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. 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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Oil and gas valuation model 700 sheets - gazhoo.com

  1. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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% $171,435 2.2x 41.1% 4.7x 46.7% 6.4x 47.4% 8.0x 46.5% 8.5x 43.8% 8.3x 40.0% 8.5x 39.2% 9.2x 38.8% 9.9x 38.8% 9.9x 38.8% 9.9x 38.8% Implied Asset Value (Production) Apple ROI Apple IRR Returns (Cash Flow) Apple ROI Apple IRR Apple Remaining Project PV@10.0% Implied Asset Value (Production) Apple ROI Apple IRR
  26. 26. Monthly Projections (Summary) 2010 Sep-10 2010 Oct-10 2010 Nov-10 2010 Dec-10 2011 Jan-11 2011 Feb-11 2011 M ar-11 2011 Apr-11 2011 M ay-11 2011 Jun-11 2011 Jul-11 2011 Aug-11 3.75 3.75 4.00 3.79 3.75 4.00 61.78 39.74 0.00 0.00 0.00 0.00 0.00 0.00 125.00 0.00 -30,000.00 -32,162.50 -32,162.50 3.75 3.75 4.00 3.79 3.75 4.00 61.78 39.74 0.00 0.00 0.00 0.00 0.00 0.00 125.00 0.00 0.00 -62.50 -32,225.00 3.96 3.96 4.21 3.99 3.96 4.21 62.66 40.28 0.00 0.00 0.00 0.00 0.00 0.00 125.00 0.00 0.00 -62.50 -32,287.50 4.22 4.22 4.47 4.24 4.22 4.47 63.51 40.79 0.00 0.00 0.00 0.00 9.00 -9.00 2,495.00 -4.50 0.00 -2,140.75 -34,428.25 4.42 4.42 4.67 4.42 4.42 4.67 64.28 41.27 0.00 0.00 0.00 0.00 13.50 -13.50 2,783.17 -6.75 0.00 -2,080.83 -36,509.08 4.42 4.42 4.67 4.43 4.42 4.67 64.96 41.68 0.00 0.00 0.00 0.00 18.00 -18.00 2,783.17 -9.00 0.00 -2,083.08 -38,592.17 4.36 4.36 4.61 4.37 4.36 4.61 65.53 42.03 0.00 0.00 0.00 0.00 27.00 -27.00 3,333.17 -13.50 0.00 -2,568.83 -41,161.00 4.27 4.27 4.52 4.29 4.27 4.52 65.96 42.29 0.00 0.00 0.00 0.00 31.50 -31.50 12,573.17 -15.75 0.00 -10,656.08 -51,817.08 4.30 4.30 4.55 4.31 4.30 4.55 66.32 42.51 835.18 477.77 397.84 1,710.78 104.48 1,606.31 6,513.17 803.15 0.00 -4,534.68 -56,351.76 4.36 4.36 4.61 4.37 4.36 4.61 66.64 42.70 1,024.29 569.60 444.74 2,038.63 123.63 1,915.00 6,363.17 957.50 0.00 -4,249.09 -60,600.85 4.43 4.43 4.68 4.44 4.43 4.68 66.94 42.89 1,124.91 622.75 501.04 2,248.71 137.68 2,111.03 5,813.17 1,055.51 0.00 -3,669.82 -64,270.67 4.49 4.49 4.74 4.49 4.49 4.74 67.18 43.03 1,227.51 675.85 557.70 2,461.06 151.73 2,309.33 6,513.17 1,154.67 0.00 -4,183.17 -68,453.84 2010 Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment
  27. 27. Monthly Projections (Summ 2011 Sep-11 2011 Oct-11 2011 Nov-11 2011 Dec-11 2012 Jan-12 2012 Feb-12 2012 M ar-12 4.52 4.52 4.77 4.52 4.52 4.77 67.40 43.16 1,432.33 767.94 612.79 2,813.06 171.81 2,641.26 6,363.17 1,320.63 0.00 -3,885.96 -72,339.79 4.61 4.61 4.86 4.61 4.61 4.86 67.62 43.30 1,538.43 813.66 665.91 3,017.99 185.75 2,832.24 5,813.17 1,416.12 0.00 -3,309.21 -75,649.00 4.88 4.88 5.13 4.87 4.88 5.13 67.86 43.44 1,710.70 858.30 717.20 3,286.20 202.31 3,083.89 6,513.17 1,541.95 0.00 -3,795.89 -79,444.89 5.22 5.22 5.47 5.19 5.22 5.47 68.11 43.60 2,039.83 942.58 766.80 3,749.21 226.67 3,522.54 6,363.17 1,761.27 0.00 -3,445.31 -82,890.20 5.42 5.42 5.67 5.38 5.42 5.67 68.27 43.69 2,191.01 979.26 813.54 3,983.81 294.65 3,689.16 4,060.83 1,844.58 0.00 -1,550.84 -84,441.04 5.38 5.38 5.63 5.35 5.38 5.63 68.42 43.79 1,942.08 864.61 722.02 3,528.70 278.76 3,249.94 4,060.83 1,624.97 0.00 -1,770.45 -86,211.49 5.25 5.25 5.50 5.22 5.25 5.50 68.58 43.88 1,731.22 780.62 658.69 3,170.53 272.99 2,897.53 4,610.83 1,448.77 0.00 -2,427.90 -88,639.39 4.93 4.93 5.18 4.92 4.93 5.18 68.73 43.98 1,510.12 715.13 610.49 2,835.74 264.15 2,571.59 22,940.83 1,285.80 0.00 -18,629.62 -107,269.01 4.94 4.94 5.19 4.93 4.94 5.19 68.89 44.07 3,217.14 1,613.33 1,396.85 6,227.32 457.82 5,769.50 10,820.83 2,884.75 0.00 -6,326.92 -113,595.92 4.98 4.98 5.23 4.96 4.98 5.23 69.04 44.16 3,459.10 1,719.31 1,459.91 6,638.32 489.80 6,148.52 10,670.83 3,074.26 0.00 -2,261.15 -115,857.08 2022 Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment
  28. 28. Monthly Projections (Summ 2012 Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2012 Aug-12 2013 Jul-12 Sep-12 2012 Oct-12 2012 Nov-12 2012 Dec-12 2012 Jan-13 2013 Feb-13 2013 M ar-13 5.03 5.03 5.28 5.01 5.03 5.28 69.18 44.25 3,636.25 1,796.09 1,546.98 6,979.32 517.38 6,461.94 10,120.83 3,230.97 0.00 -1,829.45 -117,686.53 5.08 5.08 5.33 5.05 5.08 5.33 69.33 44.34 3,824.60 1,877.32 1,638.96 7,340.89 546.37 6,794.52 10,820.83 3,397.26 0.00 -2,013.16 -119,699.69 5.09 5.09 5.34 5.07 5.09 5.34 69.47 44.43 4,120.07 2,000.47 1,730.64 7,851.18 583.20 7,267.98 10,670.83 3,633.99 0.00 -1,701.43 -121,401.11 5.18 5.18 5.43 5.15 5.18 5.43 69.62 44.52 4,338.19 2,075.93 1,820.39 8,234.51 612.58 7,621.93 10,120.83 3,810.97 0.00 -1,249.45 -122,650.56 5.42 5.42 5.67 5.38 5.42 5.67 69.77 44.61 4,690.23 2,150.20 1,907.93 8,748.36 648.14 8,100.23 10,820.83 4,050.11 0.00 -1,360.30 -124,010.87 5.69 5.69 5.94 5.64 5.69 5.94 69.92 44.70 5,227.78 2,264.40 1,992.99 9,485.17 694.32 8,790.86 10,670.83 4,395.43 0.00 -939.99 -124,950.86 5.87 5.87 6.12 5.81 5.87 6.12 69.99 44.74 5,539.49 2,327.90 2,073.24 9,940.63 721.25 9,219.38 2,799.67 4,609.69 0.00 3,209.86 -121,741.00 5.82 5.82 6.07 5.76 5.82 6.07 70.06 44.78 4,975.51 2,081.49 1,871.63 8,928.63 673.97 8,254.66 4,619.67 4,127.33 0.00 1,817.50 -119,923.50 5.66 5.66 5.91 5.61 5.66 5.91 70.14 44.83 4,480.57 1,898.75 1,729.14 8,108.45 642.38 7,466.08 5,169.67 3,733.04 0.00 1,148.21 -118,775.30
