Oil and gas valuation model 700 sheets - gazhoo.com

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This excel model has been created by investment bankers at a leading U.S. energy securities firm. The model is designed for an oil and gas asset located in the U.S. The model is fully-editable. …

This excel model has been created by investment bankers at a leading U.S. energy securities firm. The model is designed for an oil and gas asset located in the U.S. The model is fully-editable. Download it at gazhoo.com
Table of Contents:

1. Chart: Implied Exit Valuation, equity, free cash flow, leverage, equity
2. Chart: Cumulative Free Cash Flow, implied equity valuation, leverage, equity, out of pocket expense
3. Sheet 1
- Leverage
-Cum Cash Flow
- Initial
- Capex
- Implied Exit Valuation
- Equity
- Leverage
- Free Cash Flow
- Equity
- Implied Exit Valuation
- Out of Pocket Investment
- Equity
- Leverage
- Cum Free Cash Flow
- Implied Exit Valuation
- Out of Pocket Investment

4. Summary Assumptions
- General Assumptions
- Joint Venture Assumptions
- Reserve Assumptions
- Summary Drilling Schedule
- Unrisked Well Inventory Summary
- Risked Well Inventory Summary
- Return Projections
- Summary Statistics
- Drilling Assumptions (wells per rig per month)
- Leverage Assumptions
- Implied Asset Value Assumptions
- Unlevered After-Tax Economics
- Project After-Tax NPV - Interest (@ t=0)
- Unlevered After-Tax Data
- Returns (Cash Flow)
- Implied Asset Value (Production)
- Levered After-Tax Data
5. Monthly Projections
- Average Working Interest
- Average Net Revenue Interest
- Wells Drilled
- Wells Completed
- Producing Wells
- Gas Production (MMcf)
- Oil Production (Mbbl)
- NGL Production (Mbbl)
- Daily Production (MMcfe/d)
- Projected Prices
- Gas Revenues
- Operating Expenses
- Operating Cash Flow
- Capital Expenditures
- Total Drilling Capital Expenditures
- Total Non-Drilling Capital Expenditures
- Net Cash Flow after Capital Expenditures
- Joint Venture Projections (Unlevered)
- Return Projections
- Proved Reserves (MMcfe)
- Production
- MACRS Calculation
- Apple After-Tax Cash Flow Projections
- Proved Reserves (MMcfe)
- Production
- Net Cash Flow
- IRR
- ROI
6. PRICE CASES
7. MONTHLY CASES
8. CAPEX SCHEDULE
9. DRILLING SCHEDULES (13)
10. LEASE OPERATING
11. TYPE CURVES (9)

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  • 1. 2030년 9월 2029년 9월 2028년 9월 1,000,000 2027년 9월 2026년 9월 2025년 9월 2024년 9월 2023년 9월 2022년 9월 2021년 9월 2020년 9월 2019년 9월 2018년 9월 2017년 9월 2016년 9월 2015년 9월 2014년 9월 2013년 9월 2012년 9월 2011년 9월 2010년 9월 1,200,000 Equity Leverage Free Cash Flow Equity Implied Exit Valuation 800,000 600,000 400,000 200,000 -
  • 2. 800 Cum Free Cash Flow Leverage Equity Implied Exit Valuation Out of Pocket Investment 9,000/Mcfe/d Exit Valuation @ 5 years 700 600 ($MM) 500 400 300 200 100 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
  • 3. Leverage Cum Cash Flow Initial Capex Implied Exit Valuation Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment 50 Sep-10 30,000 63 Oct-10 30,000 63 Nov-10 30,000 63 Dec-10 30,000 2,136 Jan-11 30,000 2,074 - - - - - 30,000 32,163 30,000 32,225 30,000 32,288 30,000 34,428 30,000 36,509 Feb-11 30,000 2,074 Mar-11 30,000 2,555 Apr-11 30,000 10,640 May-11 30,000 5,338 Jun-11 30,000 5,207 Jul-11 30,000 4,725 Aug-11 30,000 5,338 - - - 42,617 52,328 55,134 59,769 30,000 38,592 30,000 41,161 30,000 51,817 30,000 12,617 42,617 56,352 30,000 22,328 52,328 60,601 30,000 25,134 55,134 64,271 30,000 29,769 59,769 68,454 gazhoo.com 12-31-10 12-31-11 12-31-12 12-31-13 12-31-14 12-31-15 12-31-16 12-31-17 12-31-18 12-31-19 12-31-20 12-31-21 30,000 66,812 152,803 196,278 266,583 317,216 379,205 432,139 387,697 233,045 179,361 137,896 17,247 47,515 74,290 112,994 154,507 206,382 259,945 281,604 269,183 252,211 237,707 61,093 134,961 226,880 338,411 455,233 549,869 631,436 30,000 84,059 200,317 270,568 379,576 471,723 585,587 692,084 669,301 502,228 431,573 375,603 30,000 84,059 200,317 270,568 379,576 471,723 585,587 692,084 669,301 502,228 431,573 375,603 34,428 82,890 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000
  • 4. Leverage Cum Cash Flow Initial Capex Sep-11 5,207 30,000 5,207 Oct-11 9,932 30,000 4,725 Nov-11 15,270 30,000 5,338 Dec-11 17,247 30,000 5,207 Jan-12 16,946 30,000 3,395 Feb-12 16,678 30,000 3,395 Mar-12 16,434 30,000 3,877 Apr-12 25,985 30,000 19,915 Implied Exit Valuation 70,610 72,338 78,790 84,059 87,349 83,090 70,877 67,761 142,501 156,380 157,972 165,168 30,000 5,207 35,403 70,610 72,340 30,000 9,932 32,406 72,338 75,649 30,000 15,270 33,520 78,790 79,445 30,000 17,247 36,812 84,059 82,890 30,000 16,946 40,403 87,349 84,441 30,000 16,678 36,412 83,090 86,211 30,000 16,434 24,443 70,877 88,639 30,000 25,985 11,776 67,761 107,269 30,000 29,085 83,417 142,501 113,596 30,000 31,657 94,724 156,380 115,857 30,000 34,206 93,766 157,972 117,687 30,000 37,227 97,940 165,168 119,700 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment m May-12 29,085 30,000 9,212 12-31-22 12-31-23 12-31-24 12-31-25 12-31-26 12-31-27 12-31-28 12-31-29 12-31-30 120,896 113,605 107,377 102,001 97,264 92,983 89,008 85,243 81,656 216,972 195,674 178,969 165,279 153,710 143,652 134,679 126,473 118,832 694,989 749,461 801,843 851,765 899,180 944,083 986,481 1,026,365 1,063,756 337,867 309,278 286,346 267,280 250,973 236,636 223,687 211,717 200,488 337,867 309,278 286,346 267,280 250,973 236,636 223,687 211,717 200,488 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000 Jun-12 31,657 30,000 5,335 Jul-12 34,206 30,000 5,060 Aug-12 37,227 30,000 5,410
  • 5. Leverage Cum Cash Flow Initial Capex Sep-12 39,713 30,000 5,335 Oct-12 42,175 30,000 5,060 Nov-12 45,111 30,000 5,410 Dec-12 47,515 30,000 5,335 Jan-13 46,804 30,000 1,400 Feb-13 46,162 30,000 2,310 Mar-13 45,570 30,000 2,585 Apr-13 56,339 30,000 13,265 May-13 59,171 30,000 4,780 Jun-13 61,400 30,000 6,525 Jul-13 62,086 30,000 2,915 Aug-13 66,486 30,000 7,205 Implied Exit Valuation 182,315 183,176 196,140 200,317 206,260 206,348 172,038 166,177 245,714 259,272 249,887 239,330 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 39,713 112,602 182,315 121,401 30,000 42,175 111,001 183,176 122,651 30,000 45,111 121,029 196,140 124,011 30,000 47,515 122,803 200,317 124,951 30,000 46,804 129,456 206,260 124,951 30,000 46,162 130,186 206,348 124,951 30,000 45,570 96,469 172,038 124,951 30,000 56,339 79,838 166,177 128,701 30,000 59,171 156,544 245,714 128,701 30,000 61,400 167,872 259,272 129,556 30,000 62,086 157,801 249,887 129,556 30,000 66,486 142,844 239,330 129,556 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 6. Leverage Cum Cash Flow Initial Capex Sep-13 67,117 30,000 4,100 Oct-13 69,340 30,000 5,340 Nov-13 72,129 30,000 4,780 Dec-13 74,290 30,000 8,345 Jan-14 73,351 30,000 1,820 Feb-14 72,488 30,000 2,730 Mar-14 71,680 30,000 2,095 Apr-14 89,040 30,000 19,745 May-14 91,496 30,000 5,200 Jun-14 95,161 30,000 7,550 Jul-14 Aug-14 97,167 101,333 30,000 30,000 4,850 7,625 Implied Exit Valuation 274,635 252,746 266,790 270,568 272,568 277,417 234,545 229,226 380,287 371,268 366,771 357,967 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 67,117 177,517 274,635 129,556 30,000 69,340 153,406 252,746 129,556 30,000 72,129 164,661 266,790 129,556 30,000 74,290 166,278 270,568 129,556 30,000 73,351 169,217 272,568 129,556 30,000 72,488 174,929 277,417 129,556 30,000 71,680 132,864 234,545 129,556 30,000 89,040 110,186 229,226 133,966 30,000 91,496 258,791 380,287 133,966 30,000 95,161 246,107 371,268 133,966 30,000 97,167 239,605 366,771 133,966 30,000 101,333 226,634 357,967 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 7. Leverage Cum Cash Flow Initial Capex Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 103,311 106,947 109,398 112,994 111,639 110,417 109,278 127,621 132,383 134,534 136,744 143,271 532 3,627 9,687 17,617 22,432 29,069 36,503 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 5,125 7,275 5,200 9,370 1,820 1,820 3,005 18,835 6,715 6,945 4,850 8,230 Implied Exit Valuation 387,275 367,940 394,337 379,576 393,340 392,829 330,704 322,989 474,716 476,914 444,688 436,762 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 103,311 253,964 387,275 133,966 30,000 106,947 230,993 367,940 133,966 30,000 109,398 254,939 394,337 133,966 30,000 112,994 236,583 379,576 133,966 30,000 111,639 251,702 393,340 133,966 30,000 110,417 532 252,412 392,829 133,966 30,000 109,278 3,627 191,426 330,704 133,966 30,000 127,621 9,687 165,369 322,989 133,966 30,000 132,383 17,617 312,333 474,716 133,966 30,000 134,534 22,432 312,380 476,914 133,966 30,000 136,744 29,069 277,944 444,688 133,966 30,000 143,271 36,503 263,491 436,762 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 8. Leverage Cum Cash Flow Initial Capex Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 145,392 147,554 152,391 154,507 152,903 151,411 150,001 175,176 179,949 182,691 187,067 191,818 42,450 49,443 57,330 61,093 65,599 70,397 73,552 81,973 89,448 96,133 102,857 110,583 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 6,035 4,850 6,715 8,765 4,140 3,230 4,415 25,305 10,050 8,460 9,700 9,140 Implied Exit Valuation 486,091 458,500 468,159 471,723 465,661 462,960 409,452 403,610 586,034 591,053 556,828 561,981 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 145,392 42,450 310,699 486,091 133,966 30,000 147,554 49,443 280,947 458,500 133,966 30,000 152,391 57,330 285,769 468,159 133,966 30,000 154,507 61,093 287,216 471,723 133,966 30,000 152,903 65,599 282,758 465,661 133,966 30,000 151,411 70,397 281,549 462,960 133,966 30,000 150,001 73,552 229,451 409,452 133,966 30,000 175,176 81,973 198,433 403,610 133,966 30,000 179,949 89,448 376,085 586,034 133,966 30,000 182,691 96,133 378,363 591,053 133,966 30,000 187,067 102,857 339,761 556,828 133,966 30,000 191,818 110,583 340,163 561,981 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 9. Leverage Cum Cash Flow Initial Capex Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 196,143 198,866 203,687 206,382 204,380 202,508 200,731 230,195 234,122 237,639 241,195 245,260 117,238 125,081 132,106 134,961 141,724 147,796 153,082 159,996 169,105 177,343 185,653 194,027 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 9,975 7,275 10,050 12,350 3,640 3,640 3,915 33,040 10,050 9,975 9,700 10,050 Implied Exit Valuation 590,731 577,625 590,932 585,587 581,365 601,730 515,821 510,072 720,098 717,719 683,741 679,748 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 196,143 117,238 364,588 590,731 133,966 30,000 198,866 125,081 348,759 577,625 133,966 30,000 203,687 132,106 357,245 590,932 133,966 30,000 206,382 134,961 349,205 585,587 133,966 30,000 204,380 141,724 346,985 581,365 133,966 30,000 202,508 147,796 369,223 601,730 133,966 30,000 200,731 153,082 285,090 515,821 133,966 30,000 230,195 159,996 249,877 510,072 133,966 30,000 234,122 169,105 455,977 720,098 133,966 30,000 237,639 177,343 450,080 717,719 133,966 30,000 241,195 185,653 412,546 683,741 133,966 30,000 245,260 194,027 404,488 679,748 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 10. Leverage Cum Cash Flow Initial Capex Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 248,818 252,373 256,419 259,945 257,552 255,312 253,183 269,367 271,818 272,352 272,959 277,065 202,031 210,308 218,749 226,880 237,296 246,909 254,758 263,033 273,888 282,239 292,299 302,174 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 9,975 9,700 10,050 9,975 1,820 1,820 3,005 20,350 6,715 6,945 4,850 8,230 Implied Exit Valuation 705,778 683,666 708,339 692,084 694,817 719,769 618,313 612,791 719,488 726,444 681,834 667,975 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 248,818 202,031 426,960 705,778 133,966 30,000 252,373 210,308 401,293 683,666 133,966 30,000 256,419 218,749 421,920 708,339 133,966 30,000 259,945 226,880 402,139 692,084 133,966 30,000 257,552 237,296 407,265 694,817 133,966 30,000 255,312 246,909 434,457 719,769 133,966 30,000 253,183 254,758 335,130 618,313 133,966 30,000 269,367 263,033 313,423 612,791 133,966 30,000 271,818 273,888 417,670 719,488 133,966 30,000 272,352 282,239 424,092 726,444 133,966 30,000 272,959 292,299 378,876 681,834 133,966 30,000 277,065 302,174 360,910 667,975 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 11. Leverage Cum Cash Flow Initial Capex Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 277,658 278,302 280,954 281,604 279,332 277,167 275,082 282,426 280,947 279,010 277,120 275,769 311,102 320,944 330,709 338,411 349,926 360,888 371,155 381,277 391,408 400,925 410,469 419,933 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 6,035 4,850 6,715 6,945 275 9,440 350 275 350 Implied Exit Valuation 708,556 670,997 683,038 669,301 659,554 695,891 605,252 605,585 573,529 581,299 548,715 536,187 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 277,658 311,102 400,898 708,556 133,966 30,000 278,302 320,944 362,696 670,997 133,966 30,000 280,954 330,709 372,083 683,038 133,966 30,000 281,604 338,411 357,697 669,301 133,966 30,000 279,332 349,926 350,221 659,554 133,966 30,000 277,167 360,888 388,723 695,891 133,966 30,000 275,082 371,155 300,169 605,252 133,966 30,000 282,426 381,277 293,159 605,585 133,966 30,000 280,947 391,408 262,582 573,529 133,966 30,000 279,010 400,925 272,290 581,299 133,966 30,000 277,120 410,469 241,596 548,715 133,966 30,000 275,769 419,933 230,418 536,187 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 12. Leverage Cum Cash Flow Initial Capex Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 273,948 272,165 270,913 269,183 267,485 265,816 264,176 263,058 261,951 260,359 258,791 257,743 428,847 437,838 446,793 455,233 463,782 472,174 480,141 488,391 496,591 504,315 512,182 520,071 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 546,364 517,779 524,569 502,228 493,021 517,835 476,357 484,367 465,550 477,757 455,134 448,356 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 273,948 428,847 242,416 546,364 133,966 30,000 272,165 437,838 215,614 517,779 133,966 30,000 270,913 446,793 223,656 524,569 133,966 30,000 269,183 455,233 203,045 502,228 133,966 30,000 267,485 463,782 195,536 493,021 133,966 30,000 265,816 472,174 222,019 517,835 133,966 30,000 264,176 480,141 182,181 476,357 133,966 30,000 263,058 488,391 191,309 484,367 133,966 30,000 261,951 496,591 173,599 465,550 133,966 30,000 260,359 504,315 187,398 477,757 133,966 30,000 258,791 512,182 166,343 455,134 133,966 30,000 257,743 520,071 160,613 448,356 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 13. Leverage Cum Cash Flow Initial Capex Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 256,207 254,693 253,698 252,211 250,745 249,298 247,869 246,955 246,057 244,679 243,316 242,465 527,499 535,083 542,701 549,869 557,203 564,433 571,290 578,475 585,569 592,156 598,935 605,782 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 460,819 439,481 447,804 431,573 425,662 465,078 414,759 423,345 404,829 413,523 395,710 391,408 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 256,207 527,499 174,612 460,819 133,966 30,000 254,693 535,083 154,788 439,481 133,966 30,000 253,698 542,701 164,106 447,804 133,966 30,000 252,211 549,869 149,361 431,573 133,966 30,000 250,745 557,203 144,917 425,662 133,966 30,000 249,298 564,433 185,780 465,078 133,966 30,000 247,869 571,290 136,890 414,759 133,966 30,000 246,955 578,475 146,390 423,345 133,966 30,000 246,057 585,569 128,772 404,829 133,966 30,000 244,679 592,156 138,844 413,523 133,966 30,000 243,316 598,935 122,394 395,710 133,966 30,000 242,465 605,782 118,943 391,408 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 14. Leverage Cum Cash Flow Initial Capex Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 241,131 239,811 239,001 237,707 236,426 235,157 233,900 233,151 232,413 230,289 227,904 225,591 612,130 618,679 625,303 631,436 637,777 644,053 649,990 656,288 662,525 667,382 672,186 676,645 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 400,160 383,242 392,002 375,603 371,962 407,909 364,997 373,716 358,407 367,093 352,167 349,170 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 241,131 612,130 129,029 400,160 133,966 30,000 239,811 618,679 113,432 383,242 133,966 30,000 239,001 625,303 123,001 392,002 133,966 30,000 237,707 631,436 107,896 375,603 133,966 30,000 236,426 637,777 105,536 371,962 133,966 30,000 235,157 644,053 142,752 407,909 133,966 30,000 233,900 649,990 101,097 364,997 133,966 30,000 233,151 656,288 110,566 373,716 133,966 30,000 232,413 662,525 95,994 358,407 133,966 30,000 230,289 667,382 106,804 367,093 133,966 30,000 227,904 672,186 94,263 352,167 133,966 30,000 225,591 676,645 93,579 349,170 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 15. Leverage Cum Cash Flow Initial Capex Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 223,345 221,162 219,038 216,972 214,957 212,994 211,079 209,209 207,384 205,600 203,856 202,149 681,182 685,995 690,456 694,989 699,791 704,587 709,101 713,530 717,950 722,433 727,179 731,563 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 357,776 343,385 351,939 337,867 335,199 368,236 330,047 338,468 325,105 333,465 320,359 318,060 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 223,345 681,182 104,431 357,776 133,966 30,000 221,162 685,995 92,223 343,385 133,966 30,000 219,038 690,456 102,900 351,939 133,966 30,000 216,972 694,989 90,896 337,867 133,966 30,000 214,957 699,791 90,242 335,199 133,966 30,000 212,994 704,587 125,242 368,236 133,966 30,000 211,079 709,101 88,968 330,047 133,966 30,000 209,209 713,530 99,258 338,468 133,966 30,000 207,384 717,950 87,721 325,105 133,966 30,000 205,600 722,433 97,865 333,465 133,966 30,000 203,856 727,179 86,504 320,359 133,966 30,000 202,149 731,563 85,911 318,060 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 16. Leverage Cum Cash Flow Initial Capex Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 200,480 198,845 197,243 195,674 194,136 192,626 191,146 189,694 188,268 186,869 185,494 184,144 736,009 740,716 745,058 749,461 754,124 758,770 763,127 767,392 771,641 775,949 780,515 784,715 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 326,324 313,588 321,785 309,278 307,188 326,169 303,107 311,150 299,163 307,147 295,350 293,495 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 200,480 736,009 95,844 326,324 133,966 30,000 198,845 740,716 84,744 313,588 133,966 30,000 197,243 745,058 94,542 321,785 133,966 30,000 195,674 749,461 83,605 309,278 133,966 30,000 194,136 754,124 83,053 307,188 133,966 30,000 192,626 758,770 103,543 326,169 133,966 30,000 191,146 763,127 81,961 303,107 133,966 30,000 189,694 767,392 91,456 311,150 133,966 30,000 188,268 771,641 80,895 299,163 133,966 30,000 186,869 775,949 90,278 307,147 133,966 30,000 185,494 780,515 79,856 295,350 133,966 30,000 184,144 784,715 79,352 293,495 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 17. Leverage Cum Cash Flow Initial Capex Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 182,817 181,512 180,230 178,969 177,728 176,508 175,306 174,123 172,959 171,812 170,683 169,570 788,973 793,488 797,637 801,843 806,308 810,755 814,909 818,970 823,015 827,117 831,477 835,470 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 301,389 289,861 297,690 286,346 284,632 313,256 281,268 288,943 278,009 285,623 274,839 273,290 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 182,817 788,973 88,572 301,389 133,966 30,000 181,512 793,488 78,349 289,861 133,966 30,000 180,230 797,637 87,460 297,690 133,966 30,000 178,969 801,843 77,377 286,346 133,966 30,000 177,728 806,308 76,904 284,632 133,966 30,000 176,508 810,755 106,748 313,256 133,966 30,000 175,306 814,909 75,962 281,268 133,966 30,000 174,123 818,970 84,820 288,943 133,966 30,000 172,959 823,015 75,050 278,009 133,966 30,000 171,812 827,117 83,811 285,623 133,966 30,000 170,683 831,477 74,156 274,839 133,966 30,000 169,570 835,470 73,720 273,290 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 18. Leverage Cum Cash Flow Initial Capex Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 168,474 167,394 166,330 165,279 164,244 163,223 162,215 161,221 160,240 159,272 158,316 157,372 839,520 843,828 847,768 851,765 856,021 860,259 864,204 868,057 871,893 875,787 879,937 883,720 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 280,819 270,247 277,717 267,280 265,839 292,736 262,984 270,308 260,211 267,472 257,496 256,163 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 168,474 839,520 82,344 280,819 133,966 30,000 167,394 843,828 72,853 270,247 133,966 30,000 166,330 847,768 81,387 277,717 133,966 30,000 165,279 851,765 72,001 267,280 133,966 30,000 164,244 856,021 71,596 265,839 133,966 30,000 163,223 860,259 99,514 292,736 133,966 30,000 162,215 864,204 70,769 262,984 133,966 30,000 161,221 868,057 79,086 270,308 133,966 30,000 160,240 871,893 69,971 260,211 133,966 30,000 159,272 875,787 78,199 267,472 133,966 30,000 158,316 879,937 69,179 257,496 133,966 30,000 157,372 883,720 68,791 256,163 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 19. Leverage Cum Cash Flow Initial Capex Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27 156,440 155,519 154,609 153,710 152,821 151,941 151,072 150,213 149,363 148,522 147,689 146,866 887,561 891,660 895,391 899,180 903,226 907,254 910,990 914,634 918,261 921,945 925,886 929,460 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 263,343 253,540 260,665 250,973 249,720 275,091 247,229 254,210 244,802 251,717 242,408 241,237 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 156,440 887,561 76,903 263,343 133,966 30,000 155,519 891,660 68,021 253,540 133,966 30,000 154,609 895,391 76,057 260,665 133,966 30,000 153,710 899,180 67,264 250,973 133,966 30,000 152,821 903,226 66,900 249,720 133,966 30,000 151,941 907,254 93,150 275,091 133,966 30,000 151,072 910,990 66,156 247,229 133,966 30,000 150,213 914,634 73,997 254,210 133,966 30,000 149,363 918,261 65,439 244,802 133,966 30,000 148,522 921,945 73,195 251,717 133,966 30,000 147,689 925,886 64,719 242,408 133,966 30,000 146,866 929,460 64,371 241,237 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 20. Leverage Cum Cash Flow Initial Capex Sep-27 Oct-27 Nov-27 Dec-27 Jan-28 Feb-28 Mar-28 Apr-28 May-28 Jun-28 Jul-28 Aug-28 146,050 145,243 144,443 143,652 142,867 142,090 141,321 140,558 139,801 139,051 138,308 137,571 933,092 936,981 940,503 944,083 947,920 951,739 955,267 958,702 962,119 965,594 969,328 972,694 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 248,071 238,910 245,695 236,636 235,505 250,553 233,284 239,927 231,091 237,676 228,940 227,879 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 146,050 933,092 72,021 248,071 133,966 30,000 145,243 936,981 63,667 238,910 133,966 30,000 144,443 940,503 71,252 245,695 133,966 30,000 143,652 944,083 62,983 236,636 133,966 30,000 142,867 947,920 62,637 235,505 133,966 30,000 142,090 951,739 78,463 250,553 133,966 30,000 141,321 955,267 61,963 233,284 133,966 30,000 140,558 958,702 69,369 239,927 133,966 30,000 139,801 962,119 61,290 231,091 133,966 30,000 139,051 965,594 68,625 237,676 133,966 30,000 138,308 969,328 60,632 228,940 133,966 30,000 137,571 972,694 60,308 227,879 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment
  • 21. Leverage Cum Cash Flow Initial Capex Sep-28 Oct-28 Nov-28 Dec-28 Jan-29 Feb-29 Mar-29 Apr-29 May-29 Jun-29 Jul-29 Aug-29 136,839 136,113 135,393 134,679 133,969 133,264 132,565 131,871 131,181 130,495 129,815 129,138 976,116 979,796 983,110 986,481 990,108 993,719 997,038 ######## ######## ######## ######## ######## 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 Implied Exit Valuation 234,368 225,762 232,213 223,687 222,646 245,371 220,612 Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment 30,000 136,839 976,116 67,529 234,368 133,966 30,000 136,113 979,796 59,649 225,762 133,966 30,000 135,393 983,110 66,820 232,213 133,966 30,000 134,679 986,481 59,008 223,687 133,966 30,000 133,969 990,108 58,677 222,646 133,966 30,000 133,264 993,719 82,106 245,371 133,966 30,000 30,000 30,000 132,565 131,871 131,181 997,038 ######## ######## 58,047 65,049 57,408 220,612 226,920 218,589 133,966 133,966 133,966 Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment 226,920 218,589 224,841 216,599 215,613 30,000 130,495 ######## 64,345 224,841 133,966 30,000 129,815 ######## 56,785 216,599 133,966 30,000 129,138 ######## 56,475 215,613 133,966
  • 22. Leverage Cum Cash Flow Initial Capex Implied Exit Valuation Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment Sep-29 Oct-29 Nov-29 Dec-29 Jan-30 Feb-30 Mar-30 Apr-30 May-30 Jun-30 Jul-30 Aug-30 128,466 127,798 127,133 126,473 125,817 125,165 124,516 123,870 123,229 122,591 121,956 121,324 ######## ######## ######## ######## ######## ######## ######## ######## ######## ######## ######## ######## 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 350 350 275 350 221,778 213,650 219,768 211,717 210,748 232,267 208,840 214,824 206,951 212,875 205,077 204,148 30,000 128,466 ######## 63,312 221,778 133,966 30,000 127,798 ######## 55,852 213,650 133,966 30,000 127,133 ######## 62,634 219,768 133,966 30,000 126,473 ######## 55,243 211,717 133,966 30,000 125,817 ######## 54,931 210,748 133,966 30,000 125,165 ######## 77,102 232,267 133,966 30,000 124,516 ######## 54,324 208,840 133,966 30,000 123,870 ######## 60,954 214,824 133,966 30,000 123,229 ######## 53,722 206,951 133,966 30,000 122,591 ######## 60,285 212,875 133,966 30,000 121,956 ######## 53,121 205,077 133,966 30,000 121,324 ######## 52,824 204,148 133,966
  • 23. Leverage Cum Cash Flow Initial Capex Implied Exit Valuation Equity Leverage Free Cash Flow Equity Implied Exit Valuation Out of Pocket Investment Equity Leverage Cum Free Cash Flow Implied Exit Valuation Out of Pocket Investment Sep-30 Oct-30 Nov-30 Dec-30 Jan-31 Feb-31 Mar-31 Apr-31 May-31 Jun-31 Jul-31 120,697 120,072 119,450 118,832 118,217 117,605 116,996 116,390 115,788 115,188 114,592 ######## ######## ######## ######## ######## ######## ######## ######## ######## ######## ######## 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 275 350 275 275 975 625 210,003 202,305 208,106 200,488 199,580 219,960 197,778 203,449 196,005 201,620 194,240 30,000 120,697 ######## 59,307 210,003 133,966 30,000 120,072 ######## 52,234 202,305 133,966 30,000 119,450 ######## 58,656 208,106 133,966 30,000 118,832 ######## 51,656 200,488 133,966 30,000 118,217 ######## 51,363 199,580 133,966 30,000 117,605 ######## 72,355 219,960 133,966 30,000 116,996 ######## 50,782 197,778 133,966 30,000 116,390 ######## 57,059 203,449 133,966 30,000 115,788 ######## 50,217 196,005 133,966 30,000 115,188 ######## 56,431 201,620 133,966 30,000 114,592 ######## 49,647 194,240 133,966 x x x x x x x x x x x x x x x x x x x x x x
  • 24. SUMMARY ASSUMPTIONS (data in US$000s, except per unit data) General Assumptions Model Name Model Start Date Choose Drilling Case Silicon 09-30-10 2 1 = Slow 2 = Base 3 = Accelerated Choose Location Case 4 1 = 1,000' 2 = 500' 3 = Google Location 4 = Dev Plan 92% 251 1 Oil ($/bbl) 1 = Strip 2 = Strip 3 = Strip 4 = Strip M arcellus Summary Drilling Schedule Targeted Wells Per Year 2012 2013 28 28 24 24 4 4 Discount Rate Tax Rate 2010 2 1 1 2011 16 12 4 1 Slow Hz Dry Hz Wet Vert Dry Vert Wet 2 1 1 160 16 25 119 160 16 102 42 2 Base Hz Dry Hz Wet Vert Dry Vert Wet 2 1 1 16 12 4 3 Location Risking (Non-reviewed) 1,000 ft Locations Choose Pricing Case Gas ($/MMBtu) 1 = Strip 2 = $4.00 - LT 3 = $6.00 - LT 4 = $7.00 - LT Name / Type Base Hz Dry Hz Wet Vert Dry Vert Wet Accelerated Hz Dry Hz Wet Vert Dry Vert Wet 2 1 1 168 24 25 119 Case 2 2015 36 13 19 4 2016 52 48 4 63 16 47 - 32 32 - 32 1 31 - 32 32 - 28 24 4 28 24 4 36 32 4 36 13 19 4 52 48 4 172 28 102 42 83 36 47 - 48 25 23 - 48 48 - 48 48 - Horizontal Wet 17 17 Unrisked Well I nventory Summary Pennsylvania Well Type Vertical Vertical Horizontal Dry Wet Total 96 17 15 16 20 16 45 25 7 22 9 4 10 6 17 14 123 96 120 Vertical Total 96 15 20 45 7 9 10 17 219 Dry Total 31 36 70 29 13 16 31 226 Wet Total 113 113 Horizontal Wet 56 39 95 112 Unrisked Well I nventory Summary West Virginia Well Type Vertical Vertical Horizontal Dry Wet Total 3 2 13 11 2 2 2 35 56 25 21 8 2 3 1 31 39 56 66 134 179 162 254 Vertical Total 3 13 2 2 35 25 8 3 31 122 341 Dry Total 5 24 2 4 46 10 4 95 321 Wet Total 91 70 161 274 Risked Well I nventory Summary Pennsylvania Risking % of Risk Horizontal Locations Factor Dry 100% 100% 100% 100% 16 100% 100% 16 100% 100% 25 100% 100% 22 92% 100% 3 100% 100% 6 100% 100% 14 102 Horizontal Wet 17 17 Vertical Dry 15 20 45 7 8 10 17 122 Vertical Wet 96 96 Vertical Dry 2 11 1 2 25 8 3 52 174 Vertical Wet 35 31 66 162 gazhoo.com 10.0% 35.0% Advisory Fees Misc Fees 2014 36 32 4 $1,750 $350 Joint Venture Assumptions Committed Investment Upfront Carry 42.9% $70,000 $30,000 $40,000 I nitial Working I nterest Until Carry is Satisfied Apple WI Google WI Apple % Funding of Google Capex 50.0% 50.0% 75.0% Working I nterest Post Carry Apple WI Google WI Apple % Funding of Google Capex 50.0% 50.0% 0.0% Area Butler Cambria Clarion Clearfield Fayette Greene Jefferson Somerset Horizontal Dry 16 16 25 22 4 6 14 103 Reserve Assumptions Estimated Ultimate Recovery (M M cfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian 2,955 2,955 3,093 3,269 3,235 3,164 4,319 994 1,143 166 Risking of EURs and IPs (+ / -) - Area Doddridge Gilmer Harrison Lewis Marion Marshall Monongalia Pleasants Tyler Wetzel Operating Marcellus LOE per well ($000 / month) Year 1 Year 2 Year 3 Max Cost escalation $4.5 $4.0 $3.5 $4.5 PA Sev Tax (% of Rev) Additional Sev.($ / Mcf) Sev Tax (Year Start) Ad Valorem Tax WV 5.0% 2012 Devonian LOE per well ($000 / month) Severance Tax Ad Valorem 5.0% $0.047 2010 - Reviewed = 1 1 1 1 1 1 1 1 $0.9 5.0% 4.5% Horizontal Drilling Completion Land Cost Capital Expenditures Clearfield $2,000 $2,530 $320 Other $1,500 $3,030 $320 Horizontal Drilling Completion Land Cost Fayette $1,500 $3,030 $320 Butler $1,500 $3,030 $320 Vertical Drilling Completion Land Cost $390 $700 $160 Devonian 1st Month 2nd Month 3rd Month $175 $175 $75 CAPEX Increase (Decrease) Area Butler Cambria Clarion Clearfield Fayette Greene Jefferson Somerset Horizontal Dry 2 11 2 21 2 1 39 142 Area Doddridge Gilmer Harrison Lewis Marion Marshall Monongalia Pleasants Tyler Wetzel Reviewed = 1 1 1 1 1 1 1 Drilling Assumptions (wells per rig per month) Horizontal Vertical 0.67 4.00 Production Delay (Months) % Intangible Drilling Capex Risked Well I nventory Summary West Virginia Risking % of Risk Horizontal Locations Factor Dry 92% 100% 1 92% 100% 92% 100% 10 92% 100% 100% 100% 2 100% 100% 100% 100% 21 100% 100% 2 100% 100% 1 100% 100% 37 139 Total Locations 75% Well Type Well Type Horizontal Wet 56 39 95 112 251 Leverage Assumptions Total Debt / PDP Reserves ($/Mcfe) Total Debt / EBITDAX Interest Rate 336 $1.00 2.5x 6.0% I mplied Asset Value Assumptions PDP Reserves ($/Mcfe) Production ($/Mcfe/d) $2.00 $9,000
  • 25. APPLE RETURN PROJECTIONS (data in US$000s, except per unit data) 60 ($106,768) - Cum FCF ROI IRR Unlevered After-Tax Economics M onths 96 108 $25,110 $144,164 1.2x 2.1x 3.3% 12.6% 84 ($51,233) - Cum FCF + Asset ROI IRR 240 $680,784 6.1x 22.4% I mplied Asset Value Based on PDP Reserves ($2.00 / M cfe) M onths 36 48 60 $3,654 $74,246 $179,774 1.0x 1.6x 2.3x 1.4% 16.3% 24.4% 84 $439,287 4.3x 29.1% Cum FCF + Asset ROI IRR 120 $237,040 2.8x 16.6% I mplied Asset Value Based on Production ($9,000 / M cfe /d) M onths 36 48 60 $110,012 $229,546 $329,994 1.8x 2.7x 3.5x 34.8% 39.5% 37.0% 84 $628,515 5.7x 35.2% Project After-Tax NPV - Apple I nterest (@ t=0) NPV $276,216 $171,484 $105,970 APPLE SUM M ARY STATI STI CS (data in US$000s, except per unit data) M onth 36 Gross Producing Well Summary Other PA Cos Other WV Cos Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total total recovery (MMcfe) Apple Production and Reserves Production Rate (MMcfe/d) Remaining PDP Reserves (Bcfe) Cumulative Production (Bcfe) Cum Apple Drilling Capex 44 1 10 55 572,809 Unlevered $191,981 $83,450 $21,682 60 Discount 10% 15% 20% 72 84 96 120 144 192 240 240 240 56 37 5 6 18 122 237,715.56 5 56 39 10 16 17 22 165 34 56 39 25 22 17 26 219 68 5 56 39 25 22 17 30 262 78 14 56 39 25 22 17 38 289 78 14 56 39 25 22 17 46 297 78 14 56 39 25 22 17 62 313 78 14 56 39 25 22 17 78 329 78 14 56 39 25 22 17 78 329 78 14 56 39 25 22 17 78 329 26.6 66.5 13.4 48.5 143.3 41.7 62.4 191.8 61.7 75.5 245.3 86.6 74.2 277.1 114.4 49.8 257.7 159.9 38.8 229.3 192.3 28.5 188.4 241.2 22.7 158.6 278.9 22.7 158.6 278.9 22.7 158.6 278.9 ₩ 178,478 331,847 432,652 556,312 649,747 687,482 692,482 702,482 712,482 712,482 712,482 Unlevered After-Tax Data Investment Apple Equity JV Investment $129,556 $133,966 $133,966 $133,966 $133,966 $133,966 $133,966 $133,966 $133,966 $133,966 $133,966 Cash Flow Cum Apple Operating Cash Flow Cum Apple Free Cash Flow $81,259 (129,318) $257,179 (106,768) $383,517 (81,235) $537,179 (51,233) $706,957 25,110 $956,622 237,040 $1,091,130 366,548 $1,282,367 547,785 $1,425,366 680,784 $1,425,366 680,784 $1,425,366 680,784 Returns (Cash Flow) Apple ROI Apple IRR Apple Remaining Project PV@10.0% $413,341 $476,037 $496,497 $514,404 1.2x 3.3% $485,582 2.8x 16.6% $351,677 3.7x 19.8% $281,559 5.1x 21.8% $188,089 6.1x 22.4% $111,478 6.1x 22.4% $111,478 6.1x 22.4% $111,478 1.8x 34.8% 3.5x 37.0% 4.6x 36.7% 5.8x 35.2% 6.2x 31.9% 6.1x 26.4% 6.4x 24.4% 7.0x 23.1% 7.6x 22.7% 7.6x 22.7% 7.6x 22.7% Levered After-Tax Data Investment Apple Equity JV Investment $85,203 $85,203 $85,203 $85,203 $85,203 $85,203 $85,203 $85,203 $85,203 $85,203 $85,203 Cash Flow Cum Apple Operating Cash Flow Cum Apple Free Cash Flow $77,054 (67,038) $241,100 20,424 $357,705 84,771 $498,495 155,343 $652,616 247,834 $894,866 433,027 $1,020,783 521,793 $1,182,925 605,715 $1,304,372 681,114 $1,304,372 681,114 $1,304,372 681,114 $517,415 1.2x 6.768% $601,966 2.0x 19.752% $635,056 2.8x 27.098% $666,819 3.9x 32.399% $653,237 6.1x 37.410% $528,268 7.1x 38.462% $429,516 8.1x 38.806% $288,766 9.0x 38.889% $171,435 9.0x 38.889% $171,435 9.0x 38.889% $171,435 2.2x 41.1% 4.7x 46.7% 6.4x 47.4% 8.0x 46.5% 8.5x 43.8% 8.3x 40.0% 8.5x 39.2% 9.2x 38.8% 9.9x 38.8% 9.9x 38.8% 9.9x 38.8% Implied Asset Value (Production) Apple ROI Apple IRR Returns (Cash Flow) Apple ROI Apple IRR Apple Remaining Project PV@10.0% Implied Asset Value (Production) Apple ROI Apple IRR
  • 26. Monthly Projections (Summary) 2010 Sep-10 2010 Oct-10 2010 Nov-10 2010 Dec-10 2011 Jan-11 2011 Feb-11 2011 M ar-11 2011 Apr-11 2011 M ay-11 2011 Jun-11 2011 Jul-11 2011 Aug-11 3.75 3.75 4.00 3.79 3.75 4.00 61.78 39.74 0.00 0.00 0.00 0.00 0.00 0.00 125.00 0.00 -30,000.00 -32,162.50 -32,162.50 3.75 3.75 4.00 3.79 3.75 4.00 61.78 39.74 0.00 0.00 0.00 0.00 0.00 0.00 125.00 0.00 0.00 -62.50 -32,225.00 3.96 3.96 4.21 3.99 3.96 4.21 62.66 40.28 0.00 0.00 0.00 0.00 0.00 0.00 125.00 0.00 0.00 -62.50 -32,287.50 4.22 4.22 4.47 4.24 4.22 4.47 63.51 40.79 0.00 0.00 0.00 0.00 9.00 -9.00 2,495.00 -4.50 0.00 -2,140.75 -34,428.25 4.42 4.42 4.67 4.42 4.42 4.67 64.28 41.27 0.00 0.00 0.00 0.00 13.50 -13.50 2,783.17 -6.75 0.00 -2,080.83 -36,509.08 4.42 4.42 4.67 4.43 4.42 4.67 64.96 41.68 0.00 0.00 0.00 0.00 18.00 -18.00 2,783.17 -9.00 0.00 -2,083.08 -38,592.17 4.36 4.36 4.61 4.37 4.36 4.61 65.53 42.03 0.00 0.00 0.00 0.00 27.00 -27.00 3,333.17 -13.50 0.00 -2,568.83 -41,161.00 4.27 4.27 4.52 4.29 4.27 4.52 65.96 42.29 0.00 0.00 0.00 0.00 31.50 -31.50 12,573.17 -15.75 0.00 -10,656.08 -51,817.08 4.30 4.30 4.55 4.31 4.30 4.55 66.32 42.51 835.18 477.77 397.84 1,710.78 104.48 1,606.31 6,513.17 803.15 0.00 -4,534.68 -56,351.76 4.36 4.36 4.61 4.37 4.36 4.61 66.64 42.70 1,024.29 569.60 444.74 2,038.63 123.63 1,915.00 6,363.17 957.50 0.00 -4,249.09 -60,600.85 4.43 4.43 4.68 4.44 4.43 4.68 66.94 42.89 1,124.91 622.75 501.04 2,248.71 137.68 2,111.03 5,813.17 1,055.51 0.00 -3,669.82 -64,270.67 4.49 4.49 4.74 4.49 4.49 4.74 67.18 43.03 1,227.51 675.85 557.70 2,461.06 151.73 2,309.33 6,513.17 1,154.67 0.00 -4,183.17 -68,453.84 2010 Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 3.92 3.92 4.17 3.95 3.92 4.17 62.43 40.14 0.00 0.00 0.00 0.00 9.00 -9.00 2,870.00 -4.50 -30,000.00 4.52 4.52 4.77 4.53 4.52 4.77 66.57 42.66 10,933.18 5,728.46 4,664.01 21,325.65 1,394.06 19,931.59 71,728.00 9,965.80 0.00 5.20 5.20 5.45 5.17 5.20 5.45 69.10 44.20 39,887.79 18,836.67 16,299.40 75,023.86 5,660.16 69,363.69 120,390.00 34,681.85 0.00 5.53 5.53 5.78 5.48 5.53 5.78 70.47 45.03 70,172.67 29,912.94 28,201.96 128,287.57 9,636.05 118,651.52 127,096.00 59,325.76 0.00 5.67 5.67 5.92 5.62 5.67 5.92 71.55 45.69 105,724.22 34,245.22 42,995.78 182,965.22 13,507.32 169,457.89 157,170.00 84,728.95 0.00 5.85 5.85 6.10 5.79 5.85 6.10 72.85 46.49 149,338.52 32,221.11 51,561.92 233,121.55 16,720.98 216,400.57 157,170.00 108,200.28 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 221,403.79 26,904.61 45,090.75 293,399.15 21,233.37 272,165.78 228,180.00 136,082.89 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 296,186.83 20,435.19 34,374.88 350,996.90 26,865.44 324,131.45 247,420.00 162,065.73 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 319,648.14 17,352.18 28,797.19 365,797.51 29,494.09 336,303.42 156,560.00 168,151.71 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 267,964.43 15,551.48 25,310.29 308,826.19 27,159.61 281,666.59 23,180.00 140,833.29 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 215,170.64 14,340.22 22,825.86 252,336.71 24,121.08 228,215.63 5,000.00 114,107.82 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 185,991.17 12,747.60 20,929.22 219,667.98 22,525.56 197,142.42 5,000.00 98,571.21 0.00 Yearly Projections (Summary) Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment
  • 27. Monthly Projections (Summ 2011 Sep-11 2011 Oct-11 2011 Nov-11 2011 Dec-11 2012 Jan-12 2012 Feb-12 2012 M ar-12 4.52 4.52 4.77 4.52 4.52 4.77 67.40 43.16 1,432.33 767.94 612.79 2,813.06 171.81 2,641.26 6,363.17 1,320.63 0.00 -3,885.96 -72,339.79 4.61 4.61 4.86 4.61 4.61 4.86 67.62 43.30 1,538.43 813.66 665.91 3,017.99 185.75 2,832.24 5,813.17 1,416.12 0.00 -3,309.21 -75,649.00 4.88 4.88 5.13 4.87 4.88 5.13 67.86 43.44 1,710.70 858.30 717.20 3,286.20 202.31 3,083.89 6,513.17 1,541.95 0.00 -3,795.89 -79,444.89 5.22 5.22 5.47 5.19 5.22 5.47 68.11 43.60 2,039.83 942.58 766.80 3,749.21 226.67 3,522.54 6,363.17 1,761.27 0.00 -3,445.31 -82,890.20 5.42 5.42 5.67 5.38 5.42 5.67 68.27 43.69 2,191.01 979.26 813.54 3,983.81 294.65 3,689.16 4,060.83 1,844.58 0.00 -1,550.84 -84,441.04 5.38 5.38 5.63 5.35 5.38 5.63 68.42 43.79 1,942.08 864.61 722.02 3,528.70 278.76 3,249.94 4,060.83 1,624.97 0.00 -1,770.45 -86,211.49 5.25 5.25 5.50 5.22 5.25 5.50 68.58 43.88 1,731.22 780.62 658.69 3,170.53 272.99 2,897.53 4,610.83 1,448.77 0.00 -2,427.90 -88,639.39 4.93 4.93 5.18 4.92 4.93 5.18 68.73 43.98 1,510.12 715.13 610.49 2,835.74 264.15 2,571.59 22,940.83 1,285.80 0.00 -18,629.62 -107,269.01 4.94 4.94 5.19 4.93 4.94 5.19 68.89 44.07 3,217.14 1,613.33 1,396.85 6,227.32 457.82 5,769.50 10,820.83 2,884.75 0.00 -6,326.92 -113,595.92 4.98 4.98 5.23 4.96 4.98 5.23 69.04 44.16 3,459.10 1,719.31 1,459.91 6,638.32 489.80 6,148.52 10,670.83 3,074.26 0.00 -2,261.15 -115,857.08 2022 Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I 2012 2023 2024 2025 2026 2027 2028 2029 2030 2031 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 164,558.27 10,979.96 19,407.17 194,945.41 21,368.17 173,577.24 5,000.00 86,788.62 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 149,212.06 9,724.25 18,130.21 177,066.52 20,527.48 156,539.04 5,000.00 78,269.52 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 137,314.87 8,713.59 17,020.28 163,048.74 19,873.63 143,175.10 5,000.00 71,587.55 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 127,663.59 7,858.96 16,035.13 151,557.68 19,334.43 132,223.25 5,000.00 66,111.62 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 119,578.81 7,122.75 15,143.32 141,844.88 18,877.18 122,967.70 5,000.00 61,483.85 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 112,608.83 6,477.06 14,315.24 133,401.13 18,479.35 114,921.78 5,000.00 57,460.89 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 106,429.19 5,902.90 13,535.02 125,867.12 18,124.31 107,742.80 5,000.00 53,871.40 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 100,793.80 5,386.65 12,797.68 118,978.13 17,799.58 101,178.55 5,000.00 50,589.28 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 95,537.53 4,923.67 12,101.02 112,562.22 17,496.93 95,065.29 5,000.00 47,532.64 0.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 53,424.12 2,678.92 6,752.50 62,855.54 10,074.17 52,781.37 3,750.00 26,390.68 0.00 Apr-12 2012 M ay-12 2012 Jun-12 Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment
  • 28. Monthly Projections (Summ 2012 Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2012 Aug-12 2013 Jul-12 Sep-12 2012 Oct-12 2012 Nov-12 2012 Dec-12 2012 Jan-13 2013 Feb-13 2013 M ar-13 5.03 5.03 5.28 5.01 5.03 5.28 69.18 44.25 3,636.25 1,796.09 1,546.98 6,979.32 517.38 6,461.94 10,120.83 3,230.97 0.00 -1,829.45 -117,686.53 5.08 5.08 5.33 5.05 5.08 5.33 69.33 44.34 3,824.60 1,877.32 1,638.96 7,340.89 546.37 6,794.52 10,820.83 3,397.26 0.00 -2,013.16 -119,699.69 5.09 5.09 5.34 5.07 5.09 5.34 69.47 44.43 4,120.07 2,000.47 1,730.64 7,851.18 583.20 7,267.98 10,670.83 3,633.99 0.00 -1,701.43 -121,401.11 5.18 5.18 5.43 5.15 5.18 5.43 69.62 44.52 4,338.19 2,075.93 1,820.39 8,234.51 612.58 7,621.93 10,120.83 3,810.97 0.00 -1,249.45 -122,650.56 5.42 5.42 5.67 5.38 5.42 5.67 69.77 44.61 4,690.23 2,150.20 1,907.93 8,748.36 648.14 8,100.23 10,820.83 4,050.11 0.00 -1,360.30 -124,010.87 5.69 5.69 5.94 5.64 5.69 5.94 69.92 44.70 5,227.78 2,264.40 1,992.99 9,485.17 694.32 8,790.86 10,670.83 4,395.43 0.00 -939.99 -124,950.86 5.87 5.87 6.12 5.81 5.87 6.12 69.99 44.74 5,539.49 2,327.90 2,073.24 9,940.63 721.25 9,219.38 2,799.67 4,609.69 0.00 3,209.86 -121,741.00 5.82 5.82 6.07 5.76 5.82 6.07 70.06 44.78 4,975.51 2,081.49 1,871.63 8,928.63 673.97 8,254.66 4,619.67 4,127.33 0.00 1,817.50 -119,923.50 5.66 5.66 5.91 5.61 5.66 5.91 70.14 44.83 4,480.57 1,898.75 1,729.14 8,108.45 642.38 7,466.08 5,169.67 3,733.04 0.00 1,148.21 -118,775.30
  • 29. Monthly Projections (Summ 2013 Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apr-13 5.27 5.27 5.52 5.24 5.27 5.52 70.22 44.88 3,910.19 1,755.19 1,619.07 7,284.46 606.79 6,677.66 26,529.67 3,338.83 0.00 -9,926.00 -128,701.30 2013 M ay-13 5.26 5.26 5.51 5.23 5.26 5.51 70.31 44.93 5,903.33 2,763.26 2,510.91 11,177.49 821.95 10,355.55 9,559.67 5,177.77 0.00 397.94 -128,303.36 Jun-13 2013 Jul-13 2013 2013 Aug-13 Sep-13 2013 Oct-13 2013 Nov-13 2013 Dec-13 2013 5.29 5.29 5.54 5.26 5.29 5.54 70.40 44.99 6,123.06 2,702.69 2,557.16 11,382.91 839.26 10,543.65 13,049.67 5,271.83 0.00 -1,253.01 -129,556.37 5.33 5.33 5.58 5.30 5.33 5.58 70.49 45.05 6,126.56 2,726.60 2,558.05 11,411.21 845.52 10,565.69 5,829.67 5,282.85 0.00 2,368.01 -127,188.36 5.38 5.38 5.63 5.34 5.38 5.63 70.59 45.11 5,914.21 2,608.39 2,457.32 10,979.92 830.10 10,149.82 14,409.67 5,074.91 0.00 -2,129.92 -129,318.28 5.40 5.40 5.65 5.36 5.40 5.65 70.70 45.17 6,641.42 2,800.64 2,736.76 12,178.83 897.80 11,281.03 8,199.67 5,640.52 0.00 1,540.68 -127,777.60 5.48 5.48 5.73 5.44 5.48 5.73 70.80 45.23 6,399.66 2,686.78 2,605.03 11,691.46 879.77 10,811.69 10,679.67 5,405.85 0.00 66.01 -127,711.59 5.67 5.67 5.92 5.62 5.67 5.92 70.91 45.30 6,750.17 2,766.32 2,679.04 12,195.54 910.20 11,285.33 9,559.67 5,642.67 0.00 862.83 -126,848.75 5.89 5.89 6.14 5.83 5.89 6.14 71.02 45.37 7,408.51 2,794.92 2,804.62 13,008.04 967.07 12,040.97 16,689.67 6,020.49 0.00 -2,324.35 -129,173.10
  • 30. Monthly Projections (Summ 2014 Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2014 Jan-14 Feb-14 6.06 6.06 6.31 5.99 6.06 6.31 71.09 45.41 7,639.14 2,864.43 2,836.20 13,339.76 993.73 12,346.03 3,640.00 6,173.02 0.00 4,353.02 -124,820.08 6.00 6.00 6.25 5.94 6.00 6.25 71.16 45.45 6,975.87 2,613.44 2,606.12 12,195.43 945.33 11,250.09 5,460.00 5,625.05 0.00 2,895.05 -121,925.04 2014 M ar-14 5.82 5.82 6.07 5.76 5.82 6.07 71.23 45.50 6,336.33 2,423.83 2,442.13 11,202.28 905.52 10,296.76 4,190.00 5,148.38 0.00 3,053.38 -118,871.66 2014 Apr-14 5.41 5.41 5.66 5.37 5.41 5.66 71.31 45.55 5,580.29 2,272.00 2,313.57 10,165.86 864.26 9,301.60 39,490.00 4,650.80 0.00 -15,094.20 -133,965.86 2014 M ay-14 5.40 5.40 5.65 5.36 5.40 5.65 71.39 45.60 9,661.18 3,338.81 4,168.99 17,168.99 1,211.49 15,957.50 10,400.00 7,978.75 0.00 2,778.75 -131,187.11 Jun-14 2014 Jul-14 2014 2014 Aug-14 Sep-14 2014 5.42 5.42 5.67 5.38 5.42 5.67 71.48 45.65 9,212.98 3,146.64 3,898.52 16,258.14 1,176.25 15,081.88 15,100.00 7,540.94 0.00 -9.06 -131,196.17 5.47 5.47 5.72 5.42 5.47 5.72 71.57 45.71 9,512.94 3,070.39 4,028.57 16,611.90 1,193.34 15,418.56 9,700.00 7,709.28 0.00 2,859.28 -128,336.88 5.51 5.51 5.76 5.46 5.51 5.76 71.67 45.76 9,370.75 2,943.66 3,952.59 16,267.01 1,185.66 15,081.35 15,250.00 7,540.68 0.00 -84.32 -128,421.21 5.53 5.53 5.78 5.48 5.53 5.78 71.77 45.82 9,904.83 2,970.46 4,139.83 17,015.12 1,224.83 15,790.29 10,250.00 7,895.14 0.00 2,770.14 -125,651.06
  • 31. Monthly Projections (Summ 2014 Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2014 2014 2015 2015 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 5.61 5.61 5.86 5.56 5.61 5.86 71.88 45.89 9,880.65 2,875.54 4,086.90 16,843.08 1,225.07 15,618.01 14,550.00 7,809.01 0.00 534.01 -125,117.06 5.81 5.81 6.06 5.75 5.81 6.06 72.00 45.96 10,634.15 2,879.51 4,285.40 17,799.06 1,274.27 16,524.79 10,400.00 8,262.39 0.00 3,062.39 -122,054.67 6.03 6.03 6.28 5.96 6.03 6.28 72.12 46.04 11,015.11 2,846.52 4,236.96 18,098.59 1,307.56 16,791.03 18,740.00 8,395.52 0.00 -974.48 -123,029.15 6.21 6.21 6.46 6.13 6.21 6.46 72.23 46.10 11,758.33 2,860.54 4,437.04 19,055.91 1,355.28 17,700.63 3,640.00 8,850.32 0.00 7,030.32 -115,998.83 6.16 6.16 6.41 6.08 6.16 6.41 72.34 46.17 10,515.89 2,639.98 3,985.19 17,141.06 1,272.53 15,868.54 3,640.00 7,934.27 0.00 6,114.27 -109,884.57 2015 M ar-15 5.98 5.98 6.23 5.91 5.98 6.23 72.45 46.24 9,509.22 2,477.23 3,711.21 15,697.66 1,219.29 14,478.36 6,010.00 7,239.18 0.00 4,234.18 -105,650.38 2015 Apr-15 5.59 5.59 5.84 5.54 5.59 5.84 72.56 46.31 8,405.44 2,346.85 3,508.84 14,261.12 1,157.29 13,103.84 37,670.00 6,551.92 0.00 -12,283.08 -117,933.47 2015 M ay-15 5.57 5.57 5.82 5.52 5.57 5.82 72.67 46.37 13,185.93 2,971.57 5,074.66 21,232.16 1,467.13 19,765.03 13,430.00 9,882.52 0.00 3,167.52 -114,765.95 2015 Jun-15 5.60 5.60 5.85 5.55 5.60 5.85 72.78 46.44 13,052.67 2,898.58 4,712.37 20,663.62 1,445.63 19,217.99 13,890.00 9,608.99 0.00 2,663.99 -112,101.96
  • 32. Monthly Projections (Summ 2015 Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2015 Aug-15 2015 Jul-15 Sep-15 2015 Oct-15 2015 Nov-15 2015 Dec-15 2016 Jan-16 2016 Feb-16 2016 M ar-16 2016 Apr-16 5.65 5.65 5.90 5.60 5.65 5.90 72.90 46.51 12,777.75 2,752.15 4,441.62 19,971.53 1,416.25 18,555.28 9,700.00 9,277.64 0.00 4,427.64 -107,674.32 5.70 5.70 5.95 5.65 5.70 5.95 73.02 46.59 12,753.16 2,647.14 4,279.78 19,680.07 1,407.23 18,272.84 16,460.00 9,136.42 0.00 906.42 -106,767.90 5.73 5.73 5.98 5.67 5.73 5.98 73.14 46.66 13,904.88 2,765.47 4,528.91 21,199.26 1,477.07 19,722.18 12,070.00 9,861.09 0.00 3,826.09 -102,941.81 5.81 5.81 6.06 5.75 5.81 6.06 73.26 46.74 13,828.68 2,656.35 4,341.63 20,826.66 1,465.65 19,361.01 9,700.00 9,680.50 0.00 4,830.50 -98,111.30 6.01 6.01 6.26 5.94 6.01 6.26 73.39 46.81 14,207.29 2,573.23 4,230.86 21,011.38 1,479.49 19,531.90 13,430.00 9,765.95 0.00 3,050.95 -95,060.35 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,439.29 2,632.02 4,309.80 22,381.11 1,558.15 20,822.97 17,530.00 10,411.48 0.00 1,646.48 -93,413.87 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,303.56 2,549.58 4,203.49 22,056.63 1,556.15 20,500.48 8,280.00 10,250.24 0.00 6,110.24 -87,303.63 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,169.74 2,402.50 3,971.75 20,543.99 1,504.54 19,039.45 6,460.00 9,519.73 0.00 6,289.73 -81,013.90 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,358.05 2,283.79 3,796.61 19,438.45 1,478.13 17,960.32 8,830.00 8,980.16 0.00 4,565.16 -76,448.74 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,716.33 2,183.43 3,652.85 18,552.61 1,450.68 17,101.93 50,610.00 8,550.96 0.00 -16,754.04 -93,202.78
