Investor Presentaiton

GEOLOGY OF THE SOUTHERN DELAWARE BASIN Apache 5,000' South Alpine High West IMMATURE Evaporites 10,000' OIL 15,000' 20,000' 25,000' 30,000' Bone Springs / Wolfcamp wwwww- Penh Barnett Woodford Bone Springs / Wolfcamp WET GAS ナ DRY GAS Alpine High: ►Stable shelf (Paleo high) ► Prospective section in the wet gas and oil window ▸ Thermal maturation controlled by depth of burial Low clay content and low ductility 15% CLAY CONTENT North East ww Penn / Barnett / Woodford 40% 33

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