2. S t r a t e g y
Bridge Upstream Partners, LP (“Bridge”) will adhere to a disciplined investment structure that focuses on delivering
compelling risk-adjusted investment returns by implementing a differentiated niche strategy of investing in a diversified
portfolio of relatively low-risk domestic (onshore) oil and gas projects that are operated by highly qualified operators.
Bridge believes the current market conditions have created the following investment opportunities:
Efficient Capital Deployment.
Rather than investing capital in management teams with no assets, Bridge utilizes its knowledge, relationships and
expertise in the oil and gas industry to invest in quality projects that provide the Fund with near-term cash flow and
capital appreciation potential. The Bridge Team’s experience and relationship with oil & gas operating companies,
working interest owners, lenders and the energy investment community allows unique access to “off-market”
investment opportunities that are project specific. The General Partner believes that deploying capital directly into
projects that have proved reserves and current, or near-term, cash flow results in an efficient use of capital.
Unlocking Value.
Bridge utilizes its market knowledge and long-term relationships to source experienced operators sponsoring
upstream acquisition and development projects in need of equity capital. With decades of proven experience, the
Bridge Team is uniquely qualified to identify and unlock value in producing oil and gas assets by performing
thorough due diligence of the operator and the asset. Bridge will provide critically needed capital to help operators
fund asset acquisitions, to facilitate partner exits, and to convert low-risk, proved behind pipe and undeveloped
reserves to producing status.
“Under the Radar” Assets.
Bridge seeks project investment opportunities that other companies do not have access to or that other capital
providers are disinterested in due to their relatively small size. While other companies or investors target large,
unconventional projects with significant drilling risks, Bridge’s investment focus is primarily in onshore oil and gas
projects in the small to medium size class. Bridge’s tactical investment philosophy centers on providing capital to
operators that have unique, proprietary control and knowledge of conventional producing assets, but lack the capital
resources to fully exploit the underlying value.
Relatively Low Risk Profile.
The Bridge Team will minimize our investors’ risk by adhering to exhaustive pre-investment due diligence criteria
and seeking to invest in projects with a substantial base of proved producing reserves value with relatively low-risk
development upside potential. With an 8 to 10 year Fund term, most investment projects will have a 3 to 5 year
‘roundtrip’. The General Partner expects this to be sufficient time to create a diversified portfolio of upstream oil and
gas projects that deliver quality investment returns throughout market cycles.

3. Fund Focus Bridge Upstream Partners’ goal is to create value
through the acquisition and exploitation of proved oil
and gas reserves, including development opportunities,
with low to moderate drilling risks, in known producing
regions. Generally, Bridge will focus on direct
investments in projects.
Fund Size (Target) $200,000,000 USD
First Closing
(minimum escrow)
$25,000,000
Minimum Investment $500,000
Fund Term 10 + 2 one-year extensions
Investment Objectives > Preferred Return of 8% to Investor
> IRR Target of 18%+
Management Fee 2.0%
Distribution of Cash > 100% Return of capital to investor
> 8% Preferred return to investor
> 80% investor, 20% fund manager
(No catch-up for fund manager)
Leverage Limitations Up to 50% of Proved Developed Producing
(PV 10) Value - at Project Level
F a c t s
DISCLOSURE: The information contained herein (or attached hereto) is not intended to be, nor should it be construed or used as, an offer to sell, or a solicitation of any offer
to buy, any security. No offer or solicitation of a security may be made prior to the delivery of a definitive offering memorandum. Before making an investment in a security,
prospective investors are advised to thoroughly and carefully review the applicable definitive offering memorandum (and the exhibits thereto) with their financial, legal and
tax advisors to determine whether an investment is suitable for them. Past performance is neither indicative nor a guarantee of future results. No assurance can be made that
profits will be achieved or that substantial losses will not be incurred.

