Gulf of Mexico Offshore Opportunity

Detring Energy Advisors | Oil & Gas Asset Clearinghouse

48%

22%

9%

21%

55%

18%

11%

16% 24%

28%19%

29%

Oil-rich production of 4.8 Mboed net (~75% oil)

– 64 active producing wells | 17 platforms

~$25MM NTM EBITDA

– PDP PV10 and reserves of $93MM and 8.6 MMBoe, respectively

– Ability to fund development opportunities out of current cash flow generated by the assets

Operated asset with control of development and production infrastructure

– Potential for buyer to retain the existing, highly-experienced operating company

No near-term P&A liabilities; first occurrence estimated in 2026

Location Map | Gulf of Mexico

Ankor E&P Holdings Corp. and KOA Energy LP (“Ankor”) have retained Detring Energy Advisors (“Detring”) and Oil & Gas Asset Clearinghouse (“OGAC”) to market for sale their Gulf of Mexico Shelf assets located in the

Mississippi Canyon, South Marsh Island, Vermilion, and Ship Shoal federal waters. The assets offer an attractive opportunity to acquire an 80-100% working interest in four legacy producing fields underpinned by substantial liquids-rich production (~75% oil) and cash flow with attractive development opportunities to drive growth.

Gulf of Mexico Offshore OpportunityAnkor E&P Holdings Corp. | KOA Energy LP

November 2020

Robust Prod. & Cash Flow4.8 MBoed | ~$25MM NTM EBITDA

Note: Cash flow, reserves, and PV10 assume an effective date of 1/1/2021 and five-year NYMEX strip as of 11/15/2020. PDP reserves and cash flow estimates includes currently shut-in wells expected to return to production in Q12021. MC21 pro-forma figures include minority partner’s 20% working interest to be acquired (sign and close anticipated by YE2020).

8.6MMBoe

2P Reserves Summary

$93MMPV10

4.8MBoed

SS230 Field(80% WI)

MC21 Field(100% WI)

SM73 Field(80% WI)

Legend

Ankor Blocks

Meaningful High-Quality Inventory Remaining

Numerous proven opportunities certified by 3rd party engineers

– Prolific, stacked Pliocene and Miocene reservoirs with 8 undeveloped opportunities (4 PUD)

– Low-risk recompletion opportunities (sliding-sleeve moves, through-tubing completions, and rig recompletions) yield material reserves with minimal capital required

– Total 2P PV10 and reserves of $185MM and 24.2 MMBoe, respectively

– Infrastructure in-place to support continued development at competitive costs

Large, high-quality spec 3D seismic data available for review on site

Four diverse fields provide material scale and a platform for growth within the Gulf of Mexico

PDP Summary (Net Reserves, Production and PV10)

Louisiana

Ship Shoal

S. MarshIsland

MississippiCanyon

MC 21

SS 230

SM 27

SM 73

SM27 Field

(80% WI)

GrossReserves

Boed MMBoe MMBoe % Oil $MMPDP by Field

MC 21 13 1,157 6.6 4.8 88% $45SS 230 25 1,336 2.3 1.6 70% $20SM 27 8 918 1.5 0.9 48% $9SM 73 18 1,400 2.0 1.3 89% $19

Total PDP 64 4,811 12.4 8.6 80% $93

Total PBP + PUD - - 10.5 6.9 53% $58

Total P&A / Demob. - - - - - ($21)

Total 1P - - 22.9 15.5 68% $131Total 2P - - 35.2 24.2 70% $185

Reserve Category/Field

Producing Well Count

LTMProduction

Net Reserves PV10


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VR191

SM27

SM29

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Louisiana

MC21 MC22

MC65

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SS217SS218

SS229 SS230

SS242

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SM58

SM68SM69

SM72 SM73


Ship Shoal 230 Field

South Marsh Island 27 Field Mississippi Canyon 21 Field (Simba)

South Marsh Island 73 Field

Ankor Block

Well

Oil Gathering

Oil Transmission

Gas Gathering

Gas Transmission

Averaging ~4,800 Boed over the last twelve months from 17 platforms, Ankor’s Gulf of Mexico Shelf assets offer a well-balanced portfolio with extensive, fully-operated infrastructure in place to support future development.

MC21B

SS229CSM69B

SM27A

~1,160 Boed (~90% Oil)

13 Producing Wells

1 Platform

~1,340 Boed (~60% Oil)

25 Producing Wells

7 Platforms

~1,400 Boed (~95% Oil)

18 Producing Wells

6 Platforms

~920 Boed (~40% Oil)

8 Producing Wells

3 Platforms

November 2020

Note: Production estimates represent last twelve month average production net to the Sellers’ current interests.



VR 191 Comp. Log

Ankor has completed a rigorous geologic analysis of the properties using seismic interpretation, AVO modeling, and petrophysical analysis in order to develop a firm understanding of the subsurface parameters that define success.

Numerous upside opportunities in the form of recompletions (10+ sliding sleeve moves, 17 TTP, and 12 MRWO) and prospects (3 deeper-pool and 1 step-out) are execution ready and capable of increasing production and extending

the life of the fields well into the future.

