The acquisition adds 21,000 net acres that are highly contiguous to Cimarex's current 61,853 net acres in Reeves County.

1. CIMAREX BUYS OUT RESOLUTE
FOR ~$1.62B TO ACQUIRE
SOUTHERN DELAWARE ASSETS
Executive Deal Summary | November 19, 2018
learn more at www.drillinginfo.com
o The acquisition adds 21,100 net acres that are highly contiguous to
Cimarex’s current 61,853 net acres in Reeves County
o Cimarex’s production boosted by 29% in its Delaware Basin core
area, which generated 55% of its Q3-2018 production and received
74% of its drilling and completion capital budget
o The sale is a culmination of a strategic review process announced in
May 2018, by Resolute because of strong pressure from major
investors Monarch Alternative Capital, VR Capital, Fir Tree Capital
and Kimmeridge Energy
HIGHLIGHTS:
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Published on 20th November 2018

2. Better, Faster Decisions1 © 2018 Drillinginfo, Inc. All rights reserved. All brand names and trademarks are the properties of their respective companies.
Cimarex sold its Ward County assets earlier in May 2018 to Callon Petroleum for $570 million in cash, giving it the liquidity to fund the estimated $337
million in cash for the Resolute purchase and provide additional capital to boost Delaware development
Resolute built up its Reeves county acreage through acquisitions from FireWheel Energy in October 2016 for $135 million, and CP Exploration and
PetroCap Partners in March 2017 for $160 million
Cimarex’s implied offer of $35.00 per share to Resolute represents a 14.8% premium to Resolute's prior closing price of $30.49/share
Asset Highlights:-
• Located in Reeves Co., TX in Delaware basin
• Includes 21,100 net acres (27,100 gross, 97% operated, avg 79%
WI, 83% HBP)
• Net Production Q3-2018: 34.752 MBOE/d (45% oil, 26% NGLs, 29%
gas)
• Proved Reserves as of 31-Dec-2017: 53.4 MMBOE (47% oil, 23%
NGLs, 30% gas)
• Also includes 550 gross operated drilling locations
Transaction terms:-
• $1.616 billion total acquisition price
• $506 million in Cimarex equity and $63 million in preferred equity
• $337 million cash consideration
• $710 million net debt assumed
Transacted acreage Cimarex’s existing acreage
Cimarex acquired bolt-on acreage in Reeves from
Resolute for ~$1.616 billion

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In the current transaction, Cimarex buys out Resolute’s Wolfcamp acreage in Reeves County for $1.616 billion at $24,352/Acre
$/Acre paid for other significant buy outs in Permian basin range from ~$34,300/Acre (FANG-Energen deal) to ~$74,000/Acre (Concho-RSP deal)
During the last two years, the asset/acreage transaction in Southern Delaware basin averaged at ~$17,000/Acre
Historical Transactions and Assets on Market
Historical Transactions
Assets on Market
A
B
C1
2
3
4
5
6
Transactions with deal value >$100MM
announced post 1-Jan-2017 Cimarex - Resolute Energy Corporation; $1,616M; Nov-2018; 24,352 $/Acre; 31,715 $/Daily BOE
Carrizo - ExL; $648M; Jun-
2017; 22,319 $/Acre; 35,000
$/Daily BOE
2
Oasis Petroleum - Forge;
$1,013M; Dec-2017; 38,309
$/Acre; 48,571 $/Daily BOE
3
Luxe II - Centennial;
$140.7M; Jan-2018; 15,478
$/Acre; 32,298 $/Daily BOE
4
Halcon Resources - Shell;
$200M; Feb-2018; 15,346
$/Acre; 35,000 $/Daily BOE
5
Luxe II, Colgate - Concho;
$280M; Feb-2018; 12,372
$/Acre; 33,577 $/Daily BOE
6
Vanguard; Jan-2018; $25-
$100; 1,700 Net Acres; 0.3
MBOE/d (87% oil)
C
Tall City II; Sep-2017; $100-
$500; 10,206 Net AcresB
Tall City II; Sep-2017; $25-
$100; 1,996 Net AcresA
WPX – Panther II, Carrier;
$775M; Jan-2017; 28,453
$/Acre; 40,000 $/Daily BOE
1
Callon - Cimarex; $570M;
May-2018; 10,356 $/Acre;
40,000 $/Daily BOE
7
Carrizo - Devon Energy;
$215M; Aug-2018; 13,281
$/Acre; 35,000 $/Daily BOE
8
Concho - RSP Permian;
$9,500M; Mar-2018; 74,051
$/Acre; 48,571 $/Daily BOE
9
10
Diamondback - Energen;
$9,200M; Aug-2018; 34,362
$/Acre; 31,306 $/Daily BOE
11
BP - BHP; $10,500M; Jul-
2018; 40,522 $/Acre*;
25,230 $/Daily BOE
Carrera; Apr-2018; $25-
$100; 6,644 Net Acres;
0.874 MBOE/d (43% oil)
D
Felix II; Oct-2018; $1,000-
$10,000; 70,000 Net AcresE
7
8
9
10
11
D E
*BP-BHP transaction: $/Acre is reported
for Permian Assets only
Better, Faster Decisions