  29. 29. Monthly Projections (Summ 2013 Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment Apr-13 5.27 5.27 5.52 5.24 5.27 5.52 70.22 44.88 3,910.19 1,755.19 1,619.07 7,284.46 606.79 6,677.66 26,529.67 3,338.83 0.00 -9,926.00 -128,701.30 2013 M ay-13 5.26 5.26 5.51 5.23 5.26 5.51 70.31 44.93 5,903.33 2,763.26 2,510.91 11,177.49 821.95 10,355.55 9,559.67 5,177.77 0.00 397.94 -128,303.36 Jun-13 2013 Jul-13 2013 2013 Aug-13 Sep-13 2013 Oct-13 2013 Nov-13 2013 Dec-13 2013 5.29 5.29 5.54 5.26 5.29 5.54 70.40 44.99 6,123.06 2,702.69 2,557.16 11,382.91 839.26 10,543.65 13,049.67 5,271.83 0.00 -1,253.01 -129,556.37 5.33 5.33 5.58 5.30 5.33 5.58 70.49 45.05 6,126.56 2,726.60 2,558.05 11,411.21 845.52 10,565.69 5,829.67 5,282.85 0.00 2,368.01 -127,188.36 5.38 5.38 5.63 5.34 5.38 5.63 70.59 45.11 5,914.21 2,608.39 2,457.32 10,979.92 830.10 10,149.82 14,409.67 5,074.91 0.00 -2,129.92 -129,318.28 5.40 5.40 5.65 5.36 5.40 5.65 70.70 45.17 6,641.42 2,800.64 2,736.76 12,178.83 897.80 11,281.03 8,199.67 5,640.52 0.00 1,540.68 -127,777.60 5.48 5.48 5.73 5.44 5.48 5.73 70.80 45.23 6,399.66 2,686.78 2,605.03 11,691.46 879.77 10,811.69 10,679.67 5,405.85 0.00 66.01 -127,711.59 5.67 5.67 5.92 5.62 5.67 5.92 70.91 45.30 6,750.17 2,766.32 2,679.04 12,195.54 910.20 11,285.33 9,559.67 5,642.67 0.00 862.83 -126,848.75 5.89 5.89 6.14 5.83 5.89 6.14 71.02 45.37 7,408.51 2,794.92 2,804.62 13,008.04 967.07 12,040.97 16,689.67 6,020.49 0.00 -2,324.35 -129,173.10
  30. 30. Monthly Projections (Summ 2014 Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2014 Jan-14 Feb-14 6.06 6.06 6.31 5.99 6.06 6.31 71.09 45.41 7,639.14 2,864.43 2,836.20 13,339.76 993.73 12,346.03 3,640.00 6,173.02 0.00 4,353.02 -124,820.08 6.00 6.00 6.25 5.94 6.00 6.25 71.16 45.45 6,975.87 2,613.44 2,606.12 12,195.43 945.33 11,250.09 5,460.00 5,625.05 0.00 2,895.05 -121,925.04 2014 M ar-14 5.82 5.82 6.07 5.76 5.82 6.07 71.23 45.50 6,336.33 2,423.83 2,442.13 11,202.28 905.52 10,296.76 4,190.00 5,148.38 0.00 3,053.38 -118,871.66 2014 Apr-14 5.41 5.41 5.66 5.37 5.41 5.66 71.31 45.55 5,580.29 2,272.00 2,313.57 10,165.86 864.26 9,301.60 39,490.00 4,650.80 0.00 -15,094.20 -133,965.86 2014 M ay-14 5.40 5.40 5.65 5.36 5.40 5.65 71.39 45.60 9,661.18 3,338.81 4,168.99 17,168.99 1,211.49 15,957.50 10,400.00 7,978.75 0.00 2,778.75 -131,187.11 Jun-14 2014 Jul-14 2014 2014 Aug-14 Sep-14 2014 5.42 5.42 5.67 5.38 5.42 5.67 71.48 45.65 9,212.98 3,146.64 3,898.52 16,258.14 1,176.25 15,081.88 15,100.00 7,540.94 0.00 -9.06 -131,196.17 5.47 5.47 5.72 5.42 5.47 5.72 71.57 45.71 9,512.94 3,070.39 4,028.57 16,611.90 1,193.34 15,418.56 9,700.00 7,709.28 0.00 2,859.28 -128,336.88 5.51 5.51 5.76 5.46 5.51 5.76 71.67 45.76 9,370.75 2,943.66 3,952.59 16,267.01 1,185.66 15,081.35 15,250.00 7,540.68 0.00 -84.32 -128,421.21 5.53 5.53 5.78 5.48 5.53 5.78 71.77 45.82 9,904.83 2,970.46 4,139.83 17,015.12 1,224.83 15,790.29 10,250.00 7,895.14 0.00 2,770.14 -125,651.06
  31. 31. Monthly Projections (Summ 2014 Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2014 2014 2015 2015 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 5.61 5.61 5.86 5.56 5.61 5.86 71.88 45.89 9,880.65 2,875.54 4,086.90 16,843.08 1,225.07 15,618.01 14,550.00 7,809.01 0.00 534.01 -125,117.06 5.81 5.81 6.06 5.75 5.81 6.06 72.00 45.96 10,634.15 2,879.51 4,285.40 17,799.06 1,274.27 16,524.79 10,400.00 8,262.39 0.00 3,062.39 -122,054.67 6.03 6.03 6.28 5.96 6.03 6.28 72.12 46.04 11,015.11 2,846.52 4,236.96 18,098.59 1,307.56 16,791.03 18,740.00 8,395.52 0.00 -974.48 -123,029.15 6.21 6.21 6.46 6.13 6.21 6.46 72.23 46.10 11,758.33 2,860.54 4,437.04 19,055.91 1,355.28 17,700.63 3,640.00 8,850.32 0.00 7,030.32 -115,998.83 6.16 6.16 6.41 6.08 6.16 6.41 72.34 46.17 10,515.89 2,639.98 3,985.19 17,141.06 1,272.53 15,868.54 3,640.00 7,934.27 0.00 6,114.27 -109,884.57 2015 M ar-15 5.98 5.98 6.23 5.91 5.98 6.23 72.45 46.24 9,509.22 2,477.23 3,711.21 15,697.66 1,219.29 14,478.36 6,010.00 7,239.18 0.00 4,234.18 -105,650.38 2015 Apr-15 5.59 5.59 5.84 5.54 5.59 5.84 72.56 46.31 8,405.44 2,346.85 3,508.84 14,261.12 1,157.29 13,103.84 37,670.00 6,551.92 0.00 -12,283.08 -117,933.47 2015 M ay-15 5.57 5.57 5.82 5.52 5.57 5.82 72.67 46.37 13,185.93 2,971.57 5,074.66 21,232.16 1,467.13 19,765.03 13,430.00 9,882.52 0.00 3,167.52 -114,765.95 2015 Jun-15 5.60 5.60 5.85 5.55 5.60 5.85 72.78 46.44 13,052.67 2,898.58 4,712.37 20,663.62 1,445.63 19,217.99 13,890.00 9,608.99 0.00 2,663.99 -112,101.96
