Oil and Gas Assets for Sale

DEAL PERSPECTIVES (MEDIA VERSION)

Quick 9 Pages of The Full 26 Page Report

3Q24 NO PUBLIC MERGERS SINCE 2022

$12.4B in 3Q24 - Down from $30.6B in 2Q

19 3Q Deals - Down from 22 in 2Q

Private Equity drives top two deals of 3Q

Permian Still leads with 7 of 19, or 37%

Viper acquired Tumbleweed for $1.1 Billion

Post Oak acquires $475 MM of assets

Conventional assets heat up

APA sells non-core Permian conventionals

Private Equity back on the rise

EnCap closes fund 12 with > $5.25 Billion

CONTACT EAG FOR FULL 26 PAGE REPORT

STUDY 1005MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

DEAL PERSPECTIVES (MEDIA VERSION)

Quick 9 Pages of The Full 39 Page Report

2Q24 DEAL VALUE SLOWS SOME

$30.6B in 2Q24 - Down from $51.2B in 1Q

22 2Q Deals - Down from 26 in 1Q

Public Companies Buy 98% of Deals

Permian Cools with <10% Vs. 52% in 2023

Conoco Buys Marathon for $22.5 Billion

SM + NOG Stake Ground in Uinta for $2.2B

Crescent Energy Buys SilverBow for $2.1B

Public Company Consolidation Continues

Conoco Says $2B on Chopping Block

Street Talk Still Has Devon on the Hunt

CONTACT EAG FOR FULL 39 PAGE REPORT

STUDY 1004MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

HAYNESVILLE REFRAC REPORT II

EAST TEXAS & NORTH LOUISIANA UPDATE

OCTOBER 15, 2024 SUPPLEMENT

HAYNESVILLE & BOSSIER REFRACS.

199 out of 6,155 Wells Have Been ReFrac'd

Aethon, CHK, SWN Dominate ReFrac's

~75% ReFrac's Are Good, Payback <12 mos

More Upside with >6,000 Legacy Wells

Successful ReFracs Approach Original IPs

Refracs Average 24-Stages w/225' Spacng

5,000' ReFrac Extimated Costs: $3.4 Million

Highly Specialized Techniques

Practices Evolving, Simul Frac Is Best

DOWNLOAD 23-PAGE REFRAC UPDATE

STUDY 2004MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

JUNE 28, 2024 SPECIAL REPORT

Two More Impact Deals Close Out 02Q24

SM ENERGY & NOG BUY XCL RESOURCES

MATADOR BUYS AMEREDEV II

EnCap Sells Both XCL & Ameredev

XCL Buy Gives SM Energy Core Oily Uinta

Uinta Basin has 17 Proven & Emerging Pays

SM Says 175% IRR Single Well Economics

Biggest Deal in Northern Oil & Gas' History

Matador Deals Again with EnCap

Becomes 7th Largest Delaware Producer

Also Gets 19% Stake in Pinon Midstream

Matador Pro Forma Volumes: 187,250 Boepd

CLICK TO DOWNLOAD 12-PAGE REPORT

STUDY 1011MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

JUNE 7, 2024 SPECIAL REPORT

3-SPRING DEALS SPARK CONSOLIDATION

CONOCOPHILLIPS BUYS MARATHON

Crescent Energy Buys Silverbow

Aethon Buys Tellurian's Haynesville Assets

Going, Going, Gone - 18 Names Since 2023

COP Plans to Buyback Issued Stock In <3 Yrs

Sees Shale 2.0 With ReFracs To Extend Tier 1

"Racetrack" Shows Logic For COP To Strike

Crescent Energy Moves Fast For SilverBow

Becomes 3rd Largest Eagle Ford Producer

Likely Not Finished With Eagle Ford Buys

Aethon Gets Tellurian's Haynesville Assets

CLICK TO DOWNLOAD 19 PAGE REPORT

STUDY 1010MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

HAYNESVILLE REFRAC REPORT

Original May 29, 2024 (18 Pgs) Report.

NORTH LOUSIANA & EAST TEXAS

HAYNESVILLE & BOSSIER REFRACS.

~200 ReFrac/Recompletes in Study.

Only 3% of Legacy HZ Wells ReFrac'd.

ReFrac Vols Coming in at 90% of Original IP

Est. 75% of ReFracs Payback in <12 Months

Aethon, CHK & SWN Most Active In ReFracs

Avg. ReFrac is 7.3 Years From 1st Prod.

