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Serving the US upstream industry with information, analysis & prospects for sale Volume 28, No. 07

Petro ScoutMay 18, 2017

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Permitting activity signals a boom in Powder River Basin

Operators continue to bolster the Powder River Basin’s potential with a fresh round of drilling results and plans to ramp up activity. Wyoming is seeing a permitting boom with 1,097 drilling permits filed in April, eclipsing the 782 permits filed in January 2016. Nearly half of those (451 permits) center on Converse County.

Accelerated programs to test the basin’s 4,800-ft stacked-pay column are driving the permitting pace. Just last month, PLS reported Chesapeake’s initial Turner well flowed over 2,300 boe/d (78% oil). This month, Devon achieved prolific Parkman results with improved drilling efficiency, and EOG now categorizes the play as premium (over 30% ATROR).

First, Devon’s top Parkman well in Campbell County was Cosner 4XPH, delivering a 2,000 boe/d 30-day rate.

Continental's Bakken wells track 65% above type curveContinental Resources’ optimized completions are a game-changer in the Bakken,

president Jack Stark says. During Q1, 14 wells outperformed the 980,000 boe type curve by 65%. Four standout wells delivered company-record IP-30 rates averaging 1,700 boe. With an average cost of $7.0 million, these wells would deliver 75% ROR

at $55 WTI—almost double the ROR that Continental had targeted for its 2017 Bakken drilling program.

Optimized wells with longer production histories remain

strong as well. Seven wells from 4Q16 are tracking 55% above the type curve at 150 days. They were outperforming the type curve by only 35% at 90 days. Stark said the optimized completions are lifting EUR as well. “Just how much remains to be seen,” he said.

Continental’s completion design varies, but it uses some combination of increased proppant, tighter stage spacing, diverters, more aggressive flowback and high-volume lift technology. SVP Gary Gould said average proppant load was 1,250 lb per foot and average stage length was 280 ft. Compared with peer operators, the company has additional room to optimize.

Concho drilling its best wells, enters manufacturing modePermian stalwart Concho Resources saw record well performance in the Delaware

Basin and New Mexico Shelf during Q1, which propelled 13% organic sequential crude growth to 113,600 bo/d. CEO Timothy Leach said the company has reached an

inflection point as it transitions into manufacturing mode, and he believes Concho is well positioned to execute. “If 2016 was the year of acquisition in the Permian, we believe 2017 will be the year that execution strength and

scale differentiate the industry leaders from the rest of the pack,” he said.

In the northern Delaware, 16 wells reached a company-record 30-day peak rate average of 1,473 boe/d (75% oil) with average laterals of 5,084 ft. The Red Hills area in Lea County was particularly strong. Five wells targeting the Upper and Lower Avalon, Third Bone Spring, Upper Wolfcamp sands and Wolfcamp A flowed an average of 1,980 boe/d (78% oil) with 5,745-ft laterals.

Southeast New Mexico wells break Permian recordsStellar recent well results in the northern Delaware Basin illustrate why it’s the

center of US M&A activity. Both EOG and Devon reported their best Wolfcamp wells in Q1, and Matador flowed three of its best in 4Q16—all located in Lea Co., NM. In fact, EOG’s well is the best Permian horizontal ever drilled.

EOG’s Whirling Wind 11 Fed Com #704H (7,100-ft lateral) delivered a 24-hour IP of 8,990 boe/d and 30-day IP of 6,230 boe/d

(70% oil). “We’re certain this sets a new horizontal record for the entire Permian Basin,” said EOG EVP Billy Helms.

Whirling Wind #704 was part of a four-well Upper Wolfcamp pad that averaged a 30-day IP rate of 5,060 boe/d (69% oil). Each well exceeded the all-time industry record for a 30-day IP rate in the basin. Helms said the strong rates resulted from improved targeting through the length of the lateral.

EOG operates the top 10 wells to come online in Lea County this year and the top 22 wells dating back to January 2016, according to PLS research.

EOG sets new record for Permian: Upper Wolfcamp horizontal >9,000 boe/d.

Delaware Basin, NM Shelf both see record peak 30-day rates.

New Bakken wells deliver 2x the ROR that Continental had expected this year.

Devon flows 2,000 boe/d Parkman well on prolific 4-well pad.

Continues On Pg 24

Continues On Pg 4

Continues On Pg 21

Continues On Pg 17

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PetroScout 2 May 18, 2017 ■ Anadarko shut in more than 3,000

vertical wells in northeast Colorado following a home explosion in April. One of its wells is located 200 ft from the home’s lot. Investigators have linked the well to the explosion. It was determined that the gas line had been cut and abandoned but not disconnected from the wellhead and capped. Anadarko continues to work with the Colorado Oil and Gas Conversation Commission on the matter to “fully understand the basis for the fire district’s conclusion and that no stone is left unturned prior to any final determinations.” The wells produced 13,000 boe/d.

■ BHP Billiton has approved two additional rigs for the Haynesville, which will bring the Australian miner’s total in the play to three. Operations will begin in September. The company is also accelerating completion of its DUC Drill in Black Hawk field of the Eagle Ford as well as testing staggered wells and larger fracs in the Upper Eagle Ford. An EOR pilot is underway as well. BHP is running a single rig each in the Eagle Ford and Permian.

Drillbits

W&T Offshore flows 2,000 boe/d sidetrack at Ship ShoalAfter finding oil in five pay zones of Mahogany field earlier this year, W&T

Offshore continues to get strong volumes from the Ship Shoal 349 field on the Gulf of Mexico Shelf. The A-18 well (100% WI) continues to flow 5,000 boe/d (75% oil).

The A-16 bypass well targeting the P sand is on production flowing 1,950 boe/d (82% oil), which is greater than the expected 1,100-1500 boe/d. The rig is now drilling the A-8 bypass well targeting the crestal P sand before

moving onto the A-17 well targeting the deeper T sand. Following that, the company will sidetrack the A-5 locations to target the Q and P sands.

In Ship Shoal 300, W&T has added the B-5 well (80% WI, operated) to its drilling program, with spud expected mid-year. The proven field has an existing platform from which the company will drill the well. W&T believes this well is low risk with stacked-pay potential, according to new seismic. The company anticipates over 75% ROR on this well.

Elsewhere in the Gulf, W&T will spud the first of two wells planned in Ewing Bank 910 (36-50% WI, operated) at mid-year and complete them in 2018. The company believes these wells will also reveal stacked pay.

BP discovers ‘hidden’ 200MMboe in Atlantis fieldThrough new seismic imaging, BP has found more than 200 MMboe in additional

resources at Atlantis field (56% WI) in the Green Canyon area of the Gulf of Mexico—essentially a field within a field. The new resources lie in an undrilled eastern section of Atlantis in 7,000 ft of water. The innovative seismic has produced clear images of areas

that were previously obscured or distorted by salt structures.

With the new data, BP can now drill deepwater wells with a higher degree of confidence and accuracy in a part of the field that was previously unseen. “This technological breakthrough has essentially allowed our team to find a new oil field within our existing Atlantis field,” said Bernard Looney, chief executive of BP’s global upstream business.

The company’s proprietary algorithms were able to process seismic in a few weeks—a task that would normally take a year to analyze. BP said the algorithms enhance a

technique called Full Waveform Inversion, which matches seismic simulations with existing data to produce high-quality

subsurface images. “The new technique has produced the best images of this reservoir that we have ever seen,” said head of upstream technology Ahmed Hashmi.

This is only a start, too. At OTC in Houston in early May, regional president Richard Morrison said “new development targets are popping out.” Morrison said BP was looking at deeper structures, adding that seismic is key in unlocking the Gulf of Mexico’s potential. BP used this technology on its Mad Dog, Thunder Horse and Na Kika fields, too.

Discovered in 1998 and starting up in 2007, Atlantis field produces to the Atlantis hub, which has capacity for 200,000 bo/d and 180 MMcf/d. It is BP’s deepest moored floating platform in the Gulf, about 150 miles south of New Orleans. According to BHP Billiton,

which owns the other 44% WI in Atlantis, the field produced ~42.0 MMboe for FY16.

“Given the overwhelming success of this project, we are now deploying this technology across BP’s global operations.” BP will also deploy the technique elsewhere in the Gulf as well as in fields in Azerbaijan, Angola, and Trinidad and Tobago.

Gulf of Mexico

ABOUT PLSPetroScout (USPS 13410) is published every three weeks by PLS Inc.PetroScout covers news and analysis on the E&P sector, including new well discoveries, drilling activities, acreage sales, statistics and technological updates.To obtain additional PLS product details, drill www.plsx.com/publications.

Periodicals postage paid at Houston TX.PLS Inc. One Riverway, Ste 2500 Houston, Texas 77056POSTMASTER: Please send address changes to PLS Inc.713-650-1212 (Main) 713-658-1922 (Facsimile)

To obtain additional listing info, contact us at 713-650-1212 or [email protected] with the listing code. Only clients are able to receive additional information. To become a client call 713-650-1212.

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BP says additional 1.0 Bbo could be possible over four fields.

Innovative seismic reveals resources under salt structure.

Adds new well to 2017 program in Ship Shoal 300.

