Prompt Oil Price ($/bbl) $48.51 ($0.31) (0.6%) Prompt … Page Document Library...term contract closed the week down $0.31, or 0.6%, at $48.51 ... Key Industry IndicatorsUS Rig Count

1

August 21, 2017

Oil ended last week slightly down as the force majeure was lifted Monday on Bonny Light which likely contributed to

the selloff. Having Nigeria back in the picture also had a bearish influence on prices. The market will be watching

growing issues in Libya and stocks here in the US, along with import quantities from major OPEC suppliers. The near-

term contract closed the week down $0.31, or 0.6%, at $48.51

Natural gas dropped last week as weather models showed cooler than expected temperatures with some sporadic hot

spots. Power burn increased from the anemic levels of last week, up 2.8 bcf/d, but that did little to change the current

downward trend in prices. The near-term contract closed the week down $0.09, or 3.1%, at $2.89

Debt

Markets

Energy Week in Review

S&P E&P(2) underperformed last week (4.5%) vs. SPX(2) (0.7%)

The big story this week was the backlash to Trump's reaction to violence in Charlottesville, in which he called to

preserve Confederate statues and continued attacks on Republicans in Congress. This led to the disbanding of two

business councils and speculation about the departure of key White House staff, particularly Gary Cohn, which was

not well received by the markets. Friday's dismissal of Chief Strategist Steve Bannon had a small positive effect on

markets

Seven issuers priced seven issues to raise $3.6 billion last week

Year-to-date volume stands at $273.9 billion, compared to $205.9 billion in year-to-date 2016

Retail cash outflows from U.S. high yield mutual funds totaled $2.2 billion last week, compared to the prior week’s inflows

of $123 million. This brings year-to-date outflows for 2017 to $8.6 billion, compared to $9.6 billion of inflows in year-to-

date 2016

No E&P HY issuances priced last week

Whiting Petroleum announced that it has an agreement to sell

29,637 net acres in the Fort Berthold Indian Reservation to

RimRock Oil & Gas for $500 million; BMO acted as Joint Lead

Arranger and Bookrunner for RimRock on the financing of the

acquisition

Silver Run Acquisition Corporation II announced that it entered into

a definitive agreement to merge with Alta Mesa Holdings, LP and

Kingfisher Midstream, LLC; the combined company, valued at $3.8

billion, is expected to be renamed Alta Mesa Resources, Inc.

Sanchez Energy announced that it divested ~68,000 net acres in

the Eagle Ford dry gas window to an undisclosed buyer for

$105 million

Rockcliff Energy announced that it acquired ~60,000 net acres of

Haynesville Shale rights in East Texas from Sheridan Production

Company, LLC

Carbon Natural Gas entered into an agreement to acquire natural

gas producing properties and midstream assets in Eastern West

Virginia for $21.5 million from an undisclosed seller

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA

Note: Current quarter’s data is through the week covered by this issue.

1. EIA U.S. natural gas gross withdrawals and production reported monthly as of May 2017.

2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index, ADTV = Average Daily Trading Volume.

Key Industry Indicators

Quarterly Deal Activity

Equity

Markets

Commodities

$28.7 $30.7

$2.2

$8.1 $10.2 $10.0

$4.7

$17.2

$21.0 $20.5

$24.0

$18.9

$8.6

--

50

100

150

200

250

300

--

$5

$10

$15

$20

$25

$30

$35

$40

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

77% 20% 61% 82% 76% 79% 52% 55% 56% 71% 91% 31% 74%

Nu

mb

er

of

Tra

ns

ac

tio

ns

Tra

ns

ac

tio

n V

alu

e (

$b

n)

Asset Corporate Number of Transactions

% Oil

Indicator

Current

Value

Week's

Change

%

Change Direction

Prompt Oil Price ($/bbl) $48.51 ($0.31) (0.6%)

Prompt Gas Price ($/mmbtu) $2.89 ($0.09) (3.1%)

Wkly Trans. Value ($mm) $3,120 $2,701 nmf

Wkly Trans. Count 6 (2) (25%)

US Rig Count 946 (3) (0.3%)

US Oil Prod'n (mmbbl/d) 9.5 0.1 0.8%

US Gas Prod'n (bcf/d)(1) 89.5 -- --

US Oil Storage (mmbbl) 466.5 (8.9) (1.9%)

US Gas Storage (tcf) 3.1 0.0 1.4%

Covering the Week of August 12 – August 18, 2017

Week in Review

In Commodities, ECM and DCM, let’s go to journalism

standards, even though that’s not how we get the text from

those groups. Main change is that any number below 10 is

spelled out (one instead of 1). This does not apply to

statistical analyses, percentages, or money, of course.

Let’s follow these guidelines when sorting articles:

• First priority: Domestic A&D, ranked by size

• Next: Domestic M&A

• Then: US companies doing international deals (like

Noble’s Tamar)

• Then: Others (Cabot’s Lackawanna)

• Then: Prices, rig count, completions, etc.

To paste the arrows with colors,

• FactSet

• Settings

• Presentation Linking and Formatting

• Import

• Colors

• Change Color font…

For the primary Commodities bullet points on oil and gas

prices, please start with “The near-term contract opened the

week at $___” and end that same bullet point with “The

near-term contract closed the week at $____, down(up)

$___, or ___%.” You don’t have to use exactly those words

as long as the opening and closing prices are included . For

example, you could write, “Opening the week at $45.21, the

near-term oil contract declined steadily based on …” – you

know, think like a journalist, be creative.

