Lilis Energy (LLEX) 10-K 2010 FY Annual report

Exhibit 99.1

RECOVERY ENERGY COMPANY INC.

ESTIMATED RESERVES AND FUTURE NET REVENUE

PROVED RESERVES

AS OF DECEMBER 31, 2010

SEC PRICING SCENARIO

RALPH E. DAVIS ASSOCIATES, INC.

HOUSTON, TEXAS

TABLE OF CONTENTS

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RECOVERY ENERGY COMPANY, INC.

TABLE OF CONTENTS

Engineering Letter

SEC Reserves Definitions

Attachment A

Table 1 - One-line Summary - Total Reserves

Table 2 - Oil Reserve Reconciliation between September 30, 2010 and December 31, 2010

Table 3 - Gas Reserve Reconciliation between September 30, 2010 and December 31, 2010

Table 4 - Financial Reconciliation between September 30, 2010 and December 31, 2010

Attachment B

Economic Details and Plots for the Present Value cash flow (discounted @ 10%)

Texas Registered Firm F-1529

ENGINEERING LETTER

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

February 24, 2011

Recovery Energy Company, Inc.

1515 Wynkoop Street

Suit 200

Denver, Colorado 80202

Attn:	Mr. Jeffrey A. Beunier
	Chief Financial Officer
Re:	Estimated Reserves and Future Net Revenue
	As of December 31, 2010 SEC Pricing Scenario

Gentlemen:

Ralph E. Davis Associates, Inc. (Davis) of Houston, Texas has prepared a reserve estimate and appraisal of the oil and natural gas reserves on specific leaseholds in which Recovery Energy Company, Inc., (REINC) own interests.

We have prepared estimates of the reserves, future production and income attributable to the subject interests with an effective date of December 31, 2010.

The reserves associated with this review have been classified in accordance with the definitions of the Securities and Exchange Commission as found in Part 210—From and Content of and Requirements of Financial Statements, Securities Act of 1933, Securities Exchange Act of 1934, Public Utility Holding Company Act of 1935, Investment Company Act of 1040, Investment Advisers Act of 1940, and Energy Policy and Conservation Act of 1975, under rules of General Application § 210.4-10 Financial accounting and reporting for oil and gas producing activities pursuant to the Federal securities laws and the Energy Policy and Conservation Act of 1975. A summation of these definitions is included as a portion of this letter.

The proved reserves associated with these estimates have been classified in accordance with the definition of the Securities and Exchange Commission as found in Rule 4-10(a) of regulation S-X of the Securities Exchange Act of 1934 with the update 17 CFR part 210 and 211.

1717 St. James Place, Suite 460 Houston, Texas 77056 Office 713-622-8955 Fax 713-626-3664 www.ralphedavis.com

Worldwide Energy Consultants Since 1924

RALPH E. DAVIS

ASSOCIATES. INC.

The estimated future net revenue and discounted present value associated with these reserves as of December 31, 2010 utilizing a pricing scenario provided by REINC. Costs of operations were provided by REINC, the operator of the properties, on a well by well basis. These costs were reviewed by Davis and are considered to be reasonable. Capital costs were also provided by REINC. These costs were compared to actual costs of recently drilled wells taking into account depth drilled. The capital costs included in this report are also considered to be reasonable. In certain cases changes to costs of operations and/or capital costs were revised by Davis based on more current information.

The present value presented herein is for your information and should not be construed as an estimate of the fair market value of the properties.

DATA SOURCE

Basic well and field data used in the preparation of this report were furnished by REINC or were obtained from commercial sources. Records as they pertain to factual matters such as acreage controlled the number and depths of wells, reservoir pressure and production history, the existence of contractual obligation to other and similar matters were accepted to be accurate as presented and not verified by Davis.

Additionally, the analyses of these properties used not only the basic data on the subject wells but also data from analogous properties as provided. Well logs, ownership interest, revenue received from the sale of products and operating costs were furnished by REINC. No physical inspection of the properties was made nor any well tests conducted and well accepted to be accurate as presented without being verified by Davis.

OWNERSHIP

Ownership interests in the subject properties have been furnished by REINC and accepted by Davis as accurate without independent verification.

RESERVE ESTIMATES

The estimate of reserves included in this report is based primarily upon production history or analogy with well in the area producing from the some or similar formations. In additional to individual well production history, geological and well test information , when available, were utilized in the evaluation. Attachment B contains the individual reserves, forecasted production rates, and economic estimations, for each well or well groupings.

The accuracy of reserve estimates is dependent upon the quality of available data and upon the independent geological and engineering interpretation of that data. Reserve estimates presented in this report are calculated using acceptable methods and procedures and are believed to be reasonable; however, future reservoir performance may justify revision of these estimates.

A one-line summary of reserves and cash flow analyses by reserve category for individual wells or well groupings are shown in Table 1.

	Page 2 / 6
Ralph E. Davis Associates, Inc.
Registered Texas Engineering F-1529

RALPH E. DAVIS

ASSOCIATES. INC.

	Page 3 / 6
Ralph E. Davis Associates, Inc.
Registered Texas Engineering F-1529

RALPH E. DAVIS

ASSOCIATES. INC.

Proved undeveloped reserve estimates were based on a volumetric method using an estimated recovery factor based on estimated ultimate recovery of the nearby producing well. Much of the reserves estimated were produced from the Lower Cretaceous Series, Dakota Group, Muddy (J) sandstone Formation Based on a cursory evaluation at the REINC well logs, the reservoirs in the J sandstone has a rapid lateral straigraphic variation in the State Line, West Albin (Palm), Albin, Wilke, Tracy and Lukassen fields and the Vrtatko area. As such, estimating predictable original oil in place and drainage areas is uncrtain without a geologic understanding of the local geologic environment of deposition and intra-well communication, and accurately prediction offset net sand and oil pay.

It is strongly recommended that reservoir characterization by both geologic and reservoir engineering disciplines be attempted to understand and predict successful offset locations in the Muddy (J) Sandstone Formation. Without a better technical understanding of this highly variable formation, continued unsuccessful proved undeveloped development drilling may actually indicate that proved undeveloped locations have greater uncertainty of 10 percent and need to be reclassified as probable or possible reserves.

PRODUCING RATES

Several wells in the State Line field and in the West Albin fields have steep oil rate declined with increased water rates.Some wells in the West Albin field have decreased oil and water over time, which suggests either decrease in the lifting capacity of the pumping units or the reservoir, has a dominant depletion drive mechanism. Reservoirs with a depletion drive mechanism can be good candidates for water flooding.

PRICING PROVISIONS

The unit price used throughout this report for crude oil and gas were provided by the REINC as follows:

Crude oil
	YEAR	Price
	2010 and hereafter	$72.15/STB
Natural Gas
	Year	Price
	2010 and hereafter	Varies by lease (See Table 1)

OTHER FACTORS

Shrinkage - No gas shrinkage was applied in this report is a combination of gas plant processing shrinkage, fuel and loss Because of lack of lack of data, no natural gas liquids were estimated in this report.

	Page 4 / 6
Ralph E. Davis Associates, Inc.
Registered Texas Engineering F-1529

RALPH E. DAVIS

ASSOCIATES. INC.

FUTURE NET INCOME

Future net income is based upon is gross income from future production, less direct operating expenses and taxes (production, severance, ad valorem or other).Estimated future capital for development and work over costs were also deducted from gross income at the time it will be expended. No allowance was made for depletion, depreciation, income taxes or administrative expense.

Direct lease operating expense includes direct cost of operations of each lease or an estimated value for future operations based upon analogous properties. Lease operating expense and/or capital costs for drilling and /or major work over expense were not escalated throughout the remaining producing life of the properties. Neither the cost to abandon properties nor the salvage value of equipment was considered in this report.

Future net income has been discounted for present worth at values ranging from 0to 100 percent using continuous discounting. In this report the future net income is discounted at a primary rate of ten (10.0) percent .A financial reconciliation is presented in Attachment C.

GENERAL

REINC has provided access to all of its accounts, records, geological engineering data, reports and other information as required for this investigation. The ownership interests, product classifications relating to prices and other factual data were accepted as furnished without verification.

No consideration was given in this report to either gas contract disputes including take or pay demands or gas sales imbalances.

No consideration was given in this report to potential environmental liabilities which may exist, nor were any costs included for potential liablility to restore and clean up damages, if any caused by past operating practices.

If investment or business decisions are to be made in reliance on these estimates by anyone other than our client ,such person with the approval of our client is invited to arrange a visit so that he can evaluate the assumptions made and the completeness and extent ot the data available on which the estimates are made.

ATTACHMENTS

Attachment A contains four summary tables; the one line summary (table1), the proved reserve oil reserve reconciliation (table2) between periods September 30, 2010 and December 31, 2010 the gas reserve reconciliation (table2) between periods September 30, 2010 and December 30, 2010.

	Page 5 / 6
Ralph E. Davis Associates, Inc.
Registered Texas Engineering F-1529

RALPH E. DAVIS

ASSOCIATES. INC.

Production plots and cash flow analyses for the proved developed producing properties are included in this report as Attachment B. In Attachment B, the individual well production plots contain production decline Results Box. In this Box, for the proved Developed producing (Pdp) cases, the reported Economic Ultimate Recovery (EUR) and REM is not reported accurately which is caused by the ARIES software reporting process.

CONSENT AND DISCLAIMERS

This report has been prepared for the exclusive use of Recovery Energy Company, Inc. and shall not be reproduced, distributed or made available to any other company without the written consent of Ralph E. Davis associates, Inc. Such consent will not be unreasonably withheld if the report is utilized in its entirety

Neither Ralph E. Davis Associates, Inc. nor any of its employees have any interest in REINC or any other related company or the properties reported on herein. The employement of and the compensation paid to Davis to prepare this study are not contingent on our estimate and valuation of reserve.

We appreciate the opportunity to be of service to you in the matter of this report and will be glad to address any questions or inquiries you may have.

Very truly yours,

RALPHA E. DAVIS ASSOCIATES, INC.

RALPH E.DAVIS ASSOCIATES, INC.

Allen C. Barron, P.E.

President

	Page 6 / 6
Ralph E. Davis Associates, Inc.
Registered Texas Engineering F-1529

SEC RESERVES DEFINITIONS

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

SECURITIES AND EXCHANGE COMMISSION

DEFINITIONS OF RESERVES

The following information is taken from the United States Securities and Exchange Commission:

PART 210—FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975

Rules of General Application

§ 210.4-10 Financial accounting and reporting for oil and gas producing activities pursuant to the Federal securities laws and the Energy Policy and Conservation Act of 1975.

Reserves

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Proved Oil and Gas Reserves

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 on the basis of 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.

(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

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Securities and Exchange Commission	Page 2
§ 210.4-10 Definitions (of Reserves)
Modified, Effective 2009 for Filings of 12/31/2009 and Thereafter

          (B) The project has been approved for development by all necessary parties and entities, including governmental 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-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Reasonable certainty. If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

Reliable technology. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.

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 proved 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.

     (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

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Securities and Exchange Commission	Page 3
§ 210.4-10 Definitions (of Reserves)
Modified, Effective 2009 for Filings of 12/31/2009 and Thereafter

formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, 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 (a)(22)(iii) of this section, where direct observation has defined a highest known oil (HKO) elevation and the potential exists for 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.

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, as defined in paragraph (a)(2) of this section, or by other evidence using reliable technology establishing reasonable certainty.

Additional Definitions:

Deterministic Estimate

The method of estimating reserves or resources is called deterministic when a single value for each parameter (from the geoscience, engineering, or economic data) in the reserves calculation is used in the reserves estimation procedure.

Probabilistic Estimate

The method of estimation of reserves or resources is called probabilistic when the full range of values that could reasonably occur for each unknown parameter (from the geoscience and engineering data) is used to generate a full range of possible outcomes and their associated probabilities of occurrence.

Reasonable Certainty

If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

ATTACHMENT A

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Attachment A

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

CIMYOTTE #6-21	DATE	: 02/16/2011
FIELD: TRAPPER	TIME	: 16:26:28
COUNTY: ADAMS STATE: CO	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

				AS OF DATE: 01/2011
--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	1.903	5.047	1.467	3.890	72.150	8.773	105.848	34.127	139.975
12-2012	1.558	3.889	1.201	2.997	72.150	8.773	86.658	26.296	112.954
12-2013	1.276	2.996	0.983	2.310	72.150	8.773	70.947	20.262	91.209
12-2014	1.044	2.309	0.805	1.780	72.150	8.773	58.084	15.612	73.696
12-2015	0.855	1.779	0.659	1.371	72.150	8.773	47.554	12.030	59.583
12-2016	0.700	1.371	0.540	1.057	72.150	8.773	38.932	9.269	48.201
12-2017	0.573	1.056	0.442	0.814	72.150	8.773	31.874	7.142	39.016
12-2018	0.469	0.814	0.362	0.627	72.150	8.773	26.095	5.503	31.598
12-2019	0.384	0.627	0.296	0.483	72.150	8.773	21.364	4.241	25.605
12-2020	0.315	0.483	0.242	0.372	72.150	8.773	17.491	3.267	20.758
12-2021	0.257	0.372	0.198	0.287	72.150	8.773	14.320	2.518	16.837
12-2022	0.211	0.287	0.162	0.221	72.150	8.773	11.723	1.940	13.663
12-2023	0.173	0.221	0.133	0.170	72.150	8.773	9.598	1.495	11.093
12-2024	0.086	0.105	0.066	0.081	72.150	8.773	4.774	0.708	5.482
12-2025
S TOT	9.805	21.355	7.557	16.461	72.150	8.773	545.261	144.410	689.670
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	9.805	21.355	7.557	16.461	72.150	8.773	545.261	144.410	689.670

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	13.718	0.000	7.938	0.000	0.000	0.000	118.319	118.319	113.059
12-2012	11.069	0.000	7.938	0.000	0.000	0.000	93.946	212.265	194.670
12-2013	8.938	0.000	7.938	0.000	0.000	0.000	74.332	286.598	253.374
12-2014	7.222	0.000	7.938	0.000	0.000	0.000	58.536	345.134	295.402
12-2015	5.839	0.000	7.938	0.000	0.000	0.000	45.806	390.940	325.302
12-2016	4.724	0.000	7.938	0.000	0.000	0.000	35.540	426.480	346.393
12-2017	3.824	0.000	7.938	0.000	0.000	0.000	27.254	453.734	361.099
12-2018	3.097	0.000	7.938	0.000	0.000	0.000	20.564	474.298	371.187
12-2019	2.509	0.000	7.938	0.000	0.000	0.000	15.157	489.455	377.949
12-2020	2.034	0.000	7.938	0.000	0.000	0.000	10.786	500.241	382.324
12-2021	1.650	0.000	7.938	0.000	0.000	0.000	7.249	507.490	384.999
12-2022	1.339	0.000	7.938	0.000	0.000	0.000	4.386	511.876	386.472
12-2023	1.087	0.000	7.938	0.000	0.000	0.000	2.068	513.944	387.106
12-2024	0.537	0.000	4.630	0.000	0.000	0.000	0.314	514.258	387.195
12-2025
S TOT	67.588	0.000	107.825	0.000	0.000	0.000	514.258	514.258	387.195
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	514.258	387.195
TOTAL	67.588	0.000	107.825	0.000	0.000	0.000	514.258	514.258	387.195

