• Author / Uploaded
• Scott Young

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Risk Geological POS Mechanical POS Total POS Interests Production (+MC&OE) OPEX Capital Expenditures Abandonment Liability NRI OPEX 850 Gas Offset 0.49 Cond Offset 4.20 Nominal Cost ($M) 0 0 0 0 0 0 0 60 0 0 0 60

Date Jan 2008 Jan 2008 Jan 2008 Jan 2008 Jan 2008 Jan 2008 Jan 2008 Jan 2008 Jan 2008 Jan 2008 Jan 2008

100% 100% 100%

100% 100% 100% 100% 87% $/day $/MCF $/bbl

Hydrocarbon Recovery IP Rate 1,000 MCFD Final Rate 900 MCFD Yield 0 bbl/mmcf Reserves 345 MMCF Producing Life 1.00 years Decline Rate 10.0% per year Prod End Date Oct 2009

Oil Gas Cond

Economic Results (10.5% Discount Rate) EV Success Fail NPV ($M) 690 690 0 CapEx ($M) 59 59 0 DPI 8.51 8.51 N/A Description

Drilling Tangible Drilling Intangible Drilling Tangible (Completion) Drilling Intangible (Completion) Workover Tangible Workover Intangible G&A Wells Facilities Tangible G&A Facility Incremental Abandonment Dry Hole Cost

CVX Cost ($M) 0 0 0 0 0 0 0 59 0 0 0

NPV Impact 0 0 0 0 0 0 0 -43 0 0 0

Disc B/T Inv ($M) 0 0 0 0 0 0 0 64 0 0 0

Price Decks Manual Oil Manual Gas Manual Cond

Project Name Install L.P. Comp@ Monte Christo Product Type Gas Discount Date Nov 2008 Escalation Date Nov 2008 Initial Production Date Nov 2008 Reserves (Gross) Gas (MMCF) Cond (MBO) Total (MBOEG)

EV 345 0 58

Production/OPEX NPV Wedge ($M) Maintenance Capital 0.50 Overhead Expense 0.113 Maint Cap Disc B/T Inv 28

Success 345 0 58 733 $/BOEG $/BOEG $M

Full Wedge Info for Promote Analysis ($M) Production/Opex NPV Wedge 733 Success Capital NPV Wedge -43 Failure Capital NPV Wedge 0 Success Captial Disc B/T Inv 64 Failure Capital Disc B/T Inv 0 Success Maint Cap Disc B/T Inv 28 Initial Gas Price $/Mcf

6

Discount Rate

10.5% Disc:10%

Exponential Decline, Constant Yield, 2% Cost Inflation, 16-2/3% Royalty, 38% Income Tax CapEx does not include ABN or MC costs. DPI = 1 + NPV / Discounted B/T Inv (excl ABN)

Questions? (Beta Version!) [email protected]

POS 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65%

Promote Analysis Economic Summary Partner Partner Base NPV Added Prom NPV Suc Case Fail Case EV Case Suc Case Fail Case Cap% Prod% NPV (CVX) by Promote Add/Base NPV NPV NPV DPI DPI 100% 50% 0 0 #DIV/0! 367 0 0 27.44 #N/A 100% 50% 0 0 #DIV/0! 367 0 0 27.44 #N/A 100% 50% 35 -16 -0.47 367 0 18 27.44 #N/A 100% 50% 69 -32 -0.47 367 0 37 27.44 #N/A 100% 50% 104 -49 -0.47 367 0 55 27.44 #N/A 100% 50% 138 -65 -0.47 367 0 73 27.44 #N/A 100% 50% 173 -81 -0.47 367 0 92 27.44 #N/A 100% 50% 207 -97 -0.47 367 0 110 27.44 #N/A 100% 50% 242 -113 -0.47 367 0 128 27.44 #N/A 100% 50% 276 -129 -0.47 367 0 147 27.44 #N/A 100% 50% 311 -146 -0.47 367 0 165 27.44 #N/A 100% 50% 345 -162 -0.47 367 0 183 27.44 #N/A 100% 50% 380 -178 -0.47 367 0 202 27.44 #N/A 100% 50% 414 -194 -0.47 367 0 220 27.44 #N/A 100% 50% 449 -210 -0.47 367 0 238 27.44 #N/A 100% 50% 483 -227 -0.47 367 0 257 27.44 #N/A 100% 50% 518 -243 -0.47 367 0 275 27.44 #N/A 100% 50% 552 -259 -0.47 367 0 293 27.44 #N/A 100% 50% 587 -275 -0.47 367 0 312 27.44 #N/A 100% 50% 621 -291 -0.47 367 0 330 27.44 #N/A 100% 50% 656 -307 -0.47 367 0 348 27.44 #N/A 100% 50% 690 -324 -0.47 367 0 367 27.44 #N/A 80% 40% 0 0 #DIV/0! 431 0 0 15.64 #DIV/0! 80% 40% 0 0 #DIV/0! 431 0 0 15.64 #DIV/0! 80% 40% 35 -13 -0.38 431 0 22 15.64 #DIV/0! 80% 40% 69 -26 -0.38 431 0 43 15.64 #DIV/0! 80% 40% 104 -39 -0.38 431 0 65 15.64 #DIV/0! 80% 40% 138 -52 -0.38 431 0 86 15.64 #DIV/0! 80% 40% 173 -65 -0.38 431 0 108 15.64 #DIV/0! 80% 40% 207 -78 -0.38 431 0 129 15.64 #DIV/0! 80% 40% 242 -91 -0.38 431 0 151 15.64 #DIV/0! 80% 40% 276 -104 -0.38 431 0 173 15.64 #DIV/0! 80% 40% 311 -117 -0.38 431 0 194 15.64 #DIV/0! 80% 40% 345 -129 -0.38 431 0 216 15.64 #DIV/0! 80% 40% 380 -142 -0.38 431 0 237 15.64 #DIV/0! 80% 40% 414 -155 -0.38 431 0 259 15.64 #DIV/0! 80% 40% 449 -168 -0.38 431 0 280 15.64 #DIV/0! 80% 40% 483 -181 -0.38 431 0 302 15.64 #DIV/0! 80% 40% 518 -194 -0.38 431 0 324 15.64 #DIV/0! 80% 40% 552 -207 -0.38 431 0 345 15.64 #DIV/0! 80% 40% 587 -220 -0.38 431 0 367 15.64 #DIV/0! 80% 40% 621 -233 -0.38 431 0 388 15.64 #DIV/0! 80% 40% 656 -246 -0.38 431 0 410 15.64 #DIV/0! 80% 40% 690 -259 -0.38 431 0 431 15.64 #DIV/0! 90% 60% 0 0 #DIV/0! 289 0 0 17.51 #DIV/0! 90% 60% 0 0 #DIV/0! 289 0 0 17.51 #DIV/0! 90% 60% 35 -20 -0.58 289 0 14 17.51 #DIV/0! 90% 60% 69 -40 -0.58 289 0 29 17.51 #DIV/0! 90% 60% 104 -60 -0.58 289 0 43 17.51 #DIV/0! 90% 60% 138 -80 -0.58 289 0 58 17.51 #DIV/0! 90% 60% 173 -100 -0.58 289 0 72 17.51 #DIV/0! 90% 60% 207 -120 -0.58 289 0 87 17.51 #DIV/0! 90% 60% 242 -140 -0.58 289 0 101 17.51 #DIV/0! 90% 60% 276 -161 -0.58 289 0 116 17.51 #DIV/0! 90% 60% 311 -181 -0.58 289 0 130 17.51 #DIV/0! 90% 60% 345 -201 -0.58 289 0 145 17.51 #DIV/0! 90% 60% 380 -221 -0.58 289 0 159 17.51 #DIV/0! 90% 60% 414 -241 -0.58 289 0 173 17.51 #DIV/0! 90% 60% 449 -261 -0.58 289 0 188 17.51 #DIV/0!