TBU – Friday post close

2

August 21, 2017

The 10 Most Recent Asset Transactions Over $20 Million

A&D Valuation Trends(3)

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg

1. Represents total enterprise value.

2. Calculated as percentage of total LTM transaction count.

3. 100 transactions from May 2013 to 2017YTD with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1

(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.

Permian35%

Gulf of Mexico 1%

Bakken6%

Appalachia14%

Mid-Con10%

Eagle Ford9%

Ark-La-Tex4%

Rockies (ex Bakken)

8%

Other14%

LTM By Region

Oil61%

Gas39%

LTM By Commodity

Public Company

48%PE / PE-Backed

19%

Private7%

MLP1%

Other25%

LTM By Buyer Type

Ann'd

Date Buyer Seller Area Asset Description Value(1)

Proved

Multiple

Prod.

Multiple

Net

Acres

($mm) ($/boe) ($/boe/d) ($/acre)

17-Aug-17 Undisclosed Sanchez Energy Corp Eagle Ford 68,000 net acres in Eagle Ford $105 n.a. n.a. $1,544

15-Aug-17 RimRock Oil & Gas Whiting Petroleum Bakken 29,637 net acres in ND $500 n.a. $64,226 $16,871

15-Aug-17 Carbon Natural Gas Co Undisclosed Marcellus / Utica Eastern West Virginia assets $22 n.a. $17,200 n.a.

08-Aug-17 Undisclosed Continental Resources Inc Mid-Continent 26,000 net acres in Arkoma Basin $68 $10.01 $38,031 $2,615

08-Aug-17 Undisclosed Continental Resources Inc Mid-Continent 6,590 net acres in STACK $73 n.a. n.a. $11,002

07-Aug-17 Verdun Oil Noble Energy Eagle Ford 1,900 net acres in Eagle Ford $50 n.a. $100,000 $26,316

07-Aug-17 RSP Permian Inc Shell; Florida Oil LP Permian 6,563 net acres in Delaware Basin $228 n.a. nmf $34,728

03-Aug-17 Undisclosed LINN Energy Permian Delaware Basin acreage $21 n.a. n.a. n.a.

02-Aug-17 Undisclosed Chesapeake Mid-Continent Mid-Continent assets $360 n.a. n.a. n.a.

02-Aug-17 Rice Energy Inc. LOLA Energy Marcellus / Utica 16,500 net acres in the Marcellus Shale $180 n.a. n.a. $10,909

Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services

Purple = BMO provided both transaction advisory services and acquisition financing or related services

R / PSales Value /

Proved Reserves (15:1)

(ratio) ($ / boe) ($ / mcfe)

8x $18.94 $1.26

10x $16.55 $1.10

15x $11.81 $0.79

20x $8.43 $0.56

y = 32.491e-0.067x

R² = 0.3512

--

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

-- 5.0x 10.0x 15.0x 20.0x 25.0x

Sa

les

Pri

ce /

Pro

ve

d

Re

serv

es (

$/b

oe

@ 1

5:1

)

R / P

Asset descriptions are all hard-coded and need to be

adjusted if new deals are added

(2) (2) (2)

3

August 21, 2017

Select Significant Deals on the Market

Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes

no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.

Source of Select Significant Deals on the Market: BMO Transaction Database

Energy Headlines

Industry Headlines

Whiting Petroleum Corporation Announces $500

Million Sale of Fort Berthold Area Assets in North

Dakota

Silver Run Acquisition Corporation II to Merge with

Alta Mesa and Kingfisher Midstream to Form a

Combined Company Valued at Approximately $3.8

Billion

Sanchez Energy Corporation Annouces $105 Million

Sale of Javelina Asset

Rockcliff Energy Purchases Additional Haynesville

Shale Rights in East Texas

Carbon Natural Gas Company Announces Acquisition

of Natural Gas Producing Properties and Midtream

Assets

Bakken

2 Deals Appalachia

6 Deals

Mid-Con

17 Deals

Eagle Ford

8 Deals

Permian

28 Deals

Other

10 Deals

Ark-La-Tex

7 Deals

Rockies

14 Deals

8/18/2017

Appalachia 6

Ark-La-Tex 7

Bakken 2

Eagle Ford 8

Mid-Con 17

Other 10

Permian 28

Rockies 14

92

BMO Deals (Status)

Elk River Permian Basin (In Market) - See Page 6

EOG Green River (Post Bid)

East Texas Haynesville (Post Bid)

Rice Barnett (Announced)

QEP Pinedale (Announced)

(Click headline to link to the full article)

Lighter Stuff

A&D Headlines

E&P Headlines Big Oil Dangles $19 Billion in Investments for Norway

Tax Breaks

U.S. Oil Drillers Keep Pressure on OPEC With Record

Shale Output

Breakneck U.S. Drilling Creates “Industrial Inventory”

of Untapped Wells Waiting to Flow

The Boom in West Texas Sand Mines Could Cut

Frackers' Logistics Costs by 40%

US GoM Lease Sale Brings in $121 Million in High

Bids

http://www.businesswire.com/news/home/20170815005546/en/Whiting-Petroleum-Corporation-Announces-500-Million-Sale



http://www.prnewswire.com/news-releases/silver-run-acquisition-corporation-ii-to-merge-with-alta-mesa-and-kingfisher-midstream-to-form-a-combined-company-valued-at-approximately-38-billion-300505726.html