4. Mustang Area
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Resolute reports high IP30 of over 2,100 BOE/d from its Wolfcamp A wells in Mustang area
Cimarex’s Greenhorn North Unit and Wood State wells spud in H1-2016 averaged at IP30 of ~1,600 BOE/d
EOG’s Harrison Ranch well spud 5 miles to the south of the Mustang area had a high IP30 of ~3,975 BOE/d (78% oil) with ~5,100 feet lateral
Initial Production (30-day Average)
WPX
EOG BP
CXO Shell
APC FANG
Apache
Luxe II
Admiral Permian
CRZO
Callon Raisa II
EnCore Permian Colgate
PDC
Lindsay 10-15-19H; 02-Nov-17
WPX Energy
IP30: 3,301 BOE/d
Kyle 26 ST-1; 18-Jan-18
Rosehill Resources; Bone Spring
IP30: 1,500 BOE/d
Smither State 47-38; 15-Aug-17
Three Rivers Operating;
IP30: 1,476 BOE/d
Breckenridge L06H; 05-Sep-17
Resolute; Wolfcamp
IP30: 2,881 BOE/d
Harpoon L05H; 05-Sep-17;
Resolute; Wolfcamp
IP30: 2,114 BOE/d
Santana 29 2H ; 31-May-17
Energen; Wolfcamp
IP30: 1,585 BOE/d
Renegade U03H;
31-May-17; Resolute; Wolfcamp
IP30: 2,630 BOE/d
Harrison Ranch 1504H;
15-Aug-17; EOG
IP30: 3,975 BOE/d
Iceman 4-24; 14-Aug-18
Centennial; Wolfcamp
IP30: 1,660 BOE/d
Griffin State Unit 1922 10H;
08-May-18; Carrizo; Wolfcamp
IP30: 1,929 BOE/d
State Apache 57 211H ;31-May-17;
EOG; Wolfcamp
IP30: 2,143 BOE/d
Greenhorn North Unit 3H ;31-May-17;
Cimarex; Wolfcamp
IP30: 1,543 BOE/d
Wood State 57-26 Unit 6H;
31-May-17; Cimarex; Wolfcamp
IP30: 1,723 BOE/d
Maisie State 10 1H ; 31-May-17
Panther Resources; Wolfcamp
IP30: 1,395 BOE/d
Mac State 20 1H; 03-May-17
WPX Energy; Wolfcamp
IP30: 2,234 BOE/d
Z&T 32 A1; 09-Nov-18
Rosehill Resources; Wolfcamp
IP30: 2,101 BOE/d
Uinta L04HR; 26-Sep-17
Resolute; Wolfcamp
IP30: 2,970 BOE/d
Greenwich 4H; 08-Aug-17
PDC; Wolfcamp
IP30: 1,425 BOE/d
Well Results reported in IR Decks post
1-Apr-2017
Better, Faster Decisions