  • 33. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2016 M ay-16 2016 Jun-16 2016 Jul-16 2016 Aug-16 2016 Sep-16 2016 Oct-16 2016 Nov-16 2016 Dec-16 2017 Jan-17 2017 Feb-17 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,456.17 2,539.94 4,364.73 27,360.84 1,856.60 25,504.24 20,100.00 12,752.12 0.00 2,702.12 -90,500.66 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,218.55 2,410.19 4,031.04 26,659.77 1,854.60 24,805.18 16,920.00 12,402.59 0.00 3,942.59 -86,558.07 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,837.33 2,276.65 3,825.17 25,939.14 1,843.64 24,095.50 19,400.00 12,047.75 0.00 2,347.75 -84,210.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,262.52 2,170.21 3,670.26 26,102.99 1,871.89 24,231.10 18,280.00 12,115.55 0.00 2,975.55 -81,234.77 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,854.91 2,124.38 3,543.66 26,522.94 1,914.34 24,608.60 19,950.00 12,304.30 0.00 2,329.30 -78,905.47 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,254.15 2,042.91 3,435.45 26,732.51 1,940.91 24,791.60 14,550.00 12,395.80 0.00 5,120.80 -73,784.67 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,144.53 1,970.54 3,340.41 26,455.48 1,947.66 24,507.83 20,100.00 12,253.91 0.00 2,203.91 -71,580.76 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,827.96 1,950.50 3,255.33 27,033.80 2,014.24 25,019.56 24,700.00 12,509.78 0.00 159.78 -71,420.98 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,763.71 1,887.83 3,178.20 26,829.74 2,019.92 24,809.81 7,280.00 12,404.91 0.00 8,764.91 -62,656.07 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,182.60 1,831.91 3,107.52 25,122.04 1,953.41 23,168.63 7,280.00 11,584.31 0.00 7,944.31 -54,711.75
  • 34. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2017 M ar-17 2017 Apr-17 2017 M ay-17 2017 Jun-17 2017 Jul-17 2017 Aug-17 2017 Sep-17 2017 Oct-17 2017 Nov-17 2017 Dec-17 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,046.08 1,780.62 3,042.28 23,868.97 1,914.19 21,954.78 7,830.00 10,977.39 0.00 7,062.39 -47,649.36 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,146.12 1,732.64 2,981.65 22,860.41 1,880.32 20,980.10 66,080.00 10,490.05 0.00 -22,549.95 -70,199.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 28,200.65 1,733.62 2,925.01 32,859.28 2,393.28 30,466.00 20,100.00 15,233.00 0.00 5,183.00 -65,016.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,140.10 1,732.27 2,871.88 31,744.24 2,354.79 29,389.46 19,950.00 14,694.73 0.00 4,719.73 -60,296.59 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,749.44 1,686.06 2,821.85 31,257.36 2,346.71 28,910.65 19,400.00 14,455.33 0.00 4,755.33 -55,541.26 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,653.23 1,643.82 2,774.57 31,071.62 2,355.33 28,716.29 20,100.00 14,358.15 0.00 4,308.15 -51,233.12 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,844.33 1,648.69 2,729.80 31,222.82 2,380.23 28,842.59 19,950.00 14,421.30 0.00 4,446.30 -46,786.82 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,945.44 1,608.11 2,687.25 31,240.80 2,397.53 28,843.27 19,400.00 14,421.64 0.00 4,721.64 -42,065.18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,093.65 1,570.48 2,646.77 31,310.90 2,419.14 28,891.76 20,100.00 14,445.88 0.00 4,395.88 -37,669.30 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,421.47 1,579.12 2,608.11 31,608.70 2,450.60 29,158.10 19,950.00 14,579.05 0.00 4,604.05 -33,065.25
  • 35. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2018 Jan-18 2018 Feb-18 2018 M ar-18 2018 Apr-18 2018 M ay-18 2018 Jun-18 2018 Jul-18 2018 Aug-18 2018 Sep-18 2018 Oct-18 2018 Nov-18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,604.80 1,542.61 2,571.21 31,718.63 2,459.78 29,258.85 3,640.00 14,629.42 0.00 12,809.42 -20,255.83 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 25,667.03 1,508.39 2,535.86 29,711.28 2,366.83 27,344.44 3,640.00 13,672.22 0.00 11,852.22 -8,403.60 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 24,301.70 1,476.89 2,501.97 28,280.57 2,312.00 25,968.56 6,010.00 12,984.28 0.00 9,979.28 1,575.68 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 23,224.61 1,446.62 2,469.41 27,140.65 2,261.00 24,879.65 40,700.00 12,439.82 0.00 -7,910.18 -6,334.50 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 28,889.94 1,462.86 2,438.14 32,790.93 2,553.34 30,237.60 13,430.00 15,118.80 0.00 8,403.80 2,069.30 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 28,174.76 1,475.91 2,408.02 32,058.69 2,534.01 29,524.68 13,890.00 14,762.34 0.00 7,817.34 9,886.64 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,279.33 1,442.82 2,379.02 31,101.17 2,494.52 28,606.66 9,700.00 14,303.33 0.00 9,453.33 19,339.97 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,707.56 1,412.66 2,351.00 30,471.22 2,472.01 27,999.21 16,460.00 13,999.60 0.00 5,769.60 25,109.57 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,514.11 1,428.51 2,323.99 31,266.61 2,528.48 28,738.13 12,070.00 14,369.06 0.00 8,334.06 33,443.64 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,903.00 1,397.99 2,297.85 30,598.83 2,501.97 28,096.87 9,700.00 14,048.43 0.00 9,198.43 42,642.07 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,499.65 1,369.81 2,272.59 30,142.05 2,487.65 27,654.41 13,430.00 13,827.20 0.00 7,112.20 49,754.28
  • 36. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2018 Dec-18 2019 Jan-19 2019 Feb-19 2019 M ar-19 2019 Apr-19 2019 M ay-19 2019 Jun-19 2019 Jul-19 2019 Aug-19 2019 Sep-19 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,881.64 1,387.11 2,248.12 30,516.87 2,522.51 27,994.37 13,890.00 13,997.18 0.00 7,052.18 56,806.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,487.95 1,358.65 2,224.41 30,071.00 2,496.55 27,574.46 0.00 13,787.23 0.00 13,787.23 70,593.69 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 25,143.20 1,331.86 2,201.43 28,676.50 2,423.00 26,253.50 0.00 13,126.75 0.00 13,126.75 83,720.44 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 24,140.68 1,307.31 2,179.11 27,627.10 2,372.07 25,255.03 550.00 12,627.52 0.00 12,352.52 96,072.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 23,319.38 1,283.93 2,157.44 26,760.75 2,324.57 24,436.17 18,880.00 12,218.09 0.00 2,778.09 98,851.04 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 22,765.59 1,305.83 2,136.39 26,207.82 2,289.13 23,918.68 700.00 11,959.34 0.00 11,609.34 110,460.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 22,281.87 1,324.86 2,115.94 25,722.66 2,262.19 23,460.48 550.00 11,730.24 0.00 11,455.24 121,915.62 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,701.16 1,297.57 2,096.05 25,094.78 2,227.34 22,867.44 0.00 11,433.72 0.00 11,433.72 133,349.34 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,176.73 1,272.47 2,076.66 24,525.86 2,197.32 22,328.54 700.00 11,164.27 0.00 10,814.27 144,163.61 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,848.05 1,293.19 2,057.81 24,199.06 2,178.48 22,020.58 550.00 11,010.29 0.00 10,735.29 154,898.90
  • 37. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2019 Oct-19 2019 Nov-19 2019 Dec-19 2020 Jan-20 2020 Feb-20 2020 M ar-20 2020 Apr-20 2020 M ay-20 2020 Jun-20 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,393.13 1,267.31 2,039.44 23,699.88 2,150.75 21,549.13 0.00 10,774.57 0.00 10,774.57 165,673.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,973.35 1,243.53 2,021.52 23,238.40 2,126.22 21,112.19 700.00 10,556.09 0.00 10,206.09 175,879.56 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,733.33 1,264.98 2,004.07 23,002.38 2,111.99 20,890.39 550.00 10,445.20 0.00 7,543.37 183,422.93 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,354.72 1,240.12 1,987.02 22,581.86 2,087.75 20,494.11 0.00 10,247.05 0.00 7,242.02 190,664.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,001.62 1,217.49 1,970.41 22,189.51 2,068.75 20,120.76 0.00 10,060.38 0.00 7,114.69 197,779.65 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,670.49 1,196.42 1,954.17 21,821.08 2,055.29 19,765.79 550.00 9,882.89 0.00 6,789.71 204,569.35 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,358.75 1,176.09 1,938.30 21,473.14 2,036.69 19,436.45 700.00 9,718.22 0.00 6,582.11 211,151.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,213.93 1,201.12 1,922.78 21,337.83 2,024.84 19,312.99 700.00 9,656.50 0.00 6,525.78 217,677.24 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,070.02 1,223.51 1,907.64 21,201.17 2,017.87 19,183.31 550.00 9,591.65 0.00 6,521.30 224,198.54
  • 38. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2020 Jul-20 2020 Aug-20 2020 Sep-20 2020 Oct-20 2020 Nov-20 2020 Dec-20 2021 Jan-21 2021 Feb-21 2021 M ar-21 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 17,778.23 1,198.79 1,892.83 20,869.85 2,000.30 18,869.55 0.00 9,434.78 0.00 6,607.82 230,806.36 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 17,503.78 1,176.76 1,878.32 20,558.86 1,985.51 18,573.35 700.00 9,286.67 0.00 6,234.01 237,040.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 17,394.30 1,199.75 1,864.15 20,458.20 1,980.26 18,477.95 550.00 9,238.97 0.00 6,242.96 243,283.34 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 17,133.57 1,176.69 1,850.26 20,160.52 1,964.83 18,195.69 0.00 9,097.85 0.00 6,338.73 249,622.06 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,887.42 1,154.57 1,836.66 19,878.65 1,951.44 17,927.21 700.00 8,963.61 0.00 5,977.02 255,599.09 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,803.80 1,178.91 1,823.33 19,806.04 1,947.56 17,858.48 550.00 8,929.24 0.00 5,990.88 261,589.97 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,566.96 1,156.45 1,810.27 19,533.67 1,932.86 17,600.81 0.00 8,800.40 0.00 6,106.21 267,696.18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,343.07 1,135.48 1,797.49 19,276.04 1,921.71 17,354.33 0.00 8,677.16 0.00 6,022.75 273,718.93 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,130.24 1,116.38 1,784.95 19,031.57 1,911.03 17,120.54 550.00 8,560.27 0.00 5,739.34 279,458.27
  • 39. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2021 Apr-21 2021 M ay-21 2021 Jun-21 2021 Jul-21 2021 Aug-21 2021 Sep-21 2021 Oct-21 2021 Nov-21 2021 Dec-21 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,927.22 1,098.34 1,772.61 18,798.17 1,899.74 16,898.43 700.00 8,449.21 0.00 5,573.74 285,032.01 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,733.03 1,080.73 1,760.52 18,574.28 1,889.79 16,684.49 700.00 8,342.24 0.00 5,493.73 290,525.74 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,546.98 1,064.99 1,748.69 18,360.66 1,880.30 16,480.36 550.00 8,240.18 0.00 5,472.55 295,998.29 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,368.07 1,049.78 1,737.05 18,154.90 1,870.12 16,284.78 0.00 8,142.39 0.00 5,602.82 301,601.11 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,195.92 1,035.73 1,725.60 17,957.25 1,861.27 16,095.98 700.00 8,047.99 0.00 5,271.76 306,872.87 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,030.02 1,021.55 1,714.38 17,765.96 1,852.65 15,913.31 550.00 7,956.65 0.00 5,257.84 312,130.71 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,869.80 1,008.64 1,703.35 17,581.79 1,843.37 15,738.42 0.00 7,869.21 0.00 5,395.86 317,526.57 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,714.89 995.60 1,692.50 17,402.98 1,835.26 15,567.73 700.00 7,783.86 0.00 5,071.81 322,598.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,564.97 983.92 1,681.82 17,230.70 1,827.45 15,403.25 550.00 7,701.63 0.00 5,061.17 327,659.55
  • 40. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2022 Jan-22 2022 Feb-22 2022 M ar-22 2022 Apr-22 2022 M ay-22 2022 Jun-22 2022 Jul-22 2022 Aug-22 2022 Sep-22 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,419.80 972.20 1,671.32 17,063.32 1,818.86 15,244.45 0.00 7,622.23 0.00 5,208.97 332,868.51 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,279.12 961.17 1,661.02 16,901.30 1,811.50 15,089.80 0.00 7,544.90 0.00 5,155.69 338,024.20 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,142.45 949.92 1,650.84 16,743.20 1,804.27 14,938.93 550.00 7,469.46 0.00 4,900.45 342,924.65 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,009.68 939.41 1,640.81 16,589.91 1,796.80 14,793.11 700.00 7,396.55 0.00 4,768.37 347,693.01 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,880.68 928.41 1,630.95 16,440.03 1,789.91 14,650.12 700.00 7,325.06 0.00 4,713.63 352,406.65 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,755.25 918.47 1,621.26 16,294.98 1,783.27 14,511.71 550.00 7,255.85 0.00 4,716.35 357,123.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,633.02 908.30 1,611.67 16,152.99 1,776.22 14,376.77 0.00 7,188.39 0.00 4,867.05 361,990.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,514.05 899.05 1,602.22 16,015.32 1,769.92 14,245.40 700.00 7,122.70 0.00 4,558.37 366,548.42 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,398.02 889.06 1,592.92 15,879.99 1,763.66 14,116.33 550.00 7,058.17 0.00 4,563.48 371,111.90
  • 41. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2022 Oct-22 2022 Nov-22 2022 Dec-22 2023 Jan-23 2023 Feb-23 2023 M ar-23 2023 Apr-23 2023 M ay-23 2023 Jun-23 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,284.99 880.32 1,583.75 15,749.06 1,757.16 13,991.90 0.00 6,995.95 0.00 4,718.64 375,830.54 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,174.48 870.93 1,574.67 15,620.09 1,751.16 13,868.92 700.00 6,934.46 0.00 4,412.30 380,242.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,066.75 862.72 1,565.75 15,495.22 1,745.43 13,749.79 550.00 6,874.89 0.00 4,419.65 384,662.50 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,961.51 853.84 1,556.92 15,372.28 1,739.25 13,633.03 0.00 6,816.52 0.00 4,582.12 389,244.62 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,858.74 845.89 1,548.22 15,252.85 1,733.73 13,519.12 0.00 6,759.56 0.00 4,542.70 393,787.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,758.11 837.55 1,539.60 15,135.26 1,728.28 13,406.98 550.00 6,703.49 0.00 4,300.67 398,087.99 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,659.72 829.38 1,531.11 15,020.21 1,722.95 13,297.26 700.00 6,648.63 0.00 4,187.46 402,275.45 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,563.46 821.50 1,522.71 14,907.66 1,717.72 13,189.94 700.00 6,594.97 0.00 4,145.74 406,421.19 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,469.33 813.28 1,514.43 14,797.04 1,712.57 13,084.47 550.00 6,542.23 0.00 4,159.81 410,581.00
  • 42. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2023 Jul-23 2023 Aug-23 2023 Sep-23 2023 Oct-23 2023 Nov-23 2023 Dec-23 2024 Jan-24 2024 Feb-24 2024 M ar-24 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,376.97 805.77 1,506.19 14,688.92 1,707.54 12,981.38 0.00 6,490.69 0.00 4,322.91 414,903.91 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,286.65 798.21 1,498.08 14,582.95 1,702.63 12,880.31 700.00 6,440.16 0.00 4,024.47 418,928.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,198.00 790.44 1,490.06 14,478.50 1,697.73 12,780.77 550.00 6,390.38 0.00 4,040.85 422,969.22 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,111.20 783.53 1,482.13 14,376.87 1,693.03 12,683.84 0.00 6,341.92 0.00 4,205.95 427,175.17 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,025.93 775.72 1,474.26 14,275.91 1,688.28 12,587.62 700.00 6,293.81 0.00 3,909.73 431,084.90 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,942.43 769.14 1,466.51 14,178.08 1,683.75 12,494.33 550.00 6,247.16 0.00 3,927.76 435,012.66 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,860.52 762.45 1,458.83 14,081.80 1,679.29 12,402.51 0.00 6,201.26 0.00 4,099.88 439,112.54 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,780.07 755.21 1,451.22 13,986.50 1,674.81 12,311.69 0.00 6,155.84 0.00 4,069.51 443,182.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,701.01 748.88 1,443.68 13,893.58 1,670.48 12,223.09 550.00 6,111.55 0.00 3,836.67 447,018.73
  • 43. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2024 Apr-24 2024 M ay-24 2024 Jun-24 2024 Jul-24 2024 Aug-24 2024 Sep-24 2024 Oct-24 2024 Nov-24 2024 Dec-24 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,623.40 741.63 1,436.23 13,801.26 1,666.15 12,135.11 700.00 6,067.56 0.00 3,740.45 450,759.18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,547.16 735.48 1,428.85 13,711.49 1,661.96 12,049.54 700.00 6,024.77 0.00 3,709.87 454,469.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,472.32 728.58 1,421.57 13,622.47 1,657.78 11,964.69 550.00 5,982.34 0.00 3,734.72 458,203.77 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,398.68 722.35 1,414.31 13,535.35 1,653.70 11,881.64 0.00 5,940.82 0.00 3,908.41 462,112.18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,326.36 716.29 1,407.16 13,449.81 1,649.71 11,800.10 700.00 5,900.05 0.00 3,620.38 465,732.57 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,255.18 710.16 1,400.08 13,365.41 1,645.75 11,719.66 550.00 5,859.83 0.00 3,647.05 469,379.61 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,185.20 703.57 1,393.04 13,281.82 1,641.83 11,639.99 0.00 5,819.99 0.00 3,821.84 473,201.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,116.36 697.34 1,386.09 13,199.79 1,637.97 11,561.82 700.00 5,780.91 0.00 3,535.55 476,737.01 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,048.61 691.64 1,379.21 13,119.46 1,634.20 11,485.26 550.00 5,742.63 0.00 3,563.09 480,300.10
  • 44. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2025 Jan-25 2025 Feb-25 2025 M ar-25 2025 Apr-25 2025 M ay-25 2025 Jun-25 2025 Jul-25 2025 Aug-25 2025 Sep-25 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,981.95 686.10 1,372.38 13,040.44 1,630.52 11,409.91 0.00 5,704.96 0.00 3,741.35 484,041.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,916.43 680.18 1,365.63 12,962.23 1,626.84 11,335.40 0.00 5,667.70 0.00 3,717.07 487,758.52 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,851.77 674.04 1,358.91 12,884.72 1,623.20 11,261.53 550.00 5,630.76 0.00 3,490.18 491,248.71 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,788.15 668.12 1,352.28 12,808.55 1,619.59 11,188.96 700.00 5,594.48 0.00 3,407.38 494,656.09 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,725.45 663.10 1,345.68 12,734.23 1,616.12 11,118.11 700.00 5,559.05 0.00 3,384.29 498,040.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,663.86 656.94 1,339.19 12,659.99 1,612.63 11,047.36 550.00 5,523.68 0.00 3,416.55 501,456.92 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,603.05 651.68 1,332.72 12,587.45 1,609.21 10,978.24 0.00 5,489.12 0.00 3,596.83 505,053.76 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,543.08 646.63 1,326.29 12,516.00 1,605.86 10,910.14 700.00 5,455.07 0.00 3,316.52 508,370.27 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,484.02 641.24 1,319.93 12,445.19 1,602.55 10,842.64 550.00 5,421.32 0.00 3,349.83 511,720.11
  • 45. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2025 Oct-25 2025 Nov-25 2025 Dec-25 2026 Jan-26 2026 Feb-26 2026 M ar-26 2026 Apr-26 2026 M ay-26 2026 Jun-26 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,425.79 635.70 1,313.62 12,375.11 1,599.22 10,775.89 0.00 5,387.94 0.00 3,530.89 515,251.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,368.39 630.43 1,307.36 12,306.18 1,595.98 10,710.20 700.00 5,355.10 0.00 3,251.36 518,502.36 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,311.64 624.82 1,301.14 12,237.60 1,592.73 10,644.88 550.00 5,322.44 0.00 3,285.38 521,787.74 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,255.74 620.64 1,294.95 12,171.34 1,589.65 10,581.69 0.00 5,290.85 0.00 3,467.61 525,255.35 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,200.68 615.45 1,288.84 12,104.97 1,586.52 10,518.45 0.00 5,259.23 0.00 3,447.00 528,702.35 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,146.24 609.86 1,282.74 12,038.83 1,583.37 10,455.47 550.00 5,227.73 0.00 3,223.66 531,926.01 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,092.48 605.14 1,276.69 11,974.31 1,580.34 10,393.98 700.00 5,196.99 0.00 3,148.31 535,074.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,039.38 600.76 1,270.67 11,910.81 1,577.38 10,333.43 700.00 5,166.71 0.00 3,128.58 538,202.89 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,987.06 595.54 1,264.70 11,847.30 1,574.36 10,272.95 550.00 5,136.47 0.00 3,164.18 541,367.07
  • 46. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2026 Jul-26 2026 Aug-26 2026 Sep-26 2026 Oct-26 2026 Nov-26 2026 Dec-26 2027 Jan-27 2027 Feb-27 2027 M ar-27 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,935.33 590.78 1,258.77 11,784.88 1,571.42 10,213.46 0.00 5,106.73 0.00 3,347.61 544,714.68 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,884.17 586.21 1,252.86 11,723.25 1,568.54 10,154.71 700.00 5,077.35 0.00 3,070.34 547,785.02 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,833.68 581.80 1,246.99 11,662.47 1,565.67 10,096.80 550.00 5,048.40 0.00 3,106.78 550,891.79 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,783.79 576.72 1,241.16 11,601.68 1,562.79 10,038.89 0.00 5,019.45 0.00 3,290.72 554,182.51 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,734.54 572.47 1,235.37 11,542.37 1,560.00 9,982.37 700.00 4,991.19 0.00 3,014.18 557,196.69 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,685.71 567.37 1,229.59 11,482.67 1,557.16 9,925.51 550.00 4,962.75 0.00 3,050.96 560,247.64 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,637.49 563.64 1,223.84 11,424.97 1,554.49 9,870.48 0.00 4,935.24 0.00 3,235.84 563,483.48 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,589.81 558.95 1,218.13 11,366.90 1,551.74 9,815.16 0.00 4,907.58 0.00 3,217.81 566,701.29 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,542.64 554.16 1,212.45 11,309.24 1,549.00 9,760.24 550.00 4,880.12 0.00 2,997.10 569,698.39
  • 47. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2027 Apr-27 2027 M ay-27 2027 Jun-27 2027 Jul-27 2027 Aug-27 2027 Sep-27 2027 Oct-27 2027 Nov-27 2027 Dec-27 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,495.96 550.17 1,206.79 11,252.92 1,546.35 9,706.57 700.00 4,853.28 0.00 2,924.30 572,622.68 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,449.76 546.15 1,201.16 11,197.07 1,543.74 9,653.33 700.00 4,826.67 0.00 2,906.95 575,529.63 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,404.05 541.40 1,195.57 11,141.02 1,541.10 9,599.92 550.00 4,799.96 0.00 2,944.85 578,474.49 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,358.78 537.16 1,189.99 11,085.93 1,538.48 9,547.45 0.00 4,773.73 0.00 3,130.57 581,605.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,313.92 533.55 1,184.44 11,031.90 1,535.96 9,495.95 700.00 4,747.97 0.00 2,855.66 584,460.71 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,269.63 529.09 1,178.92 10,977.65 1,533.39 9,444.26 550.00 4,722.13 0.00 2,894.13 587,354.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,225.65 524.72 1,173.44 10,923.80 1,530.85 9,392.95 0.00 4,696.48 0.00 3,080.22 590,435.06 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,182.16 520.97 1,167.97 10,871.09 1,528.37 9,342.73 700.00 4,671.36 0.00 2,805.73 593,240.79 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,138.99 517.11 1,162.53 10,818.63 1,525.89 9,292.74 550.00 4,646.37 0.00 2,844.75 596,085.54
  • 48. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2028 Jan-28 2028 Feb-28 2028 M ar-28 2028 Apr-28 2028 M ay-28 2028 Jun-28 2028 Jul-28 2028 Aug-28 2028 Sep-28 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,096.19 512.77 1,157.11 10,766.07 1,523.43 9,242.65 0.00 4,621.32 0.00 3,031.24 599,116.78 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,053.79 508.81 1,151.72 10,714.32 1,520.98 9,193.34 0.00 4,596.67 0.00 3,015.17 602,131.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,011.74 505.18 1,146.35 10,663.26 1,518.57 9,144.69 550.00 4,572.35 0.00 2,796.50 604,928.45 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,970.01 501.55 1,141.01 10,612.57 1,516.19 9,096.38 700.00 4,548.19 0.00 2,725.45 607,653.90 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,928.68 497.15 1,135.71 10,561.54 1,513.78 9,047.76 700.00 4,523.88 0.00 2,709.60 610,363.50 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,887.65 493.30 1,130.41 10,511.37 1,511.41 8,999.96 550.00 4,499.98 0.00 2,749.34 613,112.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,846.93 489.96 1,125.14 10,462.02 1,509.09 8,952.93 0.00 4,476.46 0.00 2,936.83 616,049.67 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,806.48 486.69 1,119.89 10,413.06 1,506.80 8,906.26 700.00 4,453.13 0.00 2,663.49 618,713.16 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,766.44 481.72 1,114.70 10,362.86 1,504.40 8,858.46 550.00 4,429.23 0.00 2,703.23 621,416.38
  • 49. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2028 Oct-28 2028 Nov-28 2028 Dec-28 2029 Jan-29 2029 Feb-29 2029 M ar-29 2029 Apr-29 2029 M ay-29 2029 Jun-29 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,726.53 478.65 1,109.49 10,314.67 1,502.15 8,812.52 0.00 4,406.26 0.00 2,891.07 624,307.45 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,687.02 475.30 1,104.32 10,266.65 1,499.89 8,766.76 700.00 4,383.38 0.00 2,618.03 626,925.48 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,647.72 471.83 1,099.19 10,218.74 1,497.63 8,721.10 550.00 4,360.55 0.00 2,658.47 629,583.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,608.66 467.45 1,094.07 10,170.18 1,495.33 8,674.85 0.00 4,337.42 0.00 2,846.20 632,430.15 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,569.88 464.18 1,088.96 10,123.02 1,493.12 8,629.90 0.00 4,314.95 0.00 2,831.56 635,261.71 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,531.29 461.11 1,083.88 10,076.29 1,490.93 8,585.36 550.00 4,292.68 0.00 2,614.23 637,875.94 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,493.01 457.50 1,078.84 10,029.34 1,488.70 8,540.64 700.00 4,270.32 0.00 2,544.34 640,420.28 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,454.89 453.65 1,073.84 9,982.38 1,486.48 8,495.90 700.00 4,247.95 0.00 2,529.76 642,950.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,417.05 450.05 1,068.82 9,935.92 1,484.28 8,451.65 550.00 4,225.82 0.00 2,570.65 645,520.70
  • 50. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2029 Jul-29 2029 Aug-29 2029 Sep-29 2029 Oct-29 2029 Nov-29 2029 Dec-29 2030 Jan-30 2030 Feb-30 2030 M ar-30 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,379.40 447.14 1,063.84 9,890.38 1,482.15 8,408.23 0.00 4,204.11 0.00 2,759.32 648,280.02 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,341.99 443.87 1,058.89 9,844.75 1,480.00 8,364.75 700.00 4,182.38 0.00 2,487.02 650,767.04 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,304.74 439.99 1,053.98 9,798.71 1,477.81 8,320.90 550.00 4,160.45 0.00 2,528.05 653,295.09 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,267.71 437.05 1,049.05 9,753.81 1,475.70 8,278.11 0.00 4,139.05 0.00 2,716.91 656,012.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,230.88 433.80 1,044.18 9,708.86 1,473.58 8,235.28 700.00 4,117.64 0.00 2,444.83 658,456.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,194.29 430.87 1,039.33 9,664.49 1,471.50 8,192.99 550.00 4,096.49 0.00 2,486.36 660,943.20 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,157.79 427.22 1,034.48 9,619.49 1,469.37 8,150.11 0.00 4,075.06 0.00 2,675.20 663,618.40 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,121.48 424.00 1,029.65 9,575.13 1,467.27 8,107.86 0.00 4,053.93 0.00 2,661.43 666,279.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,085.35 421.09 1,024.86 9,531.30 1,465.22 8,066.09 550.00 4,033.04 0.00 2,445.01 668,724.84
  • 51. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2030 Apr-30 2030 M ay-30 2030 Jun-30 2030 Jul-30 2030 Aug-30 2030 Sep-30 2030 Oct-30 2030 Nov-30 2030 Dec-30 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,049.53 417.88 1,020.12 9,487.53 1,463.14 8,024.39 700.00 4,012.19 0.00 2,376.11 671,100.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,013.73 414.87 1,015.37 9,443.97 1,461.08 7,982.88 700.00 3,991.44 0.00 2,362.58 673,463.53 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,978.15 411.37 1,010.64 9,400.17 1,459.02 7,941.15 550.00 3,970.58 0.00 2,404.29 675,867.82 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,942.76 408.50 1,005.93 9,357.18 1,456.99 7,900.19 0.00 3,950.09 0.00 2,593.76 678,461.58 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,907.51 405.45 1,001.27 9,314.22 1,454.95 7,859.27 700.00 3,929.64 0.00 2,322.30 680,783.88 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,872.45 402.83 996.61 9,271.90 1,452.97 7,818.93 550.00 3,909.46 0.00 2,364.46 683,148.34 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,837.60 399.48 991.97 9,229.04 1,450.93 7,778.11 0.00 3,889.06 0.00 2,553.98 685,702.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,802.85 396.76 987.36 9,186.97 1,448.97 7,738.00 700.00 3,869.00 0.00 2,282.78 687,985.10 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,768.33 394.22 982.77 9,145.32 1,447.01 7,698.31 550.00 3,849.16 0.00 2,325.16 690,310.25
  • 52. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Yearly Projections (Summa Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2031 Jan-31 2031 Feb-31 2031 M ar-31 2031 Apr-31 2031 M ay-31 2031 Jun-31 2031 Jul-31 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,733.91 391.26 978.18 9,103.36 1,445.02 7,658.34 0.00 3,829.17 0.00 2,514.94 692,825.19 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,699.57 388.19 973.62 9,061.39 1,443.03 7,618.36 550.00 3,809.18 0.00 2,299.50 695,124.70 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,665.60 385.24 969.12 9,019.96 1,441.09 7,578.88 0.00 3,789.44 0.00 2,489.05 697,613.74 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,631.70 382.43 964.61 8,978.73 1,439.14 7,539.60 1,950.00 3,769.80 0.00 1,758.10 699,371.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,597.99 380.17 960.12 8,938.28 1,437.25 7,501.03 0.00 3,750.52 0.00 2,464.08 701,835.92 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,564.40 377.00 955.66 8,897.05 1,435.27 7,461.78 1,250.00 3,730.89 0.00 1,990.86 703,826.78 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,530.95 374.63 951.19 8,856.76 1,433.38 7,423.39 0.00 3,711.69 0.00 96,585.02 800,411.80
  • 53. Monthly Projections (Summary) Apple Net Free Cash Flow Apple Cumulative Cash Flow (I -34,428.25 -131,103.25 -48,461.95 -42,060.65 -4,222.24 6,143.95 29,615.28 21,992.89 38,355.73 -728,080.33 ########### -1,515,018.51 ########## ########## -976,164.75 -626,890.34 89,871.71 126,616.47 78,167.04 66,069.58 205,633.67 ########## ########## ########## 2010 Horizontal Planned Rigs Estimated Wells 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Drillin 2021 1.0 1 1.5 12 3.0 24 3.0 24 4.0 32 4.0 32 6.0 48 6.0 48 6.0 48 6.0 48 6.0 48 6.0 48 2010 2011 2012 2013 2015 2016 2017 2018 State WV WV PA PA PA PA PA PA PA WV PA PA PA WV WV WV Type Wet Wet Wet Dry Dry Dry Dry Dry Dry Dry Dry Dry Dry Dry Dry Dry Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs Year Number 56 39 17 22 25 16 21 14 16 10 6 3 2 2 1 1 251 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 250 1 12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12 238 1.5 24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24 214 3 2014 Estimated Wells 19 0 5 32 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24 32 190 158 3 4 0 2 17 13 0 0 0 0 0 0 0 0 0 0 0 0 32 126 4 0 0 0 9 25 14 0 0 0 0 0 0 0 0 0 0 48 78 6 0 0 0 0 0 2 21 14 11 0 0 0 0 0 0 0 48 30 6 0 0 0 0 0 0 0 0 5 10 6 3 2 2 1 1 30 0 6
  • 54. Monthly Projections (Summ Apple Net Free Cash Flow 57,002.95 Apple Cumulative Cash Flow (I ########## 50,350.16 4,950,471.80 45,287.44 5,520,208.25 41,487.64 6,037,887.32 38,459.90 6,515,546.32 35,837.89 6,959,691.95 33,498.41 7,374,303.50 31,359.25 7,762,213.01 29,367.05 8,125,446.85 110,101.55 4,991,009.98 ng Schedule 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 6.0 48 6.0 48 6.0 48 6.0 48 6.0 48 6.0 48 6.0 48 6.0 48 6.0 48 6.0 48 Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 55. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 56. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 57. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 58. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 59. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 60. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 61. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 62. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 63. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 64. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 65. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 66. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 67. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 68. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 69. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 70. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 71. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 72. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 73. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 74. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 75. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 76. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 77. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 78. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 79. Monthly Projections (Summ Apple Net Free Cash Flow Apple Cumulative Cash Flow (I Horizontal Planned Rigs Estimated Wells Risked Inventory (sort by priority) County Marshall Wetzel Butler Fayette Clearfield Clarion Monongalia Somerset Cambria Harrison Jefferson Greene Marion Pleasants Doddridge Tyler Total wells Remain wells Planned Rigs
  • 80. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-10 Oct-10 9 1 Nov-10 10 2 Dec-10 11 3 Jan-11 12 4 Feb-11 1 5 M ar-11 2 6 Apr-11 3 7 M ay-11 4 8 Jun-11 5 9 Jul-11 6 10 Aug-11 7 11 Sep-11 8 12 Oct-11 9 13 Nov-11 10 14 Dec-11 11 15 Jan-12 12 16 Feb-12 1 17 M ar-12 2 18 Apr-12 3 19 M ay-12 4 20 Jun-12 5 21 Jul-12 6 22 Aug-12 7 23 8 24 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled - - - 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 2 2 2 2 2 2 1 3 2 2 2 2 2 1 3 2 2 2 2 Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed - - - - - - - 3 1 4 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 2 1 1 - - - 6 1 7 2 1 3 2 2 2 2 2 1 3 - - - - - 3 1 4 4 2 6 5 2 7 6 2 8 7 3 10 8 3 11 9 3 12 10 4 14 11 4 15 11 4 15 11 4 15 11 4 15 17 5 22 19 6 25 21 6 27 23 6 29 Average Net Revenue Interest Horizontal Vertical Devonian Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled gazhoo.com Cumulative Wells Drilled - - - 2 3 4 6 7 8 10 11 12 14 15 16 18 20 22 25 27 29 32 34 36 Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) - - - - - - - - 170.2 24.0 194.2 189.4 45.7 235.1 212.4 41.5 253.9 235.6 38.0 273.6 258.1 59.1 317.2 279.6 54.2 333.9 300.2 50.2 350.3 319.8 70.7 390.5 338.5 65.4 404.0 299.8 60.9 360.7 272.9 57.0 329.9 252.4 53.6 306.0 576.3 74.7 651.0 601.0 93.7 694.8 635.6 87.1 722.7 672.1 81.5 753.6 Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) - - - - - - - - 6.6 0.6 7.2 7.4 1.1 8.5 8.3 1.0 9.3 9.1 0.9 10.1 9.9 1.5 11.4 10.7 1.4 12.0 11.4 1.3 12.6 12.1 1.8 13.8 12.7 1.6 14.3 11.1 1.5 12.6 10.0 1.4 11.4 9.1 1.3 10.4 21.6 1.9 23.4 22.6 2.3 24.9 23.8 2.2 26.0 25.0 2.0 27.1 NGL Production (Mbbl) PA - - - - - - - - - - - - - - - - - - - - - - - -
  • 81. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-12 Oct-12 9 25 Nov-12 10 26 Dec-12 11 27 Jan-13 12 28 Feb-13 1 29 M ar-13 2 30 Apr-13 3 31 M ay-13 4 32 Jun-13 5 33 Jul-13 6 34 Aug-13 7 35 Sep-13 8 36 Oct-13 9 37 Nov-13 10 38 Dec-13 11 39 Jan-14 12 40 Feb-14 1 41 M ar-14 2 42 Apr-14 3 43 M ay-14 4 44 Jun-14 5 45 Jul-14 6 46 Aug-14 7 47 8 48 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 2 1 3 2 2 2 2 2 1 3 1 1 2 2 1 1 1 3 2 2 1 1 2 1 1 4 1 1 2 2 1 1 1 3 2 2 1 1 3 2 1 6 2 2 3 3 2 1 3 3 3 2 2 3 1 4 2 2 3 3 Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed 2 2 2 2 2 1 3 2 2 - - - 7 1 8 1 1 1 3 2 2 1 1 2 1 1 4 1 1 2 2 1 1 1 3 2 2 - - - 4 7 1 12 2 1 3 3 3 2 2 3 1 4 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 25 7 32 27 7 34 29 7 36 31 8 39 33 8 41 33 8 41 33 8 41 33 8 41 40 9 49 41 1 10 52 43 1 10 54 44 1 10 55 46 2 11 59 47 2 11 60 49 2 11 62 50 3 12 65 52 3 12 67 52 3 12 67 52 3 12 67 52 3 12 67 56 10 13 79 56 12 14 82 56 15 14 85 56 17 14 87 Cumulative Wells Drilled 39 41 43 46 47 49 52 54 55 59 60 62 65 67 68 74 76 79 82 85 87 91 93 96 708.3 100.7 808.9 743.5 94.1 837.6 777.6 88.4 866.1 810.6 107.5 918.2 842.5 100.8 943.3 759.9 95.1 854.9 701.3 90.0 791.3 655.9 85.6 741.4 1,016.0 105.6 1,121.6 954.1 79.3 123.7 1,157.1 979.1 53.4 116.2 1,148.7 947.9 42.5 109.8 1,100.2 986.1 115.5 128.2 1,229.7 961.8 85.3 120.8 1,167.9 1,003.9 71.3 114.5 1,189.7 982.1 141.9 132.9 1,256.9 1,025.8 109.8 125.6 1,261.2 948.3 94.2 119.2 1,161.8 891.8 84.1 113.6 1,089.5 846.8 76.8 108.6 1,032.2 1,036.2 626.2 128.2 1,790.6 953.9 598.9 145.8 1,698.6 897.5 705.0 137.8 1,740.4 853.9 716.5 130.9 1,701.3 26.3 2.5 28.8 27.5 2.4 29.8 28.6 2.2 30.8 29.7 2.7 32.4 30.7 2.5 33.3 27.3 2.4 29.7 24.8 2.3 27.1 22.9 2.1 25.0 36.7 2.6 39.3 34.3 1.0 3.1 38.4 35.0 0.8 2.9 38.7 33.6 0.6 2.7 36.9 34.9 1.6 3.2 39.6 33.7 1.2 3.0 37.9 35.2 1.0 2.9 39.0 34.1 1.9 3.3 39.4 35.6 1.5 3.1 40.3 32.5 1.3 3.0 36.7 30.1 1.1 2.8 34.0 28.1 1.0 2.7 31.9 35.3 8.2 3.2 46.8 32.1 8.3 3.6 44.0 29.7 9.7 3.4 42.9 27.9 9.9 3.3 41.1 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 82. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-14 Oct-14 9 49 Nov-14 10 50 Dec-14 11 51 Jan-15 12 52 Feb-15 1 53 M ar-15 2 54 Apr-15 3 55 M ay-15 4 56 Jun-15 5 57 Jul-15 6 58 Aug-15 7 59 Sep-15 8 60 Oct-15 9 61 Nov-15 10 62 Dec-15 11 63 Jan-16 12 64 Feb-16 1 65 M ar-16 2 66 Apr-16 3 67 M ay-16 4 68 Jun-16 5 69 Jul-16 6 70 Aug-16 7 71 8 72 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 2 1 3 3 3 2 2 5 1 6 1 1 2 1 1 2 1 2 1 4 1 1 2 1 1 2 1 1 2 1 5 1 1 2 1 1 2 1 2 1 4 1 1 2 1 1 2 1 2 3 1 7 1 2 1 4 1 2 3 1 2 1 1 5 1 2 3 1 2 1 4 2 2 1 5 1 2 1 4 1 2 3 Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed 2 2 3 3 2 1 3 3 3 - - - 7 2 2 1 12 1 2 1 4 1 1 2 1 1 2 1 1 2 1 5 1 1 2 1 1 2 1 2 1 4 1 1 2 - - - 2 1 4 4 4 1 16 1 2 1 1 5 1 2 3 1 2 1 4 2 2 1 5 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 56 20 15 91 56 22 15 93 56 25 15 96 56 27 16 99 56 30 16 102 56 30 16 102 56 30 16 102 56 30 16 102 56 37 2 2 17 114 56 37 3 4 18 118 56 37 4 5 18 120 56 37 5 6 18 122 56 38 6 8 19 127 56 38 7 9 19 129 56 38 8 10 19 131 56 38 9 12 20 135 56 38 10 13 20 137 56 38 10 13 20 137 56 38 10 13 20 137 56 38 10 13 20 137 2 56 39 4 14 17 21 153 3 56 39 6 15 17 22 158 4 56 39 8 15 17 22 161 5 56 39 10 16 17 22 165 Cumulative Wells Drilled 99 102 104 110 112 114 118 120 122 127 129 131 135 137 139 146 150 153 158 161 165 170 174 177 818.0 824.6 148.9 1,791.4 787.3 831.9 141.2 1,760.3 760.5 934.6 134.4 1,829.5 736.7 936.6 152.5 1,825.8 715.3 1,034.5 144.8 1,894.6 695.8 873.5 138.1 1,707.4 677.9 781.4 132.1 1,591.4 661.5 716.3 126.8 1,504.5 646.2 1,221.3 168.1 186.7 146.0 2,368.3 632.0 999.4 210.6 326.3 163.4 2,331.6 618.7 889.5 252.3 348.4 155.1 2,263.9 606.2 816.3 291.0 378.7 147.9 2,240.1 594.4 840.7 326.8 503.7 165.6 2,431.3 583.3 771.0 360.3 511.4 157.6 2,383.6 572.8 723.8 391.6 529.6 150.6 2,368.4 562.8 686.4 421.2 644.5 168.4 2,483.4 553.4 655.2 449.1 643.7 160.5 2,461.9 544.3 628.3 391.7 561.3 153.6 2,279.2 535.7 604.8 353.9 506.7 147.4 2,148.5 527.5 583.8 325.8 466.2 141.9 2,045.1 164.9 519.6 644.2 334.2 639.9 807.6 160.9 3,271.3 204.1 512.1 601.1 422.6 622.7 687.3 178.0 3,227.9 243.2 504.8 574.6 508.2 543.4 616.9 169.5 3,160.7 279.7 497.9 553.8 587.6 576.0 567.5 162.2 3,224.7 26.4 11.3 3.7 41.4 25.1 11.4 3.5 40.0 24.0 12.7 3.4 40.0 23.0 12.7 3.8 39.5 22.1 13.9 3.6 39.6 21.3 11.8 3.5 36.5 20.6 10.3 3.3 34.2 19.9 9.3 3.2 32.3 19.3 15.8 2.2 3.7 40.9 18.7 13.1 3.9 4.1 39.8 18.2 11.5 4.2 3.9 37.8 17.7 10.4 4.5 3.7 36.3 17.3 10.5 5.9 4.1 37.8 16.8 9.5 6.0 3.9 36.3 16.4 8.8 6.1 3.8 35.1 16.0 8.2 7.4 4.2 35.8 15.7 7.7 7.3 4.0 34.7 15.3 7.3 6.3 3.8 32.7 15.0 6.9 5.5 3.7 31.1 14.7 6.6 4.9 3.5 29.7 14.4 7.3 8.8 4.0 34.5 14.1 6.8 7.4 4.5 32.8 13.9 6.4 6.5 4.2 31.0 13.6 6.1 5.8 4.1 29.5 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 83. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-16 Oct-16 9 73 Nov-16 10 74 Dec-16 11 75 Jan-17 12 76 Feb-17 1 77 M ar-17 2 78 Apr-17 3 79 M ay-17 4 80 Jun-17 5 81 Jul-17 6 82 Aug-17 7 83 Sep-17 8 84 Oct-17 9 85 Nov-17 10 86 Dec-17 11 87 Jan-18 12 88 Feb-18 1 89 M ar-18 2 90 Apr-18 3 91 M ay-18 4 92 Jun-18 5 93 Jul-18 6 94 Aug-18 7 95 8 96 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 1 2 1 1 5 1 2 3 1 2 1 4 2 3 3 1 9 4 4 4 4 4 1 5 4 4 4 4 4 1 5 4 4 4 4 4 1 5 4 4 4 4 4 1 5 1 1 2 1 1 2 2 1 1 4 1 1 2 1 1 2 2 2 1 5 1 1 2 1 1 2 Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed 1 2 1 4 1 2 3 1 2 1 1 5 1 2 3 - - - 11 5 4 1 21 4 1 5 4 4 4 4 4 1 5 4 4 4 4 4 1 5 4 4 - - - 10 2 1 13 2 1 1 4 1 1 2 1 1 2 2 2 1 5 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 7 56 39 12 16 17 23 170 8 56 39 14 17 17 23 174 9 56 39 16 17 17 23 177 10 56 39 18 18 17 24 182 11 56 39 20 18 17 24 185 11 56 39 20 18 17 24 185 11 56 39 20 18 17 24 185 11 56 39 20 18 17 24 185 22 56 39 25 22 17 25 206 26 56 39 25 22 17 26 211 30 56 39 25 22 17 26 215 34 56 39 25 22 17 26 219 38 56 39 25 22 17 27 224 42 56 39 25 22 17 27 228 46 56 39 25 22 17 27 232 50 56 39 25 22 17 28 237 54 56 39 25 22 17 28 241 54 56 39 25 22 17 28 241 54 56 39 25 22 17 28 241 54 56 39 25 22 17 28 241 64 2 56 39 25 22 17 29 254 66 3 56 39 25 22 17 30 258 67 4 56 39 25 22 17 30 260 68 5 56 39 25 22 17 30 262 Cumulative Wells Drilled 182 185 189 198 202 206 211 215 219 224 228 232 237 241 245 250 252 254 258 260 262 267 269 271 396.0 491.2 536.2 661.2 517.5 529.6 179.7 3,311.4 405.8 484.7 520.8 729.8 561.3 498.9 171.5 3,372.9 424.5 478.5 506.9 794.2 509.5 473.4 164.3 3,351.3 445.5 472.6 494.2 855.0 557.6 451.5 182.0 3,458.3 467.1 466.8 482.5 912.6 508.9 432.5 173.9 3,444.2 406.2 461.2 471.7 800.3 475.2 415.7 166.8 3,197.0 366.5 455.8 461.6 725.0 448.9 400.7 160.5 3,018.8 337.2 450.6 452.1 668.5 427.2 387.2 154.8 2,877.6 1,221.0 445.5 443.2 1,041.5 745.0 375.0 173.6 4,444.9 1,293.8 440.6 434.9 906.4 645.8 363.8 190.6 4,275.9 1,402.2 435.8 427.0 822.6 588.4 353.5 182.0 4,211.5 1,514.3 431.2 419.4 761.9 548.2 344.0 174.5 4,193.5 1,623.5 426.7 412.3 714.4 517.3 335.2 191.8 4,221.3 1,728.4 422.4 405.5 675.4 492.3 327.1 183.5 4,234.6 1,828.7 418.1 399.0 642.6 471.2 319.5 176.2 4,255.4 1,924.8 414.0 392.9 614.3 453.1 312.3 193.7 4,305.1 2,016.9 410.0 386.9 589.5 437.2 305.6 185.5 4,331.6 1,775.5 406.1 381.3 567.5 423.0 299.3 178.3 4,031.0 1,617.5 402.3 375.8 547.7 410.3 293.3 171.9 3,818.8 1,499.7 398.6 370.6 529.9 398.7 287.7 166.0 3,651.2 2,230.7 164.9 395.0 365.6 513.7 388.1 282.3 184.8 4,525.1 2,102.1 204.1 391.5 360.8 498.8 378.3 277.3 201.6 4,414.4 1,967.8 243.2 388.0 356.1 485.1 369.3 272.4 192.9 4,274.9 1,883.0 279.7 384.7 351.6 472.5 360.9 267.8 185.3 4,185.5 13.4 5.8 5.3 4.5 28.9 13.1 5.6 4.8 4.3 27.8 12.9 5.3 4.5 4.1 26.8 12.7 5.2 4.1 4.5 26.5 12.5 5.0 3.9 4.3 25.7 12.3 4.8 3.6 4.2 24.9 12.1 4.7 3.4 4.0 24.2 11.9 4.5 3.3 3.9 23.6 11.7 4.4 3.1 4.3 23.6 11.5 4.3 3.0 4.8 23.6 11.4 4.2 2.8 4.5 22.9 11.2 4.1 2.7 4.4 22.4 11.1 4.0 2.6 4.8 22.4 10.9 3.9 2.5 4.6 21.9 10.8 3.8 2.4 4.4 21.4 10.6 3.7 2.3 4.8 21.5 10.5 3.6 2.2 4.6 21.0 10.3 3.6 2.2 4.5 20.5 10.2 3.5 2.1 4.3 20.1 10.1 3.4 2.0 4.2 19.7 10.0 3.4 2.0 4.6 19.9 9.8 3.3 1.9 5.0 20.1 9.7 3.2 1.8 4.8 19.6 9.6 3.2 1.8 4.6 19.2 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 84. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-18 Oct-18 9 97 Nov-18 10 98 Dec-18 11 99 Jan-19 12 100 Feb-19 1 101 M ar-19 2 102 Apr-19 3 103 M ay-19 4 104 Jun-19 5 105 Jul-19 6 106 Aug-19 7 107 Sep-19 8 108 Oct-19 9 109 Nov-19 10 110 Dec-19 11 111 Jan-20 12 112 Feb-20 1 113 M ar-20 2 114 Apr-20 3 115 M ay-20 4 116 Jun-20 5 117 Jul-20 6 118 Aug-20 7 119 8 120 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 2 1 1 4 1 1 2 1 1 2 2 2 1 5 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed 1 1 2 1 1 2 2 1 1 4 1 1 2 - - - 3 3 1 7 1 1 - - 1 1 - - 1 1 - - - - 1 1 1 1 - - 1 1 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 70 7 56 39 25 22 17 31 267 71 8 56 39 25 22 17 31 269 72 9 56 39 25 22 17 31 271 74 10 56 39 25 22 17 32 275 75 11 56 39 25 22 17 32 277 75 11 56 39 25 22 17 32 277 75 11 56 39 25 22 17 32 277 75 11 56 39 25 22 17 32 277 78 14 56 39 25 22 17 33 284 78 14 56 39 25 22 17 34 285 78 14 56 39 25 22 17 34 285 78 14 56 39 25 22 17 34 285 78 14 56 39 25 22 17 35 286 78 14 56 39 25 22 17 35 286 78 14 56 39 25 22 17 35 286 78 14 56 39 25 22 17 36 287 78 14 56 39 25 22 17 36 287 78 14 56 39 25 22 17 36 287 78 14 56 39 25 22 17 36 287 78 14 56 39 25 22 17 36 287 78 14 56 39 25 22 17 37 288 78 14 56 39 25 22 17 38 289 78 14 56 39 25 22 17 38 289 78 14 56 39 25 22 17 38 289 Cumulative Wells Drilled 275 277 279 284 284 284 285 285 285 286 286 286 287 287 287 288 288 288 289 289 289 290 290 290 1,905.3 396.0 381.4 347.3 460.7 353.0 263.4 202.6 4,309.8 1,838.3 405.8 378.2 343.1 449.7 345.7 259.2 194.2 4,214.3 1,792.1 424.5 375.1 339.1 439.5 338.8 255.2 186.7 4,151.0 1,839.5 445.5 372.0 335.1 429.9 332.3 251.4 204.2 4,209.9 1,790.1 467.1 369.0 331.4 420.8 326.1 247.7 195.9 4,148.1 1,674.3 406.2 366.1 327.7 412.3 320.3 244.2 188.5 3,939.6 1,588.4 366.5 363.2 324.1 404.2 314.8 240.8 182.0 3,784.0 1,518.4 337.2 360.4 320.7 396.6 309.5 237.5 176.1 3,656.4 1,459.0 314.1 357.7 317.3 389.4 304.5 234.3 194.7 3,571.0 1,407.2 295.1 355.0 314.1 382.5 299.7 231.3 211.5 3,496.5 1,361.3 279.2 352.4 310.9 375.9 295.1 228.4 202.7 3,405.9 1,320.0 265.6 349.8 307.8 369.7 290.8 225.5 195.0 3,324.2 1,282.5 253.7 347.3 304.8 363.7 286.6 222.8 212.2 3,273.6 1,248.2 243.3 344.8 301.9 358.0 282.5 220.1 203.7 3,202.5 1,216.6 233.9 342.4 299.1 352.6 278.7 217.6 196.2 3,137.0 1,187.3 225.6 340.0 296.3 347.3 275.0 215.1 213.5 3,100.1 1,160.1 218.0 337.6 293.6 342.3 271.4 212.7 205.2 3,040.9 1,134.8 211.1 335.3 291.0 337.5 267.9 210.4 197.7 2,985.7 1,110.9 204.7 333.1 288.4 332.8 264.6 208.1 191.1 2,933.9 1,088.6 198.9 330.9 285.9 328.4 261.4 205.9 185.1 2,885.1 1,067.5 193.5 328.7 283.5 324.1 258.3 203.8 203.7 2,863.1 1,047.6 188.5 326.6 281.1 319.9 255.3 201.7 220.4 2,841.1 1,028.7 183.9 324.5 278.8 315.9 252.4 199.7 211.6 2,795.3 1,010.8 179.5 322.4 276.5 312.0 249.6 197.7 203.8 2,752.3 9.5 3.1 1.7 5.1 19.4 9.4 3.1 1.7 4.9 19.0 9.3 3.0 1.7 4.7 18.6 9.2 3.0 1.6 5.1 18.9 9.1 2.9 1.6 4.9 18.5 9.0 2.9 1.5 4.7 18.1 8.9 2.8 1.5 4.5 17.8 8.8 2.8 1.5 4.4 17.5 8.7 2.7 1.4 4.9 17.8 8.6 2.7 1.4 5.3 18.0 8.5 2.7 1.4 5.1 17.6 8.5 2.6 1.3 4.9 17.3 8.4 2.6 1.3 5.3 17.6 8.3 2.6 1.3 5.1 17.2 8.2 2.5 1.3 4.9 16.9 8.1 2.5 1.2 5.3 17.2 8.1 2.5 1.2 5.1 16.9 8.0 2.4 1.2 4.9 16.6 7.9 2.4 1.2 4.8 16.3 7.8 2.4 1.2 4.6 16.0 7.8 2.3 1.1 5.1 16.3 7.7 2.3 1.1 5.5 16.6 7.6 2.3 1.1 5.3 16.3 7.6 2.3 1.1 5.1 16.0 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 85. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-20 Oct-20 9 121 Nov-20 10 122 Dec-20 11 123 Jan-21 12 124 Feb-21 1 125 M ar-21 2 126 Apr-21 3 127 M ay-21 4 128 Jun-21 5 129 Jul-21 6 130 Aug-21 7 131 Sep-21 8 132 Oct-21 9 133 Nov-21 10 134 Dec-21 11 135 Jan-22 12 136 Feb-22 1 137 M ar-22 2 138 Apr-22 3 139 M ay-22 4 140 Jun-22 5 141 Jul-22 6 142 Aug-22 7 143 8 144 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed - - 1 1 - - - - 1 1 1 1 - - 1 1 - - 1 1 - - - - 1 1 1 1 - - 1 1 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 78 14 56 39 25 22 17 39 290 78 14 56 39 25 22 17 39 290 78 14 56 39 25 22 17 39 290 78 14 56 39 25 22 17 40 291 78 14 56 39 25 22 17 40 291 78 14 56 39 25 22 17 40 291 78 14 56 39 25 22 17 40 291 78 14 56 39 25 22 17 40 291 78 14 56 39 25 22 17 41 292 78 14 56 39 25 22 17 42 293 78 14 56 39 25 22 17 42 293 78 14 56 39 25 22 17 42 293 78 14 56 39 25 22 17 43 294 78 14 56 39 25 22 17 43 294 78 14 56 39 25 22 17 43 294 78 14 56 39 25 22 17 44 295 78 14 56 39 25 22 17 44 295 78 14 56 39 25 22 17 44 295 78 14 56 39 25 22 17 44 295 78 14 56 39 25 22 17 44 295 78 14 56 39 25 22 17 45 296 78 14 56 39 25 22 17 46 297 78 14 56 39 25 22 17 46 297 78 14 56 39 25 22 17 46 297 Cumulative Wells Drilled 291 291 291 292 292 292 293 293 293 294 294 294 295 295 295 296 296 296 297 297 297 298 298 298 993.7 175.5 320.4 274.3 308.3 246.8 195.8 220.9 2,735.7 977.5 171.6 318.4 272.1 304.7 244.2 194.0 212.3 2,694.8 962.0 168.0 316.4 269.9 301.2 241.6 192.2 204.8 2,656.1 947.2 164.6 314.5 267.9 297.8 239.1 190.4 222.1 2,643.5 933.0 161.4 312.6 265.8 294.5 236.7 188.7 213.6 2,606.3 919.4 158.4 310.8 263.8 291.3 234.4 187.0 206.1 2,571.1 906.4 155.5 308.9 261.9 288.2 232.1 185.4 199.5 2,537.7 893.9 152.7 307.1 260.0 285.2 229.8 183.8 193.4 2,505.8 881.8 150.1 305.3 258.1 282.3 227.7 182.2 187.9 2,475.4 870.2 147.6 303.6 256.2 279.4 225.6 180.7 182.9 2,446.1 859.1 145.2 301.8 254.4 276.6 223.5 179.2 178.2 2,418.1 848.3 143.0 300.1 252.7 274.0 221.5 177.7 173.8 2,391.0 837.9 140.8 298.4 250.9 271.3 219.5 176.3 169.8 2,365.0 827.8 138.7 296.8 249.2 268.8 217.6 174.9 166.0 2,339.8 818.1 136.7 295.1 247.5 266.3 215.8 173.5 162.5 2,315.5 808.7 134.7 293.5 245.9 263.9 213.9 172.2 159.1 2,292.0 799.6 132.9 291.9 244.3 261.5 212.2 170.9 155.9 2,269.2 790.8 131.1 290.3 242.7 259.2 210.4 169.6 152.9 2,247.1 782.3 129.3 288.7 241.2 257.0 208.7 168.4 150.1 2,225.7 774.0 127.7 287.2 239.6 254.8 207.1 167.1 147.4 2,204.8 765.9 126.1 285.7 238.1 252.6 205.4 165.9 144.8 2,184.6 758.1 124.5 284.1 236.7 250.5 203.9 164.8 142.3 2,164.9 750.5 123.0 282.6 235.2 248.5 202.3 163.6 140.0 2,145.7 743.1 121.6 281.1 233.8 246.5 200.8 162.5 137.7 2,127.0 7.5 2.2 1.1 5.5 16.3 7.4 2.2 1.0 5.3 16.0 7.4 2.2 1.0 5.1 15.7 7.3 2.1 1.0 5.6 16.0 7.3 2.1 1.0 5.3 15.7 7.2 2.1 1.0 5.2 15.4 7.1 2.1 1.0 5.0 15.2 7.1 2.1 1.0 4.8 14.9 7.0 2.0 0.9 4.7 14.7 7.0 2.0 0.9 4.6 14.5 6.9 2.0 0.9 4.5 14.3 6.9 2.0 0.9 4.3 14.1 6.8 2.0 0.9 4.2 13.9 6.8 1.9 0.9 4.2 13.7 6.7 1.9 0.9 4.1 13.5 6.6 1.9 0.9 4.0 13.4 6.6 1.9 0.8 3.9 13.2 6.5 1.9 0.8 3.8 13.1 6.5 1.8 0.8 3.8 12.9 6.4 1.8 0.8 3.7 12.8 6.4 1.8 0.8 3.6 12.6 6.3 1.8 0.8 3.6 12.5 6.3 1.8 0.8 3.5 12.4 6.2 1.8 0.8 3.4 12.2 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 86. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-22 Oct-22 9 145 Nov-22 10 146 Dec-22 11 147 Jan-23 12 148 Feb-23 1 149 M ar-23 2 150 Apr-23 3 151 M ay-23 4 152 Jun-23 5 153 Jul-23 6 154 Aug-23 7 155 Sep-23 8 156 Oct-23 9 157 Nov-23 10 158 Dec-23 11 159 Jan-24 12 160 Feb-24 1 161 M ar-24 2 162 Apr-24 3 163 M ay-24 4 164 Jun-24 5 165 Jul-24 6 166 Aug-24 7 167 8 168 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed - - 1 1 - - - - 1 1 1 1 - - 1 1 - - 1 1 - - - - 1 1 1 1 - - 1 1 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 78 14 56 39 25 22 17 47 298 78 14 56 39 25 22 17 47 298 78 14 56 39 25 22 17 47 298 78 14 56 39 25 22 17 48 299 78 14 56 39 25 22 17 48 299 78 14 56 39 25 22 17 48 299 78 14 56 39 25 22 17 48 299 78 14 56 39 25 22 17 48 299 78 14 56 39 25 22 17 49 300 78 14 56 39 25 22 17 50 301 78 14 56 39 25 22 17 50 301 78 14 56 39 25 22 17 50 301 78 14 56 39 25 22 17 51 302 78 14 56 39 25 22 17 51 302 78 14 56 39 25 22 17 51 302 78 14 56 39 25 22 17 52 303 78 14 56 39 25 22 17 52 303 78 14 56 39 25 22 17 52 303 78 14 56 39 25 22 17 52 303 78 14 56 39 25 22 17 52 303 78 14 56 39 25 22 17 53 304 78 14 56 39 25 22 17 54 305 78 14 56 39 25 22 17 54 305 78 14 56 39 25 22 17 54 305 Cumulative Wells Drilled 299 299 299 300 300 300 301 301 301 302 302 302 303 303 303 304 304 304 305 305 305 306 306 306 735.9 120.2 279.7 232.4 244.5 199.3 161.4 135.6 2,108.8 728.9 118.8 278.2 231.0 242.6 197.8 160.3 133.5 2,091.0 722.1 117.5 276.7 229.6 240.7 196.4 159.2 131.5 2,073.7 715.4 116.2 275.3 228.3 238.9 195.0 158.1 129.5 2,056.8 709.0 115.0 273.9 227.0 237.1 193.6 157.1 127.7 2,040.2 702.6 113.7 272.5 225.7 235.3 192.3 156.1 125.9 2,024.1 696.5 112.6 271.0 224.4 233.6 190.9 155.1 124.2 2,008.3 690.5 111.4 269.6 223.2 231.9 189.6 154.1 122.5 1,992.8 684.6 110.3 268.3 221.9 230.2 188.4 153.1 120.9 1,977.7 678.9 109.2 266.9 220.7 228.6 187.1 152.2 119.3 1,962.9 673.3 108.2 265.5 219.5 227.0 185.9 151.3 117.8 1,948.4 667.8 107.2 264.1 218.3 225.4 184.7 150.4 116.3 1,934.2 662.4 106.2 262.8 217.2 223.9 183.5 149.5 114.9 1,920.3 657.2 105.2 261.4 216.0 222.4 182.3 148.6 113.5 1,906.7 652.1 104.3 260.1 214.9 220.9 181.2 147.7 112.2 1,893.3 647.1 103.3 258.7 213.8 219.5 180.1 146.8 110.9 1,880.2 642.1 102.4 257.4 212.7 218.0 179.0 146.0 109.6 1,867.3 637.4 101.6 256.1 211.6 216.6 177.9 145.2 108.4 1,854.7 632.6 100.7 254.8 210.5 215.3 176.8 144.3 107.2 1,842.2 628.0 99.9 253.5 209.5 213.9 175.8 143.5 106.0 1,830.0 623.5 99.0 252.2 208.5 212.6 174.7 142.7 104.8 1,818.0 619.1 98.2 250.9 207.4 211.3 173.7 142.0 103.7 1,806.3 614.7 97.4 249.6 206.4 210.0 172.7 141.2 102.6 1,794.7 610.5 96.7 248.3 205.4 208.7 171.7 140.4 101.6 1,783.3 6.2 1.7 0.8 3.4 12.1 6.1 1.7 0.8 3.3 12.0 6.1 1.7 0.8 3.3 11.8 6.0 1.7 0.7 3.2 11.7 6.0 1.7 0.7 3.2 11.6 6.0 1.7 0.7 3.1 11.5 5.9 1.7 0.7 3.1 11.4 5.9 1.6 0.7 3.1 11.3 5.8 1.6 0.7 3.0 11.2 5.8 1.6 0.7 3.0 11.1 5.7 1.6 0.7 2.9 11.0 5.7 1.6 0.7 2.9 10.9 5.6 1.6 0.7 2.9 10.8 5.6 1.6 0.7 2.8 10.7 5.5 1.5 0.7 2.8 10.6 5.5 1.5 0.7 2.8 10.5 5.5 1.5 0.6 2.7 10.4 5.4 1.5 0.6 2.7 10.3 5.4 1.5 0.6 2.7 10.2 5.3 1.5 0.6 2.6 10.1 5.3 1.5 0.6 2.6 10.0 5.2 1.5 0.6 2.6 9.9 5.2 1.4 0.6 2.6 9.8 5.2 1.4 0.6 2.5 9.7 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 87. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-24 Oct-24 9 169 Nov-24 10 170 Dec-24 11 171 Jan-25 12 172 Feb-25 1 173 M ar-25 2 174 Apr-25 3 175 M ay-25 4 176 Jun-25 5 177 Jul-25 6 178 Aug-25 7 179 Sep-25 8 180 Oct-25 9 181 Nov-25 10 182 Dec-25 11 183 Jan-26 12 184 Feb-26 1 185 M ar-26 2 186 Apr-26 3 187 M ay-26 4 188 Jun-26 5 189 Jul-26 6 190 Aug-26 7 191 8 192 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed - - 1 1 - - - - 1 1 1 1 - - 1 1 - - 1 1 - - - - 1 1 1 1 - - 1 1 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 78 14 56 39 25 22 17 55 306 78 14 56 39 25 22 17 55 306 78 14 56 39 25 22 17 55 306 78 14 56 39 25 22 17 56 307 78 14 56 39 25 22 17 56 307 78 14 56 39 25 22 17 56 307 78 14 56 39 25 22 17 56 307 78 14 56 39 25 22 17 56 307 78 14 56 39 25 22 17 57 308 78 14 56 39 25 22 17 58 309 78 14 56 39 25 22 17 58 309 78 14 56 39 25 22 17 58 309 78 14 56 39 25 22 17 59 310 78 14 56 39 25 22 17 59 310 78 14 56 39 25 22 17 59 310 78 14 56 39 25 22 17 60 311 78 14 56 39 25 22 17 60 311 78 14 56 39 25 22 17 60 311 78 14 56 39 25 22 17 60 311 78 14 56 39 25 22 17 60 311 78 14 56 39 25 22 17 61 312 78 14 56 39 25 22 17 62 313 78 14 56 39 25 22 17 62 313 78 14 56 39 25 22 17 62 313 Cumulative Wells Drilled 307 307 307 308 308 308 309 309 309 310 310 310 311 311 311 312 312 312 313 313 313 314 314 314 606.3 95.9 247.0 204.4 207.5 170.8 139.7 100.5 1,772.2 602.2 95.2 245.7 203.5 206.3 169.8 139.0 99.5 1,761.2 598.2 94.5 244.5 202.5 205.1 168.9 138.2 98.5 1,750.3 594.2 93.8 243.2 201.6 203.9 167.9 137.5 97.6 1,739.7 590.3 93.1 242.0 200.6 202.7 167.0 136.8 96.6 1,729.2 586.5 92.4 240.7 199.7 201.6 166.1 136.1 95.7 1,718.9 582.8 91.7 239.5 198.8 200.4 165.3 135.4 94.8 1,708.7 579.1 91.1 238.3 197.9 199.3 164.4 134.8 93.9 1,698.7 575.5 90.4 237.0 197.0 198.2 163.5 134.1 93.1 1,688.9 571.9 89.8 235.8 196.1 197.1 162.7 133.4 92.2 1,679.2 568.5 89.2 234.6 195.3 196.1 161.8 132.8 91.4 1,669.6 565.0 88.6 233.4 194.4 195.0 161.0 132.1 90.6 1,660.2 561.6 88.0 232.2 193.5 194.0 160.2 131.5 89.8 1,650.9 558.3 87.4 231.0 192.7 193.0 159.4 130.9 89.0 1,641.7 555.1 86.9 229.8 191.8 192.0 158.6 130.3 88.3 1,632.7 551.8 86.3 228.6 191.0 191.0 157.8 129.7 87.5 1,623.8 548.7 85.7 227.5 190.2 190.0 157.1 129.1 86.8 1,615.0 545.6 85.2 226.3 189.4 189.1 156.3 128.5 86.1 1,606.3 542.5 84.7 225.1 188.6 188.1 155.6 127.9 85.4 1,597.8 539.5 84.1 224.0 187.7 187.2 154.8 127.3 84.7 1,589.3 536.5 83.6 222.8 186.9 186.3 154.1 126.7 84.0 1,580.9 533.6 83.1 221.7 186.1 185.3 153.4 126.2 83.3 1,572.7 530.7 82.6 220.5 185.3 184.4 152.7 125.6 82.7 1,564.6 527.9 82.1 219.4 184.6 183.6 152.0 125.1 82.0 1,556.5 5.1 1.4 0.6 2.5 9.7 5.1 1.4 0.6 2.5 9.6 5.0 1.4 0.6 2.5 9.5 5.0 1.4 0.6 2.4 9.4 5.0 1.4 0.6 2.4 9.3 4.9 1.4 0.6 2.4 9.3 4.9 1.3 0.6 2.4 9.2 4.8 1.3 0.6 2.3 9.1 4.8 1.3 0.6 2.3 9.0 4.8 1.3 0.6 2.3 8.9 4.7 1.3 0.5 2.3 8.9 4.7 1.3 0.5 2.3 8.8 4.7 1.3 0.5 2.2 8.7 4.6 1.3 0.5 2.2 8.6 4.6 1.3 0.5 2.2 8.6 4.6 1.2 0.5 2.2 8.5 4.5 1.2 0.5 2.2 8.4 4.5 1.2 0.5 2.2 8.4 4.4 1.2 0.5 2.1 8.3 4.4 1.2 0.5 2.1 8.2 4.4 1.2 0.5 2.1 8.2 4.3 1.2 0.5 2.1 8.1 4.3 1.2 0.5 2.1 8.0 4.3 1.2 0.5 2.1 8.0 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 88. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-26 Oct-26 9 193 Nov-26 10 194 Dec-26 11 195 Jan-27 12 196 Feb-27 1 197 M ar-27 2 198 Apr-27 3 199 M ay-27 4 200 Jun-27 5 201 Jul-27 6 202 Aug-27 7 203 Sep-27 8 204 Oct-27 9 205 Nov-27 10 206 Dec-27 11 207 Jan-28 12 208 Feb-28 1 209 M ar-28 2 210 Apr-28 3 211 M ay-28 4 212 Jun-28 5 213 Jul-28 6 214 Aug-28 7 215 8 216 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed - - 1 1 - - - - 1 1 1 1 - - 1 1 - - 1 1 - - - - 1 1 1 1 - - 1 1 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 78 14 56 39 25 22 17 63 314 78 14 56 39 25 22 17 63 314 78 14 56 39 25 22 17 63 314 78 14 56 39 25 22 17 64 315 78 14 56 39 25 22 17 64 315 78 14 56 39 25 22 17 64 315 78 14 56 39 25 22 17 64 315 78 14 56 39 25 22 17 64 315 78 14 56 39 25 22 17 65 316 78 14 56 39 25 22 17 66 317 78 14 56 39 25 22 17 66 317 78 14 56 39 25 22 17 66 317 78 14 56 39 25 22 17 67 318 78 14 56 39 25 22 17 67 318 78 14 56 39 25 22 17 67 318 78 14 56 39 25 22 17 68 319 78 14 56 39 25 22 17 68 319 78 14 56 39 25 22 17 68 319 78 14 56 39 25 22 17 68 319 78 14 56 39 25 22 17 68 319 78 14 56 39 25 22 17 69 320 78 14 56 39 25 22 17 70 321 78 14 56 39 25 22 17 70 321 78 14 56 39 25 22 17 70 321 Cumulative Wells Drilled 315 315 315 316 316 316 317 317 317 318 318 318 319 319 319 320 320 320 321 321 321 322 322 322 525.1 81.7 218.3 183.8 182.7 151.3 124.5 81.4 1,548.6 522.3 81.2 217.1 183.0 181.8 150.6 124.0 80.8 1,540.7 519.6 80.7 216.0 182.2 181.0 149.9 123.4 80.1 1,533.0 516.9 80.3 214.9 181.4 180.1 149.2 122.9 79.5 1,525.3 514.3 79.8 213.8 180.6 179.3 148.6 122.4 78.9 1,517.7 511.6 79.4 212.7 179.9 178.5 147.9 121.8 78.4 1,510.2 509.1 78.9 211.6 179.1 177.7 147.3 121.3 77.8 1,502.8 506.5 78.5 210.5 178.3 176.9 146.6 120.8 77.2 1,495.4 504.0 78.1 209.4 177.6 176.1 146.0 120.3 76.7 1,488.1 501.6 77.7 208.4 176.8 175.3 145.3 119.8 76.1 1,480.9 499.1 77.2 207.3 176.1 174.5 144.7 119.3 75.6 1,473.8 496.7 76.8 206.2 175.3 173.8 144.1 118.8 75.1 1,466.8 494.4 76.4 205.2 174.6 173.0 143.4 118.3 74.5 1,459.8 492.0 76.0 204.1 173.8 172.3 142.8 117.7 74.0 1,452.8 489.7 75.6 203.1 173.1 171.5 142.2 117.2 73.5 1,446.0 487.4 75.3 202.0 172.3 170.8 141.6 116.7 73.0 1,439.2 485.2 74.9 201.0 171.6 170.0 141.0 116.2 72.5 1,432.5 482.9 74.5 199.9 170.9 169.3 140.4 115.8 72.1 1,425.8 480.7 74.1 198.9 170.1 168.6 139.8 115.3 71.6 1,419.2 478.6 73.8 197.9 169.4 167.9 139.2 114.8 71.1 1,412.6 476.4 73.4 196.9 168.7 167.1 138.6 114.3 70.7 1,406.1 474.3 73.1 195.9 168.0 166.4 138.0 113.8 70.2 1,399.6 472.2 72.7 194.8 167.3 165.7 137.4 113.3 69.8 1,393.2 470.1 72.4 193.8 166.5 165.0 136.8 112.8 69.3 1,386.8 4.2 1.1 0.5 2.0 7.9 4.2 1.1 0.5 2.0 7.8 4.2 1.1 0.5 2.0 7.8 4.1 1.1 0.5 2.0 7.7 4.1 1.1 0.5 2.0 7.7 4.1 1.1 0.5 2.0 7.6 4.0 1.1 0.5 1.9 7.5 4.0 1.1 0.5 1.9 7.5 4.0 1.1 0.5 1.9 7.4 4.0 1.1 0.4 1.9 7.4 3.9 1.1 0.4 1.9 7.3 3.9 1.0 0.4 1.9 7.3 3.9 1.0 0.4 1.9 7.2 3.8 1.0 0.4 1.9 7.1 3.8 1.0 0.4 1.8 7.1 3.8 1.0 0.4 1.8 7.0 3.7 1.0 0.4 1.8 7.0 3.7 1.0 0.4 1.8 6.9 3.7 1.0 0.4 1.8 6.9 3.7 1.0 0.4 1.8 6.8 3.6 1.0 0.4 1.8 6.8 3.6 1.0 0.4 1.8 6.7 3.6 0.9 0.4 1.7 6.7 3.5 0.9 0.4 1.7 6.6 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 89. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-28 Oct-28 9 217 Nov-28 10 218 Dec-28 11 219 Jan-29 12 220 Feb-29 1 221 M ar-29 2 222 Apr-29 3 223 M ay-29 4 224 Jun-29 5 225 Jul-29 6 226 Aug-29 7 227 Sep-29 8 228 Oct-29 9 229 Nov-29 10 230 Dec-29 11 231 Jan-30 12 232 Feb-30 1 233 M ar-30 2 234 Apr-30 3 235 M ay-30 4 236 Jun-30 5 237 Jul-30 6 238 Aug-30 7 239 8 240 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - 1 1 - - Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed - - 1 1 - - - - 1 1 1 1 - - 1 1 - - 1 1 - - - - 1 1 1 1 - - 1 1 Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 78 14 56 39 25 22 17 71 322 78 14 56 39 25 22 17 71 322 78 14 56 39 25 22 17 71 322 78 14 56 39 25 22 17 72 323 78 14 56 39 25 22 17 72 323 78 14 56 39 25 22 17 72 323 78 14 56 39 25 22 17 72 323 78 14 56 39 25 22 17 72 323 78 14 56 39 25 22 17 73 324 78 14 56 39 25 22 17 74 325 78 14 56 39 25 22 17 74 325 78 14 56 39 25 22 17 74 325 78 14 56 39 25 22 17 75 326 78 14 56 39 25 22 17 75 326 78 14 56 39 25 22 17 75 326 78 14 56 39 25 22 17 76 327 78 14 56 39 25 22 17 76 327 78 14 56 39 25 22 17 76 327 78 14 56 39 25 22 17 76 327 78 14 56 39 25 22 17 76 327 78 14 56 39 25 22 17 77 328 78 14 56 39 25 22 17 78 329 78 14 56 39 25 22 17 78 329 78 14 56 39 25 22 17 78 329 Cumulative Wells Drilled 323 323 323 324 324 324 325 325 325 326 326 326 327 327 327 328 328 328 329 329 329 330 330 330 468.0 72.0 192.8 165.8 164.3 136.2 112.3 68.9 1,380.5 466.0 71.7 191.9 165.1 163.6 135.7 111.9 68.4 1,374.2 463.9 71.4 190.9 164.4 162.9 135.1 111.4 68.0 1,368.0 461.9 71.0 189.9 163.7 162.2 134.5 110.9 67.6 1,361.8 459.9 70.7 188.9 163.0 161.5 133.9 110.4 67.2 1,355.6 457.9 70.4 187.9 162.3 160.8 133.4 110.0 66.8 1,349.5 455.9 70.1 187.0 161.6 160.2 132.8 109.5 66.4 1,343.4 454.0 69.8 186.0 160.9 159.5 132.2 109.0 66.0 1,337.4 452.0 69.5 185.1 160.3 158.8 131.7 108.6 65.6 1,331.4 450.1 69.2 184.1 159.6 158.1 131.1 108.1 65.2 1,325.4 448.2 68.9 183.2 158.9 157.4 130.5 107.6 64.8 1,319.5 446.2 68.6 182.2 158.2 156.8 130.0 107.2 64.4 1,313.6 444.3 68.3 181.3 157.5 156.1 129.4 106.7 64.1 1,307.7 442.4 68.0 180.3 156.9 155.4 128.9 106.3 63.7 1,301.9 440.5 67.7 179.4 156.2 154.8 128.3 105.8 63.3 1,296.1 438.7 67.4 178.5 155.5 154.1 127.8 105.4 63.0 1,290.3 436.8 67.1 177.6 154.9 153.5 127.2 104.9 62.6 1,284.6 434.9 66.8 176.7 154.2 152.8 126.7 104.5 62.3 1,278.9 433.1 66.5 175.8 153.6 152.2 126.1 104.0 61.9 1,273.2 431.2 66.2 174.8 152.9 151.5 125.6 103.6 61.6 1,267.5 429.4 66.0 174.0 152.2 150.9 125.1 103.1 61.3 1,261.9 427.6 65.7 173.1 151.6 150.2 124.5 102.7 60.9 1,256.3 425.7 65.4 172.2 151.0 149.6 124.0 102.3 60.6 1,250.7 423.9 65.1 171.3 150.3 148.9 123.5 101.8 60.3 1,245.1 3.5 0.9 0.4 1.7 6.6 3.5 0.9 0.4 1.7 6.5 3.5 0.9 0.4 1.7 6.5 3.4 0.9 0.4 1.7 6.4 3.4 0.9 0.4 1.7 6.4 3.4 0.9 0.4 1.7 6.3 3.4 0.9 0.4 1.7 6.3 3.3 0.9 0.4 1.6 6.2 3.3 0.9 0.4 1.6 6.2 3.3 0.9 0.4 1.6 6.1 3.2 0.9 0.4 1.6 6.1 3.2 0.8 0.4 1.6 6.0 3.2 0.8 0.4 1.6 6.0 3.2 0.8 0.4 1.6 5.9 3.1 0.8 0.3 1.6 5.9 3.1 0.8 0.3 1.6 5.9 3.1 0.8 0.3 1.6 5.8 3.1 0.8 0.3 1.6 5.8 3.1 0.8 0.3 1.5 5.7 3.0 0.8 0.3 1.5 5.7 3.0 0.8 0.3 1.5 5.6 3.0 0.8 0.3 1.5 5.6 3.0 0.8 0.3 1.5 5.6 2.9 0.8 0.3 1.5 5.5 - - - - - - - - - - - - - - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 90. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Average Working Interest Horizontal Vertical Devonian Sep-30 Oct-30 9 241 Nov-30 10 242 Dec-30 11 243 Jan-31 12 244 Feb-31 1 245 M ar-31 2 246 Apr-31 3 247 M ay-31 4 248 Jun-31 5 249 Jul-31 6 250 7 251 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% 83.5% Wells Drilled PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 1 1 - - 1 1 - 1 1 - 1 1 - 1 1 - Wells Completed PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Completed - - 1 1 - - - - 2 2 - 1 1 - Producing Wells PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Wells Drilled 78 14 56 39 25 22 17 79 330 78 14 56 39 25 22 17 79 330 78 14 56 39 25 22 17 79 330 78 14 56 39 25 22 17 80 331 78 14 56 39 25 22 17 80 331 78 14 56 39 25 22 17 80 331 78 14 56 39 25 22 17 80 331 78 14 56 39 25 22 17 80 331 78 14 56 39 25 22 17 82 333 78 14 56 39 25 22 17 82 333 78 14 56 39 25 22 17 83 334 Cumulative Wells Drilled 331 331 331 332 332 333 333 334 334 335 335 422.1 64.8 170.4 149.7 148.3 123.0 101.4 60.0 1,239.6 420.3 64.6 169.5 149.0 147.7 122.4 101.0 59.6 1,234.1 418.5 64.3 168.7 148.4 147.0 121.9 100.5 59.3 1,228.7 416.7 64.0 167.8 147.8 146.4 121.4 100.1 59.0 1,223.2 415.0 63.7 166.9 147.1 145.8 120.9 99.7 58.7 1,217.8 413.2 63.5 166.1 146.5 145.2 120.4 99.2 58.4 1,212.4 411.4 63.2 165.2 145.9 144.5 119.8 98.8 58.1 1,207.0 409.7 62.9 164.4 145.3 143.9 119.3 98.4 57.8 1,201.7 407.9 62.7 163.5 144.6 143.3 118.8 98.0 57.5 1,196.4 406.2 62.4 162.7 144.0 142.7 118.3 97.6 57.2 1,191.1 404.5 62.1 161.8 143.4 142.1 117.8 97.1 56.9 1,185.8 2.9 0.8 0.3 1.5 5.5 2.9 0.7 0.3 1.5 5.4 2.9 0.7 0.3 1.5 5.4 2.8 0.7 0.3 1.5 5.4 2.8 0.7 0.3 1.5 5.3 2.8 0.7 0.3 1.5 5.3 2.8 0.7 0.3 1.5 5.2 2.7 0.7 0.3 1.4 5.2 2.7 0.7 0.3 1.4 5.2 2.7 0.7 0.3 1.4 5.1 2.7 0.7 0.3 1.4 5.1 - - - - - - - - - - - Average Net Revenue Interest Horizontal Vertical Devonian Gas Production (MMcf) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Production (MMcf) Oil Production (Mbbl) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Production (Mbbl) NGL Production (Mbbl) PA
  • 91. M ONTHLY PROJECTI ONS ($000s) Date Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 M ar-11 Apr-11 M ay-11 Jun-11 5 9 9.4 9.4 Jul-11 6 10 10.4 10.4 Aug-11 7 11 11.7 11.7 Sep-11 8 12 13.0 13.0 Oct-11 9 13 14.2 14.2 Nov-11 10 14 15.4 15.4 Dec-11 11 15 16.5 16.5 Jan-12 12 16 17.6 17.6 Feb-12 1 17 18.6 18.6 M ar-12 2 18 16.5 16.5 Apr-12 3 19 15.0 15.0 M ay-12 4 20 13.9 13.9 Jun-12 5 21 31.7 31.7 Jul-12 6 22 33.1 33.1 Aug-12 Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) 9 1 - 10 2 - 11 3 - 12 4 - 1 5 - 2 6 - 3 7 - 4 8 - 7 23 35.0 35.0 8 24 37.0 37.0 Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) - - - - - - - - 265.9 27.6 293.6 296.3 52.6 348.9 332.1 47.7 379.8 368.1 43.7 411.7 402.8 67.9 470.7 436.0 62.4 498.3 467.6 57.7 525.3 497.7 81.4 579.1 526.5 75.2 601.7 465.4 70.0 535.5 422.7 65.6 488.3 390.1 61.7 451.7 895.8 85.9 981.7 934.7 107.8 1,042.5 988.1 100.2 1,088.3 1,044.1 93.7 1,137.8 Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) - - - - - - - - 8.6 0.9 9.5 9.9 1.8 11.6 10.7 1.5 12.3 11.9 1.4 13.3 13.4 2.3 15.7 14.1 2.0 16.1 15.6 1.9 17.5 16.1 2.6 18.7 17.0 2.4 19.4 16.0 2.4 18.5 13.6 2.1 15.8 13.0 2.1 15.1 28.9 2.8 31.7 31.2 3.6 34.8 31.9 3.2 35.1 33.7 3.0 36.7 Projected Prices Gas ($/Mcf) Oil ($/bbl) $3.97 $76.80 $3.97 $76.80 $4.17 $77.83 $4.42 $78.83 $4.60 $79.74 $4.61 $80.54 $4.54 $81.21 $4.47 $81.72 $4.49 $82.14 $4.55 $82.52 $4.62 $82.87 $4.67 $83.15 $4.70 $83.41 $4.78 $83.67 $5.05 $83.95 $5.37 $84.25 $5.56 $84.43 $5.52 $84.61 $5.39 $84.80 $5.10 $84.98 $5.10 $85.16 $5.14 $85.34 $5.19 $85.51 $5.23 $85.68 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $3.75 $3.75 $4.00 $3.79 $3.75 $4.00 $61.78 $39.74 $3.75 $3.75 $4.00 $3.79 $3.75 $4.00 $61.78 $39.74 $3.96 $3.96 $4.21 $3.99 $3.96 $4.21 $62.66 $40.28 $4.22 $4.22 $4.47 $4.24 $4.22 $4.47 $63.51 $40.79 $4.42 $4.42 $4.67 $4.42 $4.42 $4.67 $64.28 $41.27 $4.42 $4.42 $4.67 $4.43 $4.42 $4.67 $64.96 $41.68 $4.36 $4.36 $4.61 $4.37 $4.36 $4.61 $65.53 $42.03 $4.27 $4.27 $4.52 $4.29 $4.27 $4.52 $65.96 $42.29 $4.30 $4.30 $4.55 $4.31 $4.30 $4.55 $66.32 $42.51 $4.36 $4.36 $4.61 $4.37 $4.36 $4.61 $66.64 $42.70 $4.43 $4.43 $4.68 $4.44 $4.43 $4.68 $66.94 $42.89 $4.49 $4.49 $4.74 $4.49 $4.49 $4.74 $67.18 $43.03 $4.52 $4.52 $4.77 $4.52 $4.52 $4.77 $67.40 $43.16 $4.61 $4.61 $4.86 $4.61 $4.61 $4.86 $67.62 $43.30 $4.88 $4.88 $5.13 $4.87 $4.88 $5.13 $67.86 $43.44 $5.22 $5.22 $5.47 $5.19 $5.22 $5.47 $68.11 $43.60 $5.42 $5.42 $5.67 $5.38 $5.42 $5.67 $68.27 $43.69 $5.38 $5.38 $5.63 $5.35 $5.38 $5.63 $68.42 $43.79 $5.25 $5.25 $5.50 $5.22 $5.25 $5.50 $68.58 $43.88 $4.93 $4.93 $5.18 $4.92 $4.93 $5.18 $68.73 $43.98 $4.94 $4.94 $5.19 $4.93 $4.94 $5.19 $68.89 $44.07 $4.98 $4.98 $5.23 $4.96 $4.98 $5.23 $69.04 $44.16 $5.03 $5.03 $5.28 $5.01 $5.03 $5.28 $69.18 $44.25 $5.08 $5.08 $5.33 $5.05 $5.08 $5.33 $69.33 $44.34 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues - - - - - - - - 732 103 $835 825 199 $1,024 941 184 $1,125 1,057 170 $1,228 1,166 267 $1,432 1,289 250 $1,538 1,466 245 $1,711 1,670 370 $2,040 1,836 355 $2,191 1,614 328 $1,942 1,432 299 $1,731 1,246 265 $1,510 2,848 369 $3,217 2,992 467 $3,459 3,198 438 $3,636 3,411 414 $3,825 Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues - - - - - - - - 438 40 $478 493 76 $570 553 69 $623 612 64 $676 668 100 $768 722 92 $814 773 85 $858 822 120 $943 868 112 $979 760 104 $865 683 98 $781 623 92 $715 1,485 129 $1,613 1,558 162 $1,719 1,645 151 $1,796 1,736 141 $1,877 NGL Revenues PA WV - - - - - - - - - - - - - - - - - - - - - - - -
  • 92. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-12 Oct-12 9 25 39.0 39.0 Nov-12 10 26 40.9 40.9 Dec-12 11 27 42.8 42.8 Jan-13 12 28 44.6 44.6 Feb-13 1 29 46.3 46.3 M ar-13 2 30 41.8 41.8 Apr-13 3 31 38.6 38.6 M ay-13 4 32 36.1 36.1 Jun-13 5 33 55.9 55.9 Jul-13 6 34 52.5 4.4 56.8 Aug-13 7 35 53.8 2.9 56.8 Sep-13 8 36 52.1 2.3 54.5 Oct-13 9 37 54.2 6.4 60.6 Nov-13 10 38 52.9 4.7 57.6 Dec-13 11 39 55.2 3.9 59.1 Jan-14 12 40 54.0 7.8 61.8 Feb-14 1 41 56.4 6.0 62.5 M ar-14 2 42 52.2 5.2 57.3 Apr-14 3 43 49.0 4.6 53.7 M ay-14 4 44 46.6 4.2 50.8 Jun-14 5 45 57.0 34.4 91.4 Jul-14 6 46 52.5 32.9 85.4 Aug-14 7 47 49.4 38.8 88.1 8 48 47.0 39.4 86.4 1,099.7 115.8 1,215.4 1,153.7 108.2 1,261.9 1,205.9 101.7 1,307.6 1,256.3 123.7 1,380.0 1,304.9 116.0 1,420.9 1,174.6 109.3 1,283.9 1,081.6 103.5 1,185.2 1,009.5 98.4 1,107.8 1,571.2 121.5 1,692.7 1,474.5 111.7 142.3 1,728.5 1,512.2 75.6 133.6 1,721.4 1,462.3 60.2 126.2 1,648.7 1,520.6 162.9 147.4 1,830.9 1,481.5 120.7 139.0 1,741.1 1,546.1 100.8 131.6 1,778.6 1,510.9 200.1 152.9 1,863.9 1,578.1 155.1 144.5 1,877.7 1,456.0 133.0 137.1 1,726.2 1,366.4 118.7 130.7 1,615.8 1,295.0 108.2 124.9 1,528.2 1,590.1 882.2 147.4 2,619.8 1,461.3 846.2 167.7 2,475.1 1,372.2 995.9 158.5 2,526.6 1,303.1 1,012.4 150.6 2,466.0 36.7 3.9 40.5 37.2 3.5 40.7 40.2 3.4 43.6 40.5 4.0 44.5 42.1 3.7 45.8 42.0 3.9 45.9 34.9 3.3 38.2 33.6 3.3 36.9 50.7 3.9 54.6 49.1 3.7 4.7 57.6 48.8 2.4 4.3 55.5 47.2 1.9 4.1 53.2 50.7 5.4 4.9 61.0 47.8 3.9 4.5 56.2 51.5 3.4 4.4 59.3 48.7 6.5 4.9 60.1 50.9 5.0 4.7 60.6 52.0 4.8 4.9 61.6 44.1 3.8 4.2 52.1 43.2 3.6 4.2 50.9 51.3 28.5 4.8 84.5 48.7 28.2 5.6 82.5 44.3 32.1 5.1 81.5 42.0 32.7 4.9 79.5 Projected Prices Gas ($/Mcf) Oil ($/bbl) $5.25 $85.85 $5.33 $86.02 $5.55 $86.20 $5.82 $86.38 $5.99 $86.46 $5.94 $86.54 $5.79 $86.63 $5.42 $86.73 $5.41 $86.83 $5.44 $86.94 $5.48 $87.05 $5.52 $87.17 $5.54 $87.29 $5.61 $87.41 $5.80 $87.54 $6.01 $87.67 $6.16 $87.75 $6.11 $87.83 $5.93 $87.92 $5.54 $88.01 $5.53 $88.11 $5.56 $88.21 $5.60 $88.32 $5.64 $88.43 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $5.09 $5.09 $5.34 $5.07 $5.09 $5.34 $69.47 $44.43 $5.18 $5.18 $5.43 $5.15 $5.18 $5.43 $69.62 $44.52 $5.42 $5.42 $5.67 $5.38 $5.42 $5.67 $69.77 $44.61 $5.69 $5.69 $5.94 $5.64 $5.69 $5.94 $69.92 $44.70 $5.87 $5.87 $6.12 $5.81 $5.87 $6.12 $69.99 $44.74 $5.82 $5.82 $6.07 $5.76 $5.82 $6.07 $70.06 $44.78 $5.66 $5.66 $5.91 $5.61 $5.66 $5.91 $70.14 $44.83 $5.27 $5.27 $5.52 $5.24 $5.27 $5.52 $70.22 $44.88 $5.26 $5.26 $5.51 $5.23 $5.26 $5.51 $70.31 $44.93 $5.29 $5.29 $5.54 $5.26 $5.29 $5.54 $70.40 $44.99 $5.33 $5.33 $5.58 $5.30 $5.33 $5.58 $70.49 $45.05 $5.38 $5.38 $5.63 $5.34 $5.38 $5.63 $70.59 $45.11 $5.40 $5.40 $5.65 $5.36 $5.40 $5.65 $70.70 $45.17 $5.48 $5.48 $5.73 $5.44 $5.48 $5.73 $70.80 $45.23 $5.67 $5.67 $5.92 $5.62 $5.67 $5.92 $70.91 $45.30 $5.89 $5.89 $6.14 $5.83 $5.89 $6.14 $71.02 $45.37 $6.06 $6.06 $6.31 $5.99 $6.06 $6.31 $71.09 $45.41 $6.00 $6.00 $6.25 $5.94 $6.00 $6.25 $71.16 $45.45 $5.82 $5.82 $6.07 $5.76 $5.82 $6.07 $71.23 $45.50 $5.41 $5.41 $5.66 $5.37 $5.41 $5.66 $71.31 $45.55 $5.40 $5.40 $5.65 $5.36 $5.40 $5.65 $71.39 $45.60 $5.42 $5.42 $5.67 $5.38 $5.42 $5.67 $71.48 $45.65 $5.47 $5.47 $5.72 $5.42 $5.47 $5.72 $71.57 $45.71 $5.51 $5.51 $5.76 $5.46 $5.51 $5.76 $71.67 $45.76 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues 3,607 513 $4,120 3,851 487 $4,338 4,211 479 $4,690 4,616 612 $5,228 4,947 592 $5,539 4,422 553 $4,976 3,971 510 $4,481 3,459 451 $3,910 5,347 556 $5,903 5,049 420 655 $6,123 5,222 285 620 $6,127 5,096 229 590 $5,914 5,326 624 692 $6,641 5,270 467 662 $6,400 5,696 405 650 $6,750 5,789 836 784 $7,409 6,213 665 761 $7,639 5,694 566 716 $6,976 5,186 489 661 $6,336 4,578 415 587 $5,580 5,591 3,379 692 $9,661 5,174 3,248 791 $9,213 4,906 3,854 753 $9,513 4,703 3,946 721 $9,371 Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues 1,826 175 $2,000 1,912 164 $2,076 1,996 154 $2,150 2,076 188 $2,264 2,151 176 $2,328 1,915 167 $2,081 1,741 158 $1,899 1,605 150 $1,755 2,578 186 $2,763 2,411 73 218 $2,703 2,468 54 205 $2,727 2,372 43 194 $2,608 2,464 110 227 $2,801 2,388 85 214 $2,687 2,493 71 203 $2,766 2,424 135 236 $2,795 2,533 108 223 $2,864 2,309 92 212 $2,613 2,141 81 202 $2,424 2,006 72 194 $2,272 2,523 587 229 $3,339 2,294 592 261 $3,147 2,129 695 247 $3,070 1,999 710 235 $2,944 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) NGL Revenues PA WV
  • 93. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-14 Oct-14 9 49 45.0 45.4 90.3 Nov-14 10 50 43.3 45.8 89.1 Dec-14 11 51 41.8 51.4 93.2 Jan-15 12 52 40.5 51.5 92.0 Feb-15 1 53 39.3 56.9 96.2 M ar-15 2 54 38.3 48.0 86.3 Apr-15 3 55 37.3 43.0 80.3 M ay-15 4 56 36.4 39.4 75.8 Jun-15 5 57 35.5 67.2 6.7 109.4 Jul-15 6 58 34.8 55.0 11.7 101.5 Aug-15 7 59 34.0 48.9 12.5 95.5 Sep-15 8 60 33.3 44.9 13.6 91.9 Oct-15 9 61 32.7 46.2 18.1 97.1 Nov-15 10 62 32.1 42.4 18.4 92.9 Dec-15 11 63 31.5 39.8 19.1 90.4 Jan-16 12 64 31.0 37.8 23.2 91.9 Feb-16 1 65 30.4 36.0 23.2 89.6 M ar-16 2 66 29.9 34.6 20.2 84.7 Apr-16 3 67 29.5 33.3 18.2 81.0 M ay-16 4 68 29.0 32.1 16.8 77.9 Jun-16 5 69 28.6 35.4 29.1 93.1 Jul-16 6 70 28.2 33.1 24.7 86.0 Aug-16 7 71 27.8 31.6 22.2 81.6 8 72 27.4 30.5 20.4 78.3 1,246.2 1,164.4 171.2 2,581.8 1,197.7 1,174.7 162.3 2,534.7 1,155.3 1,319.1 154.6 2,628.9 1,117.7 1,321.9 175.3 2,614.9 1,083.9 1,459.3 166.5 2,709.7 1,053.1 1,232.3 158.8 2,444.3 1,025.0 1,101.2 152.0 2,278.2 999.2 1,008.3 145.8 2,153.3 975.2 1,718.8 168.1 240.2 168.0 3,270.3 952.8 1,408.0 210.6 420.1 187.9 3,179.4 932.0 1,252.1 252.3 448.7 178.4 3,063.4 912.4 1,147.8 291.0 487.5 170.1 3,008.8 894.1 1,181.2 326.8 648.0 190.5 3,240.6 876.7 1,082.5 360.3 657.8 181.3 3,158.6 860.3 1,015.2 391.6 680.7 173.2 3,121.1 844.8 962.0 421.2 828.0 193.7 3,249.6 830.0 917.5 449.1 826.6 184.6 3,207.9 816.0 879.2 391.7 720.0 176.6 2,983.5 802.6 845.6 353.9 649.0 169.5 2,820.7 789.8 815.7 325.8 596.2 163.2 2,690.7 164.9 777.5 900.6 334.2 639.9 1,034.9 185.0 4,037.1 204.1 765.8 840.1 422.6 622.7 880.4 204.7 3,940.4 243.2 754.6 802.4 508.2 543.4 789.2 195.0 3,835.9 279.7 743.8 772.9 587.6 576.0 724.9 186.5 3,871.4 41.5 38.8 5.7 86.1 38.6 37.9 5.2 81.8 38.5 44.0 5.2 87.6 36.1 42.6 5.7 84.4 35.0 47.1 5.4 87.4 37.6 44.0 5.7 87.3 33.1 35.5 4.9 73.5 33.3 33.6 4.9 71.8 31.5 55.4 5.4 7.7 5.4 105.5 31.8 46.9 7.0 14.0 6.3 106.0 30.1 40.4 8.1 14.5 5.8 98.8 29.4 37.0 9.4 15.7 5.5 97.1 29.8 39.4 10.9 21.6 6.3 108.0 28.3 34.9 11.6 21.2 5.8 101.9 28.7 33.8 13.1 22.7 5.8 104.0 27.3 31.0 13.6 26.7 6.2 104.8 26.8 29.6 14.5 26.7 6.0 103.5 28.1 30.3 13.5 24.8 6.1 102.9 25.9 27.3 11.4 20.9 5.5 91.0 26.3 27.2 10.9 19.9 5.4 89.7 5.3 25.1 29.1 10.8 20.6 33.4 6.0 130.2 6.8 25.5 28.0 14.1 20.8 29.3 6.8 131.3 7.8 24.3 25.9 16.4 17.5 25.5 6.3 123.7 9.0 24.0 24.9 19.0 18.6 23.4 6.0 124.9 Projected Prices Gas ($/Mcf) Oil ($/bbl) $5.66 $88.55 $5.74 $88.68 $5.93 $88.82 $6.14 $88.96 $6.31 $89.09 $6.26 $89.22 $6.09 $89.35 $5.72 $89.48 $5.70 $89.61 $5.73 $89.74 $5.78 $89.88 $5.82 $90.02 $5.85 $90.16 $5.93 $90.31 $6.12 $90.46 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $5.53 $5.53 $5.78 $5.48 $5.53 $5.78 $71.77 $45.82 $5.61 $5.61 $5.86 $5.56 $5.61 $5.86 $71.88 $45.89 $5.81 $5.81 $6.06 $5.75 $5.81 $6.06 $72.00 $45.96 $6.03 $6.03 $6.28 $5.96 $6.03 $6.28 $72.12 $46.04 $6.21 $6.21 $6.46 $6.13 $6.21 $6.46 $72.23 $46.10 $6.16 $6.16 $6.41 $6.08 $6.16 $6.41 $72.34 $46.17 $5.98 $5.98 $6.23 $5.91 $5.98 $6.23 $72.45 $46.24 $5.59 $5.59 $5.84 $5.54 $5.59 $5.84 $72.56 $46.31 $5.57 $5.57 $5.82 $5.52 $5.57 $5.82 $72.67 $46.37 $5.60 $5.60 $5.85 $5.55 $5.60 $5.85 $72.78 $46.44 $5.65 $5.65 $5.90 $5.60 $5.65 $5.90 $72.90 $46.51 $5.70 $5.70 $5.95 $5.65 $5.70 $5.95 $73.02 $46.59 $5.73 $5.73 $5.98 $5.67 $5.73 $5.98 $73.14 $46.66 $5.81 $5.81 $6.06 $5.75 $5.81 $6.06 $73.26 $46.74 $6.01 $6.01 $6.26 $5.94 $6.01 $6.26 $73.39 $46.81 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues 4,523 4,559 823 $9,905 4,419 4,669 792 $9,881 4,421 5,432 781 $10,634 4,445 5,651 920 $11,015 4,439 6,421 899 $11,758 4,285 5,380 850 $10,516 4,051 4,669 790 $9,509 3,695 4,002 708 $8,405 3,600 6,804 929 1,040 814 $13,186 3,541 5,599 1,170 1,828 915 $13,053 3,495 5,026 1,412 1,968 876 $12,778 3,455 4,653 1,643 2,159 843 $12,753 3,404 4,814 1,854 2,885 948 $13,905 3,389 4,480 2,072 2,972 916 $13,829 3,442 4,350 2,327 3,183 905 $14,207 3,507 4,277 2,591 4,016 1,049 $15,439 3,448 4,082 2,763 4,010 1,000 $15,304 3,391 3,915 2,410 3,497 957 $14,170 3,338 3,768 2,177 3,157 918 $13,358 3,286 3,637 2,004 2,904 884 $12,716 $1,069 3,237 4,013 2,166 3,937 5,032 1,002 $20,456 $1,322 3,190 3,745 2,739 3,831 4,282 1,109 $20,219 $1,576 3,145 3,580 3,293 3,343 3,844 1,056 $19,837 $1,813 3,102 3,451 3,808 3,544 3,536 1,010 $20,263 Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues 1,893 810 267 $2,970 1,803 818 254 $2,876 1,725 912 242 $2,880 1,657 915 275 $2,847 1,595 1,004 261 $2,861 1,540 850 250 $2,640 1,490 748 239 $2,477 1,444 673 230 $2,347 1,402 1,145 159 265 $2,972 1,363 956 283 297 $2,899 1,326 839 304 283 $2,752 1,293 756 328 270 $2,647 1,262 768 432 303 $2,765 1,233 697 438 289 $2,656 1,204 644 449 276 $2,573 1,179 601 543 310 $2,632 1,152 564 538 295 $2,550 1,127 533 460 282 $2,402 1,103 506 403 271 $2,284 1,081 482 360 261 $2,183 1,059 537 648 296 $2,540 1,038 497 547 327 $2,410 1,019 468 478 312 $2,277 1,000 445 427 298 $2,170 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) NGL Revenues PA WV
  • 94. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-16 Oct-16 9 73 27.0 29.5 19.1 75.6 Nov-16 10 74 26.7 28.6 18.0 73.3 Dec-16 11 75 26.3 27.9 17.0 71.2 Jan-17 12 76 26.0 27.2 16.3 69.4 Feb-17 1 77 25.7 26.5 15.6 67.8 M ar-17 2 78 25.4 25.9 15.0 66.3 Apr-17 3 79 25.1 25.4 14.4 64.9 M ay-17 4 80 24.8 24.9 13.9 63.6 Jun-17 5 81 24.5 24.4 13.5 62.4 Jul-17 6 82 24.2 23.9 13.1 61.2 Aug-17 7 83 24.0 23.5 12.7 60.2 Sep-17 8 84 23.7 23.1 12.4 59.2 Oct-17 9 85 23.5 22.7 12.1 58.2 Nov-17 10 86 23.2 22.3 11.8 57.3 Dec-17 11 87 23.0 21.9 11.5 56.4 Jan-18 12 88 22.8 21.6 11.2 55.6 Feb-18 1 89 22.6 21.3 11.0 54.8 M ar-18 2 90 22.3 21.0 10.8 54.1 Apr-18 3 91 22.1 20.7 10.6 53.4 M ay-18 4 92 21.9 20.4 10.4 52.7 Jun-18 5 93 21.7 20.1 10.2 52.0 Jul-18 6 94 21.5 19.8 10.0 51.4 Aug-18 7 95 21.3 19.6 9.8 50.7 8 96 21.2 19.3 9.6 50.1 396.0 733.4 747.9 661.2 517.5 675.5 206.6 3,938.2 405.8 723.5 725.9 729.8 561.3 635.6 197.2 3,979.2 424.5 713.8 706.2 794.2 509.5 602.3 189.0 3,939.5 445.5 704.6 688.2 855.0 557.6 573.9 209.3 4,034.0 467.1 695.7 671.6 912.6 508.9 549.1 200.0 4,005.0 406.2 687.0 656.3 800.3 475.2 527.3 191.8 3,744.1 366.5 678.7 642.0 725.0 448.9 507.9 184.5 3,553.4 337.2 670.6 628.6 668.5 427.2 490.4 178.0 3,400.5 1,221.0 662.8 616.0 1,041.5 745.0 474.5 199.7 4,960.7 1,293.8 655.3 604.2 906.4 645.8 460.1 219.2 4,784.8 1,402.2 647.9 593.0 822.6 588.4 446.8 209.3 4,710.2 1,514.3 640.8 582.4 761.9 548.2 434.5 200.6 4,682.7 1,623.5 633.9 572.3 714.4 517.3 423.2 220.6 4,705.2 1,728.4 627.2 562.7 675.4 492.3 412.7 211.1 4,709.7 1,828.7 620.7 553.5 642.6 471.2 402.8 202.6 4,722.3 1,924.8 614.3 544.8 614.3 453.1 393.6 222.8 4,767.7 2,016.9 608.2 536.5 589.5 437.2 385.0 213.4 4,786.5 1,775.5 602.2 528.5 567.5 423.0 376.8 205.0 4,478.6 1,617.5 596.4 520.8 547.7 410.3 369.2 197.6 4,259.5 1,499.7 590.7 513.4 529.9 398.7 361.9 190.9 4,085.3 2,230.7 164.9 585.1 506.4 513.7 388.1 355.0 212.5 4,956.5 2,102.1 204.1 579.7 499.6 498.8 378.3 348.5 231.9 4,843.0 1,967.8 243.2 574.5 493.0 485.1 369.3 342.3 221.9 4,697.1 1,883.0 279.7 569.3 486.7 472.5 360.9 336.4 213.1 4,601.6 13.2 24.4 24.9 22.0 17.3 22.5 6.9 131.3 13.1 23.3 23.4 23.5 18.1 20.5 6.4 128.4 14.2 23.8 23.5 26.5 17.0 20.1 6.3 131.3 14.4 22.7 22.2 27.6 18.0 18.5 6.8 130.1 15.1 22.4 21.7 29.4 16.4 17.7 6.5 129.2 14.5 24.5 23.4 28.6 17.0 18.8 6.9 133.7 11.8 21.9 20.7 23.4 14.5 16.4 6.0 114.6 11.2 22.4 21.0 22.3 14.2 16.3 5.9 113.3 39.4 21.4 19.9 33.6 24.0 15.3 6.4 160.0 43.1 21.8 20.1 30.2 21.5 15.3 7.3 159.5 45.2 20.9 19.1 26.5 19.0 14.4 6.8 151.9 48.8 20.7 18.8 24.6 17.7 14.0 6.5 151.1 54.1 21.1 19.1 23.8 17.2 14.1 7.4 156.8 55.8 20.2 18.2 21.8 15.9 13.3 6.8 151.9 61.0 20.7 18.5 21.4 15.7 13.4 6.8 157.4 62.1 19.8 17.6 19.8 14.6 12.7 7.2 153.8 65.1 19.6 17.3 19.0 14.1 12.4 6.9 154.4 63.4 21.5 18.9 20.3 15.1 13.5 7.3 159.9 52.2 19.2 16.8 17.7 13.2 11.9 6.4 137.4 50.0 19.7 17.1 17.7 13.3 12.1 6.4 136.2 72.0 5.3 18.9 16.3 16.6 12.5 11.5 6.9 159.9 70.1 6.8 19.3 16.7 16.6 12.6 11.6 7.7 161.4 63.5 7.8 18.5 15.9 15.6 11.9 11.0 7.2 151.5 60.7 9.0 18.4 15.7 15.2 11.6 10.9 6.9 148.4 Projected Prices Gas ($/Mcf) Oil ($/bbl) $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues $2,566 3,060 3,341 4,285 3,184 3,299 1,119 $20,855 $2,630 3,020 3,245 4,730 3,453 3,109 1,069 $21,254 $2,751 2,982 3,158 5,147 3,134 2,949 1,024 $21,145 $2,887 2,944 3,079 5,541 3,430 2,813 1,134 $21,828 $3,027 2,908 3,006 5,914 3,131 2,694 1,083 $21,764 $2,632 2,873 2,939 5,186 2,923 2,590 1,039 $20,183 $2,375 2,840 2,876 4,698 2,761 2,496 1,000 $19,046 $2,185 2,807 2,817 4,332 2,628 2,412 964 $18,146 $7,913 2,776 2,762 6,749 4,583 2,336 1,082 $28,201 $8,385 2,745 2,709 5,874 3,973 2,266 1,187 $27,140 $9,087 2,715 2,660 5,331 3,620 2,202 1,134 $26,749 $9,813 2,687 2,613 4,937 3,373 2,143 1,087 $26,653 $10,521 2,659 2,569 4,629 3,183 2,089 1,195 $26,844 $11,201 2,632 2,527 4,377 3,029 2,038 1,143 $26,945 $11,851 2,605 2,486 4,164 2,899 1,990 1,098 $27,094 $12,473 2,580 2,448 3,981 2,787 1,946 1,207 $27,421 $13,070 2,555 2,411 3,820 2,690 1,904 1,156 $27,605 $11,506 2,530 2,375 3,677 2,602 1,865 1,111 $25,667 $10,482 2,507 2,342 3,550 2,524 1,827 1,071 $24,302 $9,719 2,483 2,309 3,434 2,453 1,792 1,034 $23,225 $14,456 1,069 2,461 2,278 3,329 2,387 1,759 1,151 $28,890 $13,622 1,322 2,439 2,248 3,232 2,327 1,727 1,256 $28,175 $12,752 1,576 2,418 2,219 3,144 2,272 1,697 1,202 $27,279 $12,202 1,813 2,397 2,191 3,062 2,220 1,669 1,155 $26,708 Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues 982 425 387 330 $2,124 965 408 354 315 $2,043 948 393 328 302 $1,971 932 379 305 334 $1,951 917 366 285 320 $1,888 902 355 268 307 $1,832 888 344 253 295 $1,781 875 334 240 284 $1,733 862 325 228 319 $1,734 849 316 217 350 $1,732 836 308 207 334 $1,686 824 300 198 321 $1,644 813 293 190 353 $1,649 802 286 183 337 $1,608 791 280 176 324 $1,570 780 273 170 356 $1,579 770 268 164 341 $1,543 760 262 158 328 $1,508 751 257 153 316 $1,477 742 252 148 305 $1,447 733 247 144 340 $1,463 724 242 139 371 $1,476 715 238 135 355 $1,443 707 234 132 341 $1,413 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) NGL Revenues PA WV
  • 95. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-18 Oct-18 9 97 21.0 19.1 9.5 49.6 Nov-18 10 98 20.8 18.9 9.3 49.0 Dec-18 11 99 20.6 18.6 9.2 48.5 Jan-19 12 100 20.5 18.4 9.1 47.9 Feb-19 1 101 20.3 18.2 8.9 47.4 M ar-19 2 102 20.1 18.0 8.8 46.9 Apr-19 3 103 20.0 17.8 8.7 46.5 M ay-19 4 104 19.8 17.6 8.5 46.0 Jun-19 5 105 19.7 17.5 8.4 45.6 Jul-19 6 106 19.5 17.3 8.3 45.1 Aug-19 7 107 19.4 17.1 8.2 44.7 Sep-19 8 108 19.2 16.9 8.1 44.3 Oct-19 9 109 19.1 16.8 8.0 43.9 Nov-19 10 110 19.0 16.6 7.9 43.5 Dec-19 11 111 18.8 16.4 7.8 43.1 Jan-20 12 112 18.7 16.3 7.7 42.7 Feb-20 1 113 18.6 16.1 7.7 42.4 M ar-20 2 114 18.4 16.0 7.6 42.0 Apr-20 3 115 18.3 15.9 7.5 41.7 M ay-20 4 116 18.2 15.7 7.4 41.3 Jun-20 5 117 18.1 15.6 7.3 41.0 Jul-20 6 118 18.0 15.5 7.3 40.7 Aug-20 7 119 17.8 15.3 7.2 40.4 8 120 17.7 15.2 7.1 40.1 1,905.3 396.0 564.3 480.6 460.7 353.0 330.8 233.0 4,723.7 1,838.3 405.8 559.4 474.7 449.7 345.7 325.4 223.3 4,622.4 1,792.1 424.5 554.6 469.0 439.5 338.8 320.3 214.8 4,553.6 1,839.5 445.5 549.9 463.5 429.9 332.3 315.4 234.8 4,610.7 1,790.1 467.1 545.4 458.2 420.8 326.1 310.6 225.2 4,543.6 1,674.3 406.2 540.9 453.0 412.3 320.3 306.1 216.8 4,330.0 1,588.4 366.5 536.5 448.0 404.2 314.8 301.8 209.3 4,169.5 1,518.4 337.2 532.2 443.2 396.6 309.5 297.6 202.5 4,037.2 1,459.0 314.1 528.0 438.5 389.4 304.5 293.6 224.0 3,951.0 1,407.2 295.1 523.9 433.9 382.5 299.7 289.7 243.2 3,875.3 1,361.3 279.2 519.9 429.5 375.9 295.1 285.9 233.1 3,780.0 1,320.0 265.6 516.0 425.2 369.7 290.8 282.3 224.2 3,693.7 1,282.5 253.7 512.1 420.9 363.7 286.6 278.8 244.0 3,642.4 1,248.2 243.3 508.4 416.9 358.0 282.5 275.5 234.2 3,566.9 1,216.6 233.9 504.6 412.9 352.6 278.7 272.2 225.6 3,497.1 1,187.3 225.6 501.0 409.0 347.3 275.0 269.0 245.6 3,459.8 1,160.1 218.0 497.4 405.2 342.3 271.4 266.0 235.9 3,396.4 1,134.8 211.1 493.9 401.6 337.5 267.9 263.0 227.4 3,337.2 1,110.9 204.7 490.6 398.0 332.8 264.6 260.1 219.8 3,281.6 1,088.6 198.9 487.1 394.5 328.4 261.4 257.3 212.9 3,229.1 1,067.5 193.5 483.8 391.0 324.1 258.3 254.6 234.3 3,207.1 1,047.6 188.5 480.6 387.7 319.9 255.3 252.0 253.5 3,185.0 1,028.7 183.9 477.4 384.4 315.9 252.4 249.4 243.3 3,135.4 1,010.8 179.5 474.3 381.2 312.0 249.6 246.9 234.3 3,088.7 63.5 13.2 18.8 16.0 15.4 11.8 11.0 7.8 157.5 59.3 13.1 18.0 15.3 14.5 11.2 10.5 7.2 149.1 59.7 14.2 18.5 15.6 14.6 11.3 10.7 7.2 151.8 59.3 14.4 17.7 15.0 13.9 10.7 10.2 7.6 148.7 57.7 15.1 17.6 14.8 13.6 10.5 10.0 7.3 146.6 59.8 14.5 19.3 16.2 14.7 11.4 10.9 7.7 154.6 51.2 11.8 17.3 14.5 13.0 10.2 9.7 6.8 134.5 50.6 11.2 17.7 14.8 13.2 10.3 9.9 6.7 134.6 47.1 10.1 17.0 14.1 12.6 9.8 9.5 7.2 127.5 46.9 9.8 17.5 14.5 12.7 10.0 9.7 8.1 129.2 43.9 9.0 16.8 13.9 12.1 9.5 9.2 7.5 121.9 42.6 8.6 16.6 13.7 11.9 9.4 9.1 7.2 119.2 42.7 8.5 17.1 14.0 12.1 9.6 9.3 8.1 121.4 40.3 7.8 16.4 13.4 11.5 9.1 8.9 7.6 115.1 40.6 7.8 16.8 13.8 11.8 9.3 9.1 7.5 116.6 38.3 7.3 16.2 13.2 11.2 8.9 8.7 7.9 111.6 37.4 7.0 16.0 13.1 11.0 8.8 8.6 7.6 109.6 39.1 7.3 17.0 13.8 11.6 9.2 9.1 7.8 115.1 35.8 6.6 15.8 12.8 10.7 8.5 8.4 7.1 105.9 36.3 6.6 16.2 13.1 10.9 8.7 8.6 7.1 107.6 34.4 6.2 15.6 12.6 10.5 8.3 8.2 7.6 103.5 34.9 6.3 16.0 12.9 10.7 8.5 8.4 8.4 106.2 33.2 5.9 15.4 12.4 10.2 8.1 8.0 7.8 101.1 32.6 5.8 15.3 12.3 10.1 8.1 8.0 7.6 99.6 Projected Prices Gas ($/Mcf) Oil ($/bbl) $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues $12,347 2,566 2,376 2,164 2,985 2,172 1,641 1,262 $27,514 $11,913 2,630 2,356 2,138 2,914 2,127 1,615 1,210 $26,903 $11,614 2,751 2,337 2,112 2,848 2,084 1,590 1,163 $26,500 $11,920 2,887 2,318 2,088 2,786 2,044 1,566 1,272 $26,882 $11,600 3,027 2,299 2,064 2,727 2,006 1,543 1,220 $26,488 $10,850 2,632 2,281 2,042 2,672 1,970 1,521 1,175 $25,143 $10,293 2,375 2,263 2,019 2,620 1,936 1,500 1,134 $24,141 $9,840 2,185 2,246 1,998 2,570 1,904 1,480 1,097 $23,319 $9,455 2,035 2,229 1,977 2,523 1,873 1,460 1,213 $22,766 $9,119 1,913 2,212 1,957 2,479 1,844 1,441 1,318 $22,282 $8,821 1,810 2,195 1,937 2,436 1,816 1,423 1,263 $21,701 $8,554 1,721 2,179 1,918 2,396 1,789 1,405 1,215 $21,177 $8,311 1,644 2,164 1,899 2,357 1,763 1,388 1,322 $20,848 $8,089 1,576 2,148 1,881 2,320 1,738 1,372 1,269 $20,393 $7,884 1,516 2,133 1,863 2,285 1,714 1,356 1,222 $19,973 $7,694 1,462 2,118 1,846 2,251 1,692 1,340 1,330 $19,733 $7,518 1,413 2,104 1,829 2,218 1,670 1,325 1,278 $19,355 $7,354 1,368 2,089 1,813 2,187 1,648 1,311 1,232 $19,002 $7,199 1,327 2,075 1,797 2,157 1,628 1,297 1,191 $18,670 $7,054 1,289 2,061 1,781 2,128 1,608 1,283 1,154 $18,359 $6,918 1,254 2,048 1,766 2,100 1,589 1,270 1,269 $18,214 $6,789 1,222 2,035 1,751 2,073 1,570 1,257 1,373 $18,070 $6,666 1,192 2,022 1,737 2,047 1,553 1,244 1,318 $17,778 $6,550 1,163 2,009 1,723 2,022 1,535 1,232 1,270 $17,504 Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues 699 229 128 372 $1,429 691 225 125 357 $1,398 683 222 122 343 $1,370 676 218 119 375 $1,387 668 214 116 360 $1,359 661 211 113 347 $1,332 655 208 110 334 $1,307 648 205 108 324 $1,284 641 202 105 358 $1,306 634 199 103 389 $1,325 628 196 101 373 $1,298 622 193 99 358 $1,272 616 190 97 390 $1,293 610 188 95 374 $1,267 604 186 93 361 $1,244 598 183 92 392 $1,265 593 180 90 377 $1,240 587 178 88 363 $1,217 582 176 87 351 $1,196 577 174 85 340 $1,176 571 172 84 374 $1,201 567 169 82 405 $1,224 562 168 81 389 $1,199 557 166 80 375 $1,177 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) NGL Revenues PA WV
  • 96. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-20 Oct-20 9 121 17.6 15.1 7.0 39.8 Nov-20 10 122 17.5 15.0 7.0 39.5 Dec-20 11 123 17.4 14.8 6.9 39.2 Jan-21 12 124 17.3 14.7 6.9 38.9 Feb-21 1 125 17.2 14.6 6.8 38.6 M ar-21 2 126 17.1 14.5 6.7 38.3 Apr-21 3 127 17.0 14.4 6.7 38.1 M ay-21 4 128 16.9 14.3 6.6 37.8 Jun-21 5 129 16.8 14.2 6.6 37.5 Jul-21 6 130 16.7 14.1 6.5 37.3 Aug-21 7 131 16.6 14.0 6.5 37.0 Sep-21 8 132 16.5 13.9 6.4 36.8 Oct-21 9 133 16.4 13.8 6.3 36.6 Nov-21 10 134 16.3 13.7 6.3 36.3 Dec-21 11 135 16.2 13.6 6.2 36.1 Jan-22 12 136 16.1 13.5 6.2 35.9 Feb-22 1 137 16.1 13.4 6.2 35.6 M ar-22 2 138 16.0 13.3 6.1 35.4 Apr-22 3 139 15.9 13.3 6.1 35.2 M ay-22 4 140 15.8 13.2 6.0 35.0 Jun-22 5 141 15.7 13.1 6.0 34.8 Jul-22 6 142 15.6 13.0 5.9 34.6 Aug-22 7 143 15.5 12.9 5.9 34.4 8 144 15.5 12.9 5.8 34.2 993.7 175.5 471.2 378.1 308.3 246.8 244.5 254.0 3,072.1 977.5 171.6 468.2 375.1 304.7 244.2 242.1 244.2 3,027.5 962.0 168.0 465.2 372.1 301.2 241.6 239.8 235.5 2,985.4 947.2 164.6 462.2 369.1 297.8 239.1 237.6 255.4 2,973.1 933.0 161.4 459.4 366.3 294.5 236.7 235.4 245.6 2,932.3 919.4 158.4 456.5 363.5 291.3 234.4 233.3 237.1 2,893.8 906.4 155.5 453.7 360.8 288.2 232.1 231.2 229.4 2,857.2 893.9 152.7 451.0 358.1 285.2 229.8 229.2 222.4 2,822.3 881.8 150.1 448.2 355.4 282.3 227.7 227.2 216.1 2,788.8 870.2 147.6 445.5 352.9 279.4 225.6 225.3 210.3 2,756.8 859.1 145.2 442.9 350.4 276.6 223.5 223.4 204.9 2,726.0 848.3 143.0 440.3 347.9 274.0 221.5 221.5 199.9 2,696.4 837.9 140.8 437.7 345.5 271.3 219.5 219.7 195.3 2,667.7 827.8 138.7 435.2 343.1 268.8 217.6 218.0 190.9 2,640.1 818.1 136.7 432.7 340.8 266.3 215.8 216.2 186.8 2,613.3 808.7 134.7 430.2 338.5 263.9 213.9 214.6 183.0 2,587.5 799.6 132.9 427.8 336.2 261.5 212.2 212.9 179.3 2,562.4 790.8 131.1 425.4 334.0 259.2 210.4 211.3 175.9 2,538.1 782.3 129.3 423.0 331.8 257.0 208.7 209.7 172.6 2,514.4 774.0 127.7 420.6 329.7 254.8 207.1 208.1 169.5 2,491.4 765.9 126.1 418.3 327.6 252.6 205.4 206.6 166.5 2,469.0 758.1 124.5 415.9 325.6 250.5 203.9 205.1 163.7 2,447.3 750.5 123.0 413.6 323.5 248.5 202.3 203.7 161.0 2,426.0 743.1 121.6 411.3 321.6 246.5 200.8 202.2 158.4 2,405.4 33.1 5.8 15.7 12.6 10.3 8.2 8.1 8.5 102.4 31.5 5.5 15.1 12.1 9.8 7.9 7.8 7.9 97.7 32.1 5.6 15.5 12.4 10.0 8.1 8.0 7.8 99.5 30.6 5.3 14.9 11.9 9.6 7.7 7.7 8.2 95.9 30.1 5.2 14.8 11.8 9.5 7.6 7.6 7.9 94.6 32.8 5.7 16.3 13.0 10.4 8.4 8.3 8.5 103.4 29.2 5.0 14.6 11.6 9.3 7.5 7.5 7.4 92.2 29.8 5.1 15.0 11.9 9.5 7.7 7.6 7.4 94.1 28.4 4.8 14.5 11.5 9.1 7.3 7.3 7.0 90.0 29.0 4.9 14.9 11.8 9.3 7.5 7.5 7.0 91.9 27.7 4.7 14.3 11.3 8.9 7.2 7.2 6.6 87.9 27.4 4.6 14.2 11.2 8.8 7.1 7.1 6.4 87.0 27.9 4.7 14.6 11.5 9.0 7.3 7.3 6.5 88.9 26.7 4.5 14.0 11.1 8.7 7.0 7.0 6.2 85.2 27.3 4.6 14.4 11.4 8.9 7.2 7.2 6.2 87.1 26.1 4.3 13.9 10.9 8.5 6.9 6.9 5.9 83.5 25.8 4.3 13.8 10.8 8.4 6.8 6.9 5.8 82.7 28.2 4.7 15.2 11.9 9.3 7.5 7.5 6.3 90.6 25.2 4.2 13.6 10.7 8.3 6.7 6.8 5.6 81.1 25.8 4.3 14.0 11.0 8.5 6.9 6.9 5.6 83.0 24.7 4.1 13.5 10.6 8.1 6.6 6.7 5.4 79.6 25.3 4.2 13.9 10.9 8.4 6.8 6.8 5.5 81.6 24.2 4.0 13.3 10.4 8.0 6.5 6.6 5.2 78.3 24.0 3.9 13.3 10.4 8.0 6.5 6.5 5.1 77.6 Projected Prices Gas ($/Mcf) Oil ($/bbl) $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues $6,440 1,137 1,996 1,709 1,998 1,519 1,220 1,376 $17,394 $6,334 1,112 1,984 1,695 1,974 1,502 1,208 1,323 $17,134 $6,234 1,089 1,972 1,682 1,952 1,486 1,197 1,276 $16,887 $6,138 1,067 1,960 1,669 1,930 1,471 1,186 1,383 $16,804 $6,046 1,046 1,948 1,656 1,908 1,456 1,175 1,331 $16,567 $5,958 1,026 1,936 1,644 1,888 1,442 1,165 1,284 $16,343 $5,874 1,008 1,925 1,632 1,868 1,428 1,155 1,243 $16,130 $5,793 990 1,913 1,620 1,848 1,414 1,145 1,205 $15,927 $5,715 973 1,902 1,608 1,829 1,401 1,135 1,171 $15,733 $5,639 957 1,891 1,596 1,811 1,388 1,126 1,139 $15,547 $5,567 941 1,880 1,585 1,793 1,375 1,116 1,110 $15,368 $5,497 926 1,870 1,574 1,775 1,363 1,107 1,083 $15,196 $5,430 912 1,859 1,563 1,758 1,351 1,098 1,058 $15,030 $5,365 899 1,849 1,553 1,742 1,339 1,090 1,034 $14,870 $5,302 886 1,839 1,542 1,726 1,327 1,081 1,012 $14,715 $5,241 873 1,829 1,532 1,710 1,316 1,073 991 $14,565 $5,182 861 1,819 1,522 1,695 1,305 1,065 972 $14,420 $5,125 849 1,809 1,512 1,680 1,295 1,057 953 $14,279 $5,069 838 1,799 1,502 1,665 1,284 1,049 935 $14,142 $5,016 827 1,789 1,493 1,651 1,274 1,041 918 $14,010 $4,963 817 1,780 1,484 1,637 1,264 1,034 902 $13,881 $4,913 807 1,770 1,474 1,623 1,254 1,027 887 $13,755 $4,863 797 1,761 1,465 1,610 1,245 1,019 872 $13,633 $4,815 788 1,752 1,457 1,597 1,235 1,012 858 $13,514 Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues 552 163 78 406 $1,200 548 162 77 390 $1,177 543 160 76 376 $1,155 538 158 75 408 $1,179 534 156 74 393 $1,156 530 155 72 379 $1,135 526 153 71 367 $1,116 521 151 70 355 $1,098 516 150 69 345 $1,081 512 148 68 336 $1,065 508 147 67 327 $1,050 504 145 66 320 $1,036 500 144 65 312 $1,022 496 143 64 305 $1,009 492 141 64 299 $996 489 140 63 292 $984 485 139 62 287 $972 481 138 61 281 $961 478 136 61 276 $950 474 135 60 271 $939 470 133 59 266 $928 466 133 58 262 $918 462 131 58 257 $908 459 130 57 253 $899 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) NGL Revenues PA WV
  • 97. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-22 Oct-22 9 145 15.4 12.8 5.8 34.0 Nov-22 10 146 15.3 12.7 5.8 33.8 Dec-22 11 147 15.2 12.6 5.7 33.6 Jan-23 12 148 15.1 12.6 5.7 33.4 Feb-23 1 149 15.1 12.5 5.7 33.2 M ar-23 2 150 15.0 12.4 5.6 33.0 Apr-23 3 151 14.9 12.3 5.6 32.8 M ay-23 4 152 14.8 12.3 5.5 32.7 Jun-23 5 153 14.8 12.2 5.5 32.5 Jul-23 6 154 14.7 12.1 5.5 32.3 Aug-23 7 155 14.6 12.1 5.4 32.1 Sep-23 8 156 14.5 12.0 5.4 31.9 Oct-23 9 157 14.5 11.9 5.4 31.8 Nov-23 10 158 14.4 11.9 5.3 31.6 Dec-23 11 159 14.3 11.8 5.3 31.4 Jan-24 12 160 14.2 11.8 5.3 31.3 Feb-24 1 161 14.2 11.7 5.3 31.1 M ar-24 2 162 14.1 11.6 5.2 30.9 Apr-24 3 163 14.0 11.6 5.2 30.8 M ay-24 4 164 13.9 11.5 5.2 30.6 Jun-24 5 165 13.9 11.5 5.1 30.5 Jul-24 6 166 13.8 11.4 5.1 30.3 Aug-24 7 167 13.7 11.4 5.1 30.2 8 168 13.7 11.3 5.1 30.0 735.9 120.2 409.1 319.5 244.5 199.3 200.8 155.9 2,385.2 728.9 118.8 406.9 317.7 242.6 197.8 199.4 153.5 2,365.5 722.1 117.5 404.6 315.7 240.7 196.4 198.1 151.2 2,346.3 715.4 116.2 402.4 313.9 238.9 195.0 196.7 149.0 2,327.5 709.0 115.0 400.3 312.0 237.1 193.6 195.4 146.8 2,309.1 702.6 113.7 398.1 310.2 235.3 192.3 194.2 144.8 2,291.2 696.5 112.6 396.0 308.4 233.6 190.9 192.9 142.8 2,273.7 690.5 111.4 393.8 306.7 231.9 189.6 191.6 140.9 2,256.5 684.6 110.3 391.7 304.9 230.2 188.4 190.4 139.0 2,239.6 678.9 109.2 389.6 303.2 228.6 187.1 189.2 137.2 2,223.1 673.3 108.2 387.5 301.6 227.0 185.9 188.1 135.5 2,206.9 667.8 107.2 385.4 299.9 225.4 184.7 186.9 133.8 2,191.1 662.4 106.2 383.3 298.3 223.9 183.5 185.8 132.1 2,175.5 657.2 105.2 381.2 296.7 222.4 182.3 184.7 130.5 2,160.3 652.1 104.3 379.2 295.1 220.9 181.2 183.6 129.0 2,145.2 647.1 103.3 377.1 293.5 219.5 180.1 182.5 127.5 2,130.6 642.1 102.4 375.1 292.0 218.0 179.0 181.4 126.0 2,116.2 637.4 101.6 373.1 290.5 216.6 177.9 180.4 124.6 2,102.0 632.6 100.7 371.1 289.0 215.3 176.8 179.3 123.2 2,088.1 628.0 99.9 369.1 287.5 213.9 175.8 178.3 121.9 2,074.3 623.5 99.0 367.1 286.0 212.6 174.7 177.3 120.6 2,060.9 619.1 98.2 365.1 284.6 211.3 173.7 176.3 119.3 2,047.6 614.7 97.4 363.2 283.2 210.0 172.7 175.4 118.0 2,034.6 610.5 96.7 361.2 281.8 208.7 171.7 174.4 116.8 2,021.9 24.5 4.0 13.6 10.7 8.2 6.6 6.7 5.2 79.5 23.5 3.8 13.1 10.2 7.8 6.4 6.4 5.0 76.3 24.1 3.9 13.5 10.5 8.0 6.5 6.6 5.0 78.2 23.1 3.7 13.0 10.1 7.7 6.3 6.3 4.8 75.1 22.9 3.7 12.9 10.1 7.6 6.2 6.3 4.7 74.5 25.1 4.1 14.2 11.1 8.4 6.9 6.9 5.2 81.8 22.5 3.6 12.8 9.9 7.5 6.2 6.2 4.6 73.3 23.0 3.7 13.1 10.2 7.7 6.3 6.4 4.7 75.2 22.1 3.6 12.6 9.8 7.4 6.1 6.1 4.5 72.2 22.6 3.6 13.0 10.1 7.6 6.2 6.3 4.6 74.1 21.7 3.5 12.5 9.7 7.3 6.0 6.1 4.4 71.2 21.5 3.5 12.4 9.7 7.3 6.0 6.0 4.3 70.7 22.1 3.5 12.8 9.9 7.5 6.1 6.2 4.4 72.5 21.2 3.4 12.3 9.6 7.2 5.9 6.0 4.2 69.7 21.7 3.5 12.6 9.8 7.4 6.0 6.1 4.3 71.5 20.9 3.3 12.2 9.5 7.1 5.8 5.9 4.1 68.7 20.7 3.3 12.1 9.4 7.0 5.8 5.9 4.1 68.3 22.0 3.5 12.9 10.0 7.5 6.1 6.2 4.3 72.5 20.4 3.2 12.0 9.3 6.9 5.7 5.8 4.0 67.4 20.9 3.3 12.3 9.6 7.1 5.9 5.9 4.1 69.1 20.1 3.2 11.8 9.2 6.9 5.6 5.7 3.9 66.5 20.6 3.3 12.2 9.5 7.0 5.8 5.9 4.0 68.3 19.8 3.1 11.7 9.1 6.8 5.6 5.7 3.8 65.6 19.7 3.1 11.7 9.1 6.7 5.5 5.6 3.8 65.2 Projected Prices Gas ($/Mcf) Oil ($/bbl) $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $4,769 779 1,742 1,448 1,584 1,226 1,005 845 $13,398 $4,724 770 1,733 1,439 1,572 1,217 998 832 $13,285 $4,679 761 1,724 1,431 1,560 1,208 992 819 $13,174 $4,636 753 1,715 1,422 1,548 1,200 985 807 $13,067 $4,594 745 1,706 1,414 1,536 1,191 979 796 $12,962 $4,553 737 1,698 1,406 1,525 1,183 972 784 $12,859 $4,513 730 1,689 1,398 1,514 1,175 966 774 $12,758 $4,474 722 1,680 1,390 1,503 1,167 960 763 $12,660 $4,436 715 1,671 1,383 1,492 1,159 954 753 $12,563 $4,399 708 1,663 1,375 1,481 1,151 948 743 $12,469 $4,363 701 1,654 1,368 1,471 1,144 942 734 $12,377 $4,327 695 1,646 1,360 1,461 1,136 937 725 $12,287 $4,293 688 1,637 1,353 1,451 1,129 931 716 $12,198 $4,259 682 1,629 1,346 1,441 1,122 926 707 $12,111 $4,226 676 1,620 1,339 1,432 1,115 920 699 $12,026 $4,193 670 1,612 1,332 1,422 1,108 915 691 $11,942 $4,161 664 1,604 1,325 1,413 1,101 910 683 $11,861 $4,130 658 1,596 1,318 1,404 1,094 904 675 $11,780 $4,100 653 1,587 1,312 1,395 1,088 899 668 $11,701 $4,070 647 1,579 1,305 1,386 1,081 894 660 $11,623 $4,041 642 1,571 1,299 1,378 1,075 889 653 $11,547 $4,012 637 1,563 1,292 1,369 1,069 884 646 $11,472 $3,984 631 1,555 1,286 1,361 1,063 880 639 $11,399 $3,956 627 1,547 1,280 1,353 1,057 875 633 $11,326 455 128 56 249 $889 452 128 56 245 $880 448 126 55 242 $871 445 125 55 238 $863 441 124 54 235 $854 438 123 53 231 $846 435 122 53 228 $838 431 121 52 225 $829 428 120 52 222 $821 424 119 51 219 $813 421 118 51 217 $806 417 117 50 214 $798 414 116 50 211 $790 411 115 49 209 $784 408 113 49 206 $776 405 113 48 204 $769 402 112 48 201 $762 398 111 47 199 $755 395 110 47 197 $749 392 109 46 195 $742 389 108 46 193 $735 386 107 45 191 $729 383 106 45 189 $722 380 105 45 187 $716 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues NGL Revenues PA WV