http://investor.sanchezenergycorp.com/phoenix.zhtml?c=248475&p=RssLanding&cat=news&id=2294578








http://www.marketwired.com/press-release/rockcliff-energy-purchases-additional-haynesville-shale-rights-in-east-texas-2230070.htm




http://www.businesswire.com/news/home/20170816005207/en/Carbon-Natural-Gas-Company-Announces-Acquisition-Natural






https://www.bloomberg.com/news/articles/2017-08-13/big-oil-dangles-19-billion-in-investments-for-norway-tax-breaks




https://www.bloomberg.com/news/articles/2017-08-14/u-s-oil-drillers-keep-pressure-on-opec-with-record-shale-output



http://www.chron.com/business/energy/article/Breakneck-U-S-drilling-creates-industrial-11820391.php

http://www.chron.com/business/energy/article/Breakneck-U-S-drilling-creates-industrial-11820391.php

http://www.chron.com/business/energy/article/The-race-to-build-sand-mines-in-West-Texas-could-11823727.php



http://www.oilandgasinvestor.com/us-gom-lease-sale-brings-121-million-high-bids-1652106#p=full









4

August 21, 2017

Purchase Price (US$ mm)

Total Consideration(1) $2,493

Metrics

Daily Production (boe/d) 20,841

Proved Reserves (mmboe) 144

Net Acres 120,000

Gross Locations 4,196

Multiples

TEV / Production ($/boe/d) $119,620

TEV / Proved Reserves ($/boe) $17.31

TEV / Net Acre $20,775

TEV / Adj. Net Acre(2) $14,696

TEV / Gross Location $594,137

TEV / Adj. Gross Location(2) $420,297

On August 16, 2017, Silver Run Acquisition

Corporation II (“Silver Run” or the “Company”)

announced that it entered into a definitive agreement

to merge with Alta Mesa Holdings, LP and Kingfisher

Midstream, LLC

Silver Run is contributing $999 million and Riverstone

is investing $600 million to secure a 49% stake (27%

and 22% to Silver Run holders and Riverstone,

respectively) in the entity

Current Alta Mesa owners will hold 37% of the shares

while Kingfisher Midstream owners will receive $813

million in cash and 14% of the shares in Alta Mesa

Resources

The transaction is expected to close in Q4 2017

TRANSACTION SUMMARY

UPSTREAM ACQUISITION METRICS

Source: Company press releases, 1Derrick

1. Total consideration derived by reducing TEV of $3,836.0 million by implied midstream asset value of $1,343.2 (7.3x 2018E EBITDA of $184 million).

2. Adj. Net Acre and Adj. Gross Location multiples based on flowing production adjustment of $35,000 per flowing boe.

Silver Run will change its name to Alta Mesa

Resources, Inc, will trade on the NASDAQ under the

symbol “AMR,” and will have an estimated market

capitalization of $3.8 billion based on a $10/share price

Jim Hackett, former CEO of Anadarko Petroleum

Corp., will serve as Executive Chairman of Alta Mesa

Resources and COO of Kingfisher Resources

OBSERVATIONS ACQUIRED ASSETS

ASSET SUMMARY

Acquired Acreage

Interesting Deal of the Week – 1:

Silver Run Acquisition Corp II Merges with Alta Mesa and Kingfisher Midstream


~467,000 net acres across several plays

~120,000 net contiguous STACK acres

~12,000 net acres in the Weeks Island area

335,167 net acres on other states across the US

205 gross operated horizontal STACK wells

(167 producing)

20,841 boe/d current STACK production (69% liquids)

4,196 gross STACK locations

144 mmboe proved reserves for STACK assets

$358 million 2018E EBITDA

5

August 21, 2017

Purchase Price (US$ mm)

Total Consideration $500

Metrics

Daily Production (boe/d) 7,785

Net Acres 29,637

Multiples

TEV / Production ($/boe/d) $64,226

TEV / Net Acre $16,871

TEV / Adj. Net Acre(1) $7,677

On August 15, 2017, Whiting Petroleum Corp.

(“Whiting” or the ”Company”) announced that it

has an agreement to sell 29,637 net acres in the

Fort Berthold Indian Reservation to RimRock Oil

& Gas (“RimRock”) for $500 million

The transaction is expected to close in Q3 2017

BMO acted as Joint Lead Arranger and

Bookrunner for RimRock on the financing of the

acquisition

TRANSACTION SUMMARY

ACQUISITION METRICS

Source: Company press releases, 1Derrick

1. Adj. Net Acre multiple based on flowing production adjustment of $35,000 per flowing boe.

Whiting plans to use the proceeds from the sale

to repay $500 million of its current $550 million

bank debt

Lease operating expenses on the divested

properties averaged $12.60/boe vs $7.50/boe on

its other operated Bakken properties

OBSERVATIONS ACQUIRED ASSETS

ASSET SUMMARY

Acquired Acreage

29,637 net acres in the Fort Berthold Indian

Reservation located in Dunn, McLean, and

Mountrail counties, ND

29 non-operated drilling spacing units and 17

operated units

7,785 boe/d of current net production

(90% liquids)

Interesting Deal of the Week – 2:

Whiting Petroleum Sells Bakken Assets to RimRock Oil & Gas for $500 Million

6

August 21, 2017

Opportunity to acquire ~13,940 highly

economic net acres in the Permian Basin

Current net production of ~140 boe/d

(June 2017)