BP retains PLS divestment group to sell 17,000 net core STACK package

Email [email protected]

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Access PLS’ archive for previous E&P newsFor general inquiries, email [email protected]

Volume 28, No. 07 3 e&P

Apache extracts higher oil yields at Alpine HighApache saw its highest oil cuts yet in the Woodford and Barnett at Alpine High

as three new test wells came online in Q1. CEO John Christmann says his company continues to have confidence in the new play, which contains five formations over a 60-mile fairway. Apache will accelerate development now that first gas delivery is has

been made, two months ahead of schedule. Testing the Woodford, the Chinook 101AH delivered a 24-hour IP of

2,500 boe/d (24.8% oil) in Reeves County. This well yielded 73 bbl/MMcf, which is Apache’s highest oil cut to date in the formation. The Blackhawk 1H well flowed 42 bbl/MMcf last fall. These wells’ laterals average 4,900 ft.

In the Barnett, the Blackhawk 5H yielded more oil than Chinook, testing at 1,800 boe/d (41% oil) in Reeves County. This well flowed 141 bbl/MMcf compared with oil cuts of 63 bbl/MMcf and 45 bbl/MMcf on the company’s two previous Barnett producers. The Blackhawk 5H lateral was 4,525 ft.

Christmann said Apache would work on well spacing and pattern tests, targeted wellbore placement, enhanced completions and longer laterals in the Woodford, Barnett and Pennsylvanian. The company will also appraise the Wolfcamp and Bone Spring.

Parsley drills first well in emerging Wolfcamp C Parsley completed a stellar well in the Wolfcamp C that not only delivered a top

rate for the company but also one of the best peak IP-30s in the Midland Basin. The Taylor 45-33-4601H recorded a 30-day peak rate of 3,135 boe/d in Reagan County. Sporting a 2-mile lateral, the well has produced more than 100,000 bo through 60 days

and is outperforming the 1.0 MMboe type curve by 95%. “Not only is it our most impressive well to date, it’s among the strongest

wells ever completed in the Midland Basin,” COO Matthew Gallagher said. The Wolfcamp C is 600-1,200 ft thick with substantial pressure and favorable thermal maturity. It sits 600 ft below the Lower Wolfcamp B.

Parsley will add several Wolfcamp C wells to its 2017 drilling program. “Later, we’ll assess the potential for multiple flow units within the Wolfcamp C complex. Certainly, there’s plenty of thickness to support that possibility,” Gallagher said.

Permian Delaware impresses with eye on Lea County

E&Ps have been touting the quality of Delaware Basin rock for the last year as the area became the center of M&A activity. Well results bear out their thesis. Lea Co.,

NM, has emerged as home to some of the Permian’s best wells (PG. 1)—

including the basin’s best horizontal of all time, flowing nearly 9,000 boe/d by EOG. Devon also saw its best well in the basin in Lea.

Several operators—both established and new—saw meaningful results in the Delaware in Q1. Older player Concho, which operates in both the northern and southern Delaware and New Mexico Shelf, is seeing record 30-day rates in the sub-basin (PG. 1). Newcomers RSP Permian (PG. 5) and Diamondback (PG. 6)

brought their initial wells online with strong rates. WPX Energy’s oil-weighted vision is being fueled by the Delaware, which since Q1 has driven a 20% increase on the company’s oil volumes (PG. 5).

In the Midland Basin, operators new to Howard County are seeing better well performance versus older wells completed by predecessors. A year into its program in the county, Callon has raised its Wolfcamp A type curve 85% (PG. 5). In Reagan County, Parsley saw an exciting result in the emerging Wolfcamp C. The Taylor well flowed over 3,100 boe/d to achieve Parsley’s most impressive rate and one of the best in the basin (PG. 3).

Outside the Permian, the two main trends have been the resurgence of the Powder River Basin (PG. 1) and the impact of enhanced completions on well performance. The latter has been particularly effective in the Williston Basin, Midcontinent and Ark-La-Tex regions. Continental’s Jack Stark called optimization a game-changer for its Bakken wells (PG. 1). Newfield is completing great wells in both the STACK and Williston (PG. 7). Comstock is getting record rates topping 30.0 MMcf/d in the Haynesville as a result of enhanced completions (PG. 23).

IN THIS ISSUE

PRB propels WY; completions ‘change game’ in Bakken, Midcon.

Apache Gets Higher Oil Cuts At Alpine HighWoodford Well Comparison (Non-Op�mized, Short Laterals)

24-Hour IP Rates

Well NameDisclosure

Date

Treated Lateral Length Target Zone

Unshrunk Gas(MMcf/d)

Oil(bbls/d)

Oil:Gas Ra�o(bbls/MMcf) Depth

Chinook 101AH May 2017 4,524 Woodford 8.5 620 73 10,100

Blackhawk 1H Sept 2016 5,234 Woodford 5.3 224 42 10,505

Fox State 1H Sept 2016 4,842 Woodford 6.7 72 11 11,179

Mont Blanc 1H Sept 2016 4,306 Woodford 17.1 24 1 12,065

Barne� Well Comparison (Non-Op�mized, Short Laterals)24-Hour IP Rates

Well NameDisclosure

Date

Treated Lateral Length Target Zone

Unshrunk Gas(MMcf/d)

Oil(bbls/d)

Oil:Gas Ra�o(bbls/MMcf) Depth

Blackhawk 5H May 2017 4,525 Barne� 5.3 742 141 9,760

Weissmies 5H Feb 2017 2,630 Barne 2.4 150 63 10,230

Mont Blanc 3H Sept 2016 4,502 Barne 11.4 508 45 11,409

Source: Apache May 4 Presentation via PLS docFinder www.plsx.com/finder

Woodford, Barnett test wells oilier in northern part of play.

http://www.plsx.comhttp://www.plsx.com/finder/viewer.aspx?q=&f=src.5&v=0&doc=63941&slide=1738971#doc=63941&slide=1738985&


PetroScout 4 May 18, 2017 ■ Bill Barrett’s volumes were

14,187 boe/d during 1Q17, up 22% YOY despite not drilling at all in 1H16. After resuming drilling in 3Q16, the company put two units on flowback in Q1. The company is running one rig in Wattenberg field but will add a second in Q2. Bill Barrett is working to increase proppant to 1,500 lb from 1,200 lb and reduce stage length. The company improved drilling days by 26% vs. 2016 to 5.6 days. It also increased feet drilled per day by 37% to 3,661 ft.

■ Carrizo now projects 26% oil growth in 2017 as a result of strong well performance. The company raised its oil production guidance 3% at midpoint to 32,400-32,700 bo/d. Carrizo drilled 24 Eagle Ford wells during Q1 and completed 29 wells. Oil volumes in the play grew 2% sequentially to 25,500 bo/d. Carrizo is running three rigs in the Eagle Ford and anticipates drilling 106 operated wells and completing 94 wells.

■ Chaparral Energy is running two rigs and plans to drill 18-20 STACK wells in 2017. As of now, capex of $125-150 million has allocated $85 million to STACK activities. The company will revisit its budget if it makes headway on a strategic plan to divest its EOR assets in the panhandle area of Oklahoma and Texas and the North Burbank CO2 flood area along the Kansas/Oklahoma border. That process will begin in early June.

■ Chevron president Stephen Green said on the Q1 call that his company is meeting, if not exceeding, expectations in the Permian. The company has increased volumes by 35,000 boe/d YOY to 150,000 boe/d in Q1. Green said Chevron was currently within its 20-35% CAGR range. A 12th operated rig is being put to work, and the company will be at 20 by YE18.

■ ConocoPhillips reached its 12-rig operating level in the Lower 48 in April as planned. The company is running five Eagle Ford rigs, four Bakken rigs and three Permian rigs. Conoco expects first oil at its 1H NEWS drill site on the North Slope by year’s end. The company has also completed a 3D seismic shoot in the GMT unit, which contains last winter’s Willow discovery.

Drillbits

Marathon kicks off well activity in Delaware Basin Marathon Oil brought its first five Delaware Basin wells online during Q1 and

is working to integrate the assets. The company said it expects to ramp to three rigs by mid-year and bring a total of 15-20 wells to sales in H2. Additionally, the company will bring its first well online completed with an in-house design during Q2.

The company disclosed two of the well rates. The Red Light 2H well was a western step-out in Eddy Co., NM. The Wolfcamp XY well yielded

an IP of 1,443 boe/d (72% oil) with a 7,530-ft lateral. The Abe State 3H targeted the Second Bone Spring in Lea County, flowing 1,516 boe/d (87% oil) with a 4,620-ft lateral.

For the rest of the year, EVP Mitch Little said plans include continued appraisal of the Bone Spring and Wolfcamp and pad drilling beginning in H2. For areas that have been delineated, the company will begin optimizing well spacing (four to six wells per bench) and looking to drill a multi-bench pad. Little said the current plan is to test three to four benches and six landing zones.

Permian

Concho delivered even better wells in its Deep area to the north of Red Hills. Three Bone Spring wells averaged 2,112 boe/d (81% oil) with 4,274-ft laterals. This trio represents an extension of the oil play for Concho.

In the southern Delaware, the company saw a record peak IP-30 of 1,632 boe/d (73% oil) with record average lateral of 8,184 ft from nine wells in Reeves County. Notable wells included two Third Bone Spring producers that averaged 2,412 boe/d

(70% oil). These wells sported 10,000-ft laterals.On the New Mexico Shelf, seven wells yielded record peak IP-30 rates per

1,000 ft of lateral. The peak aggregate rate was 546 boe/d (84% oil) while laterals averaged 4,517 ft. This group was highlighted by the Sneed 9 Federal Com #11H (5,490-ft lateral) targeting the Paddock formation and flowing a peak 30-day rate of 1,039 boe/d (84% oil). Completion advancements are improving recovery in this legacy play for Concho.