Background Calculations Background Calculations EV Case Prod/Opex Suc Cap Fail Cap EV Cap Suc Disc Fail Disc EV Disc Crossover POS at Minimum Series DPI NPV (Suc) NPV NPV NPV BT Inv BT Inv BT Inv POS NPVd=1 Terms (x:1) Title #DIV/0! 367 0 0 0 14 0 0 0% 0% #N/A 100 for 50 #DIV/0! 367 0 0 0 14 0 0 0% 0% #N/A 100 for 50 27.44 367 0 0 0 14 0 1 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 1 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 2 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 3 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 3 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 4 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 5 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 6 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 6 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 7 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 8 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 8 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 9 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 10 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 10 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 11 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 12 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 12 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 13 0% 0% 17.01 100 for 50 27.44 367 0 0 0 14 0 14 0% 0% 17.01 100 for 50 #DIV/0! 440 -9 0 0 29 0 0 0% 0% #N/A 80 for 40 #DIV/0! 440 -9 0 0 29 0 0 0% 0% #N/A 80 for 40 15.64 440 -9 0 0 29 0 1 0% 0% 17.01 80 for 40 15.64 440 -9 0 -1 29 0 3 0% 0% 17.01 80 for 40 15.64 440 -9 0 -1 29 0 4 0% 0% 17.01 80 for 40 15.64 440 -9 0 -2 29 0 6 0% 0% 17.01 80 for 40 15.64 440 -9 0 -2 29 0 7 0% 0% 17.01 80 for 40 15.64 440 -9 0 -3 29 0 9 0% 0% 17.01 80 for 40 15.64 440 -9 0 -3 29 0 10 0% 0% 17.01 80 for 40 15.64 440 -9 0 -3 29 0 12 0% 0% 17.01 80 for 40 15.64 440 -9 0 -4 29 0 13 0% 0% 17.01 80 for 40 15.64 440 -9 0 -4 29 0 15 0% 0% 17.01 80 for 40 15.64 440 -9 0 -5 29 0 16 0% 0% 17.01 80 for 40 15.64 440 -9 0 -5 29 0 18 0% 0% 17.01 80 for 40 15.64 440 -9 0 -6 29 0 19 0% 0% 17.01 80 for 40 15.64 440 -9 0 -6 29 0 21 0% 0% 17.01 80 for 40 15.64 440 -9 0 -6 29 0 22 0% 0% 17.01 80 for 40 15.64 440 -9 0 -7 29 0 24 0% 0% 17.01 80 for 40 15.64 440 -9 0 -7 29 0 25 0% 0% 17.01 80 for 40 15.64 440 -9 0 -8 29 0 27 0% 0% 17.01 80 for 40 15.64 440 -9 0 -8 29 0 28 0% 0% 17.01 80 for 40 15.64 440 -9 0 -9 29 0 29 0% 0% 17.01 80 for 40 #DIV/0! 293 -4 0 0 18 0 0 0% 0% #N/A 90 for 60 #DIV/0! 293 -4 0 0 18 0 0 0% 0% #N/A 90 for 60 17.51 293 -4 0 0 18 0 1 0% 0% 17.01 90 for 60 17.51 293 -4 0 0 18 0 2 0% 0% 17.01 90 for 60 17.51 293 -4 0 -1 18 0 3 0% 0% 17.01 90 for 60 17.51 293 -4 0 -1 18 0 4 0% 0% 17.01 90 for 60 17.51 293 -4 0 -1 18 0 4 0% 0% 17.01 90 for 60 17.51 293 -4 0 -1 18 0 5 0% 0% 17.01 90 for 60 17.51 293 -4 0 -2 18 0 6 0% 0% 17.01 90 for 60 17.51 293 -4 0 -2 18 0 7 0% 0% 17.01 90 for 60 17.51 293 -4 0 -2 18 0 8 0% 0% 17.01 90 for 60 17.51 293 -4 0 -2 18 0 9 0% 0% 17.01 90 for 60 17.51 293 -4 0 -2 18 0 10 0% 0% 17.01 90 for 60 17.51 293 -4 0 -3 18 0 11 0% 0% 17.01 90 for 60 17.51 293 -4 0 -3 18 0 11 0% 0% 17.01 90 for 60