Our Analysts Note 4-Case Histories

Practices Evolving, Simul Frac is Best

Avg. ReFrac Scores ~90% of Original Rates

DOWNLOAD ORIGINAL 18-PAGE REPORT

STUDY 2003MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

DEAL PERSPECTIVES (MEDIA VERSION)

Quick-9 Pages of The Full 33 Page Report

1Q24 HIGH VALUE. LOW DEAL FLOW

$51.2B in 1Q24 - Down from $143.9B in 4Q

22 1Q Deals - Up from 15 in 4Q But Still Slow

Public Companies Buy 99% of Deals

Permian Dominates With 61% of Total

Diamondback Gets Endeavor in Just 66 Days

Endeavor's $26 Billion Record Price/Private

Chesapeake+Southwestern=Gas Powerhouse

Expect Strong Publics as Continued Buyers

All Eyes Watching Gas Markets

Power for AI Adding MORE Gas Demand

CONTACT EAG FOR FULL 33 PAGE REPORT

STUDY 1003MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

HAYNESVILLE & MIDDLE BOSSIER

April 12, 2024. 47-Page Report

NORTH LOUISIANA & EAST TEXAS

Covers Area M&A, E&P, Operations & Capital

Area Produces 15% of US Production

HZ Area Wells Now Making: 15.3 Bcfd

~35 Horizontal Rigs Running; Off Peak 71

311-Permits Issued Last 6 Months

293- DUCs Pending. Waiting To Complete.

7,450 HZ Wells Online Since 2010

CHK+SWN Haynesville Powerhouse (37%)

Haynesville West? Leon/Robertson Co., TX

Top Wells Score 34 - 61 MMcfd IP30

DOWNLOAD 47 PAGE REPORT

STUDY 2002MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

CHORD BUYS ENERPLUS (Mar 11, 2024)

$4 Billion Deal. Newco Joins Large Cap Peers

COMBO NOW #1 BAKKEN PRODUCER

1.3 Million Net Acres.

Also gets 155 MMcf/d Non-op Marcellus

Enerplus Stock up 25% Since ERF In Play

Owners: 67% Chord, 33% Enerplus

~10 Years Drilling Inventory (1,824 Locs)

>40% Locs Ready For 3-Mile Laterals

Combined Entity Makes: 254,000 BOEPD

Est. $29/BOE Margins, Low Leverage

Maintaining 75%+ Return of Free Cash Flow

Offers Pure Play Focus w/Tech Expertise

CLICK TO DOWNLOAD 21 PAGE REPORT

STUDY 9005MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

DIAMONDBACK BUYS ENDEAVOR

Feb 13, 2024. 30-Page Special Report.

PERMIAN $26 BILLION CONSOLIDATOR

FANG Jumps to #3 Permian Producer

Largest Private E&P Buyout Recorded

353,000 Boepd. 344,000 New Acres

Now 816,000 Boepd. 838,000 Acres

Now 6,100 Locations w/BE <$40 Oil

Owners: 60.5% FANG, 39.5% Endeavor

Continues Year of Permian Consolidation

$127 Billion In Deals. ~18% of Permian Vols

Remarkable Map w/Midland Basin Changes

Mewbourne Remains Private

CLICK TO DOWNLOAD 30 PAGE REPORT

STUDY 3010MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

2023 YEAREND RECAP

January 29, 2024. Order Media or Full Report

RECORD CONSOLIDATION

$143.9B in 4Q - Up from $14.1B in 3Q23

Only 15-Deals - Down from 19-Deals in 3Q23

2-Mega Deals Skew 4th Qtr Deal Values

$191.7B in 2023, Up from $58.2B in 2022

71-Deals In 2023-Down from 116 in 2022

MIDLAND BASIN-WHITE HOT- $78.6B in 4Q

LOW DEAL COUNT.

P/E: $32B in Exits vs. $3.5B in Buys in 2023

P/E Funds Reloading. Targeting ~$17 Billion.

2024 & 2025 Should Prompt Market Activity.

CONTACT EAG FOR FULL 32-PAGE REPORT

STUDY 1002MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

BAKKEN & THREE FORKS STUDY

46 Pages

BAKKEN AND THREE FORKS PLAY

M&A, E&P, Capital Markets, Operations

Stacked Middle Bakken & 1st Three Forks

~35 Horizontal Rigs Running

464 Permits Issued Last 6 Months

399 DUCs Pending

>1,300,000 bopd & >3.4 Bcfpd Sept '23

>18,300 Hz Wells Online Since 2010

Ripe for Consolidation, Grayson Mill Next?

Chevron Enters as #3 Via Hess Buy

Top Wells Recently Score >2,400 boepd IP30

DOWNLOAD 46 PAGE REPORT

STUDY 8001MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

TOKYO GAS FINALLY BUYS ROCKCLIFF

December 21, 2023.15-Page Special Report.

