The annual report issued by the Ohio Oil & Gas Association (OOGA) each year. The most recent report (released in March 2015 at OOGA's annual winter meeting) shows 2014 as a breakout year for Utica Shale drilling. The report contains a number of very useful maps and stats about recent permitting and drilling in the Ohio Utica Shale.

1. The Debrosse Memorial Report
2014 Oil & Gas Activity in Ohio
68th Annual Winter Meeting
Prepared by:
Marty Shumway - Shumway Resources, LLC
Bill Arnholt - Northwood Energy Corporation
Tim Knobloch - James Knobloch Petroleum Consultants, Inc.

2. Oil & Gas Production in Ohio
• More than
275,000 oil and
gas wells drilled in
Ohio since 1860
• More than 50,000
producing wells in
49 of 88 Ohio
counties

3. 0
1000
2000
3000
4000
5000
6000
BEREA OHIO SHALE CLINTON TRENTON ROSE RUN CAMBRIAN
NW Ohio
Lima-Indiana
Technologic Advance:
Hydraulic Fracturing
Clinton/Berea Plays
Morrow County
Trempealeau Play
Clinton Play
Tight Gas
Sands
Clinton Play
History of Ohio Wells Drilled by Year and
Reservoir

4. Permits & Completions - 2010 - 2014
TYPE 2010 2011 2012 2013 2014
▲
(’13 to’14) ▲%
PERMIT 651 690 903 1608 1659 +51 +3%
COMPLETION 427 460 553 580 654 +74 +13%
PLUG 740 571 473 630 629 -1 +0%
TOTAL 1512 1533 1929 2818 2942 +124 +4%

5. 2014
Completions
Permits to Drill
Permits to Plug

6. 2014
Completions
Permits to Drill
Permits to Plug

7. Permit and Completions By Month
JAN FEB MAR APRIL MAY JUNE JULY AUG SEP OCT NOV DEC
82
121
152
102 114
228
138 146 142
115
141
178
59
69
42
35
47
60
70 46 56
56
35
79
43
23 26
91
100
72
92
48 47
34 26
30
Permits Completions Plugging Permits

8. Operators Completing Wells By Year
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
116 127
147
162
182
143
126 121 112 113
89

9. Wells Completed - Type
Utica and
Marcellus
Shale, 401, 61%
Conventional,
253, 39%
654 TOTAL
COMPLETIONS

10. 2014
Horizontal
Completions By
Formation
LEGEND
COMPLETIONS - TD FORMATION
^_ MARCELLUS SHALE (5)
^_ UTICA (391)
^_ QUEENSTON FORMATION (5)

11. 2014
Vertical
Completions By
Formation
LEGEND
COMPLETIONS - TD FORMATION
^_ BEREA & SHALLOWER (17)
^_ DEVONIAN SHALE (36)
^_ BIG LIME, NEWBURG (16)
^_ CLINTON (82)
^_ TRENTON-BLACK RIVER (18)
^_ KNOX UNCONFORMITY (46)
^_ CONASAUGA FORMATION (2)
^_ MT SIMON, PRECAMBRIAN (4)

12. 2014
Class II
Injection Well
Completions
By Formation
LEGEND
COMPLETIONS - TD FORMATION
^_ DEVONIAN SHALE (1)
^_ BIG LIME, NEWBURG (2)
^_ CLINTON (1)
^_ CONASAUGA FORMATION (2)
^_ MT SIMON, PRECAMBRIAN (4)

13. Completions By Month
JAN FEB MAR APRIL MAY JUNE JULY AUG SEP OCT NOV DEC
23
38
19
11
33
40
53
35 31
42
18
58
36
31
23
24
14
20
17
11
25
14
17
21
Horizontal Wells Vertical Wells

14. Completions – Top 10 Counties
COUNTY COMPLETIONS
PERCENT
HORIZONTAL
CARROLL 182 97%
HARRISON 64 95%
COLUMBIANA 53 79%
GUERNSEY 36 67%
NOBLE 34 50%
STARK 34 15%
BELMONT 29 97%
MONROE 28 61%
KNOX 17 0%
MUSKINGUM 15 0%

15. Top 12 Most Active Operators – By Wells
OPERATOR
% TOT
WELLS
2014
WELLS
▲%
2013
CHESAPEAKE EXPLORATION LLC 44% 285 77%
GULFPORT ENERGY CORPORATION 6% 37 48%
ENERVEST OPERATING 3% 24 -8%
ECLIPSE RESOURCES-OHIO LLC 2% 21 -22%
KNOX ENERGY INC 2% 19 -10%
ANTERO RESOURCES CORPORATION 2% 18 125%
ECLIPSE RESOURCES I LP 1% 16 433%
J D DRILLING CO 4% 14 1300%
R E GAS DEVELOPMENT LLC 1% 13 44%
HESS OHIO DEVELOPMENTS LLC 3% 12 -8%
ARTEX OIL COMPANY 1% 10 400%
AMERICAN ENERGY UTICA LLC 1% 9 800%
TOP 12 OPERATORS DRILLED APPROXIMATELY 69%
OF TOTAL WELLS IN 2014