  32. 32. Monthly Projections (Summ 2015 Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2015 Aug-15 2015 Jul-15 Sep-15 2015 Oct-15 2015 Nov-15 2015 Dec-15 2016 Jan-16 2016 Feb-16 2016 M ar-16 2016 Apr-16 5.65 5.65 5.90 5.60 5.65 5.90 72.90 46.51 12,777.75 2,752.15 4,441.62 19,971.53 1,416.25 18,555.28 9,700.00 9,277.64 0.00 4,427.64 -107,674.32 5.70 5.70 5.95 5.65 5.70 5.95 73.02 46.59 12,753.16 2,647.14 4,279.78 19,680.07 1,407.23 18,272.84 16,460.00 9,136.42 0.00 906.42 -106,767.90 5.73 5.73 5.98 5.67 5.73 5.98 73.14 46.66 13,904.88 2,765.47 4,528.91 21,199.26 1,477.07 19,722.18 12,070.00 9,861.09 0.00 3,826.09 -102,941.81 5.81 5.81 6.06 5.75 5.81 6.06 73.26 46.74 13,828.68 2,656.35 4,341.63 20,826.66 1,465.65 19,361.01 9,700.00 9,680.50 0.00 4,830.50 -98,111.30 6.01 6.01 6.26 5.94 6.01 6.26 73.39 46.81 14,207.29 2,573.23 4,230.86 21,011.38 1,479.49 19,531.90 13,430.00 9,765.95 0.00 3,050.95 -95,060.35 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,439.29 2,632.02 4,309.80 22,381.11 1,558.15 20,822.97 17,530.00 10,411.48 0.00 1,646.48 -93,413.87 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,303.56 2,549.58 4,203.49 22,056.63 1,556.15 20,500.48 8,280.00 10,250.24 0.00 6,110.24 -87,303.63 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,169.74 2,402.50 3,971.75 20,543.99 1,504.54 19,039.45 6,460.00 9,519.73 0.00 6,289.73 -81,013.90 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,358.05 2,283.79 3,796.61 19,438.45 1,478.13 17,960.32 8,830.00 8,980.16 0.00 4,565.16 -76,448.74 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,716.33 2,183.43 3,652.85 18,552.61 1,450.68 17,101.93 50,610.00 8,550.96 0.00 -16,754.04 -93,202.78
  33. 33. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2016 M ay-16 2016 Jun-16 2016 Jul-16 2016 Aug-16 2016 Sep-16 2016 Oct-16 2016 Nov-16 2016 Dec-16 2017 Jan-17 2017 Feb-17 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,456.17 2,539.94 4,364.73 27,360.84 1,856.60 25,504.24 20,100.00 12,752.12 0.00 2,702.12 -90,500.66 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,218.55 2,410.19 4,031.04 26,659.77 1,854.60 24,805.18 16,920.00 12,402.59 0.00 3,942.59 -86,558.07 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,837.33 2,276.65 3,825.17 25,939.14 1,843.64 24,095.50 19,400.00 12,047.75 0.00 2,347.75 -84,210.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,262.52 2,170.21 3,670.26 26,102.99 1,871.89 24,231.10 18,280.00 12,115.55 0.00 2,975.55 -81,234.77 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,854.91 2,124.38 3,543.66 26,522.94 1,914.34 24,608.60 19,950.00 12,304.30 0.00 2,329.30 -78,905.47 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,254.15 2,042.91 3,435.45 26,732.51 1,940.91 24,791.60 14,550.00 12,395.80 0.00 5,120.80 -73,784.67 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,144.53 1,970.54 3,340.41 26,455.48 1,947.66 24,507.83 20,100.00 12,253.91 0.00 2,203.91 -71,580.76 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,827.96 1,950.50 3,255.33 27,033.80 2,014.24 25,019.56 24,700.00 12,509.78 0.00 159.78 -71,420.98 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,763.71 1,887.83 3,178.20 26,829.74 2,019.92 24,809.81 7,280.00 12,404.91 0.00 8,764.91 -62,656.07 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,182.60 1,831.91 3,107.52 25,122.04 1,953.41 23,168.63 7,280.00 11,584.31 0.00 7,944.31 -54,711.75
  34. 34. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2017 M ar-17 2017 Apr-17 2017 M ay-17 2017 Jun-17 2017 Jul-17 2017 Aug-17 2017 Sep-17 2017 Oct-17 2017 Nov-17 2017 Dec-17 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,046.08 1,780.62 3,042.28 23,868.97 1,914.19 21,954.78 7,830.00 10,977.39 0.00 7,062.39 -47,649.36 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,146.12 1,732.64 2,981.65 22,860.41 1,880.32 20,980.10 66,080.00 10,490.05 0.00 -22,549.95 -70,199.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 28,200.65 1,733.62 2,925.01 32,859.28 2,393.28 30,466.00 20,100.00 15,233.00 0.00 5,183.00 -65,016.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,140.10 1,732.27 2,871.88 31,744.24 2,354.79 29,389.46 19,950.00 14,694.73 0.00 4,719.73 -60,296.59 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,749.44 1,686.06 2,821.85 31,257.36 2,346.71 28,910.65 19,400.00 14,455.33 0.00 4,755.33 -55,541.26 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,653.23 1,643.82 2,774.57 31,071.62 2,355.33 28,716.29 20,100.00 14,358.15 0.00 4,308.15 -51,233.12 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,844.33 1,648.69 2,729.80 31,222.82 2,380.23 28,842.59 19,950.00 14,421.30 0.00 4,446.30 -46,786.82 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,945.44 1,608.11 2,687.25 31,240.80 2,397.53 28,843.27 19,400.00 14,421.64 0.00 4,721.64 -42,065.18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,093.65 1,570.48 2,646.77 31,310.90 2,419.14 28,891.76 20,100.00 14,445.88 0.00 4,395.88 -37,669.30 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,421.47 1,579.12 2,608.11 31,608.70 2,450.60 29,158.10 19,950.00 14,579.05 0.00 4,604.05 -33,065.25