5. EOG wells
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Cimarex’s Pryor 2-13 well targeting Wolfcamp achieved an IP24 of 13.6 MMcf/d with lateral length of ~5,000 feet
EOG Wolfcamp wells lying south of the transacted acreage reported an average IP24 of ~3,300 BOE/d
Initial Production (24-hr)
Rothschild State 56-2-25 Unit-2H;
21-Aug-18; Anadarko; Wolfcamp
IP24: 1,603 BOE/d (100% gas)
Herc State 6-1H; 05-Apr-18
WPX; Wolfcamp
IP24: 1,456 BOE/d (100% gas)
Lee #406Bh-406BH; 14-May-18
Apache; Wolfcamp
IP24: 2,903 BOE/d (100% gas)
State Street 20-29 C Unit-2H;
14-Apr-18; EOG; Wolfcamp
IP24: 5,564 BOE/d (100% gas)
Sievers Unit 2-29-4H; 18-Apr-18
Anadarko; Wolfcamp
IP24: 941.334 BOE/d (70% oil)
Ninja 4-50 49-3H; 17-May-18
Centennial; Wolfcamp
IP24: 3,722 BOE/d (100% gas)
Hattie 3-1H; 01-Apr-18
WPX; Wolfcamp
IP24: 3,038 BOE/d (100% gas)
Old Rosebud 37 Unit-2H; 16-May-18
Cimarex; Wolfcamp
IP24: 3,641 BOE/d (100% gas)
Big House D-U03H; 25-Jul-18
Centennial; Wolfcamp
IP24: 3,522 BOE/d (100% gas)
Pryor 2-13 Unit-1H; 20-May-18
Cimarex; Wolfcamp
IP24: 2,274 BOE/d (100% gas)
Smither State Unit 47-38-2H;
16-Feb-18; Admiral Permian;
Wolfcamp
IP24: 1,984 BOE/d (100% gas)
Wendy State 18-1H; 09-Jun-18
WPX; Wolfcamp
IP24: 1,223 BOE/d (100% gas)
State Apache 57-103H; 07-Mar-18
EOG; Wolfcamp
IP24: 1,075 BOE/d (69% oil)
Red Bull State Unit 7H; 17-Jun-18
Admiral Permian; Wolfcamp
IP24: 2,476 BOE/d (100% gas)
State Streamer Unit-1H; 09-Mar-18
EOG; Wolfcamp
IP24: 3,431 BOE/d (100% gas)
State Cortez Unit-2H; 05-Mar-18
EOG; Wolfcamp
IP24: 3,104 BOE/d (100% gas)
Murus 55-2-30 Lov Unit Sw-1H;
11-Jun-18; Shell; Wolfcamp
IP24: 1,428 BOE/d (64% oil)
Emigrant State 57-24-1H; 12-May-18
Cimarex; Wolfcamp
IP24: 1,310 BOE/d (100% gas)
WPX
EOG BP
CXO Shell
APC FANG
Apache
Luxe II
Admiral Permian
CRZO
Callon Raisa II
EnCore Permian Colgate
PDC
Wells completed post 1-Jan-2018
Better, Faster Decisions
Source: DrillingInfo

6. 0
500
1,000
1,500
2,000
2,500
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
BOE/D
Months
Type Curves in the vicinity of the transacted acreage
Abraxas; Wolfcamp; All, 680 MBOE EUR; Aug-18
Abraxas; Wolfcamp; All, 535 MBOE EUR; Aug-18
Anadarko; Wolfcamp; All, 1,600 MBOE EUR, for 7,500 feet lateral
length; Jun-18
Callon; Wolfcamp; Oil, for 7,500 feet lateral length; Nov-18
Callon; Wolfcamp; Oil, for 7,500 feet lateral length; Nov-18
Carrizo; Wolfcamp; Gas, 983 MBOE EUR, for 7,000 feet lateral
length, 2 stream; Oct-18
Carrizo; Wolfcamp; All, 1,684 MBOE EUR, for 7,000 feet lateral
length; Oct-18
Diamondback Energy; Wolfcamp; Oil, 975 Mbbl EUR, for 7,500 feet
lateral length; Nov-18
PDC; Wolfcamp; All, 2.5 MMBOE EUR, of XRL wells; Jun-18
Resolute Energy Corporation; Wolfcamp; Oil, for 7,500 feet lateral
length; Aug-18
Type Curves
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PDC projects an EUR of 2,500 MBOE from its XRL wells (~9,000 feet laterals) targeting Wolfcamp A and B with a high initial production of ~1,500 BOE/d
Anadarko reported $8 million D&C cost for a 7,500 feet lateral targeting Wolfcamp A with a gross EUR of 1,600 MBOE
In August 2018, Resolute reported projected average gross daily oil production for wells with 7,500 feet lateral length in Wolfcamp A in Reeves
Better, Faster Decisions