4. M a n a g e m e n t T e a m
Charles M. Lapeyre, Managing Principal
Charlie Lapeyre is a co-founder and the Managing Principal of Bridge Upstream Partners. Mr. Lapeyre is responsible
for acquisition sourcing, due diligence, property management and underwriting for the Fund’s project investments.
He also serves on the investment committee. Mr. Lapeyre is currently Managing Partner of Virage Energy Group LLC,
a transaction advisory firm specializing in upstream oil and gas asset divestiture transactions ranging from $5 million
to $100+ million. Prior to forming Bridge Upstream Partners, Mr. Lapeyre was Managing Director of Energy Spectrum
Advisors, Inc. (“ESA”), where he served for 13 years. While at ESA, Mr. Lapeyre and the ESA team of engineering and finance profession-als
sourced, negotiated, and closed more than 100 corporate and asset sales, debt and equity private placements, and M&A transactions
exclusively in the upstream energy sector with an aggregate transaction value of over $8 billion. In addition, while at ESA, Mr. Lapeyre
was a Vice-President and Principal of Energy Trust Partners I, LP (“ETP I”), Energy Spectrum’s first upstream-focused private equity
fund. In that position, he helped source, value, structure and close ETP I’s fund investments. Prior to ESA, Mr. Lapeyre held various
senior business development, financial, and technical (petroleum engineering) positions with Merit Energy Company in Dallas; Torch
Energy Advisors Inc./Nuevo Energy Company/Torch Energy Finance Company in Houston; and ARCO International Oil & Gas Company
in Los Angeles. At Torch Energy, he co-founded Torch Energy Finance Company, (Torch’s mezzanine debt finance fund). Mr. Lapeyre
has a BS in Petroleum Engineering from the University of Tulsa and an MBA/Finance with honors from the University of Texas at Austin.
Ronald O. Holman, Principal
Ronnie Holman is a co-founder and principal of Bridge Upstream Partners. Mr. Holman is responsible for acquisition
sourcing, due diligence, property acquisition and underwriting for the Fund’s project investments. He also serves on
the investment committee. Mr. Holman is an attorney specializing in the area of oil and gas law. Mr. Holman’s practice
on the transactional side includes the negotiation, acquisition and sale of oil and gas properties. In 2000, Mr. Holman
and others formed Royalty Clearinghouse Partnership for the acquisition of producing and non-producing mineral,
royalty, overriding royalty and working interests, which is now a multi-million dollar valued enterprise. Mr. Holman is involved in the
management of the acquisition and divestiture of those properties including several multi-million dollar package sales of properties.
Mr. Holman’s family has been in the oil and gas industry since the early 1900s and he has been involved in the management of his
family’s mineral, overriding royalty and working interests. Mr. Holman also personally owns and oversees the management of working
interests, overriding royalty interests and mineral and royalty interests. Mr. Holman earned a B.B.A. in finance from The University of
Texas – Austin and a JD from Southern Methodist University School of Law.
W. Frederick Hamm, Principal
Fred Hamm is a co-founder and principal of Bridge Upstream Partners. Mr. Hamm is responsible for the management
and administration activities of the Fund. In his role, he manages the Fund’s governance, compliance, accounting,
investor reporting and investor relations functions. Mr. Hamm also serves on the investment committee. Mr. Hamm
is currently Managing Principal of Velocis Fund, LP, a private equity commercial real estate fund. He has extensive
experience with private equity fund management and maintains excellent working relationships with professional
service providers in the private equity industry. Prior to the successful launch of Velocis Fund I and II, Mr. Hamm served over 25 years
as a private wealth manager and investment consultant, primarily serving high net worth foreign clients. Preserving wealth, through
effective risk management, has always been his top priority. Mr. Hamm is a third generation oil and gas participant. He grew up in Mid-land,
Texas, where his father enjoyed a successful independent exploration and production business. Mr. Hamm and a family member
currently manage that family oil and gas company. Additionally, he has personally participated in multiple oil and gas investments as
a working interest owner, as well as investing in minerals and royalties through funds. Mr. Hamm earned a B.B.A. in finance from The
University of Texas – Austin and holds an M.B.A. from The University of Texas – Permian Basin.

