<Mook Project ASEC 1209>
A Look Back Report of
Oil and Gas Reserves
To the Interests (Acquired in 2010) of
American Standard Energy Corporation
In Selected Leases
Located in North Dakota
Effective December 31, 2009
For Disclosure to the
Securities and Exchange Commission
Mook Project ASEC 1209
Prepared for
American Standard Energy Corp.
January 27, 2011
<Mook Project ASEC 1209>
BRYANT M. MOOK, B.SC., M.ENG. | |
PETROLEUM ENGINEER AND GEOLOGIST |
12926 KING CIRCLE |
HOUSTON, TEXAS 77429-2936 |
TELE: +1 (713) 623-1158 • MOBILE: +1 (281) 253-2464 |
NEW YORK, NY TEL: +1 (212) 518-7752 |
| LONDON, UK TEL: +44 (0) 20 7993 8268 |
January 28, 2011
| Scott Mahoney, CFA |
| Managing Partner |
| Catalyst Corporate Solutions |
| | |
| Subject: | A Look Back Report |
| | Oil and Gas Reserves |
| | To the Interests (Acquired in 2010) of |
| | American Standard Energy Corporation |
| | In Selected Leases |
| | Located in North Dakota |
| | Effective December 31, 2009 |
| | For Disclosure to the |
| | Securities and Exchange Commission |
| | Mook Project ASEC 1209 |
Bryant M. Mook Petroleum Engineering and Geological Advisor (Mook) has performed an engineering evaluation to estimate proved developed producing (PDP) reserves and future net revenue from oil and gas properties to the subject interests. This evaluation was requested by Mr. Scott Mahoney as an officer of both the operator, ASEC Operating LLC (ASEC), and the interest owner, Geronimo and American Standard Energy Corp., (ASEC). Projections of the reserves and the future net revenue to the evaluated interests are based on economic parameters and operating conditions considered applicable as of December 31, 2009 and are pursuant to the financial reporting requirements of the Securities and Exchange Commission (SEC). This evaluation, in combination with other documents and data is being used by ASEC for financial purposes. Following is a summary of the results of the evaluation effective December 31, 2009:
| | | | | | Proved Developed | | | | | | | |
| Net Reserves to the | | Proved Developed | | | Non-Producing | | | Proved | | | | |
| Evaluated Interests: | | Producing (PDP) | | | (PDNP) | | | Undeveloped (PUD) | | | Total Proved | |
| Oil/Condensate (MBO) | | | 10.3 | | | | 0.0 | | | | 0.0 | | | | 10.3 | |
| Gas (MMCF) | | | 3.5 | | | | 0.0 | | | | 0.0 | | | | 3.5 | |
| Future Net Revenue, M$ | | | | | | | | | | | | | | | | |
| Undiscounted | | $ | 403.8 | | | $ | 0.0 | | | $ | 0.0 | | | $ | 403.8 | |
| Discounted, NPV 10% | | $ | 242.9 | | | $ | 0.0 | | | $ | 0.0 | | | $ | 242.9 | |
<Mook Project ASEC 1209>
The attached definitions describe all categories of reserves and the discussion describes and includes the information for this evaluation.
It has been a pleasure to serve ASEC by preparing this engineering evaluation. I will retain all related data and ancillary information in my files and will be available for review at your convenience.
Yours truly,
Attachments
<Mook Project ASEC 1209>
CONTENTS
DEFINITIONS OF RESERVES
DISCUSSION
Introduction
Data Sources
Method of Reserves Determination
Oil Pricing
Gas Pricing
Pricing Statement
Operating Expenses
Production and Ad Valorem Taxes
Investments
Salvage and Property Abandonment
SUMMARIES
Reserves Category:
Proved Developed: PDP
Proved Developed Nonproducing: PDNP
Economic Recap
<Mook Project ASEC 1209>
DEFINITIONS OF OIL AND GAS RESERVES1
Developed oil and gas reserves
Developed oil and gas reserves are reserves of any category that can be expected to be recovered:
| (i) | Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and |
| (ii) | Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well. |
Undeveloped oil and gas reserves
Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
| (i) | Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. |
| (ii) | Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time. |
| (iii) | Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty. |
Proved oil and gas reserves 2
Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible - from a given date forward from known reservoirs, and under existing economic conditions, operating methods, and government regulations - prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
(i) The area of the reservoir considered as proved includes:
(A) The area identified by drilling and limited by fluid contacts, if any, and
(B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas based on available geoscience and engineering data.
(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering: or performance data and reliable technology establishes a lower contact with reasonable certainty.
<Mook Project ASEC 1209>
(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:
(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and
(B) The project has been approved for development by all necessary parties and entities, including government entities.
(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-date-of-the- month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.
Probable reserves
Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.
(i) When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.
(ii) Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.
(iii) Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proves reserves.
(iv) See also paragraphs (iv) and (vi) below in Possible reserves.
Possible reserves
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.
(i) When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.
(ii) Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.
<Mook Project ASEC 1209>
(iii) Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.
(iv) The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.
(v) Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a well bore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.
(vi) Pursuant to paragraph (iii) in the previous Proved oil and gas reserves section, where direct observation has defined a highest known oil (HKO) elevation and the potential exists of an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.
1These definitions are from 17CFR 210.4-10 (Federal Register Dated January 14, 2009).
2 Bryant M. Mook Petroleum Engineering and Geological Advisor separates proved developed reserves into proved developed producing and proved developed nonproducing reserves. This is to identify proved developed producing reserves as those to be recovered from actively producing wells; proved developed nonproducing reserves as those to be recovered from wells or intervals within wells, which are completed but shut in waiting on equipment or pipeline connections, or wells where a relatively minor expenditure is required for recompletion to another zone.
<Mook Project ASEC 1209>
DISCUSSION
INTRODUCTION
Bryant M. Mook Petroleum Engineering and Geological Advisor (Mook) has performed an engineering evaluation to estimate proved developed producing (PDP) reserves and future net revenue from oil and gas properties to the interests (acquired in 2010) of American Standard Energy Corporation (ASEC). This evaluation was requested by Mr. Scott Mahoney as an officer of both the operator, ASEC Operating LLC (ASEC). The results of the evaluation are summarized in the cover letter and are presented by year in the reserve category summaries.
The individual projections of lease reserves and economics prepared to produce this report include data that describe the production forecasts and associated evaluation parameters such as interests, taxes, product prices, operating costs, investments, salvage values, and abandonment costs.
Projections of the reserves and future net revenue to the evaluated interests were based on economic parameters and operating conditions considered applicable as of December 31, 2009 and are pursuant to the financial reporting requirements of the Securities and Exchange Commission (SEC). This evaluation, in conjunction with other documents and data, is being used by ASEC for financial purposes. This evaluation was prepared for ASEC to present the December 31, 2009 reserves and economics for properties acquired in 2010 in accordance with the procedures of the SEC.
Net income to the evaluated interests is the future net revenue after consideration of royalty revenue payable to others, taxes, operating expenses, investments; salvage values, abandonment costs, and net profit interests, as applicable. The future net revenue is before federal income tax and excludes consideration of any encumbrances against the properties if such exist.
The “as of” dates included in the economic runs represents the approximate date of first production and there is normally a two to three month delay before production is available from state reporting agencies.
The future net revenue values presented in the Lease Reserves and Economics section of this report and summarized in the cover letter were based on projections of oil and gas production as of the December 31, 2009 production figure. It was assumed there would be no significant delay between the date of oil and gas production and the receipt of the associated revenue for this production. Gas production trends have been assumed a function of well productivity and not of market conditions.
Oil and gas reserves were evaluated for only the PDP category since the PDNP wells are either not producing or have just commenced production and reserves would be difficult to calculate accurately. Additionally, there are four wells included in the PDP category that have had no economic projection made since they have either one month or one partial month of production and hence reserves would be difficult to calculate accurately. Proved undeveloped (PUD) categories were not evaluated but may exist on these properties. In preparing this evaluation, no attempt has been made to quantify the element of uncertainty associated with the PDP category. The attached Definitions describe all categories of reserves.
<Mook Project ASEC 1209>
Oil reserves are expressed in thousands of United States (U.S.) barrels (MBBL) of 42 U.S. gallons. Gas volumes are expressed in millions of cubic feet (MMCF) at 60° degrees Fahrenheit and at the legal pressure base that prevails in the state in which the reserves are located. No adjustment of the individual gas volumes to a common pressure base has been made.
The future net revenue was discounted at an annual rate of 10.00 percent. Future net revenue was also discounted at various secondary rates and is displayed as totals only. The 10.00 percent rate was included in accordance with the reporting requirements of the SEC. The future net revenue was discounted monthly at the midpoint of the month. Capital costs were discounted at the time they occurred. No opinion is expressed by Mook in this report as to a fair market value of the evaluated properties.
This report includes only those costs and revenues that are considered by ASEC to be directly attributable to individual leases and areas. There could be other revenues, overhead costs, or other costs associated with ASEC that are not included in this report. Such additional costs and revenues are outside the scope of this report. This report is not a financial statement for ASEC and should not be used as the sole basis for any transaction concerning ASEC or the evaluated properties.
The reserves projections in this evaluation are based on the use of the available data and accepted industry-engineering methods. Changes in any operational or economic parameters or production characteristics of the evaluated properties after the effective date could increase or decrease their reserves. Unforeseen changes in market demand or allowables set by various regulatory agencies could also cause actual production rates to vary from those projected. Mook reserves the right to alter any of the reserves projections and the associated economics included in this evaluation in any future evaluations based on additional data that may be acquired.
Bryant M. Mook Petroleum Engineering and Geological Advisor is an independent consulting firm and does not own any interests in the oil and gas properties covered by this report. No employee, officer, or director of Mook is an employee, officer, or director of or ASEC. Neither the employment of nor the compensation received by Mook is contingent upon the values assigned to the properties covered by this report.
