EON Resources (EONR) 10-K 2023 FY Annual report

Exhibit 99.1

EVALUATION
OF

CERTAIN OIL AND GAS
PROPERTIES

LOCATED IN
EDDY COUNTY
NEW MEXICO

PREPARED FOR
LH OPERATING, LLC

AS OF
DECEMBER 31, 2023

WILLIAM M. COBB & ASSOCIATES, INC.

Worldwide Petroleum Consultants

WILLIAM M. COBB & ASSOCIATES, INC.

Worldwide Petroleum Consultants

12770 Coit Road, Suite 907	(972) 385-0354
Dallas, Texas	Fax: (972) 788-5165
	E-Mail: office@wmcobb.com

February 26, 2024

Mr. Jesse Allen

LH Operating, LLC

3730 Kirby Drive, Suite 1200

Houston, Texas 77098

Dear Mr. Allen:

In accordance with your request, William M. Cobb & Associates, Inc. (Cobb & Associates) has estimated the proved reserves and future income as of December 31, 2023, attributable to the interest of LH Operating, LLC (LH Operating) in certain oil and gas properties located in the Grayburg-Jackson Field, Eddy County, New Mexico. The LH Operating properties have historically produced from Seven Rivers, Queen, Grayburg, and San Andres (SR-Q-G-SA) reservoirs in descending depth order. The focus of this report is to capture reserves attributable to both the historical (“legacy”) SR-Q-G-SA completions and the recent LH Operating implementation and expansion of the Seven Rivers (SR) waterflood. This report was completed on February 26, 2024.

Table 1 summarizes our estimate of the proved oil and gas reserves for all planned development and the pre-federal income tax value undiscounted and discounted at ten percent. Values shown are determined utilizing the December 31, 2023, SEC Commodity Price Forecast. The discounted present worth of future income values shown below in Table 1 are not intended to necessarily represent an estimate of fair market value.

TABLE 1

LH OPERATING RESOURCES, LLC - NET RESERVES AND VALUE
AS OF DECEMBER 31, 2023

	Net Reserves				Future Net Pre-Tax Cash Flow
Reserve Category	Oil (MBBL)		Gas (MMCF)		Undiscounted (M$)		Discounted at 10% (M$)
Legacy SR-Q-G-SA PDP		322.28		218.04		10,610.94		6,045.04
SR Waterflood PDP		3,679.76		930.61		139,998.66		76,414.59
TOTAL PDP		4,002.04		1,148.65		150,609.60		82,459.62
SR Waterflood PNP		7,274.95		1,525.71		333,937.65		128,754.75
SR Waterflood PUD		4,137.09		850.18		199,484.03		69,803.84
TOTAL PROVED		15,414.07		3,524.55		684,031.28		281,018.21

Oil volumes are expressed in thousands of stock tank barrels (MBBL). A stock tank barrel is equivalent to 42 United States gallons. Gas volumes are expressed in millions of standard cubic feet (MMCF).

Mr. Jesse Allen

February 26, 2024

Page 2 - Grayburg-Jackson Reserves, SEC Guidelines

This report, which was prepared for LH Operating’s use in filing with the SEC and will be filed with LH Operating’s Form 10-K for fiscal year ending December 31, 2023 (the “Form 10-K”) and covers 100 percent of the total company present value discounted at ten percent (PV10) presented in LH Operating’s Form 10-K. All assumptions, data, methods, and procedures considered necessary and appropriate were used to prepare this report.

DISCUSSION

LH Operating’s leasehold covers approximately 13,700 acres in the Grayburg-Jackson Field. Historical production has been from Seven Rivers, Queen, Grayburg, and San Andres (SR-Q-G-SA) reservoirs ranging in depth from 1,500 to 4,000 feet. The production forecast for the historical SR-Q-G-SA completions is the basis for row one in Table 1. Recent and ongoing focus on the Seven Rivers waterflood implementation by LH Operating is reflected as SR Waterflood in rows 2 - 4 in Table 1. Although the Seven Rivers interval is behind-pipe in many current Seven Rivers producers or injectors, a material number of planned waterflood patterns will require new drill wellbores. The 170 development patterns have been categorized according to the producer status with 127 patterns being Proved Developed Non-Producing (PDNP) and 43 patterns being Proved Undeveloped (PUD).

In 2019 LH Operating began an expansion of the existing Seven Rivers waterflood under several sections in the southern portion of the LH Operating properties which had been economically successful and served as the analogy for the reserves estimated in this report. Evaluation of these economically successful patterns within the LH Operating property yielded a median (P50) expectation of 32,545 barrels (Bbls) of oil for a typical Seven Rivers 40-acre well spacing primary recovery completion. Furthermore, the evaluation yielded a median expectation of 85,348 Bbls of primary plus secondary oil for a typical Seven Rivers 40-acre five spot pattern (20-acre well spacing.) The difference between these two median recoveries yields a typical secondary oil recovery of 52,803 Bbls.

Net Pay and Pore Volume (Net Pay * Porosity) maps were generated for the Seven Rivers intervals included as waterflood reserves in this report: B1, B2, B3, B4, B5, B6, and C. The sum of the Pore Volume from these seven intervals constitutes the Total Pore Volume forming the volumetric basis for the Seven Rivers waterflood reserves. A total of 314 patterns with discretely estimated Pore Volume were evaluated. Only the 253 patterns under LH Operating leases with less than 43,000 Bbls of cumulative oil production were used to distribute reserves in this report.

A pattern simulation model was used to forecast future recovery from the 253 LH Operating Seven Rivers patterns. The simulation model is comprised of seven layers to represent the seven intervals of the Seven Rivers Pore Volume maps. Average thickness and porosity values from the seven intervals were used in the simulation models. As of this report date, 83 patterns were producing and 170 remain for future development. Of the remaining 170 patterns, 127 are categorized as PNP and 43 are PUD. Primary and secondary recovery cases were run to establish production forecast rates then used to distribute production expectations to each of the Seven Rivers patterns. The individual Pore Volume of each pattern served as the key element for scaling the production forecast for each specific pattern. The oil volumes from this forecast are the basis for the Seven Rivers waterflood PDP, PNP and PUD reserves.

Mr. Jesse Allen

February 26, 2024

Page 3 - Grayburg-Jackson Reserves, SEC Guidelines

OIL AND GAS PRICING

Projections of future oil and gas reserves contained in this report utilize the December 31, 2023, SEC Commodity Price Forecast. The SEC price is the arithmetic average of the “first-day-of-the-month” WTI Spot pricing for oil prices and Henry Hub prices for natural gas for the preceding 12-month period ending December 31, 2023. These prices were calculated to be $78.22 per barrel of oil and $2.640 per MMBTU of gas. Product prices used in the revenue forecasts have been adjusted for quality, location, and BTU content. After applying appropriate differentials for each lease, the weightedaverage realized product prices for 2024 were estimated to be $78.40 per barrel of oil and $2.38 per MCF of gas, resulting in average 2024 differentials of positive $0.18 per barrel and negative $0.26 per MCF. Product prices and differentials were not escalated for this report.

OPERATING COSTS

LH Operating provided historical lease operating expense (LOE) data through October 2023 for each lease. Based upon our analysis of that data, a fixed monthly operating cost was applied for each legacy lease. The Seven Rivers PDP waterflood case was assigned a monthly per pattern fixed monthly operating cost of $470,806 based on the provided data. The PNP and PUD cases were assigned a fixed monthly operating cost of $4,956 per new producer. The costs were held constant for the report. There were no variable costs scheduled. The cashflow model for this report was prepared using PHDWin software which classifies variable costs as “other costs” in the standard report regardless of any “other costs” being utilized in the actual analysis.

CAPITAL COSTS

Capital costs and timing were provided by LH Operating. This prospect will be developed using a combination of recompletions and new drill wells. The development cost to complete the remaining patterns is $94,156,000.

RESERVES AND CASH FLOW

Reserve and revenue projections for the proved reserves categories are shown in Table 2 after the signature page of this report. Cash flow is defined as revenue after deduction of state severance tax, ad valorem tax, operating cost, and capital cost. All economic projections are before federal income taxes.

PROPERTY ABANDONMENT

As requested, abandonment costs have not been included in our estimates of future net revenue. Although no abandonment costs have been scheduled for the subject properties, it is worth noting the expected long producing life of the Reserves evaluated in this report. The Seven Rivers Reserves categories are estimated to become uneconomical by approximately January 2046. However, some of the currently producing legacy (SR-Q-G-SA) patterns do not become uneconomic until November 2065. Given the long producing life of the properties, the present value of any abandonment costs would be minimal. In addition, any future abandonment costs will be largely, or totally, offset by the salvage value of the wellbore tubulars and surface equipment.

Mr. Jesse Allen

February 26, 2024

Page 4 - Grayburg-Jackson Reserves, SEC Guidelines

PROFESSIONAL GUIDELINES

Proved oil and gas reserves are the estimated quantities of crude oil, natural gas, and natural gas liquids, which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years, from known reservoirs under expected economic and operating conditions. Reserves are considered proved if economic productivity is supported by either actual production or conclusive formation tests.

Probable reserves are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than proved reserves, but more certain to be recovered than possible reserves. Possible reserves are those additional reserves which analysis of geoscience and engineering data suggest are less likely to be recoverable than probable reserves.

The reserve estimates shown in this report are those estimated to be recoverable in accordance with the reserves definitions of Rules 4-10(a) (1)-(32) of Regulation S-X and the guidelines specified in Item 1202 (a)(8) of Regulation S-K of the U.S. Securities and Exchange Commission (SEC), and with the exception of the exclusion of future income taxes, conforms to the FASB Accounting Standards Codification Topic 932, Extractive Industries - Oil and Gas. The definitions for oil and gas reserves in accordance with SEC Regulation S-X are set forth in this report.

No current or impending regulations are known to restrict LH Operating’s ability to recover the estimated reserves. No attempt was made to assess the possible effects of unknowable governmental regulations on the ability of LH Operating to recover the reserves estimated in this report.

Reserves definitions used by Cobb & Associates in this report adhere to SEC guidelines and rely on the SEC price forecast. In addition to SEC guidelines, the reserve definitions used by Cobb & Associates are also consistent with definitions set forth in the PRMS and approved by the Society of Petroleum Engineers and other professional organizations.

The reserves included in this report are estimates only and should not be construed as being exact quantities. Governmental policies, uncertainties of supply and demand, the prices actually received for the reserves, and the costs incurred in recovering such reserves, may vary from the price and cost assumptions in this report. Estimated reserves using price escalations may vary from values obtained using constant price scenarios. In any case, estimates of reserves, resources, and revenues may increase or decrease as a result of future operations.

Mr. Jesse Allen

February 26, 2024

Page 5 - Grayburg-Jackson Reserves, SEC Guidelines

Cobb & Associates has not examined titles to the appraised properties nor has the actual degree of interest owned been independently confirmed. The data used in this evaluation were obtained from LH Operating Resources, LLC and the non-confidential files of Cobb & Associates and were considered accurate.