  • 98. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-24 Oct-24 9 169 13.6 11.2 5.0 29.9 Nov-24 10 170 13.5 11.2 5.0 29.7 Dec-24 11 171 13.4 11.1 5.0 29.6 Jan-25 12 172 13.4 11.1 5.0 29.4 Feb-25 1 173 13.3 11.0 4.9 29.3 M ar-25 2 174 13.2 11.0 4.9 29.1 Apr-25 3 175 13.2 10.9 4.9 29.0 M ay-25 4 176 13.1 10.9 4.9 28.8 Jun-25 5 177 13.0 10.8 4.8 28.7 Jul-25 6 178 13.0 10.8 4.8 28.6 Aug-25 7 179 12.9 10.7 4.8 28.4 Sep-25 8 180 12.8 10.7 4.8 28.3 Oct-25 9 181 12.8 10.6 4.7 28.1 Nov-25 10 182 12.7 10.6 4.7 28.0 Dec-25 11 183 12.6 10.6 4.7 27.9 Jan-26 12 184 12.6 10.5 4.7 27.7 Feb-26 1 185 12.5 10.5 4.6 27.6 M ar-26 2 186 12.4 10.4 4.6 27.5 Apr-26 3 187 12.4 10.4 4.6 27.4 M ay-26 4 188 12.3 10.3 4.6 27.2 Jun-26 5 189 12.3 10.3 4.6 27.1 Jul-26 6 190 12.2 10.2 4.5 27.0 Aug-26 7 191 12.1 10.2 4.5 26.8 8 192 12.1 10.2 4.5 26.7 606.3 95.9 359.3 280.4 207.5 170.8 173.5 115.6 2,009.3 602.2 95.2 357.3 279.0 206.3 169.8 172.5 114.5 1,996.8 598.2 94.5 355.4 277.7 205.1 168.9 171.6 113.3 1,984.6 594.2 93.8 353.5 276.3 203.9 167.9 170.7 112.2 1,972.6 590.3 93.1 351.6 275.0 202.7 167.0 169.8 111.1 1,960.8 586.5 92.4 349.7 273.7 201.6 166.1 169.0 110.1 1,949.1 582.8 91.7 347.8 272.4 200.4 165.3 168.1 109.0 1,937.6 579.1 91.1 346.0 271.2 199.3 164.4 167.2 108.0 1,926.3 575.5 90.4 344.1 269.9 198.2 163.5 166.4 107.0 1,915.2 571.9 89.8 342.3 268.7 197.1 162.7 165.6 106.1 1,904.2 568.5 89.2 340.4 267.4 196.1 161.8 164.8 105.1 1,893.3 565.0 88.6 338.6 266.2 195.0 161.0 164.0 104.2 1,882.7 561.6 88.0 336.8 265.0 194.0 160.2 163.1 103.3 1,872.1 558.3 87.4 335.0 263.8 193.0 159.4 162.4 102.4 1,861.7 555.1 86.9 333.2 262.7 192.0 158.6 161.6 101.5 1,851.4 551.8 86.3 331.4 261.5 191.0 157.8 160.8 100.6 1,841.3 548.7 85.7 329.6 260.3 190.0 157.1 160.1 99.8 1,831.3 545.6 85.2 327.9 259.2 189.1 156.3 159.3 99.0 1,821.5 542.5 84.7 326.1 258.0 188.1 155.6 158.6 98.2 1,811.7 539.5 84.1 324.3 256.9 187.2 154.8 157.9 97.4 1,802.1 536.5 83.6 322.6 255.8 186.3 154.1 157.1 96.6 1,792.6 533.6 83.1 320.9 254.6 185.3 153.4 156.4 95.8 1,783.1 530.7 82.6 319.2 253.5 184.4 152.7 155.7 95.1 1,773.9 527.9 82.1 317.4 252.4 183.6 152.0 155.0 94.3 1,764.7 20.2 3.2 12.0 9.3 6.9 5.7 5.8 3.9 67.0 19.4 3.1 11.5 9.0 6.7 5.5 5.6 3.7 64.4 19.9 3.1 11.8 9.3 6.8 5.6 5.7 3.8 66.2 19.2 3.0 11.4 8.9 6.6 5.4 5.5 3.6 63.6 19.0 3.0 11.3 8.9 6.5 5.4 5.5 3.6 63.3 20.9 3.3 12.5 9.8 7.2 5.9 6.0 3.9 69.6 18.8 3.0 11.2 8.8 6.5 5.3 5.4 3.5 62.5 19.3 3.0 11.5 9.0 6.6 5.5 5.6 3.6 64.2 18.6 2.9 11.1 8.7 6.4 5.3 5.4 3.5 61.8 19.1 3.0 11.4 9.0 6.6 5.4 5.5 3.5 63.5 18.3 2.9 11.0 8.6 6.3 5.2 5.3 3.4 61.1 18.2 2.9 10.9 8.6 6.3 5.2 5.3 3.4 60.7 18.7 2.9 11.2 8.8 6.5 5.3 5.4 3.4 62.4 18.0 2.8 10.8 8.5 6.2 5.1 5.2 3.3 60.1 18.5 2.9 11.1 8.8 6.4 5.3 5.4 3.4 61.7 17.8 2.8 10.7 8.4 6.2 5.1 5.2 3.2 59.4 17.7 2.8 10.6 8.4 6.1 5.1 5.2 3.2 59.1 19.5 3.0 11.7 9.3 6.8 5.6 5.7 3.5 65.1 17.5 2.7 10.5 8.3 6.1 5.0 5.1 3.2 58.4 18.0 2.8 10.8 8.6 6.2 5.2 5.3 3.2 60.1 17.3 2.7 10.4 8.3 6.0 5.0 5.1 3.1 57.8 17.8 2.8 10.7 8.5 6.2 5.1 5.2 3.2 59.4 17.1 2.7 10.3 8.2 5.9 4.9 5.0 3.1 57.2 17.0 2.6 10.2 8.1 5.9 4.9 5.0 3.0 56.9 Projected Prices Gas ($/Mcf) Oil ($/bbl) $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $3,929 622 1,539 1,274 1,345 1,051 870 626 $11,255 $3,902 617 1,531 1,268 1,337 1,045 866 620 $11,185 $3,876 612 1,523 1,262 1,329 1,039 861 614 $11,116 $3,851 608 1,515 1,256 1,321 1,033 857 608 $11,049 $3,826 603 1,508 1,250 1,314 1,028 852 602 $10,982 $3,801 599 1,500 1,244 1,306 1,022 848 596 $10,916 $3,777 594 1,492 1,239 1,299 1,017 844 591 $10,852 $3,753 590 1,484 1,233 1,292 1,011 840 585 $10,788 $3,729 586 1,477 1,227 1,285 1,006 835 580 $10,725 $3,706 582 1,469 1,222 1,278 1,001 831 575 $10,664 $3,684 578 1,462 1,216 1,271 996 827 569 $10,603 $3,662 574 1,454 1,211 1,264 991 823 564 $10,543 $3,640 570 1,447 1,206 1,257 986 819 559 $10,484 $3,618 567 1,439 1,201 1,251 981 815 555 $10,426 $3,597 563 1,432 1,195 1,244 976 812 550 $10,368 $3,576 559 1,424 1,190 1,238 971 808 545 $10,312 $3,556 556 1,417 1,185 1,231 966 804 541 $10,256 $3,535 552 1,410 1,180 1,225 962 800 536 $10,201 $3,516 549 1,403 1,175 1,219 957 797 532 $10,146 $3,496 545 1,395 1,170 1,213 953 793 527 $10,092 $3,477 542 1,388 1,165 1,207 948 790 523 $10,039 $3,458 539 1,381 1,160 1,201 944 786 519 $9,987 $3,439 535 1,374 1,155 1,195 939 783 515 $9,935 $3,421 532 1,367 1,150 1,190 935 779 511 $9,884 377 104 44 185 $710 374 103 44 183 $704 371 102 43 181 $697 368 101 43 179 $692 365 101 43 178 $686 362 100 42 176 $680 359 99 42 174 $674 357 97 41 173 $668 354 97 41 171 $663 351 96 41 170 $657 348 95 40 168 $652 346 94 40 167 $647 343 94 39 165 $641 340 93 39 164 $636 337 92 39 162 $630 335 91 39 161 $625 332 90 38 159 $621 330 90 38 158 $615 327 88 38 157 $610 324 88 37 156 $605 322 87 37 154 $601 319 86 37 153 $596 317 86 36 152 $591 314 85 36 151 $586 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues NGL Revenues PA WV
  • 99. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-26 Oct-26 9 193 12.0 10.1 4.5 26.6 Nov-26 10 194 11.9 10.1 4.5 26.5 Dec-26 11 195 11.9 10.0 4.4 26.3 Jan-27 12 196 11.8 10.0 4.4 26.2 Feb-27 1 197 11.8 9.9 4.4 26.1 M ar-27 2 198 11.7 9.9 4.4 26.0 Apr-27 3 199 11.6 9.9 4.4 25.9 M ay-27 4 200 11.6 9.8 4.3 25.7 Jun-27 5 201 11.5 9.8 4.3 25.6 Jul-27 6 202 11.5 9.7 4.3 25.5 Aug-27 7 203 11.4 9.7 4.3 25.4 Sep-27 8 204 11.3 9.6 4.3 25.3 Oct-27 9 205 11.3 9.6 4.3 25.1 Nov-27 10 206 11.2 9.6 4.2 25.0 Dec-27 11 207 11.2 9.5 4.2 24.9 Jan-28 12 208 11.1 9.5 4.2 24.8 Feb-28 1 209 11.1 9.4 4.2 24.7 M ar-28 2 210 11.0 9.4 4.2 24.6 Apr-28 3 211 10.9 9.4 4.1 24.4 M ay-28 4 212 10.9 9.3 4.1 24.3 Jun-28 5 213 10.8 9.3 4.1 24.2 Jul-28 6 214 10.8 9.2 4.1 24.1 Aug-28 7 215 10.7 9.2 4.1 24.0 8 216 10.7 9.2 4.1 23.9 525.1 81.7 315.8 251.3 182.7 151.3 154.3 93.6 1,755.6 522.3 81.2 314.1 250.2 181.8 150.6 153.6 92.9 1,746.6 519.6 80.7 312.4 249.1 181.0 149.9 153.0 92.2 1,737.8 516.9 80.3 310.7 248.0 180.1 149.2 152.3 91.5 1,728.9 514.3 79.8 309.0 246.9 179.3 148.6 151.6 90.8 1,720.3 511.6 79.4 307.4 245.8 178.5 147.9 151.0 90.1 1,711.7 509.1 78.9 305.7 244.7 177.7 147.3 150.3 89.5 1,703.1 506.5 78.5 304.1 243.7 176.9 146.6 149.7 88.8 1,694.7 504.0 78.1 302.5 242.6 176.1 146.0 149.0 88.2 1,686.4 501.6 77.7 300.8 241.5 175.3 145.3 148.3 87.5 1,678.1 499.1 77.2 299.2 240.5 174.5 144.7 147.7 86.9 1,669.9 496.7 76.8 297.6 239.4 173.8 144.1 147.1 86.3 1,661.9 494.4 76.4 296.0 238.4 173.0 143.4 146.4 85.7 1,653.8 492.0 76.0 294.5 237.3 172.3 142.8 145.8 85.1 1,645.8 489.7 75.6 292.9 236.3 171.5 142.2 145.2 84.6 1,638.0 487.4 75.3 291.3 235.3 170.8 141.6 144.5 84.0 1,630.2 485.2 74.9 289.7 234.2 170.0 141.0 143.9 83.4 1,622.4 482.9 74.5 288.2 233.2 169.3 140.4 143.3 82.9 1,614.7 480.7 74.1 286.6 232.2 168.6 139.8 142.7 82.3 1,607.1 478.6 73.8 285.1 231.2 167.9 139.2 142.0 81.8 1,599.5 476.4 73.4 283.6 230.1 167.1 138.6 141.4 81.3 1,592.0 474.3 73.1 282.1 229.1 166.4 138.0 140.8 80.7 1,584.5 472.2 72.7 280.6 228.2 165.7 137.4 140.2 80.2 1,577.1 470.1 72.4 279.1 227.2 165.0 136.8 139.6 79.7 1,569.8 17.5 2.7 10.5 8.4 6.1 5.0 5.1 3.1 58.5 16.8 2.6 10.1 8.1 5.9 4.9 5.0 3.0 56.3 17.3 2.7 10.4 8.3 6.0 5.0 5.1 3.1 57.9 16.7 2.6 10.0 8.0 5.8 4.8 4.9 3.0 55.8 16.6 2.6 10.0 8.0 5.8 4.8 4.9 2.9 55.5 18.3 2.8 11.0 8.8 6.4 5.3 5.4 3.2 61.1 16.4 2.5 9.9 7.9 5.7 4.8 4.8 2.9 54.9 16.9 2.6 10.1 8.1 5.9 4.9 5.0 3.0 56.5 16.3 2.5 9.8 7.8 5.7 4.7 4.8 2.8 54.4 16.7 2.6 10.0 8.1 5.8 4.8 4.9 2.9 55.9 16.1 2.5 9.7 7.8 5.6 4.7 4.8 2.8 53.9 16.0 2.5 9.6 7.7 5.6 4.6 4.7 2.8 53.6 16.5 2.5 9.9 7.9 5.8 4.8 4.9 2.9 55.1 15.9 2.5 9.5 7.7 5.6 4.6 4.7 2.7 53.1 16.3 2.5 9.8 7.9 5.7 4.7 4.8 2.8 54.6 15.7 2.4 9.4 7.6 5.5 4.6 4.7 2.7 52.6 15.7 2.4 9.3 7.6 5.5 4.5 4.6 2.7 52.3 16.7 2.6 9.9 8.0 5.8 4.8 4.9 2.9 55.7 15.5 2.4 9.2 7.5 5.4 4.5 4.6 2.7 51.8 16.0 2.5 9.5 7.7 5.6 4.6 4.7 2.7 53.3 15.4 2.4 9.1 7.4 5.4 4.5 4.6 2.6 51.4 15.8 2.4 9.4 7.6 5.5 4.6 4.7 2.7 52.8 15.2 2.3 9.1 7.4 5.3 4.4 4.5 2.6 50.9 15.2 2.3 9.0 7.3 5.3 4.4 4.5 2.6 50.6 Projected Prices Gas ($/Mcf) Oil ($/bbl) $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues $3,403 529 1,360 1,145 1,184 931 776 507 $9,834 $3,385 526 1,353 1,140 1,178 926 772 503 $9,784 $3,367 523 1,346 1,135 1,173 922 769 499 $9,735 $3,350 520 1,339 1,130 1,167 918 766 496 $9,686 $3,333 517 1,332 1,125 1,162 914 762 492 $9,637 $3,316 514 1,325 1,121 1,157 910 759 488 $9,590 $3,299 511 1,318 1,116 1,151 906 756 485 $9,543 $3,283 509 1,312 1,111 1,146 902 753 481 $9,496 $3,266 506 1,305 1,106 1,141 898 749 478 $9,450 $3,250 503 1,298 1,102 1,136 894 746 474 $9,404 $3,235 501 1,292 1,097 1,131 890 743 471 $9,359 $3,219 498 1,285 1,092 1,126 886 740 468 $9,314 $3,204 495 1,278 1,088 1,121 882 737 464 $9,270 $3,188 493 1,272 1,083 1,116 879 734 461 $9,226 $3,174 490 1,265 1,078 1,111 875 730 458 $9,182 $3,159 488 1,259 1,074 1,107 871 727 455 $9,139 $3,144 485 1,252 1,069 1,102 867 724 452 $9,096 $3,130 483 1,246 1,065 1,097 864 721 449 $9,054 $3,115 480 1,239 1,060 1,093 860 718 446 $9,012 $3,101 478 1,233 1,056 1,088 856 715 443 $8,970 $3,087 476 1,227 1,051 1,083 853 712 440 $8,929 $3,073 473 1,220 1,047 1,079 849 709 437 $8,888 $3,060 471 1,214 1,042 1,074 845 706 435 $8,847 $3,046 469 1,208 1,038 1,069 842 703 432 $8,806 312 84 36 150 $582 310 83 35 148 $577 307 83 35 147 $572 304 82 35 146 $567 302 82 35 145 $564 300 81 34 144 $559 297 80 34 143 $554 295 79 34 142 $550 293 79 33 141 $546 291 78 33 140 $541 288 77 33 139 $537 286 77 33 138 $534 284 76 32 137 $529 282 75 32 136 $525 279 75 32 135 $521 277 74 31 134 $517 275 73 31 133 $513 273 73 31 132 $509 271 72 31 132 $505 269 72 30 131 $502 267 71 30 130 $497 264 70 30 129 $493 262 70 30 128 $490 260 69 29 127 $487 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues NGL Revenues PA WV
  • 100. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-28 Oct-28 9 217 10.6 9.1 4.0 23.8 Nov-28 10 218 10.6 9.1 4.0 23.7 Dec-28 11 219 10.5 9.0 4.0 23.6 Jan-29 12 220 10.4 9.0 4.0 23.4 Feb-29 1 221 10.4 9.0 4.0 23.3 M ar-29 2 222 10.3 8.9 4.0 23.2 Apr-29 3 223 10.3 8.9 3.9 23.1 M ay-29 4 224 10.2 8.9 3.9 23.0 Jun-29 5 225 10.2 8.8 3.9 22.9 Jul-29 6 226 10.1 8.8 3.9 22.8 Aug-29 7 227 10.1 8.7 3.9 22.7 Sep-29 8 228 10.0 8.7 3.9 22.6 Oct-29 9 229 10.0 8.7 3.8 22.5 Nov-29 10 230 9.9 8.6 3.8 22.4 Dec-29 11 231 9.9 8.6 3.8 22.3 Jan-30 12 232 9.8 8.6 3.8 22.2 Feb-30 1 233 9.8 8.5 3.8 22.1 M ar-30 2 234 9.7 8.5 3.8 22.0 Apr-30 3 235 9.7 8.4 3.7 21.9 M ay-30 4 236 9.6 8.4 3.7 21.8 Jun-30 5 237 9.6 8.4 3.7 21.7 Jul-30 6 238 9.5 8.3 3.7 21.6 Aug-30 7 239 9.5 8.3 3.7 21.5 8 240 9.4 8.3 3.7 21.4 468.0 72.0 277.6 226.1 164.3 136.2 139.0 79.2 1,562.5 466.0 71.7 276.1 225.2 163.6 135.7 138.4 78.7 1,555.2 463.9 71.4 274.6 224.2 162.9 135.1 137.8 78.2 1,548.1 461.9 71.0 273.1 223.2 162.2 134.5 137.2 77.7 1,541.0 459.9 70.7 271.7 222.2 161.5 133.9 136.6 77.3 1,533.8 457.9 70.4 270.2 221.2 160.8 133.4 136.0 76.8 1,526.8 455.9 70.1 268.8 220.3 160.2 132.8 135.4 76.3 1,519.8 454.0 69.8 267.3 219.3 159.5 132.2 134.8 75.9 1,512.8 452.0 69.5 265.9 218.3 158.8 131.7 134.2 75.4 1,505.8 450.1 69.2 264.5 217.4 158.1 131.1 133.6 75.0 1,498.9 448.2 68.9 263.1 216.4 157.4 130.5 133.1 74.5 1,492.1 446.2 68.6 261.7 215.5 156.8 130.0 132.5 74.1 1,485.3 444.3 68.3 260.3 214.5 156.1 129.4 131.9 73.7 1,478.5 442.4 68.0 258.9 213.6 155.4 128.9 131.3 73.3 1,471.8 440.5 67.7 257.5 212.7 154.8 128.3 130.8 72.8 1,465.1 438.7 67.4 256.1 211.8 154.1 127.8 130.2 72.4 1,458.5 436.8 67.1 254.8 210.8 153.5 127.2 129.6 72.0 1,451.8 434.9 66.8 253.4 209.9 152.8 126.7 129.1 71.6 1,445.2 433.1 66.5 252.1 209.0 152.2 126.1 128.5 71.2 1,438.7 431.2 66.2 250.7 208.1 151.5 125.6 127.9 70.8 1,432.2 429.4 66.0 249.4 207.1 150.9 125.1 127.4 70.5 1,425.7 427.6 65.7 248.0 206.3 150.2 124.5 126.8 70.1 1,419.2 425.7 65.4 246.7 205.3 149.6 124.0 126.3 69.7 1,412.8 423.9 65.1 245.4 204.5 148.9 123.5 125.7 69.3 1,406.4 15.6 2.4 9.3 7.5 5.5 4.5 4.6 2.6 52.1 15.0 2.3 8.9 7.3 5.3 4.4 4.5 2.5 50.2 15.5 2.4 9.2 7.5 5.4 4.5 4.6 2.6 51.6 14.9 2.3 8.8 7.2 5.2 4.3 4.4 2.5 49.7 14.8 2.3 8.8 7.2 5.2 4.3 4.4 2.5 49.5 16.4 2.5 9.7 7.9 5.7 4.8 4.9 2.7 54.5 14.7 2.3 8.7 7.1 5.2 4.3 4.4 2.5 49.0 15.1 2.3 8.9 7.3 5.3 4.4 4.5 2.5 50.4 14.6 2.2 8.6 7.0 5.1 4.2 4.3 2.4 48.6 15.0 2.3 8.8 7.2 5.3 4.4 4.5 2.5 50.0 14.5 2.2 8.5 7.0 5.1 4.2 4.3 2.4 48.1 14.4 2.2 8.4 7.0 5.1 4.2 4.3 2.4 47.9 14.8 2.3 8.7 7.2 5.2 4.3 4.4 2.5 49.3 14.3 2.2 8.4 6.9 5.0 4.2 4.2 2.4 47.5 14.7 2.3 8.6 7.1 5.2 4.3 4.4 2.4 48.8 14.2 2.2 8.3 6.8 5.0 4.1 4.2 2.3 47.0 14.1 2.2 8.2 6.8 5.0 4.1 4.2 2.3 46.8 15.5 2.4 9.1 7.5 5.5 4.5 4.6 2.6 51.6 14.0 2.1 8.1 6.7 4.9 4.1 4.1 2.3 46.4 14.4 2.2 8.4 6.9 5.1 4.2 4.3 2.4 47.7 13.9 2.1 8.0 6.7 4.9 4.0 4.1 2.3 46.0 14.3 2.2 8.3 6.9 5.0 4.2 4.2 2.3 47.3 13.7 2.1 8.0 6.6 4.8 4.0 4.1 2.2 45.6 13.7 2.1 7.9 6.6 4.8 4.0 4.1 2.2 45.4 Projected Prices Gas ($/Mcf) Oil ($/bbl) $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues $3,033 467 1,202 1,033 1,065 838 700 429 $8,766 $3,020 465 1,195 1,029 1,060 835 697 426 $8,727 $3,006 462 1,189 1,024 1,056 831 694 424 $8,687 $2,993 460 1,183 1,020 1,051 827 691 421 $8,648 $2,980 458 1,177 1,016 1,047 824 688 419 $8,609 $2,967 456 1,171 1,011 1,042 820 685 416 $8,570 $2,955 454 1,165 1,007 1,038 817 682 414 $8,531 $2,942 452 1,159 1,003 1,033 813 679 411 $8,493 $2,929 450 1,153 999 1,029 810 676 409 $8,455 $2,917 448 1,147 994 1,025 807 674 406 $8,417 $2,904 446 1,141 990 1,020 803 671 404 $8,379 $2,892 444 1,135 986 1,016 800 668 402 $8,342 $2,879 442 1,129 982 1,012 796 665 399 $8,305 $2,867 440 1,124 977 1,007 793 662 397 $8,268 $2,855 439 1,118 973 1,003 789 659 395 $8,231 $2,843 437 1,112 969 999 786 656 392 $8,194 $2,831 435 1,106 965 994 783 654 390 $8,158 $2,819 433 1,101 961 990 779 651 388 $8,121 $2,806 431 1,095 957 986 776 648 386 $8,085 $2,795 429 1,089 953 982 773 645 384 $8,050 $2,783 427 1,084 949 978 769 643 382 $8,014 $2,771 426 1,078 945 973 766 640 380 $7,978 $2,759 424 1,073 940 969 763 637 378 $7,943 $2,747 422 1,067 936 965 760 634 376 $7,908 258 68 29 127 $482 256 68 29 126 $479 254 67 29 125 $475 252 67 28 124 $472 250 66 28 123 $467 248 65 28 123 $464 247 65 28 122 $461 244 65 27 121 $457 243 63 27 121 $454 240 63 27 120 $450 239 63 27 119 $447 237 62 26 118 $444 235 61 26 118 $440 233 61 26 117 $437 231 60 26 116 $434 229 60 25 116 $431 228 59 25 115 $427 226 59 25 114 $424 224 58 25 114 $421 222 58 24 113 $418 221 57 24 113 $415 219 57 24 112 $411 217 56 24 111 $408 215 56 24 111 $405 - - - - - - - - - - - - - - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues NGL Revenues PA WV
  • 101. M ONTHLY PROJECTI ONS ($000s) Date Investment Month WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Production (Mbbl) Total Production (MMcfe) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Production (MMcfe) Sep-30 Oct-30 9 241 9.4 8.2 3.6 21.3 Nov-30 10 242 9.3 8.2 3.6 21.2 Dec-30 11 243 9.3 8.2 3.6 21.1 Jan-31 12 244 9.2 8.1 3.6 21.0 Feb-31 1 245 9.2 8.1 3.6 20.9 M ar-31 2 246 9.1 8.1 3.6 20.8 Apr-31 3 247 9.1 8.0 3.6 20.7 M ay-31 4 248 9.0 8.0 3.5 20.6 Jun-31 5 249 9.0 8.0 3.5 20.5 Jul-31 6 250 8.9 7.9 3.5 20.4 7 251 8.9 7.9 3.5 20.3 422.1 64.8 244.1 203.6 148.3 123.0 125.2 68.9 1,400.0 420.3 64.6 242.8 202.7 147.7 122.4 124.7 68.6 1,393.7 418.5 64.3 241.5 201.8 147.0 121.9 124.1 68.2 1,387.4 416.7 64.0 240.2 200.9 146.4 121.4 123.6 67.9 1,381.1 415.0 63.7 238.9 200.0 145.8 120.9 123.0 67.5 1,374.9 413.2 63.5 237.6 199.1 145.2 120.4 122.5 67.2 1,368.6 411.4 63.2 236.4 198.3 144.5 119.8 122.0 66.8 1,362.5 409.7 62.9 235.1 197.4 143.9 119.3 121.4 66.5 1,356.3 407.9 62.7 233.9 196.6 143.3 118.8 120.9 66.1 1,350.3 406.2 62.4 232.6 195.7 142.7 118.3 120.4 65.8 1,344.1 404.5 62.1 231.4 194.8 142.1 117.8 119.9 65.5 1,338.1 14.1 2.2 8.1 6.8 4.9 4.1 4.2 2.3 46.7 13.6 2.1 7.8 6.5 4.8 3.9 4.0 2.2 45.0 14.0 2.1 8.0 6.7 4.9 4.1 4.1 2.3 46.2 13.4 2.1 7.7 6.5 4.7 3.9 4.0 2.2 44.6 13.4 2.1 7.7 6.5 4.7 3.9 4.0 2.2 44.4 14.8 2.3 8.5 7.1 5.2 4.3 4.4 2.4 48.9 13.3 2.0 7.6 6.4 4.7 3.9 3.9 2.2 44.0 13.7 2.1 7.8 6.6 4.8 4.0 4.0 2.2 45.2 13.2 2.0 7.5 6.3 4.6 3.8 3.9 2.1 43.6 13.5 2.1 7.8 6.5 4.8 3.9 4.0 2.2 44.8 13.0 2.0 7.5 6.3 4.6 3.8 3.9 2.1 43.2 Projected Prices Gas ($/Mcf) Oil ($/bbl) $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 $6.33 $90.61 Realized Prices Marshall Gas ($/Mcf) Wetzel Gas ($/Mcf) Clearfield Gas ($/Mcf) Fayette Gas ($/Mcf) Butler Gas ($/Mcf) Dry Gas ($/Mcf) Oil ($/bbl) NGL ($/bbl) $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 $6.23 $6.23 $6.48 $6.15 $6.23 $6.48 $73.52 $46.89 Gas Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Gas Revenues $2,735 420 1,062 932 961 756 632 374 $7,872 $2,724 418 1,056 928 957 753 629 372 $7,838 $2,712 417 1,051 925 953 750 626 370 $7,803 $2,701 415 1,045 921 949 747 624 368 $7,768 $2,689 413 1,040 917 945 744 621 366 $7,734 $2,678 411 1,035 913 941 740 618 364 $7,700 $2,666 410 1,029 909 937 737 616 362 $7,666 $2,655 408 1,024 905 933 734 613 360 $7,632 $2,644 406 1,019 901 929 731 610 358 $7,598 $2,632 404 1,014 897 925 728 608 357 $7,564 $2,621 403 1,008 893 921 725 605 355 $7,531 214 55 24 110 $403 212 55 23 110 $399 210 54 23 109 $397 209 54 23 108 $394 207 53 23 108 $391 206 53 23 107 $388 204 52 22 107 $385 202 52 22 106 $382 201 52 22 106 $380 199 51 22 105 $377 198 50 22 105 $375 - - - - - - - - - - - Daily Production (MMcfe/d) PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Daily Production (MMcfe/d) Oil Revenues PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total Oil Revenues NGL Revenues PA WV
  • 102. M ONTHLY PROJECTI ONS ($000s) Date Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 M ar-11 Apr-11 M ay-11 11 15 717 $717 Dec-11 12 16 767 $767 Jan-12 1 17 814 $814 Feb-12 2 18 722 $722 M ar-12 2 6 - 3 7 - 4 8 - Revenues Gas Oil NGL Total Revenues - - - - - - - - $835 478 398 $1,711 $1,024 570 445 $2,039 $1,125 623 501 $2,249 $1,228 676 558 $2,461 $1,432 768 613 $2,813 $1,538 814 666 $3,018 $1,711 858 717 $3,286 $2,040 943 767 $3,749 $2,191 979 814 $3,984 $1,942 865 722 $3,529 $1,731 781 659 $3,171 $9 $9 $14 $14 $18 $18 $27 $27 $32 $32 $36 68 $104 $45 79 $124 $50 88 $138 $54 98 $152 $63 109 $172 $68 118 $186 $72 130 $202 $81 146 $227 $89 206 $295 $98 181 $279 ($9) ($14) ($18) ($27) ($32) $1,606 $1,915 $2,111 $2,309 $2,641 $2,832 $3,084 $3,523 $3,689 Net Cash Flow after Capital Expenditures 10 14 666 $666 Nov-11 1 5 - Total Non-Drilling Capital Expenditures 9 13 613 $613 Oct-11 12 4 - Total Drilling Capital Expenditures 8 12 558 $558 Sep-11 11 3 - Operating Cash Flow 7 11 501 $501 Aug-11 10 2 - Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures 6 10 445 $445 Jul-11 9 1 - Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses 5 9 398 $398 Jun-11 Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues 3 19 659 $659 Apr-12 4 20 610 $610 M ay-12 Jun-12 Jul-12 Aug-12 5 21 1,397 $1,397 6 22 1,460 $1,460 7 23 1,547 $1,547 8 24 1,639 $1,639 $1,510 715 610 $2,836 $3,217 1,613 1,397 $6,227 $3,459 1,719 1,460 $6,638 $3,636 1,796 1,547 $6,979 $3,825 1,877 1,639 $7,341 $111 162 $273 $119 146 $264 $127 331 $458 $140 350 $490 $148 369 $517 $157 390 $546 $3,250 $2,898 $2,572 $5,769 $6,149 $6,462 $6,795 - - - 125 $125 125 $125 125 $125 $1,820 550 125 $2,495 $1,820 539 21 404 $2,783 $1,820 539 21 404 $2,783 $1,820 550 539 21 404 $3,333 $10,910 700 539 21 404 $12,573 $4,850 700 539 21 404 $6,513 $4,850 550 539 21 404 $6,363 $4,850 539 21 404 $5,813 $4,850 700 539 21 404 $6,513 $4,850 550 539 21 404 $6,363 $4,850 539 21 404 $5,813 $4,850 700 539 21 404 $6,513 $4,850 550 539 21 404 $6,363 $3,640 316 21 85 $4,061 $3,640 316 21 85 $4,061 $3,640 550 316 21 85 $4,611 $21,820 700 316 21 85 $22,941 $9,700 700 316 21 85 $10,821 $9,700 550 316 21 85 $10,671 $9,700 316 21 85 $10,121 $9,700 700 316 21 85 $10,821 - - - $2,370 $1,820 $1,820 $2,370 $11,610 $5,550 $5,400 $4,850 $5,550 $5,400 $4,850 $5,550 $5,400 $3,640 $3,640 $4,190 $22,520 $10,400 $10,250 $9,700 $10,400 125 125 125 125 963 963 963 963 963 963 963 963 963 963 963 963 421 421 421 421 421 421 421 421 ($125) ($125) ($125) ($2,504) ($2,797) ($2,801) ($3,360) ($12,605) ($4,907) ($4,448) ($3,702) ($4,204) ($3,722) ($2,981) ($3,429) ($2,841) ($372) ($811) $63 - $63 - $63 - $1,248 889 $1,392 683 $1,392 683 $1,667 889 $6,287 4,354 $3,257 2,081 $3,182 2,025 $2,907 1,819 $3,257 2,081 $3,182 2,025 $2,907 1,819 $3,257 2,081 $3,182 2,025 ($1,713) ($20,369) ($5,051) ($4,522) ($3,659) ($4,026) $2,305 1,571 $11,470 8,445 $5,410 3,801 $5,335 - $5,060 - $5,410 - Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry $2,030 1,365 $2,030 1,365
  • 103. M ONTHLY PROJECTI ONS ($000s) Date Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 M ar-13 Apr-13 M ay-13 6 34 2,361 196 $2,557 Jul-13 7 35 2,426 132 $2,558 Aug-13 8 36 2,352 105 $2,457 Sep-13 9 37 2,450 287 $2,737 Oct-13 10 38 2,393 212 $2,605 Nov-13 11 39 2,501 178 $2,679 Dec-13 12 40 2,451 354 $2,805 Jan-14 Feb-14 1 41 2,562 274 $2,836 M ar-14 2 42 2,371 235 $2,606 Apr-14 3 43 2,232 211 $2,442 M ay-14 4 44 2,121 192 $2,314 Jun-14 5 45 2,599 1,570 $4,169 Jul-14 6 46 2,395 1,504 $3,899 Aug-14 7 47 2,256 1,772 $4,029 8 48 2,149 1,803 $3,953 9 25 1,731 $1,731 10 26 1,820 $1,820 11 27 1,908 $1,908 12 28 1,993 $1,993 1 29 2,073 $2,073 2 30 1,872 $1,872 3 31 1,729 $1,729 4 32 1,619 $1,619 Revenues Gas Oil NGL Total Revenues $4,120 2,000 1,731 $7,851 $4,338 2,076 1,820 $8,235 $4,690 2,150 1,908 $8,748 $5,228 2,264 1,993 $9,485 $5,539 2,328 2,073 $9,941 $4,976 2,081 1,872 $8,929 $4,481 1,899 1,729 $8,108 $3,910 1,755 1,619 $7,284 $5,903 2,763 2,511 $11,177 $6,123 2,703 2,557 $11,383 $6,127 2,727 2,558 $11,411 $5,914 2,608 2,457 $10,980 $6,641 2,801 2,737 $12,179 $6,400 2,687 2,605 $11,691 $6,750 2,766 2,679 $12,196 $7,409 2,795 2,805 $13,008 $7,639 2,864 2,836 $13,340 $6,976 2,613 2,606 $12,195 $6,336 2,424 2,442 $11,202 $5,580 2,272 2,314 $10,166 $9,661 3,339 4,169 $17,169 $9,213 3,147 3,899 $16,258 $9,513 3,070 4,029 $16,612 $9,371 2,944 3,953 $16,267 $170 414 $583 $178 435 $613 $186 462 $648 $199 495 $694 $202 520 $721 $209 465 $674 $221 421 $642 $228 379 $607 $231 591 $822 $247 592 $839 $249 597 $846 $257 574 $830 $269 629 $898 $275 605 $880 $278 632 $910 $304 664 $967 $310 684 $994 $322 623 $945 $334 572 $906 $344 520 $864 $351 860 $1,211 $368 809 $1,176 $373 820 $1,193 $385 801 $1,186 Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses 5 33 2,511 $2,511 Jun-13 Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues $7,268 $7,622 $8,100 $8,791 $9,219 $8,255 $7,466 $6,678 $10,356 $10,544 $10,566 $10,150 $11,281 $10,812 $11,285 $12,041 $12,346 $11,250 $10,297 $9,302 $15,957 $15,082 $15,419 $15,081 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures $9,700 550 316 21 85 $10,671 $9,700 316 21 85 $10,121 $9,700 700 316 21 85 $10,821 $9,700 550 316 21 85 $10,671 $1,820 247 21 711 $2,800 $3,640 247 21 711 $4,620 $1,820 $1,820 550 247 21 711 $5,170 $24,850 700 247 21 711 $26,530 $4,850 $3,030 700 247 21 711 $9,560 $9,700 $1,820 550 247 21 711 $13,050 $4,850 247 21 711 $5,830 $9,700 $3,030 700 247 21 711 $14,410 $4,850 $1,820 550 247 21 711 $8,200 $9,700 247 21 711 $10,680 $4,850 $3,030 700 247 21 711 $9,560 $11,520 $3,640 550 247 21 711 $16,690 $3,640 $3,640 $5,460 $5,460 $3,640 550 $4,190 $12,120 $26,670 700 $39,490 $9,700 700 $10,400 $14,550 550 $15,100 $9,700 $9,700 $14,550 700 $15,250 Total Drilling Capital Expenditures $10,250 $9,700 $10,400 $10,250 $1,820 $3,640 $4,190 $25,550 $8,580 $12,070 $4,850 $13,430 $7,220 $9,700 $8,580 $15,710 $3,640 $5,460 $4,190 $39,490 $10,400 $15,100 $9,700 $15,250 421 421 421 421 980 980 980 980 980 980 980 980 980 980 980 980 - - - - - - - - Operating Cash Flow Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures ($3,403) ($2,499) ($2,721) ($1,880) $6,420 $3,635 $2,296 ($19,852) $5,335 - $5,060 - $5,410 - $5,335 - $1,400 - $2,310 - $2,585 - $13,265 - $796 ($2,506) $4,736 ($4,260) $3,081 $132 $1,726 ($4,649) $8,706 $5,790 $6,107 ($30,188) $5,557 $6,525 - $2,915 - $7,205 - $4,100 - $5,340 - $4,780 - $8,345 - $1,820 - $2,730 - $2,095 - $19,745 - $5,200 - ($18) $5,719 ($169) Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry $4,780 - $7,550 - $4,850 - $7,625 -
  • 104. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Revenues Gas Oil NGL Total Revenues Sep-14 Oct-14 9 49 2,062 2,078 $4,140 Nov-14 10 50 1,987 2,100 $4,087 Dec-14 11 51 1,923 2,363 $4,285 Jan-15 12 52 1,865 2,372 $4,237 Feb-15 1 53 1,814 2,623 $4,437 M ar-15 2 54 1,767 2,218 $3,985 Apr-15 3 55 1,724 1,987 $3,711 M ay-15 4 56 1,685 1,824 $3,509 Jun-15 5 57 1,648 3,115 312 $5,075 Jul-15 6 58 1,614 2,553 546 $4,712 Aug-15 7 59 1,583 2,276 583 $4,442 Sep-15 8 60 1,553 2,092 635 $4,280 Oct-15 9 61 1,525 2,157 846 $4,529 Nov-15 10 62 1,499 1,982 860 $4,342 Dec-15 11 63 1,475 1,863 893 $4,231 Jan-16 12 64 1,452 1,770 1,088 $4,310 Feb-16 1 65 1,427 1,690 1,087 $4,203 M ar-16 2 66 1,404 1,620 947 $3,972 Apr-16 3 67 1,382 1,560 855 $3,797 M ay-16 4 68 1,360 1,506 787 $3,653 Jun-16 5 69 1,340 1,661 1,363 $4,365 Jul-16 6 70 1,321 1,550 1,160 $4,031 Aug-16 7 71 1,302 1,482 1,041 $3,825 8 72 1,284 1,428 958 $3,670 $9,905 2,970 4,140 $17,015 $9,881 2,876 4,087 $16,843 $10,634 2,880 4,285 $17,799 $11,015 2,847 4,237 $18,099 $11,758 2,861 4,437 $19,056 $10,516 2,640 3,985 $17,141 $9,509 2,477 3,711 $15,698 $8,405 2,347 3,509 $14,261 $13,186 2,972 5,075 $21,232 $13,053 2,899 4,712 $20,664 $12,778 2,752 4,442 $19,972 $12,753 2,647 4,280 $19,680 $13,905 2,765 4,529 $21,199 $13,829 2,656 4,342 $20,827 $14,207 2,573 4,231 $21,011 $15,439 2,632 4,310 $22,381 $15,304 2,550 4,203 $22,057 $14,170 2,402 3,972 $20,544 $13,358 2,284 3,797 $19,438 $12,716 2,183 3,653 $18,553 $20,456 2,540 4,365 $27,361 $20,219 2,410 4,031 $26,660 $19,837 2,277 3,825 $25,939 $20,263 2,170 3,670 $26,103 $397 828 $1,225 $407 818 $1,225 $414 860 $1,274 $440 868 $1,308 $444 911 $1,355 $452 821 $1,273 $467 752 $1,219 $473 684 $1,157 $480 988 $1,467 $501 945 $1,446 $506 911 $1,416 $513 894 $1,407 $529 949 $1,477 $535 931 $1,466 $541 938 $1,479 $571 987 $1,558 $583 973 $1,556 $595 910 $1,505 $615 864 $1,478 $625 826 $1,451 $640 1,217 $1,857 $661 1,194 $1,855 $674 1,170 $1,844 $686 1,186 $1,872 Operating Cash Flow $15,790 $15,618 $16,525 $16,791 $17,701 $15,869 $14,478 $13,104 $19,765 $19,218 $18,555 $18,273 $19,722 $19,361 $19,532 $20,823 $20,500 $19,039 $17,960 $17,102 $25,504 $24,805 $24,095 $24,231 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures $9,700 550 $10,250 $14,550 $14,550 $9,700 700 $10,400 $18,190 550 $18,740 $1,820 $1,820 $3,640 $1,820 $1,820 $3,640 $1,820 $3,640 550 $6,010 $21,210 $7,880 $7,880 700 $37,670 $4,850 $7,880 700 $13,430 $1,820 $4,850 $6,670 550 $13,890 $4,850 $4,850 $9,700 $3,030 $4,850 $7,880 700 $16,460 $4,850 $6,670 550 $12,070 $4,850 $4,850 $9,700 $4,850 $7,880 700 $13,430 $1,820 $6,670 $8,490 550 $17,530 $1,820 $4,640 $1,820 $8,280 $1,820 $4,640 $6,460 $1,820 $4,640 $1,820 550 $8,830 $7,880 $3,030 $14,760 $12,120 $12,120 700 $50,610 $4,850 $9,700 $4,850 700 $20,100 $6,670 $9,700 550 $16,920 $4,850 $9,700 $4,850 $19,400 $7,880 $9,700 700 $18,280 Total Drilling Capital Expenditures $10,250 $14,550 $10,400 $18,740 $3,640 $3,640 $6,010 $37,670 $13,430 $13,890 $9,700 $16,460 $12,070 $9,700 $13,430 $17,530 $8,280 $6,460 $8,830 $50,610 $20,100 $16,920 $19,400 $18,280 - - - - - - - - - - - - - - - - - - - - - - - - $5,540 $1,068 $6,125 ($1,949) $14,061 $12,229 $8,468 ($24,566) $6,335 $5,328 $8,855 $1,813 $7,652 $9,661 $6,102 $3,293 $12,220 $12,579 $9,130 ($33,508) $5,404 $7,885 $4,695 $5,951 $5,125 - $7,275 - $5,200 - $9,370 - $1,820 - $1,820 - $3,005 - $18,835 - $6,715 - $6,945 - $4,850 - $8,230 - $6,035 - $4,850 - $6,715 - $8,765 - $4,140 - $3,230 - $4,415 - $25,305 - $10,050 - $8,460 - $9,700 - $9,140 - Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 105. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Revenues Gas Oil NGL Total Revenues Sep-16 Oct-16 9 73 1,267 1,383 894 $3,544 Nov-16 10 74 1,250 1,343 842 $3,435 Dec-16 11 75 1,234 1,307 799 $3,340 Jan-17 12 76 1,219 1,274 762 $3,255 Feb-17 1 77 1,204 1,244 730 $3,178 M ar-17 2 78 1,189 1,216 702 $3,108 Apr-17 3 79 1,175 1,190 676 $3,042 M ay-17 4 80 1,162 1,166 654 $2,982 Jun-17 5 81 1,149 1,143 633 $2,925 Jul-17 6 82 1,136 1,122 614 $2,872 Aug-17 7 83 1,124 1,101 597 $2,822 Sep-17 8 84 1,112 1,082 581 $2,775 Oct-17 9 85 1,101 1,063 566 $2,730 Nov-17 10 86 1,089 1,046 552 $2,687 Dec-17 11 87 1,078 1,029 539 $2,647 Jan-18 12 88 1,068 1,013 527 $2,608 Feb-18 1 89 1,057 998 516 $2,571 M ar-18 2 90 1,047 983 505 $2,536 Apr-18 3 91 1,038 969 495 $2,502 M ay-18 4 92 1,028 956 486 $2,469 Jun-18 5 93 1,019 943 477 $2,438 Jul-18 6 94 1,010 930 468 $2,408 Aug-18 7 95 1,001 918 460 $2,379 8 96 992 907 452 $2,351 $20,855 2,124 3,544 $26,523 $21,254 2,043 3,435 $26,733 $21,145 1,971 3,340 $26,455 $21,828 1,951 3,255 $27,034 $21,764 1,888 3,178 $26,830 $20,183 1,832 3,108 $25,122 $19,046 1,781 3,042 $23,869 $18,146 1,733 2,982 $22,860 $28,201 1,734 2,925 $32,859 $27,140 1,732 2,872 $31,744 $26,749 1,686 2,822 $31,257 $26,653 1,644 2,775 $31,072 $26,844 1,649 2,730 $31,223 $26,945 1,608 2,687 $31,241 $27,094 1,570 2,647 $31,311 $27,421 1,579 2,608 $31,609 $27,605 1,543 2,571 $31,719 $25,667 1,508 2,536 $29,711 $24,302 1,477 2,502 $28,281 $23,225 1,447 2,469 $27,141 $28,890 1,463 2,438 $32,791 $28,175 1,476 2,408 $32,059 $27,279 1,443 2,379 $31,101 $26,708 1,413 2,351 $30,471 $706 1,209 $1,914 $716 1,225 $1,941 $731 1,217 $1,948 $770 1,245 $2,014 $781 1,239 $2,020 $796 1,157 $1,953 $816 1,098 $1,914 $830 1,051 $1,880 $845 1,548 $2,393 $865 1,490 $2,355 $878 1,469 $2,347 $893 1,463 $2,355 $913 1,468 $2,380 $926 1,472 $2,398 $942 1,478 $2,419 $961 1,490 $2,451 $962 1,498 $2,460 $967 1,400 $2,367 $982 1,331 $2,312 $986 1,275 $2,261 $991 1,562 $2,553 $1,010 1,525 $2,534 $1,014 1,481 $2,495 $1,019 1,454 $2,472 Operating Cash Flow $24,609 $24,792 $24,508 $25,020 $24,810 $23,169 $21,955 $20,980 $30,466 $29,389 $28,911 $28,716 $28,843 $28,843 $28,892 $29,158 $29,259 $27,344 $25,969 $24,880 $30,238 $29,525 $28,607 $27,999 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures $4,850 $9,700 $4,850 550 $19,950 $4,850 $9,700 $14,550 $4,850 $9,700 $4,850 700 $20,100 $6,670 $12,020 $5,460 550 $24,700 $7,280 $7,280 $7,280 $7,280 $7,280 550 $7,830 $40,610 $12,650 $12,120 700 $66,080 $19,400 700 $20,100 $19,400 550 $19,950 $19,400 $19,400 $19,400 700 $20,100 $19,400 550 $19,950 $19,400 $19,400 $19,400 700 $20,100 $19,400 550 $19,950 $1,820 $1,820 $3,640 $1,820 $1,820 $3,640 $3,640 $1,820 550 $6,010 $32,120 $7,880 700 $40,700 $7,880 $4,850 700 $13,430 $6,670 $6,670 550 $13,890 $4,850 $4,850 $9,700 $7,880 $7,880 700 $16,460 Total Drilling Capital Expenditures $19,950 $14,550 $20,100 $24,700 $7,280 $7,280 $7,830 $66,080 $20,100 $19,950 $19,400 $20,100 $19,950 $19,400 $20,100 $19,950 $3,640 $3,640 $6,010 $40,700 $13,430 $13,890 $9,700 $16,460 - - - - - - - - - - - - - - - - - - - - - - - - $4,659 $10,242 $4,408 $320 $17,530 $15,889 $14,125 ($45,100) $10,366 $9,439 $9,511 $8,616 $8,893 $9,443 $8,792 $9,208 $25,619 $23,704 $19,959 ($15,820) $16,808 $15,635 $18,907 $11,539 $9,975 - $7,275 - $10,050 - $12,350 - $3,640 - $3,640 - $3,915 - $33,040 - $10,050 - $9,975 - $9,700 - $10,050 - $9,975 - $9,700 - $10,050 - $9,975 - $1,820 - $1,820 - $3,005 - $20,350 - $6,715 - $6,945 - $4,850 - $8,230 - Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 106. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Revenues Gas Oil NGL Total Revenues Sep-18 Oct-18 9 97 984 896 445 $2,324 Nov-18 10 98 975 885 438 $2,298 Dec-18 11 99 967 874 431 $2,273 Jan-19 12 100 959 864 424 $2,248 Feb-19 1 101 952 855 418 $2,224 M ar-19 2 102 944 845 412 $2,201 Apr-19 3 103 937 836 406 $2,179 M ay-19 4 104 930 827 401 $2,157 Jun-19 5 105 922 818 396 $2,136 Jul-19 6 106 916 810 390 $2,116 Aug-19 7 107 909 802 385 $2,096 Sep-19 8 108 902 794 381 $2,077 Oct-19 9 109 896 786 376 $2,058 Nov-19 10 110 889 779 372 $2,039 Dec-19 11 111 883 771 367 $2,022 Jan-20 12 112 877 764 363 $2,004 Feb-20 1 113 871 757 359 $1,987 M ar-20 2 114 865 750 355 $1,970 Apr-20 3 115 859 744 351 $1,954 M ay-20 4 116 853 737 348 $1,938 Jun-20 5 117 848 731 344 $1,923 Jul-20 6 118 842 725 340 $1,908 Aug-20 7 119 837 719 337 $1,893 8 120 831 713 334 $1,878 $27,514 1,429 2,324 $31,267 $26,903 1,398 2,298 $30,599 $26,500 1,370 2,273 $30,142 $26,882 1,387 2,248 $30,517 $26,488 1,359 2,224 $30,071 $25,143 1,332 2,201 $28,676 $24,141 1,307 2,179 $27,627 $23,319 1,284 2,157 $26,761 $22,766 1,306 2,136 $26,208 $22,282 1,325 2,116 $25,723 $21,701 1,298 2,096 $25,095 $21,177 1,272 2,077 $24,526 $20,848 1,293 2,058 $24,199 $20,393 1,267 2,039 $23,700 $19,973 1,244 2,022 $23,238 $19,733 1,265 2,004 $23,002 $19,355 1,240 1,987 $22,582 $19,002 1,217 1,970 $22,190 $18,670 1,196 1,954 $21,821 $18,359 1,176 1,938 $21,473 $18,214 1,201 1,923 $21,338 $18,070 1,224 1,908 $21,201 $17,778 1,199 1,893 $20,870 $17,504 1,177 1,878 $20,559 $1,033 1,495 $2,528 $1,037 1,465 $2,502 $1,043 1,445 $2,488 $1,061 1,462 $2,523 $1,054 1,443 $2,497 $1,051 1,372 $2,423 $1,053 1,320 $2,372 $1,048 1,277 $2,325 $1,045 1,244 $2,289 $1,047 1,216 $2,262 $1,042 1,186 $2,227 $1,039 1,159 $2,197 $1,040 1,138 $2,178 $1,036 1,115 $2,151 $1,033 1,094 $2,126 $1,034 1,078 $2,112 $1,029 1,059 $2,088 $1,028 1,041 $2,069 $1,032 1,024 $2,055 $1,029 1,008 $2,037 $1,028 997 $2,025 $1,032 986 $2,018 $1,029 972 $2,000 $1,028 958 $1,986 Operating Cash Flow $28,738 $28,097 $27,654 $27,994 $27,574 $26,253 $25,255 $24,436 $23,919 $23,460 $22,867 $22,329 $22,021 $21,549 $21,112 $20,890 $20,494 $20,121 $19,766 $19,436 $19,313 $19,183 $18,870 $18,573 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures $6,670 $4,850 550 $12,070 $4,850 $4,850 $9,700 $7,880 $4,850 700 $13,430 $6,670 $6,670 550 $13,890 - - 550 $550 $9,090 $9,090 700 $18,880 700 $700 550 $550 - 700 $700 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 Total Drilling Capital Expenditures $12,070 $9,700 $13,430 $13,890 - - $550 $18,880 $700 $550 - $700 $550 - $700 $550 - - $550 $700 $700 $550 - $700 - - - - - - - - - - - - - - - - - - - - - - - - $16,668 $18,397 $14,224 $14,104 $27,574 $26,253 $24,705 $5,556 $23,219 $22,910 $22,867 $21,629 $21,471 $21,549 $20,412 $20,340 $20,494 $20,121 $19,216 $18,736 $18,613 $18,633 $18,870 $17,873 $6,035 - $4,850 - $6,715 - $6,945 - - - $275 - $9,440 - $350 - $275 - - $350 - $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 107. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Revenues Gas Oil NGL Total Revenues Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses Sep-20 Oct-20 9 121 826 707 331 $1,864 Nov-20 10 122 821 702 327 $1,850 Dec-20 11 123 816 696 324 $1,837 Jan-21 12 124 811 691 321 $1,823 Feb-21 1 125 806 686 318 $1,810 M ar-21 2 126 801 680 316 $1,797 Apr-21 3 127 797 675 313 $1,785 M ay-21 4 128 792 670 310 $1,773 Jun-21 5 129 787 666 308 $1,761 Jul-21 6 130 783 661 305 $1,749 Aug-21 7 131 778 656 302 $1,737 Sep-21 8 132 774 652 300 $1,726 Oct-21 9 133 770 647 298 $1,714 Nov-21 10 134 765 643 295 $1,703 Dec-21 11 135 761 638 293 $1,692 Jan-22 12 136 757 634 291 $1,682 Feb-22 1 137 753 630 289 $1,671 M ar-22 2 138 749 626 286 $1,661 Apr-22 3 139 745 622 284 $1,651 M ay-22 4 140 741 618 282 $1,641 Jun-22 5 141 737 614 280 $1,631 Jul-22 6 142 733 610 278 $1,621 Aug-22 7 143 729 607 276 $1,612 8 144 725 603 274 $1,602 $17,394 1,200 1,864 $20,458 $17,134 1,177 1,850 $20,161 $16,887 1,155 1,837 $19,879 $16,804 1,179 1,823 $19,806 $16,567 1,156 1,810 $19,534 $16,343 1,135 1,797 $19,276 $16,130 1,116 1,785 $19,032 $15,927 1,098 1,773 $18,798 $15,733 1,081 1,761 $18,574 $15,547 1,065 1,749 $18,361 $15,368 1,050 1,737 $18,155 $15,196 1,036 1,726 $17,957 $15,030 1,022 1,714 $17,766 $14,870 1,009 1,703 $17,582 $14,715 996 1,692 $17,403 $14,565 984 1,682 $17,231 $14,420 972 1,671 $17,063 $14,279 961 1,661 $16,901 $14,142 950 1,651 $16,743 $14,010 939 1,641 $16,590 $13,881 928 1,631 $16,440 $13,755 918 1,621 $16,295 $13,633 908 1,612 $16,153 $13,514 899 1,602 $16,015 $1,031 949 $1,980 $1,029 936 $1,965 $1,028 924 $1,951 $1,031 917 $1,948 $1,028 905 $1,933 $1,028 894 $1,922 $1,028 883 $1,911 $1,027 873 $1,900 $1,027 863 $1,890 $1,027 853 $1,880 $1,026 844 $1,870 $1,026 835 $1,861 $1,026 827 $1,853 $1,025 818 $1,843 $1,025 810 $1,835 $1,025 802 $1,827 $1,024 795 $1,819 $1,024 788 $1,812 $1,024 780 $1,804 $1,024 773 $1,797 $1,024 766 $1,790 $1,024 760 $1,783 $1,023 753 $1,776 $1,023 747 $1,770 $18,478 $18,196 $17,927 $17,858 $17,601 $17,354 $17,121 $16,898 $16,684 $16,480 $16,285 $16,096 $15,913 $15,738 $15,568 $15,403 $15,244 $15,090 $14,939 $14,793 $14,650 $14,512 $14,377 $14,245 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 Total Drilling Capital Expenditures $550 - $700 $550 - - $550 $700 $700 $550 - $700 $550 - $700 $550 - - $550 $700 $700 $550 - $700 - - - - - - - - - - - - - - - - - - - - - - - - $17,928 $18,196 $17,227 $17,308 $17,601 $17,354 $16,571 $16,198 $15,984 $15,930 $16,285 $15,396 $15,363 $15,738 $14,868 $14,853 $15,244 $15,090 $14,389 $14,093 $13,950 $13,962 $14,377 $13,545 $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - Operating Cash Flow Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 108. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Revenues Gas Oil NGL Total Revenues Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses Sep-22 Oct-22 9 145 721 599 272 $1,593 Nov-22 10 146 717 596 271 $1,584 Dec-22 11 147 714 592 269 $1,575 Jan-23 12 148 710 589 267 $1,566 Feb-23 1 149 706 585 265 $1,557 M ar-23 2 150 703 582 263 $1,548 Apr-23 3 151 699 579 262 $1,540 M ay-23 4 152 695 576 260 $1,531 Jun-23 5 153 692 572 259 $1,523 Jul-23 6 154 688 569 257 $1,514 Aug-23 7 155 685 566 255 $1,506 Sep-23 8 156 681 563 254 $1,498 Oct-23 9 157 678 560 252 $1,490 Nov-23 10 158 674 557 251 $1,482 Dec-23 11 159 671 554 249 $1,474 Jan-24 12 160 667 551 248 $1,467 Feb-24 1 161 664 549 246 $1,459 M ar-24 2 162 660 546 245 $1,451 Apr-24 3 163 657 543 244 $1,444 M ay-24 4 164 654 540 242 $1,436 Jun-24 5 165 650 538 241 $1,429 Jul-24 6 166 647 535 240 $1,422 Aug-24 7 167 644 532 238 $1,414 8 168 640 530 237 $1,407 $13,398 889 1,593 $15,880 $13,285 880 1,584 $15,749 $13,174 871 1,575 $15,620 $13,067 863 1,566 $15,495 $12,962 854 1,557 $15,372 $12,859 846 1,548 $15,253 $12,758 838 1,540 $15,135 $12,660 829 1,531 $15,020 $12,563 821 1,523 $14,908 $12,469 813 1,514 $14,797 $12,377 806 1,506 $14,689 $12,287 798 1,498 $14,583 $12,198 790 1,490 $14,478 $12,111 784 1,482 $14,377 $12,026 776 1,474 $14,276 $11,942 769 1,467 $14,178 $11,861 762 1,459 $14,082 $11,780 755 1,451 $13,986 $11,701 749 1,444 $13,894 $11,623 742 1,436 $13,801 $11,547 735 1,429 $13,711 $11,472 729 1,422 $13,622 $11,399 722 1,414 $13,535 $11,326 716 1,407 $13,450 $1,023 741 $1,764 $1,023 735 $1,757 $1,023 729 $1,751 $1,023 723 $1,745 $1,022 717 $1,739 $1,022 712 $1,734 $1,022 706 $1,728 $1,022 701 $1,723 $1,022 696 $1,718 $1,022 691 $1,713 $1,022 686 $1,708 $1,022 681 $1,703 $1,022 676 $1,698 $1,022 671 $1,693 $1,022 666 $1,688 $1,022 662 $1,684 $1,022 657 $1,679 $1,022 653 $1,675 $1,022 648 $1,670 $1,022 644 $1,666 $1,022 640 $1,662 $1,022 636 $1,658 $1,022 632 $1,654 $1,022 628 $1,650 $14,116 $13,992 $13,869 $13,750 $13,633 $13,519 $13,407 $13,297 $13,190 $13,084 $12,981 $12,880 $12,781 $12,684 $12,588 $12,494 $12,403 $12,312 $12,223 $12,135 $12,050 $11,965 $11,882 $11,800 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 Total Drilling Capital Expenditures $550 - $700 $550 - - $550 $700 $700 $550 - $700 $550 - $700 $550 - - $550 $700 $700 $550 - $700 - - - - - - - - - - - - - - - - - - - - - - - - $13,566 $13,992 $13,169 $13,200 $13,633 $13,519 $12,857 $12,597 $12,490 $12,534 $12,981 $12,180 $12,231 $12,684 $11,888 $11,944 $12,403 $12,312 $11,673 $11,435 $11,350 $11,415 $11,882 $11,100 $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - Operating Cash Flow Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 109. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Revenues Gas Oil NGL Total Revenues Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses Sep-24 Oct-24 9 169 637 527 236 $1,400 Nov-24 10 170 634 525 235 $1,393 Dec-24 11 171 630 522 233 $1,386 Jan-25 12 172 627 520 232 $1,379 Feb-25 1 173 624 517 231 $1,372 M ar-25 2 174 621 515 230 $1,366 Apr-25 3 175 618 513 229 $1,359 M ay-25 4 176 614 510 227 $1,352 Jun-25 5 177 611 508 226 $1,346 Jul-25 6 178 608 506 225 $1,339 Aug-25 7 179 605 504 224 $1,333 Sep-25 8 180 602 501 223 $1,326 Oct-25 9 181 599 499 222 $1,320 Nov-25 10 182 596 497 221 $1,314 Dec-25 11 183 593 495 220 $1,307 Jan-26 12 184 590 493 219 $1,301 Feb-26 1 185 587 490 218 $1,295 M ar-26 2 186 584 488 217 $1,289 Apr-26 3 187 581 486 216 $1,283 M ay-26 4 188 578 484 215 $1,277 Jun-26 5 189 575 482 214 $1,271 Jul-26 6 190 572 480 213 $1,265 Aug-26 7 191 569 478 212 $1,259 8 192 566 476 211 $1,253 $11,255 710 1,400 $13,365 $11,185 704 1,393 $13,282 $11,116 697 1,386 $13,200 $11,049 692 1,379 $13,119 $10,982 686 1,372 $13,040 $10,916 680 1,366 $12,962 $10,852 674 1,359 $12,885 $10,788 668 1,352 $12,809 $10,725 663 1,346 $12,734 $10,664 657 1,339 $12,660 $10,603 652 1,333 $12,587 $10,543 647 1,326 $12,516 $10,484 641 1,320 $12,445 $10,426 636 1,314 $12,375 $10,368 630 1,307 $12,306 $10,312 625 1,301 $12,238 $10,256 621 1,295 $12,171 $10,201 615 1,289 $12,105 $10,146 610 1,283 $12,039 $10,092 605 1,277 $11,974 $10,039 601 1,271 $11,911 $9,987 596 1,265 $11,847 $9,935 591 1,259 $11,785 $9,884 586 1,253 $11,723 $1,022 624 $1,646 $1,022 620 $1,642 $1,022 616 $1,638 $1,022 612 $1,634 $1,022 609 $1,631 $1,022 605 $1,627 $1,022 601 $1,623 $1,022 598 $1,620 $1,022 594 $1,616 $1,022 591 $1,613 $1,022 587 $1,609 $1,022 584 $1,606 $1,022 581 $1,603 $1,022 577 $1,599 $1,022 574 $1,596 $1,022 571 $1,593 $1,022 568 $1,590 $1,022 565 $1,587 $1,022 561 $1,583 $1,022 558 $1,580 $1,022 555 $1,577 $1,022 552 $1,574 $1,022 549 $1,571 $1,022 547 $1,569 $11,720 $11,640 $11,562 $11,485 $11,410 $11,335 $11,262 $11,189 $11,118 $11,047 $10,978 $10,910 $10,843 $10,776 $10,710 $10,645 $10,582 $10,518 $10,455 $10,394 $10,333 $10,273 $10,213 $10,155 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 Total Drilling Capital Expenditures $550 - $700 $550 - - $550 $700 $700 $550 - $700 $550 - $700 $550 - - $550 $700 $700 $550 - $700 - - - - - - - - - - - - - - - - - - - - - - - - $11,170 $11,640 $10,862 $10,935 $11,410 $11,335 $10,712 $10,489 $10,418 $10,497 $10,978 $10,210 $10,293 $10,776 $10,010 $10,095 $10,582 $10,518 $9,905 $9,694 $9,633 $9,723 $10,213 $9,455 $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - Operating Cash Flow Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 110. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Revenues Gas Oil NGL Total Revenues Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses Sep-26 Oct-26 9 193 563 474 210 $1,247 Nov-26 10 194 560 472 209 $1,241 Dec-26 11 195 557 470 208 $1,235 Jan-27 12 196 554 468 207 $1,230 Feb-27 1 197 551 466 207 $1,224 M ar-27 2 198 549 464 206 $1,218 Apr-27 3 199 546 462 205 $1,212 M ay-27 4 200 543 460 204 $1,207 Jun-27 5 201 540 458 203 $1,201 Jul-27 6 202 537 456 202 $1,196 Aug-27 7 203 535 454 201 $1,190 Sep-27 8 204 532 452 200 $1,184 Oct-27 9 205 529 450 200 $1,179 Nov-27 10 206 526 448 199 $1,173 Dec-27 11 207 524 446 198 $1,168 Jan-28 12 208 521 444 197 $1,163 Feb-28 1 209 518 443 196 $1,157 M ar-28 2 210 516 441 195 $1,152 Apr-28 3 211 513 439 195 $1,146 M ay-28 4 212 510 437 194 $1,141 Jun-28 5 213 508 435 193 $1,136 Jul-28 6 214 505 433 192 $1,130 Aug-28 7 215 503 431 191 $1,125 8 216 500 430 190 $1,120 $9,834 582 1,247 $11,662 $9,784 577 1,241 $11,602 $9,735 572 1,235 $11,542 $9,686 567 1,230 $11,483 $9,637 564 1,224 $11,425 $9,590 559 1,218 $11,367 $9,543 554 1,212 $11,309 $9,496 550 1,207 $11,253 $9,450 546 1,201 $11,197 $9,404 541 1,196 $11,141 $9,359 537 1,190 $11,086 $9,314 534 1,184 $11,032 $9,270 529 1,179 $10,978 $9,226 525 1,173 $10,924 $9,182 521 1,168 $10,871 $9,139 517 1,163 $10,819 $9,096 513 1,157 $10,766 $9,054 509 1,152 $10,714 $9,012 505 1,146 $10,663 $8,970 502 1,141 $10,613 $8,929 497 1,136 $10,562 $8,888 493 1,130 $10,511 $8,847 490 1,125 $10,462 $8,806 487 1,120 $10,413 $1,022 544 $1,566 $1,022 541 $1,563 $1,022 538 $1,560 $1,022 535 $1,557 $1,022 532 $1,554 $1,022 530 $1,552 $1,022 527 $1,549 $1,022 524 $1,546 $1,022 522 $1,544 $1,022 519 $1,541 $1,022 516 $1,538 $1,022 514 $1,536 $1,022 511 $1,533 $1,022 509 $1,531 $1,022 506 $1,528 $1,022 504 $1,526 $1,022 501 $1,523 $1,022 499 $1,521 $1,022 497 $1,519 $1,022 494 $1,516 $1,022 492 $1,514 $1,022 489 $1,511 $1,022 487 $1,509 $1,022 485 $1,507 $10,097 $10,039 $9,982 $9,926 $9,870 $9,815 $9,760 $9,707 $9,653 $9,600 $9,547 $9,496 $9,444 $9,393 $9,343 $9,293 $9,243 $9,193 $9,145 $9,096 $9,048 $9,000 $8,953 $8,906 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 Total Drilling Capital Expenditures $550 - $700 $550 - - $550 $700 $700 $550 - $700 $550 - $700 $550 - - $550 $700 $700 $550 - $700 - - - - - - - - - - - - - - - - - - - - - - - - $9,547 $10,039 $9,282 $9,376 $9,870 $9,815 $9,210 $9,007 $8,953 $9,050 $9,547 $8,796 $8,894 $9,393 $8,643 $8,743 $9,243 $9,193 $8,595 $8,396 $8,348 $8,450 $8,953 $8,206 $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - Operating Cash Flow Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 111. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Revenues Gas Oil NGL Total Revenues Sep-28 Oct-28 9 217 497 428 190 $1,115 Nov-28 10 218 495 426 189 $1,109 Dec-28 11 219 492 424 188 $1,104 Jan-29 12 220 490 422 187 $1,099 Feb-29 1 221 487 420 186 $1,094 M ar-29 2 222 485 419 186 $1,089 Apr-29 3 223 482 417 185 $1,084 M ay-29 4 224 480 415 184 $1,079 Jun-29 Jul-29 Aug-29 Sep-29 Oct-29 Nov-29 Dec-29 Jan-30 Feb-30 M ar-30 Apr-30 M ay-30 Jun-30 Jul-30 Aug-30 5 225 477 413 183 $1,074 6 226 475 412 182 $1,069 7 227 472 410 182 $1,064 8 228 470 408 181 $1,059 9 229 468 406 180 $1,054 10 230 465 405 179 $1,049 11 231 463 403 179 $1,044 12 232 460 401 178 $1,039 1 233 458 399 177 $1,034 2 234 456 398 176 $1,030 3 235 453 396 176 $1,025 4 236 451 394 175 $1,020 5 237 449 393 174 $1,015 6 238 446 391 173 $1,011 7 239 444 389 173 $1,006 8 240 442 388 172 $1,001 $8,766 482 1,115 $10,363 $8,727 479 1,109 $10,315 $8,687 475 1,104 $10,267 $8,648 472 1,099 $10,219 $8,609 467 1,094 $10,170 $8,570 464 1,089 $10,123 $8,531 461 1,084 $10,076 $8,493 457 1,079 $10,029 $8,455 454 1,074 $9,982 $8,417 450 1,069 $9,936 $8,379 447 1,064 $9,890 $8,342 444 1,059 $9,845 $8,305 440 1,054 $9,799 $8,268 437 1,049 $9,754 $8,231 434 1,044 $9,709 $8,194 431 1,039 $9,664 $8,158 427 1,034 $9,619 $8,121 424 1,030 $9,575 $8,085 421 1,025 $9,531 $8,050 418 1,020 $9,488 $8,014 415 1,015 $9,444 $7,978 411 1,011 $9,400 $7,943 408 1,006 $9,357 $7,908 405 1,001 $9,314 Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses $1,022 482 $1,504 $1,022 480 $1,502 $1,022 478 $1,500 $1,022 476 $1,498 $1,022 473 $1,495 $1,022 471 $1,493 $1,022 469 $1,491 $1,022 467 $1,489 $1,022 464 $1,486 $1,022 462 $1,484 $1,022 460 $1,482 $1,022 458 $1,480 $1,022 456 $1,478 $1,022 454 $1,476 $1,022 452 $1,474 $1,022 449 $1,471 $1,022 447 $1,469 $1,022 445 $1,467 $1,022 443 $1,465 $1,022 441 $1,463 $1,022 439 $1,461 $1,022 437 $1,459 $1,022 435 $1,457 $1,022 433 $1,455 Operating Cash Flow $8,858 $8,813 $8,767 $8,721 $8,675 $8,630 $8,585 $8,541 $8,496 $8,452 $8,408 $8,365 $8,321 $8,278 $8,235 $8,193 $8,150 $8,108 $8,066 $8,024 $7,983 $7,941 $7,900 $7,859 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 550 $550 - 700 $700 550 $550 - - 550 $550 700 $700 700 $700 550 $550 - 700 $700 Total Drilling Capital Expenditures $550 - $700 $550 - - $550 $700 $700 $550 - $700 $550 - $700 $550 - - $550 $700 $700 $550 - $700 - - - - - - - - - - - - - - - - - - - - - - - - $8,308 $8,813 $8,067 $8,171 $8,675 $8,630 $8,035 $7,841 $7,796 $7,902 $8,408 $7,665 $7,771 $8,278 $7,535 $7,643 $8,150 $8,108 $7,516 $7,324 $7,283 $7,391 $7,900 $7,159 $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - $275 - - $350 - $275 - - - $275 - $350 - $350 - $275 - - $350 - Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 112. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Total NGL Revenues Sep-30 Oct-30 9 241 439 386 171 $997 Nov-30 10 242 437 384 170 $992 Dec-30 11 243 435 383 170 $987 Jan-31 12 244 433 381 169 $983 Feb-31 1 245 430 379 168 $978 M ar-31 2 246 428 378 168 $974 Apr-31 3 247 426 376 167 $969 M ay-31 4 248 424 375 166 $965 Jun-31 5 249 422 373 165 $960 Jul-31 6 250 420 371 165 $956 7 251 417 370 164 $951 Revenues Gas Oil NGL Total Revenues $7,872 403 997 $9,272 $7,838 399 992 $9,229 $7,803 397 987 $9,187 $7,768 394 983 $9,145 $7,734 391 978 $9,103 $7,700 388 974 $9,061 $7,666 385 969 $9,020 $7,632 382 965 $8,979 $7,598 380 960 $8,938 $7,564 377 956 $8,897 $7,531 375 951 $8,857 Operating Expenses Lease Operating Expense Severance Tax Ad Valorem Tax Total Operating Expenses $1,022 431 $1,453 $1,022 429 $1,451 $1,022 427 $1,449 $1,022 425 $1,447 $1,022 423 $1,445 $1,022 421 $1,443 $1,022 419 $1,441 $1,022 417 $1,439 $1,022 415 $1,437 $1,022 413 $1,435 $1,022 411 $1,433 Operating Cash Flow $7,819 $7,778 $7,738 $7,698 $7,658 $7,618 $7,579 $7,540 $7,501 $7,462 $7,423 Capital Expenditures PA WV Marshall Wetzel Clearfield Fayette Butler Vertical Wet Vertical Dry Devonian Infrastructure Seismic and other G&G Extensions & renewals Total Capital Expenditures 550 $550 - 700 $700 550 $550 - 550 $550 - 1,950 $1,950 - 1,250 $1,250 - Total Drilling Capital Expenditures $550 - $700 $550 - $550 - $1,950 - $1,250 - - - - - - - - - - - - $7,269 $7,778 $7,038 $7,148 $7,658 $7,068 $7,579 $5,590 $7,501 $6,212 $7,423 $275 - - $350 - $275 - - $275 - - $975 - - $625 - - Total Non-Drilling Capital Expenditures Net Cash Flow after Capital Expenditures Joint Venture Projections (Unlevered) Capital Expenditures Apple Apple Carry