DATA SOURCES
All data utilized in the preparation of this report with respect to interests, reversionary status, gas contract terms, operating expenses, investments, salvage values, abandonment costs, net profit interests, well information, and current operating conditions, as applicable, were provided by ASEC. Production data through December 31, 2009 were utilized on the evaluated properties from public sources. No data after December 31, 2009 has been utilized. All data have been reviewed for reasonableness and, unless obvious errors were detected, have been accepted as correct. It should be emphasized that revisions to the projections of reserves and economics included in this report may be required if the provided data are revised for any reason. No inspection of the properties was made since this was not considered within the scope of this evaluation. No investigation was made of any environmental liabilities that might apply to the evaluated properties, and no costs are included for any possible related expenses.
<Mook Project ASEC 1209>
METHOD OF RESERVES DETERMINATION
The estimates of reserves contained in this report were determined by accepted industry methods and in accordance with the attached Definitions of Oil and Gas Reserves. Methods utilized in this report include extrapolation of historical production trends and analogy to similar properties.
Where sufficient production history and other data were available, reserves for producing properties were determined by extrapolation of historical production trends. Analogy to similar properties was used in some cases for those producing properties, which lacked sufficient production history and other data to yield a definitive estimate of reserves. Reserves projections based on analogy are subject to change due to subsequent changes in the analogous properties or subsequent production from the evaluated properties.
OIL PRICING
The price of $52.93 per barrel of West Texas Intermediate oil was used as the effective date-based oil price. This price is the average of January 2009 through December 2009 first-of-the-month NYMEX spot oil prices less the per barrel price differential. This price adjustment was used to account for any difference between the base NYMEX oil price and the actual received oil price were calculated for the January 2009 through December 2009 period by Mook. Prices were held constant for the life of the properties.
GAS PRICING
The price of $3.66 per million British thermal units (MMBTU) for Henry Hub gas was used as the effective date-based gas price. This price is the average of January 2009 through December 2009 first of the month NYMEX spot gas prices. No price adjustments were used to account for any difference between the base NYMEX oil price and the actual received oil price were calculated for the January 2009 through December 2009 period by Mook. These prices were held constant for the life of the properties.
PRICING STATEMENT
It should be emphasized that with the current economic uncertainties, fluctuation in market conditions could significantly change the economics of the properties included in this report.
<Mook Project ASEC 1209>
OPERATING EXPENSES
Operating costs were provided by ASEC for the twelve-month period January 2009 through December 2009. All available data for each property were used to determine average recurring expenses that are billable to the working interest owners on a cost per MCFG or BO basis. In certain cases where Lease Operating Expenses (LOE) were not available or were judged anomalous due to poor production history, $6.00 per barrel of oil was used to calculate LOE and was based on an average of surrounding productive leases. Lease operating expenses were held constant for the life of the properties.
PRODUCTION AND AD VALOREM TAXES
State production taxes have been deducted at the published rates as appropriate. Average county ad valorem taxes were deducted in the calculations.
INVESTMENTS
Capital costs were provided by ASEC for these PDP properties.
SALVAGE AND PROPERTY ABANDONMENT
Neither salvage values nor abandonment costs were provided by ASEC to be included in this evaluation. Plugging and Abandonment (P&A) costs will be offset by estimated salvage values, hence, net P&A costs are not material.
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | *Data Report* | TIME: 12:12:55 |
| | | DB: XOG_12-6- |
| 2010_Baaken_2009.mdb | | |
| | | ID: ND3306100819BAKKEN |
| Lease ID: | AKKEN | Major Phase: | OIL | API #: | | Status: | ACT |
| Lease Name: | |
| Well Name: | |
| Field Name: | |
| Formation Name: | |
| Operator: | |
| Title 1: | |
| Title 2: | |
| Export Code 1: | |
| Export Code 2: | |
| Export Code 3: | |
| Project Start Date: | 1/2010 | | Ending Month: | 12 | Disc. Rate % | 10 | | | |
| Reserves Factor: | 100 | | Cash Flow Factor: | 100 | Gas Shrink% | 0 | | Gas Shrink (MCF/M) | 0 |
| Severance Tax Exempt: | # Months: | 0 | Limited By P/O: | No | | | |
| | | Oil | | | Gas | | | PP | |
| Ad Valorem Tax: | 3.0% | | 7.0% | .00 $/BBL | | .0% | .09 $/MCF | | .0% | .00 $/BBL |
| | | Tax: | | | Tax: | | | Tax: | |
| Initial Oil Price Adj.: | 0.00 $/BBL | Max Price: | 120.00 $/BBL | Plant Price: | .00 % Oil Price |
| Oil Price: | | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Oil Price: | 0.00 $/BBL | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Oil Price: | 0.00 $/BBL | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Initial Gas Price Adj.: | 0.00 $/MCF | Max Price: | 12.00 $/MCF | BTU | 1000 |
| Gas Price: | 3.66 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Gas Price: | 0.00 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Gas Price: | 0.00 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Op Exp $/W/M: | 0 Esc | 0.0 % | For | 30.00 Years | Esc | 0.0 % | For | 0.00 Years |
| Op Exp $/M: | 0 Esc | 0.0 % | For | 30.00 Years | Months Delay 0 | | |
| Op Exp $/BBL: | 9.91 Esc | 0.0 % | For | 30.00 Years | | | | |
| Op Exp $/MCF: | 1.65 Esc | 0.0 % | For | 30.00 Years | | | | |
| Op Exp $/B Wat: | 0.00 Esc | 0.0 % | For | 30.00 Years | | | | |
| Mgmt Fee $/M: | 0 Esc | 0.0 % | % NLP 0.00 | | | | | |
| WI% | NRI% O | NRI% G | Mths | AMT |