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	13.58	5.00	441.409
GROSS ULT., MB & MMF	91.030	311.466	DISCOUNT %	10.00	9.00	396.876
GROSS CUM., MB & MMF	81.225	290.111	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	387.195
GROSS RES., MB & MMF	9.805	21.355	DISCOUNTED PAYOUT, YRS.	0.00	12.00	369.291
NET RES., MB & MMF	7.557	16.461	UNDISCOUNTED NET/INVEST.	0.00	15.00	345.596
NET REVENUE, M$	545.261	144.410	DISCOUNTED NET/INVEST.	0.00	20.00	312.831
INITIAL PRICE, $	72.150	8.773	RATE-OF-RETURN, PCT.	100.00	40.00	231.389
INITIAL N.I., PCT.	77.080	77.080	INITIAL W.I., PCT.	94.500	60.00	188.171
					80.00	161.395
					100.00	143.117

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

COGGINS 1-34	DATE	: 02/16/2011
FIELD: CALEDONIA	TIME	: 16:26:41
COUNTY: ELBERT STATE: CO	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011
12-2012
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011
12-2012
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	0.00	5.00	0.000
GROSS ULT., MB & MMF	40.009	264.172	DISCOUNT%	10.00	9.00	0.000
GROSS CUM., MB & MMF	40.009	264.172	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	0.000
GROSS RES., MB & MMF	0.000	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	0.000
NET RES., MB & MMF	0.000	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	0.000
NET REVENUE, M$	0.000	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	0.000
INITIAL PRICE, $	0.000	0.000	RATE-OF-RETURN, PCT.	0.00	40.00	0.000
INITIAL N.I., PCT.	0.000	0.000	INITIAL W.I., PCT.	0.000	60.00	0.000
					80.00	0.000
					100.00	0.000

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

HOLGERSON 33A-33	DATE	: 02/16/2011
FIELD: UNNAMED	TIME	: 16:26:45
COUNTY: LARAMIE STATE: WY	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

				AS OF DATE: 01/2011
--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS		NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	7.760	0.000	5.975		0.000	72.150	0.000	431.124	0.000	431.124
12-2012	0.950	0.000	0.731		0.000	72.150	0.000	52.776	0.000	52.776
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	8.710	0.000	6.707		0.000	72.150	0.000	483.899	0.000	483.899
AFTER	0.000	0.000	0.000		0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	8.710	0.000	6.707		0.000	72.150	0.000	483.899	0.000	483.899

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	29.175	27.592	36.000	0.000	0.000	0.000	338.356	338.356	326.397
12-2012	3.571	3.378	9.000	0.000	0.000	0.000	36.827	375.183	359.494
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	32.747	30.970	45.000	0.000	0.000	0.000	375.183	375.183	359.494
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	375.183	359.494
TOTAL	32.747	30.970	45.000	0.000	0.000	0.000	375.183	375.183	359.494

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	1.25	5.00	367.019
GROSS ULT., MB & MMF	73.518	0.000	DISCOUNT%	10.00	9.00	360.951
GROSS CUM., MB & MMF	64.808	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	359.494
GROSS RES., MB & MMF	8.710	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	356.645
NET RES., MB & MMF	6.707	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	352.530
NET REVENUE, M$	483.899	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	346.064
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	324.175
INITIAL N.I., PCT.	77.000	0.000	INITIAL W.I., PCT.	100.000	60.00	306.985
					80.00	293.043
					100.00	281.449

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

LEO PEIPER #1&3	DATE	: 02/16/2011
FIELD: RED CLOUD	TIME	: 16:26:54
COUNTY: WASHINGTON STATE: CO	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

				AS OF DATE: 01/2011
--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	1.038	0.000	0.810	0.000	72.150	0.000	58.413	0.000	58.413
12-2012	0.899	0.000	0.702	0.000	72.150	0.000	50.621	0.000	50.621
12-2013	0.780	0.000	0.608	0.000	72.150	0.000	43.868	0.000	43.868
12-2014	0.676	0.000	0.527	0.000	72.150	0.000	38.016	0.000	38.016
12-2015	0.585	0.000	0.457	0.000	72.150	0.000	32.945	0.000	32.945
12-2016	0.507	0.000	0.396	0.000	72.150	0.000	28.550	0.000	28.550
12-2017	0.154	0.000	0.120	0.000	72.150	0.000	8.644	0.000	8.644
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	4.639	0.000	3.618	0.000	72.150	0.000	261.057	0.000	261.057
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	4.639	0.000	3.618	0.000	72.150	0.000	261.057	0.000	261.057

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	4.673	0.000	23.400	0.000	0.000	0.000	30.340	30.340	28.997
12-2012	4.050	0.000	23.400	0.000	0.000	0.000	23.171	53.512	49.135
12-2013	3.509	0.000	23.400	0.000	0.000	0.000	16.959	70.470	62.539
12-2014	3.041	0.000	23.400	0.000	0.000	0.000	11.575	82.045	70.862
12-2015	2.636	0.000	23.400	0.000	0.000	0.000	6.909	88.955	75.386
12-2016	2.284	0.000	23.400	0.000	0.000	0.000	2.866	91.821	77.100
12-2017	0.691	0.000	7.800	0.000	0.000	0.000	0.152	91.973	77.186
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	20.885	0.000	148.200	0.000	0.000	0.000	91.973	91.973	77.186
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	91.973	77.186
TOTAL	20.885	0.000	148.200	0.000	0.000	0.000	91.973	91.973	77.186

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	6.33	5.00	83.893
GROSS ULT., MB & MMF	6.372	0.000	DISCOUNT %	10.00	9.00	78.433
GROSS CUM., MB & MMF	1.734	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	77.186
GROSS RES., MB & MMF	4.639	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	74.816
NET RES., MB & MMF	3.618	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	71.546
NET REVENUE, M$	261.057	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	66.751
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	53.194
INITIAL N.I., PCT.	78.000	0.000	INITIAL W.I., PCT.	100.000	60.00	44.874
				80.00		39.282
				100.00		35.273

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

LUKASSEN 14-34	DATE	: 02/16/2011
FIELD: CABLE	TIME	: 16:27:06
COUNTY: KIMBALL STATE: NE	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

				AS OF DATE: 01/2011
--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	4.061	0.000	3.168	0.000	72.150	0.000	228.555	0.000	228.555
12-2012	3.589	0.000	2.799	0.000	72.150	0.000	201.974	0.000	201.974
12-2013	3.172	0.000	2.474	0.000	72.150	0.000	178.484	0.000	178.484
12-2014	2.803	0.000	2.186	0.000	72.150	0.000	157.726	0.000	157.726
12-2015	2.477	0.000	1.932	0.000	72.150	0.000	139.383	0.000	139.383
12-2016	2.189	0.000	1.707	0.000	72.150	0.000	123.173	0.000	123.173
12-2017	1.934	0.000	1.509	0.000	72.150	0.000	108.848	0.000	108.848
12-2018	1.709	0.000	1.333	0.000	72.150	0.000	96.189	0.000	96.189
12-2019	1.271	0.000	0.992	0.000	72.150	0.000	71.555	0.000	71.555
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	23.205	0.000	18.100	0.000	72.150	0.000	1305.885	0.000	1305.885
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	23.205	0.000	18.100	0.000	72.150	0.000	1305.885	0.000	1305.885

--END--MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	4.434	6.857	22.200	0.000	0.000	0.000	195.064	195.064	186.258
12-2012	3.918	6.059	22.200	0.000	0.000	0.000	169.796	364.860	333.652
12-2013	3.463	5.355	22.200	0.000	0.000	0.000	147.467	512.327	450.028
12-2014	3.060	4.732	22.200	0.000	0.000	0.000	127.735	640.062	541.670
12-2015	2.704	4.181	22.200	0.000	0.000	0.000	110.297	750.359	613.610
12-2016	2.390	3.695	22.200	0.000	0.000	0.000	94.888	845.247	669.875
12-2017	2.112	3.265	22.200	0.000	0.000	0.000	81.271	926.518	713.686
12-2018	1.866	2.886	22.200	0.000	0.000	0.000	69.237	995.754	747.618
12-2019	1.388	2.147	18.500	0.000	0.000	0.000	49.520	1045.274	769.846
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	25.334	39.177	196.100	0.000	0.000	0.000	1045.274	1045.274	769.846
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1045.274	769.846
TOTAL	25.334	39.177	196.100	0.000	0.000	0.000	1045.274	1045.274	769.846

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	8.83	5.00	888.151
GROSS ULT., MB & MMF	26.385	0.000	DISCOUNT %	10.00	9.00	791.034
GROSS CUM., MB & MMF	3.180	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	769.846
GROSS RES., MB & MMF	23.205	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	730.617
NET RES., MB & MMF	18.100	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	678.651
NET REVENUE, M$	1305.885	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	606.858
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	430.744
INITIAL N.I., PCT.	78.000	0.000	INITIAL W.I., PCT.	100.000	60.00	340.497
					80.00	286.454
					100.00	250.567

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Malm 42-34	DATE	: 02/16/2011
FIELD: State Line	TIME	: 16:27:26
COUNTY: Laramie STATE: WY	DBS	: DEMO
OPERATOR:	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

				AS OF DATE: 01/2011
--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	2.599	0.000	1.481	0.000	72.150	0.000	106.843	0.000	106.843
12-2012	1.957	0.000	1.115	0.000	72.150	0.000	80.443	0.000	80.443
12-2013	1.485	0.000	0.846	0.000	72.150	0.000	61.043	0.000	61.043
12-2014	1.135	0.000	0.647	0.000	72.150	0.000	46.666	0.000	46.666
12-2015	0.874	0.000	0.498	0.000	72.150	0.000	35.927	0.000	35.927
12-2016	0.186	0.000	0.106	0.000	72.150	0.000	7.632	0.000	7.632
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	8.235	0.000	4.692	0.000	72.150	0.000	338.555	0.000	338.555
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	8.235	0.000	4.692	0.000	72.150	0.000	338.555	0.000	338.555

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	7.230	6.838	26.640	0.000	0.000	0.000	66.135	66.135	63.281
12-2012	5.444	5.148	26.640	0.000	0.000	0.000	43.211	109.346	100.884
12-2013	4.131	3.907	26.640	0.000	0.000	0.000	26.365	135.711	121.757
12-2014	3.158	2.987	26.640	0.000	0.000	0.000	13.882	149.593	131.765
12-2015	2.431	2.299	26.640	0.000	0.000	0.000	4.557	154.149	134.775
12-2016	0.516	0.488	6.660	0.000	0.000	0.000	-0.033	154.117	134.755
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	22.911	21.668	139.860	0.000	0.000	0.000	154.117	154.117	134.755
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	154.117	134.755
TOTAL	22.911	21.668	139.860	0.000	0.000	0.000	154.117	154.117	134.755

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	5.25	5.00	143.683
GROSS ULT., MB & MMF	8.235	0.000	DISCOUNT %	10.00	9.00	136.435
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	134.755
GROSS RES., MB & MMF	8.235	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	131.538
NET RES., MB & MMF	4.692	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	127.042
NET REVENUE, M$	338.555	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	120.319
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	100.359
INITIAL N.I., PCT.	56.980	0.000	INITIAL W.I., PCT.	74.000	60.00	87.280
					80.00	78.064
					100.00	71.217

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

OLIVERIUS 41-33	DATE	:  02/16/2011
FIELD: UNNAMED	TIME	:  16:27:41
COUNTY: LARAMIE STATE: WY	DBS	:  DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	:  RED_JAN11
1PDP	SCENARIO	:  RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	5.767	0.000	4.441	0.000	72.150	0.000	320.409	0.000	320.409
12-2012	3.987	0.000	3.070	0.000	72.150	0.000	221.476	0.000	221.476
12-2013	3.150	0.000	2.425	0.000	72.150	0.000	174.991	0.000	174.991
12-2014	2.647	0.000	2.038	0.000	72.150	0.000	147.036	0.000	147.036
12-2015	2.305	0.000	1.775	0.000	72.150	0.000	128.051	0.000	128.051
12-2016	2.055	0.000	1.582	0.000	72.150	0.000	114.170	0.000	114.170
12-2017	1.863	0.000	1.435	0.000	72.150	0.000	103.502	0.000	103.502
12-2018	1.709	0.000	1.316	0.000	72.150	0.000	94.923	0.000	94.923
12-2019	1.572	0.000	1.210	0.000	72.150	0.000	87.328	0.000	87.328
12-2020	1.446	0.000	1.114	0.000	72.150	0.000	80.342	0.000	80.342
12-2021	1.330	0.000	1.024	0.000	72.150	0.000	73.915	0.000	73.915
12-2022	1.224	0.000	0.943	0.000	72.150	0.000	68.002	0.000	68.002
12-2023	1.126	0.000	0.867	0.000	72.150	0.000	62.561	0.000	62.561
12-2024	1.036	0.000	0.798	0.000	72.150	0.000	57.557	0.000	57.557
12-2025	0.953	0.000	0.734	0.000	72.150	0.000	52.952	0.000	52.952
S TOT	32.170	0.000	24.771	0.000	72.150	0.000	1787.215	0.000	1787.215
AFTER	2.000	0.000	1.540	0.000	72.150	0.000	111.134	0.000	111.134
TOTAL	34.170	0.000	26.311	0.000	72.150	0.000	1898.349	0.000	1898.349

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	21.683	20.506	36.000	0.000	0.000	0.000	242.219	242.219	232.039
12-2012	14.988	14.174	36.000	0.000	0.000	0.000	156.313	398.533	367.947
12-2013	11.842	11.199	36.000	0.000	0.000	0.000	115.949	514.482	459.534
12-2014	9.950	9.410	36.000	0.000	0.000	0.000	91.676	606.158	525.341
12-2015	8.666	8.195	36.000	0.000	0.000	0.000	75.191	681.348	574.397
12-2016	7.726	7.307	36.000	0.000	0.000	0.000	63.137	744.486	611.839
12-2017	7.004	6.624	36.000	0.000	0.000	0.000	53.874	798.359	640.879
12-2018	6.424	6.075	36.000	0.000	0.000	0.000	46.424	844.784	663.629
12-2019	5.910	5.589	36.000	0.000	0.000	0.000	39.830	884.613	681.374
12-2020	5.437	5.142	36.000	0.000	0.000	0.000	33.763	918.377	695.050
12-2021	5.002	4.731	36.000	0.000	0.000	0.000	28.182	946.559	705.429
12-2022	4.602	4.352	36.000	0.000	0.000	0.000	23.048	969.606	713.147
12-2023	4.234	4.004	36.000	0.000	0.000	0.000	18.324	987.930	718.727
12-2024	3.895	3.684	36.000	0.000	0.000	0.000	13.978	1001.908	722.598
12-2025	3.583	3.389	36.000	0.000	0.000	0.000	9.980	1011.888	725.112
S TOT	120.946	114.382	540.000	0.000	0.000	0.000	1011.888	1011.888	725.112
AFTER	7.521	7.113	87.000	0.000	0.000	0.000	9.500	1021.388	727.223
TOTAL	128.467	121.494	627.000	0.000	0.000	0.000	1021.388	1021.388	727.223