Position de-risked through offset well

control

Continued improvement in well

performance driven by completion

optimization

Cochran and Andrews packages benefit

from low cost development opportunities

targeting the San Andres and other

shallow oil formations

Recent lease extensions allow buyer to

control development pace

Significant development and permitting

offsetting Elk River acreage

The Central Basin Platform and Northwest

Shelf are premier horizontal plays with a

rich history of prolific oil and gas

production from multiple stacked

reservoirs

Currently on the Market from BMO: Elk River Permian Basin

Net Production

Typical

TVD

in

Zavala

County

5,800’

6,100’

6,500’

9,400’

Stratigraphic Column

6,800’

VDR available now

Data Rooms open now

Contact Chelsea Neville ([email protected] or

713-546-9703) for a Confidentiality Agreement, access to the

VDR, and to request a data room presentation

ASSET OVERVIEW

PACKAGE HIGHLIGHTS

Stratigraphic

Column

Source: Elk River 2017 Permian Basin Divestiture announcement

Andrews County

Package

~9,290 net acres (majority 100% WI) in Andrews County offsetting strong well results by Apache

Position ideally suited for active development given its largely contiguous footprint

Elk River is preparing to spud two horizontal wells later this year

Favorable structural position and thick hydrocarbon column benefit development of multiple reservoirs

(San Andres, Clearfork, Wichita-Albany, etc.) throughout the CBP area

~125 locations in development plan with attractive economics

Additional upside in the deeper Devonian, Ellenberger, and Woodford formations

Elk River horizontal development to date has focused on the Upper Wichita-Albany

Current net production of ~140 boe/d (June 2017); 81% oil

Initial infrastructure in place with limited additional build required

Cochran County

Package

~4,650 net acres (6,200 gross) in southern Cochran County surrounded by prolific legacy fields

San Andres ROZ play provides a highly economic target with its low D&C costs and potential for efficient

operations

Approximately 75% of acreage can be held with a one rig program

Benefits from structural and stratigraphic trapping mechanisms

Position adjacent to active development by Steward, Element, Windy Cove, and Custer & Wright

High working interest lease (75%) and contiguous footprint provide operational control for efficient

development with existing JOA in place

PROCESS OVERVIEW

Andrews Detail

Cochran Detail

mailto:[email protected]

7

August 21, 2017

--

$1

$2

$3

$4

Jul-16 Jan-17 Jul-17 Jan-18 Jul-18

($/m

mb

tu)

$20

$30

$40

$50

$60

$70

$80

Jul-16 Jan-17 Jul-17 Jan-18 Jul-18

($/b

bl)

NGL PRICING(2)

HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)

Commodity Prices

Source: BMO Commodity Products Group, Bloomberg, FactSet

1. Future prices are calendar year average unless stated otherwise.

2. Assumes typical Gulf Coast barrel composition.

WTI OIL (HISTORICAL / FORECAST)

NYMEX WTI Futures as of 18-Aug-17 Close ($/bbl) NYMEX Gas Futures as of 18-Aug-17 Close ($/mmbtu)

Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago

12 Mo. Strip $49.04 $49.36 $54.48 $47.81

2017 $48.73 $49.03 $54.41 $52.39

2018 $49.24 $49.49 $54.62 $54.33

2019 $49.52 $49.28 $54.13 $55.64

2020 $50.12 $49.39 $53.94 $56.79

2021 $50.99 $49.94 $54.06 $57.73

NYMEX Gas Futures as of 18-Aug-17 Close ($/mmbtu)

Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago

12 Mo. Strip $3.01 $3.05 $3.16 $3.01

2017 $3.00 $3.07 $3.11 $3.06

2018 $2.99 $3.02 $3.00 $2.97

2019 $2.84 $2.85 $2.85 $2.97

2020 $2.78 $2.80 $2.85 $3.05

2021 $2.79 $2.80 $2.85 $3.18

Historical Prices as of 18-Aug-17 Close ($/gal)

NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago

Ethane $0.28 $0.27 $0.26 $0.17

Propane $0.77 $0.78 $0.73 $0.47

Butane $0.90 $0.85 $1.10 $0.58

Iso-butane $1.00 $0.93 $0.98 $0.66

Pentane+ $1.12 $1.10 $1.14 $1.09

20%

30%

40%

50%

60%

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17

% o

f W

TI

NGL as % of WTI

Links:

http://www.nasdaq.com/markets/crude-oil.aspx

http://www.bloomberg.com/quote/CL1:COM

http://www.nasdaq.com/markets/natural-gas.aspx

http://www.bloomberg.com/quote/NG1:COM

Link to Detailed

Futures Data

Link to Detailed

Historical Graph

Link to Detailed

Futures Data

Link to Detailed

Historical Graph

















http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html

http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html



http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html

http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html



8

August 21, 2017

$2.89

AECO

Northern

California

Sumas

Southern

California

El Paso - SJ

Waha

HSC

Henry Hub

Panhandle

CIG Chicago

Dominion

Transco

NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 18-AUG-17

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 18-AUG-17

Clearbrook

Midland

Cushing

St. James

(LLS)

East Coast

U.S. (Brent)

Midland Sweet-

Sour Spread

EMS Legend

Price

Diff.

Legend

Price

Diff.

Source: BMO Commodity Products Group, Bloomberg

Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.