| 0.6671 | 0.5403 | 0.5403 | 360 | 0.00 |
| 100.0000 | 0.0000 | 0.0000 | 0 | 0.00 |
| Investments - Gross | Lease Hold M$ | 0.000 | | Net Salvage M$ | 0.000 |
| Escalation: | 0.0 % | For | 30.00 Years | | |
| Date | Tang M$ | Intan M$ | Risk % | | Fed Tax Data |
| 11/ 2008 | 6,192.880 | 0.000 | 100.0 | | Rate % | 34.00 |
| | | | | | Depr. | Decl. Bal |
| | | | | | Depr.Life | 7 |
| | | | | | | |
| Oil Units | Prod Start Date | GOR | No.Wells | Start ID |
| Monthly | 11/ 2008 | 0.0 | 1 | |
| Type | N | Initial | Final | Decline | Time | Cum | Comments |
| HYP | 0.7 | | 39.9 | 74.770 | 386 | | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| Gas Units | Prod Start Date | YLD | No.Wells | Start ID | Plant Yld B/MM |
| Monthly | 11/ 2008 | 0.0 | 0 | | 0.00 |
| Type | N | Initial | Final | Decline | Time | Cum | |
| HYP | 0.9 | | | | | | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | As of 1 / 2010 | TIME: 12:12:55 |
| | | DB: XOG_12-6-2010_Baaken_2009.mdb |
| | | ID: ND3306100819BAKKEN |
| Date | No. Wells | Gross Oil (Mbbl) | Gross Gas (MMcf) | Net Oil (Mbbl) | Net Gas (MMcf) | Oil Price $/Bbl | Gas Price $/Mcf | Oil Net.Rev (M$) | Gas Net.Rev (M$) | Other Net.Rev (M$) | Total Net.Rev (M$) |
| 12/2010 | 1.0 | 17.945 | 16.114 | 0.097 | 0.087 | 56.60 | 3.66 | 5.488 | 0.319 | 0.0 | 5.807 |
| 12/2011 | 1.0 | 11.268 | 12.376 | 0.061 | 0.067 | 56.60 | 3.66 | 3.446 | 0.245 | 0.0 | 3.691 |
| 12/2012 | 1.0 | 7.948 | 10.005 | 0.043 | 0.054 | 56.60 | 3.66 | 2.431 | 0.198 | 0.0 | 2.629 |
| 12/2013 | 1.0 | 6.009 | 8.371 | 0.032 | 0.045 | 56.60 | 3.66 | 1.838 | 0.166 | 0.0 | 2.003 |
| 12/2014 | 1.0 | 4.757 | 7.179 | 0.026 | 0.039 | 56.60 | 3.66 | 1.455 | 0.142 | 0.0 | 1.597 |
| 12/2015 | 1.0 | 3.893 | 6.274 | 0.021 | 0.034 | 56.60 | 3.66 | 1.190 | 0.124 | 0.0 | 1.315 |
| 12/2016 | 1.0 | 3.265 | 5.563 | 0.018 | 0.030 | 56.60 | 3.66 | 0.999 | 0.110 | 0.0 | 1.109 |
| 12/2017 | 1.0 | 2.792 | 4.991 | 0.015 | 0.027 | 56.60 | 3.66 | 0.854 | 0.099 | 0.0 | 0.953 |
| 12/2018 | 1.0 | 2.425 | 4.522 | 0.013 | 0.024 | 56.60 | 3.66 | 0.742 | 0.089 | 0.0 | 0.831 |
| 12/2019 | 1.0 | 2.133 | 4.130 | 0.012 | 0.022 | 56.60 | 3.66 | 0.652 | 0.082 | 0.0 | 0.734 |
| 12/2020 | 1.0 | 1.896 | 3.798 | 0.010 | 0.021 | 56.60 | 3.66 | 0.580 | 0.075 | 0.0 | 0.655 |
| 12/2021 | 1.0 | 1.701 | 3.513 | 0.009 | 0.019 | 56.60 | 3.66 | 0.520 | 0.069 | 0.0 | 0.590 |
| 12/2022 | 1.0 | 1.538 | 3.266 | 0.008 | 0.018 | 56.60 | 3.66 | 0.470 | 0.065 | 0.0 | 0.535 |
| 12/2023 | 1.0 | 1.399 | 3.050 | 0.008 | 0.016 | 56.60 | 3.66 | 0.428 | 0.060 | 0.0 | 0.488 |
| 12/2024 | 1.0 | 1.281 | 2.860 | 0.007 | 0.015 | 56.60 | 3.66 | 0.392 | 0.057 | 0.0 | 0.448 |
| 12/2025 | 1.0 | 1.178 | 2.691 | 0.006 | 0.015 | 56.60 | 3.66 | 0.360 | 0.053 | 0.0 | 0.414 |
| 12/2026 | 1.0 | 1.089 | 2.540 | 0.006 | 0.014 | 56.60 | 3.66 | 0.333 | 0.050 | 0.0 | 0.383 |
| 12/2027 | 1.0 | 1.011 | 2.405 | 0.005 | 0.013 | 56.60 | 3.66 | 0.309 | 0.048 | 0.0 | 0.357 |
| | | | | | | | | | | | |
| Rem. | | 8.277 | 21.618 | 0.045 | 0.117 | 56.60 | 3.66 | 2.531 | 0.428 | 0.0 | 2.959 |
| Total | | 81.807 | 125.266 | 0.442 | 0.677 | 56.60 | 3.66 | 25.019 | 2.477 | 0.0 | 27.496 |
| Date | AdValorem & Prod Tax (M$) | Operating Expenses (M$) | Total Expenses (M$) | Operational Cash Flow (M$) | Tangible (M$) | Intangible (M$) | Leasehld (M$) | Cash Flow (M$) | Cumulative Cash Flow (M$) | 10.0 Cum Disc. C.F. (M$) |
| 12/2010 | 0.555 | 1.364 | 1.918 | 3.889 | 0.00 | 0.00 | 0.00 | 3.889 | 3.889 | 3.710 |
| 12/2011 | 0.351 | 0.881 | 1.232 | 2.459 | 0.00 | 0.00 | 0.00 | 2.459 | 6.348 | 5.840 |
| 12/2012 | 0.249 | 0.636 | 0.884 | 1.744 | 0.00 | 0.00 | 0.00 | 1.744 | 8.092 | 7.213 |
| 12/2013 | 0.189 | 0.489 | 0.678 | 1.325 | 0.00 | 0.00 | 0.00 | 1.325 | 9.417 | 8.161 |
| 12/2014 | 0.150 | 0.393 | 0.544 | 1.053 | 0.00 | 0.00 | 0.00 | 1.053 | 10.470 | 8.845 |
| 12/2015 | 0.123 | 0.326 | 0.450 | 0.865 | 0.00 | 0.00 | 0.00 | 0.865 | 11.335 | 9.356 |
| 12/2016 | 0.104 | 0.277 | 0.381 | 0.728 | 0.00 | 0.00 | 0.00 | 0.728 | 12.063 | 9.747 |
| 12/2017 | 0.089 | 0.240 | 0.328 | 0.624 | 0.00 | 0.00 | 0.00 | 0.624 | 12.687 | 10.052 |
| 12/2018 | 0.077 | 0.210 | 0.288 | 0.544 | 0.00 | 0.00 | 0.00 | 0.544 | 13.231 | 10.293 |
| 12/2019 | 0.068 | 0.186 | 0.255 | 0.479 | 0.00 | 0.00 | 0.00 | 0.479 | 13.710 | 10.486 |
| 12/2020 | 0.061 | 0.167 | 0.228 | 0.427 | 0.00 | 0.00 | 0.00 | 0.427 | 14.137 | 10.643 |
| 12/2021 | 0.055 | 0.151 | 0.206 | 0.384 | 0.00 | 0.00 | 0.00 | 0.384 | 14.521 | 10.771 |
| 12/2022 | 0.050 | 0.138 | 0.187 | 0.348 | 0.00 | 0.00 | 0.00 | 0.348 | 14.869 | 10.876 |
| 12/2023 | 0.045 | 0.126 | 0.171 | 0.317 | 0.00 | 0.00 | 0.00 | 0.317 | 15.186 | 10.963 |
| 12/2024 | 0.041 | 0.116 | 0.158 | 0.291 | 0.00 | 0.00 | 0.00 | 0.291 | 15.476 | 11.036 |
| 12/2025 | 0.038 | 0.108 | 0.146 | 0.268 | 0.00 | 0.00 | 0.00 | 0.268 | 15.744 | 11.097 |
| 12/2026 | 0.035 | 0.100 | 0.135 | 0.248 | 0.00 | 0.00 | 0.00 | 0.248 | 15.992 | 11.148 |
| 12/2027 | 0.033 | 0.093 | 0.126 | 0.231 | 0.00 | 0.00 | 0.00 | 0.231 | 16.223 | 11.192 |
| | | | | | | | | | | |
| Rem. | 0.271 | 0.785 | 1.056 | 1.903 | 0.00 | 0.00 | 0.00 | 1.903 | 1.903 | 0.216 |
| Total | 2.584 | 6.787 | 9.370 | 18.126 | 0.00 | 0.00 | 0.00 | 18.126 | 18.126 | 11.408 |
| | | Interests | (%) | Reversion | | | Oil | Gas | | Present Worth Profile |
| Profitability Indicators | Points(Yrs) | | | MBBLS | MMCF | | (%) | (M$) |
| Payout (Yrs) | 0.00 | | Initial W.I. | | 30.00 | | Prior | 45.2 | 20.5 | | 5.0 | 13.787 |
| Discounted Payout (Yrs) | 0.00 | | Final W.I. | | | | Proj. | 81.8 | 125.3 | | 10.0 | 11.408 |
| DCF Rate of Return (%) | 100.00 | | Initial NRI Oil | 0.5403 | | | Ult. | 127.0 | 145.7 | | 15.0 | 9.901 |
| Income/Investment | 0.00 | | Final NRI Oil | | | | | | | | 20.0 | 8.848 |
| Disc Income/Disc Inv. | 0.00 | | Initial NRI Gas | | | | | | | | 25.0 | 8.061 |
| Project Life (Yrs) | 29.92 | | Final NRI Gas | | | | | | | | 30.0 | 7.445 |
| | | | | | | | | | | | 40.0 | 6.533 |
| | | | MOUNTRAIL | | | | 50.0 | 5.881 |
| | | | ND | | | | 60.0 | 5.388 |
| | | | | | | | 80.0 | 4.683 |
| | | | | | | | | 100.0 | 4.198 |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | *Data Report* | TIME: 12:12:55 |
| | | DB: XOG_12-6- |
| 2010_Baaken_2009.mdb | | |
