Evercore Investment Banking Pitch Book

Preliminary Financial Analysis Net Asset Value Analysis - Assumptions ■ Projections of proved, probable and possible production, operating costs, and capital expenditures based on the Reserve Report rolled forward to October 1, 2012 Volumes and risking for specific Ultra-Deep prospects and discoveries (as per MMR estimates) Geologic and mechanical risking was estimated by Evercore and reviewed by MMR's technical team Utilized an expected value analysis based on the assumed geologic and mechanical risking Each well has a 200 Befe EUR - - Developed using a continuous four rig program through 2014, going to a six rig program in 2015 and finally an eight rig program by 2016, held constant thereafter Production for each well of 70 MMcfed held flat for six years, then exponential decline (as per MMR estimates) Condensate is 5% of well stream (8.8 bbl/MMcf) Gross well costs of $243.0 million per well (as per MMR estimates) $100.0 million and 1 year to drill $100.0 million and 6 months to complete $43.0 million to equip and tie-in Confidential First production after 18 months Operating costs are $150,000 per well per month plus $0.15 per Mcfe of transportation costs (as per MMR estimates) NYMEX strip pricing as of November 1, 2012 through 2016 and then held flat thereafter Three sensitivity cases: $75.00/Bbl oil, $3.00/MMBtu gas; $90.00/Bbl oil, $4.00/MMBtu gas; $105.00/Bbl oil, $5.00/MMBtu gas held flat Effective date of October 1, 2012 G&A expense of $40.0 million per year plus an incremental $30 million of ultra-deep G&A beginning in 2014E Insurance cost of $15.0 million per year plus an incremental insurance cost for the ultra-deep of 25% of ultra-deep lease operating expense Included sulphur reclamation expense at a PV-10 value of $18.6 million EVERCORE PARTNERS 18 MoMoRan

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