  35. 35. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2018 Jan-18 2018 Feb-18 2018 M ar-18 2018 Apr-18 2018 M ay-18 2018 Jun-18 2018 Jul-18 2018 Aug-18 2018 Sep-18 2018 Oct-18 2018 Nov-18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,604.80 1,542.61 2,571.21 31,718.63 2,459.78 29,258.85 3,640.00 14,629.42 0.00 12,809.42 -20,255.83 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 25,667.03 1,508.39 2,535.86 29,711.28 2,366.83 27,344.44 3,640.00 13,672.22 0.00 11,852.22 -8,403.60 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 24,301.70 1,476.89 2,501.97 28,280.57 2,312.00 25,968.56 6,010.00 12,984.28 0.00 9,979.28 1,575.68 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 23,224.61 1,446.62 2,469.41 27,140.65 2,261.00 24,879.65 40,700.00 12,439.82 0.00 -7,910.18 -6,334.50 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 28,889.94 1,462.86 2,438.14 32,790.93 2,553.34 30,237.60 13,430.00 15,118.80 0.00 8,403.80 2,069.30 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 28,174.76 1,475.91 2,408.02 32,058.69 2,534.01 29,524.68 13,890.00 14,762.34 0.00 7,817.34 9,886.64 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,279.33 1,442.82 2,379.02 31,101.17 2,494.52 28,606.66 9,700.00 14,303.33 0.00 9,453.33 19,339.97 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,707.56 1,412.66 2,351.00 30,471.22 2,472.01 27,999.21 16,460.00 13,999.60 0.00 5,769.60 25,109.57 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 27,514.11 1,428.51 2,323.99 31,266.61 2,528.48 28,738.13 12,070.00 14,369.06 0.00 8,334.06 33,443.64 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,903.00 1,397.99 2,297.85 30,598.83 2,501.97 28,096.87 9,700.00 14,048.43 0.00 9,198.43 42,642.07 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,499.65 1,369.81 2,272.59 30,142.05 2,487.65 27,654.41 13,430.00 13,827.20 0.00 7,112.20 49,754.28
  36. 36. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2018 Dec-18 2019 Jan-19 2019 Feb-19 2019 M ar-19 2019 Apr-19 2019 M ay-19 2019 Jun-19 2019 Jul-19 2019 Aug-19 2019 Sep-19 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,881.64 1,387.11 2,248.12 30,516.87 2,522.51 27,994.37 13,890.00 13,997.18 0.00 7,052.18 56,806.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 26,487.95 1,358.65 2,224.41 30,071.00 2,496.55 27,574.46 0.00 13,787.23 0.00 13,787.23 70,593.69 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 25,143.20 1,331.86 2,201.43 28,676.50 2,423.00 26,253.50 0.00 13,126.75 0.00 13,126.75 83,720.44 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 24,140.68 1,307.31 2,179.11 27,627.10 2,372.07 25,255.03 550.00 12,627.52 0.00 12,352.52 96,072.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 23,319.38 1,283.93 2,157.44 26,760.75 2,324.57 24,436.17 18,880.00 12,218.09 0.00 2,778.09 98,851.04 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 22,765.59 1,305.83 2,136.39 26,207.82 2,289.13 23,918.68 700.00 11,959.34 0.00 11,609.34 110,460.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 22,281.87 1,324.86 2,115.94 25,722.66 2,262.19 23,460.48 550.00 11,730.24 0.00 11,455.24 121,915.62 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,701.16 1,297.57 2,096.05 25,094.78 2,227.34 22,867.44 0.00 11,433.72 0.00 11,433.72 133,349.34 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 21,176.73 1,272.47 2,076.66 24,525.86 2,197.32 22,328.54 700.00 11,164.27 0.00 10,814.27 144,163.61 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,848.05 1,293.19 2,057.81 24,199.06 2,178.48 22,020.58 550.00 11,010.29 0.00 10,735.29 154,898.90
  37. 37. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2019 Oct-19 2019 Nov-19 2019 Dec-19 2020 Jan-20 2020 Feb-20 2020 M ar-20 2020 Apr-20 2020 M ay-20 2020 Jun-20 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 20,393.13 1,267.31 2,039.44 23,699.88 2,150.75 21,549.13 0.00 10,774.57 0.00 10,774.57 165,673.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,973.35 1,243.53 2,021.52 23,238.40 2,126.22 21,112.19 700.00 10,556.09 0.00 10,206.09 175,879.56 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,733.33 1,264.98 2,004.07 23,002.38 2,111.99 20,890.39 550.00 10,445.20 0.00 7,543.37 183,422.93 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,354.72 1,240.12 1,987.02 22,581.86 2,087.75 20,494.11 0.00 10,247.05 0.00 7,242.02 190,664.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 19,001.62 1,217.49 1,970.41 22,189.51 2,068.75 20,120.76 0.00 10,060.38 0.00 7,114.69 197,779.65 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,670.49 1,196.42 1,954.17 21,821.08 2,055.29 19,765.79 550.00 9,882.89 0.00 6,789.71 204,569.35 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,358.75 1,176.09 1,938.30 21,473.14 2,036.69 19,436.45 700.00 9,718.22 0.00 6,582.11 211,151.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,213.93 1,201.12 1,922.78 21,337.83 2,024.84 19,312.99 700.00 9,656.50 0.00 6,525.78 217,677.24 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 18,070.02 1,223.51 1,907.64 21,201.17 2,017.87 19,183.31 550.00 9,591.65 0.00 6,521.30 224,198.54