We have not made a field examination of the LH Operating properties, therefore, operating ability and condition of the production equipment have not been considered. Also, environmental liabilities, if any, caused by LH Operating or any other operator have not been considered, nor has the cost to restore the property to acceptable conditions, as may be required by regulation, been taken into account.

In evaluating available information concerning this appraisal, Cobb & Associates has excluded from its consideration all matters as to which legal or accounting interpretation, rather than geological or engineering, may be controlling. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering and geological data, and conclusions necessarily represent only informed professional judgments.

William M. Cobb & Associates, Inc. is an independent consulting firm founded in 1983. Its compensation is not contingent on the results obtained or reported. This report was prepared by associates of the firm who are licensed professional engineers and geologists with over 40 years of experience in the estimation, assessment, and evaluation of oil and gas reserves.

This section intentionally left blank.

Mr. Jesse Allen

February 26, 2024

Page 6 - Grayburg-Jackson Reserves, SEC Guidelines

Cobb & Associates appreciates the opportunity to be of service to you. If you have any questions regarding this report, please do not hesitate to contact us.

Sincerely,

William M. Cobb & Associates, Inc.

Texas Registered Engineering Firm F-84

/s/ Frank J. Marek	/s/ Donald L. Bailey
Frank J. Marek, P.E.	Donald L. Bailey, P.G.
Senior Vice President	Senior Vice President
/s/ Andrea S. Mielcarek	/s/ Robert E. Williams
Andrea S. Mielcarek	Robert E. Williams, P.G.
Reservoir Engineer	Senior Geologist, GeoSystems Manager

ASM:arr

Attachments

M: LH Operating/Grayburg-Jackson Reserves – 123123_SEC-2-26-24

TABLE 2

Date : 02/26/2024     6:24:51AM ECONOMIC SUMMARY PROJECTION Total

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024
Partner :	HNRA	Discount Rate (%) : 10.00
Case Type :	GRAND TOTAL CASE	Custom Selection

Cum Oil (Mbbl) :	34,893.85
Cum Gas (MMcf) :	23,417.56
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		471.60		356.41		0.00		350.05		236.00		0.00		78.40		2.38		0.00		28,005.11
2025		586.62		319.00		0.00		436.17		211.10		0.00		78.40		2.38		0.00		34,697.35
2026		825.81		350.03		0.00		615.29		231.91		0.00		78.40		2.38		0.00		48,789.91
2027		1,199.59		412.88		0.00		895.01		273.71		0.00		78.40		2.38		0.00		70,819.01
2028		1,353.05		400.29		0.00		1,010.21		265.63		0.00		78.40		2.38		0.00		79,831.64
2029		1,366.08		359.97		0.00		1,020.13		238.89		0.00		78.40		2.38		0.00		80,546.11
2030		1,354.57		324.37		0.00		1,011.62		215.25		0.00		78.40		2.38		0.00		79,822.44
2031		1,323.26		291.55		0.00		988.30		193.45		0.00		78.40		2.38		0.00		77,942.15
2032		1,280.77		264.86		0.00		956.59		175.71		0.00		78.40		2.38		0.00		75,414.09
2033		1,229.11		252.32		0.00		918.07		167.42		0.00		78.40		2.38		0.00		72,374.42
2034		1,168.22		238.29		0.00		872.73		158.28		0.00		78.40		2.38		0.00		68,798.26
2035		1,102.42		224.00		0.00		823.67		148.90		0.00		78.40		2.38		0.00		64,929.82
2036		1,032.36		209.80		0.00		771.31		139.46		0.00		78.40		2.38		0.00		60,802.34
2037		957.35		194.61		0.00		715.25		129.35		0.00		78.40		2.38		0.00		56,383.32
2038		883.69		179.71		0.00		660.20		119.44		0.00		78.40		2.38		0.00		52,043.22
Rem		4,519.17		937.33		0.00		3,369.48		620.05		0.00		78.40		2.38		0.00		265,641.17
Total		20,653.67		5,315.42		0.00		15,414.07		3,524.55		0.00		78.40		2.38		0.00		1,216,840.37
Ult		55,547.52		28,732.98		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		216.00		2,318.25		0.00		5,945.00		7,834.20		282.49		0.00		0.00		11,625.17		11,138.79
2025		222.00		2,874.36		0.00		31,664.00		7,364.63		857.39		0.00		0.00		-8,063.02		4,416.48
2026		246.00		4,043.50		0.00		48,291.00		7,273.85		3,241.22		0.00		0.00		-14,059.66		-6,833.01
2027		306.00		5,870.82		0.00		8,256.00		7,068.06		7,661.98		0.00		0.00		41,962.15		22,983.08
2028		314.00		6,619.08		0.00		0.00		6,189.17		10,055.72		0.00		0.00		56,967.66		60,086.22
2029		194.00		6,679.08		0.00		0.00		6,027.16		10,110.24		0.00		0.00		57,729.63		94,275.13
2030		194.00		6,619.63		0.00		0.00		6,027.16		10,110.24		0.00		0.00		57,065.41		125,005.94
2031		194.00		6,464.14		0.00		0.00		6,027.16		10,110.24		0.00		0.00		55,340.62		152,103.63
2032		194.00		6,254.78		0.00		0.00		6,027.16		10,110.24		0.00		0.00		53,021.92		175,703.61
2033		194.00		6,002.70		0.00		0.00		5,981.82		10,110.24		0.00		0.00		50,279.67		196,051.16
2034		190.00		5,706.12		0.00		0.00		5,886.72		10,110.24		0.00		0.00		47,095.18		213,380.17
2035		181.00		5,385.28		0.00		0.00		5,808.80		10,110.24		0.00		0.00		43,625.49		227,975.37
2036		181.00		5,042.95		0.00		0.00		5,808.80		10,110.24		0.00		0.00		39,840.35		240,092.28
2037		181.00		4,676.43		0.00		0.00		5,808.80		10,110.24		0.00		0.00		35,787.85		249,988.50
2038		181.00		4,316.46		0.00		0.00		5,808.80		10,110.24		0.00		0.00		31,807.71		257,985.57
Rem.				22,032.01		0.00		0.00		44,699.30		74,904.70		0.00		0.00		124,005.17		23,032.64
Total				100,905.60		0.00		94,156.00		139,641.59		198,105.90		0.00		0.00		684,031.28		281,018.21

		Present Worth Profile (M$)
		PW	5.00%	:	424,371.72
Disc. Initial Invest. (M$) :	76,904.758	PW	8.00%	:	329,104.49
ROInvestment (disc/undisc) :	4.65 / 8.26	PW	9.00%	:	303,782.43
Years to Payout :	3.41	PW	12.00%	:	241,960.99
Internal ROR (%) :	>1000	PW	15.00%	:	196,054.40
		PW	20.00%	:	142,653.22

TRC Eco DetailedNGL.rpt		Page : 1
	TABLE 2 - 1

Date : 02/26/2024     6:24:51AM ECONOMIC SUMMARY PROJECTION Proved Producing Rsv Class & Category

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024
Partner :	HNRA	Discount Rate (%) : 10.00
Case Type :	REPORT BREAK TOTAL CASE	Custom Selection

Cum Oil (Mbbl) :	34,893.97
Cum Gas (MMcf) :	23,417.65
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		381.18		298.53		0.00		282.42		197.43		0.00		78.40		2.38		0.00		22,610.97
2025		364.15		208.63		0.00		269.76		137.54		0.00		78.40		2.38		0.00		21,475.93
2026		353.93		165.70		0.00		262.32		109.06		0.00		78.40		2.38		0.00		20,825.38
2027		341.57		129.72		0.00		253.20		84.99		0.00		78.40		2.38		0.00		20,053.15
2028		317.29		101.01		0.00		235.45		66.17		0.00		78.40		2.38		0.00		18,616.76
2029		305.09		86.40		0.00		226.51		56.57		0.00		78.40		2.38		0.00		17,892.75
2030		295.42		76.59		0.00		219.38		50.11		0.00		78.40		2.38		0.00		17,318.48
2031		284.73		68.37		0.00		211.47		44.70		0.00		78.40		2.38		0.00		16,685.79
2032		272.22		61.69		0.00		202.20		40.31		0.00		78.40		2.38		0.00		15,948.14
2033		257.40		57.98		0.00		191.23		37.89		0.00		78.40		2.38		0.00		15,082.46
2034		238.10		52.26		0.00		177.00		34.30		0.00		78.40		2.38		0.00		13,958.38
2035		220.34		47.59		0.00		163.88		31.33		0.00		78.40		2.38		0.00		12,922.62
2036		208.83		45.10		0.00		155.31		29.69		0.00		78.40		2.38		0.00		12,246.95
2037		199.94		43.13		0.00		148.71		28.39		0.00		78.40		2.38		0.00		11,726.31
2038		190.52		41.08		0.00		141.71		27.05		0.00		78.40		2.38		0.00		11,174.03
Rem		1,166.23		266.74		0.00		861.48		173.13		0.00		78.40		2.38		0.00		67,951.71
Total		5,396.94		1,750.51		0.00		4,002.04		1,148.65		0.00		78.40		2.38		0.00		316,489.80
Ult		40,290.90		25,168.16		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		205.00		1,871.55		0.00		0.00		7,834.20		0.00		0.00		0.00		12,905.22		12,313.39
2025		200.00		1,778.91		0.00		0.00		7,364.63		0.00		0.00		0.00		12,332.40		23,009.26
2026		162.00		1,725.66		0.00		0.00		7,273.85		0.00		0.00		0.00		11,825.87		32,334.53
2027		145.00		1,662.19		0.00		0.00		7,068.06		0.00		0.00		0.00		11,322.90		40,452.27
2028		145.00		1,543.46		0.00		0.00		6,189.17		0.00		0.00		0.00		10,884.13		47,544.66
2029		25.00		1,483.62		0.00		0.00		6,027.16		0.00		0.00		0.00		10,381.98		53,695.45
2030		25.00		1,436.12		0.00		0.00		6,027.16		0.00		0.00		0.00		9,855.20		59,003.94
2031		25.00		1,383.75		0.00		0.00		6,027.16		0.00		0.00		0.00		9,274.88		63,546.44
2032		25.00		1,322.64		0.00		0.00		6,027.16		0.00		0.00		0.00		8,598.34		67,374.54
2033		25.00		1,250.85		0.00		0.00		5,981.82		0.00		0.00		0.00		7,849.79		70,552.38
2034		21.00		1,157.65		0.00		0.00		5,886.72		0.00		0.00		0.00		6,914.01		73,097.77
2035		12.00		1,071.76		0.00		0.00		5,808.80		0.00		0.00		0.00		6,042.05		75,119.93
2036		12.00		1,015.72		0.00		0.00		5,808.80		0.00		0.00		0.00		5,422.43		76,768.90
2037		12.00		972.54		0.00		0.00		5,808.80		0.00		0.00		0.00		4,944.96		78,136.14
2038		12.00		926.74		0.00		0.00		5,808.80		0.00		0.00		0.00		4,438.49		79,251.99
Rem.				5,635.47		0.00		0.00		44,699.30		0.00		0.00		0.00		17,616.95		3,207.63
Total				26,238.62		0.00		0.00		139,641.59		0.00		0.00		0.00		150,609.60		82,459.62

