Powder River Basin Overview EnerCom Conference

August 2017

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CONFIDENTIAL – 2

Anschutz Exploration Corporation (AEC)

Overview

Denver-based Private E&P

40+ year history in Oil & Gas

Proven Management and Technical team

Single investor/owner

No debt, long term view

Current focus: US Rockies

Value creation driven decisions

Truly opportunistic

Rockies basin map

DJ

Powder River

Piceance

Green River

= Existing AEC Assets

CONFIDENTIAL – 3

AEC Powder River Assets – August 2017 Land 570,100 gross / 340,800 net acres WI*: 60% /NRI*: 82% HBP: 224,450 net acres (66%) Term: 116,350 net acres (34%)

• Only 22,000 net acres (7%) expires in the next 4 years

Wells/Production 226 total wells (12 operated / 214 non-op)

• 85% avg. operated WI, 9% avg. non-op WI

Net production of ~3,000 BOEPD • 3,360 MCF + 2,440 BO (80% oil) Parkman through Muddy Formations

Non-op position: Incorporates “best practices” into operated program Two active operated drilling rigs, 2017 current program of 12 operated wells

• 6 Frontier, 4 Niobrara, 2 Turner

* Working Interest and Net Revenues Values are Averages across entire PRB position

CONFIDENTIAL –

PRB Leasehold (as of July 31, 2017) Net Acres 1) 470,000 - Devon 2) 400,000 - EOG 3) 395,000 - Anadarko 4) 340,000 - Anschutz 5) 305,000 - Chesapeake 6) 156,000 - SM 7) 153,000 - Samson 8) 145,000 - Wold 9) 115,000 - Ballard 10) 100,000 - Conoco 11) 45,000 - Peak

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Note: Acreage totals estimate based on various public sources

= AEC 2017 Drilling Program

CONFIDENTIAL –

PRB Historical Vertical Well Production

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Key Points: • 3+ BBOE produced to date from vertical wells • Primarily liquids at 84% of production steam • Mowry and Niobrara source rocks account for only 0.5% of the historical production • Basin wide upside potential with the proper application of new technology

Source: IHS

BO MCF BOE GOR Wells BOE/Well % OilUpper Cretaceous Teapot 64,248,680 166,979,223 92,078,551 2,599 799 115,242 70%

Parkman 65,759,984 45,772,310 73,388,702 696 807 90,940 90%Sussex 81,092,404 63,608,635 91,693,843 784 814 112,646 88%

Shannon 241,195,713 150,550,790 266,287,511 624 2,134 124,783 91%Niobrara 7,531,449 17,873,449 10,510,357 2,373 366 28,717 72%

Frontier/Turner/Wall Creek 744,279,825 799,644,334 877,553,881 1,074 5,796 151,407 85%Lower Cretaceous Mowry 2,629,255 4,773,316 3,424,808 1,815 92 37,226 77%

Muddy 505,155,709 1,454,334,087 747,544,724 2,879 3,654 204,583 68%Dakota 138,954,575 196,408,781 171,689,372 1,413 631 272,091 81%Lakota 48,907,870 35,077,070 54,754,048 717 169 323,988 89%

Penn/Perm Minnelusa 518,922,320 13,552,887 521,181,135 26 1,684 309,490 100%Tensleep 195,521,603 6,054,735 196,530,726 31 484 406,055 99%TOTALS 2,614,199,387 2,954,629,617 3,106,637,658 17,430 84%

Reservoirs

CONFIDENTIAL –

Activity trending up in 2017

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Rig Activity

Devon • 2 rigs active ,

adding 3rd rig in Q3 • Four 1Q17

Parkman wells Avg 1,800 Boe/d

• Turner designated “Resources Play” with 400 locations

• Plans to drill 4 Turner well DSU

Operator Total Net Acreage

Rigs

Devon Energy 470,000 2

Anadarko Petroleum ~400,000 1 EOG Resources ~400,000 2

Chesapeake 307,000 2 - 3 SM Energy 156,260 1

EOG

• 2 rigs active • 30 wells in 2017 • 8 Turner wells in

2Q, Avg 30d IP of 1,745 Boe/d

• Turner-Parkman identified as “Premium Plays”