Page 2 of 31

POS 70% 75% 80% 85% 90% 95% 100% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 0% 5% 10% 15% 20% 25% 30% 35%

Promote Analysis Economic Summary Partner Partner Base NPV Added Prom NPV Suc Case Fail Case EV Case Suc Case Fail Case Cap% Prod% NPV (CVX) by Promote Add/Base NPV NPV NPV DPI DPI 90% 60% 483 -281 -0.58 289 0 202 17.51 #DIV/0! 90% 60% 518 -301 -0.58 289 0 217 17.51 #DIV/0! 90% 60% 552 -321 -0.58 289 0 231 17.51 #DIV/0! 90% 60% 587 -341 -0.58 289 0 246 17.51 #DIV/0! 90% 60% 621 -361 -0.58 289 0 260 17.51 #DIV/0! 90% 60% 656 -381 -0.58 289 0 275 17.51 #DIV/0! 90% 60% 690 -401 -0.58 289 0 289 17.51 #DIV/0! 60% 40% 0 0 #DIV/0! 423 0 0 11.00 #DIV/0! 60% 40% 0 0 #DIV/0! 423 0 0 11.00 #DIV/0! 60% 40% 35 -13 -0.39 423 0 21 11.00 #DIV/0! 60% 40% 69 -27 -0.39 423 0 42 11.00 #DIV/0! 60% 40% 104 -40 -0.39 423 0 63 11.00 #DIV/0! 60% 40% 138 -54 -0.39 423 0 85 11.00 #DIV/0! 60% 40% 173 -67 -0.39 423 0 106 11.00 #DIV/0! 60% 40% 207 -80 -0.39 423 0 127 11.00 #DIV/0! 60% 40% 242 -94 -0.39 423 0 148 11.00 #DIV/0! 60% 40% 276 -107 -0.39 423 0 169 11.00 #DIV/0! 60% 40% 311 -120 -0.39 423 0 190 11.00 #DIV/0! 60% 40% 345 -134 -0.39 423 0 211 11.00 #DIV/0! 60% 40% 380 -147 -0.39 423 0 233 11.00 #DIV/0! 60% 40% 414 -161 -0.39 423 0 254 11.00 #DIV/0! 60% 40% 449 -174 -0.39 423 0 275 11.00 #DIV/0! 60% 40% 483 -187 -0.39 423 0 296 11.00 #DIV/0! 60% 40% 518 -201 -0.39 423 0 317 11.00 #DIV/0! 60% 40% 552 -214 -0.39 423 0 338 11.00 #DIV/0! 60% 40% 587 -227 -0.39 423 0 359 11.00 #DIV/0! 60% 40% 621 -241 -0.39 423 0 381 11.00 #DIV/0! 60% 40% 656 -254 -0.39 423 0 402 11.00 #DIV/0! 60% 40% 690 -268 -0.39 423 0 423 11.00 #DIV/0! 90% 30% 0 0 #DIV/0! 509 0 0 20.71 #DIV/0! 90% 30% 0 0 #DIV/0! 509 0 0 20.71 #DIV/0! 90% 30% 35 -9 -0.26 509 0 25 20.71 #DIV/0! 90% 30% 69 -18 -0.26 509 0 51 20.71 #DIV/0! 90% 30% 104 -27 -0.26 509 0 76 20.71 #DIV/0! 90% 30% 138 -36 -0.26 509 0 102 20.71 #DIV/0! 90% 30% 173 -45 -0.26 509 0 127 20.71 #DIV/0! 90% 30% 207 -54 -0.26 509 0 153 20.71 #DIV/0! 90% 30% 242 -63 -0.26 509 0 178 20.71 #DIV/0! 90% 30% 276 -72 -0.26 509 0 204 20.71 #DIV/0! 90% 30% 311 -82 -0.26 509 0 229 20.71 #DIV/0! 90% 30% 345 -91 -0.26 509 0 255 20.71 #DIV/0! 90% 30% 380 -100 -0.26 509 0 280 20.71 #DIV/0! 90% 30% 414 -109 -0.26 509 0 305 20.71 #DIV/0! 90% 30% 449 -118 -0.26 509 0 331 20.71 #DIV/0! 90% 30% 483 -127 -0.26 509 0 356 20.71 #DIV/0! 90% 30% 518 -136 -0.26 509 0 382 20.71 #DIV/0! 90% 30% 552 -145 -0.26 509 0 407 20.71 #DIV/0! 90% 30% 587 -154 -0.26 509 0 433 20.71 #DIV/0! 90% 30% 621 -163 -0.26 509 0 458 20.71 #DIV/0! 90% 30% 656 -172 -0.26 509 0 484 20.71 #DIV/0! 90% 30% 690 -181 -0.26 509 0 509 20.71 #DIV/0! 0% 0% 0 0 #DIV/0! 690 0 0 8.51 #DIV/0! 0% 0% 35 0 0.00 690 0 35 8.51 #DIV/0! 0% 0% 69 0 0.00 690 0 69 8.51 #DIV/0! 0% 0% 104 0 0.00 690 0 104 8.51 #DIV/0! 0% 0% 138 0 0.00 690 0 138 8.51 #DIV/0! 0% 0% 173 0 0.00 690 0 173 8.51 #DIV/0! 0% 0% 207 0 0.00 690 0 207 8.51 #DIV/0! 0% 0% 242 0 0.00 690 0 242 8.51 #DIV/0!