  • 113. M ONTHLY PROJECTI ONS ($000s) Date Sep-10 Oct-10 9 1 63 125 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-10 10 2 63 125 Dec-10 11 3 63 125 Jan-11 12 4 359 2,495 Feb-11 1 5 709 2,783 M ar-11 2 6 709 2,783 Apr-11 3 7 778 3,333 M ay-11 4 8 1,933 12,573 Jun-11 5 9 1,175 6,513 Jul-11 6 10 1,157 6,363 Aug-11 7 11 1,088 5,813 Sep-11 8 12 1,175 6,513 Oct-11 9 13 1,157 6,363 Nov-11 10 14 1,088 5,813 Dec-11 11 15 1,175 6,513 Jan-12 12 16 1,157 6,363 Feb-12 1 17 665 4,061 M ar-12 2 18 665 4,061 Apr-12 3 19 734 4,611 M ay-12 4 20 3,025 22,941 Jun-12 5 21 1,609 10,821 Jul-12 6 22 5,335 10,671 Aug-12 7 23 5,060 10,121 8 24 5,410 10,821 - Cumulative Apple Total Capex - - $889 $1,571 $2,254 $3,143 $7,496 $9,578 $11,603 $13,421 $15,503 $17,528 $19,346 $21,428 $23,453 $24,818 $26,183 $27,754 $36,199 $40,000 $40,000 $40,000 $40,000 $2,324 $4,398 $6,472 $9,027 $19,668 $116,352 $63 $125 $188 $25,005 $30,212 $34,937 $40,275 $45,482 $50,207 $55,545 $60,752 $64,147 $67,542 $71,419 $91,334 $100,546 $105,882 $110,942 Apple Operating Cash Flow - - - ($5) ($7) ($9) ($14) ($16) $803 $957 $1,056 $1,155 $1,321 $1,416 $1,542 $1,761 $1,845 $1,625 $1,449 $1,286 $2,885 $3,074 $3,231 $3,397 Cumulative Apple Operating Cash Flow - - - ($5) ($11) ($20) ($34) ($50) $754 $1,711 $2,767 $3,921 $5,242 $6,658 $8,200 $9,961 $11,806 $13,431 $14,880 $16,165 $19,050 $22,124 $25,355 $28,753 ($63) ($125) ($188) ($2,328) ($4,409) ($6,492) ($9,061) ($19,717) ($24,252) ($28,501) ($32,171) ($36,354) ($40,240) ($43,549) ($47,345) ($50,790) ($52,341) ($54,111) ($56,539) ($75,169) ($81,496) ($83,757) ($85,587) ($87,600) ($30,000) (63) (2,100) ($32,163) Apple Cumulative Cash Flow (Excl Upfront) Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (63) ($63) (63) ($63) (2,136) (5) ($2,141) (2,074) (7) ($2,081) (2,074) (9) ($2,083) (2,555) (14) ($2,569) (10,640) (16) ($10,656) (5,338) 803 ($4,535) (5,207) 957 ($4,249) (4,725) 1,056 ($3,670) (5,338) 1,155 ($4,183) (5,207) 1,321 ($3,886) (4,725) 1,416 ($3,309) (5,338) 1,542 ($3,796) (5,207) 1,761 ($3,445) (3,395) 1,845 ($1,551) (3,395) 1,625 ($1,770) (3,877) 1,449 ($2,428) (19,915) 1,286 ($18,630) (9,212) 2,885 ($6,327) (5,335) 3,074 ($2,261) (5,060) 3,231 ($1,829) (5,410) 3,397 ($2,013) Apple IRR - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - Apple Remaining PV $304,772 $307,232 $309,792 $314,468 $318,872 $323,563 $328,697 $342,111 $349,372 $356,495 $363,092 $370,164 $377,090 $383,391 $390,334 $396,980 $401,560 $406,608 $412,253 $434,385 $444,178 $450,067 $455,570 $461,182 Apple Cumulative Cash Flow (Incl Upfront) ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($56,352) ($60,601) ($64,271) ($68,454) ($72,340) ($75,649) ($79,445) ($82,890) ($84,441) ($86,211) ($88,639) ($107,269) ($113,596) ($115,857) ($117,687) ($119,700) Apple Cumulative Investment ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($56,352) ($60,601) ($64,271) ($68,454) ($72,340) ($75,649) ($79,445) ($82,890) ($84,441) ($86,211) ($88,639) ($107,269) ($113,596) ($115,857) ($117,687) ($119,700) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow ($30,000) (63) (2,100) ($32,163) (63) ($63) (63) ($63) (2,136) (5) ($2,141) (2,074) (7) ($2,081) (2,074) (9) ($2,083) (2,555) (14) ($2,569) (10,640) (16) ($10,656) (5,338) 803 ($4,535) (5,207) 957 ($4,249) (4,725) 1,056 ($3,670) (5,338) 1,155 ($4,183) (5,207) 1,321 ($3,886) (4,725) 1,416 ($3,309) (5,338) 1,542 ($3,796) (5,207) 1,761 ($3,445) (3,395) 1,845 ($1,551) (3,395) 1,625 ($1,770) (3,877) 1,449 ($2,428) (19,915) 1,286 ($18,630) (9,212) 2,885 ($6,327) (5,335) 3,074 ($2,261) (5,060) 3,231 ($1,829) (5,410) 3,397 ($2,013) Apple IRR - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $225,965 $227,805 $229,719 $233,745 $237,556 $241,587 $246,076 $258,819 $265,424 $271,865 $277,775 $284,175 $290,402 $296,022 $302,254 $308,184 $312,089 $316,411 $321,346 $342,739 $351,811 $356,950 $361,696 $366,569 Apple Remaining PV Cumulative Apple Net Operating Cash Flow - - - 754 1,711 2,767 3,921 5,242 6,658 8,200 9,961 16,165 19,050 22,124 25,355 - ($5) ($11) ($20) ($34) ($50) 11,806 13,431 14,880 Apple Cumulative Cash Flow (Incl Upfront) ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($56,352) ($60,601) ($64,271) ($68,454) ($72,340) ($75,649) ($79,445) ($82,890) ($84,441) ($86,211) ($88,639) ($107,269) ($113,596) ($115,857) ($117,687) ($119,700) 28,753 Apple Cumulative Investment ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($56,352) ($60,601) ($64,271) ($68,454) ($72,340) ($75,649) ($79,445) ($82,890) ($84,441) ($86,211) ($88,639) ($107,269) ($113,596) ($115,857) ($117,687) ($119,700) MACRS Calculation Capital Expenditures Intangible Tangible $63 47 16 $63 47 16 $63 47 16 $2,136 1,602 534 $2,074 1,556 519 $2,074 1,556 519 $2,555 1,917 639 $10,640 7,980 2,660 $5,338 4,003 1,334 $5,207 3,905 1,302 $4,725 3,544 1,181 $5,338 4,003 1,334 $5,207 3,905 1,302 $4,725 3,544 1,181 $5,338 4,003 1,334 $5,207 3,905 1,302 $3,395 2,547 849 $3,395 2,547 849 $3,877 2,908 969 $19,915 14,937 4,979 $9,212 6,909 2,303 $5,335 4,002 1,334 $5,060 3,795 1,265 $5,410 4,058 1,353 $0 $1 $1 $10 $18 $27 $38 $82 $104 $126 $146 $168 $189 0 $209 1 $231 1 $243 15 $249 29 $254 43 $260 60 $299 131 $315 167 $315 201 $317 233 $317 269 $0 $1 $1 $10 $18 $27 $38 $82 $104 $126 $146 $168 $190 $210 $232 $259 $278 $298 $320 $430 $481 $517 $550 $585 Total Tax Benefit $47 $47 $48 $1,612 $1,574 $1,583 $1,954 $8,062 $4,108 $4,031 $3,690 $4,171 $4,095 $3,754 $4,235 $4,164 $2,825 $2,844 $3,228 $15,366 $7,390 $4,518 $4,345 $4,643 Cumulative Tax Benefit $47 $95 $142 $1,754 $3,328 $4,910 $6,865 $14,927 $19,034 $23,065 $26,755 $30,926 $35,021 $38,774 $43,009 $47,173 $49,998 $52,842 $56,070 $71,436 $78,826 $83,345 $87,690 $92,333 Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total 20% 32% 19% 12% 12% 6%
  • 114. M ONTHLY PROJECTI ONS ($000s) Date Sep-12 Oct-12 9 25 5,335 10,671 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-12 10 26 5,060 10,121 Dec-12 11 27 5,410 10,821 Jan-13 12 28 5,335 10,671 Feb-13 1 29 1,400 2,800 M ar-13 2 30 2,310 4,620 Apr-13 3 31 2,585 5,170 M ay-13 4 32 13,265 26,530 Jun-13 5 33 4,780 9,560 Jul-13 6 34 6,525 13,050 Aug-13 7 35 2,915 5,830 Sep-13 8 36 7,205 14,410 Oct-13 9 37 4,100 8,200 Nov-13 10 38 5,340 10,680 Dec-13 11 39 4,780 9,560 Jan-14 12 40 8,345 16,690 Feb-14 1 41 1,820 3,640 M ar-14 2 42 2,730 5,460 Apr-14 3 43 2,095 4,190 M ay-14 4 44 19,745 39,490 Jun-14 5 45 5,200 10,400 Jul-14 6 46 7,550 15,100 Aug-14 7 47 4,850 9,700 8 48 7,625 15,250 $40,000 Apple Cumulative Cash Flow (Excl Upfront) Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $126,748 $132,159 $137,494 $138,894 $141,204 $143,789 $157,053 $161,833 $168,358 $171,273 $178,478 $182,578 $187,917 $192,697 $201,042 $202,862 $205,592 $207,687 $227,432 $232,632 $240,182 $245,032 $252,657 $3,811 $4,050 $4,395 $4,610 $4,127 $3,733 $3,339 $5,178 $5,272 $5,283 $5,075 $5,641 $5,406 $5,643 $6,020 $6,173 $5,625 $5,148 $4,651 $7,979 $7,541 $7,709 $7,541 $32,387 $36,198 $40,248 $44,643 $49,253 $53,380 $57,113 $60,452 $65,630 $70,902 $76,184 $81,259 $86,900 $92,306 $97,948 $103,969 $110,142 $115,767 $120,915 $125,566 $133,545 $141,086 $148,795 $156,336 ($89,301) ($90,551) ($91,911) ($92,851) ($89,641) ($87,824) ($86,675) ($96,601) ($96,203) ($97,456) ($95,088) ($97,218) ($95,678) ($95,612) ($94,749) ($97,073) ($92,720) ($89,825) ($86,772) ($101,866) ($99,087) ($99,096) ($96,237) ($96,321) (5,335) 3,634 ($1,701) Cumulative Apple Operating Cash Flow $40,000 $3,634 Apple Operating Cash Flow $40,000 $121,688 Cumulative Apple Total Capex $40,000 (5,060) 3,811 ($1,249) (5,410) 4,050 ($1,360) (5,335) 4,395 ($940) (1,400) 4,610 $3,210 (2,310) 4,127 $1,817 (2,585) 3,733 $1,148 (13,265) 3,339 ($9,926) (4,780) 5,178 $398 (6,525) 5,272 ($1,253) (2,915) 5,283 $2,368 (7,205) 5,075 ($2,130) (4,100) 5,641 $1,541 (5,340) 5,406 $66 (4,780) 5,643 $863 (8,345) 6,020 ($2,324) (1,820) 6,173 $4,353 (2,730) 5,625 $2,895 (2,095) 5,148 $3,053 (19,745) 4,651 ($15,094) (5,200) 7,979 $2,779 (7,550) 7,541 ($9) (4,850) 7,709 $2,859 (7,625) 7,541 ($84) Apple IRR - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $466,645 $471,574 $476,779 $481,601 $481,902 $483,987 $486,636 $500,597 $504,133 $509,494 $511,248 $517,415 $520,067 $524,091 $527,481 $534,111 $533,646 $535,064 $536,195 $555,770 $557,340 $561,879 $563,563 $568,080 Apple Remaining PV - Apple Cumulative Cash Flow (Incl Upfront) ($121,401) ($122,651) ($124,011) ($124,951) ($121,741) ($119,924) ($118,775) ($128,701) ($128,303) ($129,556) ($127,188) ($129,318) ($127,778) ($127,712) ($126,849) ($129,173) ($124,820) ($121,925) ($118,872) ($133,966) ($131,187) ($131,196) ($128,337) ($128,421) Apple Cumulative Investment ($121,401) ($122,651) ($124,011) ($124,951) ($124,951) ($124,951) ($124,951) ($128,701) ($128,701) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) (5,335) 3,634 ($1,701) (5,060) 3,811 ($1,249) (5,410) 4,050 ($1,360) (5,335) 4,395 ($940) (1,400) 4,610 $3,210 (2,310) 4,127 $1,817 (2,585) 3,733 $1,148 (13,265) 3,339 ($9,926) (4,780) 5,178 $398 (6,525) 5,272 ($1,253) (2,915) 5,283 $2,368 (7,205) 5,075 ($2,130) (4,100) 5,641 $1,541 (5,340) 5,406 $66 (4,780) 5,643 $863 (8,345) 6,020 ($2,324) (1,820) 6,173 $4,353 (2,730) 5,625 $2,895 (2,095) 5,148 $3,053 (19,745) 4,651 ($15,094) (5,200) 7,979 $2,779 (7,550) 7,541 ($9) (4,850) 7,709 $2,859 (7,625) 7,541 ($84) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow Apple IRR - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $371,264 $375,443 $379,866 $383,901 $383,485 $384,769 $386,638 $399,787 $402,530 $407,065 $407,986 $413,341 $415,148 $418,346 $420,876 $426,640 $425,386 $425,925 $426,197 $444,878 $445,576 $449,207 $449,976 $453,599 Apple Remaining PV 103,969 110,142 115,767 120,915 125,566 133,545 141,086 148,795 156,336 Apple Cumulative Cash Flow (Incl Upfront) ($121,401) ($122,651) ($124,011) ($124,951) ($121,741) ($119,924) ($118,775) ($128,701) ($128,303) ($129,556) ($127,188) ($129,318) ($127,778) ($127,712) ($126,849) ($129,173) ($124,820) ($121,925) ($118,872) ($133,966) ($131,187) ($131,196) ($128,337) ($128,421) Apple Cumulative Investment ($121,401) ($122,651) ($124,011) ($124,951) ($124,951) ($124,951) ($124,951) ($128,701) ($128,701) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($129,556) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Cumulative Apple Net Operating Cash Flow 32,387 36,198 40,248 44,643 49,253 53,380 57,113 60,452 65,630 70,902 76,184 81,259 86,900 92,306 97,948 - MACRS Calculation $5,335 4,002 1,334 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% $5,060 3,795 1,265 $5,410 4,058 1,353 $5,335 4,002 1,334 $1,400 1,050 350 $2,310 1,732 577 $2,585 1,939 646 $13,265 9,949 3,316 $4,780 3,585 1,195 $6,525 4,894 1,631 $2,915 2,186 729 $7,205 5,404 1,801 $4,100 3,075 1,025 $5,340 4,005 1,335 $4,780 3,585 1,195 $8,345 6,259 2,086 $1,820 1,365 455 $2,730 2,048 683 $2,095 1,571 524 $19,745 14,809 4,936 $5,200 3,900 1,300 $7,550 5,663 1,888 $4,850 3,638 1,213 $7,625 5,719 1,906 $318 303 0 $319 334 1 $319 369 1 $320 390 9 $311 398 18 $307 407 26 $302 416 36 $274 478 79 $255 504 100 $260 504 121 $251 507 140 $259 507 161 $254 508 182 0 $255 510 200 0 $252 511 221 0 $265 512 234 6 $267 498 239 11 $268 491 244 16 $266 482 250 22 $293 438 287 47 $295 409 302 60 $299 417 303 72 $307 402 304 84 $309 414 304 96 $621 $653 $689 $719 $727 $740 $754 $830 $859 $886 $898 $927 $944 $966 $985 $1,016 $1,014 $1,019 $1,020 $1,065 $1,066 $1,091 $1,097 $1,124 $4,622 $4,449 $4,747 $4,720 $1,777 $2,472 $2,692 $10,779 $4,444 $5,779 $3,084 $6,331 $4,018 $4,971 $4,570 $7,274 $2,379 $3,067 $2,591 $15,874 $4,966 $6,753 $4,735 $6,843 $96,955 $101,404 $106,150 $110,871 $112,648 $115,120 $117,812 $128,591 $133,035 $138,814 $141,898 $148,229 $152,248 $157,218 $161,788 $169,062 $171,442 $174,508 $177,099 $192,973 $197,939 $204,692 $209,427 $216,270
  • 115. M ONTHLY PROJECTI ONS ($000s) Date Sep-14 Oct-14 9 49 5,125 10,250 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-14 10 50 7,275 14,550 Dec-14 11 51 5,200 10,400 Jan-15 12 52 9,370 18,740 Feb-15 1 53 1,820 3,640 M ar-15 2 54 1,820 3,640 Apr-15 3 55 3,005 6,010 M ay-15 4 56 18,835 37,670 Jun-15 5 57 6,715 13,430 Jul-15 6 58 6,945 13,890 Aug-15 7 59 4,850 9,700 Sep-15 8 60 8,230 16,460 Oct-15 9 61 6,035 12,070 Nov-15 10 62 4,850 9,700 Dec-15 11 63 6,715 13,430 Jan-16 12 64 8,765 17,530 Feb-16 1 65 4,140 8,280 M ar-16 2 66 3,230 6,460 Apr-16 3 67 4,415 8,830 M ay-16 4 68 25,305 50,610 Jun-16 5 69 10,050 20,100 Jul-16 6 70 8,460 16,920 Aug-16 7 71 9,700 19,400 8 72 9,140 18,280 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $257,782 $265,057 $270,257 $279,627 $281,447 $283,267 $286,272 $305,107 $311,822 $318,767 $323,617 $331,847 $337,882 $342,732 $349,447 $358,212 $362,352 $365,582 $369,997 $395,302 $405,352 $413,812 $423,512 $432,652 $7,895 $7,809 $8,262 $8,396 $8,850 $7,934 $7,239 $6,552 $9,883 $9,609 $9,278 $9,136 $9,861 $9,681 $9,766 $10,411 $10,250 $9,520 $8,980 $8,551 $12,752 $12,403 $12,048 $12,116 Cumulative Apple Operating Cash Flow $164,231 $172,040 $180,302 $188,698 $197,548 $205,482 $212,722 $219,274 $229,156 $238,765 $248,043 $257,179 $267,040 $276,721 $286,487 $296,898 $307,148 $316,668 $325,648 $334,199 $346,951 $359,354 $371,402 $383,517 Apple Cumulative Cash Flow (Excl Upfront) ($93,551) ($93,017) ($89,955) ($90,929) ($83,899) ($77,785) ($73,550) ($85,833) ($82,666) ($80,002) ($75,574) ($74,668) ($70,842) ($66,011) ($62,960) ($61,314) ($55,204) ($48,914) ($44,349) ($61,103) ($58,401) ($54,458) ($52,110) ($49,135) (5,125) 7,895 $2,770 (7,275) 7,809 $534 (5,200) 8,262 $3,062 (9,370) 8,396 ($974) (1,820) 8,850 $7,030 (1,820) 7,934 $6,114 (3,005) 7,239 $4,234 (18,835) 6,552 ($12,283) (6,715) 9,883 $3,168 (6,945) 9,609 $2,664 (4,850) 9,278 $4,428 (8,230) 9,136 $906 (6,035) 9,861 $3,826 (4,850) 9,681 $4,831 (6,715) 9,766 $3,051 (8,765) 10,411 $1,646 (4,140) 10,250 $6,110 (3,230) 9,520 $6,290 (4,415) 8,980 $4,565 (25,305) 8,551 ($16,754) (10,050) 12,752 $2,702 (8,460) 12,403 $3,943 (9,700) 12,048 $2,348 (9,140) 12,116 $2,976 Cumulative Apple Total Capex Apple Operating Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow Apple IRR - - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - $635,056 $569,905 $573,849 $575,425 $581,085 $578,267 $576,803 $577,072 $594,145 $595,625 $597,781 $598,176 $601,966 $603,002 $602,876 $604,700 $607,955 $606,419 $605,007 $605,164 $626,973 $629,180 $630,320 $633,076 Apple Cumulative Cash Flow (Incl Upfront) ($125,651) ($125,117) ($122,055) ($123,029) ($115,999) ($109,885) ($105,650) ($117,933) ($114,766) ($112,102) ($107,674) ($106,768) ($102,942) ($98,111) ($95,060) ($93,414) ($87,304) ($81,014) ($76,449) ($93,203) ($90,501) ($86,558) ($84,210) ($81,235) Apple Cumulative Investment ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) (5,125) 7,895 $2,770 (7,275) 7,809 $534 (5,200) 8,262 $3,062 (9,370) 8,396 ($974) (1,820) 8,850 $7,030 (1,820) 7,934 $6,114 (3,005) 7,239 $4,234 (18,835) 6,552 ($12,283) (6,715) 9,883 $3,168 (6,945) 9,609 $2,664 (4,850) 9,278 $4,428 (8,230) 9,136 $906 (6,035) 9,861 $3,826 (4,850) 9,681 $4,831 (6,715) 9,766 $3,051 (8,765) 10,411 $1,646 (4,140) 10,250 $6,110 (3,230) 9,520 $6,290 (4,415) 8,980 $4,565 (25,305) 8,551 ($16,754) (10,050) 12,752 $2,702 (8,460) 12,403 $3,943 (9,700) 12,048 $2,348 (9,140) 12,116 $2,976 Apple Remaining PV Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow Apple IRR - - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $454,493 $457,530 $458,161 $462,867 $459,182 $456,750 $456,075 $472,164 $472,685 $473,841 $473,229 $476,037 $476,049 $474,924 $475,709 $477,915 $475,391 $472,914 $472,033 $492,759 $493,911 $493,951 $495,599 $496,497 Apple Remaining PV Cumulative Apple Net Operating Cash Flow 164,231 172,040 180,302 188,698 197,548 205,482 212,722 219,274 229,156 238,765 248,043 257,179 267,040 276,721 286,487 296,898 307,148 316,668 325,648 334,199 346,951 359,354 371,402 383,517 Apple Cumulative Cash Flow (Incl Upfront) ($125,651) ($125,117) ($122,055) ($123,029) ($115,999) ($109,885) ($105,650) ($117,933) ($114,766) ($112,102) ($107,674) ($106,768) ($102,942) ($98,111) ($95,060) ($93,414) ($87,304) ($81,014) ($76,449) ($93,203) ($90,501) ($86,558) ($84,210) ($81,235) Apple Cumulative Investment ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) MACRS Calculation $5,125 3,844 1,281 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% $7,275 5,456 1,819 $5,200 3,900 1,300 $9,370 7,028 2,343 $1,820 1,365 455 $1,820 1,365 455 $3,005 2,254 751 $18,835 14,126 4,709 $6,715 5,036 1,679 $6,945 5,209 1,736 $4,850 3,638 1,213 $8,230 6,173 2,058 $6,035 4,526 1,509 $4,850 3,638 1,213 $6,715 5,036 1,679 $8,765 6,574 2,191 $4,140 3,105 1,035 $3,230 2,423 808 $4,415 3,311 1,104 $25,305 18,979 6,326 $10,050 7,538 2,513 $8,460 6,345 2,115 $9,700 7,275 2,425 $9,140 6,855 2,285 $313 406 305 109 0 $321 408 306 120 0 $323 404 306 133 0 $327 424 307 140 6 $327 426 299 143 11 $324 429 295 146 16 $327 426 289 149 22 $324 469 263 172 47 $330 472 245 181 60 $327 479 250 181 72 $327 492 241 182 84 $330 495 249 182 96 $1,133 $1,156 $1,166 $1,204 $1,207 $1,209 $1,214 $1,275 $1,288 $1,310 $1,326 $1,352 $334 501 244 183 109 0 $1,370 $324 514 245 183 120 0 $1,386 $330 517 242 184 133 0 $1,406 $327 524 254 184 140 3 $1,432 $337 524 256 179 143 5 $1,444 $343 518 258 176 146 8 $1,449 $349 524 256 173 149 11 $1,462 $376 518 282 157 172 24 $1,528 $390 528 283 147 181 30 $1,559 $396 524 287 150 181 37 $1,575 $416 524 295 145 182 42 $1,604 $420 528 297 149 182 49 $1,624 $4,977 $6,612 $5,066 $8,231 $2,572 $2,574 $3,468 $15,401 $6,324 $6,519 $4,964 $7,524 $5,896 $5,024 $6,442 $8,006 $4,549 $3,871 $4,773 $20,507 $9,096 $7,920 $8,879 $8,479 $221,247 $227,859 $232,925 $241,156 $243,728 $246,302 $249,770 $265,170 $271,495 $278,013 $282,977 $290,501 $296,398 $301,421 $307,863 $315,869 $320,419 $324,290 $329,063 $349,570 $358,667 $366,586 $375,465 $383,945
  • 116. M ONTHLY PROJECTI ONS ($000s) Date Sep-16 Oct-16 9 73 9,975 19,950 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-16 10 74 7,275 14,550 Dec-16 11 75 10,050 20,100 Jan-17 12 76 12,350 24,700 Feb-17 1 77 3,640 7,280 M ar-17 2 78 3,640 7,280 Apr-17 3 79 3,915 7,830 M ay-17 4 80 33,040 66,080 Jun-17 5 81 10,050 20,100 Jul-17 6 82 9,975 19,950 Aug-17 7 83 9,700 19,400 Sep-17 8 84 10,050 20,100 Oct-17 9 85 9,975 19,950 Nov-17 10 86 9,700 19,400 Dec-17 11 87 10,050 20,100 Jan-18 12 88 9,975 19,950 Feb-18 1 89 1,820 3,640 M ar-18 2 90 1,820 3,640 Apr-18 3 91 3,005 6,010 M ay-18 4 92 20,350 40,700 Jun-18 5 93 6,715 13,430 Jul-18 6 94 6,945 13,890 Aug-18 7 95 4,850 9,700 8 96 8,230 16,460 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $442,627 $449,902 $459,952 $472,302 $475,942 $479,582 $483,497 $516,537 $526,587 $536,562 $546,262 $556,312 $566,287 $575,987 $586,037 $596,012 $597,832 $599,652 $602,657 $623,007 $629,722 $636,667 $641,517 $649,747 $12,304 $12,396 $12,254 $12,510 $12,405 $11,584 $10,977 $10,490 $15,233 $14,695 $14,455 $14,358 $14,421 $14,422 $14,446 $14,579 $14,629 $13,672 $12,984 $12,440 $15,119 $14,762 $14,303 $14,000 Cumulative Apple Operating Cash Flow $395,822 $408,217 $420,471 $432,981 $445,386 $456,970 $467,948 $478,438 $493,671 $508,365 $522,821 $537,179 $551,600 $566,022 $580,468 $595,047 $609,676 $623,348 $636,333 $648,773 $663,891 $678,654 $692,957 $706,957 Apple Cumulative Cash Flow (Excl Upfront) ($46,805) ($41,685) ($39,481) ($39,321) ($30,556) ($22,612) ($15,549) ($38,099) ($32,916) ($28,197) ($23,441) ($19,133) ($14,687) ($9,965) ($5,569) ($965) $11,844 $23,696 $33,676 $25,766 $34,169 $41,987 $51,440 $57,210 (9,975) 12,304 $2,329 (7,275) 12,396 $5,121 (10,050) 12,254 $2,204 (12,350) 12,510 $160 (3,640) 12,405 $8,765 (3,640) 11,584 $7,944 (3,915) 10,977 $7,062 (33,040) 10,490 ($22,550) (10,050) 15,233 $5,183 (9,975) 14,695 $4,720 (9,700) 14,455 $4,755 (10,050) 14,358 $4,308 (9,975) 14,421 $4,446 (9,700) 14,422 $4,722 (10,050) 14,446 $4,396 (9,975) 14,579 $4,604 (1,820) 14,629 $12,809 (1,820) 13,672 $11,852 Cumulative Apple Total Capex Apple Operating Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (3,005) 12,984 $9,979 (20,350) 12,440 ($7,910) (6,715) 15,119 $8,404 (6,945) 14,762 $7,817 (4,850) 14,303 $9,453 (8,230) 14,000 $5,770 3.3% Apple IRR - - - - - - - - - - - - - - - - - - - - - 1.4% 2.6% Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $637,869 $637,724 $640,686 $645,732 $641,641 $638,848 $636,754 $664,662 $664,666 $665,310 $665,923 $666,819 $667,756 $668,249 $669,248 $670,046 $662,060 $655,492 $650,590 $663,852 $660,603 $658,091 $653,910 $653,237 Apple Remaining PV Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow ($73,785) ($71,581) ($71,421) ($62,656) ($54,712) ($47,649) ($70,199) ($65,016) ($60,297) ($55,541) ($51,233) ($46,787) ($42,065) ($37,669) ($33,065) ($20,256) ($8,404) $19,340 $25,110 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) (9,975) 12,304 $2,329 Apple Cumulative Investment ($78,905) ($133,966) Apple Cumulative Cash Flow (Incl Upfront) $1,576 ($6,334) $2,069 $9,887 (7,275) 12,396 $5,121 (10,050) 12,254 $2,204 (12,350) 12,510 $160 (3,640) 12,405 $8,765 (3,640) 11,584 $7,944 (3,915) 10,977 $7,062 (33,040) 10,490 ($22,550) (10,050) 15,233 $5,183 (9,975) 14,695 $4,720 (9,700) 14,455 $4,755 (10,050) 14,358 $4,308 (9,975) 14,421 $4,446 (9,700) 14,422 $4,722 (10,050) 14,446 $4,396 (9,975) 14,579 $4,604 (1,820) 14,629 $12,809 (1,820) 13,672 $11,852 (3,005) 12,984 $9,979 (20,350) 12,440 ($7,910) (6,715) 15,119 $8,404 (6,945) 14,762 $7,817 (4,850) 14,303 $9,453 (8,230) 14,000 $5,770 3.3% Apple IRR - - - - - - - - - - - - - - - - - - - - - 1.4% 2.6% Apple ROI - - - - - - - - - - - - - - - - - - 1.0x - 1.0x 1.1x 1.1x 1.2x $498,185 $496,941 $498,759 $502,651 $497,511 $493,545 $490,309 $517,027 $515,870 $515,304 $514,699 $514,404 $514,103 $513,387 $513,128 $512,657 $503,516 $495,660 $489,500 $501,453 $496,927 $493,085 $487,562 $485,582 706,957 Apple Remaining PV Cumulative Apple Net Operating Cash Flow 395,822 408,217 420,471 432,981 445,386 456,970 467,948 478,438 493,671 508,365 522,821 537,179 551,600 566,022 580,468 595,047 609,676 623,348 636,333 648,773 663,891 678,654 692,957 Apple Cumulative Cash Flow (Incl Upfront) ($78,905) ($73,785) ($71,581) ($71,421) ($62,656) ($54,712) ($47,649) ($70,199) ($65,016) ($60,297) ($55,541) ($51,233) ($46,787) ($42,065) ($37,669) ($33,065) ($20,256) ($8,404) $1,576 ($6,334) $2,069 $9,887 $19,340 $25,110 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Investment ($133,966) ($133,966) ($133,966) ($133,966) MACRS Calculation $9,975 7,481 2,494 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% $7,275 5,456 1,819 $10,050 7,538 2,513 $12,350 9,263 3,088 $3,640 2,730 910 $3,640 2,730 910 $3,915 2,936 979 $33,040 24,780 8,260 $10,050 7,538 2,513 $9,975 7,481 2,494 $9,700 7,275 2,425 $10,050 7,538 2,513 $9,975 7,481 2,494 $9,700 7,275 2,425 $10,050 7,538 2,513 $9,975 7,481 2,494 $1,820 1,365 455 $1,820 1,365 455 $3,005 2,254 751 $20,350 15,263 5,088 $6,715 5,036 1,679 $6,945 5,209 1,736 $4,850 3,638 1,213 $8,230 6,173 2,058 $436 534 301 146 183 55 $1,655 $447 518 309 147 183 61 $1,663 $460 528 310 145 184 67 $1,694 $475 524 314 152 184 71 $1,720 $473 539 314 153 179 72 $1,732 $475 549 311 154 176 74 $1,739 $473 558 314 153 173 75 $1,747 $505 601 311 169 157 87 $1,830 $505 624 317 170 147 91 $1,853 $511 634 314 172 150 91 $1,873 $511 666 314 177 145 92 $1,905 $515 672 317 178 149 92 $1,923 $515 698 320 180 146 92 $1,952 $525 714 311 185 147 92 $1,974 $525 737 317 186 145 93 $2,002 $515 761 314 188 152 93 $2,024 $508 757 324 188 153 90 $2,021 $500 760 329 186 154 89 $2,019 $497 757 335 188 153 87 $2,017 $444 808 361 186 169 79 $2,047 $430 808 374 190 170 74 $2,045 $417 818 380 188 172 75 $2,051 $397 818 400 188 177 73 $2,053 $389 824 403 190 178 75 $2,059 $9,136 $7,120 $9,232 $10,983 $4,462 $4,469 $4,684 $26,610 $9,391 $9,354 $9,180 $9,460 $9,433 $9,249 $9,540 $9,505 $3,386 $3,384 $4,271 $17,309 $7,082 $7,260 $5,690 $8,232 $393,081 $400,200 $409,432 $420,415 $424,876 $429,345 $434,029 $460,639 $470,029 $479,383 $488,563 $498,023 $507,456 $516,706 $526,245 $535,750 $539,136 $542,520 $546,790 $564,100 $571,181 $578,442 $584,132 $592,364
  • 117. M ONTHLY PROJECTI ONS ($000s) Date Sep-18 Oct-18 9 97 6,035 12,070 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-18 10 98 4,850 9,700 Dec-18 11 99 6,715 13,430 Jan-19 12 100 6,945 13,890 Feb-19 1 101 - M ar-19 2 102 - Apr-19 3 103 275 550 M ay-19 4 104 9,440 18,880 Jun-19 5 105 350 700 Jul-19 6 106 275 550 Aug-19 7 107 - Sep-19 8 108 350 700 Oct-19 9 109 275 550 Nov-19 10 110 - Dec-19 11 111 350 700 Jan-20 12 112 275 550 Feb-20 1 113 - M ar-20 2 114 - Apr-20 3 115 275 550 M ay-20 4 116 350 700 Jun-20 5 117 350 700 Jul-20 6 118 275 550 Aug-20 7 119 - 8 120 350 700 $40,000 Cumulative Apple Operating Cash Flow Apple Cumulative Cash Flow (Excl Upfront) Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $660,632 $667,347 $674,292 $674,292 $674,292 $674,567 $684,007 $684,357 $684,632 $684,632 $684,982 $685,257 $685,257 $685,607 $685,882 $685,882 $685,882 $686,157 $686,507 $686,857 $687,132 $687,132 $687,482 $14,369 Apple Operating Cash Flow $40,000 $655,782 Cumulative Apple Total Capex $40,000 $14,048 $13,827 $13,997 $13,787 $13,127 $12,628 $12,218 $11,959 $11,730 $11,434 $11,164 $11,010 $10,775 $10,556 $10,445 $10,247 $10,060 $9,883 $9,718 $9,656 $9,592 $9,435 $9,287 $721,326 $735,374 $749,201 $763,198 $776,986 $790,112 $802,740 $814,958 $826,917 $838,648 $850,081 $861,246 $872,256 $883,030 $893,587 $904,032 $914,279 $924,339 $934,222 $943,940 $953,597 $963,188 $972,623 $981,910 $65,544 $74,742 $81,854 $88,906 $102,694 $115,820 $128,173 $130,951 $142,560 $154,016 $165,449 $176,264 $186,999 $197,773 $207,980 $218,150 $228,397 $238,457 $248,065 $257,433 $266,740 $276,056 $285,491 $294,428 13,787 $13,787 13,127 $13,127 10,247 $10,247 10,060 $10,060 (6,035) 14,369 $8,334 (4,850) 14,048 $9,198 (6,715) 13,827 $7,112 (6,945) 13,997 $7,052 Apple IRR 4.2% 5.2% 5.9% 6.5% 7.7% 8.8% Apple ROI - - - - - - $650,145 $645,987 $644,068 $642,193 $633,017 $624,929 Apple Remaining PV (275) 12,628 $12,353 (9,440) 12,218 $2,778 (350) 11,959 $11,609 (275) 11,730 $11,455 9.7% 9.8% 10.6% 11.3% - - - - $617,394 $619,611 $612,783 $606,215 11,434 $11,434 (350) 11,164 $10,814 (275) 11,010 $10,735 12.0% 12.6% 13.2% - - - $599,616 $593,432 $587,433 10,775 $10,775 (350) 10,556 $10,206 (275) 10,445 $10,170 13.7% 14.2% 14.6% 15.1% - - - - $581,193 $575,628 $570,054 $564,062 (275) 9,883 $9,608 (350) 9,718 $9,368 (350) 9,656 $9,306 (275) 9,592 $9,317 9,435 $9,435 (350) 9,287 $8,937 15.5% 15.9% 16.2% 16.6% 16.9% 17.2% 17.5% - - - - - - - $558,504 $553,213 $548,265 $543,197 $538,220 $533,083 $528,268 $33,444 $42,642 $49,754 $56,806 $70,594 $83,720 $96,073 $98,851 $110,460 $121,916 $133,349 $144,164 $154,899 $165,673 $175,880 $186,050 $196,297 $206,357 $215,965 $225,333 $234,640 $243,956 $253,391 $262,328 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) (6,035) 14,369 $8,334 (4,850) 14,048 $9,198 (6,715) 13,827 $7,112 (6,945) 13,997 $7,052 13,787 $13,787 13,127 $13,127 (275) 12,628 $12,353 (9,440) 12,218 $2,778 (350) 11,959 $11,609 (275) 11,730 $11,455 (350) 11,164 $10,814 (275) 11,010 $10,735 (350) 10,556 $10,206 (275) 7,818 $7,543 7,242 $7,242 7,115 $7,115 (275) 7,065 $6,790 (350) 6,932 $6,582 (350) 6,876 $6,526 (275) 6,796 $6,521 6,608 $6,608 (350) 6,584 $6,234 Apple IRR 4.2% 5.2% 5.9% 6.5% 7.7% 8.8% 9.7% 9.8% 10.6% 11.3% 12.0% 12.6% 13.2% 13.7% 14.2% 14.5% 14.8% 15.1% 15.4% 15.7% 15.9% 16.2% 16.4% 16.6% Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x $481,127 $475,640 $472,336 $469,065 $458,619 $449,113 $440,195 $440,972 $432,740 $424,709 $416,634 $409,011 $401,513 $393,811 $386,723 $382,262 $377,870 $373,769 $369,865 $366,236 $362,539 $358,911 $355,167 $351,677 Cumulative Apple Net Operating Cash Flow 721,326 735,374 749,201 763,198 776,986 790,112 802,740 814,958 826,917 838,648 850,081 861,246 872,256 883,030 893,587 901,405 908,647 915,762 922,826 929,758 936,634 943,431 950,038 956,622 Apple Cumulative Cash Flow (Incl Upfront) $33,444 $42,642 $49,754 $56,806 $70,594 $83,720 $96,073 $98,851 $110,460 $121,916 $133,349 $144,164 $154,899 $165,673 $175,880 $183,423 $190,665 $197,780 $204,569 $211,151 $217,677 $224,199 $230,806 $237,040 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Cash Flow (Incl Upfront) Apple Cumulative Investment Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow Apple Remaining PV Apple Cumulative Investment 11,434 $11,434 10,775 $10,775 MACRS Calculation $6,035 4,526 1,509 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% $4,850 3,638 1,213 $6,715 5,036 1,679 $6,945 5,209 1,736 - - $275 206 69 $9,440 7,080 2,360 $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $373 824 419 192 180 74 $2,062 $353 841 429 186 185 74 $2,067 $339 841 442 190 186 73 $2,070 $326 825 456 188 188 77 $2,061 $319 813 454 194 188 77 $2,045 $311 800 456 197 186 78 $2,029 $300 794 454 201 188 77 $2,014 $254 710 485 216 186 85 $1,936 $228 688 485 224 190 86 $1,900 $200 667 491 228 188 87 $1,861 $180 635 491 239 188 89 $1,822 $147 623 495 242 190 90 $1,785 $123 597 495 251 192 91 $1,748 $103 564 504 257 186 93 $1,707 $76 542 504 265 190 94 $1,671 $48 522 495 273 188 95 $1,622 $48 510 488 272 194 95 $1,607 $48 498 480 273 197 94 $1,590 $48 479 477 272 201 95 $1,572 $10 407 426 290 216 94 $1,443 $10 364 413 290 224 96 $1,397 $10 320 400 294 228 95 $1,347 $10 287 381 294 239 95 $1,307 $10 235 374 296 242 96 $1,253 $6,588 $5,704 $7,106 $7,269 $2,045 $2,029 $2,220 $9,016 $2,162 $2,067 $1,822 $2,048 $1,954 $1,707 $1,933 $1,828 $1,607 $1,590 $1,778 $1,706 $1,660 $1,554 $1,307 $1,515 $598,952 $604,656 $611,763 $619,032 $621,077 $623,106 $625,326 $634,342 $636,504 $638,571 $640,394 $642,441 $644,395 $646,103 $648,036 $649,864 $651,470 $653,061 $654,839 $656,545 $658,205 $659,758 $661,065 $662,580
  • 118. M ONTHLY PROJECTI ONS ($000s) Date Sep-20 Oct-20 9 121 275 550 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-20 10 122 - Dec-20 11 123 350 700 Jan-21 12 124 275 550 Feb-21 1 125 - M ar-21 2 126 - Apr-21 3 127 275 550 M ay-21 4 128 350 700 Jun-21 5 129 350 700 Jul-21 6 130 275 550 Aug-21 7 131 - Sep-21 8 132 350 700 Oct-21 9 133 275 550 Nov-21 10 134 - Dec-21 11 135 350 700 Jan-22 12 136 275 550 Feb-22 1 137 - M ar-22 2 138 - Apr-22 3 139 275 550 M ay-22 4 140 350 700 Jun-22 5 141 350 700 Jul-22 6 142 275 550 Aug-22 7 143 - 8 144 350 700 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $687,757 $687,757 $688,107 $688,382 $688,382 $688,382 $688,657 $689,007 $689,357 $689,632 $689,632 $689,982 $690,257 $690,257 $690,607 $690,882 $690,882 $690,882 $691,157 $691,507 $691,857 $692,132 $692,132 $692,482 $9,239 $9,098 $8,964 $8,929 $8,800 $8,677 $8,560 $8,449 $8,342 $8,240 $8,142 $8,048 $7,957 $7,869 $7,784 $7,702 $7,622 $7,545 $7,469 $7,397 $7,325 $7,256 $7,188 $7,123 Cumulative Apple Operating Cash Flow $991,149 $1,000,247 $1,009,210 $1,018,140 $1,026,940 $1,035,617 $1,044,177 $1,052,627 $1,060,969 $1,069,209 $1,077,351 $1,085,399 $1,093,356 $1,101,225 $1,109,009 $1,116,711 $1,124,333 $1,131,878 $1,139,347 $1,146,744 $1,154,069 $1,161,325 $1,168,513 $1,175,636 Apple Cumulative Cash Flow (Excl Upfront) $303,392 $312,490 $321,103 $329,758 $338,558 $347,235 $355,520 $363,620 $371,612 $379,577 $387,719 $395,417 $403,099 $410,968 $418,402 $425,829 $433,451 $440,996 $448,190 $455,237 $462,212 $469,193 $476,381 $483,154 Cumulative Apple Total Capex Apple Operating Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 9,239 $8,964 9,098 $9,098 (350) 8,964 $8,614 (275) 8,929 $8,654 8,800 $8,800 8,677 $8,677 (275) 8,560 $8,285 (350) 8,449 $8,099 (350) 8,342 $7,992 (275) 8,240 $7,965 8,142 $8,142 (350) 8,048 $7,698 (275) 7,957 $7,682 7,869 $7,869 (350) 7,784 $7,434 (275) 7,702 $7,427 7,622 $7,622 7,545 $7,545 (275) 7,469 $7,194 (350) 7,397 $7,047 (350) 7,325 $6,975 (275) 7,256 $6,981 7,188 $7,188 (350) 7,123 $6,773 Apple IRR 17.8% 18.0% 18.3% 18.5% 18.7% 19.0% 19.2% 19.4% 19.6% 19.7% 19.9% 20.1% 20.2% 20.4% 20.5% 20.7% 20.8% 20.9% 21.1% 21.2% 21.3% 21.4% 21.5% 21.6% Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $523,525 $518,473 $514,003 $509,457 $504,330 $499,681 $495,261 $491,121 $486,928 $482,856 $478,572 $474,577 $470,690 $466,461 $462,758 $459,032 $454,722 $450,812 $447,106 $443,636 $440,096 $436,635 $432,937 $429,516 Apple Remaining PV Apple Cumulative Investment $271,292 $280,390 $289,003 $297,658 $306,458 $315,135 $323,420 $331,520 $339,512 $347,477 $355,619 $363,317 $370,999 $378,868 $386,302 $393,729 $401,351 $408,896 $416,090 $423,137 $430,112 $437,093 $444,281 $451,054 ($133,966) Apple Cumulative Cash Flow (Incl Upfront) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 6,518 $6,243 6,339 $6,339 (350) 6,327 $5,977 (275) 6,266 $5,991 6,106 $6,106 6,023 $6,023 (275) 6,014 $5,739 (350) 5,924 $5,574 (350) 5,844 $5,494 (275) 5,748 $5,473 5,603 $5,603 (350) 5,622 $5,272 (275) 5,533 $5,258 5,396 $5,396 (350) 5,422 $5,072 (275) 5,336 $5,061 5,209 $5,209 5,156 $5,156 (275) 5,175 $4,900 (350) 5,118 $4,768 (350) 5,064 $4,714 (275) 4,991 $4,716 4,867 $4,867 (350) 4,908 $4,558 Apple IRR 16.8% 17.0% 17.2% 17.4% 17.6% 17.7% 17.9% 18.1% 18.2% 18.3% 18.5% 18.6% 18.7% 18.8% 19.0% 19.1% 19.2% 19.3% 19.4% 19.5% 19.6% 19.7% 19.7% 19.8% Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x $348,242 $344,592 $341,367 $338,102 $334,432 $331,078 $327,898 $324,944 $321,962 $319,062 $316,007 $313,179 $310,424 $307,427 $304,812 $302,188 $299,158 $296,392 $293,784 $291,364 $288,905 $286,499 $283,921 $281,559 1,091,130 Apple Remaining PV Cumulative Apple Net Operating Cash Flow 963,140 969,479 975,806 982,072 988,178 994,201 1,000,215 1,006,139 1,011,983 1,017,730 1,023,333 1,028,955 1,034,488 1,039,884 1,045,305 1,050,642 1,055,851 1,061,006 1,066,182 1,071,300 1,076,364 1,081,355 1,086,222 Apple Cumulative Cash Flow (Incl Upfront) $243,283 $249,622 $255,599 $261,590 $267,696 $273,719 $279,458 $285,032 $290,526 $295,998 $301,601 $306,873 $312,131 $317,527 $322,598 $327,660 $332,869 $338,024 $342,925 $347,693 $352,407 $357,123 $361,990 $366,548 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Investment MACRS Calculation $275 206 69 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $10 197 358 296 251 97 $1,209 $10 164 339 302 257 94 $1,166 $10 122 325 302 265 96 $1,120 $10 77 313 296 273 95 $1,065 $10 77 306 292 272 98 $1,055 $10 77 299 288 273 99 $1,047 $10 77 288 285 272 101 $1,034 $10 17 244 255 290 109 $926 $10 17 219 247 290 113 $896 $10 17 192 240 294 115 $868 $10 17 172 228 294 121 $843 $10 17 141 224 296 122 $810 $10 17 118 214 296 127 $782 $10 17 99 203 302 129 $760 $10 17 73 195 302 134 $731 $10 17 46 188 296 138 $695 $10 17 46 183 292 137 $686 $10 17 46 179 288 138 $678 $10 17 46 172 285 137 $668 $10 17 10 146 255 146 $585 $10 17 10 131 247 146 $562 $10 17 10 115 240 148 $540 $10 17 10 103 228 148 $517 $10 17 10 84 224 149 $495 $1,415 $1,166 $1,382 $1,272 $1,055 $1,047 $1,240 $1,188 $1,159 $1,074 $843 $1,072 $988 $760 $993 $901 $686 $678 $875 $847 $824 $746 $517 $757 $663,996 $665,161 $666,544 $667,816 $668,871 $669,918 $671,158 $672,346 $673,504 $674,578 $675,421 $676,493 $677,482 $678,242 $679,235 $680,136 $680,822 $681,500 $682,375 $683,222 $684,046 $684,792 $685,309 $686,067
  • 119. M ONTHLY PROJECTI ONS ($000s) Date Sep-22 Oct-22 9 145 275 550 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-22 10 146 - Dec-22 11 147 350 700 Jan-23 12 148 275 550 Feb-23 1 149 - M ar-23 2 150 - Apr-23 3 151 275 550 M ay-23 4 152 350 700 Jun-23 5 153 350 700 Jul-23 6 154 275 550 Aug-23 7 155 - Sep-23 8 156 350 700 Oct-23 9 157 275 550 Nov-23 10 158 - Dec-23 11 159 350 700 Jan-24 12 160 275 550 Feb-24 1 161 - M ar-24 2 162 - Apr-24 3 163 275 550 M ay-24 4 164 350 700 Jun-24 5 165 350 700 Jul-24 6 166 275 550 Aug-24 7 167 - 8 168 350 700 $40,000 Cumulative Apple Operating Cash Flow Apple Cumulative Cash Flow (Excl Upfront) $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $692,757 $693,107 $693,382 $693,382 $693,382 $693,657 $694,007 $694,357 $694,632 $694,632 $694,982 $695,257 $695,257 $695,607 $695,882 $695,882 $695,882 $696,157 $696,507 $696,857 $697,132 $697,132 $697,482 $7,058 Apple Operating Cash Flow $40,000 $692,757 Cumulative Apple Total Capex $40,000 $6,996 $6,934 $6,875 $6,817 $6,760 $6,703 $6,649 $6,595 $6,542 $6,491 $6,440 $6,390 $6,342 $6,294 $6,247 $6,201 $6,156 $6,112 $6,068 $6,025 $5,982 $5,941 $5,900 $1,182,694 $1,189,690 $1,196,625 $1,203,499 $1,210,316 $1,217,075 $1,223,779 $1,230,428 $1,237,023 $1,243,565 $1,250,055 $1,256,496 $1,262,886 $1,269,228 $1,275,522 $1,281,769 $1,287,970 $1,294,126 $1,300,238 $1,306,305 $1,312,330 $1,318,312 $1,324,253 $1,330,153 $489,937 $496,933 $503,518 $510,117 $516,934 $523,693 $530,122 $536,421 $542,666 $548,933 $555,423 $561,514 $567,629 $573,971 $579,915 $585,887 $592,088 $598,244 $604,081 $609,798 $615,473 $621,180 $627,121 $632,671 Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 7,058 $6,783 6,996 $6,996 (350) 6,934 $6,584 (275) 6,875 $6,600 6,817 $6,817 6,760 $6,760 (275) 6,703 $6,428 (350) 6,649 $6,299 (350) 6,595 $6,245 (275) 6,542 $6,267 6,491 $6,491 (350) 6,440 $6,090 (275) 6,390 $6,115 6,342 $6,342 (350) 6,294 $5,944 (275) 6,247 $5,972 6,201 $6,201 6,156 $6,156 (275) 6,112 $5,837 (350) 6,068 $5,718 (350) 6,025 $5,675 (275) 5,982 $5,707 5,941 $5,941 (350) 5,900 $5,550 Apple IRR 21.7% 21.8% 21.9% 22.0% 22.1% 22.2% 22.3% 22.3% 22.4% 22.5% 22.5% 22.6% 22.7% 22.7% 22.8% 22.9% 22.9% 23.0% 23.0% 23.1% 23.1% 23.2% 23.2% 23.3% Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $426,168 $422,469 $419,265 $416,019 $412,205 $408,741 $405,477 $402,422 $399,293 $396,220 $392,897 $389,849 $386,852 $383,503 $380,628 $377,701 $374,323 $371,160 $368,197 $365,425 $362,580 $359,773 $356,708 $353,919 Apple Remaining PV Apple Cumulative Investment $457,837 $464,833 $471,418 $478,017 $484,834 $491,593 $498,022 $504,321 $510,566 $516,833 $523,323 $529,414 $535,529 $541,871 $547,815 $553,787 $559,988 $566,144 $571,981 $577,698 $583,373 $589,080 $595,021 $600,571 ($133,966) Apple Cumulative Cash Flow (Incl Upfront) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 4,838 $4,563 4,719 $4,719 (350) 4,762 $4,412 (275) 4,695 $4,420 4,582 $4,582 4,543 $4,543 (275) 4,576 $4,301 (350) 4,537 $4,187 (350) 4,496 $4,146 (275) 4,435 $4,160 4,323 $4,323 (350) 4,374 $4,024 (275) 4,316 $4,041 4,206 $4,206 (350) 4,260 $3,910 (275) 4,203 $3,928 4,100 $4,100 4,070 $4,070 (275) 4,112 $3,837 (350) 4,090 $3,740 (350) 4,060 $3,710 (275) 4,010 $3,735 3,908 $3,908 (350) 3,970 $3,620 Apple IRR 19.9% 20.0% 20.1% 20.1% 20.2% 20.3% 20.3% 20.4% 20.5% 20.5% 20.6% 20.6% 20.7% 20.7% 20.8% 20.8% 20.9% 20.9% 21.0% 21.0% 21.1% 21.1% 21.1% 21.2% Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x Apple Remaining PV $279,247 $276,687 $274,488 $272,263 $269,646 $267,258 $265,025 $262,958 $260,847 $258,774 $256,519 $254,480 $252,475 $250,221 $248,314 $246,372 $244,114 $241,995 $240,032 $238,212 $236,346 $234,502 $232,468 $230,647 Cumulative Apple Net Operating Cash Flow 1,095,969 1,100,688 1,105,450 1,110,144 1,114,727 1,119,269 1,123,845 1,128,382 1,132,878 1,137,313 1,141,636 1,146,010 1,150,326 1,154,532 1,158,792 1,162,995 1,167,095 1,171,164 1,175,276 1,179,366 1,183,426 1,187,436 1,191,344 1,195,315 Apple Cumulative Cash Flow (Incl Upfront) $371,112 $375,831 $380,243 $384,662 $389,245 $393,787 $398,088 $402,275 $406,421 $410,581 $414,904 $418,928 $422,969 $427,175 $431,085 $435,013 $439,113 $443,182 $447,019 $450,759 $454,469 $458,204 $462,112 $465,733 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Investment MACRS Calculation $275 206 69 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $10 17 10 71 214 149 $472 $10 17 10 59 203 152 $451 $10 17 10 44 195 152 $428 $10 17 10 28 188 149 $402 $10 17 10 28 183 147 $395 $10 17 10 28 179 145 $389 $10 17 10 28 172 144 $381 $10 17 10 6 146 129 $318 $10 17 10 6 131 125 $299 $10 17 10 6 115 121 $279 $10 17 10 6 103 115 $261 $10 17 10 6 84 113 $240 $10 17 10 6 71 108 $222 $10 17 10 6 59 102 $204 $10 17 10 6 44 98 $185 $10 17 10 6 28 95 $165 $10 17 10 6 28 92 $163 $10 17 10 6 28 90 $161 $10 17 10 6 28 87 $158 $10 17 10 6 6 74 $123 $10 17 10 6 6 66 $115 $10 17 10 6 6 58 $107 $10 17 10 6 6 52 $101 $10 17 10 6 6 43 $92 $678 $451 $690 $608 $395 $389 $587 $580 $561 $485 $261 $503 $428 $204 $448 $372 $163 $161 $364 $385 $378 $313 $101 $354 $686,744 $687,196 $687,886 $688,494 $688,890 $689,278 $689,866 $690,446 $691,007 $691,492 $691,754 $692,257 $692,685 $692,889 $693,337 $693,708 $693,872 $694,033 $694,397 $694,782 $695,159 $695,473 $695,574 $695,928
  • 120. M ONTHLY PROJECTI ONS ($000s) Date Sep-24 Oct-24 9 169 275 550 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-24 10 170 - Dec-24 11 171 350 700 Jan-25 12 172 275 550 Feb-25 1 173 - M ar-25 2 174 - Apr-25 3 175 275 550 M ay-25 4 176 350 700 Jun-25 5 177 350 700 Jul-25 6 178 275 550 Aug-25 7 179 - Sep-25 8 180 350 700 Oct-25 9 181 275 550 Nov-25 10 182 - Dec-25 11 183 350 700 Jan-26 12 184 275 550 Feb-26 1 185 - M ar-26 2 186 - Apr-26 3 187 275 550 M ay-26 4 188 350 700 Jun-26 5 189 350 700 Jul-26 6 190 275 550 Aug-26 7 191 - 8 192 350 700 $40,000 Cumulative Apple Operating Cash Flow Apple Cumulative Cash Flow (Excl Upfront) $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $697,757 $698,107 $698,382 $698,382 $698,382 $698,657 $699,007 $699,357 $699,632 $699,632 $699,982 $700,257 $700,257 $700,607 $700,882 $700,882 $700,882 $701,157 $701,507 $701,857 $702,132 $702,132 $702,482 $5,860 Apple Operating Cash Flow $40,000 $697,757 Cumulative Apple Total Capex $40,000 $5,820 $5,781 $5,743 $5,705 $5,668 $5,631 $5,594 $5,559 $5,524 $5,489 $5,455 $5,421 $5,388 $5,355 $5,322 $5,291 $5,259 $5,228 $5,197 $5,167 $5,136 $5,107 $5,077 $1,336,013 $1,341,833 $1,347,614 $1,353,356 $1,359,061 $1,364,729 $1,370,360 $1,375,954 $1,381,513 $1,387,037 $1,392,526 $1,397,981 $1,403,403 $1,408,791 $1,414,146 $1,419,468 $1,424,759 $1,430,018 $1,435,246 $1,440,443 $1,445,610 $1,450,746 $1,455,853 $1,460,930 $638,256 $644,076 $649,507 $654,974 $660,679 $666,347 $671,703 $676,947 $682,156 $687,405 $692,894 $697,999 $703,146 $708,534 $713,539 $718,586 $723,877 $729,136 $734,089 $738,936 $743,753 $748,614 $753,721 $758,448 Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 5,860 $5,585 5,820 $5,820 (350) 5,781 $5,431 (275) 5,743 $5,468 5,705 $5,705 5,668 $5,668 (275) 5,631 $5,356 (350) 5,594 $5,244 (350) 5,559 $5,209 (275) 5,524 $5,249 5,489 $5,489 (350) 5,455 $5,105 (275) 5,421 $5,146 5,388 $5,388 (350) 5,355 $5,005 (275) 5,322 $5,047 5,291 $5,291 5,259 $5,259 (275) 5,228 $4,953 (350) 5,197 $4,847 (350) 5,167 $4,817 (275) 5,136 $4,861 5,107 $5,107 (350) 5,077 $4,727 Apple IRR 23.3% 23.4% 23.4% 23.4% 23.5% 23.5% 23.6% 23.6% 23.6% 23.7% 23.7% 23.7% 23.8% 23.8% 23.8% 23.8% 23.9% 23.9% 23.9% 24.0% 24.0% 24.0% 24.0% 24.1% Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $351,166 $348,062 $345,416 $342,711 $339,479 $336,524 $333,773 $331,199 $328,554 $325,933 $323,048 $320,443 $317,860 $314,929 $312,443 $309,894 $306,838 $304,030 $301,430 $298,993 $296,490 $293,999 $291,240 $288,766 Apple Remaining PV Apple Cumulative Investment $606,156 $611,976 $617,407 $622,874 $628,579 $634,247 $639,603 $644,847 $650,056 $655,305 $660,794 $665,899 $671,046 $676,434 $681,439 $686,486 $691,777 $697,036 $701,989 $706,836 $711,653 $716,514 $721,621 $726,348 ($133,966) Apple Cumulative Cash Flow (Incl Upfront) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 3,922 $3,647 3,822 $3,822 (350) 3,886 $3,536 (275) 3,838 $3,563 3,741 $3,741 3,717 $3,717 (275) 3,765 $3,490 (350) 3,757 $3,407 (350) 3,734 $3,384 (275) 3,692 $3,417 3,597 $3,597 (350) 3,667 $3,317 (275) 3,625 $3,350 3,531 $3,531 (350) 3,601 $3,251 (275) 3,560 $3,285 3,468 $3,468 3,447 $3,447 (275) 3,499 $3,224 (350) 3,498 $3,148 (350) 3,479 $3,129 (275) 3,439 $3,164 3,348 $3,348 (350) 3,420 $3,070 Apple IRR 21.2% 21.3% 21.3% 21.3% 21.4% 21.4% 21.4% 21.4% 21.5% 21.5% 21.5% 21.6% 21.6% 21.6% 21.6% 21.7% 21.7% 21.7% 21.7% 21.8% 21.8% 21.8% 21.8% 21.8% Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x Apple Remaining PV $228,845 $226,793 $225,072 $223,309 $221,179 $219,229 $217,436 $215,768 $214,054 $212,350 $210,449 $208,762 $207,082 $205,151 $203,541 $201,883 $199,872 $198,021 $196,330 $194,751 $193,130 $191,510 $189,691 $188,089 Cumulative Apple Net Operating Cash Flow 1,199,237 1,203,058 1,206,944 1,210,782 1,214,523 1,218,241 1,222,006 1,225,763 1,229,497 1,233,189 1,236,786 1,240,452 1,244,077 1,247,608 1,251,209 1,254,770 1,258,237 1,261,684 1,265,183 1,268,681 1,272,160 1,275,599 1,278,947 1,282,367 Apple Cumulative Cash Flow (Incl Upfront) $469,380 $473,201 $476,737 $480,300 $484,041 $487,759 $491,249 $494,656 $498,040 $501,457 $505,054 $508,370 $511,720 $515,251 $518,502 $521,788 $525,255 $528,702 $531,926 $535,074 $538,203 $541,367 $544,715 $547,785 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Investment MACRS Calculation $275 206 69 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $10 17 10 6 6 36 $85 $10 17 10 6 6 30 $79 $10 17 10 6 6 22 $71 $10 17 10 6 6 14 $63 $10 17 10 6 6 14 $63 $10 17 10 6 6 14 $63 $10 17 10 6 6 14 $63 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $291 $79 $334 $269 $63 $63 $269 $315 $315 $258 $52 $315 $258 $52 $315 $258 $52 $52 $258 $315 $315 $258 $52 $315 $696,219 $696,298 $696,631 $696,901 $696,964 $697,027 $697,296 $697,611 $697,925 $698,184 $698,236 $698,550 $698,809 $698,861 $699,175 $699,434 $699,486 $699,538 $699,796 $700,111 $700,425 $700,684 $700,736 $701,050