  38. 38. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2020 Jul-20 2020 Aug-20 2020 Sep-20 2020 Oct-20 2020 Nov-20 2020 Dec-20 2021 Jan-21 2021 Feb-21 2021 M ar-21 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 17,778.23 1,198.79 1,892.83 20,869.85 2,000.30 18,869.55 0.00 9,434.78 0.00 6,607.82 230,806.36 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 17,503.78 1,176.76 1,878.32 20,558.86 1,985.51 18,573.35 700.00 9,286.67 0.00 6,234.01 237,040.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 17,394.30 1,199.75 1,864.15 20,458.20 1,980.26 18,477.95 550.00 9,238.97 0.00 6,242.96 243,283.34 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 17,133.57 1,176.69 1,850.26 20,160.52 1,964.83 18,195.69 0.00 9,097.85 0.00 6,338.73 249,622.06 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,887.42 1,154.57 1,836.66 19,878.65 1,951.44 17,927.21 700.00 8,963.61 0.00 5,977.02 255,599.09 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,803.80 1,178.91 1,823.33 19,806.04 1,947.56 17,858.48 550.00 8,929.24 0.00 5,990.88 261,589.97 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,566.96 1,156.45 1,810.27 19,533.67 1,932.86 17,600.81 0.00 8,800.40 0.00 6,106.21 267,696.18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,343.07 1,135.48 1,797.49 19,276.04 1,921.71 17,354.33 0.00 8,677.16 0.00 6,022.75 273,718.93 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 16,130.24 1,116.38 1,784.95 19,031.57 1,911.03 17,120.54 550.00 8,560.27 0.00 5,739.34 279,458.27
  39. 39. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2021 Apr-21 2021 M ay-21 2021 Jun-21 2021 Jul-21 2021 Aug-21 2021 Sep-21 2021 Oct-21 2021 Nov-21 2021 Dec-21 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,927.22 1,098.34 1,772.61 18,798.17 1,899.74 16,898.43 700.00 8,449.21 0.00 5,573.74 285,032.01 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,733.03 1,080.73 1,760.52 18,574.28 1,889.79 16,684.49 700.00 8,342.24 0.00 5,493.73 290,525.74 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,546.98 1,064.99 1,748.69 18,360.66 1,880.30 16,480.36 550.00 8,240.18 0.00 5,472.55 295,998.29 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,368.07 1,049.78 1,737.05 18,154.90 1,870.12 16,284.78 0.00 8,142.39 0.00 5,602.82 301,601.11 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,195.92 1,035.73 1,725.60 17,957.25 1,861.27 16,095.98 700.00 8,047.99 0.00 5,271.76 306,872.87 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 15,030.02 1,021.55 1,714.38 17,765.96 1,852.65 15,913.31 550.00 7,956.65 0.00 5,257.84 312,130.71 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,869.80 1,008.64 1,703.35 17,581.79 1,843.37 15,738.42 0.00 7,869.21 0.00 5,395.86 317,526.57 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,714.89 995.60 1,692.50 17,402.98 1,835.26 15,567.73 700.00 7,783.86 0.00 5,071.81 322,598.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,564.97 983.92 1,681.82 17,230.70 1,827.45 15,403.25 550.00 7,701.63 0.00 5,061.17 327,659.55
  40. 40. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2022 Jan-22 2022 Feb-22 2022 M ar-22 2022 Apr-22 2022 M ay-22 2022 Jun-22 2022 Jul-22 2022 Aug-22 2022 Sep-22 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,419.80 972.20 1,671.32 17,063.32 1,818.86 15,244.45 0.00 7,622.23 0.00 5,208.97 332,868.51 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,279.12 961.17 1,661.02 16,901.30 1,811.50 15,089.80 0.00 7,544.90 0.00 5,155.69 338,024.20 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,142.45 949.92 1,650.84 16,743.20 1,804.27 14,938.93 550.00 7,469.46 0.00 4,900.45 342,924.65 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 14,009.68 939.41 1,640.81 16,589.91 1,796.80 14,793.11 700.00 7,396.55 0.00 4,768.37 347,693.01 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,880.68 928.41 1,630.95 16,440.03 1,789.91 14,650.12 700.00 7,325.06 0.00 4,713.63 352,406.65 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,755.25 918.47 1,621.26 16,294.98 1,783.27 14,511.71 550.00 7,255.85 0.00 4,716.35 357,123.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,633.02 908.30 1,611.67 16,152.99 1,776.22 14,376.77 0.00 7,188.39 0.00 4,867.05 361,990.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,514.05 899.05 1,602.22 16,015.32 1,769.92 14,245.40 700.00 7,122.70 0.00 4,558.37 366,548.42 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,398.02 889.06 1,592.92 15,879.99 1,763.66 14,116.33 550.00 7,058.17 0.00 4,563.48 371,111.90
  41. 41. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2022 Oct-22 2022 Nov-22 2022 Dec-22 2023 Jan-23 2023 Feb-23 2023 M ar-23 2023 Apr-23 2023 M ay-23 2023 Jun-23 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,284.99 880.32 1,583.75 15,749.06 1,757.16 13,991.90 0.00 6,995.95 0.00 4,718.64 375,830.54 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,174.48 870.93 1,574.67 15,620.09 1,751.16 13,868.92 700.00 6,934.46 0.00 4,412.30 380,242.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 13,066.75 862.72 1,565.75 15,495.22 1,745.43 13,749.79 550.00 6,874.89 0.00 4,419.65 384,662.50 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,961.51 853.84 1,556.92 15,372.28 1,739.25 13,633.03 0.00 6,816.52 0.00 4,582.12 389,244.62 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,858.74 845.89 1,548.22 15,252.85 1,733.73 13,519.12 0.00 6,759.56 0.00 4,542.70 393,787.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,758.11 837.55 1,539.60 15,135.26 1,728.28 13,406.98 550.00 6,703.49 0.00 4,300.67 398,087.99 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,659.72 829.38 1,531.11 15,020.21 1,722.95 13,297.26 700.00 6,648.63 0.00 4,187.46 402,275.45 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,563.46 821.50 1,522.71 14,907.66 1,717.72 13,189.94 700.00 6,594.97 0.00 4,145.74 406,421.19 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,469.33 813.28 1,514.43 14,797.04 1,712.57 13,084.47 550.00 6,542.23 0.00 4,159.81 410,581.00