Background Calculations Background Calculations EV Case Prod/Opex Suc Cap Fail Cap EV Cap Suc Disc Fail Disc EV Disc Crossover POS at Minimum Series DPI NPV (Suc) NPV NPV NPV BT Inv BT Inv BT Inv POS NPVd=1 Terms (x:1) Title 17.51 293 -4 0 -3 18 0 12 0% 0% 17.01 90 for 60 17.51 293 -4 0 -3 18 0 13 0% 0% 17.01 90 for 60 17.51 293 -4 0 -3 18 0 14 0% 0% 17.01 90 for 60 17.51 293 -4 0 -4 18 0 15 0% 0% 17.01 90 for 60 17.51 293 -4 0 -4 18 0 16 0% 0% 17.01 90 for 60 17.51 293 -4 0 -4 18 0 17 0% 0% 17.01 90 for 60 17.51 293 -4 0 -4 18 0 18 0% 0% 17.01 90 for 60 #DIV/0! 440 -17 0 0 42 0 0 0% 0% #N/A 60 for 40 #DIV/0! 440 -17 0 0 42 0 0 0% 0% #N/A 60 for 40 11.00 440 -17 0 -1 42 0 2 0% 0% 17.01 60 for 40 11.00 440 -17 0 -2 42 0 4 0% 0% 17.01 60 for 40 11.00 440 -17 0 -3 42 0 6 0% 0% 17.01 60 for 40 11.00 440 -17 0 -3 42 0 8 0% 0% 17.01 60 for 40 11.00 440 -17 0 -4 42 0 11 0% 0% 17.01 60 for 40 11.00 440 -17 0 -5 42 0 13 0% 0% 17.01 60 for 40 11.00 440 -17 0 -6 42 0 15 0% 0% 17.01 60 for 40 11.00 440 -17 0 -7 42 0 17 0% 0% 17.01 60 for 40 11.00 440 -17 0 -8 42 0 19 0% 0% 17.01 60 for 40 11.00 440 -17 0 -9 42 0 21 0% 0% 17.01 60 for 40 11.00 440 -17 0 -9 42 0 23 0% 0% 17.01 60 for 40 11.00 440 -17 0 -10 42 0 25 0% 0% 17.01 60 for 40 11.00 440 -17 0 -11 42 0 27 0% 0% 17.01 60 for 40 11.00 440 -17 0 -12 42 0 30 0% 0% 17.01 60 for 40 11.00 440 -17 0 -13 42 0 32 0% 0% 17.01 60 for 40 11.00 440 -17 0 -14 42 0 34 0% 0% 17.01 60 for 40 11.00 440 -17 0 -15 42 0 36 0% 0% 17.01 60 for 40 11.00 440 -17 0 -16 42 0 38 0% 0% 17.01 60 for 40 11.00 440 -17 0 -16 42 0 40 0% 0% 17.01 60 for 40 11.00 440 -17 0 -17 42 0 42 0% 0% 17.01 60 for 40 #DIV/0! 513 -4 0 0 26 0 0 0% 0% #N/A 90 for 30 #DIV/0! 513 -4 0 0 26 0 0 0% 0% #N/A 90 for 30 20.71 513 -4 0 0 26 0 1 0% 0% 17.01 90 for 30 20.71 513 -4 0 0 26 0 3 0% 0% 17.01 90 for 30 20.71 513 -4 0 -1 26 0 4 0% 0% 17.01 90 for 30 20.71 513 -4 0 -1 26 0 5 0% 0% 17.01 90 for 30 20.71 513 -4 0 -1 26 0 6 0% 0% 17.01 90 for 30 20.71 513 -4 0 -1 26 0 8 0% 0% 17.01 90 for 30 20.71 513 -4 0 -2 26 0 9 0% 0% 17.01 90 for 30 20.71 513 -4 0 -2 26 0 10 0% 0% 17.01 90 for 30 20.71 513 -4 0 -2 26 0 12 0% 0% 17.01 90 for 30 20.71 513 -4 0 -2 26 0 13 0% 0% 17.01 90 for 30 20.71 513 -4 0 -2 26 0 14 0% 0% 17.01 90 for 30 20.71 513 -4 0 -3 26 0 15 0% 0% 17.01 90 for 30 20.71 513 -4 0 -3 26 0 17 0% 0% 17.01 90 for 30 20.71 513 -4 0 -3 26 0 18 0% 0% 17.01 90 for 30 20.71 513 -4 0 -3 26 0 19 0% 0% 17.01 90 for 30 20.71 513 -4 0 -3 26 0 21 0% 0% 17.01 90 for 30 20.71 513 -4 0 -4 26 0 22 0% 0% 17.01 90 for 30 20.71 513 -4 0 -4 26 0 23 0% 0% 17.01 90 for 30 20.71 513 -4 0 -4 26 0 25 0% 0% 17.01 90 for 30 20.71 513 -4 0 -4 26 0 26 0% 0% 17.01 90 for 30 #DIV/0! 733 -43 0 0 92 0 0 #DIV/0! 0% #N/A 100% CVX 8.51 733 -43 0 -2 92 0 5 #DIV/0! 0% 17.01 100% CVX 8.51 733 -43 0 -4 92 0 9 #DIV/0! 0% 17.01 100% CVX 8.51 733 -43 0 -6 92 0 14 #DIV/0! 0% 17.01 100% CVX 8.51 733 -43 0 -9 92 0 18 #DIV/0! 0% 17.01 100% CVX 8.51 733 -43 0 -11 92 0 23 #DIV/0! 0% 17.01 100% CVX 8.51 733 -43 0 -13 92 0 28 #DIV/0! 0% 17.01 100% CVX 8.51 733 -43 0 -15 92 0 32 #DIV/0! 0% 17.01 100% CVX

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POS 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100%