16. Top 12 Most Active Operators – By Footage
OPERATOR
% TOTAL
FOOTAGE
2014
FOOTAGE
▲%
2013
CHESAPEAKE EXPLORATION LLC 51% 3,020,918 75%
GULFPORT ENERGY CORPORATION 10% 596,894 89%
ANTERO RESOURCES CORPORATION 5% 288,056 151%
ECLIPSE RESOURCES I LP 4% 237,403 698%
HESS OHIO DEVELOPMENTS LLC 3% 182,974 36%
R E GAS DEVELOPMENT LLC 3% 168,169 68%
AMERICAN ENERGY UTICA LLC 2% 132,809 1617%
ENERVEST OPERATING L 2% 109,647 -29%
TRIAD HUNTER LLC 2% 92,716 n/a
ECLIPSE RESOURCES-OHIO LLC 1% 78,696 -17%
HILCORP ENERGY COMPANY 1% 74,259 192%
PDC ENERGY INC 1% 65,776 -11%
TOP 12 OPERATORS DRILLED APPROXIMATELY 86%
OF TOTAL FOOTAGE DRILLED IN 2014

17. Top 12 Most Active Counties – By Wells
COUNTY
% TOT
WELLS
2014
WELLS
▲%
2013
CARROLL 28% 182 61%
HARRISON 10% 64 60%
COLUMBIANA 8% 53 279%
GUERNSEY 6% 36 44%
STARK 5% 34 -13%
NOBLE 5% 34 3%
BELMONT 4% 29 81%
MONROE 4% 28 40%
KNOX 3% 17 -54%
MUSKINGUM 2% 15 67%
LICKING 2% 15 -35%
MEIGS 2% 14 -7%
OPERATORS REPORTED COMPLETIONS IN 38 OF 89
OHIO COUNTIES IN 2014 VERSUS 46 IN 2013

18. Top 12 Most Active Counties – By Footage
COUNTY
% TOT
FOOTAGE
2014
FOOTAGE
▲%
2013
CARROLL 40% 2,327,672 56%
HARRISON 15% 851,150 79%
BELMONT 8% 444,935 159%
COLUMBIANA 6% 342,670 229%
GUERNSEY 6% 327,682 102%
MONROE 6% 326,227 113%
NOBLE 6% 323,669 54%
STARK 2% 139,933 -33%
TRUMBULL 2% 99,652 14%
MAHONING 2% 88,131 41%
MUSKINGUM 1% 73,170 182%
MORGAN 1% 68,240 162%
OPERATORS REPORTED COMPLETIONS IN 38 OF 89
OHIO COUNTIES IN 2014 VERSUS 46 IN 2013

19. Drilling Footage and Wells – By Year
YEAR
TOTAL
FOOTAGE WELLS
FOOTAGE
PER WELL
AVG IP
GAS
AVG IP
OIL
2014 5,854,693 654 10,398 2,703 122
2013 3,898,408 569 7,570 1,361 97
2012 2,580,821 511 5,388 481 34
2011 1,832,121 454 4,192 136 7
2010 2,224,761 633 3,883 50 3
2009 3,036,431 927 3,767 223 2
2008 4,249,247 1149 3,750 54 3
2007 4,030,319 1094 3,928 70 3
2006 3,601,375 945 3,927 79 4
2005 2,718,759 673 4,095 123 4
2004 2,324,308 589 4,107 133 4
2003 2,419,254 561 4,359 88 5
2002 2,780,935 643 4,507 91 4
2001 3,332,804 766 4,374 152 3
2000 2,329,580 611 4,094 142 3

20. Permitted Formations
0
200
400
600
800
1000
1200
1055
259
121
63 61 49 23 8 8 7 5

21. Producing Wells – By Year
0
10000
20000
30000
40000
50000
60000
1984 1989 1994 1999 2004 2009 2014
COUNTOFWELLS
YEAR
Well Count
YEAR 2014 WELL COUNT IS ESTIMATED

22. Production Summary – Oil By Year
8.1
7.3
7.1
7.1
7.0
6.6
6.8
6.7
5.9
5.4
5.7
6.3
5.6
5.2
5.0
5.0
5.0
5.0
5.1
4.4
4.8
4.6
4.5
4.3
4.3
0.6
3.7
11.0
0
2
4
6
8
10
12
14
16
18
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
MillionBarrelsofOil
Conventional Oil Horizontal Oil
YEAR 2014 CONVENTIONAL PRODUCTION IS ESTIMATED