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	17.42	5.00	846.938
GROSS ULT., MB & MMF	51.397	0.000	DISCOUNT %	10.00	9.00	747.983
GROSS CUM., MB & MMF	17.227	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	727.223
GROSS RES., MB & MMF	34.170	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	689.520
NET RES., MB & MMF	26.311	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	640.965
NET REVENUE, M$	1898.349	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	576.234
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	425.825
INITIAL N.I., PCT.	77.000	0.000	INITIAL W.I., PCT.	100.000	60.00	350.457
					80.00	304.527
					100.00	273.239

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

OLIVERIUS 42-33	DATE	: 02/16/2011
FIELD: State Line	TIME	: 16:27:58
COUNTY: LARAMIE STATE: WY	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	14.407	0.000	11.094	0.000	72.150	0.000	800.406	0.000	800.406
12-2012	10.797	0.000	8.314	0.000	72.150	0.000	599.825	0.000	599.825
12-2013	9.024	0.000	6.949	0.000	72.150	0.000	501.354	0.000	501.354
12-2014	7.916	0.000	6.095	0.000	72.150	0.000	439.787	0.000	439.787
12-2015	7.138	0.000	5.497	0.000	72.150	0.000	396.582	0.000	396.582
12-2016	6.544	0.000	5.039	0.000	72.150	0.000	363.549	0.000	363.549
12-2017	6.020	0.000	4.636	0.000	72.150	0.000	334.464	0.000	334.464
12-2018	5.539	0.000	4.265	0.000	72.150	0.000	307.707	0.000	307.707
12-2019	5.096	0.000	3.924	0.000	72.150	0.000	283.091	0.000	283.091
12-2020	4.688	0.000	3.610	0.000	72.150	0.000	260.443	0.000	260.443
12-2021	4.313	0.000	3.321	0.000	72.150	0.000	239.608	0.000	239.608
12-2022	3.968	0.000	3.055	0.000	72.150	0.000	220.439	0.000	220.439
12-2023	3.650	0.000	2.811	0.000	72.150	0.000	202.804	0.000	202.804
12-2024	3.358	0.000	2.586	0.000	72.150	0.000	186.580	0.000	186.580
12-2025	3.090	0.000	2.379	0.000	72.150	0.000	171.653	0.000	171.653
S TOT	95.549	0.000	73.573	0.000	72.150	0.000	5308.292	0.000	5308.292
AFTER	15.573	0.000	11.991	0.000	72.150	0.000	865.138	0.000	865.138
TOTAL	111.122	0.000	85.564	0.000	72.150	0.000	6173.431	0.000	6173.431

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	54.166	51.226	36.000	0.000	0.000	0.000	659.014	659.014	630.588
12-2012	40.592	38.389	36.000	0.000	0.000	0.000	484.844	1143.858	1051.765
12-2013	33.928	32.087	36.000	0.000	0.000	0.000	399.340	1543.198	1366.961
12-2014	29.762	28.146	36.000	0.000	0.000	0.000	345.879	1889.077	1615.073
12-2015	26.838	25.381	36.000	0.000	0.000	0.000	308.362	2197.439	1816.127
12-2016	24.602	23.267	36.000	0.000	0.000	0.000	279.680	2477.119	1981.890
12-2017	22.634	21.406	36.000	0.000	0.000	0.000	254.424	2731.543	2118.976
12-2018	20.823	19.693	36.000	0.000	0.000	0.000	231.191	2962.734	2232.221
12-2019	19.158	18.118	36.000	0.000	0.000	0.000	209.815	3172.549	2325.653
12-2020	17.625	16.668	36.000	0.000	0.000	0.000	190.150	3362.699	2402.632
12-2021	16.215	15.335	36.000	0.000	0.000	0.000	172.058	3534.757	2465.954
12-2022	14.918	14.108	36.000	0.000	0.000	0.000	155.413	3690.170	2517.952
12-2023	13.724	12.979	36.000	0.000	0.000	0.000	140.100	3830.271	2560.566
12-2024	12.626	11.941	36.000	0.000	0.000	0.000	126.012	3956.283	2595.411
12-2025	11.616	10.986	36.000	0.000	0.000	0.000	113.051	4069.334	2623.831
S TOT	359.227	339.731	540.000	0.000	0.000	0.000	4069.334	4069.334	2623.831
AFTER	58.546	55.369	249.000	0.000	0.000	0.000	502.223	4571.558	2716.019
TOTAL	417.773	395.100	789.000	0.000	0.000	0.000	4571.558	4571.558	2716.019

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	21.92	5.00	3405.663
GROSS ULT., MB & MMF	131.131	0.000	DISCOUNT %	10.00	9.00	2829.340
GROSS CUM., MB & MMF	20.009	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	2716.019
GROSS RES., MB & MMF	111.122	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	2516.758
NET RES., MB & MMF	85.564	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	2272.285
NET REVENUE, M$	6173.431	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	1966.695
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	1337.163
INITIAL N.I., PCT.	77.000	0.000	INITIAL W.I., PCT.	100.000	60.00	1058.024
					80.00	898.081
					100.00	793.215

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

PALM 21A-20, 43-20, 23-21	DATE	: 02/16/2011
FIELD: ALBIN WEST	TIME	: 16:28:14
COUNTY: BANNER STATE: NE	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	6.868	0.000	5.666	0.000	72.150	0.000	408.817	0.000	408.817
12-2012	2.217	0.000	1.829	0.000	72.150	0.000	131.966	0.000	131.966
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	9.085	0.000	7.495	0.000	72.150	0.000	540.783	0.000	540.783
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	9.085	0.000	7.495	0.000	72.150	0.000	540.783	0.000	540.783

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	7.931	12.265	108.000	0.000	0.000	0.000	280.622	280.622	271.262
12-2012	2.560	3.959	90.000	0.000	0.000	0.000	35.446	316.068	302.707
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	10.491	16.223	198.000	0.000	0.000	0.000	316.068	316.068	302.707
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	316.068	302.707
TOTAL	10.491	16.223	198.000	0.000	0.000	0.000	316.068	316.068	302.707

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	3.0	0.0	LIFE, YRS.	1.83	5.00	309.105
GROSS ULT., MB & MMF	29.692	0.000	DISCOUNT%	10.00	9.00	303.945
GROSS CUM., MB & MMF	20.607	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	302.707
GROSS RES., MB & MMF	9.085	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	300.289
NET RES., MB & MMF	7.495	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	296.802
NET REVENUE, M$	540.783	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	291.332
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	272.910
INITIAL N.I., PCT.	82.500	0.000	INITIAL W.I., PCT.	100.000	60.00	258.539
					80.00	246.939
					100.00	237.328

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

PALM EGLE 34-17	DATE	: 02/16/2011
FIELD: ALBIN WEST	TIME	: 16:28:23
COUNTY: BANNER  STATE: NE	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

END MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	8.828	0.000	7.283	0.000	72.150	0.000	525.486	0.000	525.486
12-2012	5.962	0.000	4.919	0.000	72.150	0.000	354.892	0.000	354.892
12-2013	4.297	0.000	3.545	0.000	72.150	0.000	255.769	0.000	255.769
12-2014	3.244	0.000	2.676	0.000	72.150	0.000	193.085	0.000	193.085
12-2015	2.536	0.000	2.092	0.000	72.150	0.000	150.930	0.000	150.930
12-2016	2.037	0.000	1.680	0.000	72.150	0.000	121.221	0.000	121.221
12-2017	1.672	0.000	1.379	0.000	72.150	0.000	99.498	0.000	99.498
12-2018	1.397	0.000	1.152	0.000	72.150	0.000	83.134	0.000	83.134
12-2019	0.211	0.000	0.174	0.000	72.150	0.000	12.544	0.000	12.544
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	30.182	0.000	24.900	0.000	72.150	0.000	1796.559	0.000	1796.559
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	30.182	0.000	24.900	0.000	72.150	0.000	1796.559	0.000	1796.559

END MO-YEAR	AD VALOREM TAX	PRODUCTION TAX	DIRECT OPER EXPENSE	INTEREST PAID	CAPITAL REPAYMENT	EQUITY INVESTMENT	FUTURE NET CASHFLOW	CUMULATIVE CASHFLOW	CUM. DISC.CASHFLOW
	M$	M$	M$	M$	M$	M$	M$	M$	M$
12-2011	10.194	15.765	36.000	0.000	0.000	0.000	463.527	463.527	443.739
12-2012	6.885	10.647	36.000	0.000	0.000	0.000	301.360	764.887	705.869
12-2013	4.962	7.673	36.000	0.000	0.000	0.000	207.134	972.021	869.603
12-2014	3.746	5.793	36.000	0.000	0.000	0.000	147.547	1119.568	975.609
12-2015	2.928	4.528	36.000	0.000	0.000	0.000	107.474	1227.042	1045.796
12-2016	2.352	3.637	36.000	0.000	0.000	0.000	79.233	1306.274	1092.833
12-2017	1.930	2.985	36.000	0.000	0.000	0.000	58.583	1364.857	1124.450
12-2018	1.613	2.494	36.000	0.000	0.000	0.000	43.027	1407.885	1145.562
12-2019	0.243	0.376	6.000	0.000	0.000	0.000	5.925	1413.809	1148.305
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	34.853	53.897	294.000	0.000	0.000	0.000	1413.809	1413.809	1148.305
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1413.809	1148.305
TOTAL	34.853	53.897	294.000	0.000	0.000	0.000	1413.809	1413.809	1148.305

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	8.17	5.00	1265.668
GROSS ULT., MB & MMF	39.821	0.000	DISCOUNT %	10.00	9.00	1169.755
GROSS CUM., MB & MMF	9.639	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	1148.305
GROSS RES., MB & MMF	30.182	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	1108.031
NET RES., MB & MMF	24.900	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	1053.472
NET REVENUE, M$	1796.559	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	975.501
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	767.285
INITIAL N.I., PCT.	82.500	0.000	INITIAL W.I., PCT.	100.000	60.00	647.194
					80.00	568.952
					100.00	513.679

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

SAWYER 32-2	DATE	: 02/16/2011
FIELD: WATTENBERG	TIME	: 16:28:37
COUNTY: WELD STATE: CO	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION	GROSS GAS PRODUCTION	NET OIL PRODUCTION	NET GAS PRODUCTION	NET OIL PRICE	NET GAS PRICE	NET OIL SALES	NET GAS SALES	TOTAL NET SALES
	MBBLS	MMCF	MBBLS	MMCF	$/BBL	$/MCF	M$	M$	M$
12-2011
12-2012
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000

--END-- MO-YEAR	AD VALOREM TAX	PRODUCTION TAX	DIRECT OPER EXPENSE	INTEREST PAID	CAPITAL REPAYMENT	EQUITY INVESTMENT	FUTURE NET CASHFLOW	CUMULATIVE CASHFLOW	CUM. DISC.CASHFLOW
	M$	M$	M$	M$	M$	M$	M$	M$	M$
12-2011
12-2012
12-2013
12-2014
12-2015
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	0.00	5.00	0.000
GROSS ULT., MB & MMF	26.154	14.240	DISCOUNT %	10.00	9.00	0.000
GROSS CUM., MB & MMF	26.154	14.240	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	0.000
GROSS RES., MB & MMF	0.000	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	0.000
NET RES., MB & MMF	0.000	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	0.000
NET REVENUE, M$	0.000	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	0.000
INITIAL PRICE, $	0.000	0.000	RATE-OF-RETURN, PCT.	0.00	40.00	0.000
INITIAL N.I., PCT.	0.000	0.000	INITIAL W.I., PCT.	0.000	60.00	0.000
					80.00	0.000
					100.00	0.000

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

WENZEL 12-34	DATE	: 02/16/2011
FIELD: UNNAMED	TIME	: 16:28:47
COUNTY: LARAMIE STATE: WY	DBS	: DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	: RED_JAN11
1PDP	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION	GROSS GAS PRODUCTION	NET OIL PRODUCTION	NET GAS PRODUCTION	NET OIL PRICE	NET GAS PRICE	NET OIL SALES	NET GAS SALES	TOTAL NET SALES
	MBBLS	MMCF	MBBLS	MMCF	$/BBL	$/MCF	M$	M$	M$
12-2011	24.276	0.000	18.693	0.000	72.150	0.000	1348.692	0.000	1348.692
12-2012	14.060	0.000	10.826	0.000	72.150	0.000	781.122	0.000	781.122
12-2013	9.423	0.000	7.256	0.000	72.150	0.000	523.523	0.000	523.523
12-2014	6.867	0.000	5.287	0.000	72.150	0.000	381.485	0.000	381.485
12-2015	5.284	0.000	4.069	0.000	72.150	0.000	293.545	0.000	293.545
12-2016	4.225	0.000	3.253	0.000	72.150	0.000	234.714	0.000	234.714
12-2017	3.476	0.000	2.676	0.000	72.150	0.000	193.104	0.000	193.104
12-2018	2.923	0.000	2.251	0.000	72.150	0.000	162.412	0.000	162.412
12-2019	2.502	0.000	1.927		72.150	0.000	139.018	0.000	139.018
12-2020	2.173	0.000	1.673	0.000	72.150	0.000	120.709	0.000	120.709
12-2021	1.909	0.000	1.470	0.000	72.150	0.000	106.067	0.000	106.067
12-2022	1.695	0.000	1.305	0.000	72.150	0.000	94.141	0.000	94.141
12-2023	1.517	0.000	1.168	0.000	72.150	0.000	84.277	0.000	84.277
12-2024	1.368	0.000	1.054	0.000	72.150	0.000	76.010	0.000	76.010
12-2025	1.242	0.000	0.956	0.000	72.150	0.000	69.002	0.000	69.002
S TOT	82.941	0.000	63.864	0.000	72.150	0.000	4607.821	0.000	4607.821
AFTER	5.203	0.000	4.006	0.000	72.150	0.000	289.050	0.000	289.050
TOTAL	88.144	0.000	67.871	0.000	72.150	0.000	4896.872	0.000	4896.872

