Oil and Gas Assets for Sale

HAYNESVILLE REFRAC REPORT

23 Page Supplement Report.

NORTH LOUISIANA & EAST TEXAS

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 Yield Like New Volumes

ReFracs Now Avg. 24 Stages w/225' Spacing

5,000' ReFrac Estimated at $3.4 Million

Highly Specialized Techniques

Practices Evolving, Simul Frac Is Best

DOWNLOAD 23 PAGE REPORT

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

JUN 28, 2024 DEAL THOUGHTS

Two More Impact Deals Close Out 02Q24

SM ENERGY & NOG BUY XCL RESOURCES

Matador Buys Ameredev II

All Cash Deals, EnCap Seller on Both

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

Pro Forma Production Now 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

M&A MARKET ANALYSIS & THOUGHTS

Consolidation Continues In 2nd Quarter 2024

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 18-Page Supplement 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

A&D 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 for Private

Chesapeake+Southwestern Form 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

A&D PERSPECTIVES (MEDIA VERSION)

Quick 9 Pages of The Full 32 Page Report

ONE FOR THE RECORD BOOK - 4Q 2023

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

Only 15 4Q Deals - Down from 19 in 3Q23

2 Mega Deals in Q4 Skew Deal Value

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

Just 71 Deals In 2023-Down from 116 in 2022

Midland Basin White Hot - $78.6B in 4Q

HIGH VALUE TRADED. LOW DEAL COUNT.

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

P/E Funds Reloading in 2023 - Target ~$17B

2024 to Bring Higher Deal 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

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

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

What's Behind the Utica's New Activity

25 Pages

Supplement to Appalachia Perspectives

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 ACQUISTION

14 Pages

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

A&D PERSPECTIVES (MEDIA VERSION)

34 Pages

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

39 Pages

SCOOP/STACK in Anadarko Basin

Multi-Pay Led by Woodford & Meramec

M&A, E&P, Capital Markets

~30 Horizontal Rigs Running

Focused in Kingfisher, Canadian, Grady Cos.

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

APPALACHIAN BASIN PERSPECTIVES

47 Pages

Appalachian Basin

MARCELLUS & UTICA

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

Special Macro Natural Gas Section

~40 Rigs Running, 1,119 Wells Online 2022

Top Wells in NE and SW Portion of Basin

EOG Pushing Utica Westward In Ohio

Top 3 Operators: EQT, CHK, SWN

Marcellus (27.7 Bcfe/d), Utica (7.9 Bcfe/d)

Chesapeake Innovating - No Acre Left Behind

EQT Top Performing Stock Last 2 Years

DOWNLOAD ABBREVIATED REPORT

STUDY 4001MA

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

DELAWARE BASIN PERSPECTIVES

42 Pages

Delaware Basin

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

Stacked Pays from Bone Spring & Wolfcamp

~175 Rigs Running

2,186 Permits Issued Last 6 Months

660 DUCs Pending

4.9 MMBoepd: Gross Production

> 32,000 Producing Wells

>$7 B in 1H2023 M&A, 22% of US Market

P/E Exits, Publics Buying

DOWNLOAD ABBREVIATED REPORT

STUDY 3001MA

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