23. Production Summary – Gas By Year
121
104
113
118
115
106
111
106
108
90
92
89
88
85
83
77
79
76
82
76
80
80
73
66
66
13
100
452
0
100
200
300
400
500
600
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
BillionCubicFeetofGas
Conventional Gas Horizontal Gas
YEAR 2014 CONVENTIONAL PRODUCTION IS ESTIMATED

24. Change of Owner
0
1000
2000
3000
4000
5000
6000
7000
8000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
3956
3379
3568
4411
2412
7438
3054
2274
5908
4758
1134
1696
3142

25. Ohio’s Aging Wells
0
1000
2000
3000
4000
1
10
100
1000
10000
100000
0 5 10 15 20 25 30 35 40 45 50
COUNTOFWELL
OIL(BBLS)/GAS(MCF)
WELL AGE - YEARS
Average Annual Oil Average Annual Gas Count of Wells
54% OF
PRODUCING
WELLS ARE
BETWEEN
25 & 38
YEARS OLD

26. UTICA
OPERATORS
Through
12/31/2014

27. UTICA
PRODUCING
WELLS BY
OPERATOR
Through
12/31/2014

28. Utica – Gas Production By Quarter
8,296,256
15,065,106
33,511,114
43,060,439
67,276,882
88,624,722
131,975,230
164,776,396
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
1st Qtr
2013
2nd Qtr
2013
3rd Qtr
2013
4th Qtr
2013
1st Qtr
2014
2nd Qtr
2014
3rd Qtr
2014
4th Qtr
2014
GasinMcf
Gas in Mcf'sMcf
25 %
Increase
49 %
Increase
32 %
Increase
56 %
Increase

29. Utica – Oil Production By Quarter
328,349
574,758
1,314,084
1,429,005
1,941,367
2,459,874
3,007,834
3,552,661
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
1st Qtr
2013
2nd Qtr
2013
3rd Qtr
2013
4th Qtr
2013
1st Qtr
2014
2nd Qtr
2014
3rd Qtr
2014
4th Qtr
2014
OilinBbls
Oil in Bbls
18 %
Increase
22 %
Increase
27 %
Increase
36 %
Increase

30. Utica – Wells Online By Quarter
92
152
243
349
417
503
673
778
0
100
200
300
400
500
600
700
800
900
1st Qtr
2013
2nd Qtr
2013
3rd Qtr
2013
4th Qtr
2013
1st Qtr
2014
2nd Qtr
2014
3rd Qtr
2014
4th Qtr
2014
WellsOnline
Wells Online
16 %
Increase
34 %
Increase
21 %
Increase19 %
Increase

31. Utica EUR Estimation
• Used operator reported production to ODNR through
3rd Qtr 2014
• Calculated EUR values for each well
• Adjusted EUR to barrels of oil equivalent (BOE)
• used GAS/OIL ratio of 15:1 (based on current market prices)
• Used composite type curve from several shale plays

32. UTICA
NUMBER OF
WELLS PER
TOWNSHIP
WITH
ESTIMATED
EUR

33. UTICA
ESTIMATED
EUR PER
TWP USING
GAS:OIL
RATIO OF
15:1

34. Top 10 Class II Injection Wells – By Volume
COUNTY & TWP API # OPERATOR LEASE NAME 2014
COSHOCTON - KEENE 7177 BUCKEYE BRINE LLC ADAMS #1 1,723,719
COSHOCTON - KEENE 7178 BUCKEYE BRINE LLC ADAMS #2 1,709,506
ATHENS - TROY 3821 K & H PARTNERS LLC K&H PARTNERS LLC #1 1,233,821
ATHENS - TROY 3823 K & H PARTNERS LLC K&H PARTNERS LLC #2 1,105,732
MUSKINGUM - PERRY 8780 ROBERT W. ORR, JR. KEMBLE #1-D 809,629
MUSKINGUM - UNION 8776 HECKMAN WATER RES GOFF SWD #1 775,763
MEIGS - LEBANON 3619 ROSCOE MILLS ROSCOE MILLS #1 747,022
NOBLE - JACKSON 4086 HUNTER DISPOSAL, LLC TRAVIS UNIT # 200405 733,470
NOBLE - JACKSON 3995 HUNTER DISPOSAL, LLC WARREN DRILLING #1 647,958
WASHINGTON - NEWPORT 9658 OOGC DISPOSAL CO LONG RUN DISP #1 540,165