5. I n v e s t m e n t S t r a t e g y
BRIDGE
UPSTREAM
PARTNERS
Immediate
Or Near-Term
Cash Flow
$10-20 MM
Investment
Size
Experienced
Operating
Partners
Project
Equity
Investments
Proprietary
Deals With
Multiple Exit
Options
Proved
Reserves
Only
Bridge Upstream Partners Other PE Funds
Investment Type Project “Management Teams” / Corporate
Reserves Proved Only Proved, Probable, Possible
Deal Sourcing Proprietary Competitive
Deal Size $10-$20 million $50-$250+ million
LP Promote Single (most projects) Double
Asset Identification Assets/Risk quantified at “zero time”
Management Team investments have no
assets at “time zero”
Investment Risk Lower risk Higher risk
Marketable Interests Unilateral exit options Limited exit options
IRR Target 18-20% 20-30%
Control Board seats not required Board control required
Intermediate Cash Flows Current or near-term cash flow None until exit
Overhead Minimal COPAS (operator) OH Expensive corporate OH burden

6. Why Inve s t In Br idge Ups t re am Pa r tne r s ? Opportunity: Bridge will provide the capital that is critical to the development of small to medium sized
proprietary upstream oil and gas projects that have substantial current proved reserves value. Bridge will
only partner with capable and experienced operators that possess demonstrable track records of success
and relevant basin experience.
Proprietary Deal Sourcing: The General Partner has access to a significant number of project invest-ment
opportunities due to its long-standing industry relationships. This access includes direct relation-ships
with independent oil and gas operators, investment bankers, commercial bankers, energy consul-tants,
and engineers.
Timing: Never has the demand for capital been so great in the exploration and production (E&P) sec-tor
of the energy business. Small independent oil and gas companies are starved for capital to fund their
upstream projects. Without life-sustaining capital from external sources, many independents are forced
to abandon or sell promising projects. Bridge intends to exploit the inefficiencies in the A&D side of the
business, as well as the capital markets.
Control: Generally, Bridge will control its equity investment positions – allowing Bridge significant influ-ence
in how and when a project is developed and monetized. Bridge manages risk by funding capital com-mitments
over a 3 to 5 year period to reduce exposure to any one economic or hydrocarbon price cycle.
Fund Size: A relatively small fund of $200 million equity, with a limitation of 50% leverage on PDP (PV
10), results in a fund with approximately $275 million of assets under management.
Team: Three highly skilled professionals. The principals collectively have 60 years of oil and gas expertise,
as well as private equity fund experience. The team is directly responsible for the sourcing, acquisition,
management, and disposition of the assets.
Structure: A structure that is truly aligned with the investor – 100% return of capital, an 8% preferred
return, an 80/20 split of profits with no ‘catch-up’ provision. The Fund targets an IRR of 18%+.
Low Fees: Only 2.0% asset management fee paid to the G.P., with no other fees such as acquisition fees,
disposition fees or financing fees.
Professional Support:
• Independent Auditor: Rothstein Kass will serve as independent auditors for the Fund
• Law Firm: Jackson Walker, LLP., a highly regarded law firm in the private equity fund space, created
the Fund structure and will serve as counsel to the General Partner, the Manager, and the Fund.
• Third Party Administrator: Blue River Partners, LLC is a highly skilled group of partner-level attorneys
and CPAs providing back office operational support and SEC regulatory compliance.

7. I n v e s t m e n t F o c u s
Prospect Generation/
Lease Capture
Exploration Drilling/
Reserves Assessment
Production Ramp-Up/
Development Drilling
Production Harvest/
Operating Cost
Optimization
Investment
Characteristics
• Regional Geological Studies
• Acquire Seismic Data
• Interpret Geological /
Geophysical Data
• Identify & Generate
• Prospect Targets
• Estimate Reserves
Potential
• Estimate Reserves
Assessment Costs
• Acquire Leasehold /
Negotiate Leases
• Negotiate Joint
Venture Agreements
• Drill Initial Test Wells
• Analyze Core / Log Data
• Field Delineation
• Optimize Drilling
& Completion
• Quantify & Verify
Reserves
• Assess Economic
Parameters / Viability
• Continue Assembling
Leasehold
• Upstream oil and gas
projects with proved reserves
• Establish Production History
• Establish Operational
Efficiencies
• Maximize or Expand
Field Limits
• Fully Develop Resource Base
• 3P1 Reserves Assessments
• Assess Economic
Parameters / Viability
• Production Facilities
Construction
• Negotiate Gathering/
Processing Agmts
• Optimize Lease
Operating Costs
• Minimize Production Declines
• Workover / Re-Frac Wells
• Optimize Production Facilities
• Optimize Gathering Systems
• Re-Complete Wells
• Fix/Replace Surface/
Subsurface Equip
Reserves Type Prospect Possible / Exploration Proved (PDP, PDNP, PUD)2 Proved (PDP)
Senior Debt
Capacity
None None Moderate Maximum
Target Returns3 N/A 30% - 50%+ 18%+ 8% - 12%
Risk Very High High to Very High Moderate Low
1 Proved / Probable / Possible reserves
2 PDP - Proved Developed Producing; PDNP - Proved Developed Non-Producing; PUD - Proved Un-developed
3 Unlevered, “cradle-to-grave” internal rate of return
Bridge Upstream
Fund Focus
v