As Concho shifts into manufacturing mode, the company seeks to target multiple intervals with longer laterals and perform batch completions across its acreage. The company is currently working on the Mabee Ranch project in Andrews County, where it will drill 13 wells with 2-mile laterals targeting five zones in the Spraberry and Wolfcamp. This Midland Basin project will contain 32 wells per section. The company said it is using fiber-optic monitoring to evaluate lateral placement, spacing and completion design. In the northern Delaware, Concho has eight smaller projects underway, all containing at least four wells. Here, the company is targeting the Avalon with 2-mile laterals. Finally, an eight-well project in the southern Delaware is developing the Third Bone Spring and Wolfcamp.

Leach expects this manufacturing mode inflection point to be as successful for Concho as its shift to horizontal drilling in 2011, at which point the company had drilled 800 vertical wells on its legacy New Mexico Shelf Yeso position. A transformative acquisition of Marbob in 2011 gave Concho its initial foothold in the northern Delaware, and it began drilling horizontally. “We began testing and completing bypass zones and quickly established the commerciality of multiple targets across a thick hydrocarbon column in a large geographic footprint,” Leach said. “Our drilling machine defined our M&A strategy and converted horizontal resource into a strong production base.”

Now Concho transitions to large-scale development to fully realize the value of its drilling inventory. “Manufacturing mode will drive long-term capital efficient growth and ultimately, will create value on a new trajectory just like we experienced in 2011,” Leach said.

Concho improves recovery through technology on legacy position.

Regional Oil & Gas Intelligence November 11, 2015

Serving the local market with drilling activity, permits & deals for sale Volume 03, No. 22

PERMIAN BASIN PROJECT 11 Producers. 2,200 Net Acres. (85% HBP)EDDY CO., NM YESO HORIZONTAL PLAY PP3 New Yeso Horizontal Wells Producing.Avg. 87% Operated WI; 67% NRIRecent Hz Yeso wells IP: 200 BOPD/Well3-Month Avg. Cash Flow: ~$246,000/MnOFFERS DUE NOVEMBER 11, 2015PP 4146DV

IRION CO., TX PROJECT 2,000-Gross/Net AcresMIDLAND BASIN - STACKED PAYSAcreage Is Contiguous and HBP. LHorizontal Wolfcamp A, B & C and ClineOffset By Devon and Broad Oak Energy.100% OPERATED WI; 75% NRIL 1071

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PERMIAN SCOUT

Pioneer’s Northern Spraberry/Wolfcamp Performance33 horizontal wells placed on production during Q3

– Majority were Wolfcamp B and Wolfcamp A wells o Early production results from these wells are on average tracking >15% above a 1 MMBOE EUR type curve

– Remaining wells placed on production in Q3 o 2 Wolfcamp D wells with average 24-hour peak rate of ~1,600 BOEPD

o 1 Lower Spraberry Shale well that has not yet reached its 24-hour peak production rate

– 19 wells (17 Wolfcamp B & 2 Wolfcamp A) benefited from Pioneer’s completion optimization program o Program includes optimizing stage length, clusters per stage, fluid volumes and proppant concentrations

o Early results from 26 completion-optimization wells placed on production during Q2 and Q3 are encouraging

100

500

1,000

2,000

0 30 60 90

Dai

ly P

rodu

ctio

n (B

OEP

D)

Days On Production

Q3 Wolfcamp A Average (2 Wells)

100

500

1,000

2,000

0 30 60 90

Dai

ly P

rodu

ctio

n (B

OEP

D)

Days On Production

Q3 Wolfcamp B Average (28 Wells)

1 MMBOE

800 MBOE

~8,700’ Average Perforated Lateral Length

1 MMBOE 800 MBOE

Updated End Oct

Updated End Oct ~8,400’ Average Perforated Lateral Length

Average 24-hr peak rate: ~1,800 BOEPD 84% oil content

Average 24-hr peak rate: ~1,900 BOEPD 78% oil content

Source: Pioneer Natural Resources November 03, 2015 via PLS docFinder (www.plsx.com/finder)

Regional Activity (State Data)(10/07/15 to 11/06/15)

Compls PermitsWest Texas (RRC 7C) 32 52

West Texas (RRC 8) 78 165

West Texas (RRC 8A) 12 22

Southeast New Mexico 17 83

Most Active Operators by Permits

➊ XTO Energy 26

➋ Pioneer Natural Res 22

➌ Apache Corp 15

Permits by Formation (by Last Scout)

Formation 11/11 10/28 10/14Spraberry 103 124 95Wolfcamp 88 64 46Bone Spring 46 37 41San Andres 11 8 7Glorieta-Yeso 9 5 2Clear Fork 6 4 2Delaware 5 5 6Brushy Canyon 3 – –Devonian 3 3 6Other Formations 48 89 81TOTAL 322 339 286Sources: NMOCD & TXRRC

Active Rigs Running (Baker Hughes) 231

Two Pioneer Sale Ranch wells surpass 2,100 boe/dPioneer Natural Resources’ Sale

Ranch 23B #2H and 21C #3H had rates of 2,825 boe/d and 2,144 boe/d, respectively, targeting the Spraberry with the use of gas

lift. The wells averaged 2,484 bo/d and 2,068 Mcf/d (2,828 boe/d, 88% oil) and were drilled with laterals averaging 8,742 ft in Martin County’s Spraberry field.

Pioneer reported that it has shortened its average total time to drill, complete

and turn a three-well horizontal pad to production to 135 days in the Wolfcamp/Spraberry, and it has cut its average drilling time by seven days per well. The company

turned 33 horizontals to production in the Spraberry and

Wolfcamp during Q3, with 28 Wolfcamp B and two Wolfcamp A wells averaging peak production rates of 1,900 boe/d (78% oil). The Wolfcamp wells are tracking EURs of more than 15% above a type curve of 1 MMboe.

Q3 Wolfcamp wells avg. 1,900 boe/d, EURs 15% above 1 MMboe curve.

Continues On Pg 3

Continues On Pg 3

Parsley reports records, 1,638 boe/d Spraberry wellAn Upton County completion by

Parsley Energy flowed at a rate of 1,395 bo/d and 1,457 Mcf/d (1,638 boe/d, 85% oil) at full flow, according to Texas state data. The Shauna 9-16B #4415H was drilled in Spraberry field with a 7,195-ft lateral and fracked with 13,096,749 lb sand and 331,206 bbl frac fluid.

The company reported that one of its Wolfcamp B wells, the Taylor 45-33-4404H, set a company record with its 30-day IP rate of 1,504 boe/d on a 9,802-ft lateral. The nine

wells Parsley completed in Q3 averaged 30-day rates of 1,167 boe/d, also a company record. Those wells had average lateral lengths of 6,962 ft.

Parsley’s Ringo 10-7-4214H Wolfcamp A well, which was drilled as part of a two-well pad in Reagan County, set a Permian Basin record for the fastest lateral drilled. The well’s 7,128-ft lateral was drilled in 41 hours.

Wolfcamp B well had a company-record 30-day IP rate of 1,504 boe/d.

429 Permits; 148 Completions; 347 Rigs Running.

Permian Scout May 10

Concho enters manufacturing mode Continued From Pg 1

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Volume 28, No. 07 5 e&P

WPX executing on Panther & Carrier acquisitionsWPX Energy’s oil volumes are growing thanks to a busy April with 14 wells coming

online to bring production to 55,000 bo/d, 20% vs. Q1. CEO Rick Muncrief said WPX is seeing its vision come together after setting out three years ago to transform from a

gas-weighted producer to an oil producer whose business is driven by the prolific Delaware. “WPX 2.0 is all about showing what we can do

with an oil-focused portfolio that’s anchored by assets in one of the world’s most prolific plays,” Muncrief said.

The Delaware drove the bulk of the recent growth with the nine-well CBR-22 pad coming online with an average 30-day rate of 1,538 boe/d and cumulative volumes topping 250,000 bo. This pad was drilled as a spacing test with three Lower Wolfcamp A wells and six Wolfcamp B wells.

WPX continued to expand its Delaware position during Q1, gaining more than 900 well locations and an existing two-rig program by acquiring Panther Energy Company II and Carrier Energy Partners. On the 18,000-net-acre position in Reeves County, four Wolfcamp A wells recorded an average IP-30 of 2,077 boe/d (55% oil)—tracking above the 1.0 MMboe type curve. The company also acquired a 17,900-acre exploratory position in Culberson County that comes with a one-well commitment in 2018.

Callon raises EUR expectations in Howard CountyCallon Petroleum is increasing its Wolfcamp A type curve at Sidewinder field by

85%, a year after drilling its first well in Howard County. The 7,500-ft type curve is now 1.3 MMboe (85% oil), up from the acquisition type curve of 700,000 boe. The company is completing wells with ~2,000 lb of proppant per lateral foot—up 50% from legacy

wells—with IP-30s per 1,000 feet coming in at 90% higher.The initial well, Silver City 01AH, delivered a 2,150 boe/d (89% oil)

IP-30 with a 7,363-ft lateral. The most recent well, Wright-Adams Unit 31-42 05AH, was completed in March and flowed 1,976 boe/d (91% oil) with a 6,832-ft lateral over its first 30 days.

