Evercore Investment Banking Pitch Book

Preliminary Financial Analysis Ultra-Deep Assets Overview Prospect Offshore Davy Jones Blackbeard East Lafitte Blackbeard West Offshore Discoveries Total England Barbosa Morgan Baratania Blackbeard West #3 Drake Davy Jones West Hurricane Hook Captain Blood Bonnet Queen Anne's Revenge Calico Jack Offshore Prospects Total Onshore Highlander Lineham Tortuga Onshore Total Total Ultra-Deep Category WI NRI Resource Potential Risked Volume Potential for MMR's Ultra-Deep Assets Gross Unrisked Net Unrisked Geologic Mechanical Resource Potential COS COS Discovery 63.4% 50.2% Discovery 72.0% 57.4% Discovery 72.0% 58.3% Discovery 69.4% 53.1% Prospect 36.0% 28.8% Prospect 72.0% 57.6% 72.0% 57.6% Prospect Prospect 72.0% 57.6% Prospect 69.4% 55.5% Prospea 72.0% 57.6% Prospect 36.0% 28.8% Prospect 72.0% 57.6% 57.6% Prospect 72.0% 57.6% Prospect 72.0% Prospect Prospect 72.0% 57.6% Prospect 72.0% 57.6% 36.0% 28.8% Near Term Drill 72.0% 57.6% Drilling 28.8% Prospect 72.0% 57.6% EVERCORE PARTNERS Befe 3,248 1,040 2,342 804 7,434 27,300 2,588 1,000 2,820 498 14,580 1,400 1,575 4,890 18,000 3,150 1,296 7,000 86,097 13,300 10,800 5,590 29,690 123,221 23 Befe 1,631 597 1,365 427 4,020 7,862 1,491 576 1,624 276 8,398 403 907 2,817 10.368 1,814 746 2,016 39,300 7,661 3,110 3,220 13,991 57,311 80.0% 80.0% 80.0% 80.0% 30.5% 30.5% 30.5% 30.5% 30.5% 28.9% 30,5% 30.5% 28.9% 30.5% 28,9% 30.5% 30.5% 30,5% 30.5% 28.9% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% Gross Risked Net Risked Resource Potential Resource Potential Befe 2,321 737 1,001 592 5,252 7,487 721 281 776 288 3,765 391 446 1,257 4,957 788 336 1,931 23,424 Confidential 3,578 2,976 1,465 8,020 36,696 Befe 1,165 423 933 315 2,836 2,156 415 162 447 160 2,169 113 257 724 2,855 454 194 556 10,661 2,061 857 844 3,762 17,260 MOMORAN

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