$48.51

$51.24

$2.73

$47.99

($0.52)

$45.23

($3.28)$48.61

$0.10

$52.72

$4.21

$0.57

$3.27

$0.38

$2.39

($0.50)

$2.71

($0.18)

MAPS IN

MASTER VIEW

$1.17

($1.72)

$2.52

($0.37)

$2.78

($0.11)

$2.85

($0.04)

$2.55

($0.34)

$1.87

($1.02)$2.59

($0.30)

$2.53

($0.36)

$2.76

($0.13)

9

August 21, 2017

--$20$40$60$80

$100$120

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

2 3 7 4 1 2 3 2 2 3 5 3 0 0 1

$ /

bo

e

# Deals

$27.12

Ann'd

Date Buyer Seller Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

07-Aug-17 RSP Permian Inc Shell; Florida Oil LP 6,563 net acres in Delaware Basin $228 n.a. nmf $34,728

03-Aug-17 Undisclosed LINN Energy Delaware Basin acreage $21 n.a. n.a. n.a.

26-Jul-17 QEP Resources Inc JM Cox; Alpine; Kelly Cox 13,800 net acres in Midland Basin $732 $16.64 nmf $53,051

17-Jul-17 Viper Energy Partners LP Undisclosed Seller 686 net royalty acres in Permian Basin $84 n.a. n.a. $122,303

17-Jul-17 Viper Energy Partners LP Undisclosed Seller 1,712 net royalty acres in Permian Basin $193 n.a. n.a. $112,558

Mean $252 $16.64 n.a. $80,660

Median $193 $16.64 n.a. $82,805



GROSS PRODUCTION

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

TRANSACTION PROVED RESERVE MULTIPLES(2) TRANSACTION PRODUCTION MULTIPLES(2)

PERMITTING ACTIVITY BY MONTH

DIFFERENTIALS

Permian Snapshot

RIG COUNT

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info


1. Represents total enterprise value. Excludes transactions with deal value <$20 million.

2. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.

3. $/acre multiple not adjusted for value associated with production.

--

100

200

300

400

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

H V+D

-$0.50

-$0.30

-$0.10

$0.10

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

-$4.00

-$2.00

$0.00

$2.00

$ /

mm

btu

$ /

bb

l

Midland Waha

--

$100,000

$200,000

$300,000

$400,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

3 7 9 6 1 3 8 8 5 9 12 14 15 7 0

$ /

bo

e/d

# Deals

$174,880

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 377 -- 377 Oil Differential $0.55 $1.10 ($0.55)

Permitting Activity 240 (15) 255 Gas Differential ($0.29) -- ($0.29)

592 606733

552

784 723836

1090

702

933

1116

917

675

Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17

V+D H

5,000

6,000

7,000

8,000

9,000

1,400

1,600

1,800

2,000

2,200

2,400

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

mm

cf/

d

mb

bl/

d

Oil Gas2,323

7,980



10

August 21, 2017

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

17-Aug-17 Undisclosed Sanchez Energy Corp 68,000 net acres in Eagle Ford $105 n.a. n.a. $1,544

07-Aug-17 Verdun Oil Noble Energy 1,900 net acres in Eagle Ford $50 n.a. $100,000 $26,316

31-Jul-17 Penn Virginia Devon Energy 19,600 net acres in Eagle Ford $205 n.a. $68,333 $10,459

30-May-17 Lonestar Resources Inc Sanchez; Battlecat; Grey Rock 21,238 net acres in East TX Eagle Ford $117 $3.71 $56,823 $5,490

11-May-17 WildHorse Anadarko; KKR 111,000 net acres in East TX Eagle Ford $625 n.a. $82,421 $5,631

Mean $220 $3.71 $76,894 $9,888

Median $117 $3.71 $75,377 $5,631




Rig Count 75 -- 75 Oil Differential $3.35 $0.60 $2.75

Permitting Activity 75 (28) 103 Gas Differential ($0.04) -- ($0.04)

6,000

7,000

8,000

9,000

10,000

11,000

12,000

1,000

1,200

1,400

1,600

1,800

2,000

2,200


mm

cf/

d

mb

bl/

d

Oil Gas

1,390

7,978

323257

304267

425 418 401472

387349

486

328

219


V+D H

-$0.30

-$0.10

$0.10

$0.30

$0.50


-$4.00

-$2.00

$0.00

$2.00

$4.00

$6.00

$8.00

$ /

mm

btu

$ /

bb

l

LLS HSC

--

50

100

150

200

250


H V+D

--

$10

$20

$30

$40

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

3 5 2 2 1 1 3 0 2 1 0 3 4 2 0

$ /

bo

e

# Deals

$12.93

--

$50,000

$100,000

$150,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

3 6 3 3 1 1 3 1 2 4 2 4 4 3 2

$ /

bo

e/d

# Deals

$59,861

Eagle Ford Snapshot

GROSS PRODUCTION



DIFFERENTIALS RIG COUNT









11

August 21, 2017



Permitting Activity 17 (13) 30 Gas Differential -- -- --

5,000

6,000

7,000

8,000

9,000

10,000

50

70

90

110

130

150

170

190


mm

cf/

d

mb

bl/

d

Oil Gas

106

7,325134 127

104 98110

148

120

177144

109137

115

65


V+D H

--

$2.00

$4.00

$6.00

$8.00

$10.00


--

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

--

20

40

60


H V+D

--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

1 3 2 3 0 0 4 1 1 3 1 2 0 1 1

$ /

mcfe

/d

# Deals

$7,242

$0.0

$2.0

$4.0

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

3 2 2 2 0 0 4 0 2 2 0 0 0 0 0

$ /

mcfe

# Deals

$1.67

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/mcfe) ($/mcfe/d) ($/acre)(3)

01-Aug-17 Rockcliff Energy II LLC Samson Resources II LLC 210,000 net acres in East TX & North LA $525 n.a. $5,833 $2,500

12-Jun-17 GEP Haynesville, LLC Sabine Oil & Gas 5,256 net acres in North LA Haynesville $45 n.a. $16,188 $8,562

08-Jun-17 Black Stone Minerals Undisclosed Haynesville / Bossier acreage in East TX $24 n.a. n.a. n.a.