Callon will reevaluate its type curves for Maverick and Fairway fields in the coming months. The company is developing from three zones in the county with performance data updates expected from the Lower Spraberry and Wolfcamp B, where it is refining completions. Callon is running two rigs in Howard, where laterals will average 8,000 ft, and plans to complete 27 wells.

“Our activity in this core area has initially focused on northern Howard County where we have demonstrated the repeatability of exceptional Wolfcamp A results from larger completion designs,” CEO Fred Callon said. “Our efforts in WildHorse will now move toward the central part of Howard County, focusing on three development zones, and we will be active with two rigs across our entire Howard County position throughout 2017.”

RSP’s 1st Delaware well flows ~1,900 boe/d

RSP Permian has drilled and completed its first well in the Delaware Basin with a strong initial rate, confirming

the quality of the Silver Hill Energy Partners acreage it bought last fall for $2.4 billion.

The Crockett Reese St #2403H (6,900-ft lateral) targeted the lower interval of the Wolfcamp A, reaching a peak seven-day IP rate of 1,882 boe/d (71% oil) in Loving County. CEO Steve Gray said his team has accelerated infrastructure buildout in the basin and will add a third rig this month to ramp up volumes.

RSP noted strong performance from non-op wells near its assets as further confirmation of the rock quality. Anadarko-operated Hughes Talbot 75-24-2H flowed an IP-30 of 1,545 boe/d (78% oil) from the Lower Wolfcamp A. The Hughes Talbot 75-24-3H fared better, targeting the Wolfcamp XY and delivering an IP-30 of 1,978 boe/d (73% oil). The Anadarko wells sport shorter laterals averaging 4,550 ft.

In the Midland Basin, RSP drilled and completed its farthest west Wolfcamp A well in Ector County. The Parks Bell 3924H (7,000-ft lateral) had a peak 30-day average of 1,552 boe/d (83% oil).

“This highly productive well gives us confidence that the Wolfcamp will be prolific in this area and that locations to our inventory in a highly economic drilling target that will compete for capital,” Gray said. RSP doesn’t currently carry inventory in that area, but Gray said his reservoir engineers believed there could be 20-30 Wolfcamp A locations. He said the Wolfcamp B in this area is likely carbonate and not productive.

Permian

Confirms productivity in western Midland Basin Wolfcamp A.

Petrolia plans drilling, workovers on NW Shelf Petrolia Energy, formerly known as Rockdale Resources, plans to fully develop the

4,864-acre Twin Lakes San Andres oil unit in Chaves Co., NM, on the Permian Basin’s Northwest Shelf after taking full ownership. Only 12 of the 44 vertical wells in the field

are currently producing, and Petrolia will begin a workover program to restart production on 28 wells. Later this year, the company will also drill two new horizontal wells. The property contains 2.3 MMboe in proved reserves.

“This transaction represents a significant milestone for our company,” CEO Zel Khan said. “The TLSAU lease has material untapped potential, which we are now able to fully develop.”

The property has 44 injection wells for waterflood and CO2 injection for future EOR efforts. President James E. Burns said the previous owner spent $30 million on infrastructure to prepare the field for EOR but never began those efforts. Petrolia expects to carry them out.

Wolfcamp A wells expected to deliver 1.3 MMboe.

Wells outperform 1.0 MMboe type curve on new acreage.

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PetroScout 6 May 18, 2017 ■ Cobalt drilled a sidetrack to

North Platte #4 (60% WI, operator) after encountering 650 feet of net oil pay from the appraisal well in March. The sidetrack was drilled 1.2 miles downdip of the appraisal and encountered thick, continuous Wilcox sands both oil filled and wet. A second sidetrack then was drilled a half mile updip from the first sidetrack and encountered high-quality Wilcox reservoirs that were oil filled to base. Total owns the other 40% WI in North Platte.

■ Consol Energy improved its drilling pace by 14% sequentially. In the Ohio Utica, the company averaged 21.5 drilling days per well compared with 24 drilling days in Q4. This pace would equate to 16 Utica wells with 10,000-ft laterals per year. In the Marcellus, the company set a drilling record in Washington Co., PA. Consol drilled 7,380 ft of the MOR30B in 24 hrs. The company has raised 2017 production guidance to 420-440 Bcfe from 415 Bcfe.

■ California Resources Corp., which recently struck two separate JVs to fuel development, ran three rigs during Q1. Two worked in the San Joaquin Basin and one in the Los Angeles Basin. The company drilled three unconventional wells, five primary wells, 13 steamflood wells and seven waterflood wells. With the JVs in place, CRC is increasing capital to $400-425 million, up from $300 million. Of that, $150 million will go toward JV drilling and completions.

■ Encana’s enhanced-completion design, which it piloted in late 2016 in the Eagle Ford, delivered strong Austin Chalk wells. Five wells brought on production in mid-April averaged over 2,150 boe/d (88% oil).

■ EQT didn’t complete any wells during 1Q17, but the company aims to double its frac crews by June for a total of six working. EQT doesn’t anticipate the slow start will impact its full-year guidance, which is 2.3 Bcfe/d. YE17 exit rate is projected to be 2.6 Bcfe/d. It plans to drill 200 Marcellus and Upper Devonian wells and seven Utica test wells.

Drillbits

SM’s completions track 60% over predecessor in Howard Co.SM Energy is focused on finding the optimal completion recipe for its Midland Basin

wells prior to expanding development in 2018. This work includes collecting core samples to identify new pay zones, improving targeting and tweaking its completion design. The company is also actively swapping and acquiring land positions to lengthen laterals to

10,000 ft. So far, SM has added 1,300 acres as a result of these efforts and has drilled 20 long laterals.

As for completions, EVP Herb Vogel pointed to the success of SM’s Venkman well. The company used its standard slickwater fluid system with 167-ft stages and 1,850-2,000 lb of sand per foot. Lateral length (7,700 ft), proppant load and stage spacing didn’t differ much from the predecessor’s well, but SM’s

optimizations such as higher slickwater fluid volumes and a different mix of sand meshes and surfactant changes drove

60% improvement in 120-day cumulative production. “These were the types of upside that we had some confidence that we could deliver, and now we are building the track record in the RockStar area,” Vogel said.

Of the company’s six rigs running in the Permian, one is a vertical rig dedicated to acquiring data. It aims to collect 4,400 ft of core from the Middle Spraberry and Lower Wolfcamp at its new RockStar acreage in Howard County and another 1,500 ft of core and open-hole logs at its legacy Sweetie Peck acreage in Upton/Midland counties.

Permian

Diamondback begins flowing southern Delaware wellsFollowing last fall’s aggressive push into the southern Delaware Basin,

Diamondback Energy now has its first operated wells online with strong results. CEO Travis Stice said early performance confirms the productivity of the two new core areas in Ward/Reeves counties and Pecos County. The Wolfcamp A single-well economics are on par with the company’s Midland Basin economics exceeding 100%, Stice said.

Diamondback’s first drilled and

completed Wolfcamp A well in the Delaware, Coldblood 7372 Unit 1WA, delivered a peak 15-day IP rate of 1,588 boe/d, or 210 boe/d per 1,000 feet (88% oil), with a 7,563-ft lateral in Ward County. Also in this area, the company will complete is first operated 10,000-ft well, Waler State Unit 4 1WA, in

the coming weeks. Down in Pecos County,

Diamondback performed its first completions on DUC wells. The McIntyre State 38 2H and 40-2H achieved an average IP-30 of 724 boe/d (89% oil), or 158 boe/d per 1,000 feet, with an average laterals of 4,581 ft in the Lower Wolfcamp A. The company also completed the State McGary 16-1H in the Upper Wolfcamp A, flowing a peak 24-hour IP rate of 1,113 boe/d (85% oil), or 243 boe/d per 1,000 feet. Completion design for these wells averaged 2,100 lb of proppant per foot and 62 bbl per foot of fluid. Management says the wells exceed expectations.

EVP: Now we are building a track record in the RockStar area.

Collecting cores at RockStar, Sweetie Peck; swapping land for long laterals.

First drilled & completed well flows over 1,500 boe/d with 88% oil cut.

CEO says Wolfcamp A single-well economics are on par with Midland.

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Volume 28, No. 07 7 e&PNewfield flowing stellar wells in both STACK & Williston

Newfield is employing enhanced completions in both its signature STACK operations as well as the Williston Basin. Wells in both areas are flowing significantly above their respective type curves. With this outperformance in mind, Newfield has raised the midpoint of its 2017 domestic production guidance by more than 4,500 boe/d to 148,600 boe/d and the midpoint of Q4 domestic output by 5,000 boe/d to 160,000 boe/d. Anadarko Basin Q4 midpoint was raised by 3,000 boe/d. The company

also added $900 million to its budget, raising capex to $1.1 billion.

In the STACK, Newfield has completed 15 wells with the new design of 2,100 lb of proppant per foot and 2,100 gallons of liquids per foot. Of these, 13 wells are outperforming the 1.1 MMboe type curve by 45% at 60 days. This includes the industry-leading Burgess 1H-18 well in Kingfisher County, OK, which reached a company record 24-hour peak oil output of 417 bo/d per 1,000 feet of gross perforated interval (GPI) in March. Newfield’s new averages for oil production per 1,000 feet

of GPI are 355 bo/d for 30 days and 323 bo/d for 60 days.