| | | ID: ND3302500864BAKKEN |
| Lease ID: | ND3302500864B AKKEN | Major Phase: | OIL | API #: | | Status: | ACT |
| Lease Name: | |
| Well Name: | |
| Field Name: | |
| Formation Name: | BAKKEN |
| Operator: | |
| Title 1: | |
| Title 2: | |
| Export Code 1: | |
| Export Code 2: | |
| Export Code 3: | |
| Project Start Date: | 1/2010 | | Ending Month: | 12 | Disc. Rate % | 10 | | | |
| Reserves Factor: | 100 | | Cash Flow Factor: | 100 | Gas Shrink% | 0 | | Gas Shrink (MCF/M) | 0 |
| Severance Tax Exempt: | # Months: | 0 | Limited By P/O: | No | | | |
| | | Oil | | | Gas | | | PP | |
| Ad Valorem Tax: | 3.0% | | 7.0% | .00 $/BBL | | .0% | .09 $/MCF | | .0% | .00 $/BBL |
| | | Tax: | | | Tax: | | | Tax: | |
| Initial Oil Price Adj.: | 0.00 $/BBL | Max Price: | 120.00 $/BBL | Plant Price: | .00 % Oil Price |
| Oil Price: | 54.40 $/BBL | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Oil Price: | 0.00 $/BBL | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Oil Price: | 0.00 $/BBL | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Initial Gas Price Adj.: | 0.00 $/MCF | Max Price: | 12.00 $/MCF | BTU | 1000 |
| Gas Price: | 3.66 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Gas Price: | 0.00 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Gas Price: | 0.00 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Op Exp $/W/M: | 0 Esc | 0.0 % | For | 30.00 Years | Esc | 0.0 % | For | 0.00 Years |
| Op Exp $/M: | 0 Esc | 0.0 % | For | 30.00 Years | Months Delay 0 | | |
| Op Exp $/BBL: | 6.00 Esc | 0.0 % | For | 30.00 Years | | | | |
| Op Exp $/MCF: | 0.00 Esc | 0.0 % | For | 30.00 Years | | | | |
| Op Exp $/B Wat: | 0.00 Esc | 0.0 % | For | 30.00 Years | | | | |
| Mgmt Fee $/M: | 0 Esc | 0.0 % | % NLP 0.00 | | | | | |
| WI% | NRI% O | NRI% G | Mths | AMT |
| 4.1976 | 3.2322 | | 360 | 0.00 |
| 100.0000 | 0.0000 | 0.0000 | 0 | 0.00 |
| Investments - Gross | Lease Hold M$ | 0.000 | | Net Salvage M$ | 0.000 |
| Escalation: | 0.0 % | For | 30.00 Years | | |
| Date | Tang M$ | Intan M$ | Risk % | | Fed Tax Data |
| 8/ 2009 | 5,756.180 | 0.000 | 100.0 | | Rate % | 34.00 |
| | | | | | Depr. | Decl. Bal |
| | | | | | Depr.Life | 7 |
| Oil Units | Prod Start Date | GOR | No.Wells | Start ID |
| Monthly | 8/ 2009 | 0.0 | 1 | |
| Type | N | Initial | Final | Decline | Time | Cum | Comments |
| HYP | 1.0 | 8,831.5 | 62.8 | 97.690 | 377 | 118.139 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| Gas Units | Prod Start Date | YLD | No.Wells | Start ID | Plant Yld B/MM |
| Monthly | 8/ 2009 | 0.0 | 0 | | 0.00 |
| Type | N | Initial | Final | Decline | Time | Cum | |
| HYP | 0.7 | 3,278.6 | 10.4 | 90.300 | 377 | 43.123 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | As of 1 / 2010 | TIME: 12:12:55 |
| | | DB: XOG_12-6-2010_Baaken_2009.mdb |
| | | ID: ND3302500864BAKKEN |
| Date | No. Wells | Gross Oil (Mbbl) | Gross Gas (MMcf) | Net Oil (Mbbl) | Net Gas (MMcf) | Oil Price $/Bbl | Gas Price $/Mcf | Oil Net.Rev (M$) | Gas Net.Rev (M$) | Other Net.Rev (M$) | Total Net.Rev (M$) |
| 12/2010 | 1.0 | 22.456 | 10.743 | 0.726 | 0.347 | 54.40 | 3.66 | 39.484 | 1.271 | 0.0 | 40.755 |
| 12/2011 | 1.0 | 11.370 | 4.928 | 0.368 | 0.159 | 54.40 | 3.66 | 19.992 | 0.583 | 0.0 | 20.575 |
| 12/2012 | 1.0 | 7.672 | 3.005 | 0.248 | 0.097 | 54.40 | 3.66 | 13.489 | 0.356 | 0.0 | 13.845 |
| 12/2013 | 1.0 | 5.797 | 2.087 | 0.187 | 0.067 | 54.40 | 3.66 | 10.193 | 0.247 | 0.0 | 10.440 |
| 12/2014 | 1.0 | 4.661 | 1.562 | 0.151 | 0.050 | 54.40 | 3.66 | 8.195 | 0.185 | 0.0 | 8.380 |
| 12/2015 | 1.0 | 3.898 | 1.228 | 0.126 | 0.040 | 54.40 | 3.66 | 6.853 | 0.145 | 0.0 | 6.999 |
| 12/2016 | 1.0 | 3.350 | 1.000 | 0.108 | 0.032 | 54.40 | 3.66 | 5.890 | 0.118 | 0.0 | 6.008 |
| 12/2017 | 1.0 | 2.937 | 0.835 | 0.095 | 0.027 | 54.40 | 3.66 | 5.164 | 0.099 | 0.0 | 5.263 |
| 12/2018 | 1.0 | 2.615 | 0.712 | 0.085 | 0.023 | 54.40 | 3.66 | 4.597 | 0.084 | 0.0 | 4.681 |
| 12/2019 | 1.0 | 2.356 | 0.617 | 0.076 | 0.020 | 54.40 | 3.66 | 4.143 | 0.073 | 0.0 | 4.216 |
| 12/2020 | 1.0 | 2.144 | 0.542 | 0.069 | 0.018 | 54.40 | 3.66 | 3.770 | 0.064 | 0.0 | 3.834 |
| 12/2021 | 1.0 | 1.967 | 0.481 | 0.064 | 0.016 | 54.40 | 3.66 | 3.459 | 0.057 | 0.0 | 3.516 |
| 12/2022 | 1.0 | 1.817 | 0.431 | 0.059 | 0.014 | 54.40 | 3.66 | 3.195 | 0.051 | 0.0 | 3.246 |
| 12/2023 | 1.0 | 1.688 | 0.389 | 0.055 | 0.013 | 54.40 | 3.66 | 2.969 | 0.046 | 0.0 | 3.015 |
| 12/2024 | 1.0 | 1.577 | 0.353 | 0.051 | 0.011 | 54.40 | 3.66 | 2.772 | 0.042 | 0.0 | 2.814 |
| 12/2025 | 1.0 | 1.479 | 0.323 | 0.048 | 0.010 | 54.40 | 3.66 | 2.600 | 0.038 | 0.0 | 2.639 |
| 12/2026 | 1.0 | 1.393 | 0.297 | 0.045 | 0.010 | 54.40 | 3.66 | 2.449 | 0.035 | 0.0 | 2.484 |
| 12/2027 | 1.0 | 1.316 | 0.274 | 0.043 | 0.009 | 54.40 | 3.66 | 2.313 | 0.032 | 0.0 | 2.346 |
| | | | | | | | | | | | |
| Rem. | | 11.791 | 2.203 | 0.381 | 0.071 | 54.40 | 3.66 | 20.732 | 0.261 | 0.0 | 20.992 |
| Total | | 92.283 | 32.009 | 2.983 | 1.035 | 54.40 | 3.66 | 162.261 | 3.787 | 0.0 | 166.047 |
| Date | AdValorem & Prod Tax (M$) | Operating Expenses (M$) | Total Expenses (M$) | Operational Cash Flow (M$) | Tangible (M$) | Intangible (M$) | Leasehld (M$) | Cash Flow (M$) | Cumulative Cash Flow (M$) | 10.0 Cum Disc. C.F. (M$) |
| 12/2010 | 3.934 | 5.656 | 9.590 | 31.165 | 0.00 | 0.00 | 0.00 | 31.165 | 31.165 | 29.825 |
| 12/2011 | 1.989 | 2.864 | 4.853 | 15.723 | 0.00 | 0.00 | 0.00 | 15.723 | 46.888 | 43.456 |
| 12/2012 | 1.340 | 1.932 | 3.272 | 10.573 | 0.00 | 0.00 | 0.00 | 10.573 | 57.461 | 51.778 |
| 12/2013 | 1.011 | 1.460 | 2.471 | 7.969 | 0.00 | 0.00 | 0.00 | 7.969 | 65.429 | 57.477 |
| 12/2014 | 0.812 | 1.174 | 1.986 | 6.394 | 0.00 | 0.00 | 0.00 | 6.394 | 71.823 | 61.632 |
| 12/2015 | 0.679 | 0.982 | 1.660 | 5.338 | 0.00 | 0.00 | 0.00 | 5.338 | 77.161 | 64.785 |
| 12/2016 | 0.583 | 0.844 | 1.427 | 4.581 | 0.00 | 0.00 | 0.00 | 4.581 | 81.742 | 67.245 |
| 12/2017 | 0.511 | 0.740 | 1.251 | 4.012 | 0.00 | 0.00 | 0.00 | 4.012 | 85.754 | 69.203 |
| 12/2018 | 0.455 | 0.658 | 1.113 | 3.568 | 0.00 | 0.00 | 0.00 | 3.568 | 89.323 | 70.786 |
| 12/2019 | 0.410 | 0.593 | 1.003 | 3.213 | 0.00 | 0.00 | 0.00 | 3.213 | 92.535 | 72.081 |
| 12/2020 | 0.373 | 0.540 | 0.913 | 2.922 | 0.00 | 0.00 | 0.00 | 2.922 | 95.457 | 73.152 |