		Present Worth Profile (M$)
Disc. Initial Invest. (M$) :	0.000	PW	5.00%	:	107,605.12
ROInvestment (disc/undisc) :	0.00 / 0.00	PW	8.00%	:	91,077.82
Years to Payout :	0.00	PW	9.00%	:	86,568.12
Internal ROR (%) :	0.00	PW	12.00%	:	75,266.13
		PW	15.00%	:	66,508.29
		PW	20.00%	:	55,708.29

TRC Eco DetailedNGL.rpt		Page : 2
	TABLE 2 - 2

Date :	02/26/2024     6:24:51AM	ECONOMIC SUMMARY PROJECTION	Proved Producing Rsv Class & Category
			LEGACY Report Group

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024
Partner :	HNRA	Discount Rate (%) : 10.00
Case Type :	REPORT BREAK TOTAL CASE	Custom Selection

Cum Oil (Mbbl) :	33,870.23
Cum Gas (MMcf) :	22,207.89
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		75.08		73.75		0.00		53.46		47.62		0.00		78.40		2.38		0.00		4,304.11
2025		56.42		54.26		0.00		39.58		34.65		0.00		78.40		2.38		0.00		3,185.26
2026		48.39		44.94		0.00		33.78		28.57		0.00		78.40		2.38		0.00		2,716.24
2027		40.36		29.74		0.00		27.90		18.36		0.00		78.40		2.38		0.00		2,230.74
2028		22.86		15.88		0.00		15.23		9.43		0.00		78.40		2.38		0.00		1,216.13
2029		18.79		12.56		0.00		12.35		7.36		0.00		78.40		2.38		0.00		986.06
2030		17.65		11.60		0.00		11.61		6.79		0.00		78.40		2.38		0.00		926.03
2031		16.63		10.75		0.00		10.93		6.30		0.00		78.40		2.38		0.00		871.92
2032		15.73		10.02		0.00		10.34		5.87		0.00		78.40		2.38		0.00		824.36
2033		14.05		9.31		0.00		9.21		5.46		0.00		78.40		2.38		0.00		734.72
2034		11.67		6.98		0.00		7.63		4.12		0.00		78.40		2.38		0.00		608.24
2035		9.75		5.47		0.00		6.35		3.26		0.00		78.40		2.38		0.00		505.82
2036		9.28		5.19		0.00		6.05		3.09		0.00		78.40		2.38		0.00		481.78
2037		8.79		4.90		0.00		5.73		2.92		0.00		78.40		2.38		0.00		456.40
2038		8.35		4.65		0.00		5.45		2.77		0.00		78.40		2.38		0.00		433.58
Rem		103.67		54.23		0.00		66.69		31.49		0.00		78.40		2.38		0.00		5,303.22
Total		477.47		354.18		0.00		322.28		218.04		0.00		78.40		2.38		0.00		25,784.60
Ult		34,347.70		22,562.08		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		204.00		356.00		0.00		0.00		2,184.53		0.00		0.00		0.00		1,763.59		1,687.60
2025		199.00		263.47		0.00		0.00		1,714.96		0.00		0.00		0.00		1,206.83		2,736.00
2026		161.00		224.70		0.00		0.00		1,624.18		0.00		0.00		0.00		867.36		3,421.21
2027		144.00		184.67		0.00		0.00		1,418.39		0.00		0.00		0.00		627.68		3,872.03
2028		144.00		100.69		0.00		0.00		539.50		0.00		0.00		0.00		575.94		4,247.08
2029		24.00		81.65		0.00		0.00		377.48		0.00		0.00		0.00		526.92		4,559.30
2030		24.00		76.68		0.00		0.00		377.48		0.00		0.00		0.00		471.86		4,813.49
2031		24.00		72.20		0.00		0.00		377.48		0.00		0.00		0.00		422.23		5,020.27
2032		24.00		68.27		0.00		0.00		377.48		0.00		0.00		0.00		378.61		5,188.85
2033		24.00		60.84		0.00		0.00		332.14		0.00		0.00		0.00		341.73		5,327.13
2034		20.00		50.38		0.00		0.00		237.05		0.00		0.00		0.00		320.82		5,445.07
2035		11.00		41.90		0.00		0.00		159.13		0.00		0.00		0.00		304.79		5,547.01
2036		11.00		39.91		0.00		0.00		159.13		0.00		0.00		0.00		282.74		5,632.97
2037		11.00		37.80		0.00		0.00		159.13		0.00		0.00		0.00		259.46		5,704.68
2038		11.00		35.91		0.00		0.00		159.13		0.00		0.00		0.00		238.53		5,764.61
Rem.				439.34		0.00		0.00		2,842.04		0.00		0.00		0.00		2,021.84		280.43
Total				2,134.42		0.00		0.00		13,039.24		0.00		0.00		0.00		10,610.94		6,045.04

		Present Worth Profile (M$)
Disc. Initial Invest. (M$) :	0.000	PW	5.00%	:	7,601.74
ROInvestment (disc/undisc) :	0.00 / 0.00	PW	8.00%	:	6,565.22
Years to Payout :	0.00	PW	9.00%	:	6,291.53
Internal ROR (%) :	0.00	PW	12.00%	:	5,618.97
		PW	15.00%	:	5,106.99
		PW	20.00%	:	4,478.55

TRC Eco DetailedNGL.rpt		Page : 3
	TABLE 2 - 3

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	CA Russell Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	1,072.94
Cum Gas (MMcf) :	521.06
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		2.33		0.00		0.00		1.63		0.00		0.00		78.40		0.00		0.00		127.68
2025		2.00		0.00		0.00		1.40		0.00		0.00		78.40		0.00		0.00		109.94
2026		1.75		0.00		0.00		1.22		0.00		0.00		78.40		0.00		0.00		95.90
2027		1.54		0.00		0.00		1.08		0.00		0.00		78.40		0.00		0.00		84.39
2028		1.37		0.00		0.00		0.96		0.00		0.00		78.40		0.00		0.00		75.02
2029		1.22		0.00		0.00		0.85		0.00		0.00		78.40		0.00		0.00		66.79
2030		1.09		0.00		0.00		0.77		0.00		0.00		78.40		0.00		0.00		60.00
2031		0.99		0.00		0.00		0.69		0.00		0.00		78.40		0.00		0.00		54.19
2032		0.90		0.00		0.00		0.63		0.00		0.00		78.40		0.00		0.00		49.32
2033		0.06		0.00		0.00		0.04		0.00		0.00		78.40		0.00		0.00		3.46
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		13.24		0.00		0.00		9.27		0.00		0.00		78.40		0.00		0.00		726.68
Ult		1,086.18		521.06		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		4.00		10.60		0.00		0.00		48.89		0.00		0.00		0.00		68.20		65.16
2025		4.00		9.12		0.00		0.00		48.89		0.00		0.00		0.00		51.93		110.27
2026		4.00		7.96		0.00		0.00		48.89		0.00		0.00		0.00		39.05		141.11
2027		4.00		7.00		0.00		0.00		48.89		0.00		0.00		0.00		28.50		161.57
2028		4.00		6.23		0.00		0.00		48.89		0.00		0.00		0.00		19.91		174.58
2029		4.00		5.54		0.00		0.00		48.89		0.00		0.00		0.00		12.36		181.92
2030		4.00		4.98		0.00		0.00		48.89		0.00		0.00		0.00		6.13		185.24
2031		4.00		4.50		0.00		0.00		48.89		0.00		0.00		0.00		0.80		185.65
2032		4.00		4.09		0.00		0.00		48.89		0.00		0.00		0.00		-3.67		184.03
2033		4.00		0.29		0.00		0.00		3.55		0.00		0.00		0.00		-0.38		183.87
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				60.31		0.00		0.00		443.54		0.00		0.00		0.00		222.83		183.87

	Oil				Present Worth Profile (M$)
			Abandonment Date :	01/27/2033
Perfs :	0 - 0		Working Int :	1.00000000
Initial Rate :	208.72 bbl/month		Revenue Int :	0.70000000	PW	5.00%	:	201.45
Abandonment :	70.79 bbl/month		Disc. Initial Invest. (M$) :	0.000	PW	8.00%	:	190.51
Initial Decline :	14.62 % year	b = 0.500	ROInvestment (disc/undisc) :	0.00 / 0.00	PW	9.00%	:	187.13
Beg Ratio :	0.000 Mcf/bbl		Years to Payout :	0.00	PW	12.00%	:	177.71
End Ratio :	0.000 Mcf/bbl		Internal ROR (%) :	0.00	PW	15.00%	:	169.24
					PW	20.00%	:	156.93

TRC Eco DetailedNGL.rpt		Page : 4
	TABLE 2 - 4

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Fren Oil Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	629.55
Cum Gas (MMcf) :	373.26
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
NON-ECONOMIC
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Ult		629.55		373.26		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

	Oil				Present Worth Profile (M$)
			Abandonment Date :	01/01/2024
Perfs :	0 - 0		Working Int :	1.00000000
Initial Rate :	71.52 bbl/month		Revenue Int :	0.77500000	PW	5.00%	:	0.00
Abandonment :	71.52 bbl/month		Disc. Initial Invest. (M$) :	0.000	PW	8.00%	:	0.00
Initial Decline :	6.68 % year	b = 0.500	ROInvestment (disc/undisc) :	0.00 / 0.00	PW	9.00%	:	0.00
Beg Ratio :	0.058 Mcf/bbl		Years to Payout :	0.00	PW	12.00%	:	0.00
End Ratio :	0.058 Mcf/bbl		Internal ROR (%) :	0.00	PW	15.00%	:	0.00
					PW	20.00%	:	0.00

TRC Eco DetailedNGL.rpt		Page : 5
	TABLE 2 - 5

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Friess Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	238.33
Cum Gas (MMcf) :	118.41
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
NON-ECONOMIC
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Ult		238.33		118.41		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

	Oil				Present Worth Profile (M$)
			Abandonment Date :	01/01/2024
Perfs :	0 - 0		Working Int :	1.00000000
Initial Rate :	39.16 bbl/month		Revenue Int :	0.77500000	PW	5.00%	:	0.00
Abandonment :	39.16 bbl/month		Disc. Initial Invest. (M$) :	0.000	PW	8.00%	:	0.00
Initial Decline :	36.94 % year	b = 1.000	ROInvestment (disc/undisc) :	0.00 / 0.00	PW	9.00%	:	0.00
Beg Ratio :	0.489 Mcf/bbl		Years to Payout :	0.00	PW	12.00%	:	0.00
End Ratio :	0.489 Mcf/bbl		Internal ROR (%) :	0.00	PW	15.00%	:	0.00
					PW	20.00%	:	0.00