Enhanced completions also played a key role in the Bakken, which CEO Lee Boothby said wasn’t a lost asset for the company. Three recent wells in the Lost Bridge Federal area of Dunn Co., ND, reached an average 30-day rate of 2,445 boe/d (75% oil). Two of the standard-length-lateral wells targeted the Middle Bakken and one targeted the Three Forks. All were completed with an average 10.0 million lb of sand per well for $6.1 million each. These wells helped push Newfield’s 1Q17 Williston volumes up 12% sequentially.

Back to the Midcontinent and future plans, Newfield is currently assessing new prospective horizons. The company has allocated $100 million to this effort, dubbing the program SCORE (Sycamore, Caney, Osage, Resource Expansion). While initial results are encouraging, Newfield has opted to remain mum on specifics for now.

Midcontinent Bakken

Whiting’s wells continue to track with 1.5 MMboe EUR

Whiting’s enhanced completions are driving continued strong performance in both its Bakken and Three Forks wells.

Proppant volumes now average 9.0 million lb per well with 40 stages. During

1Q17, the Loomer 44-33 three-well pad in McKenzie Co., ND, averaged 3,509 boe/d. The wells—two targeting the Three Forks and one in the Bakken—are tracking with a 1.5 MMboe type curve after 50 days, which is Whiting’s high-end EUR target for wells completed during this year’s program.

Regarding enhanced completions, Whiting made two observations. One is that the company believes it can successfully

apply the design across its acreage because the Loomer pad is farther west from previously reported enhanced completions, which all track with 1.5 MMboe.

Second, the Three Forks is proving to be similarly productive as the Bakken. Whiting continues to test higher proppant volumes—16% of this year’s program will test 10-15 million lb.

Whiting also reports that it has lowered LOE as a result of operating efficiency gains. A well-maintenance program has minimized downtime by 22%. The company has also expanded water-handling systems with lower cost contracts that have reduced saltwater-disposal costs by 10%.

Combined with capital efficiency achieved through enhanced completions, CEO James Volker said, “As you can see, the improvements we’ve made in cost and well productivity allow us to operate effectively and efficiently in the $40-$50 oil price environment.”

CEO: Our wells make good sense even in the mid-$40s.

Newfield Delivering Top-Tier STACK Results

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0 50 100 150

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n “UPDATED” produc�on from 15 wells with current comple�on design: 2,100 lbs/� & 2,100 gals/�

n Burgess 1H-18 well– 24-hour peak oil produc�on per 1,000’ GPI: 417 BOPD– “NEW” 30-day average oil produc�on per 1,000’ GPI: 355 BOPD– “NEW” 60-day average oil produc�on per 1,000’ GPI: 323 BOPD

1. All wells normalized to 10,000’ lateral length. Two-stream produc�on normalized to three-stream using 120 Bbls/MmcfNGL yield & 21% gas shrink.

STACK

85%liquids70% oil

85%liquids60% oil

Burgess 1H-18Record Oil Well

Source: Newfield May 2 Presentation via PLS docFinder www.plsx.com/finder

Enhanced completions track 45% above type curve in Oklahoma.

Williston wells push basin volumes up 12% sequentially.

Regional Oil & Gas Intelligence November 3, 2015

Serving the local market with drilling activity, permits & deals for sale Volume 02, No. 14

MUSSELSHELL CO., MT ACREAGE77,413-Gross & 52,200-Net Acres.CENTRAL MONTANA UPLIFT LMISSISSIPPIAN HEATH OIL PLAYProposed Depths: 3,600-9,675 Ft. HEATH100% OPERATED WI FOR SALE SHALEOffset Production: ~100 BOPDL 3185DV

SHERIDAN CO., MT PROSPECTS10-Potential Wells. 3-Prospects.WILLISTON BASIN DVMULTIPAY PROSPECTSRed River. 11,300 Ft.Mission Canyon & Others. 7,500 Ft.60% OPERATED WI; 48% NRI MULTIPAYExpected IP (Red River): 375 BOPDWell Reserve: 300 MBOE/Well DV 3851

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BAKKEN SCOUT Regional Activity (State Data)(10/08/15 to 10/29/15)

Compls Permits

North Dakota 25 136

South Dakota – –

Montana – 2

Most Active Operators by Permits

➊ EOG Resources 32

➋ Continental Resources 21

➌ QEP Energy 12

Permits by Formation (by Last Scout)

Formation 11/03 10/13 09/22M Bakken 12 16 9Three Forks B2 10 3 1Three Forks B1 7 9 13Bakken 3 7 7Three Forks B3 2 2 1Cut Bank 1 – –Duperow 1 – –Three Forks B4 1 – –Other Formations 101 78 111TOTAL 138 115 142Sources: MBOGC, NDIC & SDDNR

Active Rigs Running (Baker Hughes) 63

Statoil long lateral flows at 3,486 boe/d from the BakkenInternational player Statoil flowed a

long-lateral Bakken well at 3,071 bo/d and 2,489 Mcf/d (3,486 boe/d, 88% oil). The Heen 26-35 #7H was drilled with a 9,604 ft lateral in Todd field in Williams County, North Dakota.

Two other Statoil completions in Williams County, the Smith Farm 23-14 #6TFH and #7H, are also long laterals drilled in Cow Creek field. The #6TFH targets the Three Forks with a 10,560-ft lateral and

flowed at 2,369 bo/d and 2,735 Mcf/d (2,825 boe/d, 84% oil) and the #7H has a 10,313-ft lateral targeting the Bakken, flowing 2,285 bo/d and 2,508 Mcf/d (2,703 boe/d, 85% oil).

Statoil’s Bakken assets include 330,000 net acres with an extensive gathering system for transportation and resource marketing.

Has 330,000 net acres in the play along with gathering system.

Continues On Pg 3

Top 20 Statoil Williston Basin Completions (01/15/15 - 09/25/15)

County Operator Well Name Field Reservoir TD boe/d Oil %McKenzie Statoil Johnston 7-6 #4H Banks Bakken 22,420 5,129 75%Mountrail Statoil Bures 20-29 #5H Alger Bakken 20,610 4,354 85%Mountrail Statoil Bures 20-29 #6TFH Alger Three Forks 20,646 4,047 86%Williams Statoil Judy 22-15 #5H East Fork Three Forks 20,720 3,894 86%Williams Statoil Hawkeye 16-21 #3H Todd Bakken 21,281 3,884 89%McKenzie Statoil Maston 34-27 #5TFH Banks Three Forks 20,775 3,791 76%Mountrail Statoil Bures 20-29 #3H Alger Bakken 20,254 3,759 86%Williams Statoil East Fork 32-29 XE #1H East Fork Bakken 19,985 3,726 87%Williams Statoil Folvag 5-8 XE #1H Stony Creek Bakken 20,765 3,686 87%Williams Statoil Heen 26-35 #7H Todd Bakken 20,310 3,486 88%Williams Statoil Irgens 27-34 #5H East Fork Bakken 20,350 3,399 82%Williams Statoil Irgens 27-34 #3H East Fork Three Forks 10,830 3,295 83%Williams Statoil Judy 22-15 #3H East Fork Three Forks 20,990 3,260 85%McKenzie Statoil Maston 34-27 #6H Banks Bakken 21,415 3,143 71%Williams Statoil East Fork 32-29 #6TFH East Fork Three Forks 10,699 3,065 87%Williams Statoil Field Trust 7-6 #4H Todd Bakken 20,442 2,893 90%Williams Statoil Smith Farm 23-14 #6TFH Cow Creek Three Forks 21,235 2,825 84%Williams Statoil Folvag 5-8 #6TFH Stony Creek Three Forks 20,824 2,774 88%Williams Statoil Smith Farm 23-14 #7H Cow Creek Bakken 20,925 2,703 85%Williams Statoil Folvag 5-8 #5H Stony Creek Bakken 20,820 2,656 87%Source: North Dakota Industrial Commission

SM reports efficiency gains despite delaying completionsIn the Bakken/Three Forks, SM

Energy production increased 27% YOY in Q3 but dropped 7% sequentially to 22,200 boe/d (85% oil) as the company increased its completion backlog to 47 wells. The company reported that it has

reduced drilling times to 15-21 days—down by 11% vs. 2014—and has drilled several Divide County wells in fewer than 10 days. Overall costs are down 20-25% vs. 2014. Furthermore, enhanced completions including plug-and-perf

with cemented liners are driving 20-30% increases in recoveries per well.

SM has been adding Bakken resources to its Three Forks inventory, and nine

Middle Bakken wells are performing above its Three Forks type curve. Two

additional recently completed wells could extend SM’s Divide County Bakken footprint farther south.

The company also recently announced the opening of a new office in Williston, North Dakota that SM calls a “tangible indication” of its commitment to growing its North Dakota operations.

Drilling times down by 11% & costs down 20-25% vs. 2014.