| 12/2021 | 0.342 | 0.495 | 0.837 | 2.679 | 0.00 | 0.00 | 0.00 | 2.679 | 98.136 | 74.045 |
| 12/2022 | 0.316 | 0.458 | 0.773 | 2.473 | 0.00 | 0.00 | 0.00 | 2.473 | 100.608 | 74.794 |
| 12/2023 | 0.293 | 0.425 | 0.718 | 2.296 | 0.00 | 0.00 | 0.00 | 2.296 | 102.905 | 75.426 |
| 12/2024 | 0.274 | 0.397 | 0.671 | 2.143 | 0.00 | 0.00 | 0.00 | 2.143 | 105.048 | 75.962 |
| 12/2025 | 0.257 | 0.372 | 0.629 | 2.010 | 0.00 | 0.00 | 0.00 | 2.010 | 107.058 | 76.420 |
| 12/2026 | 0.242 | 0.351 | 0.592 | 1.891 | 0.00 | 0.00 | 0.00 | 1.891 | 108.949 | 76.811 |
| 12/2027 | 0.228 | 0.331 | 0.560 | 1.786 | 0.00 | 0.00 | 0.00 | 1.786 | 110.735 | 77.147 |
| | | | | | | | | | | |
| Rem. | 2.044 | 2.970 | 5.013 | 15.979 | 0.00 | 0.00 | 0.00 | 15.979 | 15.979 | 1.791 |
| Total | 16.091 | 23.242 | 39.333 | 126.714 | 0.00 | 0.00 | 0.00 | 126.714 | 126.714 | 78.938 |
| | | | Interests | (%) | Reversion | | | Oil | Gas | | Present Worth Profile |
| Profitability Indicators | Points(Yrs) | | | MBBLS | MMCF | | (%) | (M$) |
| Payout (Yrs) | 0.00 | | Initial W.I. | 4.1976 | 30.00 | | Prior | 25.1 | 10.8 | | 5.0 | 95.379 |
| Discounted Payout (Yrs) | 0.00 | | Final W.I. | 4.1976 | | | Proj. | 92.3 | 32.0 | | 10.0 | 78.938 |
| DCF Rate of Return (%) | 100.00 | | Initial NRI Oil | 3.2322 | | | Ult. | 117.4 | 42.8 | | 15.0 | 68.846 |
| Income/Investment | 0.00 | | Final NRI Oil | 3.2322 | | | | | | | 20.0 | 61.928 |
| Disc Income/Disc Inv. | 0.00 | | Initial NRI Gas | 3.2322 | | | | | | | 25.0 | 56.815 |
| Project Life (Yrs) | 29.92 | | Final NRI Gas | 3.2322 | | | | | | | 30.0 | 52.837 |
| | | | | | | | | | | | 40.0 | 46.960 |
| LAZY DE | | | | DUNN | | 50.0 | 42.758 |
| #24-7H | | | | ND | | 60.0 | 39.564 |
| BAILEY | | | | MARATHON OIL COMPANY | | 80.0 | 34.963 |
| | | | | | | | | | | | 100.0 | 31.760 |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | * Data Report * | TIME: 12:12:55 |
| | | DB: XOG_12-6-2010_Baaken_2009.mdb |
| | | ID: ND3306101054BAKKEN |
| Lease ID: | ND3306101054B AKKEN | Major Phase: | OIL | API #: | 33061010540000 | Status: | ACT |
| Lease Name: | BURKE | | | | | | | | | |
| Well Name: | 27-7H | | | | | | | | | |
| Field Name: | STANLEY | | | | | | | | | |
| Formation Name: | BAKKEN | | | | | | | | | |
| Operator: | EOG RESOURCES, INC. | | | | | | | | |
| Title 1: | | | | | | | | | | |
| Title 2: | | | | | | | | | | |
| Export Code 1: | | | | | | | | | | |
| Export Code 2: | | | | | | | | | | |
| Export Code 3: | | | | | | | | | | |
| County: | MOUNTRAIL | | ST: | ND | | | | | | |
| Project Start Date: | 1/2010 | | Ending Month: | 12 | Disc. Rate % | 10 | | | |
| Reserves Factor: | 100 | | Cash Flow Factor: | 100 | Gas Shrink% | 0 | | Gas Shrink (MCF/M) | 0 |
| | | | | | | | | | | | | |
| Severance Tax Exempt: | | # Months: | 0 | Limited By P/O: | No | | | | |
| Ad Valorem Tax: | 3.0% | | Oil | 7.0% | .00 $/BBL | Gas | .0% | .09 $/MCF | PP | .0% | .00 $/BBL |
| | | | Tax: | | | | Tax: | | | Tax: | |
| Initial Oil Price Adj.: | 0.00 $/BBL | Max Price: | 120.00 $/BBL | Plant Price: | .00 % Oil Price |
| Oil Price: | 49.60 $/BBL | Esc% | 0.0 | | Esc$ | 0.00 | Months | 360 | | |
| Oil Price: | 0.00 $/BBL | Esc% | 0.0 | | Esc$ | 0.00 | Months | 360 | | |
| Oil Price: | 0.00 $/BBL | Esc% | 0.0 | | Esc$ | 0.00 | Months | 360 | | |
| Initial Gas Price Adj.: | 0.00 $/MCF | Max Price: | 12.00 $/MCF | BTU | 1000 | | |
| Gas Price: | 3.66 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 | | |
| Gas Price: | 0.00 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 | | |
| Gas Price: | 0.00 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 | | |
| Op Exp $/W/M: | | 0 | | Esc | | 0.0 % | | For | | 30.00 Years | | Esc | 0.0 % | For | 0.00 Years |
| Op Exp $/M: | | 0 | | Esc | | 0.0 % | | For | | 30.00 Years | | Months Delay 0 | | |
| Op Exp $/BBL: | | 4.92 | | Esc | | 0.0 % | | For | | 30.00 Years | | | | | |
| Op Exp $/MCF: | | 0.82 | | Esc | | 0.0 % | | For | | 30.00 Years | | | | | |
| Op Exp $/B Wat: | | 0.00 | | Esc | | 0.0 % | | For | | 30.00 Years | | | | | |
| Mgmt Fee $/M: | | 0 | | Esc | | 0.0 % | | % NLP | | 0.00 | | | | | |
| WI% | NRI% O | NRI% G | Mths | AMT |
| 2.2546 | 1.7586 | 1.7586 | 360 | 0.00 |
| 100.0000 | 0.0000 | 0.0000 | 0 | 0.00 |
| Investments - Gross | Lease Hold M$ | 0.000 | | Net Salvage M$ 0.000 | | |
| Escalation: | | 0.0 % | For | | 30.00 Years | | | | |
| Date | Tang M$ | Intan M$ | Risk % | | Fed Tax Data |
| 1/ 2009 | 4,802.787 | 0.000 | 100.0 | | Rate % | 34.00 |
| | | | | | Depr. | Decl. Bal |
| | | | | | Depr.Life | 7 |
| | | | | | | |
| Oil Units | Prod Start Date | GOR | No.Wells | Start ID | | |
| Monthly | 11/ 2009 | 0.0 | 1 | | |
| Type | N | Initial | Final | Decline | Time | Cum | Comments |
| HYP | 1.4 | 8,999.0 | 230.4 | 96.000 | 369 | 230.249 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| Gas Units | Prod Start Date | YLD | No.Wells | Start ID | Plant Yld B/MM | |
| Monthly | | 11/ 2009 | 0.0 | 0 | | 0.00 | |
| Type | N | Initial | Final | Decline | Time | Cum | |
| HYP | 1.4 | 2,827.0 | 92.1 | 91.000 | 369 | 89.481 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | As of 1 / 2010 | TIME: 12:12:55 |
| | | DB: XOG_12-6-2010_Baaken_2009.mdb |
| | | ID: ND3306101054BAKKEN |
| Date | No. Wells | Gross Oil (Mbbl) | Gross Gas (MMcf) | Net Oil (Mbbl) | Net Gas (MMcf) | Oil Price $/Bbl | Gas Price $/Mcf | Oil Net.Rev (M$) | Gas Net.Rev (M$) | Other Net.Rev (M$) | Total Net.Rev (M$) |
| 12/2010 | 1.0 | 39.174 | 14.564 | 0.689 | 0.256 | 49.60 | 3.66 | 34.169 | 0.937 | 0.0 | 35.107 |
| 12/2011 | 1.0 | 20.999 | 8.169 | 0.369 | 0.144 | 49.60 | 3.66 | 18.317 | 0.526 | 0.0 | 18.842 |
| 12/2012 | 1.0 | 15.283 | 6.008 | 0.269 | 0.106 | 49.60 | 3.66 | 13.331 | 0.387 | 0.0 | 13.717 |
| 12/2013 | 1.0 | 12.293 | 4.856 | 0.216 | 0.085 | 49.60 | 3.66 | 10.722 | 0.313 | 0.0 | 11.035 |
| 12/2014 | 1.0 | 10.410 | 4.124 | 0.183 | 0.073 | 49.60 | 3.66 | 9.080 | 0.265 | 0.0 | 9.345 |
| 12/2015 | 1.0 | 9.099 | 3.612 | 0.160 | 0.064 | 49.60 | 3.66 | 7.937 | 0.232 | 0.0 | 8.169 |
| 12/2016 | 1.0 | 8.126 | 3.230 | 0.143 | 0.057 | 49.60 | 3.66 | 7.088 | 0.208 | 0.0 | 7.295 |
| 12/2017 | 1.0 | 7.370 | 2.932 | 0.130 | 0.052 | 49.60 | 3.66 | 6.429 | 0.189 | 0.0 | 6.617 |
