Investor Presentaiton

Giddings Field - Redeveloping as an Emerging Play • • Giddings Asset Overview Emerging, high-growth asset with extensive inventory potential and significant development flexibility ~439,342 net acres, ~98% HBP and ~87% operated, ~20 Mboe/d Q1 2019 production (26% oil, 56% liquids) HBP nature of asset allows for systematic delineation and optimization of play while staying within asset cash flow Modern high-intensity completions have resulted in a step- change improvement in well performance The first four wells we have drilled had average IP30s of 1,596 boe/d and average IP90s of 1,827 boe/d We could have at least 1,000 locations based on conservative spacing assumptions Bell Williamson Milam ravis Lee Bastrop Caldwell Magnolia Acreage Lease Map Robertson Burleson Brazos 1 Vashington MAGNOLIA OIL & GAS Madison Crimes Walker Montgomery Waller Harris Austin Fayette 9 7 Colorado 0 5 10 F20 30 Miles Actual Well Payouts (1) (Months) 4 4 Lili Marlene 2H Broussard-Liebscher 1H WELL NAME 9 1 Winkelman 1H 8 McMahan 2 Neva 2 ••*•GAWN Selected Recent Well Results (2)(3) OPERATOR WILD HORSE FIRST PROD LAT LENGTH IP30 (BOE/D) % OIL IP30/1,000 Q4 2017 4,765 1,863 32% 391 Broussard-Liebscher 1H MAGNOLIA Q12018 5,243 1,776 57% 339 Lili Marlene 2H MAGNOLIA Q12018 5,355 1,789 66% 334 Neva 2 McMahan 2 MAGNOLIA MAGNOLIA Q3 2017 4,715 1,439 31% 305 Q4 2017 4,774 1,381 33% 293 Breitkruez 1H GEOSOUTHERN Q4 2017 5,604 765 71% 137 Freis 1H Kristoff 1H Loughnane 1H GEOSOUTHERN GEOSOUTHERN GEOSOUTHERN Q12018 5,940 781 61% 132 Q4 2017 Q2 2017 6,084 603 57% 99 5,646 463 68% 82 With significant scale and HBP position, Giddings offers a unique opportunity to develop an emerging play while remaining within cash flow (1) Payout from first production. (2) Recent Giddings area Austin Chalk well results with >30% oil cut. (3) Production results for selected wells not intended to be representative of potential production from wells we intend to drill in the future. 13

View entire presentation