--END-- MO-YEAR	AD VALOREM TAX	PRODUCTION TAX	DIRECT OPER EXPENSE	INTEREST PAID	CAPITAL REPAYMENT	EQUITY INVESTMENT	FUTURE NET CASHFLOW	CUMULATIVE CASHFLOW	CUM. DISC.CASHFLOW
	M$	M$	M$	M$	M$	M$	M$	M$	M$
12-2011	91.270	86.316	36.000	0.000	0.000	0.000	1135.105	1135.105	1088.353
12-2012	52.861	49.992	36.000	0.000	0.000	0.000	642.269	1777.375	1647.370
12-2013	35.428	33.505	36.000	0.000	0.000	0.000	418.589	2195.965	1978.324
12-2014	25.816	24.415	36.000	0.000	0.000	0.000	295.254	2491.218	2190.441
12-2015	19.865	18.787	36.000	0.000	0.000	0.000	218.893	2710.112	2333.359
12-2016	15.884	15.022	36.000	0.000	0.000	0.000	167.809	2877.920	2432.941
12-2017	13.068	12.359	36.000	0.000	0.000	0.000	131.678	3009.598	2503.967
12-2018	10.991	10.394	36.000	0.000	0.000	0.000	105.027	3114.625	2555.462
12-2019	9.408	8.897	36.000	0.000	0.000	0.000	84.713	3199.338	2593.219
12-2020	8.169	7.725	36.000	0.000	0.000	0.000	68.815	3268.153	2621.101
12-2021	7.178	6.788	36.000	0.000	0.000	0.000	56.100	3324.254	2641.765
12-2022	6.371	6.025	36.000	0.000	0.000	0.000	45.745	3369.999	2657.083
12-2023	5.703	5.394	36.000	0.000	0.000	0.000	37.180	3407.179	2668.401
12-2024	5.144	4.865	36.000	0.000	0.000	0.000	30.002	3437.181	2676.705
12-2025	4.670	4.416	36.000	0.000	0.000	0.000	23.916	3461.097	2682.722
S TOT	311.824	294.901	540.000	0.000	0.000	0.000	3461.097	3461.097	2682.722
AFTER	19.561	18.499	198.000	0.000	0.000	0.000	52.990	3514.086	2693.534
TOTAL	331.385	313.400	738.000	0.000	0.000	0.000	3514.087	3514.086	2693.534

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	20.50	5.00	3032.795
GROSS ULT., MB & MMF	131.888	0.000	DISCOUNT %	10.00	9.00	2753.127
GROSS CUM., MB & MMF	43.744	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	2693.534
GROSS RES., MB & MMF	88.144	0.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	2584.292
NET RES., MB & MMF	67.871	0.000	UNDISCOUNTED NET/INVEST.	0.00	15.00	2441.375
NET REVENUE, M$	4896.871	0.000	DISCOUNTED NET/INVEST.	0.00	20.00	2246.052
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	1762.395
INITIAL N.I., PCT.	77.000	0.000	INITIAL W.I., PCT.	100.000	60.00	1498.374
					80.00	1328.489
					100.00	1208.476

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

WILKE 23-5, 33-5, 44-5, 34-5	DATE	:  02/16/2011
FIELD: DILL EAST	TIME	:  16:29:03
COUNTY: KIMBALL STATE: NE	DBS	:  DEMO
OPERATOR: RECOVERY ENERGY INCOR	SETTINGS	:  RED_JAN11
1PDP	SCENARIO	:  RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	14.540	0.000	9.924	0.000	72.150	0.000	715.990	0.000	715.990
12-2012	8.702	0.000	5.939	0.000	72.150	0.000	428.513	0.000	428.513
12-2013	5.689	0.000	3.883	0.000	72.150	0.000	280.164	0.000	280.164
12-2014	3.959	0.000	2.702	0.000	72.150	0.000	194.933	0.000	194.933
12-2015	2.241	0.000	1.529	0.000	72.150	0.000	110.344	0.000	110.344
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	35.131	0.000	23.977	0.000	72.150	0.000	1729.945	0.000	1729.945
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	35.131	0.000	23.977	0.000	72.150	0.000	1729.945	0.000	1729.945

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	13.890	21.480	126.000	0.000	0.000	0.000	554.620	554.620	531.894
12-2012	8.313	12.855	126.000	0.000	0.000	0.000	281.345	835.965	777.132
12-2013	5.435	8.405	126.000	0.000	0.000	0.000	140.324	976.289	888.390
12-2014	3.782	5.848	126.000	0.000	0.000	0.000	59.303	1035.592	931.240
12-2015	2.141	3.310	94.500	0.000	0.000	0.000	10.393	1045.986	938.183
12-2016
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	33.561	51.898	598.500	0.000	0.000	0.000	1045.986	1045.986	938.183
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1045.986	938.183
TOTAL	33.561	51.898	598.500	0.000	0.000	0.000	1045.986	1045.986	938.183

	OIL	GAS			P.W.%		P.W., M$
GROSS WELLS	4.0	0.0	LIFE, YRS.	4.75		5.00		988.293
GROSS ULT., MB & MMF	321.394	0.000	DISCOUNT%	10.00		9.00		947.669
GROSS CUM., MB & MMF	286.263	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00		10.00		938.183
GROSS RES., MB & MMF	35.131	0.000	DISCOUNTED PAYOUT, YRS.	0.00		12.00		919.942
NET RES., MB & MMF	23.977	0.000	UNDISCOUNTED NET/INVEST.	0.00		15.00		894.277
NET REVENUE, M$	1729.945	0.000	DISCOUNTED NET/INVEST.	0.00		20.00		855.506
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00		40.00		737.257
INITIAL N.I., PCT.	68.250	0.000	INITIAL W.I., PCT.	87.500		60.00		656.757
						80.00		598.303
						100.00		553.804

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

State Bradbury 13-36	DATE	:  02/16/2011
FIELD: Peace Pipe	TIME	:  16:29:19
COUNTY: Arapahoe STATE: CO	DBS	:  DEMO
OPERATOR: Recovery Energy, Inc.	SETTINGS	:  RED_JAN11
1PDP	SCENARIO	:  RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	0.516	172.044	0.248	82.796	72.150	5.872	17.921	486.179	504.100
12-2012	0.376	125.306	0.181	60.304	72.150	5.872	13.053	354.103	367.155
12-2013	0.274	91.265	0.132	43.921	72.150	5.872	9.507	257.907	267.413
12-2014	0.199	66.472	0.096	31.990	72.150	5.872	6.924	187.843	194.767
12-2015	0.145	48.414	0.070	23.299	72.150	5.872	5.043	136.814	141.857
12-2016	0.106	35.262	0.051	16.970	72.150	5.872	3.673	99.647	103.320
12-2017	0.077	25.683	0.037	12.360	72.150	5.872	2.675	72.576	75.252
12-2018	0.056	18.706	0.027	9.002	72.150	5.872	1.949	52.860	54.809
12-2019	0.041	13.624	0.020	6.557	72.150	5.872	1.419	38.500	39.919
12-2020	0.030	9.923	0.014	4.775	72.150	5.872	1.034	28.041	29.075
12-2021	0.001	0.301	0.000	0.145	72.150	5.872	0.031	0.851	0.883
12-2022
12-2023
12-2024
12-2025
S TOT	1.821	607.000	0.876	292.119	72.150	5.872	63.229	1715.321	1778.550
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	1.821	607.000	0.876	292.119	72.150	5.872	63.229	1715.321	1778.550

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	50.410	0.000	21.750	0.000	0.000	0.000	431.940	431.940	413.074
12-2012	36.716	0.000	21.750	0.000	0.000	0.000	308.690	740.630	681.457
12-2013	26.741	0.000	21.750	0.000	0.000	0.000	218.922	959.552	854.503
12-2014	19.477	0.000	21.750	0.000	0.000	0.000	153.541	1113.092	964.847
12-2015	14.186	0.000	21.750	0.000	0.000	0.000	105.921	1219.013	1034.059
12-2016	10.332	0.000	21.750	0.000	0.000	0.000	71.238	1290.251	1076.387
12-2017	7.525	0.000	21.750	0.000	0.000	0.000	45.977	1336.228	1101.232
12-2018	5.481	0.000	21.750	0.000	0.000	0.000	27.578	1363.806	1114.791
12-2019	3.992	0.000	21.750	0.000	0.000	0.000	14.177	1377.983	1121.139
12-2020	2.907	0.000	21.750	0.000	0.000	0.000	4.417	1382.400	1122.953
12-2021	0.088	0.000	1.812	0.000	0.000	0.000	-1.018	1381.382	1122.562
12-2022
12-2023
12-2024
12-2025
S TOT	177.855	0.000	219.312	0.000	0.000	0.000	1381.382	1381.382	1122.562
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1381.382	1122.562
TOTAL	177.855	0.000	219.312	0.000	0.000	0.000	1381.382	1381.382	1122.562

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	10.08	5.00	1237.219
GROSS ULT., MB & MMF	1.821	607.000	DISCOUNT %	10.00	9.00	1143.552
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	1122.562
GROSS RES., MB & MMF	1.821	607.000	DISCOUNTED PAYOUT, YRS.	0.00	12.00	1083.108
NET RES., MB & MMF	0.876	292.119	UNDISCOUNTED NET/INVEST.	0.00	15.00	1029.558
NET REVENUE, M$	63.229	1715.321	DISCOUNTED NET/INVEST.	0.00	20.00	952.812
INITIAL PRICE, $	72.150	5.872	RATE-OF-RETURN, PCT.	100.00	40.00	746.439
INITIAL N.I., PCT.	48.125	48.125	INITIAL W.I., PCT.	62.500	60.00	626.455
					80.00	548.017
					100.00	492.572

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RSV_CAT = 1PDP	DATE	: 02/16/2011
CLASS = 1PROVED	TIME	: 16:29:36
	DBS	: DEMO
	SETTINGS	: RED_JAN11
	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	92.565	177.090	70.250	86.686	72.150	6.002	5068.503	520.305	5588.809
12-2012	55.054	129.195	41.626	63.301	72.150	6.009	3003.317	380.398	3383.715
12-2013	38.569	94.262	29.101	46.231	72.150	6.017	2099.650	278.168	2377.819
12-2014	30.489	68.781	23.060	33.769	72.150	6.025	1663.744	203.456	1867.200
12-2015	24.440	50.193	18.577	24.671	72.150	6.033	1340.304	148.843	1489.147
12-2016	18.548	36.633	14.354	18.026	72.150	6.042	1035.615	108.916	1144.531
12-2017	15.769	26.739	12.233	13.174	72.150	6.051	882.609	79.719	962.328
12-2018	13.802	19.519	10.706	9.629	72.150	6.061	772.409	58.364	830.773
12-2019	11.077	14.251	8.542	7.040	72.150	6.071	616.319	42.741	659.060
12-2020	8.651	10.406	6.653	5.148	72.150	6.082	480.019	31.309	511.328
12-2021	7.811	0.674	6.014	0.432	72.150	7.799	433.940	3.369	437.309
12-2022	7.097	0.287	5.465	0.221	72.150	8.773	394.305	1.940	396.245
12-2023	6.466	0.221	4.979	0.170	72.150	8.773	359.241	1.495	360.736
12-2024	5.848	0.105	4.503	0.081	72.150	8.773	324.920	0.708	325.628
12-2025	5.285	0.000	4.069	0.000	72.150	0.000	293.607	0.000	293.607
S TOT	341.473	628.355	260.132	308.579	72.150	6.027	18768.502	1859.730	20628.234
AFTER	22.776	0.000	17.537	0.000	72.150	0.000	1265.322	0.000	1265.322
TOTAL	364.249	628.355	277.669	308.579	72.150	6.027	20033.824	1859.730	21893.557

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	308.774	248.844	515.928	0.000	0.000	0.000	4515.263	4515.263	4328.941
12-2012	190.967	144.601	470.928	0.000	0.000	0.000	2577.219	7092.482	6572.081
12-2013	138.378	102.131	371.928	0.000	0.000	0.000	1765.381	8857.863	7967.213
12-2014	109.014	81.331	371.928	0.000	0.000	0.000	1304.927	10162.790	8904.451
12-2015	88.233	66.682	340.428	0.000	0.000	0.000	993.804	11156.594	9553.194
12-2016	70.810	53.416	225.948	0.000	0.000	0.000	794.357	11950.951	10024.396
12-2017	58.788	46.639	203.688	0.000	0.000	0.000	653.213	12604.164	10376.614
12-2018	50.294	41.542	195.888	0.000	0.000	0.000	543.048	13147.212	10642.796
12-2019	42.608	35.127	162.188	0.000	0.000	0.000	419.137	13566.349	10829.810
12-2020	36.172	29.536	137.688	0.000	0.000	0.000	307.932	13874.281	10954.535
12-2021	30.133	26.854	117.751	0.000	0.000	0.000	262.572	14136.853	11051.185
12-2022	27.229	24.485	115.938	0.000	0.000	0.000	228.592	14365.445	11127.692
12-2023	24.748	22.377	115.938	0.000	0.000	0.000	197.672	14563.117	11187.838
12-2024	22.202	20.489	112.631	0.000	0.000	0.000	170.306	14733.423	11234.947
12-2025	19.869	18.791	108.000	0.000	0.000	0.000	146.947	14880.370	11271.899
S TOT	1218.222	962.845	3566.797	0.000	0.000	0.000	14880.370	14880.370	11271.899
AFTER	85.628	80.981	534.000	0.000	0.000	0.000	564.713	15445.083	11377.009
TOTAL	1303.849	1043.826	4100.797	0.000	0.000	0.000	15445.083	15445.083	11377.009

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	19.0	0.0	LIFE, YRS.	21.92	5.00	13009.834
GROSS ULT., MB & MMF	978.847	1196.878	DISCOUNT %	10.00	9.00	11659.101
GROSS CUM., MB & MMF	614.598	568.523	UNDISCOUNTED PAYOUT, YRS.	0.00	10.00	11377.009
GROSS RES., MB & MMF	364.249	628.355	DISCOUNTED PAYOUT, YRS.	0.00	12.00	10864.846
NET RES., MB & MMF	277.669	308.579	UNDISCOUNTED NET/INVEST.	0.00	15.00	10204.099
NET REVENUE, M$	20033.824	1859.730	DISCOUNTED NET/INVEST.	0.00	20.00	9316.955
INITIAL PRICE, $	72.150	5.901	RATE-OF-RETURN, PCT.	100.00	40.00	7189.135
INITIAL N.I., PCT.	79.233	48.950	INITIAL W.I., PCT.	93.363	60.00	6063.605
					80.00	5351.546
					100.00	4853.937

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Oliverius 42-33ST	DATE	:  02/16/2011
FIELD: State Line	TIME	:  16:29:39
COUNTY: STATE:	DBS	:  DEMO
OPERATOR: Recovery Energy, Inc.	SETTINGS	:  RED_JAN11
3PUD	SCENARIO	:  RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	20.622	0.000	15.879	0.000	72.150	0.000	1145.671	0.000	1145.671
12-2012	21.064	0.000	16.219	0.000	72.150	0.000	1170.197	0.000	1170.197
12-2013	13.202	0.000	10.165	0.000	72.150	0.000	733.436	0.000	733.436
12-2014	8.274	0.000	6.371	0.000	72.150	0.000	459.690	0.000	459.690
12-2015	5.186	0.000	3.993	0.000	72.150	0.000	288.116	0.000	288.116
12-2016	3.250	0.000	2.503	0.000	72.150	0.000	180.581	0.000	180.581
12-2017	2.037	0.000	1.569	0.000	72.150	0.000	113.181	0.000	113.181
12-2018	1.277	0.000	0.983	0.000	72.150	0.000	70.938	0.000	70.938
12-2019	0.574	0.000	0.442	0.000	72.150	0.000	31.880	0.000	31.880
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	75.486	0.000	58.125	0.000	72.150	0.000	4193.689	0.000	4193.689
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	75.486	0.000	58.125	0.000	72.150	0.000	4193.689	0.000	4193.689