  42. 42. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2023 Jul-23 2023 Aug-23 2023 Sep-23 2023 Oct-23 2023 Nov-23 2023 Dec-23 2024 Jan-24 2024 Feb-24 2024 M ar-24 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,376.97 805.77 1,506.19 14,688.92 1,707.54 12,981.38 0.00 6,490.69 0.00 4,322.91 414,903.91 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,286.65 798.21 1,498.08 14,582.95 1,702.63 12,880.31 700.00 6,440.16 0.00 4,024.47 418,928.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,198.00 790.44 1,490.06 14,478.50 1,697.73 12,780.77 550.00 6,390.38 0.00 4,040.85 422,969.22 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,111.20 783.53 1,482.13 14,376.87 1,693.03 12,683.84 0.00 6,341.92 0.00 4,205.95 427,175.17 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 12,025.93 775.72 1,474.26 14,275.91 1,688.28 12,587.62 700.00 6,293.81 0.00 3,909.73 431,084.90 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,942.43 769.14 1,466.51 14,178.08 1,683.75 12,494.33 550.00 6,247.16 0.00 3,927.76 435,012.66 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,860.52 762.45 1,458.83 14,081.80 1,679.29 12,402.51 0.00 6,201.26 0.00 4,099.88 439,112.54 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,780.07 755.21 1,451.22 13,986.50 1,674.81 12,311.69 0.00 6,155.84 0.00 4,069.51 443,182.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,701.01 748.88 1,443.68 13,893.58 1,670.48 12,223.09 550.00 6,111.55 0.00 3,836.67 447,018.73
  43. 43. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2024 Apr-24 2024 M ay-24 2024 Jun-24 2024 Jul-24 2024 Aug-24 2024 Sep-24 2024 Oct-24 2024 Nov-24 2024 Dec-24 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,623.40 741.63 1,436.23 13,801.26 1,666.15 12,135.11 700.00 6,067.56 0.00 3,740.45 450,759.18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,547.16 735.48 1,428.85 13,711.49 1,661.96 12,049.54 700.00 6,024.77 0.00 3,709.87 454,469.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,472.32 728.58 1,421.57 13,622.47 1,657.78 11,964.69 550.00 5,982.34 0.00 3,734.72 458,203.77 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,398.68 722.35 1,414.31 13,535.35 1,653.70 11,881.64 0.00 5,940.82 0.00 3,908.41 462,112.18 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,326.36 716.29 1,407.16 13,449.81 1,649.71 11,800.10 700.00 5,900.05 0.00 3,620.38 465,732.57 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,255.18 710.16 1,400.08 13,365.41 1,645.75 11,719.66 550.00 5,859.83 0.00 3,647.05 469,379.61 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,185.20 703.57 1,393.04 13,281.82 1,641.83 11,639.99 0.00 5,819.99 0.00 3,821.84 473,201.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,116.36 697.34 1,386.09 13,199.79 1,637.97 11,561.82 700.00 5,780.91 0.00 3,535.55 476,737.01 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 11,048.61 691.64 1,379.21 13,119.46 1,634.20 11,485.26 550.00 5,742.63 0.00 3,563.09 480,300.10
  44. 44. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2025 Jan-25 2025 Feb-25 2025 M ar-25 2025 Apr-25 2025 M ay-25 2025 Jun-25 2025 Jul-25 2025 Aug-25 2025 Sep-25 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,981.95 686.10 1,372.38 13,040.44 1,630.52 11,409.91 0.00 5,704.96 0.00 3,741.35 484,041.46 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,916.43 680.18 1,365.63 12,962.23 1,626.84 11,335.40 0.00 5,667.70 0.00 3,717.07 487,758.52 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,851.77 674.04 1,358.91 12,884.72 1,623.20 11,261.53 550.00 5,630.76 0.00 3,490.18 491,248.71 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,788.15 668.12 1,352.28 12,808.55 1,619.59 11,188.96 700.00 5,594.48 0.00 3,407.38 494,656.09 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,725.45 663.10 1,345.68 12,734.23 1,616.12 11,118.11 700.00 5,559.05 0.00 3,384.29 498,040.38 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,663.86 656.94 1,339.19 12,659.99 1,612.63 11,047.36 550.00 5,523.68 0.00 3,416.55 501,456.92 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,603.05 651.68 1,332.72 12,587.45 1,609.21 10,978.24 0.00 5,489.12 0.00 3,596.83 505,053.76 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,543.08 646.63 1,326.29 12,516.00 1,605.86 10,910.14 700.00 5,455.07 0.00 3,316.52 508,370.27 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,484.02 641.24 1,319.93 12,445.19 1,602.55 10,842.64 550.00 5,421.32 0.00 3,349.83 511,720.11