155 Permits; 32 Completions; 44 Rigs Running.

Bakken Scout May 16

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PetroScout 8 May 18, 2017NORTH LOUISIANA

CLAIBORNE PH., LA PROPERTY 27-Active Wells. 27-PDNP. 113-PUD.OAKS & E. HAYNESVILLE FIELDS~9,000-Net Acres. PPFrac & Recompletion Upside.Lower Haynesville Sands.Mostly 100% OPERATED WIGross Production: 583 BOEDNet Production: 454 BOED ~400 BOEDNet Cash Flow (Jan-17): $275,000/MnNet Proved Reserves: ~21.5 MMBOENet Proved PV10: ~$124,660,000$1.1MM/Well D&C --- Vertical Well CostOFFERS DUE MAY 18PP 9050DV/RE

NORTH LOUISIANA ASSETS SALE4-Active Wells. ~44,350-Net Acres.CLAIBORNE, LINCOLN, UNION-- AND WEBSTER PARISH L~43,069-Net Acres Non Producing~1,280-Net Acres Held By Production.100% OPERATED WI; ~76-81% NRI ACREAGEGross Production: 91 BOPD & 390 MCFD12-Mn Avg Net Income: $118,606/MonthIncludes Ownership in Midstream JVAGENT WANTS OFFERS JUNE 1L 5709PP

NORTH LOUISIANA SALE PACKAGE 2-Packages.HAYNESVILLE SHALECOTTON VALLEY & HOSSTON PPRefrac & Recompletion Upside.SIGNIFICANT UPSIDE POTENTIALOperated & NonOperated WI Available ~750Current Net Production: ~750 BOED BOEDFLEXIBLE SELLER (OP OR NONOP)PP 9049PKG

OUACHITA PH., LA PROSPECT4-Producing Wells. 3,150-Net Acres.NORTH LOUISIANA TRENDExtension Of HZ Bossier Trend PPBossier A Upper Red At 10,800 Ft.Bossier A Lower Red At 11,050 Ft.30-Potential Wells.2D Seismic & Subsurface Geology100% OPERATED WI; 75-80% NRI BOSSIERCurrent Production: 330 MCFDEst Net Reserves: 13 BCF Per WellTotal Net PV10: $138,000,000DHC: $1,700,000; Compl: $8,000,000PP 2585DV

RAPIDES PH., LA LEASEHOLD32,303-Contiguous Net Acres.TUSCALOOSA MARINE SHALE LLEASEHOLD FOR SALE TMS5-Years Remaining Term.L 2615

ARKANSASMILLER CO., ARKANSAS PROSPECT2 Wells Drilled.PILL BRANCH FIELDJeter 1 & 2 Lime Targets DVFossiliferous & Oolitic Tidal ShoalsTarget Depth ~6,000 Ft.Core Data and Production TestsSEEKING JV PARTNER SEEKINGExpected Well IP: ~40 BOPD PARTNEROffsetting Wells Avg ~100 MBO (49 Wells)Est Well EUR: 75 MBO/WellPotential Reserves: 1.4 MMBODHC: $250,000; D&C Costs: $600,000DV 8829

UNION CO., AR PROSPECT434-Acre Deal Defined By 3 Wells.SMACKOVER SHORELINEProspect Identified By 3 Wells. DV2D Seismic Interpreted.100% OPERATED WI AVAILABLEPotential Reserves: 1.05 MMBO SMACKOVERDHC: $624,000; Completion: $472,000CONTACT SELLER FOR MORE INFODV 3286

EAST TEXASCHEROKEE CO., TX PROSPECT3-Potential Wells. 1,991-Acres.EAST TEXAS BASIN - RODESSALower Gloyd At 9,400 Ft. DVDefined By Subsurface Geology80% OPERATED WI; 75% NRI RODESSAEst Net Rsrvs: 44.8 MBO & 4.48 BCF/WellEst Project Rsrvs: 100 MBO & 12 BCFDHC: $530,000; COMPL: $400,000DV 2219

EAST TEXAS HAYNESVILLE PROSPECT11,377-Gross Acres. 10,151-Net Acres.ANGELINA & NACOGDOCHES CO., TX DVTargets: Haynesville & BossierLeasehold Can Deliver 75% NRI HAYNESVILLEPrimary Term Exp: Nov 2018 - Jan 2019 2-Yr Option To Extend Exp. 2020 - 2021DV 4362

EAST TEXAS PROSPECTS~3,500-Acres. ~20-Locations Available.ROBERTSON COUNTYGOLDEN LANE OF REEFS DVObjectives: Buda, Woodbine, CottonValley & Pinnacle Reef COTTON100 Sq Miles Of Excellent 3D Seimic VALLEYOver Analog Major Discoveries & Prospects100% OPERATED WI; 75% NRILow Risk/ High Reward OpportunityPotential Reserves: 1 TCFDV 4682

NORTH LOUISIANARED RIVER PH., LA PROPERTIES55-Producing Wells. 7,886-Net Acres.COTTON VALLEY & HAYNESVILLE36-Operated Wells. 18-NonOperated. PP74 HZ Drilling Locations Identified.Operated & NonOperated WI Available ~9.5Est Mar 2017 Production: 9.4 MMCFED MMCFEDEst Mar 2017 Cash Flow: $705,000/MnNet Proved Reserves: 412 BCFENet Proved PV10: $225,000,000CONTACT AGENT FOR UPDATEPP 2857DV

MULTIPLE TEXAS GULF COASTCONVENTIONAL EXPLORATION GULF COAST LAND BANKHigh Impact Multiple Prospects. DVCapex Required $12-$15 MMPLS Orchestrating Syndicate GULF COASTQUALIFIED CAPITAL PLAYERS ONLYDV 2805L

TEXAS & LOUISIANA PROPERTIESMultiple Properties.GULF COAST CONVENTIONAL PPPredominantly Operated 70% Avg WIEst Jan 2017 Cash Flow: $3,800,000 ~8,000Proved Reserves: 61,481 MBOE BOEDTotal Proved PV10: $533,203,000CONTACT AGENT FOR UPDATEPP 2110PKG

SOUTH LOUISIANAGULF COAST SALT DOME Producing Wells Plus Upside.SOUTH LOUISIANA PROJECT PPPUD Drilling & Development Potential.OPERATED WORKING INTEREST SALT DOMENet Production: ~60 BOPDPP 5974DV

LARGE MINERAL PACKAGE HEART OF SOUTH LOUISIANADEEP EXPLORATION. MChris, Planulina & Brown Sand.Multi Pay Prospects: 9,200-16,000 Ft OV/RISolid Operators & MMineral & Royalty Sale PackagePLS ADVISORS PREPARING PKGM 9830RR

VERMILION PH., LA MINERALS 12,190-Total Acres. (Fee/Royalty)LIVE OAK & ABBEVILLEMULTI PAY EXPLORATION M6,607+ Acres of Surface & Minerals5,583+ Acres of Royalty InterestMinerals & Surface Rights. GULF COASTSERIOUS MINERAL BUYERS ONLYM 2166RR

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Volume 28, No. 07 9 e&PUS Industry Activity as of May 12 Crude Production by State (bo/d)

State Rigs Feb-17 Jan-17Alabama 3 20,000 21,000 Alaska 7 513,000 516,000 Arizona 0 0 0Arkansas 1 14,000 14,000 California 9 481,000 484,000 Calif. Offshore 0 14,000 14,000 Colorado 31 295,000 295,000 Florida 0 5,000 5,000 GOM 20 1,734,000 1,756,000 Hawaii 0 0 0Idaho 0 0 0Illinois 2 24,000 22,000 Indiana 0 6,000 5,000 Kansas 0 99,000 93,000 Kentucky 1 7,000 6,000 Louisiana 44 144,000 141,000 Michigan 1 14,000 15,000 Mississippi 1 51,000 51,000 Missouri 0 0 0Montana 0 59,000 58,000 Nebraska 0 7,000 6,000 Nevada 0 1,000 1,000 New Mexico 55 439,000 417,000 New York 0 1,000 1,000 North Dakota 44 1,017,000 974,000 Ohio 23 52,000 51,000 Oklahoma 118 412,000 391,000 Pennsylvania 33 15,000 16,000 South Dakota 0 4,000 4,000 Tennessee 0 1,000 1,000 Texas 450 3,309,000 3,190,000 Utah 8 84,000 81,000 Virginia 0 0 0West Virginia 11 24,000 22,000 Wyoming 23 188,000 186,000 Total 885 9,034,000 8,837,000

4

0

0-6

25

0

02

-3

0

0

51

$0

$15

$30

$45

$60

$75

250

450

650

850

1,050

1,250

1,450

1,650

1,850

2,050

May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17

Rig Count WTI

US National Rig Count

Oil: 712 rigsGas: 172 rigsMisc: 1 rig

Total: 885 rigs

1

Prolific Permian continues to lead rig gains with eight

Operators added nine net oil rigs during the week ending May 12 while gas rigs dropped by one net rig. Total rig count is now 885, which is more than double the low count of 404 as of last May.

Permian operators added eight oil rigs, bringing the basin’s count to 357 oil rigs, or 40% of the nation’s total rig count. One new oil rig was added in the Williston Basin, Granite Wash and Cana Woodford. The Eagle Ford stayed flat at eight gas rigs and 75 oil rigs. The Utica added two new gas rigs.