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	77.531	73.323	24.000	0.000	0.000	750.000	220.817	220.817	180.374
12-2012	79.191	74.893	36.000	0.000	0.000	0.000	980.114	1200.931	1033.478
12-2013	49.634	46.940	36.000	0.000	0.000	0.000	600.862	1801.793	1508.970
12-2014	31.109	29.420	36.000	0.000	0.000	0.000	363.161	2164.955	1770.270
12-2015	19.498	18.439	36.000	0.000	0.000	0.000	214.179	2379.134	1910.401
12-2016	12.220	11.557	36.000	0.000	0.000	0.000	120.803	2499.937	1982.287
12-2017	7.659	7.244	36.000	0.000	0.000	0.000	62.278	2562.215	2016.012
12-2018	4.801	4.540	36.000	0.000	0.000	0.000	25.597	2587.812	2028.652
12-2019	2.157	2.040	24.000	0.000	0.000	0.000	3.682	2591.494	2030.337
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	283.799	268.396	300.000	0.000	0.000	750.000	2591.494	2591.494	2030.337
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	2591.494	2030.337
TOTAL	283.799	268.396	300.000	0.000	0.000	750.000	2591.494	2591.494	2030.337

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	8.67	5.00	2283.039
GROSS ULT., MB & MMF	75.486	0.000	DISCOUNT %	10.00	9.00	2077.115
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	0.77	10.00	2030.336
GROSS RES., MB & MMF	75.486	0.000	DISCOUNTED PAYOUT, YRS.	0.80	12.00	1941.764
NET RES., MB & MMF	58.125	0.000	UNDISCOUNTED NET/INVEST.	4.46	15.00	1820.165
NET REVENUE, M$	4193.689	0.000	DISCOUNTED NET/INVEST.	3.77	20.00	1643.040
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	1149.703
INITIAL N.I., PCT.	77.000	0.000	INITIAL W.I., PCT.	100.000	60.00	852.347
					80.00	655.228
					100.00	515.694

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Oliverius 32-33	DATE	:  02/16/2011
FIELD: State Line	TIME	:  16:29:51
COUNTY: STATE:	DBS	:  DEMO
OPERATOR: Recovery Energy, Inc.	SETTINGS	:  RED_JAN11
3PUD	SCENARIO	:  RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	22.777	0.000	17.538	0.000	72.150	0.000	1265.389	0.000	1265.389
12-2012	20.259	0.000	15.600	0.000	72.150	0.000	1125.514	0.000	1125.514
12-2013	12.698	0.000	9.777	0.000	72.150	0.000	705.430	0.000	705.430
12-2014	7.958	0.000	6.128	0.000	72.150	0.000	442.137	0.000	442.137
12-2015	4.988	0.000	3.841	0.000	72.150	0.000	277.115	0.000	277.115
12-2016	3.126	0.000	2.407	0.000	72.150	0.000	173.685	0.000	173.685
12-2017	1.959	0.000	1.509	0.000	72.150	0.000	108.859	0.000	108.859
12-2018	1.228	0.000	0.946	0.000	72.150	0.000	68.229	0.000	68.229
12-2019	0.492	0.000	0.379	0.000	72.150	0.000	27.331	0.000	27.331
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	75.486	0.000	58.125	0.000	72.150	0.000	4193.689	0.000	4193.689
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	75.486	0.000	58.125	0.000	72.150	0.000	4193.689	0.000	4193.689

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	85.632	80.985	27.000	0.000	0.000	750.000	321.771	321.771	273.954
12-2012	76.167	72.033	36.000	0.000	0.000	0.000	941.314	1263.085	1093.290
12-2013	47.738	45.148	36.000	0.000	0.000	0.000	576.544	1839.630	1549.543
12-2014	29.921	28.297	36.000	0.000	0.000	0.000	347.920	2187.549	1799.880
12-2015	18.753	17.735	36.000	0.000	0.000	0.000	204.626	2392.176	1933.764
12-2016	11.754	11.116	36.000	0.000	0.000	0.000	114.816	2506.991	2002.092
12-2017	7.367	6.967	36.000	0.000	0.000	0.000	58.526	2565.517	2033.789
12-2018	4.617	4.367	36.000	0.000	0.000	0.000	23.245	2588.762	2045.273
12-2019	1.850	1.749	21.000	0.000	0.000	0.000	2.732	2591.494	2046.527
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	283.799	268.396	300.000	0.000	0.000	750.000	2591.494	2591.494	2046.527
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	2591.494	2046.527
TOTAL	283.799	268.396	300.000	0.000	0.000	750.000	2591.494	2591.494	2046.527

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	8.58	5.00	2292.340
GROSS ULT., MB & MMF	75.486	0.000	DISCOUNT %	10.00	9.00	2092.085
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	0.70	10.00	2046.527
GROSS RES., MB & MMF	75.486	0.000	DISCOUNTED PAYOUT, YRS.	0.73	12.00	1960.189
NET RES., MB & MMF	58.125	0.000	UNDISCOUNTED NET/INVEST.	4.46	15.00	1841.488
NET REVENUE, M$	4193.689	0.000	DISCOUNTED NET/INVEST.	3.77	20.00	1668.194
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	1182.396
INITIAL N.I., PCT.	77.000	0.000	INITIAL W.I., PCT.	100.000	60.00	886.393
					80.00	688.121
					100.00	546.359

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Lukassen 41-4	DATE	: 02/16/2011
FIELD: Wilke	TIME	: 16:30:04
COUNTY: KIIMBALL STATE: NB	DBS	: DEMO
OPERATOR: Recovery Energy, Inc.	SETTINGS	: RED_JAN11
3PUD	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	10.506	0.000	8.194	0.000	72.150	0.000	591.220	0.000	591.220
12-2012	12.749	0.000	9.944	0.000	72.150	0.000	717.465	0.000	717.465
12-2013	7.453	0.000	5.813	0.000	72.150	0.000	419.423	0.000	419.423
12-2014	4.889	0.000	3.814	0.000	72.150	0.000	275.156	0.000	275.156
12-2015	3.454	0.000	2.694	0.000	72.150	0.000	194.400	0.000	194.400
12-2016	2.570	0.000	2.005	0.000	72.150	0.000	144.647	0.000	144.647
12-2017	1.987	0.000	1.550	0.000	72.150	0.000	111.827	0.000	111.827
12-2018	1.341	0.000	1.046	0.000	72.150	0.000	75.481	0.000	75.481
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	44.949	0.000	35.061	0.000	72.150	0.000	2529.619	0.000	2529.619
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	44.949	0.000	35.061	0.000	72.150	0.000	2529.619	0.000	2529.619

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	11.470	17.737	18.000	0.000	0.000	750.000	-205.987	-205.987	-213.480
12-2012	13.919	21.524	36.000	0.000	0.000	0.000	646.022	440.036	349.523
12-2013	8.137	12.583	36.000	0.000	0.000	0.000	362.704	802.740	636.589
12-2014	5.338	8.255	36.000	0.000	0.000	0.000	225.563	1028.303	798.790
12-2015	3.771	5.832	36.000	0.000	0.000	0.000	148.797	1177.100	896.029
12-2016	2.806	4.339	36.000	0.000	0.000	0.000	101.501	1278.601	956.318
12-2017	2.169	3.355	36.000	0.000	0.000	0.000	70.303	1348.904	994.278
12-2018	1.464	2.264	30.000	0.000	0.000	0.000	41.752	1390.656	1014.917
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	49.075	75.889	264.000	0.000	0.000	750.000	1390.656	1390.656	1014.917
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1390.656	1014.917
TOTAL	49.075	75.889	264.000	0.000	0.000	750.000	1390.656	1390.656	1014.917

	OIL	GAS			P.W. %	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	7.83	5.00	1182.079
GROSS ULT., MB & MMF	44.949	0.000	DISCOUNT%	10.00	9.00	1045.594
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	1.32	10.00	1014.917
GROSS RES., MB & MMF	44.949	0.000	DISCOUNTED PAYOUT, YRS.	1.38	12.00	957.174
NET RES., MB & MMF	35.061	0.000	UNDISCOUNTED NET/INVEST.	2.85	15.00	878.656
NET REVENUE, M$	2529.619	0.000	DISCOUNTED NET/INVEST.	2.41	20.00	765.924
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	463.379
INITIAL N.I., PCT.	78.000	0.000	INITIAL W.I., PCT.	100.000	60.00	290.650
					80.00	181.213
					100.00	106.826

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Palm 44-20	DATE	: 02/16/2011
FIELD: Albin West	TIME	: 16:30:16
COUNTY: Banner STATE: NB	DBS	: DEMO
OPERATOR: Recovery Energy	SETTINGS	: RED_JAN11
3PUD	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	6.350	0.000	5.239	0.000	72.150	0.000	377.970	0.000	377.970
12-2012	8.444	0.000	6.967	0.000	72.150	0.000	502.635	0.000	502.635
12-2013	6.349	0.000	5.238	0.000	72.150	0.000	377.912	0.000	377.912
12-2014	4.947	0.000	4.082	0.000	72.150	0.000	294.488	0.000	294.488
12-2015	3.964	0.000	3.270	0.000	72.150	0.000	235.942	0.000	235.942
12-2016	3.247	0.000	2.679	0.000	72.150	0.000	193.276	0.000	193.276
12-2017	2.709	0.000	2.235	0.000	72.150	0.000	161.224	0.000	161.224
12-2018	2.294	0.000	1.892	0.000	72.150	0.000	136.534	0.000	136.534
12-2019	1.967	0.000	1.623	0.000	72.150	0.000	117.112	0.000	117.112
12-2020	1.706	0.000	1.408	0.000	72.150	0.000	101.560	0.000	101.560
12-2021	1.017	0.000	0.839	0.000	72.150	0.000	60.531	0.000	60.531
12-2022
12-2023
12-2024
12-2025
S TOT	42.994	0.000	35.470	0.000	72.150	0.000	2559.183	0.000	2559.183
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	42.994	0.000	35.470	0.000	72.150	0.000	2559.183	0.000	2559.183

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	7.333	11.339	21.000	0.000	0.000	750.000	-411.701	-411.701	-409.985
12-2012	9.751	15.079	36.000	0.000	0.000	0.000	441.805	30.104	-25.894
12-2013	7.331	11.337	36.000	0.000	0.000	0.000	323.243	353.347	229.505
12-2014	5.713	8.835	36.000	0.000	0.000	0.000	243.940	597.287	404.687
12-2015	4.577	7.078	36.000	0.000	0.000	0.000	188.286	785.573	527.592
12-2016	3.750	5.798	36.000	0.000	0.000	0.000	147.728	933.301	615.246
12-2017	3.128	4.837	36.000	0.000	0.000	0.000	117.259	1050.560	678.492
12-2018	2.649	4.096	36.000	0.000	0.000	0.000	93.789	1144.349	724.478
12-2019	2.272	3.513	36.000	0.000	0.000	0.000	75.327	1219.676	758.053
12-2020	1.970	3.047	36.000	0.000	0.000	0.000	60.543	1280.219	782.586
12-2021	1.174	1.816	24.000	0.000	0.000	0.000	33.541	1313.760	795.125
12-2022
12-2023
12-2024
12-2025
S TOT	49.648	76.775	369.000	0.000	0.000	750.000	1313.760	1313.760	795.125
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1313.760	795.125
TOTAL	49.648	76.775	369.000	0.000	0.000	750.000	1313.760	1313.760	795.125

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	10.67	5.00	1015.878
GROSS ULT., MB & MMF	42.994	0.000	DISCOUNT%	10.00	9.00	834.439
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	1.93	10.00	795.125
GROSS RES., MB & MMF	42.994	0.000	DISCOUNTED PAYOUT, YRS.	2.10	12.00	722.585
NET RES., MB & MMF	35.470	0.000	UNDISCOUNTED NET/INVEST.	2.75	15.00	626.998
NET REVENUE, M$	2559.183	0.000	DISCOUNTED NET/INVEST.	2.09	20.00	495.883
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	64.20	40.00	179.325
INITIAL N.I., PCT.	82.500	0.000	INITIAL W.I., PCT.	100.000	60.00	21.508
					80.00	-69.610
					100.00	-127.254

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Palm 24-21	DATE	: 02/16/2011
FIELD: Albin West	TIME	: 16:30:31
COUNTY: Banner STATE: NB	DBS	: DEMO
OPERATOR: Recovery Energy	SETTINGS	: RED_JAN11
3PUD	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	1.192	0.000	0.984	0.000	72.150	0.000	70.974	0.000	70.974
12-2012	6.261	0.000	5.165	0.000	72.150	0.000	372.677	0.000	372.677
12-2013	5.050	0.000	4.167	0.000	72.150	0.000	300.623	0.000	300.623
12-2014	4.160	0.000	3.432	0.000	72.150	0.000	247.624	0.000	247.624
12-2015	3.486	0.000	2.876	0.000	72.150	0.000	207.505	0.000	207.505
12-2016	2.964	0.000	2.445	0.000	72.150	0.000	176.405	0.000	176.405
12-2017	2.550	0.000	2.104	0.000	72.150	0.000	151.809	0.000	151.809
12-2018	2.218	0.000	1.830	0.000	72.150	0.000	132.022	0.000	132.022
12-2019	1.947	0.000	1.606	0.000	72.150	0.000	115.867	0.000	115.867
12-2020	1.722	0.000	1.421	0.000	72.150	0.000	102.507	0.000	102.507
12-2021	1.413	0.000	1.166	0.000	72.150	0.000	84.102	0.000	84.102
12-2022
12-2023
12-2024
12-2025
S TOT	32.964	0.000	27.195	0.000	72.150	0.000	1962.115	0.000	1962.115
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	32.964	0.000	27.195	0.000	72.150	0.000	1962.115	0.000	1962.115

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	1.377	2.129	6.000	0.000	0.000	750.000	-688.532	-688.532	-641.931
12-2012	7.230	11.180	36.000	0.000	0.000	0.000	318.267	-370.265	-365.410
12-2013	5.832	9.019	36.000	0.000	0.000	0.000	249.772	-120.493	-168.158
12-2014	4.804	7.429	36.000	0.000	0.000	0.000	199.391	78.899	-25.024
12-2015	4.026	6.225	36.000	0.000	0.000	0.000	161.254	240.153	80.199
12-2016	3.422	5.292	36.000	0.000	0.000	0.000	131.690	371.843	158.315
12-2017	2.945	4.554	36.000	0.000	0.000	0.000	108.310	480.153	216.718
12-2018	2.561	3.961	36.000	0.000	0.000	0.000	89.500	569.653	260.590
12-2019	2.248	3.476	36.000	0.000	0.000	0.000	74.143	643.797	293.630
12-2020	1.989	3.075	36.000	0.000	0.000	0.000	61.443	705.239	318.522
12-2021	1.632	2.523	33.000	0.000	0.000	0.000	46.947	752.187	335.876
12-2022
12-2023
12-2024
12-2025
S TOT	38.065	58.863	363.000	0.000	0.000	750.000	752.187	752.187	335.876
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	752.187	335.876
TOTAL	38.065	58.863	363.000	0.000	0.000	750.000	752.187	752.187	335.876