  45. 45. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2025 Oct-25 2025 Nov-25 2025 Dec-25 2026 Jan-26 2026 Feb-26 2026 M ar-26 2026 Apr-26 2026 M ay-26 2026 Jun-26 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,425.79 635.70 1,313.62 12,375.11 1,599.22 10,775.89 0.00 5,387.94 0.00 3,530.89 515,251.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,368.39 630.43 1,307.36 12,306.18 1,595.98 10,710.20 700.00 5,355.10 0.00 3,251.36 518,502.36 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,311.64 624.82 1,301.14 12,237.60 1,592.73 10,644.88 550.00 5,322.44 0.00 3,285.38 521,787.74 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,255.74 620.64 1,294.95 12,171.34 1,589.65 10,581.69 0.00 5,290.85 0.00 3,467.61 525,255.35 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,200.68 615.45 1,288.84 12,104.97 1,586.52 10,518.45 0.00 5,259.23 0.00 3,447.00 528,702.35 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,146.24 609.86 1,282.74 12,038.83 1,583.37 10,455.47 550.00 5,227.73 0.00 3,223.66 531,926.01 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,092.48 605.14 1,276.69 11,974.31 1,580.34 10,393.98 700.00 5,196.99 0.00 3,148.31 535,074.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 10,039.38 600.76 1,270.67 11,910.81 1,577.38 10,333.43 700.00 5,166.71 0.00 3,128.58 538,202.89 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,987.06 595.54 1,264.70 11,847.30 1,574.36 10,272.95 550.00 5,136.47 0.00 3,164.18 541,367.07
  46. 46. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2026 Jul-26 2026 Aug-26 2026 Sep-26 2026 Oct-26 2026 Nov-26 2026 Dec-26 2027 Jan-27 2027 Feb-27 2027 M ar-27 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,935.33 590.78 1,258.77 11,784.88 1,571.42 10,213.46 0.00 5,106.73 0.00 3,347.61 544,714.68 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,884.17 586.21 1,252.86 11,723.25 1,568.54 10,154.71 700.00 5,077.35 0.00 3,070.34 547,785.02 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,833.68 581.80 1,246.99 11,662.47 1,565.67 10,096.80 550.00 5,048.40 0.00 3,106.78 550,891.79 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,783.79 576.72 1,241.16 11,601.68 1,562.79 10,038.89 0.00 5,019.45 0.00 3,290.72 554,182.51 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,734.54 572.47 1,235.37 11,542.37 1,560.00 9,982.37 700.00 4,991.19 0.00 3,014.18 557,196.69 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,685.71 567.37 1,229.59 11,482.67 1,557.16 9,925.51 550.00 4,962.75 0.00 3,050.96 560,247.64 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,637.49 563.64 1,223.84 11,424.97 1,554.49 9,870.48 0.00 4,935.24 0.00 3,235.84 563,483.48 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,589.81 558.95 1,218.13 11,366.90 1,551.74 9,815.16 0.00 4,907.58 0.00 3,217.81 566,701.29 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,542.64 554.16 1,212.45 11,309.24 1,549.00 9,760.24 550.00 4,880.12 0.00 2,997.10 569,698.39
  47. 47. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2027 Apr-27 2027 M ay-27 2027 Jun-27 2027 Jul-27 2027 Aug-27 2027 Sep-27 2027 Oct-27 2027 Nov-27 2027 Dec-27 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,495.96 550.17 1,206.79 11,252.92 1,546.35 9,706.57 700.00 4,853.28 0.00 2,924.30 572,622.68 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,449.76 546.15 1,201.16 11,197.07 1,543.74 9,653.33 700.00 4,826.67 0.00 2,906.95 575,529.63 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,404.05 541.40 1,195.57 11,141.02 1,541.10 9,599.92 550.00 4,799.96 0.00 2,944.85 578,474.49 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,358.78 537.16 1,189.99 11,085.93 1,538.48 9,547.45 0.00 4,773.73 0.00 3,130.57 581,605.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,313.92 533.55 1,184.44 11,031.90 1,535.96 9,495.95 700.00 4,747.97 0.00 2,855.66 584,460.71 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,269.63 529.09 1,178.92 10,977.65 1,533.39 9,444.26 550.00 4,722.13 0.00 2,894.13 587,354.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,225.65 524.72 1,173.44 10,923.80 1,530.85 9,392.95 0.00 4,696.48 0.00 3,080.22 590,435.06 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,182.16 520.97 1,167.97 10,871.09 1,528.37 9,342.73 700.00 4,671.36 0.00 2,805.73 593,240.79 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,138.99 517.11 1,162.53 10,818.63 1,525.89 9,292.74 550.00 4,646.37 0.00 2,844.75 596,085.54
  48. 48. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2028 Jan-28 2028 Feb-28 2028 M ar-28 2028 Apr-28 2028 M ay-28 2028 Jun-28 2028 Jul-28 2028 Aug-28 2028 Sep-28 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,096.19 512.77 1,157.11 10,766.07 1,523.43 9,242.65 0.00 4,621.32 0.00 3,031.24 599,116.78 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,053.79 508.81 1,151.72 10,714.32 1,520.98 9,193.34 0.00 4,596.67 0.00 3,015.17 602,131.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 9,011.74 505.18 1,146.35 10,663.26 1,518.57 9,144.69 550.00 4,572.35 0.00 2,796.50 604,928.45 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,970.01 501.55 1,141.01 10,612.57 1,516.19 9,096.38 700.00 4,548.19 0.00 2,725.45 607,653.90 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,928.68 497.15 1,135.71 10,561.54 1,513.78 9,047.76 700.00 4,523.88 0.00 2,709.60 610,363.50 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,887.65 493.30 1,130.41 10,511.37 1,511.41 8,999.96 550.00 4,499.98 0.00 2,749.34 613,112.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,846.93 489.96 1,125.14 10,462.02 1,509.09 8,952.93 0.00 4,476.46 0.00 2,936.83 616,049.67 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,806.48 486.69 1,119.89 10,413.06 1,506.80 8,906.26 700.00 4,453.13 0.00 2,663.49 618,713.16 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,766.44 481.72 1,114.70 10,362.86 1,504.40 8,858.46 550.00 4,429.23 0.00 2,703.23 621,416.38