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Rigs and Permits
Cimarex is the most active operator in the region with 4 active rigs and over 25 active permits in Reeves and Culberson
Since October 2017, Resolute has drilled over 15 wells through a two-rig program to de-risk the acreage
Other significant operators in the vicinity of the transacted acreage are Anadarko, Energen, Apache and Admiral Permian Resources
4 4
3 3
2 2 2 2 2 2
0
1
2
3
4
5
APC XEC EGN SWEPI APR BHP CDEV CXO EOG HK
Rig Count in the AOI
37
26
24
20
17 17
15
12
10 10
0
10
20
30
40
Active Permits in the AOI
Permits approved in the region post 1-Apr-2018
Cimarex Rigs
and Permits
Better, Faster Decisions
Source: DrillingInfo

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The leasing activity was focused to the south east of the transacted acreage in southern Reeves and western Ward during the year
Raisa Energy II (backed by EnCap) has leased 2,560 acres in the vicinity of the transacted acreage with a primary term of three years
Leasing
Leasing activity in the region post 1-Aug-2017
Heat map of Leasing Activity in Past 90 days
Raisa Energy II
leased acreage
Better, Faster Decisions
Source: DrillingInfo

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PE Backed Companies
Better, Faster Decisions
Felix Energy II: EnCap
Fund Year: 2016; Commitment: $500 MM
Assets in Winkler, Loving, Ward and
Reeves counties up for sale
Double Eagle III: Apollo, Magnetar Capital
Fund Year: 2017; Commitment: $1000 MM
Acreage in Permian Delaware and Permian
CBP basins
Ameredev II: EnCap
Fund Year: 2017; Commitment: $400 MM
Delaware focused company with 13,246
net acres in Lea county
Fortis Minerals II: EnCap
Fund Year: 2017; Commitment: $300 MM
Mineral and royalty interests in Permian
and Midcon
LongPoint Minerals: CPPIB
Fund Year: 2016; Commitment: $836 MM
58,000 net mineral acres and 70,400 net
royalty acres in Permian and Anadarko
Scala Energy: EnCap
Fund Year: 2015; Commitment: $500 MM
~40,000 net acres in Culberson county with
focus on unconventional oil resources
Providence Energy: Undisclosed Sponsor
Fund Year: 2015; Commitment: $600 MM
Focused on Permian and Anadarko with
acreage in TX, OK, WY and CO
Jetta Permian: Blackstone
Fund Year: 2016; Commitment: $1000 MM
Focused in Delaware basin with acreage in
Reeves county
Charger Shale Oil: Oaktree Capital
Fund Year: 2016; Commitment: $900 MM
~49,000 gross acres in Culberson county,
acquired through GLO and leasing
Luxe Energy II: NGP
Fund Year: 2016; Commitment: $566 MM
Assets in Reeves, Ward and McClain
counties
BlueStone Natural Resources II: NGP
Fund Year: 2012; Commitment: $446 MM
Barnett and Gulf Coast gas producer with
some Permian footprint
Advance Energy Partners: EnCap
Fund Year: 2014; Commitment: $300 MM
34,000+ acres in Delaware, primarily in Lea
and Ward counties
Colgate Energy: Pearl Energy, NGP
Fund Year: 2015; Commitment: $450 MM
Delaware focused company with assets in
Reeves, Eddy and Lea counties
Rio Oil & Gas II: Quantum Energy Partner
Fund Year: 2015; Commitment: $350 MM
~15,000+ gross acres in Reeves, Ward
and Glasscock counties
Chisholm Energy: Warburg Pincus
Fund Year: 2016; Commitment: $500 MM
30,000+ net acres in Lea and Eddy
counties
Pegasus Resources: EnCap
Fund Year: 2017; Commitment: $300 MM
Mineral and royalty interests in Permian
Delaware and Midland basins
Select companies with significant presence near the transacted acreage and commitments of >$300MM