| 12/2018 | 1.0 | 6.764 | 2.693 | 0.119 | 0.047 | 49.60 | 3.66 | 5.900 | 0.173 | 0.0 | 6.073 |
| 12/2019 | 1.0 | 6.265 | 2.496 | 0.110 | 0.044 | 49.60 | 3.66 | 5.465 | 0.161 | 0.0 | 5.625 |
| 12/2020 | 1.0 | 5.846 | 2.330 | 0.103 | 0.041 | 49.60 | 3.66 | 5.100 | 0.150 | 0.0 | 5.250 |
| 12/2021 | 1.0 | 5.489 | 2.189 | 0.097 | 0.038 | 49.60 | 3.66 | 4.788 | 0.141 | 0.0 | 4.929 |
| 12/2022 | 1.0 | 5.180 | 2.066 | 0.091 | 0.036 | 49.60 | 3.66 | 4.519 | 0.133 | 0.0 | 4.652 |
| 12/2023 | 1.0 | 4.910 | 1.959 | 0.086 | 0.034 | 49.60 | 3.66 | 4.283 | 0.126 | 0.0 | 4.409 |
| 12/2024 | 1.0 | 4.671 | 1.864 | 0.082 | 0.033 | 49.60 | 3.66 | 4.075 | 0.120 | 0.0 | 4.195 |
| 12/2025 | 1.0 | 4.459 | 1.780 | 0.078 | 0.031 | 49.60 | 3.66 | 3.889 | 0.115 | 0.0 | 4.004 |
| 12/2026 | 1.0 | 4.268 | 1.704 | 0.075 | 0.030 | 49.60 | 3.66 | 3.723 | 0.110 | 0.0 | 3.832 |
| 12/2027 | 1.0 | 4.096 | 1.636 | 0.072 | 0.029 | 49.60 | 3.66 | 3.573 | 0.105 | 0.0 | 3.678 |
| | | | | | | | | | | | |
| Rem. | | 39.635 | 15.840 | 0.697 | 0.279 | 49.60 | 3.66 | 34.571 | 1.020 | 0.0 | 35.591 |
| Total | | 214.338 | 84.054 | 3.769 | 1.478 | 49.60 | 3.66 | 186.955 | 5.410 | 0.0 | 192.365 |
| Date | AdValorem & Prod Tax (M$) | Operating Expenses (M$) | Total Expenses (M$) | Operational Cash Flow (M$) | Tangible (M$) | Intangible (M$) | Leasehld (M$) | Cash Flow (M$) | Cumulative Cash Flow (M$) | 10.0 Cum Disc. C.F. (M$) |
| 12/2010 | 3.396 | 4.615 | 8.011 | 27.096 | 0.00 | 0.00 | 0.00 | 27.096 | 27.096 | 25.932 |
| 12/2011 | 1.822 | 2.480 | 4.302 | 14.540 | 0.00 | 0.00 | 0.00 | 14.540 | 41.636 | 38.529 |
| 12/2012 | 1.326 | 1.806 | 3.132 | 10.585 | 0.00 | 0.00 | 0.00 | 10.585 | 52.221 | 46.857 |
| 12/2013 | 1.067 | 1.453 | 2.520 | 8.515 | 0.00 | 0.00 | 0.00 | 8.515 | 60.736 | 52.943 |
| 12/2014 | 0.903 | 1.231 | 2.134 | 7.211 | 0.00 | 0.00 | 0.00 | 7.211 | 67.947 | 57.628 |
| 12/2015 | 0.790 | 1.076 | 1.866 | 6.303 | 0.00 | 0.00 | 0.00 | 6.303 | 74.251 | 61.350 |
| 12/2016 | 0.705 | 0.961 | 1.666 | 5.629 | 0.00 | 0.00 | 0.00 | 5.629 | 79.880 | 64.371 |
| 12/2017 | 0.640 | 0.872 | 1.511 | 5.106 | 0.00 | 0.00 | 0.00 | 5.106 | 84.986 | 66.862 |
| 12/2018 | 0.587 | 0.800 | 1.387 | 4.686 | 0.00 | 0.00 | 0.00 | 4.686 | 89.672 | 68.941 |
| 12/2019 | 0.544 | 0.741 | 1.285 | 4.341 | 0.00 | 0.00 | 0.00 | 4.341 | 94.012 | 70.690 |
| 12/2020 | 0.507 | 0.692 | 1.199 | 4.051 | 0.00 | 0.00 | 0.00 | 4.051 | 98.063 | 72.175 |
| 12/2021 | 0.476 | 0.649 | 1.126 | 3.803 | 0.00 | 0.00 | 0.00 | 3.803 | 101.866 | 73.442 |
| 12/2022 | 0.450 | 0.613 | 1.062 | 3.589 | 0.00 | 0.00 | 0.00 | 3.589 | 105.455 | 74.529 |
| 12/2023 | 0.426 | 0.581 | 1.007 | 3.402 | 0.00 | 0.00 | 0.00 | 3.402 | 108.857 | 75.465 |
| 12/2024 | 0.405 | 0.553 | 0.958 | 3.237 | 0.00 | 0.00 | 0.00 | 3.237 | 112.094 | 76.275 |
| 12/2025 | 0.387 | 0.528 | 0.914 | 3.089 | 0.00 | 0.00 | 0.00 | 3.089 | 115.183 | 76.978 |
| 12/2026 | 0.370 | 0.505 | 0.875 | 2.957 | 0.00 | 0.00 | 0.00 | 2.957 | 118.140 | 77.590 |
| 12/2027 | 0.355 | 0.485 | 0.840 | 2.838 | 0.00 | 0.00 | 0.00 | 2.838 | 120.978 | 78.123 |
| | | | | | | | | | | |
| Rem. | 3.440 | 4.689 | 8.129 | 27.462 | 0.00 | 0.00 | 0.00 | 27.462 | 27.462 | 3.039 |
| Total | 18.596 | 25.329 | 43.926 | 148.440 | 0.00 | 0.00 | 0.00 | 148.440 | 148.440 | 81.162 |
| | | Interests | (%) | Reversion | | | Oil | Gas | | Present Worth Profile |
| Profitability Indicators | Points(Yrs) | | | MBBLS | MMCF | | (%) | (M$) |
| Payout (Yrs) | 0.00 | | Initial W.I. | 2.2546 | 30.00 | | Prior | 14.4 | 4.9 | | 5.0 | 103.216 |
| Discounted Payout (Yrs) | 0.00 | | Final W.I. | 2.2546 | | | Proj. | 214.3 | 84.1 | | 10.0 | 81.162 |
| DCF Rate of Return (%) | 100.00 | | Initial NRI Oil | 1.7586 | | | Ult. | 228.7 | 89.0 | | 15.0 | 68.474 |
| Income/Investment | 0.00 | | Final NRI Oil | 1.7586 | | | | | | | 20.0 | 60.219 |
| Disc Income/Disc Inv. | 0.00 | | Initial NRI Gas | 1.7586 | | | | | | | 25.0 | 54.361 |
| Project Life (Yrs) | 29.92 | | Final NRI Gas | 1.7586 | | | | | | | 30.0 | 49.945 |
| | | | | | | | | | | | 40.0 | 43.642 |
| BURKE | | | | MOUNTRAIL | | | | 50.0 | 39.288 |
| 27-7H | | | | ND | | | | 60.0 | 36.057 |
| STANLEY | | | | EOG RESOURCES, INC. | | | | 80.0 | 31.519 |
| | | | | | | | | 100.0 | 28.435 |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | *Data Report* | TIME: 12:12:55 |
| | | DB: XOG_12-6-2010_Baaken_2009.mdb |
| | |
| | | ID: ND3306100974BAKKEN |
| Lease ID: | ND3306100974B AKKEN | Major Phase: | OIL | API #: | 33061009740000 | Status: | ACT |
| Lease Name: | BURKE |
| Well Name: | 17-23H |
| Field Name: | STANLEY |
| Formation Name: | BAKKEN |
| Operator: | EOG RESOURCES, INC. |
| Title 1: | |
| Title 2: | |
| Export Code 1: | |
| Export Code 2: | |
| Export Code 3: | |
| Project Start Date: | 1/2010 | | Ending Month: | 12 | Disc. Rate % | 10 | | | |
| Reserves Factor: | 100 | | Cash Flow Factor: | 100 | Gas Shrink% | 0 | | Gas Shrink (MCF/M) | 0 |
| Severance Tax Exempt: | # Months: | 0 | Limited By P/O: | No | | | |
| Ad Valorem Tax: | 3.0% | Oil | 7.0% | .00 $/BBL | Gas | .0% | .09 $/MCF | PP | .0% | .00 $/BBL |
| | | Tax: | | | Tax: | | | Tax: | |
| Initial Oil Price Adj.: | 0.00 $/BBL | Max Price: | 120.00 $/BBL | Plant Price: | .00 % Oil Price |
| Oil Price: | 48.70 $/BBL | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Oil Price: | 0.00 $/BBL | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Oil Price: | 0.00 $/BBL | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Initial Gas Price Adj.: | 0.00 $/MCF | Max Price: | 12.00 $/MCF | BTU | 1000 |
| Gas Price: | 3.66 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Gas Price: | 0.00 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Gas Price: | 0.00 $/MCF | Esc% | 0.0 | Esc$ | 0.00 | Months | 360 |
| Op Exp $/W/M: | 0 Esc | 0.0 % | For | 30.00 Years | Esc | 0.0 % | For | 0.00 Years |
| Op Exp $/M: | 0 Esc | 0.0 % | For | 30.00 Years | Months Delay 0 | | |
| Op Exp $/BBL: | 6.00 Esc | 0.0 % | For | 30.00 Years | | | | |
| Op Exp $/MCF: | 0.00 Esc | 0.0 % | For | 30.00 Years | | | | |
| Op Exp $/B Wat: | 0.00 Esc | 0.0 % | For | 30.00 Years | | | | |
| Mgmt Fee $/M: | 0 Esc | 0.0 % | % NLP 0.00 | | | | | |
| WI% | NRI% O | NRI% G | Mths | AMT |
| 7.9981 | 6.0785 | 6.0785 | 360 | 0.00 |