Promote Analysis Economic Summary Background Calculations Background Calculations Partner Partner Base NPV Added Prom NPV Suc Case Fail Case EV Case Suc Case Fail Case EV Case Prod/Opex Suc Cap Fail Cap EV Cap Suc Disc Fail Disc EV Disc Crossover POS at Minimum Series Cap% Prod% NPV (CVX) by Promote Add/Base NPV NPV NPV DPI DPI DPI NPV (Suc) NPV NPV NPV BT Inv BT Inv BT Inv POS NPVd=1 Terms (x:1) Title 0% 0% 276 0 0.00 690 0 276 8.51 #DIV/0! 8.51 733 -43 0 -17 92 0 37 #DIV/0! 0% 17.01 100% CVX 0% 0% 311 0 0.00 690 0 311 8.51 #DIV/0! 8.51 733 -43 0 -19 92 0 41 #DIV/0! 0% 17.01 100% CVX 0% 0% 345 0 0.00 690 0 345 8.51 #DIV/0! 8.51 733 -43 0 -22 92 0 46 #DIV/0! 0% 17.01 100% CVX 0% 0% 380 0 0.00 690 0 380 8.51 #DIV/0! 8.51 733 -43 0 -24 92 0 51 #DIV/0! 0% 17.01 100% CVX 0% 0% 414 0 0.00 690 0 414 8.51 #DIV/0! 8.51 733 -43 0 -26 92 0 55 #DIV/0! 0% 17.01 100% CVX 0% 0% 449 0 0.00 690 0 449 8.51 #DIV/0! 8.51 733 -43 0 -28 92 0 60 #DIV/0! 0% 17.01 100% CVX 0% 0% 483 0 0.00 690 0 483 8.51 #DIV/0! 8.51 733 -43 0 -30 92 0 64 #DIV/0! 0% 17.01 100% CVX 0% 0% 518 0 0.00 690 0 518 8.51 #DIV/0! 8.51 733 -43 0 -32 92 0 69 #DIV/0! 0% 17.01 100% CVX 0% 0% 552 0 0.00 690 0 552 8.51 #DIV/0! 8.51 733 -43 0 -34 92 0 74 #DIV/0! 0% 17.01 100% CVX 0% 0% 587 0 0.00 690 0 587 8.51 #DIV/0! 8.51 733 -43 0 -37 92 0 78 #DIV/0! 0% 17.01 100% CVX 0% 0% 621 0 0.00 690 0 621 8.51 #DIV/0! 8.51 733 -43 0 -39 92 0 83 #DIV/0! 0% 17.01 100% CVX 0% 0% 656 0 0.00 690 0 656 8.51 #DIV/0! 8.51 733 -43 0 -41 92 0 87 #DIV/0! 0% 17.01 100% CVX 0% 0% 690 0 0.00 690 0 690 8.51 #DIV/0! 8.51 733 -43 0 -43 92 0 92 #DIV/0! 0% 17.01 100% CVX

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Minimum Promotion Terms to Enhance NPV Install L.P. Comp@ Monte Christo 5 to 1

Value Creation

Promotion Terms

4 to 1

3 to 1

2 to 1

Value Destruction 1 to 1 0%

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100%

NPV Comparison between Promotions and 100% CVX Install L.P. Comp@ Monte Christo 800

700

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500 100% CVX

NPV ($M)

100 for 50

400

80 for 40 90 for 60

300

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200

100

0 0%

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-100

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NPV Added by a Promotion (versus 100% CVX) Install L.P. Comp@ Monte Christo 50

0 0%

10%

20%

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70%

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-50

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100 for 50

DNPV -200 ($M)

80 for 40 90 for 60 60 for 40 90 for 30

-250

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POS (%)

NPV% Added by a Promotion (versus 100% CVX) Install L.P. Comp@ Monte Christo 100%

80%

60%

40%

20%

DNPV NPV

100 for 50 80 for 40

0%

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0%

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60%

70%

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60 for 40 90 for 30

-20%

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-100%

POS (%)

Oil Gas Cond Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051

Manual Oil Manual Gas Manual Cond Oil ($/bbl) 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00

Gas ($/MCF) Cond ($/bbl) 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00

User-Entered Price Deck Manual Oila Manual Oil Manual Gas Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051

Oil ($/bbl) Gas ($/MCF) 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00 60.00 6.00

2052 2053 2054

Deck# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

60.00 60.00 60.00

6.00 6.00 6.00

60.00 60.00 60.00

2052 2053 2054

List of Price Decks Oil Gas Condensate Manual Oil Manual Gas Manual Cond WTI 2006.SPlan Henry Hub 2006.SPlan WTI - Cond 2006.SPlan WTI 2006.SPlan Henry High Hub 2006.SPlan WTI - Cond High2006.SPlan High WTI 2006.SPlan Henry Low Hub 2006.SPlan WTI - Cond Low 2006.SPlan Low WTI $55/STBHenry Flat Hub $8/MCF WTI Flat - Cond $55/STB Flat WTI 2006-08.Bplan Henry Hub 2006-08.Bplan WTI - Cond 2006-08.Bplan WTI 2005-07Mod.MidTrend Henry Hub 2005-07Mod.MidTrend WTI - Cond 2005-07Mod.MidTrend WTI 2005 - 2007 Henry BPlan Hub 2005WTI - 2007 - Cond BPlan 2005 - 2007 BPlan WTI 2003 Long Henry Range HubPlan 2003WTI Long - Cond Range 2003 PlanLong Range Plan WTI 2002-JanHenry Hub 2002-2004 WTI - Cond Bplan2002-Jan Deck 11 Oil Deck 11 Gas Deck 11 Cond Deck 12 Oil Deck 12 Gas Deck 12 Cond Deck 13 Oil Deck 13 Gas Deck 13 Cond Deck 14 Oil Deck 14 Gas Deck 14 Cond Deck 15 Oil Deck 15 Gas Deck 15 Cond

60.00 60.00 60.00

6.00 6.00 6.00

Entered Price Deck Manual Cond Cond ($/bbl) 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00 60.00

WTI 2006.SPlana WTI 2006.SPlan Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052

Henry Hub 2006.SPlan WTI - Cond 2006.SPlan

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 7.31 55.00 55.20 6.62 55.20 56.30 6.76 56.30 57.40 6.89 57.40 58.60 7.03 58.60 59.80 7.17 59.80 60.90 7.31 60.90 62.20 7.46 62.20 63.40 7.61 63.40 64.70 7.76 64.70 66.00 7.92 66.00 67.30 8.08 67.30 68.60 8.24 68.60 70.00 8.40 70.00 71.40 8.57 71.40 72.80 8.74 72.80 74.30 8.92 74.30 75.80 9.09 75.80 77.30 9.28 77.30 78.80 9.46 78.80 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40 80.40 9.65 80.40