TRC Eco DetailedNGL.rpt		Page : 6
	TABLE 2 - 6

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	H E West A Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	1,862.37
Cum Gas (MMcf) :	1,172.65
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		2.78		2.38		0.00		1.93		1.47		0.00		78.40		2.38		0.00		154.87
2025		1.79		1.68		0.00		1.24		1.04		0.00		78.40		2.38		0.00		99.87
2026		1.25		1.26		0.00		0.87		0.78		0.00		78.40		2.38		0.00		69.92
2027		0.92		0.98		0.00		0.64		0.60		0.00		78.40		2.38		0.00		51.70
2028		0.34		0.37		0.00		0.24		0.23		0.00		78.40		2.38		0.00		18.97
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		7.09		6.66		0.00		4.92		4.12		0.00		78.40		2.38		0.00		395.32
Ult		1,869.46		1,179.31		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		4.00		12.82		0.00		0.00		42.18		0.00		0.00		0.00		99.87		95.75
2025		4.00		8.26		0.00		0.00		42.18		0.00		0.00		0.00		49.42		138.83
2026		4.00		5.78		0.00		0.00		42.18		0.00		0.00		0.00		21.96		156.26
2027		4.00		4.28		0.00		0.00		42.18		0.00		0.00		0.00		5.24		160.09
2028		4.00		1.57		0.00		0.00		18.63		0.00		0.00		0.00		-1.22		159.27
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				32.70		0.00		0.00		187.35		0.00		0.00		0.00		175.27		159.27

	Oil				Present Worth Profile (M$)
			Abandonment Date :	06/11/2028
Perfs :	0 - 0		Working Int :	1.00000000
Initial Rate :	294.72 bbl/month		Revenue Int :	0.69377980	PW	5.00%	:	166.77
Abandonment :	59.79 bbl/month		Disc. Initial Invest. (M$) :	0.000	PW	8.00%	:	162.16
Initial Decline :	42.29 % year	b = 0.500	ROInvestment (disc/undisc) :	0.00 / 0.00	PW	9.00%	:	160.70
Beg Ratio :	0.808 Mcf/bbl		Years to Payout :	0.00	PW	12.00%	:	156.52
End Ratio :	1.095 Mcf/bbl		Internal ROR (%) :	0.00	PW	15.00%	:	152.62
					PW	20.00%	:	146.66

TRC Eco DetailedNGL.rpt		Page : 7
	TABLE 2 - 7

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	H E West A Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	3,797.18
Cum Gas (MMcf) :	3,156.72
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		3.87		4.08		0.00		2.97		2.79		0.00		78.40		2.38		0.00		239.32
2025		0.28		0.31		0.00		0.21		0.21		0.00		78.40		2.38		0.00		17.06
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		4.14		4.39		0.00		3.18		3.00		0.00		78.40		2.38		0.00		256.38
Ult		3,801.32		3,161.11		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		7.00		19.79		0.00		0.00		198.84		0.00		0.00		0.00		20.69		20.34
2025		7.00		1.41		0.00		0.00		17.11		0.00		0.00		0.00		-1.47		19.01
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				21.20		0.00		0.00		215.95		0.00		0.00		0.00		19.22		19.01

	Oil				Present Worth Profile (M$)
			Abandonment Date :	02/01/2025
Perfs :	0 - 0		Working Int :	1.00000000
Initial Rate :	388.75 bbl/month		Revenue Int :	0.76750000	PW	5.00%	:	19.11
Abandonment :	257.84 bbl/month		Disc. Initial Invest. (M$) :	0.000	PW	8.00%	:	19.05
Initial Decline :	34.27 % year	b = 0.500	ROInvestment (disc/undisc) :	0.00 / 0.00	PW	9.00%	:	19.03
Beg Ratio :	1.008 Mcf/bbl		Years to Payout :	0.00	PW	12.00%	:	18.97
End Ratio :	1.114 Mcf/bbl		Internal ROR (%) :	0.00	PW	15.00%	:	18.91
					PW	20.00%	:	18.81

TRC Eco DetailedNGL.rpt		Page : 8
	TABLE 2 - 8

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Hudson Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	547.30
Cum Gas (MMcf) :	376.05
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		1.31		1.05		0.00		1.01		0.73		0.00		78.40		2.38		0.00		81.23
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		1.31		1.05		0.00		1.01		0.73		0.00		78.40		2.38		0.00		81.23
Ult		548.61		377.11		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		5.00		6.72		0.00		0.00		70.70		0.00		0.00		0.00		3.80		3.81
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		3.81
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				6.72		0.00		0.00		70.70		0.00		0.00		0.00		3.80		3.81

	Oil				Present Worth Profile (M$)
			Abandonment Date :	12/31/2024
Perfs :	0 - 0		Working Int :	1.00000000
Initial Rate :	129.11 bbl/month		Revenue Int :	0.77500000	PW	5.00%	:	3.81
Abandonment :	91.62 bbl/month		Disc. Initial Invest. (M$) :	0.000	PW	8.00%	:	3.81
Initial Decline :	31.25 % year	b = 0.500	ROInvestment (disc/undisc) :	0.00 / 0.00	PW	9.00%	:	3.81
Beg Ratio :	0.791 Mcf/bbl		Years to Payout :	0.00	PW	12.00%	:	3.81
End Ratio :	0.816 Mcf/bbl		Internal ROR (%) :	0.00	PW	15.00%	:	3.82
					PW	20.00%	:	3.82

TRC Eco DetailedNGL.rpt		Page : 9
	TABLE 2 - 9

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	J L Keel B Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	1,688.71
Cum Gas (MMcf) :	971.63
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
							NON-ECONOMIC
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Ult		1,688.71		971.63		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Rem.		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	01/01/2024
Initial Rate :	44.59 bbl/month		Working Int :	1.00000000	PW	5.00%	:	0.00
Abandonment :	44.59 bbl/month		Revenue Int :	0.70043450	PW	8.00%	:	0.00
Initial Decline :	30.60 % year	b = 0.500	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	0.00
Beg Ratio :	0.887 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	0.00
End Ratio :	0.887 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	0.00
			Internal ROR (%) :	0.00	PW	20.00%	:	0.00

TRC Eco DetailedNGL.rpt		Page : 10
	TABLE 2 - 10

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	J L Keel B Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	3,776.67
Cum Gas (MMcf) :	2,911.49
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		4.48		14.47		0.00		3.47		9.99		0.00		78.40		2.38		0.00		295.80
2025		3.82		12.57		0.00		2.96		8.68		0.00		78.40		2.38		0.00		252.53
2026		3.20		10.72		0.00		2.48		7.40		0.00		78.40		2.38		0.00		211.95
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		11.49		37.75		0.00		8.91		26.07		0.00		78.40		2.38		0.00		760.28
Ult		3,788.17		2,949.24		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		17.00		24.29		0.00		0.00		212.65		0.00		0.00		0.00		58.86		56.44
2025		17.00		20.73		0.00		0.00		212.65		0.00		0.00		0.00		19.15		73.23
2026		17.00		17.40		0.00		0.00		205.79		0.00		0.00		0.00		-11.24		64.49
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				62.42		0.00		0.00		631.10		0.00		0.00		0.00		66.76		64.49

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	12/19/2026
Initial Rate :	403.87 bbl/month		Working Int :	1.00000000	PW	5.00%	:	65.62
Abandonment :	257.74 bbl/month		Revenue Int :	0.77500000	PW	8.00%	:	64.94
Initial Decline :	15.62 % year	b = 0.500	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	64.71
Beg Ratio :	3.197 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	64.04
End Ratio :	3.376 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	63.38
			Internal ROR (%) :	0.00	PW	20.00%	:	62.30

TRC Eco DetailedNGL.rpt		Page : 11
	TABLE 2 - 11

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Lea D Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	501.53
Cum Gas (MMcf) :	509.26
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
							NON-ECONOMIC
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Ult		501.53		509.26		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Rem.		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	01/01/2024
Initial Rate :	14.50 bbl/month		Working Int :	1.00000000	PW	5.00%	:	0.00
Abandonment :	14.50 bbl/month		Revenue Int :	0.73725000	PW	8.00%	:	0.00
Initial Decline :	5.93 % year	b = 0.500	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	0.00
Beg Ratio :	0.000 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	0.00
End Ratio :	0.000 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	0.00
			Internal ROR (%) :	0.00	PW	20.00%	:	0.00

TRC Eco DetailedNGL.rpt		Page : 12
	TABLE 2 - 12

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Skelly Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	8,649.27
Cum Gas (MMcf) :	4,656.85
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		28.92		25.41		0.00		21.16		16.56		0.00		78.40		2.38		0.00		1,697.99
2025		24.28		20.29		0.00		17.76		13.22		0.00		78.40		2.38		0.00		1,423.76
2026		20.72		16.62		0.00		15.16		10.83		0.00		78.40		2.38		0.00		1,214.14
2027		17.90		13.86		0.00		13.09		9.03		0.00		78.40		2.38		0.00		1,047.69
2028		2.40		1.82		0.00		1.75		1.19		0.00		78.40		2.38		0.00		140.31
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		94.22		78.00		0.00		68.92		50.83		0.00		78.40		2.38		0.00		5,523.88
Ult		8,743.49		4,734.85		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		116.00		140.50		0.00		0.00		998.72		0.00		0.00		0.00		558.76		534.89
2025		116.00		117.83		0.00		0.00		998.72		0.00		0.00		0.00		307.21		802.50
2026		116.00		100.49		0.00		0.00		998.72		0.00		0.00		0.00		114.93		893.97
2027		116.00		86.72		0.00		0.00		998.72		0.00		0.00		0.00		-37.76		867.54
2028		116.00		11.61		0.00		0.00		143.38		0.00		0.00		0.00		-14.69		857.58
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				457.15		0.00		0.00		4,138.28		0.00		0.00		0.00		928.45		857.58

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	02/22/2028
Initial Rate :	2,630.50 bbl/month		Working Int :	1.00000000	PW	5.00%	:	891.34
Abandonment :	1,363.38 bbl/month		Revenue Int :	0.73142000	PW	8.00%	:	870.71
Initial Decline :	17.13 % year	b = 0.500	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	864.08
Beg Ratio :	0.903 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	844.93
End Ratio :	0.759 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	826.79
			Internal ROR (%) :	0.00	PW	20.00%	:	798.63