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	10.92	5.00	508.792
GROSS ULT., MB & MMF	32.964	0.000	DISCOUNT%	10.00	9.00	366.112
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	3.60	10.00	335.876
GROSS RES., MB & MMF	32.964	0.000	DISCOUNTED PAYOUT, YRS.	4.24	12.00	280.808
NET RES., MB & MMF	27.195	0.000	UNDISCOUNTED NET/INVEST.	2.00	15.00	209.825
NET REVENUE, M$	1962.115	0.000	DISCOUNTED NET/INVEST.	1.48	20.00	115.884
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	29.17	40.00	-87.682
INITIAL N.I., PCT.	82.500	0.000	INITIAL W.I., PCT.	100.000	60.00	-169.057
					80.00	-204.911
					100.00	-220.674

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Palm 31-20	DATE	: 02/16/2011
FIELD: Albin West	TIME	: 16:30:52
COUNTY: Banner STATE: NB	DBS	: DEMO
OPERATOR: Recovery Energy, Inc.	SETTINGS	: RED_JAN11
3PUD	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	2.345	0.000	1.934	0.000	72.150	0.000	139.568	0.000	139.568
12-2012	18.869	0.000	15.567	0.000	72.150	0.000	1123.132	0.000	1123.132
12-2013	10.070	0.000	8.307	0.000	72.150	0.000	599.384	0.000	599.384
12-2014	6.262	0.000	5.166	0.000	72.150	0.000	372.723	0.000	372.723
12-2015	4.270	0.000	3.523	0.000	72.150	0.000	254.188	0.000	254.188
12-2016	3.099	0.000	2.556	0.000	72.150	0.000	184.441	0.000	184.441
12-2017	2.351	0.000	1.940	0.000	72.150	0.000	139.937	0.000	139.937
12-2018	1.845	0.000	1.522	0.000	72.150	0.000	109.807	0.000	109.807
12-2019	0.891	0.000	0.735	0.000	72.150	0.000	53.007	0.000	53.007
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	50.000	0.000	41.250	0.000	72.150	0.000	2976.187	0.000	2976.187
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	50.000	0.000	41.250	0.000	72.150	0.000	2976.187	0.000	2976.187

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	2.708	4.187	3.000	0.000	0.000	750.000	-620.327	-620.327	-574.382
12-2012	21.789	33.694	36.000	0.000	0.000	0.000	1031.649	411.322	325.449
12-2013	11.628	17.982	36.000	0.000	0.000	0.000	533.774	945.096	748.092
12-2014	7.231	11.182	36.000	0.000	0.000	0.000	318.311	1263.407	977.038
12-2015	4.931	7.626	36.000	0.000	0.000	0.000	205.631	1469.038	1111.431
12-2016	3.578	5.533	36.000	0.000	0.000	0.000	139.329	1608.368	1194.191
12-2017	2.715	4.198	36.000	0.000	0.000	0.000	97.024	1705.392	1246.574
12-2018	2.130	3.294	36.000	0.000	0.000	0.000	68.383	1773.775	1280.137
12-2019	1.028	1.590	21.000	0.000	0.000	0.000	29.389	1803.163	1293.493
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	57.738	89.286	276.000	0.000	0.000	750.000	1803.163	1803.163	1293.493
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1803.163	1293.493
TOTAL	57.738	89.286	276.000	0.000	0.000	750.000	1803.163	1803.163	1293.493

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	8.58	5.00	1517.925
GROSS ULT., MB & MMF	50.000	0.000	DISCOUNT%	10.00	9.00	1334.380
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	1.60	10.00	1293.494
GROSS RES., MB & MMF	50.000	0.000	DISCOUNTED PAYOUT, YRS.	1.64	12.00	1216.924
NET RES., MB & MMF	41.250	0.000	UNDISCOUNTED NET/INVEST.	3.40	15.00	1113.661
NET REVENUE, M$	2976.187	0.000	DISCOUNTED NET/INVEST.	2.87	20.00	967.258
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	587.382
INITIAL N.I., PCT.	82.500	0.000	INITIAL W.I., PCT.	100.000	60.00	381.793
					80.00	257.662
					100.00	176.984

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Palm 32-20	DATE	: 02/16/2011
FIELD: Albin West	TIME	: 16:31:05
COUNTY: Banner STATE: NB	DBS	: DEMO
OPERATOR: Recovery Energy, Inc.	SETTINGS	: RED_JAN11
3PUD	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	18.908	0.000	15.599	0.000	72.150	0.000	1125.473	0.000	1125.473
12-2012	11.036	0.000	9.105	0.000	72.150	0.000	656.908	0.000	656.908
12-2013	6.727	0.000	5.550	0.000	72.150	0.000	400.411	0.000	400.411
12-2014	4.529	0.000	3.737	0.000	72.150	0.000	269.604	0.000	269.604
12-2015	3.257	0.000	2.687	0.000	72.150	0.000	193.896	0.000	193.896
12-2016	2.455	0.000	2.026	0.000	72.150	0.000	146.151	0.000	146.151
12-2017	1.917	0.000	1.582	0.000	72.150	0.000	114.108	0.000	114.108
12-2018	1.170	0.000	0.965	0.000	72.150	0.000	69.637	0.000	69.637
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	50.000	0.000	41.250	0.000	72.150	0.000	2976.187	0.000	2976.187
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	50.000	0.000	41.250	0.000	72.150	0.000	2976.187	0.000	2976.187

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	21.834	33.764	33.000	0.000	0.000	750.000	286.875	286.875	240.100
12-2012	12.744	19.707	36.000	0.000	0.000	0.000	588.457	875.331	752.726
12-2013	7.768	12.012	36.000	0.000	0.000	0.000	344.631	1219.962	1025.420
12-2014	5.230	8.088	36.000	0.000	0.000	0.000	220.286	1440.248	1183.797
12-2015	3.762	5.817	36.000	0.000	0.000	0.000	148.317	1588.565	1280.708
12-2016	2.835	4.385	36.000	0.000	0.000	0.000	102.931	1691.496	1341.839
12-2017	2.214	3.423	36.000	0.000	0.000	0.000	72.471	1763.967	1380.965
12-2018	1.351	2.089	27.000	0.000	0.000	0.000	39.197	1803.163	1400.419
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	57.738	89.286	276.000	0.000	0.000	750.000	1803.163	1803.163	1400.419
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1803.163	1400.419
TOTAL	57.738	89.286	276.000	0.000	0.000	750.000	1803.163	1803.163	1400.419

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	7.75	5.00	1580.913
GROSS ULT., MB & MMF	50.000	0.000	DISCOUNT%	10.00	9.00	1433.733
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	0.72	10.00	1400.420
GROSS RES., MB & MMF	50.000	0.000	DISCOUNTED PAYOUT, YRS.	0.76	12.00	1337.453
NET RES., MB & MMF	41.250	0.000	UNDISCOUNTED NET/INVEST.	3.40	15.00	1251.222
NET REVENUE, M$	2976.187	0.000	DISCOUNTED NET/INVEST.	2.87	20.00	1125.970
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	777.489
INITIAL N.I., PCT.	82.500	0.000	INITIAL W.I., PCT.	100.000	60.00	564.844
					80.00	420.510
					100.00	315.350

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Palm 32-21	DATE	: 02/16/2011
FIELD: Albin West	TIME	: 16:31:16
COUNTY: Banner STATE: NB	DBS	: DEMO
OPERATOR: Recovery Energy	SETTINGS	: RED_JAN11
3PUD	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	7.683	0.000	6.338	0.000	72.150	0.000	457.297	0.000	457.297
12-2012	10.019	0.000	8.266	0.000	72.150	0.000	596.387	0.000	596.387
12-2013	5.135	0.000	4.236	0.000	72.150	0.000	305.653	0.000	305.653
12-2014	3.122	0.000	2.576	0.000	72.150	0.000	185.851	0.000	185.851
12-2015	2.099	0.000	1.732	0.000	72.150	0.000	124.943	0.000	124.943
12-2016	0.934	0.000	0.771	0.000	72.150	0.000	55.623	0.000	55.623
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	28.993	0.000	23.919	0.000	72.150	0.000	1725.753	0.000	1725.753
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	28.993	0.000	23.919	0.000	72.150	0.000	1725.753	0.000	1725.753

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	8.872	13.719	15.000	0.000	0.000	750.000	-330.294	-330.294	-325.305
12-2012	11.570	17.892	36.000	0.000	0.000	0.000	530.925	200.631	138.072
12-2013	5.930	9.170	36.000	0.000	0.000	0.000	254.554	455.185	339.740
12-2014	3.606	5.576	36.000	0.000	0.000	0.000	140.670	595.855	440.982
12-2015	2.424	3.748	36.000	0.000	0.000	0.000	82.770	678.625	495.123
12-2016	1.079	1.669	21.000	0.000	0.000	0.000	31.876	710.501	514.402
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	33.480	51.773	180.000	0.000	0.000	750.000	710.501	710.501	514.402
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	710.501	514.402
TOTAL	33.480	51.773	180.000	0.000	0.000	750.000	710.501	710.501	514.402

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	5.58	5.00	603.365
GROSS ULT., MB & MMF	28.993	0.000	DISCOUNT%	10.00	9.00	530.944
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	1.62	10.00	514.402
GROSS RES., MB & MMF	28.993	0.000	DISCOUNTED PAYOUT, YRS.	1.70	12.00	482.993
NET RES., MB & MMF	23.919	0.000	UNDISCOUNTED NET/INVEST.	1.95	15.00	439.707
NET REVENUE, M$	1725.753	0.000	DISCOUNTED NET/INVEST.	1.72	20.00	376.371
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	91.04	40.00	199.448
INITIAL N.I., PCT.	82.500	0.000	INITIAL W.I., PCT.	100.000	60.00	94.421
					80.00	27.059
					100.00	-18.586

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Palm 42-20	DATE	: 02/16/2011
FIELD: Albin West	TIME	: 16:31:28
COUNTY: Banner STATE: NB	DBS	: DEMO
OPERATOR: Recovery Energy, Inc.	SETTINGS	: RED_JAN11
3PUD	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	17.775	0.000	14.664	0.000	72.150	0.000	1058.027	0.000	1058.027
12-2012	9.748	0.000	8.042	0.000	72.150	0.000	580.214	0.000	580.214
12-2013	5.293	0.000	4.367	0.000	72.150	0.000	315.050	0.000	315.050
12-2014	3.324	0.000	2.742	0.000	72.150	0.000	197.850	0.000	197.850
12-2015	2.281	0.000	1.882	0.000	72.150	0.000	135.792	0.000	135.792
12-2016	1.542	0.000	1.272	0.000	72.150	0.000	91.762	0.000	91.762
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	39.962	0.000	32.969	0.000	72.150	0.000	2378.696	0.000	2378.696
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	39.962	0.000	32.969	0.000	72.150	0.000	2378.696	0.000	2378.696

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	20.526	31.741	30.000	0.000	0.000	750.000	225.760	225.760	184.523
12-2012	11.256	17.406	36.000	0.000	0.000	0.000	515.552	741.312	634.205
12-2013	6.112	9.452	36.000	0.000	0.000	0.000	263.487	1004.799	842.872
12-2014	3.838	5.936	36.000	0.000	0.000	0.000	152.076	1156.875	952.290
12-2015	2.634	4.074	36.000	0.000	0.000	0.000	93.084	1249.959	1013.158
12-2016	1.780	2.753	33.000	0.000	0.000	0.000	54.229	1304.188	1045.502
12-2017
12-2018
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	46.147	71.361	207.000	0.000	0.000	750.000	1304.188	1304.188	1045.502
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1304.188	1045.502
TOTAL	46.147	71.361	207.000	0.000	0.000	750.000	1304.188	1304.188	1045.502

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	5.92	5.00	1163.761
GROSS ULT., MB & MMF	39.962	0.000	DISCOUNT%	10.00	9.00	1067.628
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	0.77	10.00	1045.502
GROSS RES., MB & MMF	39.962	0.000	DISCOUNTED PAYOUT, YRS.	0.80	12.00	1003.296
NET RES., MB & MMF	32.969	0.000	UNDISCOUNTED NET/INVEST.	2.74	15.00	944.665
NET REVENUE, M$	2378.696	0.000	DISCOUNTED NET/INVEST.	2.41	20.00	857.733
INITIAL PRICE,	$72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	604.335
INITIAL N.I., PCT.	82.500	0.000	INITIAL W.I., PCT.	100.000	60.00	441.335
					80.00	327.429
					100.00	243.085

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Wilke 43-5	DATE	: 02/16/2011
FIELD: Wilke	TIME	: 16:31:38
COUNTY: KIIMBALL STATE: NB	DBS	: DEMO
OPERATOR: Recovery Energy, Inc.	SETTINGS	: RED_JAN11
3PUD	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	7.445	0.000	5.081	0.000	72.150	0.000	366.586	0.000	366.586
12-2012	14.170	0.000	9.671	0.000	72.150	0.000	697.785	0.000	697.785
12-2013	8.073	0.000	5.510	0.000	72.150	0.000	397.524	0.000	397.524
12-2014	5.214	0.000	3.559	0.000	72.150	0.000	256.755	0.000	256.755
12-2015	3.645	0.000	2.488	0.000	72.150	0.000	179.510	0.000	179.510
12-2016	2.692	0.000	1.837	0.000	72.150	0.000	132.566	0.000	132.566
12-2017	2.070	0.000	1.412	0.000	72.150	0.000	101.908	0.000	101.908
12-2018	1.641	0.000	1.120	0.000	72.150	0.000	80.782	0.000	80.782
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	44.949	0.000	30.678	0.000	72.150	0.000	2213.417	0.000	2213.417
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	44.949	0.000	30.678	0.000	72.150	0.000	2213.417	0.000	2213.417

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	7.112	10.998	10.500	0.000	0.000	656.250	-318.273	-318.273	-308.361
12-2012	13.537	20.934	31.500	0.000	0.000	0.000	631.814	313.541	242.391
12-2013	7.712	11.926	31.500	0.000	0.000	0.000	346.387	659.928	516.579
12-2014	4.981	7.703	31.500	0.000	0.000	0.000	212.571	872.499	669.449
12-2015	3.483	5.385	31.500	0.000	0.000	0.000	139.143	1011.641	760.382
12-2016	2.572	3.977	31.500	0.000	0.000	0.000	94.518	1106.159	816.525
12-2017	1.977	3.057	31.500	0.000	0.000	0.000	65.373	1171.532	851.824
12-2018	1.567	2.423	31.500	0.000	0.000	0.000	45.292	1216.824	874.057
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	42.940	66.402	231.000	0.000	0.000	656.250	1216.824	1216.824	874.057
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1216.824	874.057
TOTAL	42.940	66.402	231.000	0.000	0.000	656.250	1216.824	1216.824	874.057