08-May-17 Black Stone Minerals Angelina Co Lumber; Undisc. 74,000 net mineral acres in Haynesville $51 n.a. n.a. $687

20-Dec-16 Covey Park Energy LLC Chesapeake 41,500 net acres in Haynesville $465 n.a. $9,300 $11,205

Mean $222 n.a. $10,441 $5,738

Median $51 n.a. $9,300 $5,531



Ark-La-Tex Snapshot

GROSS PRODUCTION


















12

August 21, 2017

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/mcfe) ($/mcfe/d) ($/acre)(3)

15-Aug-17 Carbon Natural Gas Co Undisclosed Eastern West Virginia assets $22 n.a. $2,867 n.a.

02-Aug-17 Rice Energy Inc. LOLA Energy 16,500 net acres in the Marcellus Shale $180 n.a. n.a. $10,909

30-Jun-17 Undisclosed CONSOL Energy 11,000 undeveloped net acres in WV $130 n.a. $6,500 $11,818

30-Jun-17 Undisclosed CONSOL Energy 11,500 undeveloped net acres in PA $85 n.a. n.a. $7,391

30-Jun-17 Undisclosed CONSOL Energy Non-core Marcellus Shale acreage in PA $30 n.a. n.a. n.a.

Mean $89 n.a. $4,683 $10,040

Median $85 n.a. $4,683 $10,909





Permitting Activity 31 (41) 72 Gas Differential ($1.09) $0.05 ($1.13)

282 259 285319 295

214

389 415 390341

433

264

158


V+D H

12,000

14,000

16,000

18,000

20,000

22,000

24,000

--

50

100

150


mm

cf/

d

mb

bl/

d

Oil Gas

93

23,144

-$2.00

-$1.00

$0.00

$1.00

$2.00


-$15.00

-$10.00

-$5.00

$0.00

$5.00

$10.00

$15.00

$ /

mm

btu

$ /

bb

l

Brent Dominion

--

50

100

150


H V+D

--

$10,000

$20,000

$30,000

$40,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

1 2 4 3 0 1 0 0 1 2 2 5 2 5 1

$ /

mcfe

/d

# Deals

$6,941

--

$1

$2

$3

$4

$5

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

0 0 3 1 0 0 0 0 3 0 1 0 0 3 0

$ /

mcfe

# Deals

$1.25

Appalachia Snapshot

GROSS PRODUCTION








3. $/acre multiple not adjusted for value associated with production. 4. $450 million deal value in 2Q16 removed due to incomplete proved reserve information.

TRANSACTION PROVED RESERVE MULTIPLES(2,4) TRANSACTION PRODUCTION MULTIPLES(2)







13

August 21, 2017


Rig Count 51 (2) 53 Oil Differential $0.10 $0.05 $0.05

Permitting Activity 13 (15) 28 Gas Differential ($0.37) ($0.02) ($0.35)

107

7079 76

31

83

45

96

62

114 112 108

65


V+D H

1,000

1,250

1,500

1,750

2,000

600

700

800

900

1,000

1,100

1,200

1,300

1,400


mm

cf/

d

mb

bl/

d

Oil Gas

1,049

1,886

-$0.80

-$0.60

-$0.40

-$0.20

$0.00

$0.20


-$8.00

-$6.00

-$4.00

-$2.00

$0.00

$2.00

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

--

50

100

150

200


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

15-Aug-17 RimRock Oil & Gas Whiting Petroleum 29,637 net acres in ND $500 n.a. $64,226 $16,871

11-Jul-17 Bruin E&P Partners LLC Halcon Resources Corp 105,900 net operated acres in Bakken $1,400 $13.35 $48,611 $13,220

26-Apr-17 Resource Energy Partners Blue Ridge Mountain 45,000 net acres in Williston Basin $35 n.a. $23,133 $771

31-Mar-17 Crescent Undisclosed 8,500 net acres in Williston Basin $100 n.a. $304,878 $11,765

10-Mar-17 Energy 11 LP Kaiser-Francis Oil Company Purchase of additional WI in ND $53 n.a. n.a. n.a.

Mean $418 $13.35 $110,212 $10,657

Median $100 $13.35 $56,419 $12,492



--

$100,000

$200,000

$300,000

$400,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4 2 6 2 0 0 1 4 0 3 3 3 1 1 2

$ /

bo

e/d

# Deals

$57,934

--

$10

$20

$30

$40

$50

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

3 1 4 1 0 0 1 2 0 2 1 1 0 0 1

$ /

bo

e

# Deals

$17.24

Bakken Snapshot

GROSS PRODUCTION
















14

August 21, 2017

--

$5

$10

$15

$20

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

1 7 3 0 1 0 2 3 0 1 0 0 1 3 2

$ /

bo

e

# Deals

$5.70

# Deals

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

24-Jul-17 Pinedale Energy Partners QEP Resources Inc 16,530 net acres in Pinedale Anticline $740 $4.61 $18,974 $44,767

24-Jul-17 Undisclosed QEP Resources Inc Non-core southern Wyoming gas assets $38 $14.80 $56,222 n.a.