TRC Eco DetailedNGL.rpt		Page : 13
	TABLE 2 - 13

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	State A Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	529.90
Cum Gas (MMcf) :	404.13
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		3.95		8.24		0.00		2.51		4.66		0.00		78.40		2.38		0.00		207.91
2025		3.53		7.17		0.00		2.24		4.05		0.00		78.40		2.38		0.00		185.52
2026		3.18		6.30		0.00		2.02		3.57		0.00		78.40		2.38		0.00		167.00
2027		2.88		5.59		0.00		1.83		3.16		0.00		78.40		2.38		0.00		151.13
2028		2.63		5.00		0.00		1.67		2.83		0.00		78.40		2.38		0.00		137.78
2029		2.40		4.48		0.00		1.52		2.53		0.00		78.40		2.38		0.00		125.47
2030		2.20		4.05		0.00		1.40		2.29		0.00		78.40		2.38		0.00		115.04
2031		2.03		3.67		0.00		1.29		2.08		0.00		78.40		2.38		0.00		105.86
2032		1.88		3.36		0.00		1.19		1.90		0.00		78.40		2.38		0.00		98.00
2033		1.74		3.06		0.00		1.10		1.73		0.00		78.40		2.38		0.00		90.50
2034		0.65		1.13		0.00		0.41		0.64		0.00		78.40		2.38		0.00		33.66
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		27.07		52.05		0.00		17.19		29.45		0.00		78.40		2.38		0.00		1,417.87
Ult		556.97		456.19		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		4.00		17.14		0.00		0.00		90.05		0.00		0.00		0.00		100.73		96.22
2025		4.00		15.29		0.00		0.00		90.05		0.00		0.00		0.00		80.18		165.84
2026		4.00		13.77		0.00		0.00		90.05		0.00		0.00		0.00		63.19		215.72
2027		4.00		12.46		0.00		0.00		90.05		0.00		0.00		0.00		48.62		250.62
2028		4.00		11.36		0.00		0.00		90.05		0.00		0.00		0.00		36.37		274.36
2029		4.00		10.35		0.00		0.00		90.05		0.00		0.00		0.00		25.07		289.24
2030		4.00		9.49		0.00		0.00		90.05		0.00		0.00		0.00		15.50		297.62
2031		4.00		8.73		0.00		0.00		90.05		0.00		0.00		0.00		7.08		301.10
2032		4.00		8.08		0.00		0.00		90.05		0.00		0.00		0.00		-0.14		301.06
2033		4.00		7.47		0.00		0.00		90.05		0.00		0.00		0.00		-7.01		298.24
2034		4.00		2.78		0.00		0.00		34.87		0.00		0.00		0.00		-3.99		296.73
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				116.91		0.00		0.00		935.35		0.00		0.00		0.00		365.60		296.73

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	05/23/2034
Initial Rate :	347.80 bbl/month		Working Int :	1.00000000	PW	5.00%	:	327.73
Abandonment :	135.46 bbl/month		Revenue Int :	0.63500000	PW	8.00%	:	308.41
Initial Decline :	10.95 % year	b = 0.500	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	302.46
Beg Ratio :	2.114 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	285.90
End Ratio :	1.748 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	271.10
			Internal ROR (%) :	0.00	PW	20.00%	:	249.68

TRC Eco DetailedNGL.rpt		Page : 14
	TABLE 2 - 14

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	State AZ Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	376.14
Cum Gas (MMcf) :	262.48
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		3.30		3.87		0.00		2.45		2.56		0.00		78.40		2.38		0.00		198.05
2025		3.08		3.53		0.00		2.28		2.33		0.00		78.40		2.38		0.00		184.34
2026		2.89		3.24		0.00		2.14		2.14		0.00		78.40		2.38		0.00		172.81
2027		2.72		2.99		0.00		2.01		1.97		0.00		78.40		2.38		0.00		162.63
2028		2.58		2.77		0.00		1.91		1.83		0.00		78.40		2.38		0.00		153.99
2029		2.43		2.56		0.00		1.80		1.69		0.00		78.40		2.38		0.00		145.45
2030		2.31		2.38		0.00		1.71		1.57		0.00		78.40		2.38		0.00		138.06
2031		2.20		2.22		0.00		1.63		1.46		0.00		78.40		2.38		0.00		131.10
2032		2.09		2.08		0.00		1.55		1.37		0.00		78.40		2.38		0.00		124.83
2033		1.98		1.94		0.00		1.47		1.28		0.00		78.40		2.38		0.00		118.21
2034		1.88		1.82		0.00		1.40		1.20		0.00		78.40		2.38		0.00		112.27
2035		1.79		1.71		0.00		1.33		1.13		0.00		78.40		2.38		0.00		106.63
2036		1.70		1.61		0.00		1.26		1.07		0.00		78.40		2.38		0.00		101.55
2037		1.61		1.52		0.00		1.20		1.00		0.00		78.40		2.38		0.00		96.19
2038		1.53		1.44		0.00		1.14		0.95		0.00		78.40		2.38		0.00		91.37
Rem		9.17		8.55		0.00		6.80		5.65		0.00		78.40		2.38		0.00		546.18
Total		43.26		44.20		0.00		32.07		29.19		0.00		78.40		2.38		0.00		2,583.67
Ult		419.41		306.69		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		4.00		16.37		0.00		0.00		63.65		0.00		0.00		0.00		118.03		112.65
2025		4.00		15.24		0.00		0.00		63.65		0.00		0.00		0.00		105.45		204.13
2026		4.00		14.29		0.00		0.00		63.65		0.00		0.00		0.00		94.88		278.96
2027		4.00		13.45		0.00		0.00		63.65		0.00		0.00		0.00		85.54		340.29
2028		4.00		12.73		0.00		0.00		63.65		0.00		0.00		0.00		77.61		390.87
2029		4.00		12.03		0.00		0.00		63.65		0.00		0.00		0.00		69.77		432.21
2030		4.00		11.42		0.00		0.00		63.65		0.00		0.00		0.00		63.00		466.15
2031		4.00		10.84		0.00		0.00		63.65		0.00		0.00		0.00		56.61		493.87
2032		4.00		10.32		0.00		0.00		63.65		0.00		0.00		0.00		50.85		516.51
2033		4.00		9.78		0.00		0.00		63.65		0.00		0.00		0.00		44.79		534.63
2034		4.00		9.29		0.00		0.00		63.65		0.00		0.00		0.00		39.33		549.11
2035		4.00		8.82		0.00		0.00		63.65		0.00		0.00		0.00		34.16		560.53
2036		4.00		8.40		0.00		0.00		63.65		0.00		0.00		0.00		29.50		569.51
2037		4.00		7.96		0.00		0.00		63.65		0.00		0.00		0.00		24.58		576.31
2038		4.00		7.56		0.00		0.00		63.65		0.00		0.00		0.00		20.16		581.37
Rem.				45.19		0.00		0.00		468.13		0.00		0.00		0.00		32.87		7.52
Total				213.68		0.00		0.00		1,422.85		0.00		0.00		0.00		947.13		588.89

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	05/11/2046
Initial Rate :	284.62 bbl/month		Working Int :	1.00000000	PW	5.00%	:	729.40
Abandonment :	85.45 bbl/month		Revenue Int :	0.74125000	PW	8.00%	:	638.35
Initial Decline :	7.07 % year	b = 1.000	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	612.65
Beg Ratio :	1.184 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	546.44
End Ratio :	0.942 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	493.20
			Internal ROR (%) :	0.00	PW	20.00%	:	424.92

TRC Eco DetailedNGL.rpt		Page : 15
	TABLE 2 - 15

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	State B Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	793.92
Cum Gas (MMcf) :	590.97
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		14.35		7.68		0.00		9.11		4.34		0.00		78.40		2.38		0.00		724.55
2025		13.30		7.10		0.00		8.45		4.01		0.00		78.40		2.38		0.00		671.83
2026		12.43		6.59		0.00		7.89		3.73		0.00		78.40		2.38		0.00		627.79
2027		11.67		6.14		0.00		7.41		3.48		0.00		78.40		2.38		0.00		589.15
2028		11.02		5.75		0.00		7.00		3.25		0.00		78.40		2.38		0.00		556.46
2029		10.39		5.37		0.00		6.60		3.04		0.00		78.40		2.38		0.00		524.46
2030		9.85		5.04		0.00		6.26		2.85		0.00		78.40		2.38		0.00		497.18
2031		9.36		4.73		0.00		5.94		2.68		0.00		78.40		2.38		0.00		472.19
2032		8.91		4.47		0.00		5.66		2.53		0.00		78.40		2.38		0.00		449.74
2033		8.44		4.20		0.00		5.36		2.38		0.00		78.40		2.38		0.00		426.03
2034		8.02		3.97		0.00		5.09		2.25		0.00		78.40		2.38		0.00		404.72
2035		7.62		3.76		0.00		4.84		2.13		0.00		78.40		2.38		0.00		384.48
2036		7.26		3.57		0.00		4.61		2.02		0.00		78.40		2.38		0.00		366.23
2037		6.88		3.38		0.00		4.37		1.91		0.00		78.40		2.38		0.00		346.95
2038		6.53		3.21		0.00		4.15		1.82		0.00		78.40		2.38		0.00		329.61
Rem		92.93		45.68		0.00		59.01		25.84		0.00		78.40		2.38		0.00		4,687.79
Total		238.97		120.65		0.00		151.75		68.26		0.00		78.40		2.38		0.00		12,059.17
Ult		1,032.89		711.62		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		6.00		60.02		0.00		0.00		86.04		0.00		0.00		0.00		578.49		552.04
2025		6.00		55.66		0.00		0.00		86.04		0.00		0.00		0.00		530.13		1,011.89
2026		6.00		52.01		0.00		0.00		86.04		0.00		0.00		0.00		489.74		1,398.10
2027		6.00		48.81		0.00		0.00		86.04		0.00		0.00		0.00		454.30		1,723.80
2028		6.00		46.10		0.00		0.00		86.04		0.00		0.00		0.00		424.31		2,000.33
2029		6.00		43.45		0.00		0.00		86.04		0.00		0.00		0.00		394.97		2,234.30
2030		6.00		41.19		0.00		0.00		86.04		0.00		0.00		0.00		369.95		2,433.54
2031		6.00		39.12		0.00		0.00		86.04		0.00		0.00		0.00		347.03		2,603.46
2032		6.00		37.26		0.00		0.00		86.04		0.00		0.00		0.00		326.44		2,748.76
2033		6.00		35.30		0.00		0.00		86.04		0.00		0.00		0.00		304.70		2,872.04
2034		6.00		33.53		0.00		0.00		86.04		0.00		0.00		0.00		285.14		2,976.93
2035		6.00		31.86		0.00		0.00		86.04		0.00		0.00		0.00		266.58		3,066.08
2036		6.00		30.34		0.00		0.00		86.04		0.00		0.00		0.00		249.84		3,142.04
2037		6.00		28.75		0.00		0.00		86.04		0.00		0.00		0.00		232.16		3,206.19
2038		6.00		27.31		0.00		0.00		86.04		0.00		0.00		0.00		216.26		3,260.53
Rem.				388.41		0.00		0.00		2,311.15		0.00		0.00		0.00		1,988.23		272.58
Total				999.13		0.00		0.00		3,601.75		0.00		0.00		0.00		7,458.29		3,533.11