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	8.00	5.00	1025.943
GROSS ULT., MB & MMF	44.949	0.000	DISCOUNT%	10.00	9.00	901.848
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	1.50	10.00	874.057
GROSS RES., MB & MMF	44.949	0.000	DISCOUNTED PAYOUT, YRS.	1.56	12.00	821.857
NET RES., MB & MMF	30.678	0.000	UNDISCOUNTED NET/INVEST.	2.85	15.00	751.123
NET REVENUE, M	$2213.417	0.000	DISCOUNTED NET/INVEST.	2.41	20.00	650.125
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	383.345
INITIAL N.I., PCT.	68.250	0.000	INITIAL W.I., PCT.	87.500	60.00	235.157
					80.00	143.764
					100.00	83.275

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

5955 3PUD Wilke 44-5 Wilke Recov	DATE	: 02/16/2011
	TIME	: 16:31:50
	DBS	: DEMO
	SETTINGS	: RED_JAN11
	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	5.765	0.000	3.934	0.000	72.150	0.000	283.874	0.000	283.874
12-2012	14.973	0.000	10.219	0.000	72.150	0.000	737.302	0.000	737.302
12-2013	8.412	0.000	5.741	0.000	72.150	0.000	414.245	0.000	414.245
12-2014	5.389	0.000	3.678	0.000	72.150	0.000	265.357	0.000	265.357
12-2015	3.747	0.000	2.557	0.000	72.150	0.000	184.512	0.000	184.512
12-2016	2.756	0.000	1.881	0.000	72.150	0.000	135.728	0.000	135.728
12-2017	2.113	0.000	1.442	0.000	72.150	0.000	104.033	0.000	104.033
12-2018	1.671	0.000	1.140	0.000	72.150	0.000	82.279	0.000	82.279
12-2019	0.124	0.000	0.084	0.000	72.150	0.000	6.087	0.000	6.087
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	44.949	0.000	30.678	0.000	72.150	0.000	2213.417	0.000	2213.417
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	44.949	0.000	30.678	0.000	72.150	0.000	2213.417	0.000	2213.417

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	5.507	8.516	7.875	0.000	0.000	656.250	-394.275	-394.275	-374.740
12-2012	14.304	22.119	31.500	0.000	0.000	0.000	669.380	275.105	208.835
12-2013	8.036	12.427	31.500	0.000	0.000	0.000	362.281	637.386	495.624
12-2014	5.148	7.961	31.500	0.000	0.000	0.000	220.749	858.135	654.381
12-2015	3.580	5.535	31.500	0.000	0.000	0.000	143.897	1002.032	748.424
12-2016	2.633	4.072	31.500	0.000	0.000	0.000	97.523	1099.555	806.353
12-2017	2.018	3.121	31.500	0.000	0.000	0.000	67.394	1166.949	842.742
12-2018	1.596	2.468	31.500	0.000	0.000	0.000	46.714	1213.663	865.674
12-2019	0.118	0.183	2.625	0.000	0.000	0.000	3.161	1216.824	867.142
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
S TOT	42.940	66.403	231.000	0.000	0.000	656.250	1216.824	1216.824	867.142
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	1216.824	867.142
TOTAL	42.940	66.403	231.000	0.000	0.000	656.250	1216.824	1216.824	867.142

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	1.0	0.0	LIFE, YRS.	8.08	5.00	1021.780
GROSS ULT., MB & MMF	44.949	0.000	DISCOUNT%	10.00	9.00	895.395
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	1.59	10.00	867.142
GROSS RES., MB & MMF	44.949	0.000	DISCOUNTED PAYOUT, YRS.	1.64	12.00	814.131
NET RES., MB & MMF	30.678	0.000	UNDISCOUNTED NET/INVEST.	2.85	15.00	742.425
NET REVENUE, M$	2213.417	0.000	DISCOUNTED NET/INVEST.	2.41	20.00	640.322
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	372.746
INITIAL N.I., PCT.	68.250	0.000	INITIAL W.I., PCT.	87.500	60.00	226.125
					80.00	136.892
					100.00	78.601

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RSV_CAT = 3PUD	DATE	: 02/16/2011
CLASS = 1PROVED	TIME	: 16:31:55
	DBS	: DEMO
	SETTINGS	: RED_JAN11
	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	121.366	0.000	95.385	0.000	72.150	0.000	6882.046	0.000	6882.046
12-2012	147.592	0.000	114.764	0.000	72.150	0.000	8280.216	0.000	8280.216
12-2013	88.461	0.000	68.872	0.000	72.150	0.000	4969.092	0.000	4969.092
12-2014	58.070	0.000	45.284	0.000	72.150	0.000	3267.235	0.000	3267.235
12-2015	40.379	0.000	31.544	0.000	72.150	0.000	2275.918	0.000	2275.918
12-2016	28.636	0.000	22.382	0.000	72.150	0.000	1614.865	0.000	1614.865
12-2017	19.693	0.000	15.341	0.000	72.150	0.000	1106.886	0.000	1106.886
12-2018	14.684	0.000	11.444	0.000	72.150	0.000	825.709	0.000	825.709
12-2019	5.994	0.000	4.869	0.000	72.150	0.000	351.285	0.000	351.285
12-2020	3.428	0.000	2.828	0.000	72.150	0.000	204.066	0.000	204.066
12-2021	2.430	0.000	2.005	0.000	72.150	0.000	144.633	0.000	144.633
12-2022
12-2023
12-2024
12-2025
S TOT	530.734	0.000	414.719	0.000	72.150	0.000	29921.949	0.000	29921.949
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
TOTAL	530.734	0.000	414.719	0.000	72.150	0.000	29921.949	0.000	29921.949

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	249.900	288.437	195.375	0.000	0.000	8062.500	-1914.165	-1914.165	-1969.233
12-2012	271.457	326.461	387.000	0.000	0.000	0.000	7295.298	5381.133	4386.666
12-2013	165.858	197.994	387.000	0.000	0.000	0.000	4218.239	9599.372	7724.777
12-2014	106.918	128.679	387.000	0.000	0.000	0.000	2644.638	12244.010	9626.542
12-2015	71.438	87.495	387.000	0.000	0.000	0.000	1729.985	13973.995	10757.212
12-2016	48.430	60.491	369.000	0.000	0.000	0.000	1136.944	15110.939	11433.069
12-2017	32.192	40.756	315.000	0.000	0.000	0.000	718.938	15829.876	11821.299
12-2018	22.737	29.503	300.000	0.000	0.000	0.000	473.469	16303.345	12054.101
12-2019	9.673	12.552	140.625	0.000	0.000	0.000	188.435	16491.779	12138.480
12-2020	3.959	6.122	72.000	0.000	0.000	0.000	121.985	16613.766	12187.904
12-2021	2.806	4.339	57.000	0.000	0.000	0.000	80.488	16694.254	12217.797
12-2022
12-2023
12-2024
12-2025
S TOT	985.368	1182.830	2997.000	0.000	0.000	8062.500	16694.254	16694.254	12217.797
AFTER	0.000	0.000	0.000	0.000	0.000	0.000	0.000	16694.254	12217.797
TOTAL	985.368	1182.830	2997.000	0.000	0.000	8062.500	16694.254	16694.254	12217.797

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	11.0	0.0	LIFE, YRS.	10.92	5.00	14195.815
GROSS ULT., MB & MMF	530.734	0.000	DISCOUNT%	10.00	9.00	12579.272
GROSS CUM., MB & MMF	0.000	0.000	UNDISCOUNTED PAYOUT, YRS.	1.26	10.00	12217.796
GROSS RES., MB & MMF	530.734	0.000	DISCOUNTED PAYOUT, YRS.	1.31	12.00	11539.173
NET RES., MB & MMF	414.719	0.000	UNDISCOUNTED NET/INVEST.	3.07	15.00	10619.934
NET REVENUE, M$	29921.949	0.000	DISCOUNTED NET/INVEST.	2.58	20.00	9306.703
INITIAL PRICE, $	72.150	0.000	RATE-OF-RETURN, PCT.	100.00	40.00	5811.866
INITIAL N.I., PCT.	78.593	0.000	INITIAL W.I., PCT.	97.742	60.00	3825.516
					80.00	2563.357
					100.00	1699.661

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

CLASS = 1PROVED	DATE	: 02/16/2011
	TIME	: 16:31:55
	DBS	: DEMO
	SETTINGS	: RED_JAN11
	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	213.932	177.090	165.635	86.686	72.150	6.002	11950.550	520.305	12470.856
12-2012	202.646	129.195	156.390	63.301	72.150	6.009	11283.533	380.398	11663.931
12-2013	127.031	94.262	97.973	46.231	72.150	6.017	7068.742	278.168	7346.911
12-2014	88.559	68.781	68.343	33.769	72.150	6.025	4930.979	203.456	5134.435
12-2015	64.819	50.193	50.121	24.671	72.150	6.033	3616.222	148.843	3765.065
12-2016	47.184	36.633	36.736	18.026	72.150	6.042	2650.480	108.916	2759.396
12-2017	35.462	26.739	27.574	13.174	72.150	6.051	1989.495	79.719	2069.213
12-2018	28.486	19.519	22.150	9.629	72.150	6.061	1598.118	58.364	1656.481
12-2019	17.071	14.251	13.411	7.040	72.150	6.071	967.604	42.741	1010.345
12-2020	12.080	10.406	9.481	5.148	72.150	6.082	684.085	31.309	715.394
12-2021	10.241	0.674	8.019	0.432	72.150	7.799	578.573	3.369	581.942
12-2022	7.097	0.287	5.465	0.221	72.150	8.773	394.305	1.940	396.245
12-2023	6.466	0.221	4.979	0.170	72.150	8.773	359.241	1.495	360.736
12-2024	5.848	0.105	4.503	0.081	72.150	8.773	324.920	0.708	325.628
12-2025	5.285	0.000	4.069	0.000	72.150	0.000	293.607	0.000	293.607
S TOT	872.207	628.355	674.850	308.579	72.150	6.027	48690.453	1859.730	50550.184
AFTER	22.776	0.000	17.537	0.000	72.150	0.000	1265.322	0.000	1265.322
TOTAL	894.983	628.355	692.388	308.579	72.150	6.027	49955.777	1859.730	51815.504

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	558.675	537.281	711.303	0.000	0.000	8062.500	2601.098	2601.098	2359.708
12-2012	462.423	471.062	857.928	0.000	0.000	0.000	9872.518	12473.616	10958.746
12-2013	304.237	300.125	758.928	0.000	0.000	0.000	5983.621	18457.236	15691.989
12-2014	215.932	210.010	758.928	0.000	0.000	0.000	3949.565	22406.803	18530.992
12-2015	159.671	154.178	727.428	0.000	0.000	0.000	2723.789	25130.590	20310.404
12-2016	119.240	113.907	594.948	0.000	0.000	0.000	1931.301	27061.893	21457.465
12-2017	90.981	87.395	518.688	0.000	0.000	0.000	1372.150	28434.043	22197.912
12-2018	73.031	71.045	495.888	0.000	0.000	0.000	1016.517	29450.561	22696.896
12-2019	52.281	47.679	302.813	0.000	0.000	0.000	607.572	30058.133	22968.289
12-2020	40.131	35.658	209.688	0.000	0.000	0.000	429.917	30488.049	23142.439
12-2021	32.939	31.193	174.751	0.000	0.000	0.000	343.060	30831.107	23268.982
12-2022	27.229	24.485	115.938	0.000	0.000	0.000	228.592	31059.699	23345.488
12-2023	24.748	22.377	115.938	0.000	0.000	0.000	197.672	31257.371	23405.635
12-2024	22.202	20.489	112.631	0.000	0.000	0.000	170.306	31427.678	23452.742
12-2025	19.869	18.791	108.000	0.000	0.000	0.000	146.947	31574.623	23489.693
S TOT	2203.590	2145.675	6563.797	0.000	0.000	8062.500	31574.623	31574.623	23489.693
AFTER	85.628	80.981	534.000	0.000	0.000	0.000	564.713	32139.338	23594.807
TOTAL	2289.218	2226.656	7097.797	0.000	0.000	8062.500	32139.338	32139.338	23594.807

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	30.0	0.0	LIFE, YRS.	21.92	5.00	27205.648
GROSS ULT., MB & MMF	1509.581	1196.878	DISCOUNT%	10.00	9.00	24238.371
GROSS CUM., MB & MMF	614.598	568.523	UNDISCOUNTED PAYOUT, YRS.	0.76	10.00	23594.805
GROSS RES., MB & MMF	894.983	628.355	DISCOUNTED PAYOUT, YRS.	0.77	12.00	22404.020
NET RES., MB & MMF	692.388	308.579	UNDISCOUNTED NET/INVEST.	4.99	15.00	20824.031
NET REVENUE, M$	49955.773	1859.730	DISCOUNTED NET/INVEST.	4.04	20.00	18623.658
INITIAL PRICE, $	72.150	5.901	RATE-OF-RETURN, PCT.	100.00	40.00	13001.001
INITIAL N.I., PCT.	79.233	48.950	INITIAL W.I., PCT.	96.233	60.00	9889.121
					80.00	7914.903
					100.00	6553.597

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Grand Total	DATE	: 02/16/2011
	TIME	: 16:31:55
	DBS	: DEMO
	SETTINGS	: RED_JAN11
	SCENARIO	: RED_JAN11

RESERVES AND ECONOMICS

AS OF DATE: 01/2011

--END-- MO-YEAR	GROSS OIL PRODUCTION MBBLS	GROSS GAS PRODUCTION MMCF	NET OIL PRODUCTION MBBLS	NET GAS PRODUCTION MMCF	NET OIL PRICE $/BBL	NET GAS PRICE $/MCF	NET OIL SALES M$	NET GAS SALES M$	TOTAL NET SALES M$
12-2011	213.932	177.090	165.635	86.686	72.150	6.002	11950.550	520.305	12470.856
12-2012	202.646	129.195	156.390	63.301	72.150	6.009	11283.533	380.398	11663.931
12-2013	127.031	94.262	97.973	46.231	72.150	6.017	7068.742	278.168	7346.911
12-2014	88.559	68.781	68.343	33.769	72.150	6.025	4930.979	203.456	5134.435
12-2015	64.819	50.193	50.121	24.671	72.150	6.033	3616.222	148.843	3765.065
12-2016	47.184	36.633	36.736	18.026	72.150	6.042	2650.480	108.916	2759.396
12-2017	35.462	26.739	27.574	13.174	72.150	6.051	1989.495	79.719	2069.213
12-2018	28.486	19.519	22.150	9.629	72.150	6.061	1598.118	58.364	1656.481
12-2019	17.071	14.251	13.411	7.040	72.150	6.071	967.604	42.741	1010.345
12-2020	12.080	10.406	9.481	5.148	72.150	6.082	684.085	31.309	715.394
12-2021	10.241	0.674	8.019	0.432	72.150	7.799	578.573	3.369	581.942
12-2022	7.097	0.287	5.465	0.221	72.150	8.773	394.305	1.940	396.245
12-2023	6.466	0.221	4.979	0.170	72.150	8.773	359.241	1.495	360.736
12-2024	5.848	0.105	4.503	0.081	72.150	8.773	324.920	0.708	325.628
12-2025	5.285	0.000	4.069	0.000	72.150	0.000	293.607	0.000	293.607
S TOT	872.207	628.355	674.850	308.579	72.150	6.027	48690.453	1859.730	50550.184
AFTER	22.776	0.000	17.537	0.000	72.150	0.000	1265.322	0.000	1265.322
TOTAL	894.983	628.355	692.388	308.579	72.150	6.027	49955.777	1859.730	51815.504