0

Source: Baker Hughes

30-Day Rig Count & Change (Number, +/- as of May 12, 2017)

23

44

9

450

0

031

55

8

1

44 -11 3

23 -133

11 -1

11

20

02

17

00

118

Month/Year May-17 May-16 May-15 May-14

US Rig Count 885 406 888 1,861

US Rig Count by Basin

Play New Last%

Chg

Barnett 6 6 0%

DJ-Niobrara 25 25 0%

Eagle Ford 83 78 6%

Fayetteville 1 1 0%

Granite Wash 11 10 10%

Haynesville 39 37 5%

Marcellus 43 46 -7%

Mississippian 6 8 -25%

Other 184 176 5%

Permian 357 340 5%

Utica 24 23 4%

Williston 44 44 0%

Woodford 62 63 -2%

Grand Total 885 857 3%

Sources: Baker Hughes

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PetroScout 10 May 18, 2017Southeastern Scout (Last Scout: 04/17/17 to 05/09/17)

Permits Compls

State/Region (Number/change)

Alabama 6/-1 -/-Florida -/- -/-Mississippi 124/118 3/1South Louisiana 3/- 41/21Southeast TX (RRC 3) 32/-8 21/4Gulf of Mexico 29/4 -/-

New Permits by Formation

Formation 05/11 04/20 03/30

Tuscaloosa 99 - 1Eagle Ford 10 4 7Lewis 7 - -Wilcox 5 1 3Carter 3 - -Smackover 3 2 1Austin Chalk 2 3 3Rodessa 2 - 1Yegua 2 - 2Other 61 71 71TOTAL 194 81 89

Top Counties by New Permits

County State Perm. BHI Rigs

Amite MS 90 -Wilkinson MS 9 -Burleson RRC 3 8 4Lowndes MS 7 -Monroe MS 7 -Green Canyon GOM 7 7

Top Operators by New Permits

Operator 05/11 04/20 03/30

Australis TMS Inc 97 - -Gulf Pine Energy 14 - -WildHorse Resources 8 2 6Shell 5 6 5

Top Counties by Rig Count

County State 05/05 04/14 03/24

Green Canyon GOM 7 6 6Burleson RRC 3 4 4 3Madison RRC 3 4 2 1Mississippi Canyon GOM 3 5 2

SOUTHEASTERN 48 45 44

Sources: BHI, AL OGB, BOEM, FL DEP, MSOGB, SONRIS & TX RRC

Midcontinent Scout (Last Scout: 04/17/17 to 05/02/17)

Permits Compls


Nebraska 2/1 -/-Kansas 58/15 70/9Oklahoma 96/22 57/-11North Texas (RRC 5) -/- -/-4North Texas (RRC 7B) 11/-8 8/-2North Texas (RRC 9) 19/- 12/3TX Panhandle (RRC 10) 18/1 10/4


Formation 05/04 04/19 04/05

Mississippian 39 31 28Arbuckle 16 7 9MSSPN & WDFD 13 7 8Woodford 10 6 7Cleveland 9 8 9Lansing-Kansas City 7 - 5Squirrel 7 4 21Douglas 4 3 -Ex Chester-MSSPN 4 - 16Other 95 107 121TOTAL 204 173 224



Kingfisher OK 20 19Blaine OK 11 22Canadian OK 10 10Grady OK 8 15


Operator 05/04 04/19 04/05

Marathon Oil 9 1 1Continental Resources 7 3 4Jones Energy 7 5 7Pantera Energy 7 - -


County State 04/28 04/14 03/31

Blaine OK 22 24 23Kingfisher OK 19 19 19Grady OK 15 12 10Canadian OK 10 8 8Garvin OK 8 9 8Dewey OK 6 7 6MIDCONTINENT 145 141 136

Sources: BHI, KS KCC, NOGCC, OK OCC & TX RRC

CALL 713-650-1212

FOR YOUR SAMPLE

Eastern Scout (Last Scout: 03/08/17 to 04/27/17)

Permits Compls


Illinois 20/-6 -/-Indiana 16/8 -/-6Kentucky 7/-1 -/-Michigan 8/-1 -/-New York -/-1 -/-Ohio 51/-83 -/-Pennsylvania 104/-30 -/-Tennessee 15/15 -/-West Virginia 43/-15 2/1


Formation 05/02 04/11 03/21

Marcellus 28 39 49Utica-Point Pleasant 19 55 36Knox 17 6 12Trenton 10 2 2Clinton 7 18 19Cypress 7 4 -Point Pleasant 6 21 12Trenton-Black River 6 27 5Silurian 4 - -Other 160 145 124TOTAL 264 317 259


County State Perm. BHI RigsGreene PA 47 5Jefferson OH 15 3Washington PA 12 11Tyler WV 12 3Monroe OH 10 7Warren PA 10 -


Operator 05/02 04/11 03/21

EQT Production 53 19 26Antero Resources 22 32 11Gulfport Energy 13 2 1John Henry Oil 13 - 4


County State 04/28 04/07 03/17Washington PA 11 10 9Belmont OH 9 8 8Monroe OH 7 7 7Susquehanna PA 6 6 6Greene PA 5 6 6EASTERN 71 69 66Sources: BHI, DNR IL, DNR IN, KYEEC, MI MDEQ, NYSDEC, ODNR, PADEP, TDEC & WVDEP

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Volume 28, No. 07 11 e&PArk-La-Tex Scout (Last Scout: 04/07/17 to 04/28/17)

Permits Compls


Arkansas 6/3 25/-1North Louisiana 54/12 31/-12East Texas (RRC 5) 6/-2 15/12East Texas (RRC 6) 22/-15 72/56


Formation 05/03 04/13 03/23

Haynesville 25 38 30Wilcox 10 5 3Cotton Valley 7 10 10Pettit 4 8 3Travis Peak 4 4 7Fayetteville 3 2 -Carrizo 2 - 1Moorefield 2 - 1Woodbine 2 - -Other 29 23 21TOTAL 88 90 76



Caddo NLA 12 3LaSalle NLA 9 -Lincoln NLA 9 7Rapides NLA 8 -Panola RRC 6 8 1


Operator 05/03 04/13 03/23

Castor Production 9 - -Range Louisiana Op 8 2 2Safety-Kleen Systems 8 - -AMA Chiles LLC 5 - -GEP Haynesville LLC 5 - -SEECO 5 2 1


County State 04/28 04/07 03/17

DeSoto NLA 18 19 18Lincoln NLA 7 6 6Red River NLA 6 5 5San Augustine RRC 6 5 6 6Cherokee RRC 6 4 4 4ARK-LA-TEX 56 55 55

Sources: BHI, AOGC, SONRIS & TX RRC

CALL 713-650-1212

FOR YOUR SAMPLE

Permian Basin Scout (Last Scout: 04/07/17 to 05/05/17)

Permits Compls


West Texas (RRC 7C) 34/8 19/1West Texas (RRC 8) 295/80 78/16West Texas (RRC 8A) 58/41 16/-13SE New Mexico 42/12 35/12

New Permits by FormationFormation 05/10 04/26 04/12Wolfcamp 123 105 89Spraberry 110 88 88Bone Spring 45 18 37San Andres 21 6 16Wolfbone 20 9 11Clear Fork 9 6 14Delaware 7 1 5Devonian 6 2 8Bell Canyon 4 - 1Other 84 44 85TOTAL 429 279 354



Reeves RRC 8 65 51Loving RRC 8 32 33Lea SENM 30 22Martin RRC 8 26 23Ward RRC 8 25 8


Operator 05/10 04/26 04/12

Anadarko E&P 35 11 22Occidental 26 15 14EOG Resources 22 15 12XTO Energy 16 10 12Devon Energy 15 1 10


County State 05/05 04/21 04/07

Reeves RRC 8 51 48 50Midland RRC 8 40 38 38Loving RRC 8 33 29 29Eddy SENM 30 30 26Martin RRC 8 23 21 25PERMIAN 347 337 328

Sources: BHI, NMOCD & TXRRC

Drilling & Permit Data Visit: www.plsx.com/regionalsVisit: www.plsx.com/regionals

Eastern Scouttracks the Marcellus, Utica and other legacy plays.legacy plays.

Southeastern Scouttracks the Tuscaloosa Shale and legacy conventional plays.conventional plays.

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Ark-La-Tex Scouttracks Fayetteville, Haynesville and other traditional ETX plays.other traditional ETX plays.

Permian Scouttracks the Permian Basin and other new and legacy plays.g y p y

South Texas Scouttracks the Eagle Ford and other new and legacy plays.and legacy plays.

Bakken Scouttracks Bakken, Three Forks and other new and legacy plays.

Western Scouttracks Niobrara, Four Corners and Western US plays.

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PetroScout 12 May 18, 2017South Texas Scout (Last Scout: 04/03/17 to 04/24/17)

Permits Compls


South Texas (RRC 1) 140/26 25/-17South Texas (RRC 2) 70/-21 33/-2South Texas (RRC 3) 16/5 -/-1South Texas (RRC 4) 39/14 4/-11


Formation 04/27 04/06 03/16

Eagle Ford 190 159 218Austin Chalk 9 15 10Woodbine 6 2 1Frio 4 1 1Frio-Vicksburg 4 1 -Vicksburg 4 - -Olmos 3 4 -Buda 2 2 2Wilcox 2 1 4Other 41 56 41TOTAL 265 241 277


County State Perm. BHI RigsDimmit RRC 1 42 12La Salle RRC 1 40 10Karnes RRC 2 38 19Atascosa RRC 1 18 4Webb RRC 4 18 6


Operator 04/27 04/06 03/16Carrizo LLC 29 7 29SN EF Maverick LLC 23 12 -EOG Resources 21 17 21Marathon Oil 17 9 15Murphy E&P 10 - -


County State 04/21 03/31 03/10Karnes RRC 2 19 20 19Dimmit RRC 1 12 9 10La Salle RRC 1 10 10 7Webb RRC 4 6 7 7McMullen RRC 1 6 5 3DeWitt RRC 2 6 5 4SOUTH TEXAS 99 95 85

Sources: TX RRC & BHI

Bakken Scout (Last Scout: 04/21/17 to 05/11/17)