  • 121. M ONTHLY PROJECTI ONS ($000s) Date Sep-26 Oct-26 9 193 275 550 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-26 10 194 - Dec-26 11 195 350 700 Jan-27 12 196 275 550 Feb-27 1 197 - M ar-27 2 198 - Apr-27 3 199 275 550 M ay-27 4 200 350 700 Jun-27 5 201 350 700 Jul-27 6 202 275 550 Aug-27 7 203 - Sep-27 8 204 350 700 Oct-27 9 205 275 550 Nov-27 10 206 - Dec-27 11 207 350 700 Jan-28 12 208 275 550 Feb-28 1 209 - M ar-28 2 210 - Apr-28 3 211 275 550 M ay-28 4 212 350 700 Jun-28 5 213 350 700 Jul-28 6 214 275 550 Aug-28 7 215 - 8 216 350 700 $40,000 Cumulative Apple Operating Cash Flow Apple Cumulative Cash Flow (Excl Upfront) $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $702,757 $703,107 $703,382 $703,382 $703,382 $703,657 $704,007 $704,357 $704,632 $704,632 $704,982 $705,257 $705,257 $705,607 $705,882 $705,882 $705,882 $706,157 $706,507 $706,857 $707,132 $707,132 $707,482 $5,048 Apple Operating Cash Flow $40,000 $702,757 Cumulative Apple Total Capex $40,000 $5,019 $4,991 $4,963 $4,935 $4,908 $4,880 $4,853 $4,827 $4,800 $4,774 $4,748 $4,722 $4,696 $4,671 $4,646 $4,621 $4,597 $4,572 $4,548 $4,524 $4,500 $4,476 $4,453 $1,465,979 $1,470,998 $1,475,989 $1,480,952 $1,485,887 $1,490,795 $1,495,675 $1,500,528 $1,505,355 $1,510,155 $1,514,929 $1,519,676 $1,524,399 $1,529,095 $1,533,766 $1,538,413 $1,543,034 $1,547,631 $1,552,203 $1,556,751 $1,561,275 $1,565,775 $1,570,252 $1,574,705 $763,222 $768,241 $772,882 $777,570 $782,505 $787,413 $792,018 $796,521 $800,998 $805,523 $810,297 $814,694 $819,142 $823,838 $828,159 $832,531 $837,152 $841,749 $846,046 $850,244 $854,418 $858,643 $863,120 $867,223 Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 5,048 $4,773 5,019 $5,019 (350) 4,991 $4,641 (275) 4,963 $4,688 4,935 $4,935 4,908 $4,908 (275) 4,880 $4,605 (350) 4,853 $4,503 (350) 4,827 $4,477 (275) 4,800 $4,525 4,774 $4,774 (350) 4,748 $4,398 (275) 4,722 $4,447 4,696 $4,696 (350) 4,671 $4,321 (275) 4,646 $4,371 4,621 $4,621 4,597 $4,597 (275) 4,572 $4,297 (350) 4,548 $4,198 (350) 4,524 $4,174 (275) 4,500 $4,225 4,476 $4,476 (350) 4,453 $4,103 Apple IRR 24.1% 24.1% 24.1% 24.1% 24.2% 24.2% 24.2% 24.2% 24.2% 24.2% 24.3% 24.3% 24.3% 24.3% 24.3% 24.3% 24.4% 24.4% 24.4% 24.4% 24.4% 24.4% 24.4% 24.4% Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $286,301 $283,494 $281,119 $278,678 $275,751 $273,045 $270,551 $268,210 $265,808 $263,406 $260,735 $258,353 $255,969 $253,249 $250,951 $248,583 $245,816 $243,180 $240,762 $238,486 $236,155 $233,815 $231,203 $228,886 Apple Remaining PV Apple Cumulative Investment $731,122 $736,141 $740,782 $745,470 $750,405 $755,313 $759,918 $764,421 $768,898 $773,423 $778,197 $782,594 $787,042 $791,738 $796,059 $800,431 $805,052 $809,649 $813,946 $818,144 $822,318 $826,543 $831,020 $835,123 ($133,966) Apple Cumulative Cash Flow (Incl Upfront) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 3,382 $3,107 3,291 $3,291 (350) 3,364 $3,014 (275) 3,326 $3,051 3,236 $3,236 3,218 $3,218 (275) 3,272 $2,997 (350) 3,274 $2,924 (350) 3,257 $2,907 (275) 3,220 $2,945 3,131 $3,131 (350) 3,206 $2,856 (275) 3,169 $2,894 3,080 $3,080 (350) 3,156 $2,806 (275) 3,120 $2,845 3,031 $3,031 3,015 $3,015 (275) 3,072 $2,797 (350) 3,075 $2,725 (350) 3,060 $2,710 (275) 3,024 $2,749 2,937 $2,937 (350) 3,013 $2,663 Apple IRR 21.9% 21.9% 21.9% 21.9% 21.9% 21.9% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.1% 22.1% 22.1% 22.1% 22.1% 22.1% 22.1% 22.1% 22.2% 22.2% 22.2% 22.2% Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x Apple Remaining PV $186,485 $184,635 $183,097 $181,510 $179,582 $177,798 $176,175 $174,659 $173,103 $171,541 $169,779 $168,236 $166,686 $164,893 $163,404 $161,865 $160,041 $158,302 $156,728 $155,254 $153,745 $152,222 $150,499 $148,998 Cumulative Apple Net Operating Cash Flow 1,285,749 1,289,040 1,292,404 1,295,730 1,298,965 1,302,183 1,305,455 1,308,730 1,311,987 1,315,206 1,318,337 1,321,543 1,324,712 1,327,792 1,330,948 1,334,068 1,337,099 1,340,114 1,343,185 1,346,261 1,349,321 1,352,345 1,355,282 1,358,295 Apple Cumulative Cash Flow (Incl Upfront) $550,892 $554,183 $557,197 $560,248 $563,483 $566,701 $569,698 $572,623 $575,530 $578,474 $581,605 $584,461 $587,355 $590,435 $593,241 $596,086 $599,117 $602,132 $604,928 $607,654 $610,364 $613,113 $616,050 $618,713 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Investment MACRS Calculation $275 206 69 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $258 $52 $315 $258 $52 $52 $258 $315 $315 $258 $52 $315 $258 $52 $315 $258 $52 $52 $258 $315 $315 $258 $52 $315 $701,309 $701,361 $701,675 $701,934 $701,986 $702,038 $702,296 $702,611 $702,925 $703,184 $703,236 $703,550 $703,809 $703,861 $704,175 $704,434 $704,486 $704,538 $704,796 $705,111 $705,425 $705,684 $705,736 $706,050
  • 122. M ONTHLY PROJECTI ONS ($000s) Date Sep-28 Oct-28 9 217 275 550 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-28 10 218 - Dec-28 11 219 350 700 Jan-29 12 220 275 550 Feb-29 1 221 - M ar-29 2 222 - Apr-29 3 223 275 550 M ay-29 4 224 350 700 Jun-29 5 225 350 700 Jul-29 6 226 275 550 Aug-29 7 227 - Sep-29 8 228 350 700 Oct-29 9 229 275 550 Nov-29 10 230 - Dec-29 11 231 350 700 Jan-30 12 232 275 550 Feb-30 1 233 - M ar-30 2 234 - Apr-30 3 235 275 550 M ay-30 4 236 350 700 Jun-30 5 237 350 700 Jul-30 6 238 275 550 Aug-30 7 239 - 8 240 350 700 $40,000 Cumulative Apple Operating Cash Flow Apple Cumulative Cash Flow (Excl Upfront) $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $707,757 $708,107 $708,382 $708,382 $708,382 $708,657 $709,007 $709,357 $709,632 $709,632 $709,982 $710,257 $710,257 $710,607 $710,882 $710,882 $710,882 $711,157 $711,507 $711,857 $712,132 $712,132 $712,482 $4,429 Apple Operating Cash Flow $40,000 $707,757 Cumulative Apple Total Capex $40,000 $4,406 $4,383 $4,361 $4,337 $4,315 $4,293 $4,270 $4,248 $4,226 $4,204 $4,182 $4,160 $4,139 $4,118 $4,096 $4,075 $4,054 $4,033 $4,012 $3,991 $3,971 $3,950 $3,930 $1,579,134 $1,583,540 $1,587,924 $1,592,284 $1,596,622 $1,600,937 $1,605,229 $1,609,500 $1,613,748 $1,617,973 $1,622,177 $1,626,360 $1,630,520 $1,634,659 $1,638,777 $1,642,874 $1,646,949 $1,651,002 $1,655,036 $1,659,048 $1,663,039 $1,667,010 $1,670,960 $1,674,889 $871,377 $875,783 $879,817 $883,902 $888,240 $892,555 $896,572 $900,493 $904,391 $908,341 $912,545 $916,378 $920,263 $924,402 $928,170 $931,992 $936,067 $940,120 $943,879 $947,541 $951,182 $954,878 $958,828 $962,407 Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 4,429 $4,154 4,406 $4,406 (350) 4,383 $4,033 (275) 4,361 $4,086 4,337 $4,337 4,315 $4,315 (275) 4,293 $4,018 (350) 4,270 $3,920 (350) 4,248 $3,898 (275) 4,226 $3,951 4,204 $4,204 (350) 4,182 $3,832 (275) 4,160 $3,885 4,139 $4,139 (350) 4,118 $3,768 (275) 4,096 $3,821 4,075 $4,075 4,054 $4,054 (275) 4,033 $3,758 (350) 4,012 $3,662 (350) 3,991 $3,641 (275) 3,971 $3,696 3,950 $3,950 (350) 3,930 $3,580 Apple IRR 24.5% 24.5% 24.5% 24.5% 24.5% 24.5% 24.5% 24.5% 24.5% 24.6% 24.6% 24.6% 24.6% 24.6% 24.6% 24.6% 24.6% 24.6% 24.6% 24.6% 24.6% 24.6% 24.7% 24.7% Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $226,558 $223,899 $221,652 $219,335 $216,575 $213,986 $211,619 $209,387 $207,105 $204,806 $202,232 $199,960 $197,668 $195,051 $192,838 $190,553 $187,846 $185,286 $182,956 $180,751 $178,502 $176,227 $173,677 $171,435 Apple Remaining PV Apple Cumulative Investment $839,277 $843,683 $847,717 $851,802 $856,140 $860,455 $864,472 $868,393 $872,291 $876,241 $880,445 $884,278 $888,163 $892,302 $896,070 $899,892 $903,967 $908,020 $911,779 $915,441 $919,082 $922,778 $926,728 $930,307 ($133,966) Apple Cumulative Cash Flow (Incl Upfront) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 2,978 $2,703 2,891 $2,891 (350) 2,968 $2,618 (275) 2,933 $2,658 2,846 $2,846 2,832 $2,832 (275) 2,889 $2,614 (350) 2,894 $2,544 (350) 2,880 $2,530 (275) 2,846 $2,571 2,759 $2,759 (350) 2,837 $2,487 (275) 2,803 $2,528 2,717 $2,717 (350) 2,795 $2,445 (275) 2,761 $2,486 2,675 $2,675 2,661 $2,661 (275) 2,720 $2,445 (350) 2,726 $2,376 (350) 2,713 $2,363 (275) 2,679 $2,404 2,594 $2,594 (350) 2,672 $2,322 Apple IRR 22.2% 22.2% 22.2% 22.2% 22.2% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.4% 22.4% 22.4% 22.4% 22.4% 22.4% 22.4% Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x Apple Remaining PV $147,484 $145,730 $144,275 $142,768 $140,948 $139,239 $137,700 $136,254 $134,776 $133,279 $131,581 $130,109 $128,618 $126,891 $125,458 $123,971 $122,186 $120,496 $118,979 $117,551 $116,094 $114,614 $112,931 $111,478 Cumulative Apple Net Operating Cash Flow 1,361,273 1,364,164 1,367,132 1,370,066 1,372,912 1,375,744 1,378,633 1,381,527 1,384,407 1,387,253 1,390,012 1,392,849 1,395,652 1,398,369 1,401,164 1,403,925 1,406,600 1,409,262 1,411,982 1,414,708 1,417,421 1,420,100 1,422,694 1,425,366 Apple Cumulative Cash Flow (Incl Upfront) $621,416 $624,307 $626,925 $629,584 $632,430 $635,262 $637,876 $640,420 $642,950 $645,521 $648,280 $650,767 $653,295 $656,012 $658,457 $660,943 $663,618 $666,280 $668,725 $671,101 $673,464 $675,868 $678,462 $680,784 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Investment MACRS Calculation $275 206 69 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - $350 263 88 $275 206 69 - - $275 206 69 $350 263 88 $350 263 88 $275 206 69 - $350 263 88 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $258 $52 $315 $258 $52 $52 $258 $315 $315 $258 $52 $315 $258 $52 $315 $258 $52 $52 $258 $315 $315 $258 $52 $315 $706,309 $706,361 $706,675 $706,934 $706,986 $707,038 $707,296 $707,611 $707,925 $708,184 $708,236 $708,550 $708,809 $708,861 $709,175 $709,434 $709,486 $709,538 $709,796 $710,111 $710,425 $710,684 $710,736 $711,050
  • 123. M ONTHLY PROJECTI ONS ($000s) Date Sep-30 Oct-30 9 241 275 550 Investment Month Google Total Capital Expenditures Cumulative Apple Carry Nov-30 10 242 - Dec-30 11 243 350 700 Jan-31 12 244 275 550 Feb-31 1 245 - M ar-31 2 246 275 550 Apr-31 3 247 - M ay-31 4 248 975 1,950 Jun-31 5 249 - Jul-31 6 250 625 1,250 7 251 - $40,000 Cumulative Apple Operating Cash Flow Apple Cumulative Cash Flow (Excl Upfront) $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $712,757 $713,107 $713,382 $713,382 $713,657 $713,657 $714,632 $714,632 $715,257 $715,257 $3,909 Apple Operating Cash Flow $40,000 $712,757 Cumulative Apple Total Capex $40,000 $3,889 $3,869 $3,849 $3,829 $3,809 $3,789 $3,770 $3,751 $3,731 $3,712 $1,678,799 $1,682,688 $1,686,557 $1,690,406 $1,694,235 $1,698,044 $1,701,834 $1,705,604 $1,709,354 $1,713,085 $1,716,797 $966,042 $969,931 $973,450 $977,024 $980,853 $984,387 $988,177 $990,972 $994,722 $997,828 $1,001,540 Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 3,909 $3,634 3,889 $3,889 (350) 3,869 $3,519 (275) 3,849 $3,574 3,829 $3,829 (275) 3,809 $3,534 3,789 $3,789 (975) 3,770 $2,795 3,751 $3,751 (625) 3,731 $3,106 Apple IRR 24.7% 24.7% 24.7% 24.7% 24.7% 24.7% 24.7% 24.7% 24.7% 24.7% 24.9% Apple ROI - - - - - - - - - - - Apple Remaining PV $169,165 $166,576 $164,382 $162,115 $159,447 $157,180 $154,597 $153,036 $150,460 $148,551 - Apple Cumulative Cash Flow (Incl Upfront) $933,942 $937,831 $941,350 $944,924 $948,753 $952,287 $956,077 $958,872 $962,622 $965,728 $1,114,279 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Investment 3,712 144,840 $148,551 ($133,966) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Terminal NPV Fees Apple Net Free Cash Flow (275) 2,639 $2,364 2,554 $2,554 (350) 2,633 $2,283 (275) 2,600 $2,325 2,515 $2,515 (275) 2,575 $2,300 2,489 $2,489 (975) 2,733 $1,758 2,464 $2,464 (625) 2,616 $1,991 Apple IRR 22.4% 22.4% 22.4% 22.4% 22.4% 22.4% 22.4% 22.4% 22.4% 22.4% 22.6% Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x Apple Remaining PV $110,001 $108,292 $106,871 $105,395 $103,635 $102,159 $100,454 $99,498 $97,797 $96,585 - Cumulative Apple Net Operating Cash Flow 1,428,005 1,430,559 1,433,192 1,435,792 1,438,307 1,440,882 1,443,371 1,446,104 1,448,568 1,451,184 1,453,623 Apple Cumulative Cash Flow (Incl Upfront) $683,148 $685,702 $687,985 $690,310 $692,825 $695,125 $697,614 $699,372 $701,836 $703,827 $800,412 ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) ($133,966) Apple Cumulative Investment 2,439 94,146 $96,585 MACRS Calculation $275 206 69 Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total Total Tax Benefit Cumulative Tax Benefit 20% 32% 19% 12% 12% 6% - $350 263 88 $275 206 69 - $275 206 69 - $975 731 244 - $625 469 156 - $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $10 17 10 6 6 3 $52 $12 17 10 6 6 3 $53 $10 17 10 6 6 3 $52 $13 17 10 6 6 3 $55 $12 17 10 6 6 3 $53 $13 17 10 6 6 3 $55 $13 17 10 6 6 3 $55 $258 $52 $315 $258 $52 $259 $52 $786 $53 $523 $55 $711,309 $711,361 $711,675 $711,934 $711,986 $712,245 $712,297 $713,083 $713,136 $713,660 $713,715
  • 124. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 M ar-11 Apr-11 M ay-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 M ar-12 Apr-12 M ay-12 Jun-12 Jul-12 Aug-12 9 1 10 2 11 3 12 4 1 5 2 6 3 7 4 8 5 9 6 10 7 11 8 12 9 13 10 14 11 15 12 16 1 17 2 18 3 19 4 20 5 21 6 22 7 23 8 24 ($47) ($47) ($47) ($47) ($48) ($48) ($5) ($1,612) ($1,616) ($7) ($1,574) ($1,581) ($9) ($1,583) ($1,592) ($14) ($1,954) ($1,968) ($16) ($8,062) ($8,078) $803 ($4,108) ($5) ($3,309) $957 ($4,031) ($6) ($3,079) $1,056 ($3,690) ($6) ($2,640) $1,155 ($4,171) ($7) ($3,023) $1,321 ($4,095) ($8) ($2,782) $1,416 ($3,754) ($8) ($2,345) $1,542 ($4,235) ($8) ($2,702) $1,761 ($4,164) ($9) ($2,412) $1,845 ($2,825) ($10) ($990) $1,625 ($2,844) ($9) ($1,228) $1,449 ($3,228) ($8) ($1,787) $1,286 ($15,366) ($7) ($14,088) $2,885 ($7,390) ($16) ($4,521) $3,074 ($4,518) ($17) ($1,461) $3,231 ($4,345) ($18) ($1,131) $3,397 ($4,643) ($18) ($1,264) Taxes - - - - - - - - - - - - - - - - - - - - - - - - NOLs Used - - - - - - - - - - - - - - - - - - - - - - - - Net Operating Income Net Operating Cash Flow Cumulative NOLs ($47) ($47) ($47) ($95) ($48) ($142) ($1,616) ($1,581) ($1,592) ($1,968) ($8,078) ($5) ($7) ($9) ($14) ($16) ($3,309) ($1,759) ($3,339) ($4,931) ($6,898) ($14,976) ($18,285) $803 ($3,079) ($2,640) ($3,023) ($2,782) ($2,345) ($2,702) ($2,412) ($1,228) ($1,787) ($14,088) ($4,521) ($1,461) ($1,131) ($1,264) $1,056 $1,155 $1,321 $1,416 $1,542 $1,761 $1,845 $1,625 $1,449 $1,286 $2,885 $3,074 $3,231 $3,397 ($21,364) ($24,005) ($27,028) ($29,809) ($32,155) ($34,856) ($37,268) ($38,258) ($39,486) ($41,273) ($55,361) ($59,882) ($61,343) ($62,474) ($63,739) $957 ($990) Proved Reserves (MMcfe) Proved Reserves Production Remaining Proved Reserves - - - - - - - 10,274 10,274 14,361 294 14,067 17,160 349 16,812 19,905 380 19,525 23,612 412 23,200 26,294 471 25,823 28,916 498 28,418 32,505 525 31,980 35,073 579 34,494 34,494 602 33,892 33,892 535 33,357 33,357 488 32,868 52,422 452 51,970 59,151 982 58,169 64,356 1,043 63,313 69,500 1,088 68,412 75,592 1,138 74,454 Apple Proved Reserves - - - - - - - 5,137 7,034 8,406 9,763 11,600 12,911 14,209 15,990 17,247 16,946 16,678 16,434 25,985 29,085 31,657 34,206 37,227 Apple Implied Value Apple Cumulative Cash Flow (Incl Upfront) 36 Months Apple Net Cash Flow Apple IRR Apple ROI 48 Months Apple Net Cash Flow Apple IRR Apple ROI 60 Months Apple Net Cash Flow Apple IRR Apple ROI 84 Months Apple Net Cash Flow Apple IRR Apple ROI $10,274 $14,067 $16,812 $19,525 $23,200 $25,823 $28,418 $31,980 $34,494 $33,892 $33,357 $32,868 $51,970 $58,169 $63,313 $68,412 $74,454 ($32,163) - ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($41,543) ($42,285) ($43,789) ($44,746) ($45,254) ($46,517) ($47,231) ($47,465) ($48,396) ($50,549) ($52,855) ($55,771) ($55,299) ($55,427) ($52,544) ($49,275) ($45,246) ($32,163) ($63) ($63) ($2,141) ($2,081) ($2,083) ($2,569) ($10,656) ($4,535) ($4,249) ($3,670) ($4,183) ($3,886) ($3,309) ($3,796) ($3,445) ($1,551) ($1,770) ($2,428) ($18,630) ($6,327) ($2,261) ($1,829) ($2,013) - ($32,163) - ($32,163) - ($32,163) - - ($63) - ($63) - ($63) - - ($63) - ($63) - ($63) - - ($2,141) - ($2,141) - ($2,141) - - ($2,081) - ($2,081) - ($2,081) - - ($2,083) - ($2,083) - ($2,083) - - ($2,569) - ($2,569) - ($2,569) - ($10,656) - ($10,656) - ($10,656) - ($4,535) - ($4,535) - ($4,535) - ($4,249) - ($4,249) - ($4,249) - ($3,670) - ($3,670) - ($3,670) - ($4,183) - ($4,183) - ($4,183) - ($3,886) - ($3,886) - ($3,886) - ($3,309) - ($3,309) - ($3,309) - - ($3,796) - ($3,796) - ($3,796) - - ($3,445) - ($3,445) - ($3,445) - - ($1,551) - ($1,551) - ($1,551) - - ($1,770) - ($1,770) - ($1,770) - - ($2,428) - ($2,428) - ($2,428) - - ($18,630) - ($18,630) - ($18,630) - - ($6,327) - ($6,327) - ($6,327) - - ($2,261) - ($2,261) - ($2,261) - - ($1,829) - ($1,829) - ($1,829) - - ($2,013) - ($2,013) - ($2,013) - - - - - - - - - - - - - - Production (MMcfe) - - - - - - - - 147 174 190 206 235 249 263 290 301 268 244 226 491 521 544 569 Cumulative Production (MMcfe) - - - - - - - - 147 321 511 717 952 1,202 1,464 1,754 2,055 2,322 2,566 2,792 3,283 3,804 4,349 4,917 Daily Production (MMcfe/d) - - - - - - - - 4.7 5.8 6.1 6.6 7.8 8.0 8.8 9.3 9.7 9.2 7.9 7.5 15.8 17.4 17.6 18.4 Apple Implied Value - - - - - - - - $42,617 $52,328 $55,134 $59,769 $70,610 $72,338 $78,790 $84,059 $87,349 $83,090 $70,877 $67,761 $142,501 $156,380 $157,972 $165,168 $1,169 $2,908 ($3,121) ($17,762) ($39,508) $28,906 $40,523 $40,286 $45,468 ($3,445) ($1,551) ($1,770) ($2,428) ($18,630) ($6,327) ($2,261) ($1,829) ($2,013) Production Apple Cumulative Cash Flow (Incl Upfront) 36 Months Apple Net Cash Flow Apple IRR Apple ROI 48 Months Apple Net Cash Flow Apple IRR Apple ROI 60 Months Apple Net Cash Flow Apple IRR Apple ROI 84 Months Apple Net Cash Flow Apple IRR Apple ROI ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($13,734) ($8,273) ($9,137) ($8,685) ($1,730) ($3,311) ($655) ($32,163) ($63) ($63) ($2,141) ($2,081) ($2,083) ($2,569) ($10,656) ($4,535) ($4,249) ($3,670) ($4,183) ($3,886) ($3,309) ($3,796) - ($32,163) - ($32,163) - ($32,163) - - ($63) - ($63) - ($63) - - ($63) - ($63) - ($63) - - ($2,141) - ($2,141) - ($2,141) - - ($2,081) - ($2,081) - ($2,081) - - ($2,083) - ($2,083) - ($2,083) - - ($2,569) - ($2,569) - ($2,569) - - ($10,656) - ($10,656) - ($10,656) - - ($4,535) - ($4,535) - ($4,535) - - ($4,249) - ($4,249) - ($4,249) - - ($3,670) - ($3,670) - ($3,670) - - ($4,183) - ($4,183) - ($4,183) - - ($3,886) - ($3,886) - ($3,886) - - ($3,309) - ($3,309) - ($3,309) - - ($3,796) - ($3,796) - ($3,796) - - ($3,445) - ($3,445) - ($3,445) - - ($1,551) - ($1,551) - ($1,551) - - ($1,770) - ($1,770) - ($1,770) - - ($2,428) - ($2,428) - ($2,428) - - ($18,630) - ($18,630) - ($18,630) - - ($6,327) - ($6,327) - ($6,327) - - ($2,261) - ($2,261) - ($2,261) - - ($1,829) - ($1,829) - ($1,829) - - ($2,013) - ($2,013) - ($2,013) -
  • 125. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 M ar-13 Apr-13 M ay-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 M ar-14 Apr-14 M ay-14 Jun-14 Jul-14 Aug-14 9 25 10 26 11 27 12 28 1 29 2 30 3 31 4 32 5 33 6 34 7 35 8 36 9 37 10 38 11 39 12 40 1 41 2 42 3 43 4 44 5 45 6 46 7 47 8 48 $3,634 ($4,622) ($20) ($1,008) $3,811 ($4,449) ($20) ($658) $4,050 ($4,747) ($21) ($718) $4,395 ($4,720) ($22) ($347) $4,610 ($1,777) ($23) $2,810 $4,127 ($2,472) ($21) $1,634 $3,733 ($2,692) ($19) $1,022 $3,339 ($10,779) ($18) ($7,458) $5,178 ($4,444) ($27) $707 $5,272 ($5,779) ($28) ($535) $5,283 ($3,084) ($28) $2,171 $5,075 ($6,331) ($27) ($1,282) $5,641 ($4,018) ($30) $1,593 $5,406 ($4,971) ($28) $407 $5,643 ($4,570) ($29) $1,044 $6,020 ($7,274) ($30) ($1,284) $6,173 ($2,379) ($30) $3,763 $5,625 ($3,067) ($28) $2,531 $5,148 ($2,591) ($26) $2,531 $4,651 ($15,874) ($25) ($11,248) $7,979 ($4,966) ($42) $2,971 $7,541 ($6,753) ($40) $748 $7,709 ($4,735) ($41) $2,934 $7,541 ($6,843) ($40) $658 Taxes - - - - $983 $572 $358 - $247 - $760 - $557 $143 $365 - $1,317 $886 $886 - $1,040 $262 $1,027 $230 NOLs Used - - - - ($983) ($572) ($358) - ($247) - ($760) - ($557) ($143) ($365) - ($1,317) ($886) ($886) - ($1,040) ($262) ($1,027) ($230) $2,810 $1,634 $1,022 ($7,458) $2,171 ($1,282) $1,593 $407 $1,044 ($1,284) $3,763 $2,531 $2,531 ($11,248) $2,971 $748 $2,934 $658 $3,634 $3,811 $4,050 $4,395 $4,610 $4,127 $3,733 $3,339 $5,178 $5,272 $5,283 $5,075 $5,641 $5,406 $5,643 $6,020 $6,173 $5,625 $5,148 $4,651 $7,979 $7,541 $7,709 $7,541 ($64,746) ($65,404) ($66,122) ($66,469) ($65,486) ($64,914) ($64,556) ($72,014) ($71,767) ($72,302) ($71,542) ($72,825) ($72,267) ($72,125) ($71,759) ($73,043) ($71,726) ($70,840) ($69,954) ($81,202) ($80,162) ($79,900) ($78,874) ($78,643) Proved Reserves Production Remaining Proved Reserves 80,641 1,215 79,425 85,612 1,262 84,350 91,531 1,308 90,223 96,410 1,380 95,030 95,030 1,421 93,609 93,609 1,284 92,325 92,325 1,185 91,140 113,787 1,108 112,679 120,035 1,693 118,342 124,529 1,728 122,800 125,893 1,721 124,172 134,621 1,649 132,972 136,066 1,831 134,235 140,421 1,741 138,680 146,036 1,779 144,257 150,444 1,864 148,580 148,580 1,878 146,702 146,702 1,726 144,976 144,976 1,616 143,360 179,608 1,528 178,080 185,611 2,620 182,992 192,798 2,475 190,323 196,860 2,527 194,333 205,133 2,466 202,667 Apple Proved Reserves 39,713 42,175 45,111 47,515 46,804 46,162 45,570 56,339 59,171 61,400 62,086 66,486 67,117 69,340 72,129 74,290 73,351 72,488 71,680 89,040 91,496 95,161 97,167 101,333 $118,342 $122,800 $124,172 $132,972 $134,235 $138,680 $144,257 $148,580 $146,702 $144,976 $143,360 $178,080 $182,992 $190,323 $194,333 $202,667 $3,654 $6,457 $10,969 $17,409 $19,407 $21,882 $23,051 $24,489 $44,114 $51,804 $59,126 $65,996 $74,246 $130,842 1% 1.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.1x 0.1x - 0.0x 0.0x 0.0x 0.0x $202,583 16% 1.6x Net Operating Income Net Operating Cash Flow Cumulative NOLs ($1,008) ($658) ($718) ($347) $707 ($535) Proved Reserves (MMcfe) Apple Implied Value Apple Cumulative Cash Flow (Incl Upfront) 36 Months Apple Net Cash Flow Apple IRR Apple ROI 48 Months Apple Net Cash Flow Apple IRR Apple ROI 60 Months Apple Net Cash Flow Apple IRR Apple ROI 84 Months Apple Net Cash Flow Apple IRR Apple ROI $79,425 $84,350 $90,223 $95,030 $93,609 $92,325 $91,140 $112,679 ($41,976) ($38,300) ($33,788) ($29,921) ($28,132) ($27,599) ($27,636) ($16,022) ($1,701) ($1,249) ($1,360) ($940) $3,210 0% 0.0x $1,817 0% 0.0x $1,148 0% 0.0x ($9,926) 0% - $3,210 0% 0.0x $1,817 0% 0.0x $1,148 0% 0.0x $3,210 0% 0.0x $1,817 0% 0.0x $3,210 0% 0.0x $1,817 0% 0.0x - ($1,701) - ($1,701) - ($1,701) - - ($1,249) - ($1,249) - ($1,249) - - ($1,360) - ($1,360) - ($1,360) - - ($940) - ($940) - ($940) - ($9,962) ($6,756) ($3,016) $398 0% 0.0x ($1,253) 0% - $2,368 0% 0.0x ($9,926) 0% - $398 0% 0.0x ($1,253) 0% - $2,368 0% 0.0x ($2,130) 0% 0.0x $1,541 0% 0.0x $66 0% 0.0x $863 0% 0.0x ($2,324) 0% 0.0x $4,353 0% 0.0x $2,895 0% 0.1x $3,053 0% 0.1x ($15,094) 0% - $2,779 0% 0.0x ($9) 0% 0.0x $2,859 0% 0.0x $1,148 0% 0.0x ($9,926) 0% - $398 0% 0.0x ($1,253) 0% - $2,368 0% 0.0x ($2,130) 0% 0.0x $1,541 0% 0.0x $66 0% 0.0x $863 0% 0.0x ($2,324) 0% 0.0x $4,353 0% 0.0x $2,895 0% 0.1x $3,053 0% 0.1x ($15,094) 0% - $2,779 0% 0.0x ($9) 0% 0.0x $2,859 0% 0.0x ($84) 0% 0.0x $1,148 0% 0.0x ($9,926) 0% - $398 0% 0.0x ($1,253) 0% - $2,368 0% 0.0x ($2,130) 0% 0.0x $1,541 0% 0.0x $66 0% 0.0x $863 0% 0.0x ($2,324) 0% 0.0x $4,353 0% 0.0x $2,895 0% 0.1x $3,053 0% 0.1x ($15,094) 0% - $2,779 0% 0.0x ($9) 0% 0.0x $2,859 0% 0.0x ($84) 0% 0.0x Production Production (MMcfe) Cumulative Production (MMcfe) Daily Production (MMcfe/d) Apple Implied Value Apple Cumulative Cash Flow (Incl Upfront) 36 Months Apple Net Cash Flow Apple IRR Apple ROI 48 Months Apple Net Cash Flow Apple IRR Apple ROI 60 Months Apple Net Cash Flow Apple IRR Apple ROI 84 Months Apple Net Cash Flow Apple IRR Apple ROI 608 631 654 690 710 642 593 554 846 864 861 824 915 871 889 932 939 863 808 764 1,310 1,238 1,263 1,233 5,525 6,156 6,810 7,500 8,210 8,852 9,445 9,999 10,845 11,709 12,570 13,394 14,310 15,181 16,070 17,002 17,941 18,804 19,612 20,376 21,686 22,923 24,186 25,419 20.3 20.4 21.8 22.3 22.9 22.9 19.1 18.5 27.3 28.8 27.8 26.6 30.5 28.1 29.6 30.1 30.3 30.8 26.1 25.5 42.3 41.3 40.8 39.8 $182,315 $183,176 $196,140 $200,317 $206,260 $206,348 $172,038 $166,177 $245,714 $259,272 $249,887 $239,330 $274,635 $252,746 $266,790 $270,568 $272,568 $277,417 $234,545 $229,226 $380,287 $371,268 $366,771 $357,967 $60,914 $60,525 $72,129 $75,367 $84,519 $86,424 $53,263 $37,476 $117,411 $129,716 $122,699 $110,012 $146,857 $125,034 $139,941 $141,395 $147,748 $155,492 $115,673 $95,260 $249,100 $240,072 $238,434 $229,546 ($1,701) ($1,249) ($1,360) $3,210 0% 0.0x $1,817 0% 0.0x $1,148 0% 0.0x ($9,926) 0% - $398 0% 0.0x ($1,253) 0% - $2,368 0% 0.0x $237,200 35% 1.8x 0.0x 0.0x 0.0x 0.0x 0.0x 0.1x 0.1x - 0.0x 0.0x 0.0x 0.0x $3,210 0% 0.0x $1,817 0% 0.0x $1,148 0% 0.0x ($9,926) 0% - $398 0% 0.0x ($1,253) 0% - $2,368 0% 0.0x ($2,130) 0% 0.0x $1,541 0% 0.0x $66 0% 0.0x $863 0% 0.0x ($2,324) 0% 0.0x $4,353 0% 0.0x $2,895 0% 0.1x $3,053 0% 0.1x ($15,094) 0% - $2,779 0% 0.0x ($9) 0% 0.0x $2,859 0% 0.0x $357,883 40% 2.7x $3,210 0% 0.0x $1,817 0% 0.0x $1,148 0% 0.0x ($9,926) 0% - $398 0% 0.0x ($1,253) 0% - $2,368 0% 0.0x ($2,130) 0% 0.0x $1,541 0% 0.0x $66 0% 0.0x $863 0% 0.0x ($2,324) 0% 0.0x $4,353 0% 0.0x $2,895 0% 0.1x $3,053 0% 0.1x ($15,094) 0% - $2,779 0% 0.0x ($9) 0% 0.0x $2,859 0% 0.0x ($84) 0% 0.0x $3,210 0% 0.0x $1,817 0% 0.0x $1,148 0% 0.0x ($9,926) 0% - $398 0% 0.0x ($1,253) 0% - $2,368 0% 0.0x ($2,130) 0% 0.0x $1,541 0% 0.0x $66 0% 0.0x $863 0% 0.0x ($2,324) 0% 0.0x $4,353 0% 0.0x $2,895 0% 0.1x $3,053 0% 0.1x ($15,094) 0% - $2,779 0% 0.0x ($9) 0% 0.0x $2,859 0% 0.0x ($84) 0% 0.0x - ($1,701) - ($1,701) - ($1,701) - - ($1,249) - ($1,249) - ($1,249) - - ($1,360) - ($1,360) - ($1,360) - ($940) - ($940) - ($940) - ($940) -
  • 126. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income Taxes NOLs Used Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 M ar-15 Apr-15 M ay-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 M ar-16 Apr-16 M ay-16 Jun-16 Jul-16 Aug-16 9 49 10 50 11 51 12 52 1 53 2 54 3 55 4 56 5 57 6 58 7 59 8 60 9 61 10 62 11 63 12 64 1 65 2 66 3 67 4 68 5 69 6 70 7 71 8 72 $7,895 ($4,977) ($42) $2,877 $7,809 ($6,612) ($41) $1,156 $8,262 ($5,066) ($42) $3,154 $8,396 ($8,231) ($42) $122 $8,850 ($2,572) ($44) $6,235 $7,934 ($2,574) ($39) $5,321 $7,239 ($3,468) ($37) $3,735 $6,552 ($15,401) ($35) ($8,884) $9,883 ($6,324) ($53) $3,506 $9,609 ($6,519) ($51) $3,039 $9,278 ($4,964) ($49) $4,264 $9,136 ($7,524) ($48) $1,564 $9,861 ($5,896) ($52) $3,912 $9,681 ($5,024) ($51) $4,606 $9,766 ($6,442) ($50) $3,274 $10,411 ($8,006) ($52) $2,353 $10,250 ($4,549) ($52) $5,649 $9,520 ($3,871) ($48) $5,600 $8,980 ($4,773) ($45) $4,161 $8,551 ($20,507) ($43) ($11,999) $12,752 ($9,096) ($65) $3,591 $12,403 ($7,920) ($63) $4,419 $12,048 ($8,879) ($62) $3,107 $12,116 ($8,479) ($62) $3,574 $1,007 $405 $1,104 $43 $2,182 $1,862 $1,307 - $1,227 $1,064 $1,493 $547 $1,369 $1,612 $1,146 $824 $1,977 $1,960 $1,456 - $1,257 $1,547 $1,087 $1,251 ($1,007) ($405) ($1,104) ($43) ($2,182) ($1,862) ($1,307) - ($1,227) ($1,064) ($1,493) ($547) ($1,369) ($1,612) ($1,146) ($824) ($1,977) ($1,960) ($1,456) - ($1,257) ($1,547) ($1,087) ($1,251) Net Operating Income $2,877 $1,156 $3,154 $122 $6,235 $5,321 $3,735 ($8,884) $3,506 $3,039 $4,264 $1,564 $3,912 $4,606 $3,274 $2,353 $5,649 $5,600 $4,161 ($11,999) $3,591 $4,419 $3,107 $3,574 Net Operating Cash Flow $7,895 $7,809 $8,262 $8,396 $8,850 $7,934 $7,239 $6,552 $9,883 $9,609 $9,278 $9,136 $9,861 $9,681 $9,766 $10,411 $10,250 $9,520 $8,980 $8,551 $12,752 $12,403 $12,048 $12,116 ($77,636) ($77,232) ($76,128) ($76,085) ($73,903) ($72,041) ($70,733) ($79,617) ($78,390) ($77,326) ($75,834) ($75,286) ($73,917) ($72,305) ($71,159) ($70,336) ($68,358) ($66,398) ($64,942) ($76,941) ($75,684) ($74,137) ($73,050) ($71,799) Proved Reserves Production Remaining Proved Reserves 209,204 2,582 206,623 216,429 2,535 213,894 221,425 2,629 218,796 228,602 2,615 225,987 225,987 2,710 223,278 223,278 2,444 220,833 220,833 2,278 218,555 257,395 2,153 255,241 268,036 3,270 264,766 272,248 3,179 269,069 276,551 3,063 273,488 289,551 3,009 286,542 294,024 3,241 290,784 298,266 3,159 295,108 307,902 3,121 304,781 312,264 3,250 309,014 309,014 3,208 305,806 305,806 2,984 302,822 302,822 2,821 300,002 353,043 2,691 350,352 363,934 4,037 359,897 369,322 3,940 365,381 377,970 3,836 374,134 387,507 3,871 383,636 Apple Proved Reserves 103,311 106,947 109,398 112,994 111,639 110,417 109,278 127,621 132,383 134,534 136,744 143,271 145,392 147,554 152,391 154,507 152,903 151,411 150,001 175,176 179,949 182,691 187,067 191,818 $206,623 $213,894 $218,796 $225,987 $223,278 $220,833 $218,555 $255,241 $264,766 $269,069 $273,488 $286,542 $290,784 $295,108 $304,781 $309,014 $305,806 $302,822 $300,002 $350,352 $359,897 $365,381 $374,134 $383,636 $80,972 $88,777 $96,741 $102,958 $107,279 $110,949 $112,905 $137,308 $150,000 $156,967 $165,813 $179,774 $187,842 $196,996 $209,721 $215,600 $218,502 $221,809 $223,553 $257,149 $269,397 $278,823 $289,924 $302,401 36 Months Apple Net Cash Flow Apple IRR Apple ROI 0.1x 0.1x 0.1x 0.1x 0.1x 0.2x 0.2x 0.1x 0.1x 0.2x 0.2x 0.2x 0.2x 0.3x 0.3x 0.3x 0.3x 0.4x 0.4x 0.3x 0.3x 0.4x 0.4x 0.4x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 0.1x 0.1x 0.1x 0.1x 0.1x 0.2x 0.2x 0.1x 0.1x 0.2x 0.2x 0.2x 0.2x 0.3x 0.3x 0.3x 0.3x 0.4x 0.4x 0.3x 0.3x 0.4x 0.4x 0.4x 60 Months Apple Net Cash Flow Apple IRR Apple ROI $2,770 0% 0.1x $534 0% 0.1x $3,062 0% 0.1x ($974) 0% 0.1x $7,030 0% 0.1x $6,114 0% 0.2x $4,234 0% 0.2x ($12,283) 0% 0.1x $3,168 0% 0.1x $2,664 0% 0.2x $4,428 0% 0.2x $287,448 24% 2.3x 0.2x 0.3x 0.3x 0.3x 0.3x 0.4x 0.4x 0.3x 0.3x 0.4x 0.4x 0.4x 84 Months Apple Net Cash Flow Apple IRR Apple ROI $2,770 0% 0.1x $534 0% 0.1x $3,062 0% 0.1x ($974) 0% 0.1x $7,030 0% 0.1x $6,114 0% 0.2x $4,234 0% 0.2x ($12,283) 0% 0.1x $3,168 0% 0.1x $2,664 0% 0.2x $4,428 0% 0.2x $906 0% 0.2x $3,826 0% 0.2x $4,831 0% 0.3x $3,051 0% 0.3x $1,646 0% 0.3x $6,110 0% 0.3x $6,290 0% 0.4x $4,565 0% 0.4x $2,702 0% 0.3x $3,943 0% 0.4x $2,348 0% 0.4x $2,976 0% 0.4x Cumulative NOLs Proved Reserves (MMcfe) Apple Implied Value Apple Cumulative Cash Flow (Incl Upfront) ($16,754) 0% 0.3x Production Production (MMcfe) Cumulative Production (MMcfe) 1,291 1,267 1,314 1,307 1,355 1,222 1,139 1,077 1,635 1,590 1,532 1,504 1,620 1,579 1,561 1,625 1,604 1,492 1,410 1,345 2,019 1,970 1,918 1,936 26,710 27,978 29,292 30,600 31,954 33,177 34,316 35,392 37,027 38,617 40,149 41,653 43,274 44,853 46,413 48,038 49,642 51,134 52,544 53,890 55,908 57,878 59,796 61,732 43.0 40.9 43.8 42.2 43.7 43.6 36.7 35.9 52.7 53.0 49.4 48.5 54.0 50.9 52.0 52.4 51.7 51.4 45.5 44.8 65.1 65.7 61.9 62.4 Apple Implied Value $387,275 $367,940 $394,337 $379,576 $393,340 $392,829 $330,704 $322,989 $474,716 $476,914 $444,688 $436,762 $486,091 $458,500 $468,159 $471,723 $465,661 $462,960 $409,452 $403,610 $586,034 $591,053 $556,828 $561,981 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $261,624 $242,823 $272,283 $256,547 $277,342 $282,944 $225,053 $205,056 $359,950 $364,812 $337,014 $329,994 $383,149 $360,389 $373,099 $378,309 $378,357 $381,946 $333,003 $310,407 $495,533 $504,495 $472,617 $480,746 36 Months Apple Net Cash Flow Apple IRR Apple ROI 0.1x 0.1x 0.1x 0.1x 0.1x 0.2x 0.2x 0.1x 0.1x 0.2x 0.2x 0.2x 0.2x 0.3x 0.3x 0.3x 0.3x 0.4x 0.4x 0.3x 0.3x 0.4x 0.4x 0.4x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 0.1x 0.1x 0.1x 0.1x 0.1x 0.2x 0.2x 0.1x 0.1x 0.2x 0.2x 0.2x 0.2x 0.3x 0.3x 0.3x 0.3x 0.4x 0.4x 0.3x 0.3x 0.4x 0.4x 0.4x 60 Months Apple Net Cash Flow Apple IRR Apple ROI $2,770 0% 0.1x $534 0% 0.1x $3,062 0% 0.1x ($974) 0% 0.1x $7,030 0% 0.1x $6,114 0% 0.2x $4,234 0% 0.2x ($12,283) 0% 0.1x $3,168 0% 0.1x $2,664 0% 0.2x $4,428 0% 0.2x $437,669 37% 3.5x 0.2x 0.3x 0.3x 0.3x 0.3x 0.4x 0.4x 0.3x 0.3x 0.4x 0.4x 0.4x 84 Months Apple Net Cash Flow Apple IRR Apple ROI $2,770 0% 0.1x $534 0% 0.1x $3,062 0% 0.1x ($974) 0% 0.1x $7,030 0% 0.1x $6,114 0% 0.2x $4,234 0% 0.2x ($12,283) 0% 0.1x $3,168 0% 0.1x $2,664 0% 0.2x $4,428 0% 0.2x $906 0% 0.2x $3,826 0% 0.2x $4,831 0% 0.3x $3,051 0% 0.3x $1,646 0% 0.3x $6,110 0% 0.3x $6,290 0% 0.4x $4,565 0% 0.4x $2,702 0% 0.3x $3,943 0% 0.4x $2,348 0% 0.4x $2,976 0% 0.4x ($16,754) 0% 0.3x
  • 127. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income Taxes NOLs Used Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 M ar-17 Apr-17 M ay-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 M ar-18 Apr-18 M ay-18 Jun-18 Jul-18 Aug-18 9 73 10 74 11 75 12 76 1 77 2 78 3 79 4 80 5 81 6 82 7 83 8 84 9 85 10 86 11 87 12 88 1 89 2 90 3 91 4 92 5 93 6 94 7 95 8 96 $12,304 ($9,136) ($63) $3,105 $12,396 ($7,120) ($64) $5,212 $12,254 ($9,232) ($63) $2,959 $12,510 ($10,983) ($65) $1,462 $12,405 ($4,462) ($65) $7,879 $11,584 ($4,469) ($60) $7,055 $10,977 ($4,684) ($57) $6,237 $10,490 ($26,610) ($55) ($16,175) $15,233 ($9,391) ($80) $5,762 $14,695 ($9,354) ($77) $5,264 $14,455 ($9,180) ($76) $5,200 $14,358 ($9,460) ($75) $4,823 $14,421 ($9,433) ($76) $4,912 $14,422 ($9,249) ($76) $5,096 $14,446 ($9,540) ($76) $4,830 $14,579 ($9,505) ($77) $4,997 $14,629 ($3,386) ($77) $11,167 $13,672 ($3,384) ($72) $10,216 $12,984 ($4,271) ($69) $8,645 $12,440 ($17,309) ($66) ($4,935) $15,119 ($7,082) ($80) $7,957 $14,762 ($7,260) ($78) $7,424 $14,303 ($5,690) ($76) $8,537 $14,000 ($8,232) ($74) $5,694 $1,087 $1,824 $1,036 $512 $2,758 $2,469 $2,183 - $2,017 $1,842 $1,820 $1,688 $1,719 $1,784 $1,691 $1,749 $3,908 $3,576 $3,026 - $2,785 $2,598 $2,988 $1,993 ($1,087) ($1,824) ($1,036) ($512) ($2,758) ($2,469) ($2,183) - ($2,017) ($1,842) ($1,820) ($1,688) ($1,719) ($1,784) ($1,691) ($1,749) ($3,908) ($3,576) ($3,026) - ($2,785) ($2,598) ($2,988) ($1,993) $3,105 $5,212 $2,959 $1,462 $7,879 $7,055 $6,237 ($16,175) $5,762 $5,264 $5,200 $4,823 $4,912 $5,096 $4,830 $4,997 $11,167 $10,216 $8,645 ($4,935) $7,957 $7,424 $8,537 $5,694 $12,304 $12,396 $12,254 $12,510 $12,405 $11,584 $10,977 $10,490 $15,233 $14,695 $14,455 $14,358 $14,421 $14,422 $14,446 $14,579 $14,629 $13,672 $12,984 $12,440 $15,119 $14,762 $14,303 $14,000 ($70,713) ($68,888) ($67,853) ($67,341) ($64,583) ($62,114) ($59,931) ($76,106) ($74,089) ($72,247) ($70,427) ($68,739) ($67,020) ($65,236) ($63,545) ($61,796) ($57,888) ($54,312) ($51,287) ($56,222) ($53,437) ($50,838) ($47,850) ($45,858) Proved Reserves Production Remaining Proved Reserves 396,224 3,938 392,286 401,711 3,979 397,732 411,314 3,940 407,374 416,799 4,034 412,765 412,765 4,005 408,760 408,760 3,744 405,016 405,016 3,553 401,462 463,791 3,400 460,390 473,204 4,961 468,243 480,064 4,785 475,279 487,099 4,710 482,389 495,203 4,683 490,520 502,340 4,705 497,635 509,455 4,710 504,746 517,560 4,722 512,837 524,658 4,768 519,890 519,890 4,787 515,103 515,103 4,479 510,625 510,625 4,259 506,365 542,820 4,085 538,735 548,593 4,956 543,637 549,547 4,843 544,704 550,614 4,697 545,917 558,731 4,602 554,129 Apple Proved Reserves 196,143 198,866 203,687 206,382 204,380 202,508 200,731 230,195 234,122 237,639 241,195 245,260 248,818 252,373 256,419 259,945 257,552 255,312 253,183 269,367 271,818 272,352 272,959 277,065 Apple Implied Value $392,286 $397,732 $407,374 $412,765 $408,760 $405,016 $401,462 $460,390 $468,243 $475,279 $482,389 $490,520 $497,635 $504,746 $512,837 $519,890 $515,103 $510,625 $506,365 $538,735 $543,637 $544,704 $545,917 $554,129 Apple Cumulative Cash Flow (Incl Upfront) $313,381 $323,947 $335,793 $341,344 $346,104 $350,304 $353,813 $390,191 $403,227 $414,982 $426,848 $439,287 $450,848 $462,681 $475,168 $486,825 $494,848 $502,221 $507,941 $532,400 $545,706 $554,591 $565,257 $579,239 36 Months Apple Net Cash Flow Apple IRR Apple ROI 0.4x 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.5x 0.5x 0.5x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.2x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 0.4x 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.5x 0.5x 0.5x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.2x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 0.4x 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.5x 0.5x 0.5x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.2x 84 Months Apple Net Cash Flow Apple IRR Apple ROI $2,329 0% 0.4x $5,121 0% 0.4x $2,204 0% 0.5x $160 0% 0.5x $494,828 29% 4.3x 0.7x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.2x Net Operating Income Net Operating Cash Flow Cumulative NOLs Proved Reserves (MMcfe) $8,765 (14%) 0.5x $7,944 (12%) 0.6x $7,062 (10%) 0.6x ($22,550) 0% 0.5x $5,183 0% 0.5x $4,720 (14%) 0.5x $4,755 (12%) 0.6x Production Production (MMcfe) Cumulative Production (MMcfe) 1,969 1,990 1,970 2,017 2,002 1,872 1,777 1,700 2,480 2,392 2,355 2,341 2,353 2,355 2,361 2,384 2,393 2,239 2,130 2,043 2,478 2,421 2,349 2,301 63,701 65,691 67,660 69,677 71,680 73,552 75,329 77,029 79,509 81,902 84,257 86,598 88,951 91,306 93,667 96,051 98,444 100,683 102,813 104,855 107,334 109,755 112,104 114,405 65.6 64.2 65.7 65.1 64.6 66.9 57.3 56.7 80.0 79.7 76.0 75.5 78.4 76.0 78.7 76.9 77.2 80.0 68.7 68.1 79.9 80.7 75.8 74.2 Apple Implied Value $590,731 $577,625 $590,932 $585,587 $581,365 $601,730 $515,821 $510,072 $720,098 $717,719 $683,741 $679,748 $705,778 $683,666 $708,339 $692,084 $694,817 $719,769 $618,313 $612,791 $719,488 $726,444 $681,834 $667,975 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $511,826 $503,840 $519,351 $514,166 $518,709 $547,019 $468,172 $439,873 $655,082 $657,423 $628,199 $628,515 $658,991 $641,600 $670,670 $659,019 $674,561 $711,366 $619,889 $606,456 $721,557 $736,331 $701,174 $693,084 36 Months Apple Net Cash Flow Apple IRR Apple ROI 0.4x 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.5x 0.5x 0.5x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.2x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 0.4x 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.5x 0.5x 0.5x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.2x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 0.4x 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.5x 0.5x 0.5x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.2x 84 Months Apple Net Cash Flow Apple IRR Apple ROI $2,329 0% 0.4x $5,121 0% 0.4x $2,204 0% 0.5x $160 0% 0.5x $684,056 35% 5.7x 0.7x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.2x $8,765 (14%) 0.5x $7,944 (12%) 0.6x $7,062 (10%) 0.6x ($22,550) 0% 0.5x $5,183 0% 0.5x $4,720 (14%) 0.5x $4,755 (12%) 0.6x
  • 128. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 M ar-19 Apr-19 M ay-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 M ar-20 Apr-20 M ay-20 Jun-20 Jul-20 Aug-20 9 97 10 98 11 99 12 100 1 101 2 102 3 103 4 104 5 105 6 106 7 107 8 108 9 109 10 110 11 111 12 112 1 113 2 114 3 115 4 116 5 117 6 118 7 119 8 120 $14,369 ($6,588) ($76) $7,705 $14,048 ($5,704) ($74) $8,270 $13,827 ($7,106) ($73) $6,648 $13,997 ($7,269) ($74) $6,654 $13,787 ($2,045) ($73) $11,669 $13,127 ($2,029) ($70) $11,028 $12,628 ($2,220) ($67) $10,340 $12,218 ($9,016) ($65) $3,137 $11,959 ($2,162) ($64) $9,734 $11,730 ($2,067) ($62) $9,601 $11,434 ($1,822) ($61) $9,550 $11,164 ($2,048) ($60) $9,057 $11,010 ($1,954) ($59) $8,998 $10,775 ($1,707) ($57) $9,010 $10,556 ($1,933) ($56) $8,567 $10,445 ($1,828) ($56) $8,562 $10,247 ($1,607) ($55) $8,586 $10,060 ($1,590) ($54) $8,416 $9,883 ($1,778) ($53) $8,052 $9,718 ($1,706) ($52) $7,960 $9,656 ($1,660) ($52) $7,945 $9,592 ($1,554) ($51) $7,987 $9,435 ($1,307) ($51) $8,077 $9,287 ($1,515) ($50) $7,722 $2,997 $3,005 $2,946 $2,818 $2,786 $2,781 $2,795 $2,827 $2,703 - - - - - - - - $2,697 $2,894 $2,327 $2,329 $4,084 $3,860 $3,619 $1,098 $3,407 $3,360 $3,343 $3,170 $3,149 $3,153 $2,998 ($2,697) ($2,894) ($2,327) ($2,329) ($4,084) ($3,860) ($3,619) ($1,098) ($3,407) ($3,360) ($3,343) ($3,170) ($3,149) ($3,153) ($2,998) $7,705 $8,270 $6,648 $6,654 $11,669 $11,028 $10,340 $3,137 $9,734 $9,601 $9,550 $9,057 $8,998 $9,010 $8,567 $5,935 $5,581 $5,471 $5,234 $5,174 $5,164 $5,191 $5,250 $5,019 $14,369 $14,048 $13,827 $13,997 $13,787 $13,127 $12,628 $12,218 $11,959 $11,730 $11,434 $11,164 $11,010 $10,775 $10,556 $7,818 $7,242 $7,115 $7,065 $6,932 $6,876 $6,796 $6,608 $6,584 ($43,161) ($40,267) ($37,940) ($35,611) ($31,527) ($27,667) ($24,048) ($22,950) ($19,543) ($16,183) ($12,841) ($9,671) ($6,521) ($3,368) - - - - - - - - - Proved Reserves Production Remaining Proved Reserves 560,039 4,724 555,316 561,226 4,622 556,603 566,462 4,554 561,909 567,819 4,611 563,208 563,208 4,544 558,664 558,664 4,330 554,335 554,335 4,170 550,165 568,889 4,037 564,852 565,845 3,951 561,894 561,894 3,875 558,019 558,019 3,780 554,239 555,233 3,694 551,539 551,539 3,642 547,896 547,896 3,567 544,330 545,323 3,497 541,826 541,826 3,460 538,366 538,366 3,396 534,970 534,970 3,337 531,633 531,633 3,282 528,351 529,345 3,229 526,116 527,109 3,207 523,902 523,902 3,185 520,717 520,717 3,135 517,582 518,575 3,089 515,487 Apple Proved Reserves 277,658 278,302 280,954 281,604 279,332 277,167 275,082 282,426 280,947 279,010 277,120 275,769 273,948 272,165 270,913 269,183 267,485 265,816 264,176 263,058 261,951 260,359 258,791 257,743 Apple Implied Value $555,316 $556,603 $561,909 $563,208 $558,664 $554,335 $550,165 $564,852 $561,894 $558,019 $554,239 $551,539 $547,896 $544,330 $541,826 $538,366 $534,970 $531,633 $528,351 $526,116 $523,902 $520,717 $517,582 $515,487 Apple Cumulative Cash Flow (Incl Upfront) $588,759 $599,246 $611,663 $620,015 $629,258 $638,055 $646,238 $663,703 $672,355 $679,935 $687,588 $695,703 $702,795 $710,003 $717,706 $721,789 $725,635 $729,412 $732,921 $737,267 $741,579 $744,916 $748,388 $752,527 36 Months Apple Net Cash Flow Apple IRR Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x Taxes NOLs Used Net Operating Income Net Operating Cash Flow Cumulative NOLs ($370) ($370) Proved Reserves (MMcfe) Production Production (MMcfe) Cumulative Production (MMcfe) 2,362 2,311 2,277 2,305 2,272 2,165 2,085 2,019 1,975 1,938 1,890 1,847 1,821 1,783 1,749 1,730 1,698 1,669 1,641 1,615 1,604 1,593 1,568 1,544 116,766 119,078 121,354 123,660 125,932 128,097 130,181 132,200 134,175 136,113 138,003 139,850 141,671 143,455 145,203 146,933 148,631 150,300 151,941 153,555 155,159 156,751 158,319 159,863 78.7 74.6 75.9 74.4 73.3 77.3 67.3 67.3 63.7 64.6 61.0 59.6 60.7 57.5 58.3 55.8 54.8 57.5 52.9 53.8 51.7 53.1 50.6 49.8 Apple Implied Value $708,556 $670,997 $683,038 $669,301 $659,554 $695,891 $605,252 $605,585 $573,529 $581,299 $548,715 $536,187 $546,364 $517,779 $524,569 $502,228 $493,021 $517,835 $476,357 $484,367 $465,550 $477,757 $455,134 $448,356 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $742,000 $713,639 $732,792 $726,107 $730,147 $779,611 $701,325 $704,436 $683,990 $703,215 $682,064 $680,351 $701,263 $683,453 $700,448 $685,651 $683,685 $715,615 $680,926 $695,519 $683,228 $701,955 $685,940 $685,396 36 Months Apple Net Cash Flow Apple IRR Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 1.2x 1.3x 1.4x 1.4x 1.5x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 2.4x 2.4x 2.5x 2.5x 2.6x 2.6x 2.7x 2.7x 2.8x
  • 129. M ONTHLY PROJECTI ONS ($000s) Date Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 M ar-21 Apr-21 M ay-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 M ar-22 Apr-22 M ay-22 Jun-22 Jul-22 Aug-22 9 121 10 122 11 123 12 124 1 125 2 126 3 127 4 128 5 129 6 130 7 131 8 132 9 133 10 134 11 135 12 136 1 137 2 138 3 139 4 140 5 141 6 142 7 143 8 144 $9,239 ($1,415) ($49) $7,774 $9,098 ($1,166) ($49) $7,883 $8,964 ($1,382) ($48) $7,533 $8,929 ($1,272) ($48) $7,610 $8,800 ($1,055) ($47) $7,698 $8,677 ($1,047) ($47) $7,584 $8,560 ($1,240) ($46) $7,274 $8,449 ($1,188) ($45) $7,216 $8,342 ($1,159) ($45) $7,139 $8,240 ($1,074) ($44) $7,122 $8,142 ($843) ($44) $7,256 $8,048 ($1,072) ($43) $6,932 $7,957 ($988) ($43) $6,925 $7,869 ($760) ($43) $7,067 $7,784 ($993) ($42) $6,749 $7,702 ($901) ($42) $6,758 $7,622 ($686) ($41) $6,895 $7,545 ($678) ($41) $6,826 $7,469 ($875) ($41) $6,554 $7,397 ($847) ($40) $6,509 $7,325 ($824) ($40) $6,461 $7,256 ($746) ($39) $6,470 $7,188 ($517) ($39) $6,632 $7,123 ($757) ($39) $6,327 $2,721 $2,759 $2,637 $2,663 $2,694 $2,654 $2,546 $2,525 $2,499 $2,493 $2,540 $2,426 $2,424 $2,473 $2,362 $2,365 $2,413 $2,389 $2,294 $2,278 $2,261 $2,265 $2,321 $2,214 - - - - - - - - - - - - - - - - - - - - - - - - Net Operating Income $5,053 $5,124 $4,897 $4,946 $5,004 $4,930 $4,728 $4,690 $4,640 $4,629 $4,716 $4,506 $4,501 $4,593 $4,387 $4,393 $4,482 $4,437 $4,260 $4,231 $4,200 $4,206 $4,311 $4,112 Net Operating Cash Flow $6,518 $6,339 $6,327 $6,266 $6,106 $6,023 $6,014 $5,924 $5,844 $5,748 $5,603 $5,622 $5,533 $5,396 $5,422 $5,336 $5,209 $5,156 $5,175 $5,118 $5,064 $4,991 $4,867 $4,908 - - - - - - - - - - - - - - - - - - - - - - - - Proved Reserves Production Remaining Proved Reserves 515,487 3,072 512,415 512,415 3,028 509,387 510,381 2,985 507,395 507,395 2,973 504,422 504,422 2,932 501,490 501,490 2,894 498,596 498,596 2,857 495,739 496,732 2,822 493,910 494,904 2,789 492,115 492,115 2,757 489,358 489,358 2,726 486,632 487,626 2,696 484,929 484,929 2,668 482,262 482,262 2,640 479,621 480,615 2,613 478,002 478,002 2,587 475,414 475,414 2,562 472,852 472,852 2,538 470,314 470,314 2,514 467,799 468,793 2,491 466,301 467,295 2,469 464,826 464,826 2,447 462,379 462,379 2,426 459,953 460,946 2,405 458,541 Apple Proved Reserves 256,207 254,693 253,698 252,211 250,745 249,298 247,869 246,955 246,057 244,679 243,316 242,465 241,131 239,811 239,001 237,707 236,426 235,157 233,900 233,151 232,413 231,189 229,976 229,270 Apple Implied Value $512,415 $509,387 $507,395 $504,422 $501,490 $498,596 $495,739 $493,910 $492,115 $489,358 $486,632 $484,929 $482,262 $479,621 $478,002 $475,414 $472,852 $470,314 $467,799 $466,301 $464,826 $462,379 $459,953 $458,541 Apple Cumulative Cash Flow (Incl Upfront) $755,698 $759,009 $762,994 $766,012 $769,186 $772,315 $775,197 $778,942 $782,641 $785,356 $788,233 $791,802 $794,392 $797,148 $800,600 $803,074 $805,720 $808,338 $810,724 $813,995 $817,233 $819,502 $821,943 $825,089 36 Months Apple Net Cash Flow Apple IRR Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x Investment Month Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income Taxes NOLs Used Cumulative NOLs Proved Reserves (MMcfe) Production Production (MMcfe) Cumulative Production (MMcfe) 1,536 1,514 1,493 1,487 1,466 1,447 1,429 1,411 1,394 1,378 1,363 1,348 1,334 1,320 1,307 1,294 1,281 1,269 1,257 1,246 1,235 1,224 1,213 1,203 161,399 162,913 164,406 165,892 167,359 168,805 170,234 171,645 173,040 174,418 175,781 177,129 178,463 179,783 181,090 182,384 183,665 184,934 186,191 187,437 188,671 189,895 191,108 192,311 51.2 48.8 49.8 48.0 47.3 51.7 46.1 47.0 45.0 45.9 44.0 43.5 44.5 42.6 43.6 41.7 41.3 45.3 40.6 41.5 39.8 40.8 39.1 38.8 Apple Implied Value $460,819 $439,481 $447,804 $431,573 $425,662 $465,078 $414,759 $423,345 $404,829 $413,523 $395,710 $391,408 $400,160 $383,242 $392,002 $375,603 $371,962 $407,909 $364,997 $373,716 $358,407 $367,093 $352,167 $349,170 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $704,103 $689,104 $703,403 $693,163 $693,358 $738,797 $694,218 $708,377 $695,355 $709,521 $697,311 $698,281 $712,290 $700,769 $714,600 $703,263 $704,830 $745,933 $707,922 $721,409 $710,814 $724,216 $714,157 $715,719 36 Months Apple Net Cash Flow Apple IRR Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 2.8x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.2x 3.3x 3.3x 3.3x 3.4x 3.4x 3.4x 3.5x 3.5x 3.6x 3.6x 3.6x 3.7x 3.7x 3.7x
  • 130. M ONTHLY PROJECTI ONS ($000s) Date Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 M ar-23 Apr-23 M ay-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 M ar-24 Apr-24 M ay-24 Jun-24 Jul-24 Aug-24 9 145 10 146 11 147 12 148 1 149 2 150 3 151 4 152 5 153 6 154 7 155 8 156 9 157 10 158 11 159 12 160 1 161 2 162 3 163 4 164 5 165 6 166 7 167 8 168 Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income $7,058 ($678) ($38) $6,342 $6,996 ($451) ($38) $6,507 $6,934 ($690) ($38) $6,206 $6,875 ($608) ($38) $6,229 $6,817 ($395) ($37) $6,384 $6,760 ($389) ($37) $6,334 $6,703 ($587) ($37) $6,079 $6,649 ($580) ($36) $6,032 $6,595 ($561) ($36) $5,998 $6,542 ($485) ($36) $6,021 $6,491 ($261) ($36) $6,194 $6,440 ($503) ($35) $5,902 $6,390 ($428) ($35) $5,927 $6,342 ($204) ($35) $6,103 $6,294 ($448) ($35) $5,812 $6,247 ($372) ($34) $5,841 $6,201 ($163) ($34) $6,004 $6,156 ($161) ($34) $5,961 $6,112 ($364) ($34) $5,714 $6,068 ($385) ($33) $5,649 $6,025 ($378) ($33) $5,614 $5,982 ($313) ($33) $5,636 $5,941 ($101) ($33) $5,807 $5,900 ($354) ($33) $5,513 Taxes $2,220 $2,277 $2,172 $2,180 $2,234 $2,217 $2,128 $2,111 $2,099 $2,107 $2,168 $2,066 $2,075 $2,136 $2,034 $2,044 $2,101 $2,086 $2,000 $1,977 $1,965 $1,973 $2,032 $1,930 - - - - - - - - - - - - - - - - - - - - - - - - Net Operating Income $4,122 $4,229 $4,034 $4,049 $4,150 $4,117 $3,952 $3,921 $3,899 $3,914 $4,026 $3,836 $3,853 $3,967 $3,778 $3,797 $3,903 $3,875 $3,714 $3,672 $3,649 $3,663 $3,774 $3,584 Net Operating Cash Flow $4,838 $4,719 $4,762 $4,695 $4,582 $4,543 $4,576 $4,537 $4,496 $4,435 $4,323 $4,374 $4,316 $4,206 $4,260 $4,203 $4,100 $4,070 $4,112 $4,090 $4,060 $4,010 $3,908 $3,970 - - - - - - - - - - - - - - - - - - - - - - - - Proved Reserves Production Remaining Proved Reserves 458,541 2,385 456,156 456,156 2,366 453,790 454,784 2,346 452,438 452,438 2,328 450,110 450,110 2,309 447,801 447,801 2,291 445,510 445,510 2,274 443,236 444,230 2,256 441,973 442,967 2,240 440,727 440,727 2,223 438,504 438,504 2,207 436,297 437,291 2,191 435,100 435,100 2,175 432,924 432,924 2,160 430,764 431,758 2,145 429,612 429,612 2,131 427,482 427,482 2,116 425,366 425,366 2,102 423,264 423,264 2,088 421,175 422,169 2,074 420,095 421,088 2,061 419,027 419,027 2,048 416,980 416,980 2,035 414,945 415,939 2,022 413,917 Apple Proved Reserves 228,078 226,895 226,219 225,055 223,900 222,755 221,618 220,987 220,364 219,252 218,149 217,550 216,462 215,382 214,806 213,741 212,683 211,632 210,588 210,047 209,514 208,490 207,473 206,958 Apple Implied Value $456,156 $453,790 $452,438 $450,110 $447,801 $445,510 $443,236 $441,973 $440,727 $438,504 $436,297 $435,100 $432,924 $430,764 $429,612 $427,482 $425,366 $423,264 $421,175 $420,095 $419,027 $416,980 $414,945 $413,917 Apple Cumulative Cash Flow (Incl Upfront) $827,268 $829,621 $832,680 $834,773 $837,046 $839,297 $841,324 $844,249 $847,148 $849,085 $851,201 $854,028 $855,893 $857,939 $860,697 $862,494 $864,478 $866,446 $868,194 $870,854 $873,497 $875,184 $877,057 $879,650 36 Months Apple Net Cash Flow Apple IRR Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x Investment Month Apple After-Tax Cash Flow Projections NOLs Used Cumulative NOLs Proved Reserves (MMcfe) Production Production (MMcfe) Cumulative Production (MMcfe) 1,193 1,183 1,173 1,164 1,155 1,146 1,137 1,128 1,120 1,112 1,103 1,096 1,088 1,080 1,073 1,065 1,058 1,051 1,044 1,037 1,030 1,024 1,017 1,011 193,503 194,686 195,859 197,023 198,177 199,323 200,460 201,588 202,708 203,819 204,923 206,018 207,106 208,186 209,259 210,324 211,382 212,433 213,477 214,515 215,545 216,569 217,586 218,597 39.8 38.2 39.1 37.5 37.2 40.9 36.7 37.6 36.1 37.1 35.6 35.3 36.3 34.8 35.8 34.4 34.1 36.2 33.7 34.6 33.2 34.1 32.8 32.6 Apple Implied Value $357,776 $343,385 $351,939 $337,867 $335,199 $368,236 $330,047 $338,468 $325,105 $333,465 $320,359 $318,060 $326,324 $313,588 $321,785 $309,278 $307,188 $326,169 $303,107 $311,150 $299,163 $307,147 $295,350 $293,495 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $728,888 $719,215 $732,182 $722,530 $724,444 $762,023 $728,135 $740,743 $731,526 $744,046 $735,263 $736,988 $749,293 $740,764 $752,870 $744,291 $746,301 $769,351 $750,126 $761,909 $753,632 $765,351 $757,462 $759,228 36 Months Apple Net Cash Flow Apple IRR Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 3.8x 3.8x 3.8x 3.9x 3.9x 3.9x 4.0x 4.0x 4.0x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.3x 4.3x 4.3x 4.4x 4.4x 4.4x 4.4x 4.5x