--END-- MO-YEAR	AD VALOREM TAX M$	PRODUCTION TAX M$	DIRECT OPER EXPENSE M$	INTEREST PAID M$	CAPITAL REPAYMENT M$	EQUITY INVESTMENT M$	FUTURE NET CASHFLOW M$	CUMULATIVE CASHFLOW M$	CUM. DISC. CASHFLOW M$
12-2011	558.675	537.281	711.303	0.000	0.000	8062.500	2601.098	2601.098	2359.708
12-2012	462.423	471.062	857.928	0.000	0.000	0.000	9872.518	12473.616	10958.746
12-2013	304.237	300.125	758.928	0.000	0.000	0.000	5983.621	18457.236	15691.989
12-2014	215.932	210.010	758.928	0.000	0.000	0.000	3949.565	22406.803	18530.992
12-2015	159.671	154.178	727.428	0.000	0.000	0.000	2723.789	25130.590	20310.404
12-2016	119.240	113.907	594.948	0.000	0.000	0.000	1931.301	27061.893	21457.465
12-2017	90.981	87.395	518.688	0.000	0.000	0.000	1372.150	28434.043	22197.912
12-2018	73.031	71.045	495.888	0.000	0.000	0.000	1016.517	29450.561	22696.896
12-2019	52.281	47.679	302.813	0.000	0.000	0.000	607.572	30058.133	22968.289
12-2020	40.131	35.658	209.688	0.000	0.000	0.000	429.917	30488.049	23142.439
12-2021	32.939	31.193	174.751	0.000	0.000	0.000	343.060	30831.107	23268.982
12-2022	27.229	24.485	115.938	0.000	0.000	0.000	228.592	31059.699	23345.488
12-2023	24.748	22.377	115.938	0.000	0.000	0.000	197.672	31257.371	23405.635
12-2024	22.202	20.489	112.631	0.000	0.000	0.000	170.306	31427.678	23452.742
12-2025	19.869	18.791	108.000	0.000	0.000	0.000	146.947	31574.623	23489.693
S TOT	2203.590	2145.675	6563.797	0.000	0.000	8062.500	31574.623	31574.623	23489.693
AFTER	85.628	80.981	534.000	0.000	0.000	0.000	564.713	32139.338	23594.807
TOTAL	2289.218	2226.656	7097.797	0.000	0.000	8062.500	32139.338	32139.338	23594.807

	OIL	GAS			P.W.%	P.W., M$
GROSS WELLS	30.0	0.0	LIFE, YRS.	21.92	5.00	27205.648
GROSS ULT., MB & MMF	1509.581	1196.878	DISCOUNT%	10.00	9.00	24238.371
GROSS CUM., MB & MMF	614.598	568.523	UNDISCOUNTED PAYOUT, YRS.	0.76	10.00	23594.805
GROSS RES., MB & MMF	894.983	628.355	DISCOUNTED PAYOUT, YRS.	0.77	12.00	22404.020
NET RES., MB & MMF	692.388	308.579	UNDISCOUNTED NET/INVEST.	4.99	15.00	20824.031
NET REVENUE, M$	49955.773	1859.730	DISCOUNTED NET/INVEST.	4.04	20.00	18623.658
INITIAL PRICE, $	72.150	5.901	RATE-OF-RETURN, PCT.	100.00	40.00	13001.001
INITIAL N.I., PCT.	79.233	48.950	INITIAL W.I., PCT.	96.233	60.00	9889.121
					80.00	7914.903
					100.00	6553.597

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

ATTACHMENT B

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Table 2

Oil Reserve Reconciliation

between September 30, 2010 and December 31, 2010

for Forecasted Production of Estimated SEC Reserves

from Certain Properties Interests Owed

by Recovery Energy Company, Inc.

	30-Sep-10 Net Oil Reserves	MSTB				31-Dec-10 Net Oil Reserves
Lease Name	MSTB	Production	Revisions	Discoveries	Acquisition	MSTB
Proved Developed
Proved Developed Producing
Cimyott 6-21	5.559	-0.097	2.095			7.557
Coggins 10-34	2.420	-0.008	-2.412			0.000
Holgerson 33A-33	30.669	-14.837	-9.125			6.707
Leo Piper 3-29	5.829	-0.234	-5.595		3.618	3.618
Lukassen 14-34	18.955	-0.978	0.123			18.100
Malm 42-34	0.000	0.000	0.000	4.692		4.692
Oliverius 41-33	11.743	-1.783	16.351			26.311
Oliverius 42-33	22.624	-18.241	81.181			85.564
Palm 21A-20, 43-20, 23-21	48.963	-22.362	-19.105			7.495
Palm 34-17(Egle)	42.813	-16.215	-1.698			24.900
Sawyer 32-2	3.115	-10.181	7.066			0.000
Wenzel 12-34	53.253	-11.056	25.674			67.871
Wilke (23-5, 33-5, 44-5, 34-5)	26.142	-3.109	0.944			23.977
Proved Developed Non-producing
State Bradbury 13-36	4.382	0.000	-3.505			0.876
Proved Developed Subtotal:	276.467	-99.103	91.994	4.692	3.618	277.669
Proved Undeveloped
Oliverius 42-33ST	58.077		0.048			58.125
Oliverius 32-33	58.077		0.048			58.125
Lukassen 41-4	35.061		0.000			35.061
Palm 22-21	20.622		-20.622			0.000
Palm 44-20	35.470		0.000			35.470
Palm 12-21	12.375		-12.375			0.000
Palm 14-21	0.000		0.000			0.000
Palm 24-21	27.195		0.000			27.195
Palm 31-20	41.250		0.000			41.250
Palm 32-20	41.250		0.000			41.250
Palm 32-21	23.919		0.000			23.919
Palm 34-21	18.115		-18.115			0.000
Palm 42-20	32.969		0.000			32.969
Wilke 43-5	30.678		0.000			30.678
Wilke 44-5	30.678		0.000			30.678
Palm 44-21	0.000		0.000			0.000
Palm 31-21	0.000		0.000			0.000
Proved Undeveloped Subtotal:	465.736	0.000	-51.017	0.000	0.000	414.719
Total Proved:	742.203	-99.103	40.977	4.692	3.618	692.388

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Table 3

Gas Reserve Reconciliation

between September 30, 2010 and December 31, 2010

for Forecasted Production of Estimated SEC Reserves

from Certain Properties Interests Owed

by Recovery Energy Company, Inc.

	30-Sep-10 Net Gas Reserves	MMSCF				31-Dec-10 Net Gas Reserves
Lease Name	MMSCF	Production	Revisions	Discoveries	Acquisition	MMSCF
Proved Developed
Proved Developed Producing
Cimyott 6-21	9.746	-1.040	7.755			16.461
Coggins 10-34	0.640	-0.066	-0.573			0.000
Holgerson 33A-33	0.000	0.000	0.000			0.000
Leo Piper 3-29	0.000	0.000	0.000		0.000	0.000
Lukassen 14-34	0.000	0.000	0.000			0.000
Malm 42-34	0.000	0.000	0.000	0.000		0.000
Oliverius 41-33	0.000	0.000	0.000			0.000
Oliverius 42-33	0.000	0.000	0.000			0.000
Palm 21A-20, 43-20, 23-21	0.000	0.000	0.000			0.000
Palm 34-17(Egle)	0.000	0.000	0.000			0.000
Sawyer 32-2	0.284	-64.900	64.616			0.000
Wenzel 12-34	0.000	0.000	0.000			0.000
Wilke (23-5, 33-5, 44-5, 34-5)	0.000	0.000	0.000			0.000
Proved Developed Non-producing
State Bradbury 13-36	292.119	-8.878	8.878			292.119
Proved Developed Subtotal:	302.788	-74.884	80.676	0.000	0.000	308.579
Proved Undeveloped
Oliverius 42-33ST	0.000	0.000	0.000			0.000
Oliverius 32-33	0.000	0.000	0.000			0.000
Lukassen 41-4	0.000	0.000	0.000			0.000
Palm 22-21	0.000	0.000	0.000			0.000
Palm 44-20	0.000	0.000	0.000			0.000
Palm 12-21	0.000	0.000	0.000			0.000
Palm 14-21	0.000	0.000	0.000			0.000
Palm 24-21	0.000	0.000	0.000			0.000
Palm 31-20	0.000	0.000	0.000			0.000
Palm 32-20	0.000	0.000	0.000			0.000
Palm 32-21	0.000	0.000	0.000			0.000
Palm 34-21	0.000	0.000	0.000			0.000
Palm 42-20	0.000	0.000	0.000			0.000
Wilke 43-5	0.000	0.000	0.000			0.000
Wilke 44-5	0.000	0.000	0.000			0.000
Palm 44-21	0.000	0.000	0.000			0.000
Palm 31-21	0.000	0.000	0.000			0.000
Proved Undeveloped Subtotal:	0.000	0.000	0.000	0.000	0.000	0.000
Total Proved:	302.788	-74.884	80.676	0.000	0.000	308.579

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

ATTACHMENT C

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529

Table 4

Financial Reconciliation

between September 30, 2010 and December 31, 2010

for Forecasted Undiscounted Cash Flow Associated

from the Production from SEC Reserves from Certain Properties Interests Owed

by Recovery Energy Company, Inc.

Financial Reconciliation

	30-Sep-10 Net	Difference (Dec-Sep), M$			31-Dec-10 Net Sales	30-Sep-10 Net Undiscounted	Difference (Dec-Sep), M$					31-Dec-10 Net Undiscounted	Precentage Per	Precentage Per
	Sales			Net	Sales	Cashflow	Ad Valorum	Operating	Production	Capital	Undiscounted	Cashflow	Reserve	Total
Lease Name	M$	Reserves	Price	Sales	M$	M$	Tax	Expense	Tax	Expense	Cash Flow	M$	Classifacation	Proved
Proved Developed
Proved Developed Producing
Cimyott 6-21	418	203	69	272	690	253	27	-16	0	0	308	514	3%	2%
Coggins 10-34	170	-175	5	-170	0	123	-17	-30	0	0	-66	0	0%	0%
Holgerson 33A-33	2,124	-1,729	88	-1,641	484	1,605	-111	-195	-105	0	-1,040	375	2%	1%
Pieper Leo 3-29	404	-160	17	-143	261	295	-11	72	0	0	-109	92	1%	0%
Lukassen 14-34	1,313	-62	55	-7	1,306	921	0	-131	0	0	362	1,045	7%	3%
Malm 42-34	0	339	0	339	339	0	23	140	22	0	154	154	1%
Oliverius 41-33	813	1,051	34	1,085	1,898	454	73	375	69	0	622	1,021	7%	3%
Oliverius 42-33	1,567	4,541	65	4,606	6,173	1,007	312	435	295	0	3,708	4,572	30%	14%
Palm 21A-20, 43-20, 23-21	3,392	-2,992	141	-2,851	541	2,297	-55	-729	-86	0	-1,622	316	2%	1%
Palm 34-17(Egle)	2,966	-1,292	123	-1,169	1,797	2,399	-23	-126	-35	0	-336	1,414	9%	4%
Sawyer 32-2	217	-225	8	-217	0	142	-16	-58	0	0	-84	0	0%	0%
Wenzel 12-34	3,689	1,055	153	1,208	4,897	2,873	82	408	77	0	1,101	3,514	23%	11%
Wilke (23-5, 33-5, 44-5, 34-5)	1,811	-156	75	-81	1,730	1,154	-2	32	-2	0	-1	1,046	7%	3%
Proved Developed Non-producing
State Bradbury 13-36	1,293	-253	739	486	1,779	1,134	48	190	0	0	434	1,381	9%	4%
Proved Developed Subtotal:	20,176	146	1,572	1,717	21,894	14,657	330	365	235	-	3,432	15,445	100%	48%
Proved Undeveloped
Oliverius 42-33ST	4,023	3	167	171	4,194	2,596	12	3	11	150	500	2,591	16%	8%
Oliverius 32-33	4,023	3	167	171	4,194	2,596	12	3	11	150	500	2,591	16%	8%
Lukassen 41-4	2,429	0	101	101	2,530	1,445	2	0	3	150	308	1,391	8%	4%
Palm 22-21	1,428	0	-1,428	-1,428	0	533	-28	-225	-43	-600	-313	0	0%	0%
Palm 44-20	2,457	0	102	102	2,559	1,367	2	0	3	150	443	1,314	8%	4%
Palm 12-21	857	0	-857	-857	0	110	-17	-105	-26	-600	-48	0	0%	0%
Palm 14-21	0	0	0	0	0	0	0	0	0	0	0	0	0%	0%
Palm 24-21	1,884	0	78	78	1,962	828	2	0	2	150	333	752	5%	2%
Palm 31-20	2,857	0	119	119	2,976	1,840	2	0	4	150	520	1,803	11%	6%
Palm 32-20	2,857	0	119	119	2,976	1,840	2	0	4	150	369	1,803	11%	6%
Palm 32-21	1,657	0	69	69	1,726	795	1	0	2	150	108	711	4%	2%
Palm 34-21	1,255	0	-1,255	-1,255	0	389	-24	-204	-38	-600	-214	0	0%	0%
Palm 42-20	2,284	0	95	95	2,379	1,364	2	0	3	150	196	1,304	8%	4%
Wilke 43-5	2,125	0	88	88	2,213	1,264	2	0	3	131	285	1,217	7%	4%
Wilke 44-5	2,125	0	88	88	2,213	1,264	2	0	3	131	292	1,217	7%	4%
Palm 44-21	0	0	0	0	0	0	0	0	0	0	0	0	0%	0%
Palm 31-21	0	0	0	0	0	0	0	0	0	0	0	0	0%	0%
Proved Undeveloped Subtotal:	32,261	7	-2,346	-2,340	29,922	18,231	-29	-528	-59	-188	3,279	16,694	100%	52%
Total Proved:	52,438	153	-775	-622	51,815	32,888	301	-163	176	-188	6,711	32,139		100%

RALPH E. DAVIS ASSOCIATES, INC.

Texas Registered Engineering Firm F-1529