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Investor Presentaiton

WET GAS PLAY: FULLY BURDENED ECONOMICS Development Scenario (4,400' Lateral) Typical Well EUR/Well (Bcfe) 15 Upper Range Well EUR/Well (Bcfe) 16 21 Fully Burdened Economics @ $50 WTI / $3.00 HHub Fully Burdened Economics @ $50 WTI / $3.00 HHub NPV-10 ($ MM) $5 $8 NPV-10 ($ MM) BTAX IRR 44% 79% BTAX IRR $8 $19 133% 345% Product Mix Product Mix % Oil (Mbbls) 3% 15% % Oil (Mbbls) 0% 9% % NGL (Mbbls) 51% 56% % NGL (Mbbls) 41% 55% Well Cost ($ MM) $4.0 $6.0 Well Cost ($ MM) $4.0 $6.0 Single Well Economic Assumptions: • Prices: $50 WTI / $3.00HH / NGL = 60% WTI • Waha basis = $0.35/MMbtu; midstream fee = $0.93/Mcf Apache ⚫NGL yields and midstream fees assume cryogenic processing. • Economics include overhead, workover, abandonment and E&P facility burdens. Note: end points shown for EUR, NPV, Product Mix and Well Costs are ranges and may not correlate directly when read in a column 17
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