WTI 2006.SPlan Higha Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052

60.00 60.00 60.00

2053 2054 2055

80.40 80.40 80.40

9.65 9.65 9.65

80.40 80.40 80.40

2053 2054 2055

WTI 2006.SPlan High Henry Hub 2006.SPlan High WTI - Cond 2006.SPlan High

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 75.00 10.00 75.00 79.10 10.00 79.10 79.60 10.00 79.60 80.10 10.00 80.10 81.20 9.47 81.20 82.80 8.83 82.80 84.50 9.01 84.50 86.20 9.19 86.20 87.90 9.37 87.90 89.60 9.56 89.60 91.40 9.75 91.40 93.30 9.95 93.30 95.10 10.15 95.10 97.00 10.35 97.00 99.00 10.56 99.00 100.90 10.77 100.90 103.00 10.98 103.00 105.00 11.20 105.00 107.10 11.43 107.10 109.30 11.65 109.30 111.40 11.89 111.40 113.70 12.13 113.70 115.90 12.37 115.90 118.30 12.62 118.30 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60 120.60 12.87 120.60

WTI 2006.SPlan Lowa WTI 2006.SPlan Low Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052

Henry Hub 2006.SPlan Low WTI - Cond 2006.SPlan Low

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 35.00 6.00 35.00 38.30 6.00 38.30 38.00 6.00 38.00 37.70 6.00 37.70 37.90 5.41 37.90 38.60 5.52 38.60 39.40 5.63 39.40 40.20 5.74 40.20 41.00 5.86 41.00 41.80 5.98 41.80 42.70 6.09 42.70 43.50 6.22 43.50 44.40 6.34 44.40 45.30 6.47 45.30 46.20 6.60 46.20 47.10 6.73 47.10 48.05 6.86 48.05 49.00 7.00 49.00 50.00 7.14 50.00 51.00 7.28 51.00 52.00 7.43 52.00 53.05 7.58 53.05 54.10 7.73 54.10 55.20 7.88 55.20 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30 56.30 8.04 56.30

120.60 120.60 120.60

12.87 12.87 12.87

120.60 120.60 120.60

2053 2054 2055

56.30 56.30 56.30

8.04 8.04 8.04

56.30 56.30 56.30

WTI $55/STB Flata WTI $55/STB Flat Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051

Henry Hub $8/MCF Flat WTI - Cond $55/STB Flat

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00 55.00 8.00 55.00

WTI 2006-08.Bplana WTI 2006-08.Bplan Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051

Oil ($/bbl) 50.00 44.00 40.00 37.00 37.90 38.60 39.40 40.20 41.00 41.80 42.70 43.50 44.40 45.30 46.20 47.10 48.00 49.00 50.00 51.00 52.00 53.00 54.10 55.20 56.30 57.40 58.60 59.70 60.90 62.20 63.40 64.70 66.00 67.30 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60

2052 2053 2054

55.00 55.00 55.00

8.00 8.00 8.00

55.00 55.00 55.00

2052 2053 2054

68.60 68.60 68.60

Henry Hub 2006-08.Bplan WTI - Cond 2006-08.Bplan

WTI 2005-07Mod.MidTrenda

Gas ($/MCF) Cond ($/bbl) 6.50 50.00 6.75 44.00 6.00 40.00 5.50 37.00 5.40 37.90 5.50 38.60 5.65 39.40 5.75 40.20 5.85 41.00 6.00 41.80 6.10 42.70 6.20 43.50 6.35 44.40 6.45 45.30 6.60 46.20 6.75 47.10 6.85 48.00 7.00 49.00 7.15 50.00 7.30 51.00 7.45 52.00 7.60 53.00 7.70 54.10 7.90 55.20 8.00 56.30 8.20 57.40 8.40 58.60 8.50 59.70 8.70 60.90 8.90 62.20 9.10 63.40 9.20 64.70 9.40 66.00 9.60 67.30 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051

WTI 2005-07Mod.MidTrend

Henry Hub 2005-07Mod.MidTrend

WTI - Cond 2005-07Mod.MidTrend

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 44.00 6.50 44.00 37.00 6.00 37.00 30.00 5.00 30.00 27.00 5.05 27.00 26.90 4.85 26.90 27.70 4.65 27.70 28.50 4.70 28.50 29.40 4.80 29.40 30.20 4.85 30.20 31.10 4.95 31.10 32.00 5.00 32.00 32.90 5.10 32.90 33.90 5.15 33.90 34.80 5.25 34.80 35.80 5.30 35.80 36.80 5.40 36.80 37.40 5.50 37.40 37.90 5.60 37.90 38.50 5.60 38.50 39.10 5.70 39.10 39.60 5.80 39.60 40.20 5.90 40.20 40.80 6.00 40.80 41.50 6.10 41.50 42.10 6.20 42.10 42.70 6.30 42.70 43.30 6.40 43.30 44.00 6.40 44.00 44.70 6.50 44.70 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30 45.30 6.60 45.30

WTI 2005 - 2007 BPlana

9.80 9.80 9.80

68.60 68.60 68.60

2052 2053 2054

45.30 45.30 45.30

6.60 6.60 6.60

45.30 45.30 45.30

WTI 2005 - 2007 BPlana WTI 2005 - 2007 BPlan Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051

Henry Hub 2005 - 2007 BPlan WTI - Cond 2005 - 2007 BPlan

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 27.00 5.00 27.00 27.00 5.00 27.00 27.00 5.00 27.00 27.00 5.05 27.00 26.90 4.85 26.90 27.70 4.65 27.70 28.50 4.70 28.50 29.40 4.80 29.40 30.20 4.85 30.20 31.10 4.95 31.10 32.00 5.00 32.00 32.90 5.10 32.90 33.90 5.15 33.90 34.80 5.25 34.80 35.80 5.30 35.80 36.80 5.40 36.80 37.80 5.50 37.80 38.90 5.60 38.90 40.00 5.60 40.00 41.20 5.70 41.20 42.30 5.80 42.30 43.50 5.90 43.50 44.80 6.00 44.80 46.10 6.10 46.10 47.40 6.20 47.40 48.70 6.30 48.70 50.10 6.40 50.10 51.50 6.40 51.50 53.00 6.50 53.00 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50 54.50 6.60 54.50

