Project Phase

Appraisal wells in 2026

Acreage

65,951, 8 Year Term, 80% NRI

3D Seismic

623 Square Miles

Reserves

124 MMBBLS P50 Prospect Reserves

Play

Nanushuk Topset, Slope and Basil Sand (Analogs: Willows, Pika, Ahpun)

Pre-Tax IRR

20%

Initial Investment

$162 Million for 3 Well Appraisal Project

Project Phase

Production and Delineation

Acreage

29,312 acres, 15% HBP, 80% NRI

3D Seismic

81 Square Miles

Reserves

56 MBBLS PDP, 135 MBBLS PUD, and 410 MBBLS C2

Play

Morrow Sand and Pennsylvanian Carbonates

Pre-Tax IRR

15%

Initial Investment

$12.5 Million, 20 New Wells, 35 Producing, 52 Bbls/day Low decline PDP

Project Phase

Exploration

Acreage

79,781 acres 5 Year Term, 80% NRI

3D Seismic

149 Square Miles

Play

Pennsylvanian Carbonates

Pre-Tax IRR

20%

Initial Investment

$18.1 Million, 10 Wells Drilling, 90 Bbls/day PDP

Project Phase

Development and Exploration in 2025

Acreage

43,205 acres, 5 Year Term, 80% NRI

3D Seismic

43 Square Miles

Reserves

53 MBBLS 1P, 500 MBLS P50

Play

Cret D Sand and Penn Carbonate

Pre-Tax IRR

14%

Initial Investment

$10.5 Million, 10 Wells Drilled, 5 Wells Purchased

Project Phase

Production and Delineation

Acreage

29,312 acres, 15% HBP, 80% NRI

3D Seismic

81 Square Miles

Reserves

56 MBBLS PDP, 135 MBBLS PUD, and 410 MBBLS C2

Play

Morrow Sand and Pennsylvanian Carbonates

Pre-Tax IRR

15%

Initial Investment

$12.5 Million, 20 New Wells, 35 Producing, 52 Bbls/day Low decline PDP