35. Top 10 Counties -
Water Injection
County Volume (BBls)
COSHOCTON 3,490,092
ATHENS 2,887,456
TRUMBULL 2,759,733
PORTAGE 1,909,759
WASHINGTON 1,635,134
NOBLE 1,391,998
MEIGS 1,290,409
MUSKINGUM 1,021,643
ASHTABULA 998,154
GUERNSEY 514,744

36. Annual Injection Volume - Statewide
1 2 3 4
Water Volume 12,759,681 14,630,076 17,420,798 21,700,838
12,759,681
14,630,076
17,420,798
21,700,838
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
WaterVolumeInjected(Bbls)
2014
2013
2012
2011
16 % Increase
13% Increase
25% Increase

37. 2014 – 2015 Activity
• Gulfport Energy
• plans to spend an estimated $523 to $571 million, a 12% decrease from
2014.
• plans to drill and complete 32-38 Utica wells in 2015.
• reports production totaling 87.7 Bcfe for 2014 up 255% from 2013.
• Magnum Hunter
• Capex budget for 2015 is $100 million, 75% reduction from $400 million
in 2014.
• 70% of 2015 budget is allocated to Appalachian Basin.
• Antero Resources Corporation
• 2015 plans to operate an average of 14 drilling rigs between the
Marcellus and Utica Shale plays in 2015, down from 21 at year-end 2014.
• Plan to complete 130 horizontal Marcellus and Utica wells in 2015, down
from 179 in 2014.
• Drilling and completion budget for 2015 is $1.6 billion, a 33% reduction
from the 2014 capital budget of $2.4 billion.

38. 2014 – 2015 Activity
• Eclipse Resources
• Estimated capex budget is $640 million for 2015, a reduction of
20% from 2014.
• Carrizo Oil & Gas
• no plans to drill in 2015 in the Utica Shale.
• Rex Energy
• drilled 6 net wells in the Warrior North Prospect in Carroll County
and 4.6 net wells in Warrior South Prospect in Guernsey County in
2014.
• Rex plans to allocate about $ 41 to $52 million to Ohio Utica
development.

39. 2014 – 2015 Activity
• Chesapeake Energy
• Estimate 25% of capex budget to the Utica - about $1 billion to
$1.125 billion in 2015 which is an approximately 35 % decrease
from 2014.
• Hess Corporation
• plans 290 million in capex in 2015 for Utica drilling in Belmont,
Guernsey and Harrison Counties
• PDC Energy
• plans to reduce its 2015 capex to $35 million from $152 million in
2014 a 77% reduction.
• CNX Gas
• Turned in line 21 Utica wells in 2014
• plans to drill 4 Utica wells and 1 Marcellus well on a pad in Monroe
County.

40. Miscellaneous Transactions
Date Buyer Seller
Deal
Value
($MM)
$/Acre
(Adv. Est.)
2/26/2014 Gulfport Energy Corp Rhino Resource Partners LP $ 185 $ 17,043
11/5/2014 Antero Resources Corp Undisclosed Seller $ 185 $ 15,417
5/7/2014 Antero Resources Corp Muskingum Watershed Conservancy District $ 95 $ 14,930
1/29/2014 American Energy Partners LP Hess $ 1,075 $ 13,961
7/25/2014 Magnum Hunter Resources Corp Ormet Corp; Undisclosed Seller $ 23 $ 13,353
8/9/2013 American Energy Partners LP EnerVest Management Partners $ 284 $ 12,616
10/31/2013 Carrizo Avista Capital Partners $ 73 $ 12,407
12/31/2013 Undisclosed Buyer Rice Energy Inc $ 22 $ 10,129
2/11/2013 Gulfport Energy Corp Windsor Ohio LLC $ 220 $ 10,000
1/15/2013 Carrizo Avista Capital Partners $ 63 $ 6,058
6/9/2014 American Energy Partners LP East Resources Inc; Undisclosed Seller $ 475 $ 5,494
INFORMATION PROVIDED BY RIVINGTON HOLDINGS, LLC
8/31/2012 EnerVest Management Partners Chesapeake $ 358 $ 4,972
8/12/2013 Magnum Hunter Resources Corp MNW Energy LLC $ 142 $ 4,441
6/30/2012 Gulfport Energy Corp Undisclosed Seller $ 19 $ 4,244
3/26/2012 BP Individual Seller $ 328 $ 3,900
3/31/2012 Gulfport Energy Corp Undisclosed Seller $ 119 $ 2,996
2/17/2012 Magnum Hunter Resources Corp Undisclosed Seller $ 25 $ 2,035

41. THANK YOU!
Marty Shumway
(614) 846-1391
marty@shumwayresources.com
Special Thanks To:
Ohio Oil and Gas Association
Bill Arnholt, Northwood Energy
Tim Knobloch, James Knobloch Petroleum Consultants, Inc.
Larry Wickstrom, Wickstrom Geosciences