Vaca Muerta Strategic Investment

Platform Poised for Growth Top quality assets well-fit for Vista Management Team Premium Neuquina Basin Asset Base " ◉ " High-quality, low-cost conventional proved reserves base - 55.7 Mmboe of 1P reserves (65% oil) with break-even price of $30/bbl(1) High-margin conventional production base - 27.5 Kboed (60% oil) with EBITDA margin of 41% (2) Core Vaca Muerta shale oil acreage - 54,000 top-quality net acres located next to ongoing shale developments and completed pilots (3) Operational cluster - Proximity of blocks and overlap of future Vaca Muerta development and current conventional operation is key to efficient fast-track development VISTA OIL & GAS 5-year target Strong Financial Position Conventional assets generate significant, low-risk cash flow - 2018E target EBITDA of $190 MM(4) Solid balance sheet - No debt as of acquisition date(5) Actionable and Profitable Growth Plan Unique Platform Poised for Regional Expansion ◉ ◉ Fully functional operating platform 168 employees and strong HSE track record(6) Discretionary and flexible timing of development plans - operated, mostly 100%- owned assets with minimal capex commitments Operated infrastructure in place - initial development phase covered by existing treatment and transport spare capacity ■ Deep inventory of highly profitable Vaca Muerta drilling locations - 413 risked locations included in base plan (out of 1,100 potential locations) (7) Credentials and organization leverageable for regional expansion - either through acquisitions, joint-ventures or future licensing rounds Access to deal flow and strong BD pipeline of actionable opportunities - focus on building an initial Mexico platform and complementary deals in Argentina (1) Based on a PV10 discounted cash flow project level valuation assuming $30/bbl flat in real terms and realized gas price of $4.6/mmbtu flat in real terms. (2) 2017E figures based on Company estimates, including nine months of actuals. (3) Offset operators, including YPF in partnership with Chevron and Petronas, Shell, and Wintershall. ■ Production: " EBITDA: ■ EBITDA Margin: +65 Kboe/d -30% CAGR (8) +$900 MM ~50% CAGR (8) +60% >20 p.p.(8) High-growth development plan, based on this premium asset base. Assumes no borrowings under the backstop credit facility are needed to fund the Transaction. (4) At $63.8/bbl realized crude oil price. 5) (6) (7) (8) ISO 14001 and OSHAS 18001 certificates in place. Resulting from additional landing zones. Compared to 2018E numbers. Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See "Important Note Regarding Projections and Other Forward-Looking Statements." 5

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