O p era te d Dri l li n g Pro g ra m $ 6 5. 6 2 4 mo n t hs o f op e ra te d i n v en t o ry i n d e -ri sk e d C o re Are a No n -Op era te d D ril li n g P ro g ra m $ 7 1 .0 H o ld s > 7 0% o f n o n -op e ra te d p o si ti o n R e ma i ni n g L a nd Sp e n d $ 1 0 .0 Prim ari l y o p era t ed u ni t s In fra st ru ct u re $ 3 0. 0 V ert ic a l in t eg ra ti o n / g a t h eri n g / t ak e -awa y C a sh G&A $ 8 .0 C ash sp e n d a t d isc re ti o n T o ta l C u rren t B u d g et $1 8 4 . 6 So u rc es Am o u n t Ti mi n g E x ist i n g C a sh o n H an d $ 11 0 . 0 -- Ca sh Flo w fro m Pro d u ct i on $ 3 0 .0 M id p o i n t o f g u i da n c e, b a se d o n s tri p p ri ci n g R e serv e -Ba se d L en d i n g Fa c il it y $2 0 . 0 Se e k t o h a ve re v o l ve r i n p l a ce e n d 2 0 1 1 T o ta l C u rren t B u d g e t $ 1 6 0 .0 U n fu n d e d Po rt i on o f C u rre nt Bu d g e t ($ 2 4 .6 ) O n ly $ 25 m m to t al ca p it a l n ee d ed th ro u g h e n d 2 0 1 2 A cc el e rat io n Op p o rtu n i ti e s: Use s Amo u n t C o mm e nt s In cre as e to 3 -Ri g O p era te d Pro g ra m $ 3 2 .9 E x p an s io n to 3 o p era t ed ri g s in H2 '1 2 In c rem en t al La n d Sp e n d $ 6 7 .5 + Ac rea g e a cq u i si ti o n s / e x p a ns io n o f k e y p art n e rsh ip s T ot a l Use s, C u rren t B u d g e t + A cc el e rat io n Op p o rtu n i ti e s $ 2 8 5 . 0 So u rc es Am ou n t T i mi n g Jo i n t Ve nt u re $ 7 5 .0 + Se ek a p art n er b y Q1 '1 2 Pri v at e Pl ac em en t o f Te rm De b t $ 50 . 0 M i d - to en d 2 0 1 2 (ju n i o r u n se cu re d , co v e n an t -li te ) T o ta l So u rc es , Cu rre n t B u d g et + Ac ce l era ti o n Op p o rt u n it ie s $ 2 8 5 .0
35 . 5 % 3 8 .5 % 5 .4 % 1 6 . 3% 4 .3 % 1 -Ri g O p era te d Dri l li n g Pro g ra m No n -Op era te d D ril li n g P ro g ra m R em ai n in g La n d Sp e n d In fra st ru c t u re Ca sh G&A 0 50 0 1 ,0 0 0 1 , 5 0 0 2 ,0 0 0 2 ,5 0 0 3 , 0 0 0 Q3 '1 1 Q4 '1 1 Q1 '1 2 Q2 '1 2 Q3 '1 2 Q4 '1 2 B UDG ET AL LO CA TION FO RE C AST PR O DUC TIO N E XIT R AT E B Y QU AR TE R (1 ) F INANC IAL O VER VIE W 2 5 B u d g et an d O p era te d W e ll C o st N ET W EL L C OUNT B Y QUA RT E R 2 ,0 0 0 2 ,8 0 0 0 4 8 1 2 1 6 2 0 Q 1 '1 1 Q 2 '1 1 Q 3 '1 1 Q 4 '1 1 Q 1 '1 2 Q 2 '1 2 Q 3 '1 2 Q 4 '1 2 Q 1 '1 3 N et No n -Op era te d W e ll s Net O p era te d W el l s (1 ) De pe n d i ng o n ri g c o u nt .
KEY INVE ST M EN T CO NSIDE R ATIO NS
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Op era te d w it h o v e r 4 0 D ril li n g S pa c in g Un it s (DSUs ), o ffe rin g ~2 4 5 p o t en t ia l we ll lo c at io n s ▪ Cu rre n t p ro d uc t io n o f a pp ro x i ma te l y 6 0 0 B o e /d TE AM : Gro w o p era ti o n s / sea so n e d t ec h n ic a l te a m w it h W il l is to n a n d re so u rc e p la y e x p eri en c e ▪ Firs t o pe ra te d we l l sp u d s in la te S ep t em b er ▪ Cu rre n tl y p l a nn i n g 1 -ri g o p e rat e d p ro g ram t o d ri ll u p to 8 n e t we ll s(1 4 g ro ss ) b y e n d 2 0 1 2 ▪ Pad d ril li n g o f u p t o 8 l o c at io n s p e r u n it i n d e -ri sk e d C o re Are a; i n t eg ra te d w it h i n frast ru c tu re b u i ld ▪ Aim t o l o we r F& D / L OE c o st s b y 1 0 % -20 % in th e fu t u re ▪ No n -op e ra te d p l an s c on t i n ue wit h a p p ro x im at el y 8. 5 n e t we ll s(5 0 + g ro ss) in Co re A rea b y en d 20 1 2 STR E NGT H: St ro n g b al an c e sh e et – ~$ 11 0 mm c as h p o si ti o n a n d n o d e b t ▪ 1 -ri g p ro g ra m is fu ll y fu n d e d t h ro u g h 2 0 1 2 ▪ Ex p a ns io n to 3 o p e ra t ed rig s in H2 ’12 is p l an n e d b u t a t C o mp a ny d is cre t io n a n d d e p en d e n t o n : ― Fin d i n g a s tra te g i c JV pa rt n er ac ro ss p ort fo l io ―C l o si n g a re serv e -ba se d c red i t fa ci li t y ― C o n si de ri n g a p ri va t e p la ce me n t o f l o n g -te rm, c o ve n a n t -li g h t d eb t ― Ge n era l ma rk et co n d i ti o n s ▪ Pro d uc t io n g ro w s t o 2 , 0 0 0 -2, 8 0 0 B o e /d b y e n d 2 0 1 2 d ep e n d in g o n rig co u n t 2 7 No n -Op era te d / O p era te d P rod u c t io n A cc el e rat io n