8. I n v e s t m e n t P r o c e s s SOURCING INVESTMENT
DECISION PROCESS
ASSET MANAGEMENT
PROCESS EXIT
SOURCING
• The General Partner has access to a
significant number of project investment
opportunities due to its long-standing
industry relationships
• Ongoing, multi-faceted process to source
potential project investment opportunties
• Proactively call on management of
small-medium size private independent
operators
• Maintain close strategic relationships
with investment bankers, commerical
bankers, attorneys, energy consultants
ASSET MANAGEMENT PROCESS
• Initial development plan prepared with
project sponsor/operator
• Identify strategic action items /
development timeline
• Regular review conducted no less than
every 90 days
• Annual 3rd party reserves audit
• Continue assessment of the, so as to
• take advantage of strategic exits
EXIT
• The General Partner will pursue a
• variety of exit options (depending on
• the type of project), including:
• Asset sale to strategic or financial buyers
• Management buy-outs
• Recapitalization
INVESTMENT DECISION PROCESS
• Identify, initially review and analyze each
potential investment
• Project due diligence conducted
(asset and operator)
• Proposed investment transactions
documented
by investment memorandum
• Acquisition of each investment approved by
Investment Committee
Due Deal Investment
Diligence Negotiation Approval
Development Active
Plan Monitoring

9. T a r g e t M a r k e t s
The Fund seeks diversity of investments across multiple geological and geographic basins located on-shore
in the continental United States.
DESIRED PROJECT CHARACTERISTICS:
• Upstream oil and gas projects established and quantifiable production history and an active “proved”
development drilling program
• Sustainable, relatively long-life reserves
• Highly experienced, qualified oil and gas operators with a significant equity stake in the sponsored
project
• Attractive risk-adjusted return parameters
• The ability to readily exit project investments

10. S m a l l - M e d i u m S i z e P r i v a t e I n d e p e n d e n t
P r o j e c t F u n d i n g - C a p i t a l S e g m e n t s
100%
80%
60%
40%
20%
0%
Typical
n Sr. Debt n Mezz. Debt n Sponsor Equity n Bridge Equity
Bridge

11. S a m p l e P r o j e c t I n v e s t m e n t S c h e m a t i c
3 - 5 Ye a r I n v e s t m e n t L i f e
Market Value of Assets [T=0]
$20MM
Proved Development
Capex: $10MM
Market Value of Assets [EXIT]
$45MM
PDP
Upside
PDP
Upside
(MM$) Total Value @ ROI
Funding Exit
Sr. Debt $12.0 $12.0
Sponsor Equity $2.4 $6.6 2.8x
Bridge Equity $9.6 $26.4 2.8x
Net Cash Flow $6.0
Total $30.0 $45.0
Acquisition Funding (MM$)
Sr. Debt $10.0
Sponsor Equity $2.0
Bridge Equity $8.0
Total $20.0
Development Capex
Funding (MM$)
Sr. Debt $2.0
Sponsor Equity $0.4
Bridge Equity $1.6
Net Cash Flow $6.0
Total $10.0

12. 3131 McKinney Avenue • Suite 220 • Dallas, Texas 75204 • USA
For More Information Contact:
Charlie Lapeyre
charlie.lapeyre@bridgeupstream.com
Ronnie Holman
ronnie.holman@bridgeupstream.com
Fred Hamm
fred.hamm@bridgeupstream.com