WTI 2003 Long Range Plana

WTI 2003 Long Range Plan

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051

Henry Hub 2003 Long Range Plan

Oil ($/bbl) Gas ($/MCF) 22.00 4.00 22.00 4.00 22.70 4.06 23.20 4.14 23.60 3.94 24.10 4.02 24.60 4.10 25.10 4.18 25.60 4.27 26.10 4.35 26.60 4.44 27.20 4.53 27.70 4.62 28.30 4.71 28.80 4.80 29.40 4.90 29.99 5.00 30.59 5.10 31.20 5.20 31.82 5.30 32.46 5.41 33.11 5.52 33.77 5.63 34.45 5.74 35.14 5.86 35.84 5.97 36.56 6.09 37.29 6.21 38.03 6.34 38.79 6.47 39.57 6.59 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73 40.36 6.73

2052 2053 2054

54.50 54.50 54.50

6.60 6.60 6.60

54.50 54.50 54.50

2052 2053 2054

40.36 40.36 40.36

6.73 6.73 6.73

WTI - Cond 2003 Long Range Plan

Cond ($/bbl) 22.00 22.00 22.70 23.20 23.60 24.10 24.60 25.10 25.60 26.10 26.60 27.20 27.70 28.30 28.80 29.40 29.99 30.59 31.20 31.82 32.46 33.11 33.77 34.45 35.14 35.84 36.56 37.29 38.03 38.79 39.57 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36 40.36

WTI 2002-Jana WTI 2002-Jan Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051

Henry Hub 2002-2004 Bplan

WTI - Cond 2002-Jan

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 21.00 3.80 21.00 21.40 3.85 21.40 21.90 3.95 21.90 22.30 4.00 22.30 22.70 4.10 22.70 23.20 4.15 23.20 23.70 4.25 23.70 24.10 4.35 24.10 24.60 4.45 24.60 25.10 4.55 25.10 25.60 4.60 25.60 26.10 4.70 26.10 26.60 4.80 26.60 27.20 4.90 27.20 27.70 5.00 27.70 28.30 5.10 28.30 28.80 5.20 28.80 29.40 5.30 29.40 30.00 5.40 30.00 30.60 5.50 30.60 31.20 5.65 31.20 31.80 5.75 31.80 32.50 5.85 32.50 33.10 5.95 33.10 33.80 6.10 33.80 34.50 6.20 34.50 35.20 6.35 35.20 35.90 6.45 35.90 36.60 6.60 36.60 37.30 6.75 37.30 38.00 5.40 38.00 38.76 5.50 38.76 39.53 5.61 39.53 40.32 5.73 40.32 41.13 5.84 41.13 41.95 5.96 41.95 42.79 6.08 42.79 43.65 6.20 43.65 44.52 6.32 44.52 45.41 6.45 45.41 45.41 6.45 45.41 45.41 6.45 45.41 45.41 6.45 45.41 45.41 6.45 45.41 45.41 6.45 45.41 45.41 6.45 45.41 45.41 6.45 45.41

Deck 11 Oila Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046

40.36 40.36 40.36

2052 2053 2054

45.41 45.41 45.41

6.45 6.45 6.45

45.41 45.41 45.41

2047 2048 2049

Deck 11 Oil Deck 11 Gas Deck 11 Cond

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 50.00 6.50 50.00 44.00 6.75 44.00 40.00 6.00 40.00 37.00 5.50 37.00 37.90 5.40 37.90 38.60 5.50 38.60 39.40 5.65 39.40 40.20 5.75 40.20 41.00 5.85 41.00 41.80 6.00 41.80 42.70 6.10 42.70 43.50 6.20 43.50 44.40 6.35 44.40 45.30 6.45 45.30 46.20 6.60 46.20 47.10 6.75 47.10 48.00 6.85 48.00 49.00 7.00 49.00 50.00 7.15 50.00 51.00 7.30 51.00 52.00 7.45 52.00 53.00 7.60 53.00 54.10 7.70 54.10 55.20 7.90 55.20 56.30 8.00 56.30 57.40 8.20 57.40 58.60 8.40 58.60 59.70 8.50 59.70 60.90 8.70 60.90 62.20 8.90 62.20 63.40 9.10 63.40 64.70 9.20 64.70 66.00 9.40 66.00 67.30 9.60 67.30 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60

Deck 12 OilaDeck 12 Oil Deck 12 Gas Deck 12 Cond Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 50.00 6.50 50.00 44.00 6.75 44.00 40.00 6.00 40.00 37.00 5.50 37.00 37.90 5.40 37.90 38.60 5.50 38.60 39.40 5.65 39.40 40.20 5.75 40.20 41.00 5.85 41.00 41.80 6.00 41.80 42.70 6.10 42.70 43.50 6.20 43.50 44.40 6.35 44.40 45.30 6.45 45.30 46.20 6.60 46.20 47.10 6.75 47.10 48.00 6.85 48.00 49.00 7.00 49.00 50.00 7.15 50.00 51.00 7.30 51.00 52.00 7.45 52.00 53.00 7.60 53.00 54.10 7.70 54.10 55.20 7.90 55.20 56.30 8.00 56.30 57.40 8.20 57.40 58.60 8.40 58.60 59.70 8.50 59.70 60.90 8.70 60.90 62.20 8.90 62.20 63.40 9.10 63.40 64.70 9.20 64.70 66.00 9.40 66.00 67.30 9.60 67.30 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60