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	11/14/2065
Initial Rate :	1,239.05 bbl/month		Working Int :	1.00000000	PW	5.00%	:	4,821.56
Abandonment :	133.82 bbl/month		Revenue Int :	0.63500000	PW	8.00%	:	3,955.49
Initial Decline :	7.53 % year	b = 1.000	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	3,732.09
Beg Ratio :	0.536 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	3,194.62
End Ratio :	0.492 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	2,798.23
			Internal ROR (%) :	0.00	PW	20.00%	:	2,329.93

TRC Eco DetailedNGL.rpt		Page : 16
	TABLE 2 - 16

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Superior Foster Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	84.62
Cum Gas (MMcf) :	119.63
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		0.67		0.00		0.00		0.38		0.00		0.00		78.40		0.00		0.00		29.42
2025		0.62		0.00		0.00		0.35		0.00		0.00		78.40		0.00		0.00		27.26
2026		0.58		0.00		0.00		0.32		0.00		0.00		78.40		0.00		0.00		25.39
2027		0.54		0.00		0.00		0.30		0.00		0.00		78.40		0.00		0.00		23.71
2028		0.51		0.00		0.00		0.28		0.00		0.00		78.40		0.00		0.00		22.25
2029		0.47		0.00		0.00		0.27		0.00		0.00		78.40		0.00		0.00		20.81
2030		0.45		0.00		0.00		0.25		0.00		0.00		78.40		0.00		0.00		19.56
2031		0.42		0.00		0.00		0.23		0.00		0.00		78.40		0.00		0.00		18.41
2032		0.40		0.00		0.00		0.22		0.00		0.00		78.40		0.00		0.00		17.41
2033		0.37		0.00		0.00		0.21		0.00		0.00		78.40		0.00		0.00		16.40
2034		0.35		0.00		0.00		0.20		0.00		0.00		78.40		0.00		0.00		15.52
2035		0.34		0.00		0.00		0.19		0.00		0.00		78.40		0.00		0.00		14.71
2036		0.32		0.00		0.00		0.18		0.00		0.00		78.40		0.00		0.00		14.00
2037		0.30		0.00		0.00		0.17		0.00		0.00		78.40		0.00		0.00		13.26
2038		0.29		0.00		0.00		0.16		0.00		0.00		78.40		0.00		0.00		12.60
Rem		1.58		0.00		0.00		0.88		0.00		0.00		78.40		0.00		0.00		69.25
Total		8.20		0.00		0.00		4.59		0.00		0.00		78.40		0.00		0.00		359.95
Ult		92.82		119.63		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		1.00		2.44		0.00		0.00		9.44		0.00		0.00		0.00		17.54		16.74
2025		1.00		2.26		0.00		0.00		9.44		0.00		0.00		0.00		15.55		30.23
2026		1.00		2.11		0.00		0.00		9.44		0.00		0.00		0.00		13.84		41.14
2027		1.00		1.97		0.00		0.00		9.44		0.00		0.00		0.00		12.30		49.96
2028		1.00		1.85		0.00		0.00		9.44		0.00		0.00		0.00		10.96		57.11
2029		1.00		1.73		0.00		0.00		9.44		0.00		0.00		0.00		9.64		62.82
2030		1.00		1.62		0.00		0.00		9.44		0.00		0.00		0.00		8.49		67.39
2031		1.00		1.53		0.00		0.00		9.44		0.00		0.00		0.00		7.44		71.03
2032		1.00		1.45		0.00		0.00		9.44		0.00		0.00		0.00		6.52		73.94
2033		1.00		1.36		0.00		0.00		9.44		0.00		0.00		0.00		5.60		76.21
2034		1.00		1.29		0.00		0.00		9.44		0.00		0.00		0.00		4.79		77.97
2035		1.00		1.22		0.00		0.00		9.44		0.00		0.00		0.00		4.05		79.32
2036		1.00		1.16		0.00		0.00		9.44		0.00		0.00		0.00		3.39		80.35
2037		1.00		1.10		0.00		0.00		9.44		0.00		0.00		0.00		2.71		81.10
2038		1.00		1.05		0.00		0.00		9.44		0.00		0.00		0.00		2.11		81.63
Rem.				5.75		0.00		0.00		62.75		0.00		0.00		0.00		0.75		0.33
Total				29.88		0.00		0.00		204.41		0.00		0.00		0.00		125.67		81.96

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	08/26/2045
Initial Rate :	57.85 bbl/month		Working Int :	1.00000000	PW	5.00%	:	99.57
Abandonment :	16.58 bbl/month		Revenue Int :	0.56000000	PW	8.00%	:	88.24
Initial Decline :	7.53 % year	b = 0.500	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	84.99
Beg Ratio :	0.000 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	76.51
End Ratio :	0.000 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	69.58
			Internal ROR (%) :	0.00	PW	20.00%	:	60.53

TRC Eco DetailedNGL.rpt		Page : 17
	TABLE 2 - 17

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Turner A Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	1,863.60
Cum Gas (MMcf) :	888.76
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
NON-ECONOMIC
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Ult		1,863.60		888.76		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	01/01/2024
Initial Rate :	195.34 bbl/month		Working Int :	1.00000000	PW	5.00%	:	0.00
Abandonment :	195.34 bbl/month		Revenue Int :	0.71500000	PW	8.00%	:	0.00
Initial Decline :	54.24 % year	b = 0.500	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	0.00
Beg Ratio :	0.511 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	0.00
End Ratio :	0.511 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	0.00
			Internal ROR (%) :	0.00	PW	20.00%	:	0.00

TRC Eco DetailedNGL.rpt		Page : 18
	TABLE 2 - 18

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Turner B Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	7,298.39
Cum Gas (MMcf) :	5,037.06
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024	6.19		6.30		0.00		4.79		4.35		0.00		78.40		2.38		0.00		386.15
2025	1.09		1.38		0.00		0.85		0.95		0.00		78.40		2.38		0.00		68.63
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		7.28		7.67		0.00		5.64		5.30		0.00		78.40		2.38		0.00		454.78
Ult		7,305.67		5,044.74		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		31.00		31.94		0.00		0.00		283.94		0.00		0.00		0.00		70.27		68.27
2025		31.00		5.67		0.00		0.00		66.80		0.00		0.00		0.00		-3.84		64.83
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				37.61		0.00		0.00		350.75		0.00		0.00		0.00		66.43		64.83

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	03/28/2025
Initial Rate :	657.14 bbl/month		Working Int :	1.00000000	PW	5.00%	:	65.60
Abandonment :	363.31 bbl/month		Revenue Int :	0.77500000	PW	8.00%	:	65.13
Initial Decline :	42.75 % year	b = 0.500	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	64.98
Beg Ratio :	0.852 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	64.53
End Ratio :	1.306 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	64.09
			Internal ROR (%) :	0.00	PW	20.00%	:	63.40

TRC Eco DetailedNGL.rpt		Page : 19
	TABLE 2 - 19

Date : 02/26/2024      6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	V L Foster Legacy Lease Group
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	HAC1123		Operator	:	LH Operating
			Reservoir	:	SR-Q-G-SA
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	159.80
Cum Gas (MMcf) :	137.48
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		2.93		0.27		0.00		2.05		0.17		0.00		78.40		2.38		0.00		161.14
2025		2.63		0.23		0.00		1.84		0.15		0.00		78.40		2.38		0.00		144.53
2026		2.39		0.21		0.00		1.67		0.13		0.00		78.40		2.38		0.00		131.33
2027		2.19		0.18		0.00		1.53		0.12		0.00		78.40		2.38		0.00		120.35
2028		2.02		0.17		0.00		1.42		0.10		0.00		78.40		2.38		0.00		111.35
2029		1.87		0.15		0.00		1.31		0.09		0.00		78.40		2.38		0.00		103.08
2030		1.75		0.14		0.00		1.22		0.08		0.00		78.40		2.38		0.00		96.19
2031		1.64		0.12		0.00		1.15		0.08		0.00		78.40		2.38		0.00		90.16
2032		1.55		0.11		0.00		1.08		0.07		0.00		78.40		2.38		0.00		85.07
2033		1.46		0.10		0.00		1.02		0.07		0.00		78.40		2.38		0.00		80.11
2034		0.77		0.05		0.00		0.54		0.03		0.00		78.40		2.38		0.00		42.07
Rem		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total		21.19		1.74		0.00		14.83		1.08		0.00		78.40		2.38		0.00		1,165.38
Ult		180.99		139.22		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		5.00		13.37		0.00		0.00		79.42		0.00		0.00		0.00		68.35		65.30
2025		5.00		11.99		0.00		0.00		79.42		0.00		0.00		0.00		53.12		111.43
2026		5.00		10.90		0.00		0.00		79.42		0.00		0.00		0.00		41.02		143.81
2027		5.00		9.99		0.00		0.00		79.42		0.00		0.00		0.00		30.95		166.03
2028		5.00		9.24		0.00		0.00		79.42		0.00		0.00		0.00		22.69		180.84
2029		5.00		8.55		0.00		0.00		79.42		0.00		0.00		0.00		15.11		189.81
2030		5.00		7.98		0.00		0.00		79.42		0.00		0.00		0.00		8.79		194.56
2031		5.00		7.48		0.00		0.00		79.42		0.00		0.00		0.00		3.26		196.17
2032		5.00		7.06		0.00		0.00		79.42		0.00		0.00		0.00		-1.40		195.56
2033		5.00		6.65		0.00		0.00		79.42		0.00		0.00		0.00		-5.96		193.15
2034		5.00		3.49		0.00		0.00		43.04		0.00		0.00		0.00		-4.46		191.48
Rem.				0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total				96.70		0.00		0.00		837.20		0.00		0.00		0.00		231.48		191.48

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	07/19/2034
Initial Rate :	257.65 bbl/month		Working Int :	1.00000000	PW	5.00%	:	209.77
Abandonment :	114.7 bbl/month		Revenue Int :	0.70000000	PW	8.00%	:	198.42
Initial Decline :	11.14 % year	b = 1.000	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	194.89
Beg Ratio :	0.092 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	184.99
End Ratio :	0.070 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	176.04
			Internal ROR (%) :	0.00	PW	20.00%	:	162.94

TRC Eco DetailedNGL.rpt		Page : 20
	TABLE 2 - 20

Date : 02/26/2024      6:24:51AM ECONOMIC SUMMARY PROJECTION Proved Producing Rsv Class & Category
SEVEN RIVERS Report Group

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024
Partner :	HNRA	Discount Rate (%) : 10.00
Case Type :	REPORT BREAK TOTAL CASE	Custom Selection