  • 131. M ONTHLY PROJECTI ONS ($000s) Date Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 M ar-25 Apr-25 M ay-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 M ar-26 Apr-26 M ay-26 Jun-26 Jul-26 Aug-26 9 169 10 170 11 171 12 172 1 173 2 174 3 175 4 176 5 177 6 178 7 179 8 180 9 181 10 182 11 183 12 184 1 185 2 186 3 187 4 188 5 189 6 190 7 191 8 192 Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income $5,860 ($291) ($32) $5,537 $5,820 ($79) ($32) $5,709 $5,781 ($334) ($32) $5,415 $5,743 ($269) ($32) $5,442 $5,705 ($63) ($32) $5,610 $5,668 ($63) ($31) $5,573 $5,631 ($269) ($31) $5,330 $5,594 ($315) ($31) $5,249 $5,559 ($315) ($31) $5,214 $5,524 ($258) ($31) $5,235 $5,489 ($52) ($31) $5,407 $5,455 ($315) ($30) $5,110 $5,421 ($258) ($30) $5,133 $5,388 ($52) ($30) $5,306 $5,355 ($315) ($30) $5,011 $5,322 ($258) ($30) $5,034 $5,291 ($52) ($30) $5,209 $5,259 ($52) ($29) $5,178 $5,228 ($258) ($29) $4,940 $5,197 ($315) ($29) $4,853 $5,167 ($315) ($29) $4,823 $5,136 ($258) ($29) $4,849 $5,107 ($52) ($29) $5,026 $5,077 ($315) ($28) $4,734 Taxes $1,938 $1,998 $1,895 $1,905 $1,964 $1,951 $1,866 $1,837 $1,825 $1,832 $1,892 $1,789 $1,796 $1,857 $1,754 $1,762 $1,823 $1,812 $1,729 $1,699 $1,688 $1,697 $1,759 $1,657 - - - - - - - - - - - - - - - - - - - - - - - - Net Operating Income $3,599 $3,711 $3,520 $3,537 $3,647 $3,623 $3,465 $3,412 $3,389 $3,403 $3,514 $3,322 $3,336 $3,449 $3,257 $3,272 $3,386 $3,366 $3,211 $3,155 $3,135 $3,152 $3,267 $3,077 Net Operating Cash Flow $3,922 $3,822 $3,886 $3,838 $3,741 $3,717 $3,765 $3,757 $3,734 $3,692 $3,597 $3,667 $3,625 $3,531 $3,601 $3,560 $3,468 $3,447 $3,499 $3,498 $3,479 $3,439 $3,348 $3,420 - - - - - - - - - - - - - - - - - - - - - - - - Proved Reserves Production Remaining Proved Reserves 413,917 2,009 411,908 411,908 1,997 409,911 410,904 1,985 408,920 408,920 1,973 406,947 406,947 1,961 404,986 404,986 1,949 403,037 403,037 1,938 401,100 402,093 1,926 400,167 401,161 1,915 399,245 399,245 1,904 397,341 397,341 1,893 395,448 396,442 1,883 394,559 394,559 1,872 392,687 392,687 1,862 390,825 391,819 1,851 389,967 389,967 1,841 388,126 388,126 1,831 386,295 386,295 1,821 384,473 384,473 1,812 382,662 383,655 1,802 381,853 382,847 1,793 381,054 381,054 1,783 379,271 379,271 1,774 377,497 378,491 1,765 376,726 Apple Proved Reserves 205,954 204,955 204,460 203,474 202,493 201,519 200,550 200,084 199,623 198,671 197,724 197,279 196,343 195,413 194,984 194,063 193,147 192,237 191,331 190,927 190,527 189,635 188,749 188,363 Apple Implied Value $411,908 $409,911 $408,920 $406,947 $404,986 $403,037 $401,100 $400,167 $399,245 $397,341 $395,448 $394,559 $392,687 $390,825 $389,967 $388,126 $386,295 $384,473 $382,662 $381,853 $381,054 $379,271 $377,497 $376,726 Apple Cumulative Cash Flow (Incl Upfront) $881,287 $883,112 $885,657 $887,247 $889,028 $890,796 $892,348 $894,823 $897,286 $898,798 $900,502 $902,929 $904,407 $906,076 $908,470 $909,914 $911,550 $913,176 $914,588 $916,927 $919,257 $920,638 $922,212 $924,511 36 Months Apple Net Cash Flow Apple IRR Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x Investment Month Apple After-Tax Cash Flow Projections NOLs Used Cumulative NOLs Proved Reserves (MMcfe) Production Production (MMcfe) Cumulative Production (MMcfe) 1,005 998 992 986 980 975 969 963 958 952 947 941 936 931 926 921 916 911 906 901 896 892 887 882 219,602 220,600 221,592 222,579 223,559 224,534 225,502 226,466 227,423 228,375 229,322 230,263 231,199 232,130 233,056 233,977 234,892 235,803 236,709 237,610 238,506 239,398 240,285 241,167 33.5 32.2 33.1 31.8 31.6 34.8 31.3 32.1 30.9 31.7 30.5 30.4 31.2 30.0 30.9 29.7 29.5 32.5 29.2 30.0 28.9 29.7 28.6 28.5 Apple Implied Value $301,389 $289,861 $297,690 $286,346 $284,632 $313,256 $281,268 $288,943 $278,009 $285,623 $274,839 $273,290 $280,819 $270,247 $277,717 $267,280 $265,839 $292,736 $262,984 $270,308 $260,211 $267,472 $257,496 $256,163 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $770,769 $763,063 $774,427 $766,646 $768,673 $801,015 $772,516 $783,599 $776,049 $787,080 $779,892 $781,660 $792,539 $785,498 $796,219 $789,068 $791,095 $821,439 $794,910 $805,382 $798,414 $808,839 $802,210 $803,948 36 Months Apple Net Cash Flow Apple IRR Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 4.5x 4.5x 4.6x 4.6x 4.6x 4.6x 4.7x 4.7x 4.7x 4.7x 4.8x 4.8x 4.8x 4.8x 4.9x 4.9x 4.9x 4.9x 5.0x 5.0x 5.0x 5.0x 5.1x 5.1x
  • 132. M ONTHLY PROJECTI ONS ($000s) Date Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 M ar-27 Apr-27 M ay-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27 Jan-28 Feb-28 M ar-28 Apr-28 M ay-28 Jun-28 Jul-28 Aug-28 9 193 10 194 11 195 12 196 1 197 2 198 3 199 4 200 5 201 6 202 7 203 8 204 9 205 10 206 11 207 12 208 1 209 2 210 3 211 4 212 5 213 6 214 7 215 8 216 Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income $5,048 ($258) ($28) $4,762 $5,019 ($52) ($28) $4,939 $4,991 ($315) ($28) $4,649 $4,963 ($258) ($28) $4,677 $4,935 ($52) ($28) $4,855 $4,908 ($52) ($28) $4,828 $4,880 ($258) ($27) $4,594 $4,853 ($315) ($27) $4,511 $4,827 ($315) ($27) $4,485 $4,800 ($258) ($27) $4,515 $4,774 ($52) ($27) $4,695 $4,748 ($315) ($27) $4,407 $4,722 ($258) ($27) $4,437 $4,696 ($52) ($27) $4,618 $4,671 ($315) ($26) $4,330 $4,646 ($258) ($26) $4,362 $4,621 ($52) ($26) $4,543 $4,597 ($52) ($26) $4,519 $4,572 ($258) ($26) $4,288 $4,548 ($315) ($26) $4,208 $4,524 ($315) ($26) $4,184 $4,500 ($258) ($26) $4,216 $4,476 ($52) ($25) $4,399 $4,453 ($315) ($25) $4,113 Taxes $1,667 $1,729 $1,627 $1,637 $1,699 $1,690 $1,608 $1,579 $1,570 $1,580 $1,643 $1,542 $1,553 $1,616 $1,516 $1,527 $1,590 $1,582 $1,501 $1,473 $1,464 $1,476 $1,540 $1,440 - - - - - - - - - - - - - - - - - - - - - - - - Net Operating Income $3,095 $3,210 $3,022 $3,040 $3,156 $3,138 $2,986 $2,932 $2,915 $2,934 $3,052 $2,864 $2,884 $3,002 $2,815 $2,835 $2,953 $2,937 $2,787 $2,735 $2,719 $2,740 $2,859 $2,674 Net Operating Cash Flow $3,382 $3,291 $3,364 $3,326 $3,236 $3,218 $3,272 $3,274 $3,257 $3,220 $3,131 $3,206 $3,169 $3,080 $3,156 $3,120 $3,031 $3,015 $3,072 $3,075 $3,060 $3,024 $2,937 $3,013 - - - - - - - - - - - - - - - - - - - - - - - - Proved Reserves Production Remaining Proved Reserves 376,726 1,756 374,970 374,970 1,747 373,224 374,217 1,738 372,480 372,480 1,729 370,751 370,751 1,720 369,030 369,030 1,712 367,319 367,319 1,703 365,616 366,609 1,695 364,914 365,908 1,686 364,222 364,222 1,678 362,544 362,544 1,670 360,874 361,867 1,662 360,205 360,205 1,654 358,552 358,552 1,646 356,906 357,899 1,638 356,261 356,261 1,630 354,631 354,631 1,622 353,009 353,009 1,615 351,394 351,394 1,607 349,787 350,781 1,600 349,181 350,175 1,592 348,583 348,583 1,585 346,998 346,998 1,577 345,421 346,415 1,570 344,845 Apple Proved Reserves 187,485 186,612 186,240 185,375 184,515 183,659 182,808 182,457 182,111 181,272 180,437 180,103 179,276 178,453 178,131 177,316 176,504 175,697 174,894 174,591 174,291 173,499 172,711 172,423 Apple Implied Value $374,970 $373,224 $372,480 $370,751 $369,030 $367,319 $365,616 $364,914 $364,222 $362,544 $360,874 $360,205 $358,552 $356,906 $356,261 $354,631 $353,009 $351,394 $349,787 $349,181 $348,583 $346,998 $345,421 $344,845 Apple Cumulative Cash Flow (Incl Upfront) $925,862 $927,406 $929,676 $930,998 $932,514 $934,020 $935,314 $937,537 $939,751 $941,018 $942,479 $944,666 $945,906 $947,341 $949,502 $950,717 $952,126 $953,526 $954,716 $956,835 $958,946 $960,111 $961,471 $963,558 36 Months Apple Net Cash Flow Apple IRR Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x Investment Month Apple After-Tax Cash Flow Projections NOLs Used Cumulative NOLs Proved Reserves (MMcfe) Production Production (MMcfe) Cumulative Production (MMcfe) 878 873 869 864 860 856 852 847 843 839 835 831 827 823 819 815 811 807 804 800 796 792 789 785 242,045 242,918 243,787 244,651 245,512 246,367 247,219 248,066 248,910 249,749 250,584 251,414 252,241 253,064 253,883 254,698 255,510 256,317 257,120 257,920 258,716 259,508 260,297 261,082 29.3 28.2 29.0 27.9 27.7 30.6 27.5 28.2 27.2 28.0 26.9 26.8 27.6 26.5 27.3 26.3 26.2 27.8 25.9 26.7 25.7 26.4 25.4 25.3 Apple Implied Value $263,343 $253,540 $260,665 $250,973 $249,720 $275,091 $247,229 $254,210 $244,802 $251,717 $242,408 $241,237 $248,071 $238,910 $245,695 $236,636 $235,505 $250,553 $233,284 $239,927 $231,091 $237,676 $228,940 $227,879 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $814,235 $807,723 $817,862 $811,221 $813,204 $841,792 $816,927 $826,833 $820,331 $830,191 $824,013 $825,697 $835,426 $829,345 $838,936 $832,721 $834,622 $852,685 $838,212 $847,581 $841,455 $850,789 $844,990 $846,592 36 Months Apple Net Cash Flow Apple IRR Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 5.1x 5.1x 5.2x 5.2x 5.2x 5.2x 5.3x 5.3x 5.3x 5.3x 5.3x 5.4x 5.4x 5.4x 5.4x 5.4x 5.5x 5.5x 5.5x 5.5x 5.6x 5.6x 5.6x 5.6x
  • 133. M ONTHLY PROJECTI ONS ($000s) Date Sep-28 Oct-28 Nov-28 Dec-28 Jan-29 Feb-29 M ar-29 Apr-29 M ay-29 Jun-29 Jul-29 Aug-29 Sep-29 Oct-29 Nov-29 Dec-29 Jan-30 Feb-30 M ar-30 Apr-30 M ay-30 Jun-30 Jul-30 Aug-30 9 217 10 218 11 219 12 220 1 221 2 222 3 223 4 224 5 225 6 226 7 227 8 228 9 229 10 230 11 231 12 232 1 233 2 234 3 235 4 236 5 237 6 238 7 239 8 240 Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income $4,429 ($258) ($25) $4,146 $4,406 ($52) ($25) $4,329 $4,383 ($315) ($25) $4,044 $4,361 ($258) ($25) $4,077 $4,337 ($52) ($25) $4,261 $4,315 ($52) ($25) $4,238 $4,293 ($258) ($24) $4,010 $4,270 ($315) ($24) $3,931 $4,248 ($315) ($24) $3,909 $4,226 ($258) ($24) $3,943 $4,204 ($52) ($24) $4,128 $4,182 ($315) ($24) $3,844 $4,160 ($258) ($24) $3,878 $4,139 ($52) ($24) $4,063 $4,118 ($315) ($24) $3,779 $4,096 ($258) ($23) $3,815 $4,075 ($52) ($23) $4,000 $4,054 ($52) ($23) $3,979 $4,033 ($258) ($23) $3,752 $4,012 ($315) ($23) $3,675 $3,991 ($315) ($23) $3,654 $3,971 ($258) ($23) $3,689 $3,950 ($52) ($23) $3,875 $3,930 ($315) ($23) $3,592 Taxes $1,451 $1,515 $1,415 $1,427 $1,491 $1,483 $1,403 $1,376 $1,368 $1,380 $1,445 $1,345 $1,357 $1,422 $1,323 $1,335 $1,400 $1,392 $1,313 $1,286 $1,279 $1,291 $1,356 $1,257 - - - - - - - - - - - - - - - - - - - - - - - - Net Operating Income $2,695 $2,814 $2,629 $2,650 $2,769 $2,755 $2,606 $2,555 $2,541 $2,563 $2,683 $2,499 $2,521 $2,641 $2,457 $2,480 $2,600 $2,586 $2,438 $2,388 $2,375 $2,398 $2,519 $2,335 Net Operating Cash Flow $2,978 $2,891 $2,968 $2,933 $2,846 $2,832 $2,889 $2,894 $2,880 $2,846 $2,759 $2,837 $2,803 $2,717 $2,795 $2,761 $2,675 $2,661 $2,720 $2,726 $2,713 $2,679 $2,594 $2,672 - - - - - - - - - - - - - - - - - - - - - - - - Proved Reserves Production Remaining Proved Reserves 344,845 1,562 343,283 343,283 1,555 341,727 342,721 1,548 341,173 341,173 1,541 339,632 339,632 1,534 338,098 338,098 1,527 336,571 336,571 1,520 335,052 336,045 1,513 334,532 335,526 1,506 334,020 334,020 1,499 332,521 332,521 1,492 331,029 332,023 1,485 330,537 330,537 1,479 329,059 329,059 1,472 327,587 328,581 1,465 327,116 327,116 1,458 325,657 325,657 1,452 324,205 324,205 1,445 322,760 322,760 1,439 321,321 322,315 1,432 320,883 321,876 1,426 320,451 320,451 1,419 319,032 319,032 1,413 317,619 318,612 1,406 317,206 Apple Proved Reserves 171,641 170,864 170,586 169,816 169,049 168,286 167,526 167,266 167,010 166,261 165,515 165,269 164,529 163,794 163,558 162,829 162,103 161,380 160,661 160,441 160,225 159,516 158,809 158,603 Apple Implied Value $343,283 $341,727 $341,173 $339,632 $338,098 $336,571 $335,052 $334,532 $334,020 $332,521 $331,029 $330,537 $329,059 $327,587 $327,116 $325,657 $324,205 $322,760 $321,321 $320,883 $320,451 $319,032 $317,619 $317,206 Apple Cumulative Cash Flow (Incl Upfront) $964,699 $966,035 $968,098 $969,216 $970,528 $971,833 $972,928 $974,953 $976,970 $978,042 $979,309 $981,304 $982,354 $983,599 $985,572 $986,600 $987,824 $989,040 $990,046 $991,984 $993,914 $994,899 $996,080 $997,990 36 Months Apple Net Cash Flow Apple IRR Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x Investment Month Apple After-Tax Cash Flow Projections NOLs Used Cumulative NOLs Proved Reserves (MMcfe) Production Production (MMcfe) Cumulative Production (MMcfe) 781 778 774 770 767 763 760 756 753 749 746 743 739 736 733 729 726 723 719 716 713 710 706 703 261,863 262,641 263,415 264,185 264,952 265,716 266,475 267,232 267,985 268,734 269,480 270,223 270,962 271,698 272,431 273,160 273,886 274,608 275,328 276,044 276,757 277,466 278,173 278,876 26.0 25.1 25.8 24.9 24.7 27.3 24.5 25.2 24.3 25.0 24.1 24.0 24.6 23.7 24.4 23.5 23.4 25.8 23.2 23.9 23.0 23.7 22.8 22.7 Apple Implied Value $234,368 $225,762 $232,213 $223,687 $222,646 $245,371 $220,612 $226,920 $218,589 $224,841 $216,599 $215,613 $221,778 $213,650 $219,768 $211,717 $210,748 $232,267 $208,840 $214,824 $206,951 $212,875 $205,077 $204,148 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $855,784 $850,069 $859,138 $853,271 $855,076 $880,633 $858,488 $867,340 $861,539 $870,361 $864,879 $866,380 $875,073 $869,662 $878,225 $872,660 $874,367 $898,547 $877,565 $885,925 $880,415 $888,743 $883,539 $884,932 36 Months Apple Net Cash Flow Apple IRR Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 5.6x 5.7x 5.7x 5.7x 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.8x 5.9x 5.9x 5.9x 5.9x 5.9x 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x 6.1x 6.1x
  • 134. M ONTHLY PROJECTI ONS ($000s) Date Sep-30 Oct-30 Nov-30 Dec-30 Jan-31 Feb-31 M ar-31 Apr-31 M ay-31 Jun-31 Jul-31 9 241 10 242 11 243 12 244 1 245 2 246 3 247 4 248 5 249 6 250 7 251 Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income $3,909 ($258) ($23) $3,629 $3,889 ($52) ($22) $3,815 $3,869 ($315) ($22) $3,532 $3,849 ($258) ($22) $3,569 $3,829 ($52) ($22) $3,755 $3,809 ($259) ($22) $3,528 $3,789 ($52) ($22) $3,715 $3,770 ($786) ($22) $2,962 $3,751 ($53) ($22) $3,676 $3,731 ($523) ($22) $3,186 $3,712 ($55) ($22) $3,635 Taxes $1,270 $1,335 $1,236 $1,249 $1,314 $1,235 $1,300 $1,037 $1,286 $1,115 $1,272 - - - - - - - - - - - Net Operating Income $2,359 $2,479 $2,296 $2,320 $2,441 $2,293 $2,415 $1,925 $2,389 $2,071 $2,363 Net Operating Cash Flow $2,639 $2,554 $2,633 $2,600 $2,515 $2,575 $2,489 $2,733 $2,464 $2,616 $2,439 - - - - - - - - - - - Proved Reserves Production Remaining Proved Reserves 317,206 1,400 315,806 315,806 1,394 314,412 315,406 1,387 314,019 314,019 1,381 312,637 312,637 1,375 311,263 311,263 1,369 309,894 309,894 1,362 308,531 310,519 1,356 309,162 309,162 1,350 307,812 308,806 1,344 307,462 307,462 1,338 306,124 Apple Proved Reserves 157,903 157,206 157,009 156,319 155,631 154,947 154,266 154,581 153,906 153,731 153,062 Investment Month Apple After-Tax Cash Flow Projections NOLs Used Cumulative NOLs Proved Reserves (MMcfe) Apple Implied Value $315,806 $314,412 $314,019 $312,637 $311,263 $309,894 $308,531 $309,162 $307,812 $307,462 $306,124 Apple Cumulative Cash Flow (Incl Upfront) $998,954 $1,000,115 $1,002,004 $1,002,948 $1,004,088 $1,005,019 $1,006,145 $1,008,534 $1,009,648 $1,011,288 $1,106,535 36 Months Apple Net Cash Flow Apple IRR Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x Production Production (MMcfe) Cumulative Production (MMcfe) 700 697 694 691 687 684 681 678 675 672 669 279,576 280,273 280,966 281,657 282,344 283,029 283,710 284,388 285,063 285,735 286,404 23.3 22.5 23.1 22.3 22.2 24.4 22.0 22.6 21.8 22.4 21.6 Apple Implied Value $210,003 $202,305 $208,106 $200,488 $199,580 $219,960 $197,778 $203,449 $196,005 $201,620 $194,240 Apple Cumulative Cash Flow (Incl Upfront) Daily Production (MMcfe/d) $893,151 $888,008 $896,091 $890,798 $892,406 $915,085 $895,392 $902,820 $897,841 $905,446 $994,651 36 Months Apple Net Cash Flow Apple IRR Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x 48 Months Apple Net Cash Flow Apple IRR Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x 60 Months Apple Net Cash Flow Apple IRR Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x 84 Months Apple Net Cash Flow Apple IRR Apple ROI 6.1x 6.1x 6.1x 6.2x 6.2x 6.2x 6.2x 6.2x 6.2x 6.3x 7.0x
  • 135. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 M ar-11 Apr-11 9 1 10 2 11 3 12 4 1 5 2 6 3 7 - - - - - - - M ay-11 4 8 Jun-11 5 9 Jul-11 6 10 Aug-11 7 11 Sep-11 8 12 Oct-11 9 13 Nov-11 10 14 Dec-11 11 15 Jan-12 12 16 Feb-12 1 17 M ar-12 2 18 Apr-12 3 19 M ay-12 4 20 Jun-12 5 21 Jul-12 6 22 Aug-12 7 23 8 24 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) 5,137 7,034 8,406 9,763 11,600 12,911 14,209 15,990 17,247 16,946 16,678 16,434 25,985 29,085 31,657 34,206 37,227 $12,911 Implied Debt Capacity $14,209 $15,990 $17,247 $16,946 $16,678 $16,434 $25,985 $29,085 $31,657 $34,206 $37,227 Using EBITDAX Apple LTM EBITDAX $5,242 $6,658 $8,200 $9,966 $11,817 $13,451 $14,913 $16,215 $18,297 $20,413 $22,589 $24,831 Implied Debt Capacity $13,105 $16,645 $20,500 $24,914 $29,543 $33,628 $37,283 $40,537 $45,741 $51,033 $56,472 $62,078 Implied Debt Capacity Using Minimum Result $12,911 $14,209 $15,990 $17,247 $16,946 $16,678 $16,434 $25,985 $29,085 $31,657 $34,206 $37,227 $3,182 2,025 1,157 6,363 $2,907 1,819 1,088 5,813 $3,257 2,081 1,175 6,513 $3,182 2,025 1,157 6,363 $2,030 1,365 665 4,061 $2,030 1,365 665 4,061 $2,305 1,571 734 4,611 $11,470 8,445 3,025 22,941 $5,410 3,801 1,609 10,821 $5,335 5,335 10,671 $5,060 5,060 10,121 $5,410 5,410 10,821 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) 153,062 21.6 19.4x $5.55 0.25 $849,145 $551,944 $144,840 $94,146 Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures Cumulative Apple Carry $63 63 125 $63 63 125 $63 63 125 $1,248 889 359 2,495 $1,392 683 709 2,783 $1,392 683 709 2,783 $1,667 889 778 3,333 $6,287 4,354 1,933 12,573 $3,257 2,081 1,175 6,513 $3,182 2,025 1,157 6,363 $2,907 1,819 1,088 5,813 $3,257 2,081 1,175 6,513 - - - $889 $1,571 $2,254 $3,143 $7,496 $9,578 $11,603 $13,421 $15,503 $17,528 $19,346 $21,428 $23,453 $24,818 $26,183 $27,754 $36,199 $40,000 $40,000 $40,000 $40,000 $63 $125 $188 $2,324 $4,398 $6,472 $9,027 $19,668 $25,005 $30,212 $34,937 $40,275 $45,482 $50,207 $55,545 $60,752 $64,147 $67,542 $71,419 $91,334 $100,546 $105,882 $110,942 $116,352 Apple Debt Capacity - - - - - - - - - - - - $12,911 $14,209 $15,990 $17,247 $16,946 $16,678 $16,434 $25,985 $29,085 $31,657 $34,206 $37,227 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance - - - - - - - - - - - - $5,207 $5,207 $5,207 $4,725 $9,932 $9,932 $5,338 $15,270 $15,270 $1,977 $17,247 $17,247 ($301) $16,946 $16,946 ($268) $16,678 $16,678 ($244) $16,434 $16,434 $9,551 $25,985 $25,985 $3,099 $29,085 $29,085 $2,572 $31,657 $31,657 $2,549 $34,206 $34,206 $3,021 $37,227 Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow - - - $803 $803 $957 $957 $1,056 $1,056 $1,155 $1,155 $1,321 13 $1,308 $1,416 38 $1,378 $1,542 63 $1,479 $1,761 81 $1,680 $1,845 85 $1,759 $1,625 84 $1,541 $1,449 83 $1,366 $1,286 106 $1,180 $2,885 138 $2,747 $3,074 152 $2,922 $3,231 165 $3,066 $3,397 179 $3,219 Cumulative Apple Total Capex Cumulative Apple Net Operating Cash Flow Apple Cumulative Cash Flow (Excl Upfront) Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow - - - ($5) ($5) ($7) ($7) ($9) ($9) ($14) ($14) ($16) ($16) ($5) ($11) ($20) ($34) ($50) $1,711 $2,767 $3,921 $5,229 $6,607 $8,086 $9,766 $11,525 $13,066 $14,432 $15,612 $18,359 $21,281 $24,348 $27,566 ($63) ($125) ($188) ($2,328) ($4,409) ($6,492) ($9,061) ($19,717) ($24,252) $754 ($28,501) ($32,171) ($36,354) ($35,046) ($33,668) ($32,189) ($33,738) ($35,676) ($37,798) ($40,553) ($49,737) ($53,103) ($52,944) ($52,388) ($51,559) ($30,000) (63) (2,100) ($32,163) (63) ($63) (63) ($63) (2,136) (5) ($2,141) (2,074) (7) ($2,081) (2,074) (9) ($2,083) (2,555) (14) ($2,569) (10,640) (16) ($10,656) (5,338) 803 ($4,535) (5,207) 957 ($4,249) (4,725) 1,056 ($3,670) (5,338) 1,155 ($4,183) (5,207) 1,321 5,207 $1,321 (4,725) 1,416 4,725 $1,416 (5,338) 1,542 5,338 $1,542 (5,207) 1,761 1,977 ($1,468) (3,395) 1,845 (301) ($1,852) (3,395) 1,625 (268) ($2,038) (3,877) 1,449 (244) ($2,672) (19,915) 1,286 9,551 ($9,079) (9,212) 2,885 3,099 ($3,228) (5,335) 3,074 2,572 $311 (5,060) 3,231 2,549 $720 (5,410) 3,397 3,021 $1,008 Apple IRR - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $440,881 $444,411 $448,086 $453,886 $459,313 $465,146 $471,394 $485,968 $494,360 $502,661 $510,447 $518,677 $521,561 $524,236 $526,942 $532,705 $538,620 $545,053 $552,032 $565,671 $573,373 $577,720 $581,690 $585,248 Apple Remaining PV - Apple Cumulative Cash Flow (Incl Upfront) ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($56,352) ($60,601) ($64,271) ($68,454) ($67,133) ($65,717) ($64,175) ($65,643) ($67,495) ($69,533) ($72,205) ($81,284) ($84,511) ($84,200) ($83,481) ($82,473) Apple Cumulative Investment ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($56,352) ($60,601) ($64,271) ($68,454) ($68,454) ($68,454) ($68,454) ($68,454) ($68,454) ($69,533) ($72,205) ($81,284) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) ($30,000) (63) - (63) - (63) - (2,136) (5) - (2,074) (7) - (2,074) (9) - (2,555) (14) - (10,640) (16) - (5,338) 803 - (5,207) 957 - (4,725) 1,056 - (5,338) 1,155 - (5,207) 1,308 5,207 (4,725) 1,378 4,725 (5,338) 1,479 5,338 (5,207) 1,680 1,977 (3,395) 1,759 (301) (3,395) 1,541 (268) (3,877) 1,366 (244) (19,915) 1,180 9,551 (9,212) 2,747 3,099 (5,335) 2,922 2,572 (5,060) 3,066 2,549 (5,410) 3,219 3,021
  • 136. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-12 Oct-12 9 25 Nov-12 10 26 Dec-12 11 27 Jan-13 12 28 Feb-13 1 29 M ar-13 2 30 Apr-13 3 31 M ay-13 4 32 Jun-13 5 33 Jul-13 6 34 Aug-13 7 35 Sep-13 8 36 Oct-13 9 37 Nov-13 10 38 Dec-13 11 39 Jan-14 12 40 Feb-14 1 41 M ar-14 2 42 Apr-14 3 43 M ay-14 4 44 Jun-14 5 45 Jul-14 6 46 Aug-14 7 47 8 48 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) 39,713 42,175 45,111 47,515 46,804 46,162 45,570 56,339 59,171 61,400 62,086 66,486 67,117 69,340 72,129 74,290 73,351 72,488 71,680 89,040 91,496 95,161 97,167 101,333 Implied Debt Capacity $39,713 $42,175 $45,111 $47,515 $46,804 $46,162 $45,570 $56,339 $59,171 $61,400 $62,086 $66,486 $67,117 $69,340 $72,129 $74,290 $73,351 $72,488 $71,680 $89,040 $91,496 $95,161 $97,167 $101,333 Using EBITDAX Apple LTM EBITDAX $27,145 $29,540 $32,048 $34,682 $37,447 $39,949 $42,234 $44,287 $46,580 $48,777 $50,829 $52,507 $54,513 $56,108 $57,701 $59,326 $60,889 $62,387 $63,802 $65,114 $67,915 $70,184 $72,611 $75,076 Implied Debt Capacity $67,862 $73,849 $80,119 $86,705 $93,617 $99,873 $105,584 $110,717 $116,449 $121,943 $127,073 $131,267 $136,283 $140,270 $144,252 $148,314 $152,223 $155,967 $159,505 $162,785 $169,788 $175,461 $181,527 $187,691 Implied Debt Capacity Using Minimum Result $39,713 $42,175 $45,111 $47,515 $46,804 $46,162 $45,570 $56,339 $59,171 $61,400 $62,086 $66,486 $67,117 $69,340 $72,129 $74,290 $73,351 $72,488 $71,680 $89,040 $91,496 $95,161 $97,167 $101,333 $5,335 5,335 10,671 $5,060 5,060 10,121 $5,410 5,410 10,821 $5,335 5,335 10,671 $1,400 1,400 2,800 $2,310 2,310 4,620 $2,585 2,585 5,170 $13,265 13,265 26,530 $4,780 4,780 9,560 $6,525 6,525 13,050 $2,915 2,915 5,830 $7,205 7,205 14,410 $4,100 4,100 8,200 $5,340 5,340 10,680 $4,780 4,780 9,560 $8,345 8,345 16,690 $1,820 1,820 3,640 $2,730 2,730 5,460 $2,095 2,095 4,190 $19,745 19,745 39,490 $5,200 5,200 10,400 $7,550 7,550 15,100 $4,850 4,850 9,700 $7,625 7,625 15,250 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $121,688 $126,748 $132,159 $137,494 $138,894 $141,204 $143,789 $157,053 $161,833 $168,358 $171,273 $178,478 $182,578 $187,917 $192,697 $201,042 $202,862 $205,592 $207,687 $227,432 $232,632 $240,182 $245,032 $252,657 Apple Debt Capacity $39,713 $42,175 $45,111 $47,515 $46,804 $46,162 $45,570 $56,339 $59,171 $61,400 $62,086 $66,486 $67,117 $69,340 $72,129 $74,290 $73,351 $72,488 $71,680 $89,040 $91,496 $95,161 $97,167 $101,333 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $37,227 $2,486 $39,713 $39,713 $2,462 $42,175 $42,175 $2,936 $45,111 $45,111 $2,403 $47,515 $47,515 ($710) $46,804 $46,804 ($642) $46,162 $46,162 ($593) $45,570 $45,570 $10,770 $56,339 $56,339 $2,831 $59,171 $59,171 $2,229 $61,400 $61,400 $686 $62,086 $62,086 $4,400 $66,486 $66,486 $631 $67,117 $67,117 $2,223 $69,340 $69,340 $2,789 $72,129 $72,129 $2,161 $74,290 $74,290 ($939) $73,351 $73,351 ($863) $72,488 $72,488 ($808) $71,680 $71,680 $17,360 $89,040 $89,040 $2,456 $91,496 $91,496 $3,665 $95,161 $95,161 $2,005 $97,167 $97,167 $4,167 $101,333 $3,634 192 $3,442 $3,811 205 $3,606 $4,050 218 $3,832 $4,395 232 $4,164 $4,610 236 $4,374 $4,127 232 $3,895 $3,733 229 $3,504 $3,339 255 $3,084 $5,178 289 $4,889 $5,272 301 $4,970 $5,283 309 $4,974 $5,075 321 $4,753 $5,641 334 $5,307 $5,406 341 $5,065 $5,643 354 $5,289 $6,020 366 $5,654 $6,173 369 $5,804 $5,625 365 $5,260 $5,148 360 $4,788 $4,651 402 $4,249 $7,979 451 $7,527 $7,541 467 $7,074 $7,709 481 $7,228 $7,541 496 $7,044 $140,300 $147,344 Cumulative Apple Carry Cumulative Apple Total Capex Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Cumulative Apple Net Operating Cash Flow $31,008 $34,614 $38,446 $42,610 $46,984 $50,879 $54,383 $57,467 $62,356 $67,326 $72,300 $77,054 $82,360 $87,425 $92,714 $98,368 $104,172 $109,433 $114,221 $118,470 $125,997 $133,071 Apple Cumulative Cash Flow (Excl Upfront) ($50,967) ($49,959) ($48,601) ($47,369) ($45,106) ($44,162) ($43,836) ($43,247) ($40,307) ($39,632) ($36,887) ($34,938) ($33,100) ($31,152) ($27,855) ($28,384) ($25,339) ($23,671) ($21,786) ($19,922) ($15,139) ($11,950) ($7,566) ($3,979) (5,335) 3,634 2,486 $784 (5,060) 3,811 2,462 $1,213 (5,410) 4,050 2,936 $1,576 (5,335) 4,395 2,403 $1,463 (1,400) 4,610 (710) $2,499 (2,310) 4,127 (642) $1,176 (2,585) 3,733 (593) $556 (13,265) 3,339 10,770 $844 (4,780) 5,178 2,831 $3,229 (6,525) 5,272 2,229 $976 (2,915) 5,283 686 $3,054 (7,205) 5,075 4,400 $2,270 (4,100) 5,641 631 $2,172 (5,340) 5,406 2,223 $2,289 (4,780) 5,643 2,789 $3,651 (8,345) 6,020 2,161 ($163) (1,820) 6,173 (939) $3,414 (2,730) 5,625 (863) $2,032 (2,095) 5,148 (808) $2,246 (19,745) 4,651 17,360 $2,266 (5,200) 7,979 2,456 $5,234 (7,550) 7,541 3,665 $3,656 (4,850) 7,709 2,005 $4,865 (7,625) 7,541 4,167 $4,083 Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow Apple IRR - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $589,214 $592,626 $595,854 $599,221 $601,101 $604,801 $608,998 $613,097 $614,664 $618,676 $620,625 $623,218 $626,094 $628,711 $630,140 $635,426 $636,649 $639,775 $642,544 $645,482 $645,283 $646,841 $647,195 $648,170 Apple Remaining PV - Apple Cumulative Cash Flow (Incl Upfront) ($81,688) ($80,475) ($78,899) ($77,436) ($74,937) ($73,761) ($73,205) ($72,362) ($69,132) ($68,156) ($65,102) ($62,832) ($60,660) ($58,371) ($54,720) ($54,883) ($51,469) ($49,437) ($47,191) ($44,926) ($39,691) ($36,035) ($31,170) ($27,088) Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (5,335) 3,442 2,486 (5,060) 3,606 2,462 (5,410) 3,832 2,936 (5,335) 4,164 2,403 (1,400) 4,374 (710) (2,310) 3,895 (642) (2,585) 3,504 (593) (13,265) 3,084 10,770 (4,780) 4,889 2,831 (6,525) 4,970 2,229 (2,915) 4,974 686 (7,205) 4,753 4,400 (4,100) 5,307 631 (5,340) 5,065 2,223 (4,780) 5,289 2,789 (8,345) 5,654 2,161 (1,820) 5,804 (939) (2,730) 5,260 (863) (2,095) 4,788 (808) (19,745) 4,249 17,360 (5,200) 7,527 2,456 (7,550) 7,074 3,665 (4,850) 7,228 2,005 (7,625) 7,044 4,167
  • 137. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-14 Oct-14 9 49 Nov-14 10 50 Dec-14 11 51 Jan-15 12 52 Feb-15 1 53 M ar-15 2 54 Apr-15 3 55 M ay-15 4 56 Jun-15 5 57 Jul-15 6 58 Aug-15 7 59 Sep-15 8 60 Oct-15 9 61 Nov-15 10 62 Dec-15 11 63 Jan-16 12 64 Feb-16 1 65 M ar-16 2 66 Apr-16 3 67 M ay-16 4 68 Jun-16 5 69 Jul-16 6 70 Aug-16 7 71 8 72 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) Implied Debt Capacity 103,311 106,947 109,398 112,994 111,639 110,417 109,278 127,621 132,383 134,534 136,744 143,271 145,392 147,554 152,391 154,507 152,903 151,411 150,001 175,176 179,949 182,691 187,067 191,818 $103,311 $106,947 $109,398 $112,994 $111,639 $110,417 $109,278 $127,621 $132,383 $134,534 $136,744 $143,271 $145,392 $147,554 $152,391 $154,507 $152,903 $151,411 $150,001 $175,176 $179,949 $182,691 $187,067 $191,818 Using EBITDAX Apple LTM EBITDAX $77,331 $79,734 $82,354 $84,729 $87,406 $89,715 $91,806 $93,707 $95,611 $97,679 $99,248 $100,843 $102,809 $104,681 $106,184 $108,200 $109,600 $111,186 $112,927 $114,926 $117,795 $120,589 $123,359 $126,338 Implied Debt Capacity $193,328 $199,335 $205,885 $211,822 $218,516 $224,289 $229,516 $234,268 $239,028 $244,198 $248,119 $252,108 $257,023 $261,702 $265,461 $270,501 $274,001 $277,964 $282,317 $287,314 $294,488 $301,472 $308,397 $315,845 Implied Debt Capacity Using Minimum Result $103,311 $106,947 $109,398 $112,994 $111,639 $110,417 $109,278 $127,621 $132,383 $134,534 $136,744 $143,271 $145,392 $147,554 $152,391 $154,507 $152,903 $151,411 $150,001 $175,176 $179,949 $182,691 $187,067 $191,818 $5,125 5,125 10,250 $7,275 7,275 14,550 $5,200 5,200 10,400 $9,370 9,370 18,740 $1,820 1,820 3,640 $1,820 1,820 3,640 $3,005 3,005 6,010 $18,835 18,835 37,670 $6,715 6,715 13,430 $6,945 6,945 13,890 $4,850 4,850 9,700 $8,230 8,230 16,460 $6,035 6,035 12,070 $4,850 4,850 9,700 $6,715 6,715 13,430 $8,765 8,765 17,530 $4,140 4,140 8,280 $3,230 3,230 6,460 $4,415 4,415 8,830 $25,305 25,305 50,610 $10,050 10,050 20,100 $8,460 8,460 16,920 $9,700 9,700 19,400 $9,140 9,140 18,280 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $257,782 $265,057 $270,257 $279,627 $281,447 $283,267 $286,272 $305,107 $311,822 $318,767 $323,617 $331,847 $337,882 $342,732 $349,447 $358,212 $362,352 $365,582 $369,997 $395,302 $405,352 $413,812 $423,512 $432,652 Apple Debt Capacity $103,311 $106,947 $109,398 $112,994 $111,639 $110,417 $109,278 $127,621 $132,383 $134,534 $136,744 $143,271 $145,392 $147,554 $152,391 $154,507 $152,903 $151,411 $150,001 $175,176 $179,949 $182,691 $187,067 $191,818 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $101,333 $1,978 $103,311 $103,311 $3,636 $106,947 $106,947 $2,451 $109,398 $109,398 $3,596 $112,994 $112,994 ($1,355) $111,639 $111,639 ($1,222) $110,417 $110,417 ($1,139) $109,278 $109,278 $18,343 $127,621 $127,621 $4,762 $132,383 $132,383 $2,151 $134,534 $134,534 $2,209 $136,744 $136,744 $6,527 $143,271 $143,271 $2,121 $145,392 $145,392 $2,162 $147,554 $147,554 $4,837 $152,391 $152,391 $2,116 $154,507 $154,507 ($1,604) $152,903 $152,903 ($1,492) $151,411 $151,411 ($1,410) $150,001 $150,001 $25,175 $175,176 $175,176 $4,772 $179,949 $179,949 $2,742 $182,691 $182,691 $4,376 $187,067 $187,067 $4,751 $191,818 $7,895 512 $7,384 $7,809 526 $7,283 $8,262 541 $7,722 $8,396 556 $7,840 $8,850 562 $8,289 $7,934 555 $7,379 $7,239 549 $6,690 $6,552 592 $5,960 $9,883 650 $9,233 $9,609 667 $8,942 $9,278 678 $8,599 $9,136 700 $8,436 $9,861 722 $9,139 $9,681 732 $8,948 $9,766 750 $9,016 $10,411 767 $9,644 $10,250 769 $9,482 $9,520 761 $8,759 $8,980 754 $8,227 $8,551 813 $7,738 $12,752 888 $11,864 $12,403 907 $11,496 $12,048 924 $11,123 $12,116 947 $11,168 Cumulative Apple Net Operating Cash Flow $154,728 $162,011 $169,733 $177,572 $185,861 $193,240 $199,930 $205,890 $215,122 $224,064 $232,663 $241,100 $250,239 $259,187 $268,203 $277,848 $287,329 $296,088 $304,315 $312,053 $323,917 $335,413 $346,536 $357,705 Apple Cumulative Cash Flow (Excl Upfront) $257 $3,901 $8,874 $10,939 $16,053 $20,390 $22,936 $28,403 $35,683 $39,831 $45,790 $52,524 $57,749 $64,009 $71,147 $74,142 $77,880 $81,917 $84,319 $91,927 $98,514 $104,292 $110,091 $116,871 (5,125) 7,895 1,978 $4,748 (7,275) 7,809 3,636 $4,170 (5,200) 8,262 2,451 $5,513 Cumulative Apple Carry Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (9,370) 8,396 3,596 $2,621 (1,820) 8,850 (1,355) $5,675 (1,820) 7,934 (1,222) $4,892 (3,005) 7,239 (1,139) $3,095 (18,835) 6,552 18,343 $6,060 (6,715) 9,883 4,762 $7,930 (6,945) 9,609 2,151 $4,815 (4,850) 9,278 2,209 $6,637 (8,230) 9,136 6,527 $7,434 (6,035) 9,861 2,121 $5,947 (4,850) 9,681 2,162 $6,992 (6,715) 9,766 4,837 $7,888 (8,765) 10,411 2,116 $3,763 (4,140) 10,250 (1,604) $4,506 (3,230) 9,520 (1,492) $4,798 (4,415) 8,980 (1,410) $3,155 (25,305) 8,551 25,175 $8,421 (10,050) 12,752 4,772 $7,475 (8,460) 12,403 2,742 $6,685 (9,700) 12,048 4,376 $6,724 (9,140) 12,116 4,751 $7,726 24.6% Apple IRR - - - - - - 1.4% 3.7% 6.3% 7.8% 9.7% 11.7% 13.1% 14.7% 16.3% 17.1% 17.9% 18.8% 19.3% 20.7% 21.8% 22.7% 23.6% Apple ROI - - - - - 0.0x 0.0x 0.1x 0.2x 0.3x 0.3x 0.4x 0.5x 0.6x 0.7x 0.7x 0.8x 0.8x 0.9x 1.0x 1.1x 1.1x 1.2x 1.3x Apple Remaining PV $648,651 $649,550 $649,271 $651,906 $650,973 $651,332 $653,335 $652,535 $649,675 $650,101 $648,694 $646,303 $645,561 $643,590 $640,870 $642,285 $642,627 $643,013 $644,890 $641,642 $639,155 $637,610 $636,014 $633,229 Apple Cumulative Cash Flow (Incl Upfront) ($22,340) ($18,170) ($12,657) ($10,035) ($4,360) $3,627 $9,687 $17,617 $22,432 $29,069 $36,503 $42,450 $49,443 $57,330 $61,093 $65,599 $70,397 $73,552 $81,973 $89,448 $96,133 $102,857 $110,583 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (5,125) 7,384 1,978 (7,275) 7,283 3,636 (5,200) 7,722 2,451 (9,370) 7,840 3,596 (1,820) 8,289 (1,355) (1,820) 7,379 (1,222) (3,005) 6,690 (1,139) (18,835) 5,960 18,343 (6,715) 9,233 4,762 (6,945) 8,942 2,151 (4,850) 8,599 2,209 (8,230) 8,436 6,527 (6,035) 9,139 2,121 (4,850) 8,948 2,162 (6,715) 9,016 4,837 (8,765) 9,644 2,116 (4,140) 9,482 (1,604) (3,230) 8,759 (1,492) (4,415) 8,227 (1,410) (25,305) 7,738 25,175 (10,050) 11,864 4,772 (8,460) 11,496 2,742 (9,700) 11,123 4,376 (9,140) 11,168 4,751 $532
  • 138. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-16 Oct-16 9 73 Nov-16 10 74 Dec-16 11 75 Jan-17 12 76 Feb-17 1 77 M ar-17 2 78 Apr-17 3 79 M ay-17 4 80 Jun-17 5 81 Jul-17 6 82 Aug-17 7 83 Sep-17 8 84 Oct-17 9 85 Nov-17 10 86 Dec-17 11 87 Jan-18 12 88 Feb-18 1 89 M ar-18 2 90 Apr-18 3 91 M ay-18 4 92 Jun-18 5 93 Jul-18 6 94 Aug-18 7 95 8 96 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) 196,143 198,866 203,687 206,382 204,380 202,508 200,731 230,195 234,122 237,639 241,195 245,260 248,818 252,373 256,419 259,945 257,552 255,312 253,183 269,367 271,818 272,352 272,959 277,065 Implied Debt Capacity $196,143 $198,866 $203,687 $206,382 $204,380 $202,508 $200,731 $230,195 $234,122 $237,639 $241,195 $245,260 $248,818 $252,373 $256,419 $259,945 $257,552 $255,312 $253,183 $269,367 $271,818 $272,352 $272,959 $277,065 Using EBITDAX Apple LTM EBITDAX $128,781 $131,497 $133,985 $136,083 $138,238 $140,302 $142,299 $144,238 $146,719 $149,011 $151,419 $153,662 $155,779 $157,804 $159,996 $162,066 $164,290 $166,378 $168,385 $170,335 $170,221 $170,288 $170,136 $169,778 Implied Debt Capacity $321,953 $328,742 $334,961 $340,207 $345,594 $350,755 $355,748 $360,596 $366,798 $372,529 $378,548 $384,154 $389,447 $394,511 $399,991 $405,164 $410,726 $415,945 $420,963 $425,837 $425,552 $425,721 $425,341 $424,444 Implied Debt Capacity Using Minimum Result $196,143 $198,866 $203,687 $206,382 $204,380 $202,508 $200,731 $230,195 $234,122 $237,639 $241,195 $245,260 $248,818 $252,373 $256,419 $259,945 $257,552 $255,312 $253,183 $269,367 $271,818 $272,352 $272,959 $277,065 $9,975 9,975 19,950 $7,275 7,275 14,550 $10,050 10,050 20,100 $12,350 12,350 24,700 $3,640 3,640 7,280 $3,640 3,640 7,280 $3,915 3,915 7,830 $33,040 33,040 66,080 $10,050 10,050 20,100 $9,975 9,975 19,950 $9,700 9,700 19,400 $10,050 10,050 20,100 $9,975 9,975 19,950 $9,700 9,700 19,400 $10,050 10,050 20,100 $9,975 9,975 19,950 $1,820 1,820 3,640 $1,820 1,820 3,640 $3,005 3,005 6,010 $20,350 20,350 40,700 $6,715 6,715 13,430 $6,945 6,945 13,890 $4,850 4,850 9,700 $8,230 8,230 16,460 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $442,627 $449,902 $459,952 $472,302 $475,942 $479,582 $483,497 $516,537 $526,587 $536,562 $546,262 $556,312 $566,287 $575,987 $586,037 $596,012 $597,832 $599,652 $602,657 $623,007 $629,722 $636,667 $641,517 $649,747 Apple Debt Capacity $196,143 $198,866 $203,687 $206,382 $204,380 $202,508 $200,731 $230,195 $234,122 $237,639 $241,195 $245,260 $248,818 $252,373 $256,419 $259,945 $257,552 $255,312 $253,183 $269,367 $271,818 $272,352 $272,959 $277,065 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $191,818 $4,325 $196,143 $196,143 $2,723 $198,866 $198,866 $4,821 $203,687 $203,687 $2,695 $206,382 $206,382 ($2,002) $204,380 $204,380 ($1,872) $202,508 $202,508 ($1,777) $200,731 $200,731 $29,464 $230,195 $230,195 $3,927 $234,122 $234,122 $3,518 $237,639 $237,639 $3,555 $241,195 $241,195 $4,066 $245,260 $245,260 $3,558 $248,818 $248,818 $3,555 $252,373 $252,373 $4,046 $256,419 $256,419 $3,526 $259,945 $259,945 ($2,393) $257,552 $257,552 ($2,239) $255,312 $255,312 ($2,130) $253,183 $253,183 $16,185 $269,367 $269,367 $2,451 $271,818 $271,818 $534 $272,352 $272,352 $607 $272,959 $272,959 $4,106 $277,065 $12,304 970 $11,334 $12,396 988 $11,408 $12,254 1,006 $11,248 $12,510 1,025 $11,485 $12,405 1,027 $11,378 $11,584 1,017 $10,567 $10,977 1,008 $9,969 $10,490 1,077 $9,413 $15,233 1,161 $14,072 $14,695 1,179 $13,515 $14,455 1,197 $13,258 $14,358 1,216 $13,142 $14,421 1,235 $13,186 $14,422 1,253 $13,169 $14,446 1,272 $13,174 $14,579 1,291 $13,288 $14,629 1,294 $13,336 $13,672 1,282 $12,390 $12,984 1,271 $11,713 $12,440 1,306 $11,133 $15,119 1,353 $13,766 $14,762 1,360 $13,402 $14,303 1,363 $12,940 $14,000 1,375 $12,625 Cumulative Apple Net Operating Cash Flow $369,039 $380,447 $391,695 $403,180 $414,558 $425,125 $435,094 $444,507 $458,579 $472,094 $485,353 $498,495 $511,681 $524,849 $538,023 $551,311 $564,647 $577,037 $588,750 $599,884 $613,649 $627,051 $639,991 $652,616 Apple Cumulative Cash Flow (Excl Upfront) $122,555 $129,411 $135,430 $137,260 $142,996 $148,051 $152,328 $158,165 $166,114 $173,172 $180,285 $187,443 $194,211 $201,235 $208,405 $215,244 $224,367 $232,698 $239,276 $246,244 $255,746 $262,736 $271,433 $279,934 Cumulative Apple Carry Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (9,975) 12,304 4,325 $6,654 (7,275) 12,396 2,723 $7,844 (10,050) 12,254 4,821 $7,025 (12,350) 12,510 2,695 $2,855 (3,640) 12,405 (2,002) $6,762 (3,640) 11,584 (1,872) $6,072 (3,915) 10,977 (1,777) $5,286 (33,040) 10,490 29,464 $6,914 (10,050) 15,233 3,927 $9,110 (9,975) 14,695 3,518 $8,237 (9,700) 14,455 3,555 $8,310 (10,050) 14,358 4,066 $8,374 (9,975) 14,421 3,558 $8,004 (9,700) 14,422 3,555 $8,277 (10,050) 14,446 4,046 $8,442 (9,975) 14,579 3,526 $8,130 (1,820) 14,629 (2,393) $10,416 (1,820) 13,672 (2,239) $9,613 (3,005) 12,984 (2,130) $7,850 (20,350) 12,440 16,185 $8,274 (6,715) 15,119 2,451 $10,855 (6,945) 14,762 534 $8,351 (4,850) 14,303 607 $10,060 (8,230) 14,000 4,106 $9,876 Apple IRR 25.4% 26.2% 27.0% 27.2% 27.9% 28.4% 28.9% 29.5% 30.2% 30.8% 31.4% 31.9% 32.4% 32.9% 33.4% 33.8% 34.3% 34.8% 35.2% 35.5% 36.0% 36.3% 36.7% 37.0% Apple ROI 1.4x 1.5x 1.6x 1.6x 1.7x 1.7x 1.8x 1.9x 2.0x 2.1x 2.2x 2.3x 2.4x 2.5x 2.6x 2.7x 2.8x 2.9x 3.0x 3.1x 3.2x 3.3x 3.5x 3.6x Apple Remaining PV $631,667 $628,729 $626,757 $628,973 $626,777 $625,749 $625,343 $623,455 $619,177 $615,905 $612,533 $608,911 $605,791 $602,213 $598,598 $595,267 $589,142 $584,240 $580,923 $577,303 $570,903 $567,124 $561,592 $556,055 Apple Cumulative Cash Flow (Incl Upfront) $117,238 $125,081 $132,106 $134,961 $141,724 $147,796 $153,082 $159,996 $169,105 $177,343 $185,653 $194,027 $202,031 $210,308 $218,749 $226,880 $237,296 $246,909 $254,758 $263,033 $273,888 $282,239 $292,299 $302,174 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (9,975) 11,334 4,325 (7,275) 11,408 2,723 (10,050) 11,248 4,821 (12,350) 11,485 2,695 (3,640) 11,378 (2,002) (3,640) 10,567 (1,872) (3,915) 9,969 (1,777) (33,040) 9,413 29,464 (10,050) 14,072 3,927 (9,975) 13,515 3,518 (9,700) 13,258 3,555 (10,050) 13,142 4,066 (9,975) 13,186 3,558 (9,700) 13,169 3,555 (10,050) 13,174 4,046 (9,975) 13,288 3,526 (1,820) 13,336 (2,393) (1,820) 12,390 (2,239) (3,005) 11,713 (2,130) (20,350) 11,133 16,185 (6,715) 13,766 2,451 (6,945) 13,402 534 (4,850) 12,940 607 (8,230) 12,625 4,106
  • 139. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-18 Oct-18 9 97 Nov-18 10 98 Dec-18 11 99 12 100 Jan-19 Feb-19 1 101 M ar-19 2 102 3 103 Apr-19 4 104 M ay-19 5 105 Jun-19 6 106 Jul-19 Aug-19 7 107 8 108 Sep-19 9 109 Oct-19 Nov-19 10 110 11 111 Dec-19 12 112 Jan-20 Feb-20 1 113 M ar-20 2 114 3 115 Apr-20 4 116 M ay-20 5 117 Jun-20 6 118 Jul-20 Aug-20 7 119 8 120 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) 277,658 278,302 280,954 281,604 279,332 277,167 275,082 282,426 280,947 279,010 277,120 275,769 273,948 272,165 270,913 269,183 267,485 265,816 264,176 263,058 261,951 260,359 258,791 257,743 Implied Debt Capacity $277,658 $278,302 $280,954 $281,604 $279,332 $277,167 $275,082 $282,426 $280,947 $279,010 $277,120 $275,769 $273,948 $272,165 $270,913 $269,183 $267,485 $265,816 $264,176 $263,058 $261,951 $260,359 $258,791 $257,743 Using EBITDAX Apple LTM EBITDAX $169,725 $169,352 $168,734 $168,152 $167,310 $166,764 $166,407 $166,186 $163,026 $159,994 $157,124 $154,289 $150,930 $147,656 $144,385 $140,833 $137,293 $134,227 $131,482 $128,982 $126,679 $124,541 $122,542 $120,664 Implied Debt Capacity $424,314 $423,381 $421,834 $420,379 $418,274 $416,910 $416,018 $415,464 $407,565 $399,985 $392,811 $385,723 $377,326 $369,141 $360,963 $352,083 $343,233 $335,567 $328,705 $322,456 $316,699 $311,352 $306,355 $301,661 Implied Debt Capacity Using Minimum Result $277,658 $278,302 $280,954 $281,604 $279,332 $277,167 $275,082 $282,426 $280,947 $279,010 $277,120 $275,769 $273,948 $272,165 $270,913 $269,183 $267,485 $265,816 $264,176 $263,058 $261,951 $260,359 $258,791 $257,743 $6,035 6,035 12,070 $4,850 4,850 9,700 $6,715 6,715 13,430 $6,945 6,945 13,890 - - $275 275 550 $9,440 9,440 18,880 $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $655,782 $660,632 $667,347 $674,292 $674,292 $674,292 $674,567 $684,007 $684,357 $684,632 $684,632 $684,982 $685,257 $685,257 $685,607 $685,882 $685,882 $685,882 $686,157 $686,507 $686,857 $687,132 $687,132 $687,482 Apple Debt Capacity $277,658 $278,302 $280,954 $281,604 $279,332 $277,167 $275,082 $282,426 $280,947 $279,010 $277,120 $275,769 $273,948 $272,165 $270,913 $269,183 $267,485 $265,816 $264,176 $263,058 $261,951 $260,359 $258,791 $257,743 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $277,065 $593 $277,658 $277,658 $644 $278,302 $278,302 $2,653 $280,954 $280,954 $650 $281,604 $281,604 ($2,272) $279,332 $279,332 ($2,165) $277,167 $277,167 ($2,085) $275,082 $275,082 $7,343 $282,426 $282,426 ($1,479) $280,947 $280,947 ($1,938) $279,010 $279,010 ($1,890) $277,120 $277,120 ($1,350) $275,769 $275,769 ($1,821) $273,948 $273,948 ($1,783) $272,165 $272,165 ($1,252) $270,913 $270,913 ($1,730) $269,183 $269,183 ($1,698) $267,485 $267,485 ($1,669) $265,816 $265,816 ($1,641) $264,176 $264,176 ($1,118) $263,058 $263,058 ($1,107) $261,951 $261,951 ($1,593) $260,359 $260,359 ($1,568) $258,791 $258,791 ($1,048) $257,743 $14,369 1,387 $12,982 $14,048 1,390 $12,659 $13,827 1,398 $12,429 $13,997 1,406 $12,591 $13,787 1,402 $12,385 $13,127 1,391 $11,736 $12,628 1,381 $11,247 $12,218 1,394 $10,824 $11,959 1,408 $10,551 $11,730 1,400 $10,330 $11,434 1,390 $10,043 $11,164 1,382 $9,782 $11,010 1,374 $9,636 $10,775 1,365 $9,409 $10,556 1,358 $9,198 $10,445 1,350 $9,095 $10,247 1,342 $8,905 $10,060 1,333 $8,727 Cumulative Apple Net Operating Cash Flow $665,598 $678,257 $690,686 $703,277 $715,661 $727,397 $738,644 $749,468 $760,019 $770,349 $780,393 $790,175 $799,811 $809,220 $818,419 $827,513 $836,419 $845,146 $853,704 $862,104 $870,448 $878,734 $886,871 $894,866 Apple Cumulative Cash Flow (Excl Upfront) $287,474 $295,926 $304,293 $310,589 $320,702 $330,272 $339,159 $347,887 $356,609 $364,727 $372,880 $380,962 $388,502 $396,128 $403,725 $410,815 $418,022 $425,080 $431,722 $438,655 $445,542 $451,960 $458,530 $465,127 Cumulative Apple Carry Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow $9,883 1,325 $8,558 $9,718 1,318 $8,400 $9,656 1,313 $8,344 $9,592 1,306 $8,286 $9,435 1,298 $8,137 $9,287 1,291 $7,995 Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (6,035) 14,369 593 $8,927 (4,850) 14,048 644 $9,842 (6,715) 13,827 2,653 $9,765 (6,945) 13,997 650 $7,702 13,787 (2,272) $11,515 13,127 (2,165) $10,962 (275) 12,628 (2,085) $10,268 (9,440) 12,218 7,343 $10,121 (350) 11,959 (1,479) $10,131 (275) 11,730 (1,938) $9,518 11,434 (1,890) $9,544 (350) 11,164 (1,350) $9,464 (275) 11,010 (1,821) $8,914 10,775 (1,783) $8,991 (350) 10,556 (1,252) $8,954 (275) 10,445 (1,730) $8,440 10,247 (1,698) $8,549 10,060 (1,669) $8,392 (275) 9,883 (1,641) $7,967 (350) 9,718 (1,118) $8,250 (350) 9,656 (1,107) $8,200 (275) 9,592 (1,593) $7,724 9,435 (1,568) $7,867 (350) 9,287 (1,048) $7,889 Apple IRR 37.3% 37.7% 38.0% 38.2% 38.5% 38.8% 39.1% 39.3% 39.6% 39.8% 40.0% 40.2% 40.3% 40.5% 40.7% 40.8% 41.0% 41.1% 41.2% 41.4% 41.5% 41.6% 41.7% 41.8% Apple ROI 3.7x 3.8x 3.9x 4.0x 4.1x 4.3x 4.4x 4.5x 4.6x 4.7x 4.9x 5.0x 5.1x 5.2x 5.3x 5.4x 5.5x 5.6x 5.7x 5.8x 5.9x 6.0x 6.1x 6.2x Apple Remaining PV $551,575 $545,993 $540,586 $537,216 $529,558 $522,811 $516,574 $510,569 $504,374 $498,879 $493,312 $487,653 $482,630 $477,364 $472,217 $467,546 $462,486 $457,785 $453,355 $448,722 $443,987 $439,809 $435,452 $430,926 Apple Cumulative Cash Flow (Incl Upfront) $311,102 $320,944 $330,709 $338,411 $349,926 $360,888 $371,155 $381,277 $391,408 $400,925 $410,469 $419,933 $428,847 $437,838 $446,793 $455,233 $463,782 $472,174 $480,141 $488,391 $496,591 $504,315 $512,182 $520,071 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (6,035) 12,982 593 (4,850) 12,659 644 (6,715) 12,429 2,653 (6,945) 12,591 650 12,385 (2,272) 11,736 (2,165) (275) 11,247 (2,085) (9,440) 10,824 7,343 (350) 10,551 (1,479) (275) 10,330 (1,938) 10,043 (1,890) (350) 9,782 (1,350) (275) 9,636 (1,821) 9,409 (1,783) (350) 9,198 (1,252) (275) 9,095 (1,730) 8,905 (1,698) 8,727 (1,669) (275) 8,558 (1,641) (350) 8,400 (1,118) (350) 8,344 (1,107) (275) 8,286 (1,593) 8,137 (1,568) (350) 7,995 (1,048)