Chesapeake

• 2 rigs active with 3rd rig in Q3

• 25-30 spuds, 28-33 TILs in 2017

• $28 - $39/bbl oil breakeven

• Positive recent Mowry test

SM Energy

• OP JV with Schlumberger

• Testing Frontier and Shannon

• First four wells Avg 30d IP of 1,932 Boe/d (84% oil)

• Rig count has ramped from 6 rigs to 11 rigs over the past year, and is forecast to rise to at least 15 rigs by the end of 3Q17

• Large Independents (EOG, Devon, Chesapeake, and SM) continue to test multiple horizons with positive results

• Enhanced completions resulting in multiple horizons being designated as “premium inventory”

• Recent land sales in Feb/Mar 2017 went for as high at $17K/ac

Key Points

The four PRB wells discussed in 1Q17 were at the top end of Devon’s portfolio, and have “equivalent capability to the best of the Delaware or the best of the STACK” – Tony Vaughn, COO – Devon Energy (1Q17 Earnings Call)

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CONFIDENTIAL –

PRB Targets and Notable Horizontal Rates IP 30 Day Rates

986 BOEPD (92% oil ) Devon Moore Land Trust 36-68-18

2,333 BOEPD (82% oil) EOG Bolt 241-06H

1,627 BOEPD (66% oil) Cheasapeake Combs 29-33-70-D SX 14H

1,730 BOEPD (53% oil) Chesapeake Combs Ranch 17-33-70 A 2H

2,121 BOEPD (76% oil) Ballard Petroleum Dilts 44-15

1,150 BOEPD (34% oil) EOG Bolt 1-35H

433 BOEPD (96% oil) Contango WC 44N-66W-9-1H

TecklaTeapot

ParkmanSteele Shale

Upper Cretaceous SussexShannon

Cody ShaleNiobrara (A, B & C)

Carlile ShaleFrontier/Turner/Wall Creek

MowryLower Cretaceous Muddy

Skull Creek ShaleDakotaLakota

Penn/Perm Opeche ShaleMinnelusaTensleep

Stratigraphic Column

S = Source Rock

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= Existing Oil Producer

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Total Identified Potential HZ Targets = 14 Cretaceous = 10 Penn/Perm = 4

1,162 BOEPD (94% oil) Wold Tuesday Draw #3874-36-355

CONFIDENTIAL –

Mowry & Niobrara Source Maturity Distribution

8 Reference: Lawrence O. Anna, 2009, Geologic assessment of undiscovered oil and gas in the Powder River Basin

Mowry and Muddy Niobrara and Upper Cret.

13 HZ wells in last 3 years testing Mowry and Muddy

CONFIDENTIAL –

Well Statistics by Basin (2012-2016)

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Source: IHS and public sources

• Average cost per lateral foot drilled for all basins shows a decrease, with the PRB reflecting the largest reduction

• IP30 per foot results for PRB HZ wells increased at a greater rate vs. other comparable basins over the past 5 years

• Cumulative 12 Month Production show increasing totals for all

CONFIDENTIAL –

State Drilling Permits (as of July 31, 2017)

Ranking 1) 2,220 - Anadarko 2) 1,098 - Wold 3) 1,022 - Anschutz 4) 992 - EOG 5) 411 - Peak 6) 234 - Devon 7) 186 - Chesapeake 8) 118 - Conoco 9) 134 - Ballard 10) 75 - SM 11) 687 - All others