Permits Compls


Montana 5/3 -/-1North Dakota 150/8 32/14South Dakota -/- -/-


Formation 05/16 04/25 04/04

Bakken 36 31 18Three Forks 23 12 25Three Forks B1 20 17 20M Bakken 18 16 31Three Forks B2 3 3 4Dakota 1 1 2Red River 1 - -Other 53 64 35TOTAL 155 144 135



McKenzie ND 57 23Dunn ND 42 7Mountrail ND 23 4Williams ND 13 8Billings ND 7 -


Operator 05/16 04/25 04/04

Enerplus Resources 20 7 7EOG Resources 20 9 8Oasis Petroleum 20 12 17Burlington Resources 13 5 11


County State 05/12 04/21 03/31

McKenzie ND 23 23 18Williams ND 8 8 7Dunn ND 7 7 10Mountrail ND 4 5 5Stark ND 1 1 1Burke ND 1 - -BAKKEN 44 44 42

Sources: BHI, MBOGC, NDIC & SDDENR

Western Scout (Last Scout: 03/25/17 to 05/02/17)

Permits Compls


California 281/209 -/-Colorado 189/-57 13/-58Nevada -/- -/-NW New Mexico 5/- -/-Utah 16/-1 4/-Wyoming 821/410 67/54


Formation 05/09 04/18 03/28

Niobrara 439 266 213Codell 131 92 57Turner 89 48 15Frontier 83 46 48Lance 77 43 30Kern River 41 23 20Shannon 39 13 18Mowry 33 35 29Diatomite 30 2 5Other 350 183 295TOTAL 1,312 751 730



Converse WY 451 5Kern CA 193 6Laramie WY 191 2Weld CO 131 22Sublette WY 77 10


Operator 05/09 04/18 03/28

Anadarko E&P 205 40 18Anschutz Oil 135 42 42Wold Energy 126 39 108EOG Resources 110 152 -Chevron 101 33 98


County State 05/05 04/14 03/24

Weld CO 22 21 24Sublette WY 10 7 7Kern CA 6 6 6Garfield CO 5 5 5Converse WY 5 6 6WESTERN 72 66 64

Sources: BHI, COGCC, DOGGR, NDOM NV, NMOCD, UDOGM & WOGCC

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Volume 28, No. 07 13 e&PSOUTHEAST TEXAS

WHARTON CO., TX PROSPECT80-Acres.SOUTHEAST TEXAS DVFrio Sands Primary ObjectiveShallow Miocene Secondary ObjectiveTarget Depth: 5,950 FeetUp To 50% WI AVAILABLE; 75.8% NRI FRIOPotential Reserves: 140 MBO & 320 MMCFDHC: $350,000; Compl: $380,000DV 1573

WHARTON CO., TX PROSPECTProposed Shallow Gas Well.WEST BERNARD FIELD DVPROLIFIC PRODUCING AREAMiocene. ~3,200 Ft. SHALLOW50% NonOperated WI For SaleNearby Reservoir Prod 6.3 BCF (3 Wells)Potential P50: 1.6 BCFDV 8609

MULTISTATE PERMIANWEST TEXAS SALE PACKAGE70-Producing Wells. 24,386-Net Acres.CRANE, PECOS & TERRELL COS.CENTRAL BASIN PLATFORM PPUpper Devonian, Atoka, Strawn, Barnett,Woodford, Canyon, Montoya & Clearfork50-100% OPERATED WI; 37.5-75% NRI ~830Recent Net Production: 828 BOED BOEDExpected Cash Flow: $550,000/MonthTotal Proved Reserves: 10,191 MBOETotal Proved PV10: $89,955,000CONTACT AGENT FOR UPDATEPP 2780DV

PERMIAN / WEST TEXASCROCKETT CO., TX ACREAGE ~4,450-Net Acres.PERMIAN LWolfcamp & Spraberry RightsAccess To Multiple Horizon Targets WOLF-Up to 100% OPERATED WI; 75% NRI CAMPLeases Are 100% Held By ProductionPART OF A LARGER OFFERINGL 9981DV

UPTON & REAGAN CO., TX LEASEHOLD3,500-Net Acres (HBP).CORE MIDLAND BASINHorizontal Development LSpraberry, Cline, Wolfcamp A, B & C7,500 Ft. - 10,000 Ft. Lateral Development MIDLAND84 Drilling Locations Identified BASIN100% OPERATED WI; Avg ~81% NRICONTACT AGENT FOR UPDATEL 2624DV

SOUTH TEXASSTARR CO., TX PROSPECTEst 14-QC Wells. 2,362-Acres.MULTI-ZONED STACKEDObj 1: QUEEN CITY At 9,200 Ft. DVObj 2: Wilcox At 11,500 Ft.Obj 3: Cook Mtn - 6,500’ & Yegua - 5,000’Est IP(30): 2.5 MMCFD & 65 BOEst QC Resource: 2,000 MBO & 77 BCF 89 BCFEPer Well Resource: 143 MBO & 5.5 BCFPV10 (Strip): $85,000,000Up To 3 Units In Block A & B Available:Blk A: 29.17% WI BPO - 25% APOBlk B: 23.3% WI; Operations NegotiableDV 4575

SOUTHEAST TEXASMADISON & LEON CO., TX PROPERTY10-Total Wells. ~25,500-Net Acres.EAGLE FORD SHALE PLAY PPWoodbine, Austin Chalk, Buda &Georgetown Upside Potential93-100% OPERATED WI; 71-79% NRIGross Production: 439 BOPD WOODBINE10-Mn Avg Net Income: $408,971/Month39 Eagle Ford PUD LocationsAGENT WANTS OFFERS JUNE 7PP 5331DV

SOUTHEAST TEXAS MINERALS900-Net Mineral Acres.GRIMES & WALKER COUNTIES MEaglebine, Buda & Glen Rose Primary ObjsGeorgetown, Kiamichi, Goodland/Edwards& Paluxy Additional Objectives MINERALSMINERALS FOR SALECONTACT AGENT FOR MORE INFOM 4289

SOUTHEAST TEXAS MULTIPAY5-Potential Wells. 884-Acres.MATAGORDA CO.STACKED POTENTIAL DV7 Objectives In Frio/Tex-Miss Formations3D Seismic, Subsurface Geology &Geophysics Data Available45% NonOperated WI AVAILABLE MULTIPAYEstimated Oil IP: ~400-700 BOPDEstimated Gas IP: ~5.0-12.0 MMCFDEst Well Reserves: 840 MBO & 15.4 BCFEst Project Rsrvs: 4.2 MMBO & 77.32 BCFDV 2260

SOUTHEAST TEXAS PROSPECT1-Proposed Well.YEGUA & COOK MOUNTAIN TRENDS DVHardin & Orange Counties3 Follow-Up Wells Related To Prospect UPSIDE200 Sq Mile Of Proprietary 3D Seismic Data33.3% NonOperated WI; 75% NRIReserve Potential (P50): 500 MBO & 24 BCFDV 4175

SOUTH TEXASBEE CO., TX PROSPECT3-Potential Wells. 1-SWD. 281-Acres.SOUTH TEXAS - GULF COASTBasal Frio, Vicksburg & Jackson Formation DVPotential Targets: Third Het, 2,650’ Sand,Pundt Sand, Stillwell Sand & Lucille HockleyTarget Depth At 4,900 Ft.Lease Can Deliver 75% NRI FRIOSupported By Subsurface DataPotential Reserves: 409 MBO & 3.95 BCFDV 2865

EAGLE FORD MINERAL PACKAGE105 Producing Wells (Lower Eagle Ford)CORE OF CORE MINERAL POSITION1,135-Net Mineral; 1,864-Net Royalty Acs MEagle Ford & Austin Chalk Potential780+ Upside Locations Identified.MINERALS FOR SALE MINERALSEst 2017 Cash Flow: ~$575,000/MonthEagle Ford Locations 50% to 100% IRRsAustin Chalk Locations 100%+ IRRsKey Operators: Conoco, Devon, --Marathon, Encana, Pioneer & EOGAGENT WANTS OFFERS JUNE 8M 5384PP

JACKSON CO., TX PROSPECT~200-Acres.SOUTH TEXAS - GULF COAST DVCook Mountain & Yegua At 12,500 Ft.40% Working Interest; 75% NRI GULFPotential Reserves: 2.6 MMBO & 53 BCF COASTEst Drill & Complete Costs: $2,640,000DV 2039

KARNES CO., TX PROSPECT 1-Well WOC. ~500-Acre Unit. 100% HBP.AUSTIN CHALK & EAGLE FORDSugarkane & Eagleville Field LIncludes All Depth Rights.5,000’ & 7,000’ Laterals Possible.Up To 100% OPERATED WI; 75% NRI CHALK--Includes 3D SeismicEURs From 300 - 1,700 MBOE/WellOffset AC IPs >3,500 BOEDCALL PLS FOR STATUS UPDATEL 2093DV

SOUTH TEXAS PROSPECTS3-Potential Wells. 3-Prospects. 500-Acres.YEGUA & FRIO TRENDSJackson & Lavaca Counties DVYegua Formation At 6,300 Ft.Frio Formation At 3,900 Ft.3D Seismic & Geophysics Data Available GULF63% OPERATED WI; 75% NRI COASTEst Net Rsrvs: 15 MBO & 1,500 MMCF/WellEst Project Rsrvs: 45 MBO & 4,500 MMCFTotal Net PV10: $3,850,000DHC: $286,800; Compl: $260,000DV 4727

DEALS FOR SALE

CAL

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