68.60 68.60 68.60

9.80 9.80 9.80

68.60 68.60 68.60

2047 2048 2049

68.60 68.60 68.60

9.80 9.80 9.80

68.60 68.60 68.60

Deck 13 OilaDeck 13 Oil Deck 13 Gas Deck 13 Cond Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 50.00 6.50 50.00 44.00 6.75 44.00 40.00 6.00 40.00 37.00 5.50 37.00 37.90 5.40 37.90 38.60 5.50 38.60 39.40 5.65 39.40 40.20 5.75 40.20 41.00 5.85 41.00 41.80 6.00 41.80 42.70 6.10 42.70 43.50 6.20 43.50 44.40 6.35 44.40 45.30 6.45 45.30 46.20 6.60 46.20 47.10 6.75 47.10 48.00 6.85 48.00 49.00 7.00 49.00 50.00 7.15 50.00 51.00 7.30 51.00 52.00 7.45 52.00 53.00 7.60 53.00 54.10 7.70 54.10 55.20 7.90 55.20 56.30 8.00 56.30 57.40 8.20 57.40 58.60 8.40 58.60 59.70 8.50 59.70 60.90 8.70 60.90 62.20 8.90 62.20 63.40 9.10 63.40 64.70 9.20 64.70 66.00 9.40 66.00 67.30 9.60 67.30 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60

Deck 14 OilaDeck 14 Oil Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046

Oil ($/bbl) 50.00 44.00 40.00 37.00 37.90 38.60 39.40 40.20 41.00 41.80 42.70 43.50 44.40 45.30 46.20 47.10 48.00 49.00 50.00 51.00 52.00 53.00 54.10 55.20 56.30 57.40 58.60 59.70 60.90 62.20 63.40 64.70 66.00 67.30 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60 68.60

2047 2048 2049

68.60 68.60 68.60

9.80 9.80 9.80

68.60 68.60 68.60

2047 2048 2049

68.60 68.60 68.60

Deck 14 Gas Deck 14 Cond Gas ($/MCF) Cond ($/bbl) 6.50 50.00 6.75 44.00 6.00 40.00 5.50 37.00 5.40 37.90 5.50 38.60 5.65 39.40 5.75 40.20 5.85 41.00 6.00 41.80 6.10 42.70 6.20 43.50 6.35 44.40 6.45 45.30 6.60 46.20 6.75 47.10 6.85 48.00 7.00 49.00 7.15 50.00 7.30 51.00 7.45 52.00 7.60 53.00 7.70 54.10 7.90 55.20 8.00 56.30 8.20 57.40 8.40 58.60 8.50 59.70 8.70 60.90 8.90 62.20 9.10 63.40 9.20 64.70 9.40 66.00 9.60 67.30 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60 9.80 68.60

Deck 15 OilaDeck 15 Oil Deck 15 Gas Deck 15 Cond Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) 50.00 6.50 50.00 44.00 6.75 44.00 40.00 6.00 40.00 37.00 5.50 37.00 37.90 5.40 37.90 38.60 5.50 38.60 39.40 5.65 39.40 40.20 5.75 40.20 41.00 5.85 41.00 41.80 6.00 41.80 42.70 6.10 42.70 43.50 6.20 43.50 44.40 6.35 44.40 45.30 6.45 45.30 46.20 6.60 46.20 47.10 6.75 47.10 48.00 6.85 48.00 49.00 7.00 49.00 50.00 7.15 50.00 51.00 7.30 51.00 52.00 7.45 52.00 53.00 7.60 53.00 54.10 7.70 54.10 55.20 7.90 55.20 56.30 8.00 56.30 57.40 8.20 57.40 58.60 8.40 58.60 59.70 8.50 59.70 60.90 8.70 60.90 62.20 8.90 62.20 63.40 9.10 63.40 64.70 9.20 64.70 66.00 9.40 66.00 67.30 9.60 67.30 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60 68.60 9.80 68.60

9.80 9.80 9.80

68.60 68.60 68.60

2047 2048 2049

68.60 68.60 68.60

9.80 9.80 9.80

68.60 68.60 68.60

Does maintenance capital hit the opex interest or the production interest. Right now it is based upon production interest Also, does overhead expense hit the production wedge or the opex interest. Right now it hits the production interest (it is simpl To replicate peep, mc gas offset is truncated at 2 decimal places Right now, maintenance capital discounted investment is multiplied by production interest Stuff starting in 2005 doesn't work exactly right, add in an esc year variable and set it equal to current year Still need to adjust code for oil zones, and then update the oil calculation sheet. Create tool to select price decks.

ased upon production interest its the production interest (it is simply added to offset)

l to current year

JOB TYPE

'98, thru '02 % Success

C1 - Coil Tbg-Wash out C2 - Coil Tbg-Jet w/ N2 C3 - Coil Tbg-Acid / Stim C4 - Fishing C5 - Coil Tbg-TTGP C7 - Coil Tbg-Cement packers C8 - Coil Tbg-Velocity string C9 - Coil Tbg-Other C10 - Coil Tbg-Plugback with coil E1 - Eline- TTPB (w/ vented basket plug) E2 - Eline- TTBP (selective set up) E3 - Eline- Add Perfs E4 - Eline- Plastic / water shut-off E5 - Eline-TT Screen E6 - Eline- Other E7 - Eline- Slickline EDT jobs E8 - Eline- Eline TTGP E-9 E/Line TTBP Downhole selective M-1 - MRWO Single Completion M-2 - MRWO Single Completion w/ Selective O1 - Bullhead Stimulation O2-Other Pumping jobs O3 - Other P1 - P&A P2 - Diagnostics P3 - Casing Remediation P4 - TA for sidetrack P5 - Repairs(SSV/TBG Leaks) P6 - Casing Pressure PE - Financial Items PE - Reservior (PNL's, BHP's) PE - Operation Support S-Snubbing

70% 93% 92% 83% 80% 67% 75% 80% 78% 85% 90% 89% 89% 75% 87% 85% 91% 88% 90% 90% 75% 75% 80% 98% 93% 92% 100% 100% 100% 100% 100% 100% 90%

7/14/2014

238176196.xls.ms_officePOS