Cum Oil (Mbbl) :	1,023.73
Cum Gas (MMcf) :	1,209.76
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		306.10		224.78		0.00		228.96		149.81		0.00		78.40		2.38		0.00		18,306.86
2025		307.73		154.37		0.00		230.18		102.88		0.00		78.40		2.38		0.00		18,290.68
2026		305.54		120.77		0.00		228.54		80.49		0.00		78.40		2.38		0.00		18,109.14
2027		301.21		99.98		0.00		225.31		66.63		0.00		78.40		2.38		0.00		17,822.41
2028		294.42		85.13		0.00		220.23		56.74		0.00		78.40		2.38		0.00		17,400.64
2029		286.30		73.85		0.00		214.15		49.22		0.00		78.40		2.38		0.00		16,906.70
2030		277.77		64.99		0.00		207.77		43.32		0.00		78.40		2.38		0.00		16,392.45
2031		268.11		57.62		0.00		200.54		38.40		0.00		78.40		2.38		0.00		15,813.87
2032		256.50		51.67		0.00		191.86		34.44		0.00		78.40		2.38		0.00		15,123.77
2033		243.35		48.67		0.00		182.02		32.44		0.00		78.40		2.38		0.00		14,347.74
2034		226.43		45.29		0.00		169.37		30.18		0.00		78.40		2.38		0.00		13,350.14
2035		210.60		42.12		0.00		157.53		28.07		0.00		78.40		2.38		0.00		12,416.80
2036		199.55		39.91		0.00		149.26		26.60		0.00		78.40		2.38		0.00		11,765.18
2037		191.15		38.23		0.00		142.98		25.48		0.00		78.40		2.38		0.00		11,269.91
2038		182.17		36.43		0.00		136.26		24.28		0.00		78.40		2.38		0.00		10,740.45
Rem		1,062.56		212.52		0.00		794.79		141.64		0.00		78.40		2.38		0.00		62,648.49
Total		4,919.47		1,396.33		0.00		3,679.76		930.61		0.00		78.40		2.38		0.00		290,705.21
Ult		5,943.20		2,606.09		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		1.00		1,515.55		0.00		0.00		5,649.67		0.00		0.00		0.00		11,141.63		10,625.78
2025		1.00		1,515.44		0.00		0.00		5,649.67		0.00		0.00		0.00		11,125.57		20,273.26
2026		1.00		1,500.95		0.00		0.00		5,649.67		0.00		0.00		0.00		10,958.51		28,913.32
2027		1.00		1,477.52		0.00		0.00		5,649.67		0.00		0.00		0.00		10,695.22		36,580.24
2028		1.00		1,442.77		0.00		0.00		5,649.67		0.00		0.00		0.00		10,308.20		43,297.58
2029		1.00		1,401.97		0.00		0.00		5,649.67		0.00		0.00		0.00		9,855.05		49,136.15
2030		1.00		1,359.44		0.00		0.00		5,649.67		0.00		0.00		0.00		9,383.34		54,190.45
2031		1.00		1,311.55		0.00		0.00		5,649.67		0.00		0.00		0.00		8,852.65		58,526.17
2032		1.00		1,254.37		0.00		0.00		5,649.67		0.00		0.00		0.00		8,219.73		62,185.69
2033		1.00		1,190.01		0.00		0.00		5,649.67		0.00		0.00		0.00		7,508.05		65,225.25
2034		1.00		1,107.27		0.00		0.00		5,649.67		0.00		0.00		0.00		6,593.19		67,652.70
2035		1.00		1,029.86		0.00		0.00		5,649.67		0.00		0.00		0.00		5,737.27		69,572.92
2036		1.00		975.81		0.00		0.00		5,649.67		0.00		0.00		0.00		5,139.69		71,135.93
2037		1.00		934.74		0.00		0.00		5,649.67		0.00		0.00		0.00		4,685.50		72,431.47
2038		1.00		890.82		0.00		0.00		5,649.67		0.00		0.00		0.00		4,199.96		73,487.38
Rem.				5,196.12		0.00		0.00		41,857.26		0.00		0.00		0.00		15,595.10		2,927.21
Total				24,104.20		0.00		0.00		126,602.34		0.00		0.00		0.00		139,998.66		76,414.59

		Present Worth Profile (M$)
		PW	5.00%	:	100,003.38
Disc. Initial Invest. (M$) :	0.000	PW	8.00%	:	84,512.60
ROInvestment (disc/undisc) :	0.00 / 0.00	PW	9.00%	:	80,276.59
Years to Payout :	0.00	PW	12.00%	:	61,401.30
Internal ROR (%) :	0.00	PW	15.00%	:	51,229.74

TRC Eco DetailedNGL.rpt		Page : 21
	TABLE 2 - 21

Date : 02/26/2024      6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	7R WF PDP Response
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Producing
Case Type :	UNIT CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	WMC0123		Operator	:	LH Operating
			Reservoir	:	SR
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	1,023.73
Cum Gas (MMcf) :	1,209.76
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		306.10		224.78		0.00		228.96		149.81		0.00		78.40		2.38		0.00		18,306.86
2025		307.73		154.37		0.00		230.18		102.88		0.00		78.40		2.38		0.00		18,290.68
2026		305.54		120.77		0.00		228.54		80.49		0.00		78.40		2.38		0.00		18,109.14
2027		301.21		99.98		0.00		225.31		66.63		0.00		78.40		2.38		0.00		17,822.41
2028		294.42		85.13		0.00		220.23		56.74		0.00		78.40		2.38		0.00		17,400.64
2029		286.30		73.85		0.00		214.15		49.22		0.00		78.40		2.38		0.00		16,906.70
2030		277.77		64.99		0.00		207.77		43.32		0.00		78.40		2.38		0.00		16,392.45
2031		268.11		57.62		0.00		200.54		38.40		0.00		78.40		2.38		0.00		15,813.87
2032		256.50		51.67		0.00		191.86		34.44		0.00		78.40		2.38		0.00		15,123.77
2033		243.35		48.67		0.00		182.02		32.44		0.00		78.40		2.38		0.00		14,347.74
2034		226.43		45.29		0.00		169.37		30.18		0.00		78.40		2.38		0.00		13,350.14
2035		210.60		42.12		0.00		157.53		28.07		0.00		78.40		2.38		0.00		12,416.80
2036		199.55		39.91		0.00		149.26		26.60		0.00		78.40		2.38		0.00		11,765.18
2037		191.15		38.23		0.00		142.98		25.48		0.00		78.40		2.38		0.00		11,269.91
2038		182.17		36.43		0.00		136.26		24.28		0.00		78.40		2.38		0.00		10,740.45
Rem		1,062.56		212.52		0.00		794.79		141.64		0.00		78.40		2.38		0.00		62,648.49
Total		4,919.47		1,396.33		0.00		3,679.76		930.61		0.00		78.40		2.38		0.00		290,705.21
Ult		5,943.20		2,606.09		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		1.00		1,515.55		0.00		0.00		5,649.67		0.00		0.00		0.00		11,141.63		10,625.78
2025		1.00		1,515.44		0.00		0.00		5,649.67		0.00		0.00		0.00		11,125.57		20,273.26
2026		1.00		1,500.95		0.00		0.00		5,649.67		0.00		0.00		0.00		10,958.51		28,913.32
2027		1.00		1,477.52		0.00		0.00		5,649.67		0.00		0.00		0.00		10,695.22		36,580.24
2028		1.00		1,442.77		0.00		0.00		5,649.67		0.00		0.00		0.00		10,308.20		43,297.58
2029		1.00		1,401.97		0.00		0.00		5,649.67		0.00		0.00		0.00		9,855.05		49,136.15
2030		1.00		1,359.44		0.00		0.00		5,649.67		0.00		0.00		0.00		9,383.34		54,190.45
2031		1.00		1,311.55		0.00		0.00		5,649.67		0.00		0.00		0.00		8,852.65		58,526.17
2032		1.00		1,254.37		0.00		0.00		5,649.67		0.00		0.00		0.00		8,219.73		62,185.69
2033		1.00		1,190.01		0.00		0.00		5,649.67		0.00		0.00		0.00		7,508.05		65,225.25
2034		1.00		1,107.27		0.00		0.00		5,649.67		0.00		0.00		0.00		6,593.19		67,652.70
2035		1.00		1,029.86		0.00		0.00		5,649.67		0.00		0.00		0.00		5,737.27		69,572.92
2036		1.00		975.81		0.00		0.00		5,649.67		0.00		0.00		0.00		5,139.69		71,135.93
2037		1.00		934.74		0.00		0.00		5,649.67		0.00		0.00		0.00		4,685.50		72,431.47
2038		1.00		890.82		0.00		0.00		5,649.67		0.00		0.00		0.00		4,199.96		73,487.38
Rem.				5,196.12		0.00		0.00		41,857.26		0.00		0.00		0.00		15,595.10		2,927.21
Total				24,104.20		0.00		0.00		126,602.34		0.00		0.00		0.00		139,998.66		76,414.59

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	05/31/2046
Initial Rate :	25,315.00 bbl/month		Working Int :	1.00000000	PW	5.00%	:	100,003.38
Abandonment :	9,322.00 bbl/month		Revenue Int :	0.74800000	PW	8.00%	:	84,512.60
Initial Decline :	0.00 % year	b = 0.000	Disc. Initial Invest. (M$) :	0.000	PW	9.00%	:	80,276.59
Beg Ratio :	0.938 Mcf/bbl		ROInvestment (disc/undisc) :	0.00 / 0.00	PW	12.00%	:	69,647.15
End Ratio :	0.200 Mcf/bbl		Years to Payout :	0.00	PW	15.00%	:	61,401.30
			Internal ROR (%) :	0.00	PW	20.00%	:	51,229.74

TRC Eco DetailedNGL.rpt		Page : 22
	TABLE 2 - 22

Date : 02/26/2024      6:24:51AM ECONOMIC SUMMARY PROJECTION Proved Non-Producing Rsv Class & Category

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024
Partner :	HNRA	Discount Rate (%) : 10.00
Case Type :	REPORT BREAK TOTAL CASE	Custom Selection