Haynesville $2.7 Billion Consolidation

Vaults TGNR To #5 Haynesville Operator

Official Buyer - TGNR TG Natural Resources

TGNR Owned 79% Tokyo Gas, 21% Castleton

200,000 New Acres. 970 MMCFD

Quadruples Production to 1.3 BCFPD

Secures Nearly a Century of Rig-Years Locs

Quantum-backed Rockcliff Running 4-Rigs

Haynesville Prime Area Ahead of LNG Boom

6.5 BCFD New U.S. LNG Takeaway 2027

Deal Caps a Record US M&A Year >$190 B

CLICK TO DOWNLOAD 15 PAGE REPORT

STUDY 2005MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

OXY WINS CROWNROCK IN BID ROUND

December 12, 2023. 14-Page Report.

Supplement to Midland Basin Perspectives

Pays $12 B Driven By Cash Flow Accretion

Funds Mainly with Debt without Buffett

2nd Largest Midland Basin Deal on Record

Behind XOM's $64.5B PXD buy a month ago

170,000 boepd (2024E), 94,000 net acres

Adds to OXY's Efforts in Permian's Barnett

Plans $4.5 - $6.0 B in U.S. Asset Sales

Permian Consolidation Continuing

Next Up Might Be Endeavor in Midland

Mewbourne Also a Prized Target in Delaware

DOWNLOAD THE 14 PAGE REPORT

STUDY 7005MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

EOG DRIVING NEW UTICA ACTIVITY

November 30, 2023. 25-Page Report.

APPALACHIAN BASIN SUPPLEMENT

DUG APPALACHIA 2023 in PITTSBURGH

Ohio Oil Surging to Near Record Levels

Ohio Gas Slightly Declining to 5.9 Bcf/d

EOG Has Play in "Double Premium Status"

Ascent & Encino are Top Oil Producers

Gulfport & Southwestern Also Drilling

Volatile Oil Phase is HOT Area

Ample Midstream Built Out in Earlier Days

Precision Drilling, 3-Mile Laterals Working

DOWNSPACING TESTING UNDERWAY

DOWNLOAD THE 25 PAGE REPORT

STUDY 4002MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

MACH IPO + PALOMA ACQUISITION

14 Page Special Report

Supplement to SCOOP/STACK Perspectives

Mach Natural Resources Completes IPO

Launched 10/27/2023 at $19/Unit

Floats 11% and has Ent. Value of $1.8 Billion

Post IPO, Buys Paloma IV for $815 Million

Upside in Oswego and Woodford

Cash Flow from Low Decline Miss Lime

97,000 boepd (26% Oil, 24% NGLs, 50% Gas)

997,568 Net Acres

30+ Years Drilling Inventory

Built to Deliver Meaningful Cash Distribution

DOWNLOAD THE 14 PAGE REPORT

STUDY 6005MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

MIDLAND BASIN PERSPECTIVES

November 10, 2023. 46-Pages

MIDLAND BASIN

M&A, E&P, Capital Markets, Operations

Stacked Pays Led By Spraberry & Wolfcamp

~115 Horizontal Rigs Running

1,429 Permits Issued Last 6 Months

1,704 DUCs Pending

Record 3.8 MMboe/d: Gross Production

>18,900 Producing Hz Wells

>$74.3B in Record M&A YTD, 43% of US

Ground ZERO as XOM takes PXD for $64B

Wolfcamp A Avg. 69 boe/d/1000' lateral

DOWNLOAD ABBREVIATED REPORT

STUDY 7001MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

DEAL PERSPECTIVES (MEDIA VERSION)

34-Page Report

U.S. A&D Review and Themes - 3Q 2023

$14.1 Billion in Deals, Down 42%

All Top 10 Deals Are Oil-Weighted

Public Companies Buy 96% of Deals

Permian Basin Remains Hotspot

Expect Publics to Continue Buying

Look for Return of Natural Gas Deals

Small to Mid Size Deals to Increase

New Smaller Private Equity Players Entering

Valuations Reflect Higher Interest Rates

XOM Buys Denbury in Largest Deal - $4.9 Bn

CONTACT EAG FOR FULL 34 PAGE REPORT

STUDY 6001MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com

SCOOP/STACK PERSPECTIVES

October 15, 2023 Report. 39-Pages.

SCOOP STACK & ANADARKO BASIN

Multi-Pay Led by Woodford & Meramec

Covers M&A, E&P, Capital Market Activity.

~30 Horizontal Rigs Running

Kingfisher, Canadian, Grady Co., OK Focus

Play Producing 5.9 Bcfe/d (76% gas)

Mach Resources Files for IPO in Sept '23

A&D Driven by Privates and P/E activity

Continental, Ovintiv & Devon Operate 49%

104 Total Operators with >100 boe/d

Citizen, Camino, BCE-Mach Top P/E players

DOWNLOAD ABBREVIATED REPORT

STUDY 5001MA

Energy Advisors Group

Mr. Blake Dornak

VP - Marketing

4265 San Felipe Street Ste 650

Houston, TX 77027

Phone: 713-600-0123

Email: bdornak@energyadvisors.com