| 100.0000 | 0.0000 | 0.0000 | 0 | 0.00 |
| Investments - Gross | Lease Hold M$ | 0.000 | | Net Salvage M$ | 0.000 |
| Escalation: | 0.0 % | For | 30.00 Years | | |
| Date | Tang M$ | Intan M$ | Risk % | | Fed Tax Data |
| 10/ 2009 | 5,197.900 | 0.000 | 100.0 | | Rate % | 34.00 |
| | | | | | Depr. | Decl. Bal |
| | | | | | Depr.Life | 7 |
| Oil Units | Prod Start Date | GOR | No.Wells | Start ID |
| Monthly | 7/ 2009 | 0.0 | 1 | |
| Type | N | Initial | Final | Decline | Time | Cum | Comments |
| HYP | 0.9 | 3,951.1 | 30.7 | 91.840 | 378 | 66.168 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| Gas Units | Prod Start Date | YLD | No.Wells | Start ID | Plant Yld B/MM |
| Monthly | 7/ 2009 | 0.0 | 0 | | 0.00 |
| Type | N | Initial | Final | Decline | Time | Cum | |
| HYP | 0.5 | 999.9 | 0.6 | 90.870 | 378 | 9.300 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | 0.0 | 0.0 | 0.0 | 0.000 | 0 | 0.000 | |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | As of 1 / 2010 | TIME: 12:12:55 |
| | | DB: XOG_12-6-2010_Baaken_2009.mdb |
| | | ID: ND3306100974BAKKEN |
| Date | No. Wells | Gross Oil (Mbbl) | Gross Gas (MMcf) | Net Oil (Mbbl) | Net Gas (MMcf) | Oil Price $/Bbl | Gas Price $/Mcf | Oil Net.Rev (M$) | Gas Net.Rev (M$) | Other Net.Rev (M$) | Total Net.Rev (M$) |
| 12/2010 | 1.0 | 12.499 | 2.550 | 0.760 | 0.155 | 48.70 | 3.66 | 36.999 | 0.567 | 0.0 | 37.566 |
| 12/2011 | 1.0 | 6.635 | 1.002 | 0.403 | 0.061 | 48.70 | 3.66 | 19.640 | 0.223 | 0.0 | 19.863 |
| 12/2012 | 1.0 | 4.468 | 0.535 | 0.272 | 0.033 | 48.70 | 3.66 | 13.227 | 0.119 | 0.0 | 13.346 |
| 12/2013 | 1.0 | 3.344 | 0.333 | 0.203 | 0.020 | 48.70 | 3.66 | 9.900 | 0.074 | 0.0 | 9.974 |
| 12/2014 | 1.0 | 2.660 | 0.227 | 0.162 | 0.014 | 48.70 | 3.66 | 7.873 | 0.051 | 0.0 | 7.923 |
| 12/2015 | 1.0 | 2.200 | 0.165 | 0.134 | 0.010 | 48.70 | 3.66 | 6.513 | 0.037 | 0.0 | 6.549 |
| 12/2016 | 1.0 | 1.871 | 0.125 | 0.114 | 0.008 | 48.70 | 3.66 | 5.540 | 0.028 | 0.0 | 5.567 |
| 12/2017 | 1.0 | 1.625 | 0.098 | 0.099 | 0.006 | 48.70 | 3.66 | 4.810 | 0.022 | 0.0 | 4.832 |
| 12/2018 | 1.0 | 1.434 | 0.079 | 0.087 | 0.005 | 48.70 | 3.66 | 4.244 | 0.018 | 0.0 | 4.262 |
| 12/2019 | 1.0 | 1.281 | 0.065 | 0.078 | 0.004 | 48.70 | 3.66 | 3.792 | 0.014 | 0.0 | 3.807 |
| 12/2020 | 1.0 | 1.157 | 0.055 | 0.070 | 0.003 | 48.70 | 3.66 | 3.424 | 0.012 | 0.0 | 3.436 |
| 12/2021 | 1.0 | 1.053 | 0.046 | 0.064 | 0.003 | 48.70 | 3.66 | 3.119 | 0.010 | 0.0 | 3.129 |
| 12/2022 | 1.0 | 0.966 | 0.040 | 0.059 | 0.002 | 48.70 | 3.66 | 2.861 | 0.009 | 0.0 | 2.870 |
| 12/2023 | 1.0 | 0.892 | 0.035 | 0.054 | 0.002 | 48.70 | 3.66 | 2.641 | 0.008 | 0.0 | 2.649 |
| 12/2024 | 1.0 | 0.828 | 0.030 | 0.050 | 0.002 | 48.70 | 3.66 | 2.451 | 0.007 | 0.0 | 2.458 |
| 12/2025 | 1.0 | 0.772 | 0.027 | 0.047 | 0.002 | 48.70 | 3.66 | 2.285 | 0.006 | 0.0 | 2.291 |
| 12/2026 | 1.0 | 0.723 | 0.024 | 0.044 | 0.001 | 48.70 | 3.66 | 2.140 | 0.005 | 0.0 | 2.145 |
| 12/2027 | 1.0 | 0.679 | 0.021 | 0.041 | 0.001 | 48.70 | 3.66 | 2.011 | 0.005 | 0.0 | 2.016 |
| | | | | | | | | | | | |
| Rem. | | 6.336 | 0.158 | 0.360 | 0.009 | 48.70 | 3.66 | 17.551 | 0.033 | 0.0 | 17.584 |
| Total | | 51.423 | 5.617 | 3.101 | 0.341 | 48.70 | 3.66 | 151.019 | 1.248 | 0.0 | 152.267 |
| Date | AdValorem & Prod Tax (M$) | Operating Expenses (M$) | Total Expenses (M$) | Operational Cash Flow (M$) | Tangible (M$) | Intangible (M$) | Leasehld (M$) | Cash Flow (M$) | Cumulative Cash Flow (M$) | 10.0 Cum Disc. C.F. (M$) |
| 12/2010 | 3.653 | 5.998 | 9.651 | 27.915 | 0.00 | 0.00 | 0.00 | 27.915 | 27.915 | 26.694 |
| 12/2011 | 1.935 | 3.184 | 5.119 | 14.744 | 0.00 | 0.00 | 0.00 | 14.744 | 42.660 | 39.476 |
| 12/2012 | 1.301 | 2.144 | 3.446 | 9.900 | 0.00 | 0.00 | 0.00 | 9.900 | 52.560 | 47.269 |
| 12/2013 | 0.973 | 1.605 | 2.578 | 7.396 | 0.00 | 0.00 | 0.00 | 7.396 | 59.956 | 52.559 |
| 12/2014 | 0.773 | 1.276 | 2.050 | 5.874 | 0.00 | 0.00 | 0.00 | 5.874 | 65.829 | 56.376 |
| 12/2015 | 0.640 | 1.056 | 1.695 | 4.854 | 0.00 | 0.00 | 0.00 | 4.854 | 70.683 | 59.244 |
| 12/2016 | 0.544 | 0.898 | 1.442 | 4.126 | 0.00 | 0.00 | 0.00 | 4.126 | 74.809 | 61.459 |
| 12/2017 | 0.472 | 0.780 | 1.252 | 3.580 | 0.00 | 0.00 | 0.00 | 3.580 | 78.389 | 63.206 |
| 12/2018 | 0.416 | 0.688 | 1.104 | 3.157 | 0.00 | 0.00 | 0.00 | 3.157 | 81.546 | 64.607 |
| 12/2019 | 0.372 | 0.615 | 0.987 | 2.820 | 0.00 | 0.00 | 0.00 | 2.820 | 84.367 | 65.744 |
| 12/2020 | 0.336 | 0.555 | 0.891 | 2.545 | 0.00 | 0.00 | 0.00 | 2.545 | 86.912 | 66.677 |
| 12/2021 | 0.306 | 0.506 | 0.811 | 2.317 | 0.00 | 0.00 | 0.00 | 2.317 | 89.229 | 67.449 |
| 12/2022 | 0.281 | 0.464 | 0.744 | 2.125 | 0.00 | 0.00 | 0.00 | 2.125 | 91.355 | 68.093 |
| 12/2023 | 0.259 | 0.428 | 0.687 | 1.961 | 0.00 | 0.00 | 0.00 | 1.961 | 93.316 | 68.633 |
| 12/2024 | 0.240 | 0.397 | 0.638 | 1.820 | 0.00 | 0.00 | 0.00 | 1.820 | 95.136 | 69.089 |
| 12/2025 | 0.224 | 0.370 | 0.595 | 1.697 | 0.00 | 0.00 | 0.00 | 1.697 | 96.833 | 69.475 |
| 12/2026 | 0.210 | 0.347 | 0.557 | 1.588 | 0.00 | 0.00 | 0.00 | 1.588 | 98.422 | 69.803 |
| 12/2027 | 0.197 | 0.326 | 0.523 | 1.493 | 0.00 | 0.00 | 0.00 | 1.493 | 99.914 | 70.084 |
| | | | | | | | | | | |
| Rem. | 1.720 | 5.287 | 7.007 | 10.577 | 0.00 | 0.00 | 0.00 | 10.577 | 10.577 | 1.325 |
| Total | 14.852 | 26.923 | 41.776 | 110.492 | 0.00 | 0.00 | 0.00 | 110.492 | 110.492 | 71.409 |
| | | | Interests | (%) | Reversion | | | Oil | Gas | | Present Worth Profile |
| Profitability Indicators | Points(Yrs) | | | MBBLS | MMCF | | (%) | (M$) |
| Payout (Yrs) | 0.00 | | Initial W.I. | 7.9981 | 30.00 | | Prior | 10.3 | 2.6 | | 5.0 | 85.404 |
| Discounted Payout (Yrs) | 0.00 | | Final W.I. | 100.0000 | | | Proj. | 51.4 | 5.6 | | 10.0 | 71.409 |
| DCF Rate of Return (%) | 100.00 | | Initial NRI Oil | 6.0785 | | | Ult. | 61.7 | 8.2 | | 15.0 | 62.528 |
| Income/Investment | 0.00 | | Final NRI Oil | 0.0000 | | | | | | | 20.0 | 56.329 |
| Disc Income/Disc Inv. | 0.00 | | Initial NRI Gas | 6.0785 | | | | | | | 25.0 | 51.701 |
| Project Life (Yrs) | 30.00 | | Final NRI Gas | 0.0000 | | | | | | | 30.0 | 48.076 |
| | | | | | | | | | | | 40.0 | 42.693 |
| BURKE | | | | MOUNTRAIL | | | | 50.0 | 38.828 |
| 17-23H | | | | ND | | | | 60.0 | 35.883 |
| STANLEY | | | | EOG RESOURCES, INC. | | | | 80.0 | 31.634 |