  49. 49. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2028 Oct-28 2028 Nov-28 2028 Dec-28 2029 Jan-29 2029 Feb-29 2029 M ar-29 2029 Apr-29 2029 M ay-29 2029 Jun-29 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,726.53 478.65 1,109.49 10,314.67 1,502.15 8,812.52 0.00 4,406.26 0.00 2,891.07 624,307.45 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,687.02 475.30 1,104.32 10,266.65 1,499.89 8,766.76 700.00 4,383.38 0.00 2,618.03 626,925.48 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,647.72 471.83 1,099.19 10,218.74 1,497.63 8,721.10 550.00 4,360.55 0.00 2,658.47 629,583.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,608.66 467.45 1,094.07 10,170.18 1,495.33 8,674.85 0.00 4,337.42 0.00 2,846.20 632,430.15 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,569.88 464.18 1,088.96 10,123.02 1,493.12 8,629.90 0.00 4,314.95 0.00 2,831.56 635,261.71 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,531.29 461.11 1,083.88 10,076.29 1,490.93 8,585.36 550.00 4,292.68 0.00 2,614.23 637,875.94 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,493.01 457.50 1,078.84 10,029.34 1,488.70 8,540.64 700.00 4,270.32 0.00 2,544.34 640,420.28 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,454.89 453.65 1,073.84 9,982.38 1,486.48 8,495.90 700.00 4,247.95 0.00 2,529.76 642,950.05 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,417.05 450.05 1,068.82 9,935.92 1,484.28 8,451.65 550.00 4,225.82 0.00 2,570.65 645,520.70
  50. 50. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2029 Jul-29 2029 Aug-29 2029 Sep-29 2029 Oct-29 2029 Nov-29 2029 Dec-29 2030 Jan-30 2030 Feb-30 2030 M ar-30 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,379.40 447.14 1,063.84 9,890.38 1,482.15 8,408.23 0.00 4,204.11 0.00 2,759.32 648,280.02 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,341.99 443.87 1,058.89 9,844.75 1,480.00 8,364.75 700.00 4,182.38 0.00 2,487.02 650,767.04 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,304.74 439.99 1,053.98 9,798.71 1,477.81 8,320.90 550.00 4,160.45 0.00 2,528.05 653,295.09 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,267.71 437.05 1,049.05 9,753.81 1,475.70 8,278.11 0.00 4,139.05 0.00 2,716.91 656,012.00 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,230.88 433.80 1,044.18 9,708.86 1,473.58 8,235.28 700.00 4,117.64 0.00 2,444.83 658,456.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,194.29 430.87 1,039.33 9,664.49 1,471.50 8,192.99 550.00 4,096.49 0.00 2,486.36 660,943.20 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,157.79 427.22 1,034.48 9,619.49 1,469.37 8,150.11 0.00 4,075.06 0.00 2,675.20 663,618.40 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,121.48 424.00 1,029.65 9,575.13 1,467.27 8,107.86 0.00 4,053.93 0.00 2,661.43 666,279.84 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,085.35 421.09 1,024.86 9,531.30 1,465.22 8,066.09 550.00 4,033.04 0.00 2,445.01 668,724.84
  51. 51. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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 ($/bbl) Total Gas Revenues Total Oil Revenues Total NGL Revenues Total Revenues Total Operating Expenses Operating Cash Flow Total Capital Expenditures Apple Operating Cash Flow Apple Upfront Payment 2030 Apr-30 2030 M ay-30 2030 Jun-30 2030 Jul-30 2030 Aug-30 2030 Sep-30 2030 Oct-30 2030 Nov-30 2030 Dec-30 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,049.53 417.88 1,020.12 9,487.53 1,463.14 8,024.39 700.00 4,012.19 0.00 2,376.11 671,100.95 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 8,013.73 414.87 1,015.37 9,443.97 1,461.08 7,982.88 700.00 3,991.44 0.00 2,362.58 673,463.53 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,978.15 411.37 1,010.64 9,400.17 1,459.02 7,941.15 550.00 3,970.58 0.00 2,404.29 675,867.82 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,942.76 408.50 1,005.93 9,357.18 1,456.99 7,900.19 0.00 3,950.09 0.00 2,593.76 678,461.58 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,907.51 405.45 1,001.27 9,314.22 1,454.95 7,859.27 700.00 3,929.64 0.00 2,322.30 680,783.88 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,872.45 402.83 996.61 9,271.90 1,452.97 7,818.93 550.00 3,909.46 0.00 2,364.46 683,148.34 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,837.60 399.48 991.97 9,229.04 1,450.93 7,778.11 0.00 3,889.06 0.00 2,553.98 685,702.32 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,802.85 396.76 987.36 9,186.97 1,448.97 7,738.00 700.00 3,869.00 0.00 2,282.78 687,985.10 6.23 6.23 6.48 6.15 6.23 6.48 73.52 46.89 7,768.33 394.22 982.77 9,145.32 1,447.01 7,698.31 550.00 3,849.16 0.00 2,325.16 690,310.25
  52. 52. Monthly Projections (Summ Date Realized Prices Marshall Gas ($/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

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