PJT Partners Investment Banking Pitch Book

Recent Performance Improvement The Company has had recent success across its basin positions in increasing estimated ultimate recoveries, primarily with enhanced completion methods. EUR/ 1000' (Bcf) 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 1.60 1.28 NLA-HOLLY BOSSIER 1.76 1.50 NLA-DESOTO CORE SOUTH 1.98 Source: Company presentations as of November 2017. 1.60 NLA-CADDO 2.20 2.00 NLA-DESOTO CORE YE'15 Proved EUR/ 1000¹ (BCF) 1.80 1.50 2.20 Old forecast, not necessarily representative of Company's current business plan and financial forecast 1.50 1.89 1.33 ETX-HIGHLANDER ETX-HIGHLANDER APP-ARMSTRONG BSSR HSVL YE'16 Proved EUR/ 1000' (BCF) Company Forecast 2.28 1.58 APP - WEST LYCOMING 3.51 2,64 APP-EAST LYCOMING NORTH 12 DRAFT

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