12-Jun-17 Undisclosed Titan Energy LLC Working interest in Piceance Basin $105 n.a. $42,000 n.a.

09-Jun-17 Caerus Oil and Gas LLC EnCana 550,000 net acres in Piceance Basin $735 $5.42 $17,426 $1,336

30-May-17 Denbury Resources Inc LINN Energy LLC 5,000 net acres in Powder River Basin $72 n.a. $34,048 $14,300

Mean $338 $8.28 $33,734 $20,134

Median $105 $5.42 $34,048 $14,300



GROSS PRODUCTION




DIFFERENTIALS

Rockies (excl. Bakken) Snapshot

RIG COUNT






--

50

100

150


H V+D

-$0.80

-$0.60

-$0.40

-$0.20

$0.00

$0.20


-$8.00

-$6.00

-$4.00

-$2.00

$0.00

$2.00

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

--

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4 9 3 4 2 0 4 4 1 6 0 0 2 5 2

$ /

bo

e/d

# Deals

$35,515



Permitting Activity 197 (279) 476 Gas Differential ($0.37) ($0.02) ($0.35)

832 843 833 737570

709933 874

1436

1081855

750957


V+D H

10,000

11,000

12,000

13,000

14,000

15,000

--

200

400

600

800

1,000

Jan-14 Aug-14 Mar-15 Oct-15 May-16 Dec-16

mm

cf/

d

mb

bl/

d

Oil Gas

570

12,528





TBU – States to include


15

August 21, 2017

--

$50,000

$100,000

$150,000

$200,000

$250,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

2 2 5 4 0 3 1 2 1 6 4 2 4 2 2

$ /

bo

e/d

# Deals

$88,143

--$5

$10$15$20$25$30

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

1 1 4 1 0 3 0 0 0 2 0 1 0 1 2

$ /

bo

e

# Deals

$12.79


Rig Count 96 2 94 Oil Differential -- -- --

Permitting Activity 47 (37) 84 Gas Differential ($0.34) $0.04 ($0.38)

--

5,000

10,000

15,000

--

200

400

600

800

Jan-14 Aug-14 Mar-15 Oct-15 May-16 Dec-16

mm

cf/

d

mb

bl/

d

Oil Gas

452

9,516

268225 245 244

313278

330365

301

369 370342

173


V+D H

-$0.50

-$0.30

-$0.10

$0.10


-$0.40

-$0.20

$0.00

$0.20

$ /

mm

btu

$ /

bb

l

Cushing Panhandle

--

50

100

150

200


H V+D

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

08-Aug-17 Undisclosed Continental Resources Inc 26,000 net acres in Arkoma Basin $68 $10.01 $38,031 $2,615

08-Aug-17 Undisclosed Continental Resources Inc 6,590 net acres in STACK $73 n.a. n.a. $11,002

02-Aug-17 Undisclosed Chesapeake Mid-Continent assets $360 n.a. n.a. n.a.

22-Jun-17 Undisclosed Jones Energy 6,250 net acres in Arkoma Basin $65 n.a. $20,524 $10,400

04-Apr-17 Unit Corp Undisclosed 8,335 net acres in Anadarko Basin $57 $17.73 $41,514 $6,809

Mean $124 $13.87 $33,357 $7,706

Median $68 $13.87 $38,031 $8,604



Mid-Continent Snapshot

GROSS PRODUCTION














16

August 21, 2017

--

$5

$10

$15

$20

$25

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

5 2 0 0 0 0 1 0 0 0 1 0 0 0 0

$ /

bo

e

# Deals

$9.06

# Deals



Permitting Activity 3 (2) 5 Gas Differential -- -- --

6

16 1419 18 20 19 17

0

31

24 26

13

Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 2,000

2,500

3,000

3,500

4,000

4,500

5,000

1,000

1,200

1,400

1,600

1,800

2,000


mm

cf/

d

mb

bl/

d

Oil Gas

1,765

3,316

--

$2.00

$4.00

$6.00

$8.00

$10.00


--

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

--

20

40

60

80


H V+D

--

$20,000

$40,000

$60,000

$80,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

5 2 0 0 0 0 1 1 0 0 2 0 0 0 0

$ /

bo

e/d

# Deals

$19,234

Gulf of Mexico Snapshot

GROSS PRODUCTION






1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. Red line denotes average since 1-Jan-15. Calculated

as the weighted average of each quarter’s transactions. 3. $/acre multiple not adjusted for value associated with production. 4. Permits include

directional and unidentified drilling permits.




(4)

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

12-Sep-16 Anadarko Freeport-McMoRan Inc Deepwater GOM assets $2,000 $15.88 $25,000 n.a.

29-Aug-16 EnVen Energy Ventures Shell Brutus and Glider fields $425 n.a. $17,000 n.a.

09-Nov-15 EnVen Energy Ventures Marathon Petronius and Neptune fields $205 n.a. $20,500 n.a.

01-Jul-15 Undisclosed Energy XXI East Bay field $21 $2.23 $10,244 n.a.

Mean $663 $9.06 $18,186 n.a.

Median $315 $9.06 $18,750 n.a.