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Source: IHS

CONFIDENTIAL –

Area Gross Potential Locations*

Net Resource Potential (MMBOE)** Main Targets

SE Converse 2,116 496 Parkman, Sussex, Shannon,

Niobrara A/B/C, Turner, Mowry

South Central Campbell 1,169 118 Parkman, Sussex, Niobrara

B/C, Turner, Mowry

SW Campbell & SE Johnson 1,810 305 Sussex, Shannon,

Niobrara B, Frontier

NW Campbell 886 140 Sussex, Shannon, Mowry, Muddy

Other 609 64 Sussex, Niobrara B/C, Turner, Mowry, Muddy

Total 6,590 1,123

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AEC PRB Resource Potential

*Gross potential locations based AEC’s spacing assumptions per zone, per DSU, as follows; Parkman = 4, Shannon & Sussex = 2, Niobrara A, B & C = 8 each, Frontier & Turner = 4, Mowry = 4, Muddy = 2

**AEC EUR (MBOE) by horizon for LL’s as follows; Parkman = 630, Shannon = 530, Sussex = 580, Niobrara = 1000, Frontier = 1080, Turner = 1170, Mowry = 550, Muddy = 600

CONFIDENTIAL –

Summary

Oily basin with proven 5,000 foot column of multiple stacked pays • 14 identified productive targets distributed across the basin

PRB well performance results are comparable with “higher profile”

basins although still in “delineation and testing” phase • Additional value with continued improvements in drilling and completions • Operators continue to test various zones and expand “proven” areas

Anschutz controls in excess of 340,000 net acres

• Acreage position is located in high-graded areas of stacked pay • High NRI’s and no term issues or drilling obligations • 1,022 current AEC well permits with ~300 drillable well permits by YE • Over 1 BBOE of total net resource potential across AEC acreage • 2017 operated 2 rig drilling program with ability to extend into 2018+

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CONFIDENTIAL – 13

Joseph DeDominic Anschutz Exploration Corporation 555 17th Street, Suite 2400 Denver, CO 80202

CONFIDENTIAL –

Strong well results across multiple horizons

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Well Name Operator Formation IP30

1 Federal 15W-10-3 H Helis O&G Frontier 1,550 Boe/d

2 Hornbuckle 15-33/28H Helis O&G Frontier 1,634 Boe/d

3 Wagonhound 33-71 30-1H Chesapeake Frontier 936 Boe/d

4 Bolt 1-35H EOG Mowry 1,150 Boe/d

5 Ballista 213-1301H Chesapeake Niobrara 1,274 Boe/d

6 Combs 17-33-70 A 2H Chesapeake Niobrara 1,730 Boe/d

7 Bolt 241-06H EOG Parkman 2,200 Boe/d

8 Arbalest 60-3502H EOG Parkman 1,162 Boe/d

9 Mary’s Draw 468-34H EOG Parkman 1,035 Boe/d

10 Hartzog Draw Unit 4535H Denbury Shannon 911 Boe/d

11 Tuesday Draw 3874-26-35-3SH

Wold Shannon 1,130 Boe/d

12 Wibaux Gold Fed 4076 10-3-1SH

Wold Shannon 870 Boe/d

13 Graham 26-35-71 A SX 10H Chesapeake Sussex 995 Boe/d

14 Manning Fed 41-0817 38-73BH

Samson Sussex 1,143 Boe/d

15 Crow Unit 37-69 16-1TH Devon Energy Teapot 729 Boe/d

16 Crow Unit 37-69 27-1TH Devon Energy Teapot 966 Boe/d

17 Breckenridge Unit 14-20-1H Systems Petro.

Teapot 572 Boe/d

18 Dilts 44-14 TH Ballard Petro. Turner 1,542 Boe/d

19 Iberlin Fed 1-6TH Peak Turner 923 Boe/d

20 Leavitt Trust 12-4TH Ballard Petro. Turner 1,247 Boe/d

21 Flatbow 212-162 1H EOG Turner 1,307 Boe/d

22 Chimney Cone 34-34TH MCL 1 Oil Turner 970 Boe/d

Well Results Powder River Basin Selected Well Map

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Frontier Mowry Niobrara Parkman Shannon Sussex Teapot Turner

Source: Company Presentations and 1Derrick