  • 140. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-20 9 121 Oct-20 Nov-20 10 122 11 123 Dec-20 12 124 Jan-21 Feb-21 1 125 M ar-21 2 126 3 127 Apr-21 4 128 M ay-21 5 129 Jun-21 6 130 Jul-21 Aug-21 7 131 8 132 Sep-21 9 133 Oct-21 Nov-21 10 134 11 135 Dec-21 12 136 Jan-22 Feb-22 1 137 M ar-22 2 138 3 139 Apr-22 4 140 M ay-22 5 141 Jun-22 6 142 Jul-22 Aug-22 7 143 8 144 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) 256,207 254,693 253,698 252,211 250,745 249,298 247,869 246,955 246,057 244,679 243,316 242,465 241,131 239,811 239,001 237,707 236,426 235,157 233,900 233,151 232,413 231,189 229,976 229,270 Implied Debt Capacity $256,207 $254,693 $253,698 $252,211 $250,745 $249,298 $247,869 $246,955 $246,057 $244,679 $243,316 $242,465 $241,131 $239,811 $239,001 $237,707 $236,426 $235,157 $233,900 $233,151 $232,413 $231,189 $229,976 $229,270 Using EBITDAX Apple LTM EBITDAX $118,893 $117,216 $115,624 $114,108 $112,661 $111,278 $109,955 $108,686 $107,372 $106,021 $104,728 $103,490 $102,207 $100,979 $99,799 $98,571 $97,393 $96,261 $95,170 $94,117 $93,100 $92,116 $91,162 $90,236 Implied Debt Capacity $297,232 $293,041 $289,059 $285,270 $281,653 $278,195 $274,888 $271,716 $268,430 $265,051 $261,821 $258,724 $255,518 $252,446 $249,497 $246,428 $243,483 $240,652 $237,925 $235,293 $232,750 $230,289 $227,904 $225,591 Implied Debt Capacity Using Minimum Result $256,207 $254,693 $253,698 $252,211 $250,745 $249,298 $247,869 $246,955 $246,057 $244,679 $243,316 $242,465 $241,131 $239,811 $239,001 $237,707 $236,426 $235,157 $233,900 $233,151 $232,413 $230,289 $227,904 $225,591 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $687,757 $687,757 $688,107 $688,382 $688,382 $688,382 $688,657 $689,007 $689,357 $689,632 $689,632 $689,982 $690,257 $690,257 $690,607 $690,882 $690,882 $690,882 $691,157 $691,507 $691,857 $692,132 $692,132 $692,482 Apple Debt Capacity $256,207 $254,693 $253,698 $252,211 $250,745 $249,298 $247,869 $246,955 $246,057 $244,679 $243,316 $242,465 $241,131 $239,811 $239,001 $237,707 $236,426 $235,157 $233,900 $233,151 $232,413 $230,289 $227,904 $225,591 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $257,743 ($1,536) $256,207 $256,207 ($1,514) $254,693 $254,693 ($996) $253,698 $253,698 ($1,487) $252,211 $252,211 ($1,466) $250,745 $250,745 ($1,447) $249,298 $249,298 ($1,429) $247,869 $247,869 ($914) $246,955 $246,955 ($898) $246,057 $246,057 ($1,378) $244,679 $244,679 ($1,363) $243,316 $243,316 ($851) $242,465 $242,465 ($1,334) $241,131 $241,131 ($1,320) $239,811 $239,811 ($810) $239,001 $239,001 ($1,294) $237,707 $237,707 ($1,281) $236,426 $236,426 ($1,269) $235,157 $235,157 ($1,257) $233,900 $233,900 ($749) $233,151 $233,151 ($738) $232,413 $232,413 ($2,124) $230,289 $230,289 ($2,385) $227,904 $227,904 ($2,313) $225,591 Cumulative Apple Carry $9,239 1,285 $7,954 $9,098 1,277 $7,821 $8,964 1,271 $7,693 $8,929 1,265 $7,664 $8,800 1,257 $7,543 $8,677 1,250 $7,427 $8,560 1,243 $7,317 $8,449 1,237 $7,212 $8,342 1,233 $7,110 $8,240 1,227 $7,013 $8,142 1,220 $6,922 $8,048 1,214 $6,834 $7,957 1,209 $6,748 $7,869 1,202 $6,667 $7,784 1,197 $6,587 $7,702 1,192 $6,510 $7,622 1,185 $6,437 $7,545 1,179 $6,366 $7,469 1,173 $6,297 $7,397 1,168 $6,229 $7,325 1,164 $6,161 $7,256 1,157 $6,099 $7,188 1,145 $6,043 $7,123 1,134 $5,989 Cumulative Apple Net Operating Cash Flow $902,820 $910,641 $918,333 $925,998 $933,541 $940,968 $948,285 $955,498 $962,607 $969,621 $976,543 $983,377 $990,124 $996,791 $1,003,378 $1,009,888 $1,016,325 $1,022,691 $1,028,987 $1,035,216 $1,041,377 $1,047,477 $1,053,519 $1,059,508 Apple Cumulative Cash Flow (Excl Upfront) $471,271 $477,577 $483,924 $489,827 $495,904 $501,884 $507,498 $513,446 $519,308 $524,668 $530,227 $535,859 $540,998 $546,345 $551,772 $556,713 $561,869 $566,965 $571,730 $576,860 $581,933 $585,634 $589,292 $592,618 Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (275) 9,239 (1,536) $7,428 9,098 (1,514) $7,584 (350) 8,964 (996) $7,618 (275) 8,929 (1,487) $7,168 8,800 (1,466) $7,334 8,677 (1,447) $7,230 (275) 8,560 (1,429) $6,857 (350) 8,449 (914) $7,185 (350) 8,342 (898) $7,095 (275) 8,240 (1,378) $6,587 8,142 (1,363) $6,779 (350) 8,048 (851) $6,847 (275) 7,957 (1,334) $6,348 7,869 (1,320) $6,549 (350) 7,784 (810) $6,624 (275) 7,702 (1,294) $6,133 7,622 (1,281) $6,341 7,545 (1,269) $6,276 (275) 7,469 (1,257) $5,937 (350) 7,397 (749) $6,298 (350) 7,325 (738) $6,237 (275) 7,256 (2,124) $4,857 7,188 (2,385) $4,803 (350) 7,123 (2,313) $4,459 Apple IRR 41.9% 42.0% 42.1% 42.1% 42.2% 42.3% 42.4% 42.4% 42.5% 42.5% 42.6% 42.7% 42.7% 42.8% 42.8% 42.9% 42.9% 42.9% 43.0% 43.0% 43.1% 43.1% 43.1% 43.1% Apple ROI 6.2x 6.3x 6.4x 6.5x 6.6x 6.7x 6.8x 6.8x 6.9x 7.0x 7.1x 7.2x 7.2x 7.3x 7.4x 7.5x 7.5x 7.6x 7.7x 7.8x 7.8x 7.9x 8.0x 8.0x Apple Remaining PV $426,940 $422,654 $418,409 $414,584 $410,238 $406,284 $402,568 $398,597 $394,581 $391,148 $387,493 $383,640 $380,358 $376,749 $373,133 $369,983 $366,311 $362,961 $359,832 $356,408 $352,924 $350,896 $348,905 $347,155 Apple Cumulative Cash Flow (Incl Upfront) $527,499 $535,083 $542,701 $549,869 $557,203 $564,433 $571,290 $578,475 $585,569 $592,156 $598,935 $605,782 $612,130 $618,679 $625,303 $631,436 $637,777 $644,053 $649,990 $656,288 $662,525 $667,382 $672,186 $676,645 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (275) 7,954 (1,536) 7,821 (1,514) (350) 7,693 (996) (275) 7,664 (1,487) 6,607 (1,466) 5,210 (1,447) (275) 5,206 (1,429) (350) 5,120 (914) (350) 5,043 (898) (275) 4,950 (1,378) 4,810 (1,363) (350) 4,832 (851) (275) 4,747 (1,334) 4,614 (1,320) (350) 4,644 (810) (275) 4,562 (1,294) 4,439 (1,281) 4,389 (1,269) (275) 4,413 (1,257) (350) 4,359 (749) (350) 4,307 (738) (275) 4,239 (2,124) 4,122 (2,385) (350) 4,171 (2,313)
  • 141. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-22 9 145 Oct-22 Nov-22 10 146 11 147 Dec-22 12 148 Jan-23 Feb-23 1 149 M ar-23 2 150 3 151 Apr-23 4 152 M ay-23 5 153 Jun-23 6 154 Jul-23 Aug-23 7 155 8 156 Sep-23 9 157 Oct-23 Nov-23 10 158 11 159 Dec-23 12 160 Jan-24 Feb-24 1 161 M ar-24 2 162 3 163 Apr-24 4 164 M ay-24 5 165 Jun-24 6 166 Jul-24 Aug-24 7 167 8 168 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) Implied Debt Capacity 228,078 226,895 226,219 225,055 223,900 222,755 221,618 220,987 220,364 219,252 218,149 217,550 216,462 215,382 214,806 213,741 212,683 211,632 210,588 210,047 209,514 208,490 207,473 206,958 $228,078 $226,895 $226,219 $225,055 $223,900 $222,755 $221,618 $220,987 $220,364 $219,252 $218,149 $217,550 $216,462 $215,382 $214,806 $213,741 $212,683 $211,632 $210,588 $210,047 $209,514 $208,490 $207,473 $206,958 Using EBITDAX Apple LTM EBITDAX $89,338 $88,465 $87,615 $86,789 $85,983 $85,198 $84,432 $83,684 $82,954 $82,240 $81,542 $80,860 $80,192 $79,538 $78,897 $78,270 $77,654 $77,051 $76,459 $75,878 $75,307 $74,747 $74,198 $73,657 Implied Debt Capacity $223,345 $221,162 $219,038 $216,972 $214,957 $212,994 $211,079 $209,209 $207,384 $205,600 $203,856 $202,149 $200,480 $198,845 $197,243 $195,674 $194,136 $192,626 $191,146 $189,694 $188,268 $186,869 $185,494 $184,144 Implied Debt Capacity Using Minimum Result $223,345 $221,162 $219,038 $216,972 $214,957 $212,994 $211,079 $209,209 $207,384 $205,600 $203,856 $202,149 $200,480 $198,845 $197,243 $195,674 $194,136 $192,626 $191,146 $189,694 $188,268 $186,869 $185,494 $184,144 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $692,757 $692,757 $693,107 $693,382 $693,382 $693,382 $693,657 $694,007 $694,357 $694,632 $694,632 $694,982 $695,257 $695,257 $695,607 $695,882 $695,882 $695,882 $696,157 $696,507 $696,857 $697,132 $697,132 $697,482 Apple Debt Capacity $223,345 $221,162 $219,038 $216,972 $214,957 $212,994 $211,079 $209,209 $207,384 $205,600 $203,856 $202,149 $200,480 $198,845 $197,243 $195,674 $194,136 $192,626 $191,146 $189,694 $188,268 $186,869 $185,494 $184,144 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $225,591 ($2,246) $223,345 $223,345 ($2,183) $221,162 $221,162 ($2,124) $219,038 $219,038 ($2,067) $216,972 $216,972 ($2,014) $214,957 $214,957 ($1,963) $212,994 $212,994 ($1,915) $211,079 $211,079 ($1,870) $209,209 $209,209 ($1,825) $207,384 $207,384 ($1,784) $205,600 $205,600 ($1,744) $203,856 $203,856 ($1,706) $202,149 $202,149 ($1,669) $200,480 $200,480 ($1,635) $198,845 $198,845 ($1,602) $197,243 $197,243 ($1,569) $195,674 $195,674 ($1,538) $194,136 $194,136 ($1,509) $192,626 $192,626 ($1,480) $191,146 $191,146 ($1,453) $189,694 $189,694 ($1,426) $188,268 $188,268 ($1,400) $186,869 $186,869 ($1,375) $185,494 $185,494 ($1,350) $184,144 Cumulative Apple Carry $7,058 1,122 $5,936 $6,996 1,111 $5,885 $6,934 1,101 $5,834 $6,875 1,090 $5,785 $6,817 1,080 $5,737 $6,760 1,070 $5,690 $6,703 1,060 $5,643 $6,649 1,051 $5,598 $6,595 1,041 $5,553 $6,542 1,032 $5,510 $6,491 1,024 $5,467 $6,440 1,015 $5,425 $6,390 1,007 $5,384 $6,342 998 $5,344 $6,294 990 $5,304 $6,247 982 $5,265 $6,201 975 $5,227 $6,156 967 $5,189 $6,112 959 $5,152 $6,068 952 $5,115 $6,025 945 $5,080 $5,982 938 $5,045 $5,941 931 $5,010 $5,900 924 $4,976 Cumulative Apple Net Operating Cash Flow $1,065,444 $1,071,329 $1,077,163 $1,082,948 $1,088,684 $1,094,374 $1,100,017 $1,105,615 $1,111,169 $1,116,679 $1,122,146 $1,127,571 $1,132,955 $1,138,298 $1,143,602 $1,148,867 $1,154,093 $1,159,282 $1,164,434 $1,169,550 $1,174,630 $1,179,674 $1,184,684 $1,189,660 Apple Cumulative Cash Flow (Excl Upfront) $596,032 $599,734 $603,094 $606,537 $610,260 $613,986 $617,439 $620,818 $624,196 $627,646 $631,369 $634,738 $638,177 $641,886 $645,238 $648,658 $652,347 $656,027 $659,424 $662,737 $666,041 $669,411 $673,046 $676,322 Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (275) 7,058 (2,246) $4,537 6,996 (2,183) $4,813 (350) 6,934 (2,124) $4,461 (275) 6,875 (2,067) $4,533 6,817 (2,014) $4,802 6,760 (1,963) $4,796 (275) 6,703 (1,915) $4,514 (350) 6,649 (1,870) $4,429 (350) 6,595 (1,825) $4,420 (275) 6,542 (1,784) $4,483 6,491 (1,744) $4,746 (350) 6,440 (1,706) $4,384 (275) 6,390 (1,669) $4,446 6,342 (1,635) $4,707 (350) 6,294 (1,602) $4,342 (275) 6,247 (1,569) $4,403 6,201 (1,538) $4,663 6,156 (1,509) $4,647 (275) 6,112 (1,480) $4,357 (350) 6,068 (1,453) $4,265 (350) 6,025 (1,426) $4,249 (275) 5,982 (1,400) $4,308 5,941 (1,375) $4,566 (350) 5,900 (1,350) $4,200 Apple IRR 43.2% 43.2% 43.2% 43.2% 43.3% 43.3% 43.3% 43.3% 43.3% 43.3% 43.4% 43.4% 43.4% 43.4% 43.4% 43.4% 43.5% 43.5% 43.5% 43.5% 43.5% 43.5% 43.5% 43.5% Apple ROI 8.1x 8.1x 8.2x 8.2x 8.3x 8.3x 8.4x 8.4x 8.5x 8.5x 8.6x 8.7x 8.7x 8.8x 8.8x 8.9x 8.9x 9.0x 9.0x 9.1x 9.1x 9.2x 9.2x 9.3x Apple Remaining PV $345,403 $343,268 $341,561 $339,767 $337,423 $335,330 $333,418 $331,664 $329,817 $327,978 $325,859 $324,004 $322,155 $319,945 $318,168 $316,315 $314,021 $311,889 $309,951 $308,170 $306,311 $304,458 $302,329 $300,474 Apple Cumulative Cash Flow (Incl Upfront) $681,182 $685,995 $690,456 $694,989 $699,791 $704,587 $709,101 $713,530 $717,950 $722,433 $727,179 $731,563 $736,009 $740,716 $745,058 $749,461 $754,124 $758,770 $763,127 $767,392 $771,641 $775,949 $780,515 $784,715 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (275) 4,109 (2,246) 3,996 (2,183) (350) 4,047 (2,124) (275) 3,986 (2,067) 3,880 (2,014) 3,847 (1,963) (275) 3,887 (1,915) (350) 3,854 (1,870) (350) 3,819 (1,825) (275) 3,764 (1,784) 3,658 (1,744) (350) 3,715 (1,706) (275) 3,662 (1,669) 3,557 (1,635) (350) 3,616 (1,602) (275) 3,564 (1,569) 3,466 (1,538) 3,441 (1,509) (275) 3,488 (1,480) (350) 3,472 (1,453) (350) 3,446 (1,426) (275) 3,400 (1,400) 3,303 (1,375) (350) 3,370 (1,350)
  • 142. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-24 9 169 Oct-24 Nov-24 10 170 11 171 Dec-24 12 172 Jan-25 Feb-25 1 173 M ar-25 2 174 3 175 Apr-25 4 176 M ay-25 5 177 Jun-25 6 178 Jul-25 Aug-25 7 179 8 180 Sep-25 9 181 Oct-25 Nov-25 10 182 11 183 Dec-25 12 184 Jan-26 Feb-26 1 185 M ar-26 2 186 3 187 Apr-26 4 188 M ay-26 5 189 Jun-26 6 190 Jul-26 Aug-26 7 191 8 192 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) Implied Debt Capacity 205,954 204,955 204,460 203,474 202,493 201,519 200,550 200,084 199,623 198,671 197,724 197,279 196,343 195,413 194,984 194,063 193,147 192,237 191,331 190,927 190,527 189,635 188,749 188,363 $205,954 $204,955 $204,460 $203,474 $202,493 $201,519 $200,550 $200,084 $199,623 $198,671 $197,724 $197,279 $196,343 $195,413 $194,984 $194,063 $193,147 $192,237 $191,331 $190,927 $190,527 $189,635 $188,749 $188,363 Using EBITDAX Apple LTM EBITDAX $73,127 $72,605 $72,092 $71,588 $71,091 $70,603 $70,122 $69,649 $69,184 $68,725 $68,273 $67,828 $67,390 $66,958 $66,532 $66,112 $65,698 $65,289 $64,886 $64,489 $64,096 $63,709 $63,327 $62,949 Implied Debt Capacity $182,817 $181,512 $180,230 $178,969 $177,728 $176,508 $175,306 $174,123 $172,959 $171,812 $170,683 $169,570 $168,474 $167,394 $166,330 $165,279 $164,244 $163,223 $162,215 $161,221 $160,240 $159,272 $158,316 $157,372 Implied Debt Capacity Using Minimum Result $182,817 $181,512 $180,230 $178,969 $177,728 $176,508 $175,306 $174,123 $172,959 $171,812 $170,683 $169,570 $168,474 $167,394 $166,330 $165,279 $164,244 $163,223 $162,215 $161,221 $160,240 $159,272 $158,316 $157,372 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $697,757 $697,757 $698,107 $698,382 $698,382 $698,382 $698,657 $699,007 $699,357 $699,632 $699,632 $699,982 $700,257 $700,257 $700,607 $700,882 $700,882 $700,882 $701,157 $701,507 $701,857 $702,132 $702,132 $702,482 Apple Debt Capacity $182,817 $181,512 $180,230 $178,969 $177,728 $176,508 $175,306 $174,123 $172,959 $171,812 $170,683 $169,570 $168,474 $167,394 $166,330 $165,279 $164,244 $163,223 $162,215 $161,221 $160,240 $159,272 $158,316 $157,372 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $184,144 ($1,326) $182,817 $182,817 ($1,305) $181,512 $181,512 ($1,282) $180,230 $180,230 ($1,261) $178,969 $178,969 ($1,241) $177,728 $177,728 ($1,220) $176,508 $176,508 ($1,202) $175,306 $175,306 ($1,183) $174,123 $174,123 ($1,164) $172,959 $172,959 ($1,147) $171,812 $171,812 ($1,129) $170,683 $170,683 ($1,112) $169,570 $169,570 ($1,096) $168,474 $168,474 ($1,080) $167,394 $167,394 ($1,065) $166,330 $166,330 ($1,050) $165,279 $165,279 ($1,035) $164,244 $164,244 ($1,021) $163,223 $163,223 ($1,008) $162,215 $162,215 ($994) $161,221 $161,221 ($981) $160,240 $160,240 ($968) $159,272 $159,272 ($956) $158,316 $158,316 ($944) $157,372 Cumulative Apple Carry $5,860 917 $4,942 $5,820 911 $4,909 $5,781 904 $4,877 $5,743 898 $4,845 $5,705 892 $4,813 $5,668 886 $4,782 $5,631 880 $4,751 $5,594 874 $4,721 $5,559 868 $4,691 $5,524 862 $4,662 $5,489 856 $4,633 $5,455 851 $4,604 $5,421 845 $4,576 $5,388 840 $4,548 $5,355 834 $4,521 $5,322 829 $4,493 $5,291 824 $4,467 $5,259 819 $4,441 $5,228 814 $4,414 $5,197 809 $4,388 $5,167 804 $4,363 $5,136 799 $4,338 $5,107 794 $4,313 $5,077 789 $4,288 Cumulative Apple Net Operating Cash Flow $1,194,603 $1,199,512 $1,204,388 $1,209,233 $1,214,046 $1,218,828 $1,223,579 $1,228,300 $1,232,992 $1,237,653 $1,242,286 $1,246,891 $1,251,467 $1,256,015 $1,260,536 $1,265,030 $1,269,497 $1,273,937 $1,278,351 $1,282,740 $1,287,103 $1,291,440 $1,295,753 $1,300,041 Apple Cumulative Cash Flow (Excl Upfront) $679,663 $683,267 $686,512 $689,820 $693,392 $696,954 $700,228 $703,417 $706,594 $709,834 $713,337 $716,479 $719,684 $723,152 $726,259 $729,427 $732,858 $736,278 $739,409 $742,454 $745,486 $748,581 $751,938 $754,931 Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (275) 5,860 (1,326) $4,258 5,820 (1,305) $4,515 (350) 5,781 (1,282) $4,149 (275) 5,743 (1,261) $4,206 5,705 (1,241) $4,464 5,668 (1,220) $4,447 (275) 5,631 (1,202) $4,154 (350) 5,594 (1,183) $4,062 (350) 5,559 (1,164) $4,045 (275) 5,524 (1,147) $4,102 5,489 (1,129) $4,360 (350) 5,455 (1,112) $3,993 (275) 5,421 (1,096) $4,050 5,388 (1,080) $4,308 (350) 5,355 (1,065) $3,941 (275) 5,322 (1,050) $3,997 5,291 (1,035) $4,256 5,259 (1,021) $4,238 (275) 5,228 (1,008) $3,945 (350) 5,197 (994) $3,853 (350) 5,167 (981) $3,836 (275) 5,136 (968) $3,893 5,107 (956) $4,151 (350) 5,077 (944) $3,783 Apple IRR 43.6% 43.6% 43.6% 43.6% 43.6% 43.6% 43.6% 43.6% 43.6% 43.6% 43.6% 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% Apple ROI 9.3x 9.4x 9.4x 9.5x 9.5x 9.6x 9.6x 9.7x 9.7x 9.8x 9.8x 9.9x 9.9x 10.0x 10.0x 10.1x 10.1x 10.2x 10.2x 10.3x 10.3x 10.4x 10.4x 10.5x Apple Remaining PV $298,623 $296,421 $294,648 $292,802 $290,454 $288,331 $286,412 $284,645 $282,807 $280,971 $278,859 $277,028 $275,197 $273,019 $271,266 $269,441 $267,131 $265,030 $263,138 $261,392 $259,582 $257,767 $255,677 $253,875 Apple Cumulative Cash Flow (Incl Upfront) $788,973 $793,488 $797,637 $801,843 $806,308 $810,755 $814,909 $818,970 $823,015 $827,117 $831,477 $835,470 $839,520 $843,828 $847,768 $851,765 $856,021 $860,259 $864,204 $868,057 $871,893 $875,787 $879,937 $883,720 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (275) 3,326 (1,326) 3,230 (1,305) (350) 3,298 (1,282) (275) 3,254 (1,261) 3,162 (1,241) 3,141 (1,220) (275) 3,193 (1,202) (350) 3,190 (1,183) (350) 3,170 (1,164) (275) 3,131 (1,147) 3,040 (1,129) (350) 3,114 (1,112) (275) 3,076 (1,096) 2,985 (1,080) (350) 3,059 (1,065) (275) 3,022 (1,050) 2,932 (1,035) 2,915 (1,021) (275) 2,970 (1,008) (350) 2,973 (994) (350) 2,956 (981) (275) 2,920 (968) 2,832 (956) (350) 2,907 (944)
  • 143. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-26 9 193 Oct-26 Nov-26 10 194 11 195 Dec-26 12 196 Jan-27 Feb-27 1 197 M ar-27 2 198 3 199 Apr-27 4 200 M ay-27 5 201 Jun-27 6 202 Jul-27 Aug-27 7 203 8 204 Sep-27 9 205 Oct-27 Nov-27 10 206 11 207 Dec-27 12 208 Jan-28 Feb-28 1 209 M ar-28 2 210 3 211 Apr-28 4 212 M ay-28 5 213 Jun-28 6 214 Jul-28 Aug-28 7 215 8 216 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) Implied Debt Capacity 187,485 186,612 186,240 185,375 184,515 183,659 182,808 182,457 182,111 181,272 180,437 180,103 179,276 178,453 178,131 177,316 176,504 175,697 174,894 174,591 174,291 173,499 172,711 172,423 $187,485 $186,612 $186,240 $185,375 $184,515 $183,659 $182,808 $182,457 $182,111 $181,272 $180,437 $180,103 $179,276 $178,453 $178,131 $177,316 $176,504 $175,697 $174,894 $174,591 $174,291 $173,499 $172,711 $172,423 Using EBITDAX Apple LTM EBITDAX $62,576 $62,207 $61,844 $61,484 $61,128 $60,777 $60,429 $60,085 $59,745 $59,409 $59,076 $58,746 $58,420 $58,097 $57,777 $57,461 $57,147 $56,836 $56,528 $56,223 $55,920 $55,620 $55,323 $55,028 Implied Debt Capacity $156,440 $155,519 $154,609 $153,710 $152,821 $151,941 $151,072 $150,213 $149,363 $148,522 $147,689 $146,866 $146,050 $145,243 $144,443 $143,652 $142,867 $142,090 $141,321 $140,558 $139,801 $139,051 $138,308 $137,571 Implied Debt Capacity Using Minimum Result $156,440 $155,519 $154,609 $153,710 $152,821 $151,941 $151,072 $150,213 $149,363 $148,522 $147,689 $146,866 $146,050 $145,243 $144,443 $143,652 $142,867 $142,090 $141,321 $140,558 $139,801 $139,051 $138,308 $137,571 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $702,757 $702,757 $703,107 $703,382 $703,382 $703,382 $703,657 $704,007 $704,357 $704,632 $704,632 $704,982 $705,257 $705,257 $705,607 $705,882 $705,882 $705,882 $706,157 $706,507 $706,857 $707,132 $707,132 $707,482 Apple Debt Capacity $156,440 $155,519 $154,609 $153,710 $152,821 $151,941 $151,072 $150,213 $149,363 $148,522 $147,689 $146,866 $146,050 $145,243 $144,443 $143,652 $142,867 $142,090 $141,321 $140,558 $139,801 $139,051 $138,308 $137,571 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $157,372 ($932) $156,440 $156,440 ($921) $155,519 $155,519 ($910) $154,609 $154,609 ($899) $153,710 $153,710 ($889) $152,821 $152,821 ($879) $151,941 $151,941 ($869) $151,072 $151,072 ($859) $150,213 $150,213 ($850) $149,363 $149,363 ($841) $148,522 $148,522 ($833) $147,689 $147,689 ($823) $146,866 $146,866 ($816) $146,050 $146,050 ($807) $145,243 $145,243 ($800) $144,443 $144,443 ($791) $143,652 $143,652 ($785) $142,867 $142,867 ($777) $142,090 $142,090 ($769) $141,321 $141,321 ($763) $140,558 $140,558 ($757) $139,801 $139,801 ($750) $139,051 $139,051 ($743) $138,308 $138,308 ($737) $137,571 Cumulative Apple Carry $5,048 785 $4,264 $5,019 780 $4,240 $4,991 775 $4,216 $4,963 771 $4,192 $4,935 766 $4,169 $4,908 762 $4,146 $4,880 758 $4,123 $4,853 753 $4,100 $4,827 749 $4,078 $4,800 745 $4,055 $4,774 741 $4,033 $4,748 736 $4,012 $4,722 732 $3,990 $4,696 728 $3,968 $4,671 724 $3,947 $4,646 720 $3,926 $4,621 716 $3,905 $4,597 712 $3,884 $4,572 709 $3,864 $4,548 705 $3,843 $4,524 701 $3,823 $4,500 697 $3,803 $4,476 693 $3,783 $4,453 690 $3,763 Cumulative Apple Net Operating Cash Flow $1,304,305 $1,308,545 $1,312,761 $1,316,953 $1,321,121 $1,325,267 $1,329,390 $1,333,490 $1,337,567 $1,341,623 $1,345,656 $1,349,668 $1,353,657 $1,357,626 $1,361,573 $1,365,499 $1,369,404 $1,373,288 $1,377,152 $1,380,996 $1,384,818 $1,388,621 $1,392,404 $1,396,168 Apple Cumulative Cash Flow (Excl Upfront) $757,988 $761,306 $764,262 $767,280 $770,560 $773,827 $776,805 $779,696 $782,574 $785,513 $788,713 $791,551 $794,451 $797,611 $800,409 $803,269 $806,389 $809,496 $812,316 $815,046 $817,763 $820,540 $823,580 $826,257 Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (275) 5,048 (932) $3,841 5,019 (921) $4,098 (350) 4,991 (910) $3,731 (275) 4,963 (899) $3,789 4,935 (889) $4,046 4,908 (879) $4,028 (275) 4,880 (869) $3,736 (350) 4,853 (859) $3,644 (350) 4,827 (850) $3,627 (275) 4,800 (841) $3,684 4,774 (833) $3,941 (350) 4,748 (823) $3,575 (275) 4,722 (816) $3,631 4,696 (807) $3,889 (350) 4,671 (800) $3,522 (275) 4,646 (791) $3,580 4,621 (785) $3,837 4,597 (777) $3,819 (275) 4,572 (769) $3,528 (350) 4,548 (763) $3,435 (350) 4,524 (757) $3,417 (275) 4,500 (750) $3,475 4,476 (743) $3,733 (350) 4,453 (737) $3,366 Apple IRR 43.7% 43.7% 43.7% 43.7% 43.7% 43.7% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% Apple ROI 10.5x 10.6x 10.6x 10.6x 10.7x 10.7x 10.8x 10.8x 10.9x 10.9x 11.0x 11.0x 11.0x 11.1x 11.1x 11.2x 11.2x 11.3x 11.3x 11.3x 11.4x 11.4x 11.5x 11.5x Apple Remaining PV $252,066 $249,918 $248,188 $246,386 $244,118 $242,041 $240,179 $238,457 $236,678 $234,888 $232,823 $231,052 $229,269 $227,152 $225,448 $223,671 $221,505 $219,455 $217,626 $215,931 $214,185 $212,423 $210,386 $208,648 Apple Cumulative Cash Flow (Incl Upfront) $887,561 $891,660 $895,391 $899,180 $903,226 $907,254 $910,990 $914,634 $918,261 $921,945 $925,886 $929,460 $933,092 $936,981 $940,503 $944,083 $947,920 $951,739 $955,267 $958,702 $962,119 $965,594 $969,328 $972,694 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (275) 2,872 (932) 2,784 (921) (350) 2,860 (910) (275) 2,825 (899) 2,738 (889) 2,723 (879) (275) 2,780 (869) (350) 2,785 (859) (350) 2,770 (850) (275) 2,736 (841) 2,649 (833) (350) 2,727 (823) (275) 2,693 (816) 2,607 (807) (350) 2,685 (800) (275) 2,652 (791) 2,566 (785) 2,552 (777) (275) 2,611 (769) (350) 2,617 (763) (350) 2,604 (757) (275) 2,571 (750) 2,486 (743) (350) 2,565 (737)
  • 144. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-28 9 217 Oct-28 Nov-28 10 218 11 219 Dec-28 12 220 Jan-29 Feb-29 1 221 M ar-29 2 222 3 223 Apr-29 4 224 M ay-29 5 225 Jun-29 6 226 Jul-29 Aug-29 7 227 8 228 Sep-29 9 229 Oct-29 Nov-29 10 230 11 231 Dec-29 12 232 Jan-30 Feb-30 1 233 M ar-30 2 234 3 235 Apr-30 4 236 M ay-30 5 237 Jun-30 6 238 Jul-30 Aug-30 7 239 8 240 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) Implied Debt Capacity 171,641 170,864 170,586 169,816 169,049 168,286 167,526 167,266 167,010 166,261 165,515 165,269 164,529 163,794 163,558 162,829 162,103 161,380 160,661 160,441 160,225 159,516 158,809 158,603 $171,641 $170,864 $170,586 $169,816 $169,049 $168,286 $167,526 $167,266 $167,010 $166,261 $165,515 $165,269 $164,529 $163,794 $163,558 $162,829 $162,103 $161,380 $160,661 $160,441 $160,225 $159,516 $158,809 $158,603 Using EBITDAX Apple LTM EBITDAX $54,735 $54,445 $54,157 $53,871 $53,588 $53,306 $53,026 $52,748 $52,472 $52,198 $51,926 $51,655 $51,386 $51,119 $50,853 $50,589 $50,327 $50,066 $49,806 $49,548 $49,292 $49,036 $48,782 $48,530 Implied Debt Capacity $136,839 $136,113 $135,393 $134,679 $133,969 $133,264 $132,565 $131,871 $131,181 $130,495 $129,815 $129,138 $128,466 $127,798 $127,133 $126,473 $125,817 $125,165 $124,516 $123,870 $123,229 $122,591 $121,956 $121,324 Implied Debt Capacity Using Minimum Result $136,839 $136,113 $135,393 $134,679 $133,969 $133,264 $132,565 $131,871 $131,181 $130,495 $129,815 $129,138 $128,466 $127,798 $127,133 $126,473 $125,817 $125,165 $124,516 $123,870 $123,229 $122,591 $121,956 $121,324 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - $350 350 700 $275 275 550 - - $275 275 550 $350 350 700 $350 350 700 $275 275 550 - $350 350 700 Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $707,757 $707,757 $708,107 $708,382 $708,382 $708,382 $708,657 $709,007 $709,357 $709,632 $709,632 $709,982 $710,257 $710,257 $710,607 $710,882 $710,882 $710,882 $711,157 $711,507 $711,857 $712,132 $712,132 $712,482 Apple Debt Capacity $136,839 $136,113 $135,393 $134,679 $133,969 $133,264 $132,565 $131,871 $131,181 $130,495 $129,815 $129,138 $128,466 $127,798 $127,133 $126,473 $125,817 $125,165 $124,516 $123,870 $123,229 $122,591 $121,956 $121,324 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $137,571 ($732) $136,839 $136,839 ($726) $136,113 $136,113 ($720) $135,393 $135,393 ($715) $134,679 $134,679 ($710) $133,969 $133,969 ($704) $133,264 $133,264 ($699) $132,565 $132,565 ($695) $131,871 $131,871 ($690) $131,181 $131,181 ($685) $130,495 $130,495 ($681) $129,815 $129,815 ($677) $129,138 $129,138 ($672) $128,466 $128,466 ($668) $127,798 $127,798 ($664) $127,133 $127,133 ($660) $126,473 $126,473 ($656) $125,817 $125,817 ($653) $125,165 $125,165 ($649) $124,516 $124,516 ($645) $123,870 $123,870 ($641) $123,229 $123,229 ($638) $122,591 $122,591 ($635) $121,956 $121,956 ($632) $121,324 Cumulative Apple Carry $4,429 686 $3,743 $4,406 682 $3,724 $4,383 679 $3,705 $4,361 675 $3,685 $4,337 672 $3,666 $4,315 668 $3,647 $4,293 665 $3,628 $4,270 661 $3,609 $4,248 658 $3,590 $4,226 654 $3,572 $4,204 651 $3,553 $4,182 647 $3,535 $4,160 644 $3,516 $4,139 641 $3,498 $4,118 637 $3,480 $4,096 634 $3,462 $4,075 631 $3,444 $4,054 627 $3,426 $4,033 624 $3,409 $4,012 621 $3,391 $3,991 618 $3,374 $3,971 615 $3,356 $3,950 611 $3,339 $3,930 608 $3,321 Cumulative Apple Net Operating Cash Flow $1,399,911 $1,403,635 $1,407,340 $1,411,025 $1,414,691 $1,418,338 $1,421,966 $1,425,575 $1,429,165 $1,432,737 $1,436,290 $1,439,825 $1,443,342 $1,446,840 $1,450,320 $1,453,783 $1,457,227 $1,460,654 $1,464,062 $1,467,454 $1,470,827 $1,474,183 $1,477,522 $1,480,844 Apple Cumulative Cash Flow (Excl Upfront) $828,993 $831,991 $834,626 $837,321 $840,277 $843,220 $845,874 $848,439 $850,989 $853,600 $856,473 $858,981 $861,550 $864,381 $866,847 $869,374 $872,162 $874,936 $877,421 $879,817 $882,199 $884,642 $887,346 $889,686 Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (275) 4,429 (732) $3,422 4,406 (726) $3,681 (350) 4,383 (720) $3,313 (275) 4,361 (715) $3,371 4,337 (710) $3,628 4,315 (704) $3,611 (275) 4,293 (699) $3,319 (350) 4,270 (695) $3,226 (350) 4,248 (690) $3,208 (275) 4,226 (685) $3,265 4,204 (681) $3,523 (350) 4,182 (677) $3,155 (275) 4,160 (672) $3,213 4,139 (668) $3,471 (350) 4,118 (664) $3,103 (275) 4,096 (660) $3,161 4,075 (656) $3,419 4,054 (653) $3,401 (275) 4,033 (649) $3,109 (350) 4,012 (645) $3,017 (350) 3,991 (641) $3,000 (275) 3,971 (638) $3,057 3,950 (635) $3,315 (350) 3,930 (632) $2,948 Apple IRR 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% Apple ROI 11.6x 11.6x 11.6x 11.7x 11.7x 11.8x 11.8x 11.8x 11.9x 11.9x 12.0x 12.0x 12.0x 12.1x 12.1x 12.1x 12.2x 12.2x 12.3x 12.3x 12.3x 12.4x 12.4x 12.4x Apple Remaining PV $206,894 $204,811 $203,136 $201,388 $199,212 $197,191 $195,397 $193,733 $192,024 $190,292 $188,287 $186,588 $184,864 $182,820 $181,177 $179,463 $177,336 $175,348 $173,594 $171,963 $170,292 $168,593 $166,622 $164,961 Apple Cumulative Cash Flow (Incl Upfront) $976,116 $979,796 $983,110 $986,481 $990,108 $993,719 $997,038 $1,000,263 $1,003,471 $1,006,737 $1,010,260 $1,013,416 $1,016,629 $1,020,100 $1,023,203 $1,026,365 $1,029,784 $1,033,185 $1,036,294 $1,039,311 $1,042,311 $1,045,369 $1,048,684 $1,051,631 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (275) 2,532 (732) 2,448 (726) (350) 2,527 (720) (275) 2,495 (715) 2,410 (710) 2,397 (704) (275) 2,457 (699) (350) 2,465 (695) (350) 2,452 (690) (275) 2,420 (685) 2,336 (681) (350) 2,416 (677) (275) 2,384 (672) 2,300 (668) (350) 2,381 (664) (275) 2,349 (660) 2,265 (656) 2,254 (653) (275) 2,314 (649) (350) 2,322 (645) (350) 2,311 (641) (275) 2,280 (638) 2,196 (635) (350) 2,277 (632)
  • 145. M ONTHLY PROJECTI ONS ($000s) Date Investment Month Sep-30 9 241 Oct-30 Nov-30 10 242 11 243 Dec-30 12 244 Jan-31 Feb-31 1 245 2 246 M ar-31 Apr-31 3 247 4 248 M ay-31 Jun-31 5 249 6 250 Jul-31 7 251 I mplied Debt Calculation - Apple Using PDP Reserves (6-month roll-forward) Apple Remaining PDP Reserves (MMcfe) Implied Debt Capacity 157,903 157,206 157,009 156,319 155,631 154,947 154,266 154,581 153,906 153,731 153,062 $157,903 $157,206 $157,009 $156,319 $155,631 $154,947 $154,266 $154,581 $153,906 $153,731 $153,062 Using EBITDAX Apple LTM EBITDAX $48,279 $48,029 $47,780 $47,533 $47,287 $47,042 $46,798 $46,556 $46,315 $46,075 $45,837 Implied Debt Capacity $120,697 $120,072 $119,450 $118,832 $118,217 $117,605 $116,996 $116,390 $115,788 $115,188 $114,592 Implied Debt Capacity Using Minimum Result $120,697 $120,072 $119,450 $118,832 $118,217 $117,605 $116,996 $116,390 $115,788 $115,188 $114,592 $275 275 550 - $350 350 700 $275 275 550 - $275 275 550 - $975 975 1,950 - $625 625 1,250 - Terminal NPV Calculation - Apple Remaining Proved Reserves (MMcfe) Ending Production (MMcfe/d) R/P Ratio Ending Month Net Back (Mcfe) Discounting Factor Undiscounted Cash Flow Undiscounted Cash Flow (A-tax) Discounted Cash Flow Discounted Cash Flow (A-tax) Joint Venture Projections (Levered) Capital Expenditures Apple Apple Carry Google Total Capital Expenditures Cumulative Apple Carry $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 Cumulative Apple Total Capex $712,757 $712,757 $713,107 $713,382 $713,382 $713,657 $713,657 $714,632 $714,632 $715,257 $715,257 Apple Debt Capacity $120,697 $120,072 $119,450 $118,832 $118,217 $117,605 $116,996 $116,390 $115,788 $115,188 $114,592 Apple Beginning Debt Balance Apple Debt Incurred (Repaid) Apple Ending Debt Balance $121,324 ($627) $120,697 $120,697 ($625) $120,072 $120,072 ($622) $119,450 $119,450 ($618) $118,832 $118,832 ($615) $118,217 $118,217 ($612) $117,605 $117,605 ($609) $116,996 $116,996 ($606) $116,390 $116,390 ($602) $115,788 $115,788 ($599) $115,188 $115,188 ($596) $114,592 $3,909 605 $3,304 $3,889 602 $3,287 $3,869 599 $3,270 $3,849 596 $3,253 $3,829 593 $3,237 $3,809 590 $3,220 $3,789 587 $3,203 $3,770 583 $3,186 $3,751 580 $3,170 $3,731 577 $3,153 $3,712 574 $3,137 Cumulative Apple Net Operating Cash Flow $1,484,148 $1,487,435 $1,490,705 $1,493,959 $1,497,195 $1,500,415 $1,503,618 $1,506,804 $1,509,974 $1,513,128 $1,516,265 Apple Cumulative Cash Flow (Excl Upfront) $892,088 $894,750 $897,048 $899,408 $902,030 $904,363 $906,957 $908,562 $911,130 $913,059 $915,600 Apple Operating Cash Flow Apple Interest Expense Apple Net Cash Flow Apple Return Projections Before-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) Terminal NPV Fees Apple Net Free Cash Flow (275) 3,909 (627) $3,007 3,889 (625) $3,264 (350) 3,869 (622) $2,897 (275) 3,849 (618) $2,956 3,829 (615) $3,214 (275) 3,809 (612) $2,922 3,789 (609) $3,180 (975) 3,770 (606) $2,189 3,751 (602) $3,148 (625) 3,731 (599) $2,507 Apple IRR 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.8% 43.9% Apple ROI 12.5x 12.5x 12.6x 12.6x 12.6x 12.7x 12.7x 12.7x 12.8x 12.8x 14.5x $163,271 $161,265 $159,655 $157,972 $155,894 $154,215 $152,222 $151,253 $149,269 $147,955 - $1,054,638 $1,057,903 $1,060,800 $1,063,756 $1,066,970 $1,069,893 $1,073,073 $1,075,262 $1,078,410 $1,080,917 $1,228,872 Apple Remaining PV Apple Cumulative Cash Flow (Incl Upfront) 3,712 (596) 144,840 $147,955 Apple Cumulative Investment ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) ($84,511) Apple Return Projections After-Tax Apple Upfront Payment Apple Capital Expenditures Apple Operating Cash Flow Apple Debt Incurred (Repaid) (275) 2,246 (627) 2,163 (625) (350) 2,244 (622) (275) 2,213 (618) 2,130 (615) (275) 2,191 (612) 2,108 (609) (975) 2,354 (606) 2,087 (602) (625) 2,241 (599) 2,066 (596)
  • 146. M ONTHLY PROJECTI ONS ($000s) Date Sep-10 Investment Month Terminal NPV Fees Apple Net Free Cash Flow 9 1 (2,100) ($32,163) Oct-10 Nov-10 10 2 ($63) Dec-10 11 3 ($63) Jan-11 12 4 ($2,141) Feb-11 1 5 ($2,081) M ar-11 2 6 ($2,083) Apr-11 3 7 ($2,569) M ay-11 4 8 ($10,656) Jun-11 5 9 ($4,535) Jul-11 6 10 ($4,249) Aug-11 7 11 ($3,670) Sep-11 8 12 ($4,183) Oct-11 9 13 $1,308 Nov-11 10 14 $1,378 Dec-11 11 15 $1,479 Jan-12 12 16 ($1,549) Feb-12 1 17 ($1,937) M ar-12 2 18 ($2,122) Apr-12 3 19 ($2,755) M ay-12 4 20 ($9,185) Jun-12 5 21 ($3,365) Jul-12 6 22 $159 Aug-12 7 23 $555 8 24 $830 Apple IRR - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $310,884 $313,392 $316,003 $320,729 $325,179 $329,922 $335,105 $348,572 $355,883 $363,060 $369,710 $376,834 $378,578 $380,166 $381,765 $386,430 $391,320 $396,640 $402,535 $415,066 $421,722 $424,990 $427,884 $430,413 - - - 754 1,711 2,767 3,921 5,229 6,607 8,086 9,766 11,525 13,066 14,432 15,612 18,359 21,281 24,348 27,566 Apple Remaining PV Cumulative Apple Net Operating Cash Flow ($5) ($11) ($20) ($34) ($50) - Apple Cumulative Cash Flow (Incl Upfront) ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($56,352) ($60,601) ($64,271) ($68,454) ($67,146) ($65,768) ($64,289) ($65,838) ($67,776) ($69,898) ($72,653) ($81,837) ($85,203) ($85,044) ($84,488) ($83,659) Apple Cumulative Investment ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($51,817) ($56,352) ($60,601) ($64,271) ($68,454) ($68,454) ($68,454) ($68,454) ($68,454) ($68,454) ($69,898) ($72,653) ($81,837) ($85,203) ($85,203) ($85,203) ($85,203) MACRS Calculation Capital Expenditures Intangible Tangible $63 47 16 $63 47 16 $63 47 16 $2,136 1,602 534 $2,074 1,556 519 $2,074 1,556 519 $2,555 1,917 639 $10,640 7,980 2,660 $5,338 4,003 1,334 $5,207 3,905 1,302 $4,725 3,544 1,181 $5,338 4,003 1,334 $5,207 3,905 1,302 $4,725 3,544 1,181 $5,338 4,003 1,334 $5,207 3,905 1,302 $3,395 2,547 849 $3,395 2,547 849 $3,877 2,908 969 $19,915 14,937 4,979 $9,212 6,909 2,303 $5,335 4,002 1,334 $5,060 3,795 1,265 $5,410 4,058 1,353 $0 $1 $1 $10 $18 $27 $38 $82 $104 $126 $146 $168 $189 0 $209 1 $231 1 $243 15 $249 29 $254 43 $260 60 $299 131 $315 167 $315 201 $317 233 $317 269 $0 $1 $1 $10 $18 $27 $38 $82 $104 $126 $146 $168 $190 $210 $232 $259 $278 $298 $320 $430 $481 $517 $550 $585 Total Tax Benefit $47 $47 $48 $1,612 $1,574 $1,583 $1,954 $8,062 $4,108 $4,031 $3,690 $4,171 $4,095 $3,754 $4,235 $4,164 $2,825 $2,844 $3,228 $15,366 $7,390 $4,518 $4,345 $4,643 Cumulative Tax Benefit $47 $95 $142 $1,754 $3,328 $4,910 $6,865 $14,927 $19,034 $23,065 $26,755 $30,926 $35,021 $38,774 $43,009 $47,173 $49,998 $52,842 $56,070 $71,436 $78,826 $83,345 $87,690 $92,333 ($47) ($47) ($47) ($47) ($48) ($48) ($5) ($1,612) ($1,616) ($7) ($1,574) ($1,581) ($9) ($1,583) ($1,592) ($14) ($1,954) ($1,968) ($16) ($8,062) ($8,078) $803 ($4,108) ($5) ($3,309) $957 ($4,031) ($6) ($3,079) $1,056 ($3,690) ($6) ($2,640) $1,155 ($4,171) ($7) ($3,023) $1,308 ($4,095) ($8) ($2,795) $1,378 ($3,754) ($8) ($2,383) $1,479 ($4,235) ($8) ($2,765) $1,680 ($4,164) ($9) ($2,493) $1,759 ($2,825) ($10) ($1,075) $1,541 ($2,844) ($9) ($1,312) $1,366 ($3,228) ($8) ($1,870) $1,180 ($15,366) ($7) ($14,194) $2,747 ($7,390) ($16) ($4,659) $2,922 ($4,518) ($17) ($1,613) $3,066 ($4,345) ($18) ($1,296) $3,219 ($4,643) ($18) ($1,443) Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total 20% 32% 19% 12% 12% 6% Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income Taxes - - - - - - - - - - - - - - - - - - - - - - - - NOLs Used - - - - - - - - - - - - - - - - - - - - - - - - Net Operating Income Net Operating Cash Flow Cumulative NOLs ($47) ($47) ($47) ($95) ($48) ($142) ($1,616) ($1,581) ($1,592) ($1,968) ($8,078) ($5) ($7) ($9) ($14) ($16) ($3,309) ($1,759) ($3,339) ($4,931) ($6,898) ($14,976) ($18,285) 10,274 10,274 14,361 294 14,067 $803 ($3,079) ($2,640) ($3,023) ($2,795) ($2,383) ($2,765) ($2,493) ($1,075) ($1,312) ($1,870) ($14,194) ($4,659) ($1,613) ($1,296) $1,056 $1,155 $1,308 $1,378 $1,479 $1,680 $1,759 $1,541 $1,366 $1,180 $2,747 $2,922 $3,066 $3,219 ($21,364) ($24,005) ($27,028) ($29,822) ($32,206) ($34,970) ($37,464) ($38,539) ($39,851) ($41,720) ($55,914) ($60,573) ($62,186) ($63,482) ($64,925) 17,160 349 16,812 19,905 380 19,525 23,612 412 23,200 26,294 471 25,823 28,916 498 28,418 32,505 525 31,980 35,073 579 34,494 34,494 602 33,892 33,892 535 33,357 33,357 488 32,868 52,422 452 51,970 59,151 982 58,169 64,356 1,043 63,313 69,500 1,088 68,412 75,592 1,138 74,454 $957 ($1,443) Proved Reserves (MMcfe) Proved Reserves Production Remaining Proved Reserves - - - - - - - Apple Proved Reserves - - - - - - - 5,137 7,034 8,406 9,763 11,600 12,911 14,209 15,990 17,247 16,946 16,678 16,434 25,985 29,085 31,657 34,206 37,227 Apple Implied Value - - - - - - - $10,274 $14,067 $16,812 $19,525 $23,200 $25,823 $28,418 $31,980 $34,494 $33,892 $33,357 $32,868 $51,970 $58,169 $63,313 $68,412 $74,454 ($32,309) ($31,345) ($33,883) ($36,541) ($39,784) ($29,867) ($27,034) ($21,730) ($16,077) ($9,205) Apple Cumulative Cash Flow (Incl Upfront) 36 Months Apple Net Cash Flow Apple IRR Apple ROI 48 Months Apple Net Cash Flow Apple IRR Apple ROI 60 Months Apple Net Cash Flow Apple IRR Apple ROI ($32,163) ($32,225) ($32,288) ($34,428) ($36,509) ($38,592) ($41,161) ($41,543) ($42,285) ($43,789) ($44,746) ($45,254) ($41,323) ($37,350) ($32,163) ($63) ($63) ($2,141) ($2,081) ($2,083) ($2,569) ($10,656) ($4,535) ($4,249) ($3,670) ($4,183) $1,308 0% 0.0x $1,378 0% 0.0x $1,479 (100%) 0.1x ($1,549) 0% 0.0x ($1,937) 0% 0.0x ($2,122) 0% - ($2,755) 0% - ($9,185) 0% - ($3,365) 0% - $159 0% 0.0x $555 0% 0.0x $830 0% 0.0x $1,308 0% 0.0x $1,378 0% 0.0x $1,479 (100%) 0.1x ($1,549) 0% 0.0x ($1,937) 0% 0.0x ($2,122) 0% - ($2,755) 0% - ($9,185) 0% - ($3,365) 0% - $159 0% 0.0x $555 0% 0.0x $830 0% 0.0x $1,308 0% 0.0x $1,378 0% 0.0x $1,479 (100%) 0.1x ($1,549) 0% 0.0x ($1,937) 0% 0.0x ($2,122) 0% - ($2,755) 0% - ($9,185) 0% - ($3,365) 0% - $159 0% 0.0x $555 0% 0.0x $830 0% 0.0x - ($32,163) - ($32,163) - - ($63) - ($63) - - ($63) - ($63) - - ($2,141) - ($2,141) - - ($2,081) - ($2,081) - - ($2,083) - ($2,083) - - ($2,569) - ($2,569) - - ($10,656) - ($10,656) - - ($4,535) - ($4,535) - - ($4,249) - ($4,249) - - ($3,670) - ($3,670) - - ($4,183) - ($4,183) -
  • 147. M ONTHLY PROJECTI ONS ($000s) Date Sep-12 Oct-12 9 25 $592 Investment Month Terminal NPV Fees Apple Net Free Cash Flow Nov-12 10 26 $1,008 Dec-12 11 27 $1,358 Jan-13 12 28 $1,232 Feb-13 1 29 $2,264 M ar-13 2 30 $943 Apr-13 3 31 $326 M ay-13 4 32 $589 Jun-13 5 33 $2,941 Jul-13 6 34 $675 Aug-13 7 35 $2,745 Sep-13 8 36 $1,949 Oct-13 9 37 $1,838 Nov-13 10 38 $1,948 Dec-13 11 39 $3,298 Jan-14 12 40 ($529) Feb-14 1 41 $3,045 M ar-14 2 42 $1,667 Apr-14 3 43 $1,885 M ay-14 4 44 $1,864 Jun-14 5 45 $4,783 Jul-14 6 46 $3,190 Aug-14 7 47 $4,384 8 48 $3,586 Apple IRR - - - - - - - - - - - - - - - - - - - - - - - Apple ROI - - - - - - - - - - - - - - - - - - - - - - - - $433,315 $435,707 $437,879 $440,196 $441,146 $443,781 $446,942 $449,981 $450,556 $453,538 $454,457 $456,067 $457,921 $459,559 $459,970 $464,241 $464,581 $466,676 $468,446 $470,374 $469,253 $469,851 $469,250 $469,326 31,008 34,614 38,446 42,610 46,984 50,879 54,383 57,467 62,356 67,326 72,300 77,054 82,360 87,425 92,714 98,368 104,172 109,433 114,221 118,470 125,997 133,071 140,300 147,344 Apple Remaining PV Cumulative Apple Net Operating Cash Flow - Apple Cumulative Cash Flow (Incl Upfront) ($83,067) ($82,059) ($80,701) ($79,469) ($77,206) ($76,262) ($75,936) ($75,347) ($72,407) ($71,732) ($68,987) ($67,038) ($65,200) ($63,252) ($59,955) ($60,484) ($57,439) ($55,771) ($53,886) ($52,022) ($47,239) ($44,050) ($39,666) ($36,079) Apple Cumulative Investment ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) $5,335 4,002 1,334 $5,060 3,795 1,265 $5,410 4,058 1,353 $5,335 4,002 1,334 $1,400 1,050 350 $2,310 1,732 577 $2,585 1,939 646 $13,265 9,949 3,316 $4,780 3,585 1,195 $6,525 4,894 1,631 $2,915 2,186 729 $7,205 5,404 1,801 $4,100 3,075 1,025 $5,340 4,005 1,335 $4,780 3,585 1,195 $8,345 6,259 2,086 $1,820 1,365 455 $2,730 2,048 683 $2,095 1,571 524 $19,745 14,809 4,936 $5,200 3,900 1,300 $7,550 5,663 1,888 $4,850 3,638 1,213 $7,625 5,719 1,906 $318 303 0 $319 334 1 $319 369 1 $320 390 9 $311 398 18 $307 407 26 $302 416 36 $274 478 79 $255 504 100 $260 504 121 $251 507 140 $259 507 161 $254 508 182 0 $255 510 200 0 $252 511 221 0 $265 512 234 6 $267 498 239 11 $268 491 244 16 $266 482 250 22 $293 438 287 47 $295 409 302 60 $299 417 303 72 $307 402 304 84 $309 414 304 96 $621 $653 $689 $719 $727 $740 $754 $830 $859 $886 $898 $927 $944 $966 $985 $1,016 $1,014 $1,019 $1,020 $1,065 $1,066 $1,091 $1,097 $1,124 MACRS Calculation Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total 20% 32% 19% 12% 12% 6% Total Tax Benefit Cumulative Tax Benefit $4,622 $4,449 $4,747 $4,720 $1,777 $2,472 $2,692 $10,779 $4,444 $5,779 $3,084 $6,331 $4,018 $4,971 $4,570 $7,274 $2,379 $3,067 $2,591 $15,874 $4,966 $6,753 $4,735 $6,843 $96,955 $101,404 $106,150 $110,871 $112,648 $115,120 $117,812 $128,591 $133,035 $138,814 $141,898 $148,229 $152,248 $157,218 $161,788 $169,062 $171,442 $174,508 $177,099 $192,973 $197,939 $204,692 $209,427 $216,270 Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income $3,442 ($4,622) ($20) ($1,200) $3,606 ($4,449) ($20) ($863) $3,832 ($4,747) ($21) ($936) $4,164 ($4,720) ($22) ($579) $4,374 ($1,777) ($23) $2,574 $3,895 ($2,472) ($21) $1,402 $3,504 ($2,692) ($19) $792 $3,084 ($10,779) ($18) ($7,713) $4,889 ($4,444) ($27) $418 $4,970 ($5,779) ($28) ($837) $4,974 ($3,084) ($28) $1,862 $4,753 ($6,331) ($27) ($1,604) $5,307 ($4,018) ($30) $1,259 $5,065 ($4,971) ($28) $66 $5,289 ($4,570) ($29) $691 $5,654 ($7,274) ($30) ($1,650) $5,804 ($2,379) ($30) $3,394 $5,260 ($3,067) ($28) $2,166 $4,788 ($2,591) ($26) $2,171 $4,249 ($15,874) ($25) ($11,650) $7,527 ($4,966) ($42) $2,520 $7,074 ($6,753) ($40) $281 $7,228 ($4,735) ($41) $2,453 $7,044 ($6,843) ($40) $162 Taxes - - - - $901 $491 $277 - $146 - $652 - $440 $23 $242 - $1,188 $758 $760 - $882 $98 $859 $57 NOLs Used - - - - ($901) ($491) ($277) - ($146) - ($652) - ($440) ($23) ($242) - ($1,188) ($758) ($760) - ($882) ($98) ($859) ($57) Net Operating Income Net Operating Cash Flow Cumulative NOLs ($1,200) $2,574 $1,402 $792 $1,862 ($1,604) $1,259 $66 $691 ($1,650) $3,394 $2,166 $2,171 ($11,650) $2,520 $281 $2,453 $162 $3,442 $3,606 ($863) $3,832 ($936) $4,164 ($579) $4,374 $3,895 $3,504 ($7,713) $3,084 $4,889 $418 $4,970 ($837) $4,974 $4,753 $5,307 $5,065 $5,289 $5,654 $5,804 $5,260 $4,788 $4,249 $7,527 $7,074 $7,228 $7,044 ($66,125) ($66,988) ($67,924) ($68,502) ($67,601) ($67,111) ($66,833) ($74,546) ($74,400) ($75,237) ($74,585) ($76,189) ($75,748) ($75,725) ($75,483) ($77,133) ($75,945) ($75,187) ($74,427) ($86,077) ($85,195) ($85,097) ($84,238) ($84,181) 80,641 1,215 79,425 85,612 1,262 84,350 91,531 1,308 90,223 96,410 1,380 95,030 95,030 1,421 93,609 93,609 1,284 92,325 92,325 1,185 91,140 113,787 1,108 112,679 120,035 1,693 118,342 124,529 1,728 122,800 125,893 1,721 124,172 134,621 1,649 132,972 136,066 1,831 134,235 140,421 1,741 138,680 146,036 1,779 144,257 150,444 1,864 148,580 148,580 1,878 146,702 146,702 1,726 144,976 144,976 1,616 143,360 179,608 1,528 178,080 185,611 2,620 182,992 192,798 2,475 190,323 196,860 2,527 194,333 205,133 2,466 202,667 Proved Reserves (MMcfe) Proved Reserves Production Remaining Proved Reserves 39,713 42,175 45,111 47,515 46,804 46,162 45,570 56,339 59,171 61,400 62,086 66,486 67,117 69,340 72,129 74,290 73,351 72,488 71,680 89,040 91,496 95,161 97,167 101,333 Apple Implied Value $79,425 $84,350 $90,223 $95,030 $93,609 $92,325 $91,140 $112,679 $118,342 $122,800 $124,172 $132,972 $134,235 $138,680 $144,257 $148,580 $146,702 $144,976 $143,360 $178,080 $182,992 $190,323 $194,333 $202,667 Apple Cumulative Cash Flow (Incl Upfront) ($3,642) $2,291 $9,522 $15,560 $16,403 $16,062 $15,203 $37,331 $45,935 $51,068 $55,185 $65,934 $69,035 $75,428 $84,303 $88,096 $89,264 $89,205 $89,474 $126,058 $135,752 $146,273 $154,668 $166,588 0.2x 0.3x 0.3x 0.3x 0.3x 0.3x 0.4x 0.4x 0.4x 0.5x 0.5x 0.6x Apple Proved Reserves 36 Months Apple Net Cash Flow Apple IRR Apple ROI $592 0% 0.0x $1,008 0% 0.0x $1,358 0% 0.1x $1,232 0% 0.1x $2,264 0% 0.1x $943 0% 0.1x $326 0% 0.1x $589 0% 0.1x $2,941 0% 0.2x $675 0% 0.2x $2,745 0% 0.2x $68,435 (0%) 1.0x 48 Months Apple Net Cash Flow Apple IRR Apple ROI $592 0% 0.0x $1,008 0% 0.0x $1,358 0% 0.1x $1,232 0% 0.1x $2,264 0% 0.1x $943 0% 0.1x $326 0% 0.1x $589 0% 0.1x $2,941 0% 0.2x $675 0% 0.2x $2,745 0% 0.2x $1,949 0% 0.2x $1,838 0% 0.2x $1,948 (51%) 0.3x $3,298 (46%) 0.3x ($529) (46%) 0.3x $3,045 (42%) 0.3x $1,667 (39%) 0.3x $1,885 (37%) 0.4x $1,864 (34%) 0.4x $4,783 (29%) 0.4x $3,190 (26%) 0.5x $4,384 (22%) 0.5x 60 Months Apple Net Cash Flow Apple IRR Apple ROI $592 0% 0.0x $1,008 0% 0.0x $1,358 0% 0.1x $1,232 0% 0.1x $2,264 0% 0.1x $943 0% 0.1x $326 0% 0.1x $589 0% 0.1x $2,941 0% 0.2x $675 0% 0.2x $2,745 0% 0.2x $1,949 0% 0.2x $1,838 0% 0.2x $1,948 (51%) 0.3x $3,298 (46%) 0.3x ($529) (46%) 0.3x $3,045 (42%) 0.3x $1,667 (39%) 0.3x $1,885 (37%) 0.4x $1,864 (34%) 0.4x $4,783 (29%) 0.4x $3,190 (26%) 0.5x $4,384 (22%) 0.5x $104,920 20% 1.8x $3,586 (19%) 0.6x
  • 148. M ONTHLY PROJECTI ONS ($000s) Date Sep-14 Oct-14 9 49 $4,236 Investment Month Terminal NPV Fees Apple Net Free Cash Flow Nov-14 10 50 $3,644 Dec-14 11 51 $4,973 Jan-15 12 52 $2,065 Feb-15 1 53 $5,114 M ar-15 2 54 $4,337 Apr-15 3 55 $2,546 M ay-15 4 56 $5,468 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 M ar-16 Apr-16 M ay-16 Jun-16 Jul-16 Aug-16 5 57 $7,280 6 58 $4,148 7 59 $5,959 8 60 $6,734 9 61 $5,225 10 62 $6,260 11 63 $7,138 12 64 $2,996 1 65 $3,738 2 66 $4,037 3 67 $2,401 4 68 $7,608 5 69 $6,587 6 70 $5,778 7 71 $5,800 8 72 $6,779 19.8% Apple IRR - - - - - - - - 1.3% 2.8% 4.7% 6.8% 8.2% 9.8% 11.6% 12.2% 13.0% 13.9% 14.3% 15.8% 16.9% 17.9% 18.8% Apple ROI - - - - - - - - 1.0x 1.1x 1.2x 1.2x 1.3x 1.4x 1.5x 1.5x 1.5x 1.6x 1.6x 1.7x 1.8x 1.8x 1.9x 2.0x $468,870 $468,885 $467,683 $469,402 $467,695 $467,124 $468,232 $466,526 $462,858 $462,438 $460,189 $457,021 $455,468 $452,741 $449,225 $449,856 $449,509 $449,093 $450,204 $446,194 $443,064 $440,840 $438,576 $435,193 Cumulative Apple Net Operating Cash Flow 154,728 162,011 169,733 177,572 185,861 193,240 199,930 205,890 215,122 224,064 232,663 241,100 250,239 259,187 268,203 277,848 287,329 296,088 304,315 312,053 323,917 335,413 346,536 357,705 Apple Cumulative Cash Flow (Incl Upfront) ($31,843) ($28,199) ($23,226) ($21,161) ($16,047) ($11,710) ($9,164) ($3,697) $3,583 $7,731 $13,690 $20,424 $25,649 $31,909 $39,047 $42,042 $45,780 $49,817 $52,219 $59,827 $66,414 $72,192 $77,991 $84,771 Apple Cumulative Investment ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) ($85,203) $5,125 3,844 1,281 $7,275 5,456 1,819 $5,200 3,900 1,300 $9,370 7,028 2,343 $1,820 1,365 455 $1,820 1,365 455 $3,005 2,254 751 $18,835 14,126 4,709 $6,715 5,036 1,679 $6,945 5,209 1,736 $4,850 3,638 1,213 $8,230 6,173 2,058 $6,035 4,526 1,509 $4,850 3,638 1,213 $6,715 5,036 1,679 $8,765 6,574 2,191 $4,140 3,105 1,035 $3,230 2,423 808 $4,415 3,311 1,104 $25,305 18,979 6,326 $10,050 7,538 2,513 $8,460 6,345 2,115 $9,700 7,275 2,425 $9,140 6,855 2,285 $313 406 305 109 0 $321 408 306 120 0 $323 404 306 133 0 $327 424 307 140 6 $327 426 299 143 11 $324 429 295 146 16 $327 426 289 149 22 $324 469 263 172 47 $330 472 245 181 60 $327 479 250 181 72 $327 492 241 182 84 $330 495 249 182 96 $1,133 $1,156 $1,166 $1,204 $1,207 $1,209 $1,214 $1,275 $1,288 $1,310 $1,326 $1,352 $334 501 244 183 109 0 $1,370 $324 514 245 183 120 0 $1,386 $330 517 242 184 133 0 $1,406 $327 524 254 184 140 3 $1,432 $337 524 256 179 143 5 $1,444 $343 518 258 176 146 8 $1,449 $349 524 256 173 149 11 $1,462 $376 518 282 157 172 24 $1,528 $390 528 283 147 181 30 $1,559 $396 524 287 150 181 37 $1,575 $416 524 295 145 182 42 $1,604 $420 528 297 149 182 49 $1,624 Apple Remaining PV MACRS Calculation Capital Expenditures Intangible Tangible Per Month Calculation Tangible Drilling Costs Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Total 20% 32% 19% 12% 12% 6% Total Tax Benefit Cumulative Tax Benefit $4,977 $6,612 $5,066 $8,231 $2,572 $2,574 $3,468 $15,401 $6,324 $6,519 $4,964 $7,524 $5,896 $5,024 $6,442 $8,006 $4,549 $3,871 $4,773 $20,507 $9,096 $7,920 $8,879 $8,479 $221,247 $227,859 $232,925 $241,156 $243,728 $246,302 $249,770 $265,170 $271,495 $278,013 $282,977 $290,501 $296,398 $301,421 $307,863 $315,869 $320,419 $324,290 $329,063 $349,570 $358,667 $366,586 $375,465 $383,945 Apple After-Tax Cash Flow Projections Apple Operating Cash Flow Less: IDCs Less: Depletion Taxable Income Taxes NOLs Used $7,384 ($4,977) ($42) $2,365 $7,283 ($6,612) ($41) $631 $7,722 ($5,066) ($42) $2,613 $7,840 ($8,231) ($42) ($434) $8,289 ($2,572) ($44) $5,674 $7,379 ($2,574) ($39) $4,765 $6,690 ($3,468) ($37) $3,185 $5,960 ($15,401) ($35) ($9,476) $9,233 ($6,324) ($53) $2,856 $8,942 ($6,519) ($51) $2,372 $8,599 ($4,964) ($49) $3,586 $8,436 ($7,524) ($48) $864 $9,139 ($5,896) ($52) $3,191 $8,948 ($5,024) ($51) $3,874 $9,016 ($6,442) ($50) $2,524 $9,644 ($8,006) ($52) $1,586 $9,482 ($4,549) ($52) $4,881 $8,759 ($3,871) ($48) $4,839 $8,227 ($4,773) ($45) $3,408 $7,738 ($20,507) ($43) ($12,812) $11,864 ($9,096) ($65) $2,703 $11,496 ($7,920) ($63) $3,513 $11,123 ($8,879) ($62) $2,183 $11,168 ($8,479) ($62) $2,627 $828 $221 $915 - $1,986 $1,668 $1,115 - $999 $830 $1,255 $302 $1,117 $1,356 $883 $555 $1,708 $1,694 $1,193 - $946 $1,229 $764 $919 ($828) ($221) ($915) - ($1,986) ($1,668) ($1,115) - ($999) ($830) ($1,255) ($302) ($1,117) ($1,356) ($883) ($555) ($1,708) ($1,694) ($1,193) - ($946) ($1,229) ($764) ($919) Net Operating Income $2,365 $631 $2,613 $5,674 $4,765 $3,185 ($9,476) $2,856 $2,372 $3,586 $864 $3,191 $3,874 $2,524 $1,586 $4,881 $4,839 $3,408 ($12,812) $2,703 $3,513 $2,183 $2,627 Net Operating Cash Flow $7,384 $7,283 $7,722 $7,840 $8,289 $7,379 $6,690 $5,960 $9,233 $8,942 $8,599 $8,436 $9,139 $8,948 $9,016 $9,644 $9,482 $8,759 $8,227 $7,738 $11,864 $11,496 $11,123 $11,168 ($83,354) ($83,133) ($82,218) ($82,652) ($80,666) ($78,998) ($77,884) ($87,359) ($86,360) ($85,530) ($84,275) ($83,972) ($82,855) ($81,500) ($80,616) ($80,061) ($78,353) ($76,659) ($75,467) ($88,279) ($87,333) ($86,103) ($85,339) ($84,420) 209,204 2,582 206,623 216,429 2,535 213,894 221,425 2,629 218,796 228,602 2,615 225,987 225,987 2,710 223,278 223,278 2,444 220,833 220,833 2,278 218,555 257,395 2,153 255,241 268,036 3,270 264,766 272,248 3,179 269,069 276,551 3,063 273,488 289,551 3,009 286,542 294,024 3,241 2