17

August 21, 2017

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http://2018.otcnet.org/








http://www.iadc.org/event/2017-iadc-asset-integrity-reliability-conference-exhibition/





http://theenergysummit.org/





http://www.spegcs.org/events/3648/



https://www.hartenergyconferences.com/dug-eagle-ford?mkt_tok=eyJpIjoiWXpSa09XSmlaVEUyTXpCbCIsInQiOiJqbjdmS1lqVThCb051ejFWWGVoN3U2TGdDU2hiaEgrQklDNE9BYTlkVGZoSnZwQ1I0Y2w1aDRvdHN5Z1JZRjdhbE1VQ0kwYUlrcmVzVzRyVndQVXJzQ3J3YURTYkFoMGxKYnZBZXpORjJmMkgrMVBKQzBIbThZd2ZYa0c5SUxvZyJ9









https://www.hartenergyconferences.com/dug-east






http://www.ipaa.org/events/midyear-meeting-2018/





http://www.iadc.org/event/world-drilling-2018/











http://www.iadc.org/event/2018-iadc-drilling-onshore-conference-exhibition/









http://ace.aapg.org/2018/





https://www.hartenergyconferences.com/dug-permian-basin














http://www.iadc.org/event/iadc-shale-energy-workshop/







http://www.spe.org/events/en/2017/conference/17lrbc/homepage.html















http://www.dugmidcontinent.com/








http://www.cvent.com/events/13th-annual-ryder-scott-reserves-conference/event-summary-9139d3806d3b419f899d59e882a860ca.aspx






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18

August 21, 2017

This

Week Change

Last

Week

Last

Year

Total Rigs 946 (3) 949 491

Oil 763 (5) 768 406

Gas 182 1 181 83

Miscellaneous 1 1 -- 2

Directional 81 5 76 45

Horizontal 799 (2) 801 382

Vertical 66 (6) 72 64

Basin

Arkoma 8 -- 8 2

Barnett 7 -- 7 5

Cana 67 4 63 32

DJ-Niobrara 30 -- 30 18

Eagle Ford 75 -- 75 36

Fayetteville 1 -- 1 --

Granite Wash 14 (1) 15 9

GOM 16 (1) 17 18

Haynesville 45 -- 45 14

Marcellus 46 -- 46 24

Mississippian 5 (2) 7 3

Permian 377 -- 377 196

Utica 29 -- 29 14

Williston 51 (2) 53 27

Other 175 (1) 176 93

This material is prepared by the BMO Capital Markets’ Investment and Corporate Banking Department, for distribution to BMO Capital Markets’ clientele. It is not a product of

BMO Capital Markets’ Research Department. The views of the Investment and Corporate Banking Department may differ from those of the Research Department.

BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal

Ireland p.l.c, and Bank of Montreal (China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp. (Member SIPC) in the U.S., BMO Nesbitt Burns Inc.

(Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia and BMO Capital Markets Limited (authorised

and regulated by the Financial Conduct Authority) in Europe and Australia. “Nesbitt Burns” is a registered trademark of BMO Nesbitt Burns Inc., used under license. “BMO Capital

Markets” is a trademark of Bank of Montreal, used under license. "BMO (M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under license. ® Registered

trademark of Bank of Montreal in the United States, Canada and elsewhere.™ Trademark of Bank of Montreal in the United States and Canada.

Bank of Montreal or its subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets.

The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital

Markets endeavors to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and

complete. However, BMO Capital Markets makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions contained

herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this report or its contents. Information may be available to BMO Capital Markets or its

affiliates that is not reflected in this report. The information in this report is not intended to be used as the primary basis of investment decisions, and because of individual client

objectives, should not be construed as advice designed to meet the particular investment needs of any investor. This material is for information purposes only and is not an offer to sell or

the solicitation of an offer to buy any security. BMO Capital Markets or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.

BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or in options, futures or

other derivative instruments based thereon. BMO Capital Markets may act as financial advisor and/or underwriter for the issuers mentioned herein and may receive remuneration for

same. The reader should assume that BMO Capital Markets or its affiliates may have a conflict of interest and should not rely solely on this report in evaluating whether or not to buy or

sell securities of issuers discussed herein.

All values in this document are in US$ unless otherwise specified.

Geoff Roberts

MD & Head of U.S. A&D

713-518-1268

[email protected]

Howard Barnwell

Director & Transactions Mgr.

713-546-9767

[email protected]

TRANSACTIONS NEWSLETTER

Contacts

Disclaimer

Source of rig count stats: Baker Hughes

Rig Count Summary

MAPS IN

MASTER VIEW

Rob Priske


713-546-9727

[email protected]

Legend

Current

Change

Arkoma

Barnett

Cana

DJ-Niobrara

Eagle Ford

Haynesville

Fayetteville

Granite Wash

GOM

Permian

Marcellus

Mississippian

Utica

Williston

8

--

7

--

67

4

30

--

75

--

1

--

14

(1)

16

(1)

45

--

46

--

5

(2)

377

--

29

--

51

(2)

Chelsea Neville

Transactions Coordinator

713-546-9703

[email protected]

Rob Priske


713-546-9727

[email protected]

Geoff Roberts

MD & Head of U.S. A&D

713-518-1268

[email protected]

Marshall Soper

Analyst

713-546-9706

[email protected]

Aaron Moeller

Analyst

713-518-1262

[email protected]

Documents

Prompt Oil Price ($/bbl) $48.51 ($0.31) (0.6%) Prompt … Page Document Library...term contract closed the week down $0.31, or 0.6%, at $48.51 ... Key Industry IndicatorsUS Rig Count