11800

12000

Example of High-Quality Recompletion Opportunity – VR 191 – C06 Well

Example of New Drill Opportunity – VR 191 – C10 Well

GR RESDDPHINPHI

14 Sand

26 Sand

27 Sand

28 Sand

30 Sand

GR RESDDPHINPHI 26 Sand Structure Map

GR RESDDPHINPHI

28’ Pay

Field data indicates average porosity of ~24% in the

homogenous 28 Sand

18’ Pay

The 26 Sand net pay thickens to the East and is accessible updip of the C08 well in the C06 well

26 Sand SWC SummaryOffset Well Porosity (%) Perm (mD)

A-1 Well 25.1 82

A-3 Well 26.1 140

C08

C06

BHP test indicate the 26 Sand has ~0.45 gradient / 6,073

PSIG@MP

C

G/W Contact @ 12,289’ SSTVD

28 Sand Structure Map

The 28 Sand remains untapped in a favorable

position on the upthrown portion of the Blue fault and can easily be drilled

from the C Jacket

Proposed Well

C

G/W Contact @ 12,548’ SSTVD

CI = 20’

CI = 20’

November 2020



November 2020

S M T W T F S S M T W T F S S M T W T F S

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31

January 2021November 2020 December 2020

This Information Flyer is based on material provided by Ankor E&P Holdings Corp., KOA Energy LP and their affiliates (collectively, “Seller”) and is offered to interested parties for the sole purpose of providingan overview of an opportunity to acquire certain of the Seller's assets (the "Transaction"). This Information Flyer is delivered on behalf of Seller by Detring & Associates, LLC, and the Oil & Gas Asset ClearingHouse (collectively, "Advisor"). The information contained in this Information Flyer ("Information") is for informational purposes only and does not constitute an obligation by Seller to enter into any futuretransaction. The Information should not be relied upon by the recipient in considering the Transaction, and the recipient should consider its own financial situation when evaluating the Transaction. ThisInformation Flyer does not constitute investment, legal, financial, tax, accounting or other counsel of any kind, and the recipient should conduct its own independent examination and assessment of theInformation, including obtaining investment, legal, tax, accounting and such other counsel as it considers suitable. Seller may change or otherwise modify the transaction process at any time without notice tothe recipient, including but not limited to accepting any proposal at any point in time, altering the dates of the process, or terminating the process completely without defining any reason and without any liabilityto any interested party. Advisor and its directors, employees, consultants and agents ("Group") make no representation or warranty as to the accuracy, completeness, timeliness or reliability of the contents ofthis Information Flyer or any Information provided during the course of the Transaction process. The Information has been prepared on the basis of publicly accessible information and material made availableto Advisor by Seller. Advisor has relied upon and assumed, without independent verification, the accuracy or completeness of all such information, which does not claim to be all-inclusive or to contain all of theinformation that may be relevant to the Transaction. The recipient acknowledges that conditions may change and that the Information may become out-of-date as a result. Advisor is under no obligation toupdate or correct this Information. Seller and Advisor are under no obligation to provide the recipient with access to any further information. Seller and Group shall have no liability for any representations(expressed or implied) other than, in the case of Seller, those given by Seller in the purchase and sale agreement, for any written or oral communications with any Interested Parties in the course of their reviewof the Transaction, or for any implied terms or obligations arising from operation of law or otherwise. To the maximum extent permitted by law, no member of the Group accepts any liability (including, withoutlimitation, any liability arising from fault or negligence on the part of any of them) for any loss whatsoever arising from the use of this Information Flyer or its contents or otherwise arising in connection with it orfrom the use of any Information provided throughout the course of the Transaction procedure. Certain statements contained herein may constitute forward-looking statements which involve risks anduncertainties that could cause actual events or results to differ materially from the projected or expected events or results implied or conveyed in such forward-looking statements. In particular, statementsregarding oil and gas reserves may include the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. No constituent of theGroup represents or warrants that such forward-looking statements will be achieved or will prove to be correct. Actual future results and operations could vary materially from the forward-looking statements.Similarly, no representation or warranty is made that the assumptions on which the forward-looking statements are based may be reasonable. No audit, review or verification has been undertaken by theGroup or an independent third party of the assumptions, data, results, calculations and forecasts presented or referred to herein. The recipient acknowledges that neither it nor Advisor intends that Advisor actsor be responsible as a fiduciary to the recipient, its management, stockholders, creditors or any other person. Each of the recipient and Advisor, by accepting and providing this Information Flyer respectively,expressly disclaims any fiduciary relationship and agrees that the recipient is responsible for making its own independent judgments with respect to any transaction and any other matters regarding thisInformation Flyer. Subsequent modifications may be provided as required.

Please contact Melinda Faust (Detring) or Cody Davis (OGAC) to request a confidentiality agreement or to learn more about this opportunity. Please route all communications through Detring and OGAC and do not contact Ankor directly.

Process Calendar

Process Contact Information

VDR Opens

Evaluation Period

Bids Due

Holidays

Derek DetringPresident

(713) [email protected]

Melinda FaustManaging Director


Matt LoewensteinDirector


Richard BallDirector, Geology


Paul NgoAssociate


Bryan BottomsAnalyst, Geology(713) 595-1007

[email protected]

Mohammad AbbasAnalyst


Cody DavisCEO


George SoulisBusiness Development


Mark StowersBusiness Development


Tyler PostDirector, Engineering


Documents

Gulf of Mexico Offshore Opportunity