| | | | | | | | | | | | 100.0 | 28.675 |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | As of 1 / 2010 | TIME: 12:12:55 |
| | | DB: XOG_12-6-2010_Baaken_2009.mdb |
| | *Summary* | |
| | | Sum Name: SUMFILE |
| Date | No. Wells | Gross Oil (Mbbl) | Gross Gas (MMcf) | Net Oil (Mbbl) | Net Gas (MMcf) | Oil Price $/Bbl | Gas Price $/Mcf | Oil Net.Rev (M$) | Gas Net.Rev (M$) | Other Net.Rev (M$) | Total Net.Rev (M$) |
| 12/2010 | 4.0 | 92.074 | 43.972 | 2.271 | 0.845 | 51.13 | 3.66 | 116.141 | 3.094 | 0.0 | 119.235 |
| 12/2011 | 4.0 | 50.272 | 26.475 | 1.201 | 0.431 | 51.12 | 3.66 | 61.395 | 1.576 | 0.0 | 62.971 |
| 12/2012 | 4.0 | 35.371 | 19.554 | 0.831 | 0.289 | 51.10 | 3.66 | 42.477 | 1.059 | 0.0 | 43.537 |
| 12/2013 | 4.0 | 27.443 | 15.647 | 0.639 | 0.218 | 51.08 | 3.66 | 32.653 | 0.799 | 0.0 | 33.452 |
| 12/2014 | 4.0 | 22.487 | 13.093 | 0.521 | 0.176 | 51.05 | 3.66 | 26.603 | 0.643 | 0.0 | 27.246 |
| 12/2015 | 4.0 | 19.089 | 11.278 | 0.441 | 0.147 | 51.03 | 3.66 | 22.493 | 0.538 | 0.0 | 23.032 |
| 12/2016 | 4.0 | 16.612 | 9.918 | 0.383 | 0.127 | 51.01 | 3.66 | 19.515 | 0.464 | 0.0 | 19.979 |
| 12/2017 | 4.0 | 14.724 | 8.857 | 0.338 | 0.112 | 51.00 | 3.66 | 17.256 | 0.408 | 0.0 | 17.664 |
| 12/2018 | 4.0 | 13.237 | 8.006 | 0.304 | 0.100 | 50.98 | 3.66 | 15.483 | 0.365 | 0.0 | 15.847 |
| 12/2019 | 4.0 | 12.036 | 7.308 | 0.276 | 0.090 | 50.96 | 3.66 | 14.052 | 0.330 | 0.0 | 14.382 |
| 12/2020 | 4.0 | 11.044 | 6.724 | 0.253 | 0.082 | 50.95 | 3.66 | 12.874 | 0.301 | 0.0 | 13.175 |
| 12/2021 | 4.0 | 10.211 | 6.229 | 0.233 | 0.076 | 50.94 | 3.66 | 11.886 | 0.278 | 0.0 | 12.163 |
| 12/2022 | 4.0 | 9.502 | 5.803 | 0.217 | 0.070 | 50.92 | 3.66 | 11.045 | 0.257 | 0.0 | 11.302 |
| 12/2023 | 4.0 | 8.890 | 5.433 | 0.203 | 0.066 | 50.91 | 3.66 | 10.320 | 0.240 | 0.0 | 10.561 |
| 12/2024 | 4.0 | 8.357 | 5.108 | 0.190 | 0.062 | 50.90 | 3.66 | 9.690 | 0.225 | 0.0 | 9.915 |
| 12/2025 | 4.0 | 7.888 | 4.821 | 0.180 | 0.058 | 50.89 | 3.66 | 9.135 | 0.212 | 0.0 | 9.347 |
| 12/2026 | 4.0 | 7.473 | 4.566 | 0.170 | 0.055 | 50.88 | 3.66 | 8.644 | 0.200 | 0.0 | 8.845 |
| 12/2027 | 4.0 | 7.102 | 4.336 | 0.161 | 0.052 | 50.87 | 3.66 | 8.206 | 0.190 | 0.0 | 8.396 |
| | | | | | | | | | | | |
| Rem. | | 66.039 | 39.819 | 1.483 | 0.476 | 50.83 | 3.66 | 75.385 | 1.741 | 0.0 | 77.126 |
| Total | | 439.850 | 246.947 | 10.295 | 3.531 | 51.02 | 3.66 | 525.254 | 12.922 | 0.0 | 538.176 |
| Date | AdValorem & Prod Tax (M$) | Operating Expenses (M$) | Total Expenses (M$) | Operational Cash Flow (M$) | Tangible (M$) | Intangible (M$) | Leasehld (M$) | Cash Flow (M$) | Cumulative Cash Flow (M$) | 10.0 Cum Disc. C.F. (M$) |
| 12/2010 | 11.538 | 17.632 | 29.170 | 90.065 | 0.00 | 0.00 | 0.00 | 90.065 | 90.065 | 86.161 |
| 12/2011 | 6.096 | 9.409 | 15.505 | 47.466 | 0.00 | 0.00 | 0.00 | 47.466 | 137.531 | 127.301 |
| 12/2012 | 4.216 | 6.518 | 10.734 | 32.802 | 0.00 | 0.00 | 0.00 | 32.802 | 170.334 | 153.117 |
| 12/2013 | 3.240 | 5.008 | 8.248 | 25.204 | 0.00 | 0.00 | 0.00 | 25.204 | 195.538 | 171.140 |
| 12/2014 | 2.639 | 4.075 | 6.714 | 20.532 | 0.00 | 0.00 | 0.00 | 20.532 | 216.070 | 184.482 |
| 12/2015 | 2.231 | 3.440 | 5.671 | 17.360 | 0.00 | 0.00 | 0.00 | 17.360 | 233.430 | 194.735 |
| 12/2016 | 1.936 | 2.980 | 4.915 | 15.064 | 0.00 | 0.00 | 0.00 | 15.064 | 248.494 | 202.822 |
| 12/2017 | 1.712 | 2.631 | 4.342 | 13.322 | 0.00 | 0.00 | 0.00 | 13.322 | 261.816 | 209.323 |
| 12/2018 | 1.536 | 2.357 | 3.892 | 11.955 | 0.00 | 0.00 | 0.00 | 11.955 | 273.772 | 214.626 |
| 12/2019 | 1.394 | 2.136 | 3.529 | 10.853 | 0.00 | 0.00 | 0.00 | 10.853 | 284.624 | 219.001 |
| 12/2020 | 1.277 | 1.954 | 3.231 | 9.945 | 0.00 | 0.00 | 0.00 | 9.945 | 294.569 | 222.646 |
| 12/2021 | 1.179 | 1.801 | 2.980 | 9.183 | 0.00 | 0.00 | 0.00 | 9.183 | 303.752 | 225.706 |
| 12/2022 | 1.095 | 1.672 | 2.767 | 8.535 | 0.00 | 0.00 | 0.00 | 8.535 | 312.287 | 228.291 |
| 12/2023 | 1.023 | 1.560 | 2.584 | 7.977 | 0.00 | 0.00 | 0.00 | 7.977 | 320.264 | 230.487 |
| 12/2024 | 0.961 | 1.463 | 2.424 | 7.491 | 0.00 | 0.00 | 0.00 | 7.491 | 327.755 | 232.362 |
| 12/2025 | 0.906 | 1.378 | 2.284 | 7.064 | 0.00 | 0.00 | 0.00 | 7.064 | 334.818 | 233.970 |
| 12/2026 | 0.857 | 1.303 | 2.160 | 6.685 | 0.00 | 0.00 | 0.00 | 6.685 | 341.503 | 235.352 |
| 12/2027 | 0.814 | 1.235 | 2.049 | 6.347 | 0.00 | 0.00 | 0.00 | 6.347 | 347.850 | 236.546 |
| | | | | | | | | | | |
| Rem. | 7.475 | 13.731 | 21.205 | 55.921 | 0.00 | 0.00 | 0.00 | 55.921 | 55.921 | 6.371 |
| Total | 52.123 | 82.281 | 134.405 | 403.771 | 0.00 | 0.00 | 0.00 | 403.771 | 403.771 | 242.917 |
| | | | | Oil | Gas | | Present Worth Profile |
| Profitability Indicators | | | MBBLS | MMCF | | (%) | (M$) |
| Payout (Yrs) | 0.00 | | Prior | 94.9 | 38.8 | | 5.0 | 297.786 |
| Discounted Payout (Yrs) | 0.00 | | Proj. | 439.9 | 246.9 | | 10.0 | 242.917 |
| DCF Rate of Return (%) | 100.00 | | Ult. | 534.8 | 285.8 | | 15.0 | 209.749 |
| Income/Investment | 0.00 | | | | | | 20.0 | 187.324 |
| Disc Income/Disc Inv. | 0.00 | | | | | | 25.0 | 170.939 |
| | | | | | | | 30.0 | 158.304 |
| | | | | | | | 40.0 | 139.827 |
| | | | | | | | 50.0 | 126.754 |
| | | | | | | | 60.0 | 116.891 |
| | | | | | | | 80.0 | 102.799 |
| | | | | | | | 100.0 | 93.068 |
| | ASEC Baaken PDP 2009 YE Look Back | DATE: 01-28-2011 |
| | As of 1 / 2010 | TIME: 12:12:55 |
| | | DB: XOG_12-6- |
| | *One Line Summary* | |
| 2010_Baaken_2009.mdb | | |
| | | Sum Name: SUMFILE |
| Lease - Well / ID | Gross Oil | Gross Gas | Net Oil | Net Gas | Tot. Rev. | Tot. Exp. | Tot. Capital | Cash Flow | Disc Cash |
| (MBbl) | (MMcf) | (MBbl) | (MMcf) | (M$) | (M$) | (M$) | (M$) | Flow (M$) |
| BURKE - 27-7H | | | | | | | | | |
| ND3306101054BAKKEN | 214.3 | 84.1 | 3.8 | 1.5 | 192.4 | 43.9 | 0.0 | 148.4 | 81.2 |
| LAZY DE - #24-7H | | | | | | | | | |
| ND3302500864BAKKEN | 92.3 | 32.0 | 3.0 | 1.0 | 166.0 | 39.3 | 0.0 | 126.7 | 78.9 |
| BURKE - 17-23H | | | | | | | | | |
| ND3306100974BAKKEN | 51.4 | 5.6 | 3.1 | 0.3 | 152.3 | 41.8 | 0.0 | 110.5 | 71.4 |
| RS-BRADY - ###-##-####H-1 | | | | | | | | | |
| ND3306100819BAKKEN | 81.8 | 125.3 | 0.4 | 0.7 | 27.5 | 9.4 | 0.0 | 18.1 | 11.4 |
| | | | | | | | | | |
| Total | 439.9 | 246.9 | 10.3 | 3.5 | 538.2 | 134.4 | 0.0 | 403.8 | 242.9 |