Cum Oil (Mbbl) :	-0.12
Cum Gas (MMcf) :	-0.09
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		69.04		44.18		0.00		51.64		29.44		0.00		78.40		2.38		0.00		4,118.41
2025		177.26		87.77		0.00		132.59		58.50		0.00		78.40		2.38		0.00		10,534.24
2026		352.95		138.12		0.00		264.00		92.05		0.00		78.40		2.38		0.00		20,916.73
2027		548.14		181.17		0.00		410.00		120.74		0.00		78.40		2.38		0.00		32,431.36
2028		613.76		177.35		0.00		459.09		118.20		0.00		78.40		2.38		0.00		36,273.71
2029		628.31		162.00		0.00		469.98		107.97		0.00		78.40		2.38		0.00		37,102.84
2030		628.04		146.92		0.00		469.77		97.92		0.00		78.40		2.38		0.00		37,062.76
2031		618.16		132.84		0.00		462.38		88.53		0.00		78.40		2.38		0.00		36,461.00
2032		604.72		121.81		0.00		452.33		81.19		0.00		78.40		2.38		0.00		35,655.61
2033		588.12		117.62		0.00		439.91		78.39		0.00		78.40		2.38		0.00		34,675.44
2034		569.98		114.00		0.00		426.34		75.97		0.00		78.40		2.38		0.00		33,605.84
2035		547.37		109.47		0.00		409.43		72.96		0.00		78.40		2.38		0.00		32,272.88
2036		515.09		103.02		0.00		385.29		68.66		0.00		78.40		2.38		0.00		30,369.65
2037		476.46		95.29		0.00		356.39		63.51		0.00		78.40		2.38		0.00		28,092.20
2038		440.95		88.19		0.00		329.83		58.77		0.00		78.40		2.38		0.00		25,998.18
Rem		2,347.55		469.50		0.00		1,755.97		312.91		0.00		78.40		2.38		0.00		138,411.43
Total		9,725.87		2,289.25		0.00		7,274.95		1,525.71		0.00		78.40		2.38		0.00		573,982.29
Ult		9,725.75		2,289.16		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		11.00		341.06		0.00		5,945.00		0.00		282.49		0.00		0.00		-2,450.14		-2,262.98
2025		22.00		872.81		0.00		18,165.00		0.00		857.39		0.00		0.00		-9,360.96		-10,416.93
2026		72.00		1,733.68		0.00		18,975.00		0.00		3,077.68		0.00		0.00		-2,869.63		-12,716.09
2027		126.00		2,688.65		0.00		0.00		0.00		6,100.84		0.00		0.00		23,641.88		4,195.13
2028		126.00		3,007.63		0.00		0.00		0.00		7,552.94		0.00		0.00		25,713.14		20,939.29
2029		126.00		3,076.71		0.00		0.00		0.00		7,552.94		0.00		0.00		26,473.18		36,616.03
2030		126.00		3,073.65		0.00		0.00		0.00		7,552.94		0.00		0.00		26,436.17		50,851.47
2031		126.00		3,023.95		0.00		0.00		0.00		7,552.94		0.00		0.00		25,884.11		63,524.56
2032		126.00		2,957.29		0.00		0.00		0.00		7,552.94		0.00		0.00		25,145.37		74,715.43
2033		126.00		2,876.01		0.00		0.00		0.00		7,552.94		0.00		0.00		24,246.48		84,526.18
2034		126.00		2,787.30		0.00		0.00		0.00		7,552.94		0.00		0.00		23,265.60		93,085.19
2035		126.00		2,676.74		0.00		0.00		0.00		7,552.94		0.00		0.00		22,043.19		100,458.81
2036		126.00		2,518.89		0.00		0.00		0.00		7,552.94		0.00		0.00		20,297.82		106,632.24
2037		126.00		2,329.99		0.00		0.00		0.00		7,552.94		0.00		0.00		18,209.26		111,667.49
2038		126.00		2,156.31		0.00		0.00		0.00		7,552.94		0.00		0.00		16,288.92		115,762.44
Rem.				11,479.97		0.00		0.00		0.00		55,958.22		0.00		0.00		70,973.24		12,992.30
Total				47,600.64		0.00		43,085.00		0.00		149,358.99		0.00		0.00		333,937.65		128,754.75

		Present Worth Profile (M$)
		PW	5.00%	:	200,890.78
Disc. Initial Invest. (M$) :	36,211.181	PW	8.00%	:	152,819.21
ROInvestment (disc/undisc) :	4.56 / 8.75	PW	9.00%	:	140,128.55
Years to Payout :	3.65	PW	12.00%	:	109,323.85
Internal ROR (%) :	87.74	PW	15.00%	:	86,635.55
		PW	20.00%	:	60,482.70

TRC Eco DetailedNGL.rpt		Page : 23
	TABLE 2 - 23

Date :	02/26/2024      6:24:51AM	ECONOMIC SUMMARY PROJECTION	Proved Non-Producing Rsv Class & Category
			SEVEN RIVERS Report Group

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024
Partner :	HNRA	Discount Rate (%) : 10.00
Case Type :	REPORT BREAK TOTAL CASE	Custom Selection

Cum Oil (Mbbl) :	-0.12
Cum Gas (MMcf) :	-0.09
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		69.04		44.18		0.00		51.64		29.44		0.00		78.40		2.38		0.00		4,118.41
2025		177.26		87.77		0.00		132.59		58.50		0.00		78.40		2.38		0.00		10,534.24
2026		352.95		138.12		0.00		264.00		92.05		0.00		78.40		2.38		0.00		20,916.73
2027		548.14		181.17		0.00		410.00		120.74		0.00		78.40		2.38		0.00		32,431.36
2028		613.76		177.35		0.00		459.09		118.20		0.00		78.40		2.38		0.00		36,273.71
2029		628.31		162.00		0.00		469.98		107.97		0.00		78.40		2.38		0.00		37,102.84
2030		628.04		146.92		0.00		469.77		97.92		0.00		78.40		2.38		0.00		37,062.76
2031		618.16		132.84		0.00		462.38		88.53		0.00		78.40		2.38		0.00		36,461.00
2032		604.72		121.81		0.00		452.33		81.19		0.00		78.40		2.38		0.00		35,655.61
2033		588.12		117.62		0.00		439.91		78.39		0.00		78.40		2.38		0.00		34,675.44
2034		569.98		114.00		0.00		426.34		75.97		0.00		78.40		2.38		0.00		33,605.84
2035		547.37		109.47		0.00		409.43		72.96		0.00		78.40		2.38		0.00		32,272.88
2036		515.09		103.02		0.00		385.29		68.66		0.00		78.40		2.38		0.00		30,369.65
2037		476.46		95.29		0.00		356.39		63.51		0.00		78.40		2.38		0.00		28,092.20
2038		440.95		88.19		0.00		329.83		58.77		0.00		78.40		2.38		0.00		25,998.18
Rem		2,347.55		469.50		0.00		1,755.97		312.91		0.00		78.40		2.38		0.00		138,411.43
Total		9,725.87		2,289.25		0.00		7,274.95		1,525.71		0.00		78.40		2.38		0.00		573,982.29
Ult		9,725.75		2,289.16		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		11.00		341.06		0.00		5,945.00		0.00		282.49		0.00		0.00		-2,450.14		-2,262.98
2025		22.00		872.81		0.00		18,165.00		0.00		857.39		0.00		0.00		-9,360.96		-10,416.93
2026		72.00		1,733.68		0.00		18,975.00		0.00		3,077.68		0.00		0.00		-2,869.63		-12,716.09
2027		126.00		2,688.65		0.00		0.00		0.00		6,100.84		0.00		0.00		23,641.88		4,195.13
2028		126.00		3,007.63		0.00		0.00		0.00		7,552.94		0.00		0.00		25,713.14		20,939.29
2029		126.00		3,076.71		0.00		0.00		0.00		7,552.94		0.00		0.00		26,473.18		36,616.03
2030		126.00		3,073.65		0.00		0.00		0.00		7,552.94		0.00		0.00		26,436.17		50,851.47
2031		126.00		3,023.95		0.00		0.00		0.00		7,552.94		0.00		0.00		25,884.11		63,524.56
2032		126.00		2,957.29		0.00		0.00		0.00		7,552.94		0.00		0.00		25,145.37		74,715.43
2033		126.00		2,876.01		0.00		0.00		0.00		7,552.94		0.00		0.00		24,246.48		84,526.18
2034		126.00		2,787.30		0.00		0.00		0.00		7,552.94		0.00		0.00		23,265.60		93,085.19
2035		126.00		2,676.74		0.00		0.00		0.00		7,552.94		0.00		0.00		22,043.19		100,458.81
2036		126.00		2,518.89		0.00		0.00		0.00		7,552.94		0.00		0.00		20,297.82		106,632.24
2037		126.00		2,329.99		0.00		0.00		0.00		7,552.94		0.00		0.00		18,209.26		111,667.49
2038		126.00		2,156.31		0.00		0.00		0.00		7,552.94		0.00		0.00		16,288.92		115,762.44
Rem.				11,479.97		0.00		0.00		0.00		55,958.22		0.00		0.00		70,973.24		12,992.30
Total				47,600.64		0.00		43,085.00		0.00		149,358.99		0.00		0.00		333,937.65		128,754.75

		Present Worth Profile (M$)
		PW	5.00%	:	200,890.78
Disc. Initial Invest. (M$) :	36,211.181	PW	8.00%	:	152,819.21
ROInvestment (disc/undisc) :	4.56 / 8.75	PW	9.00%	:	140,128.55
Years to Payout :	3.65	PW	12.00%	:	109,323.85
Internal ROR (%) :	87.74	PW	15.00%	:	86,635.55
		PW	20.00%	:	60,482.70

TRC Eco DetailedNGL.rpt		Page : 24
	TABLE 2 - 24

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Seven Rivers WF PDP+PDNP (Incr) - Dev
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Non-Producing
Case Type :	INCREMENTAL CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	WMC0123		Operator	:	LH Operating
			Reservoir	:	SR
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	-0.12
Cum Gas (MMcf) :	-0.09
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		69.04		44.18		0.00		51.64		29.44		0.00		78.40		2.38		0.00		4,118.41
2025		177.26		87.77		0.00		132.59		58.50		0.00		78.40		2.38		0.00		10,534.24
2026		352.95		138.12		0.00		264.00		92.05		0.00		78.40		2.38		0.00		20,916.73
2027		548.14		181.17		0.00		410.00		120.74		0.00		78.40		2.38		0.00		32,431.36
2028		613.76		177.35		0.00		459.09		118.20		0.00		78.40		2.38		0.00		36,273.71
2029		628.31		162.00		0.00		469.98		107.97		0.00		78.40		2.38		0.00		37,102.84
2030		628.04		146.92		0.00		469.77		97.92		0.00		78.40		2.38		0.00		37,062.76
2031		618.16		132.84		0.00		462.38		88.53		0.00		78.40		2.38		0.00		36,461.00
2032		604.72		121.81		0.00		452.33		81.19		0.00		78.40		2.38		0.00		35,655.61
2033		588.12		117.62		0.00		439.91		78.39		0.00		78.40		2.38		0.00		34,675.44
2034		569.98		114.00		0.00		426.34		75.97		0.00		78.40		2.38		0.00		33,605.84
2035		547.37		109.47		0.00		409.43		72.96		0.00		78.40		2.38		0.00		32,272.88
2036		515.09		103.02		0.00		385.29		68.66		0.00		78.40		2.38		0.00		30,369.65
2037		476.46		95.29		0.00		356.39		63.51		0.00		78.40		2.38		0.00		28,092.20
2038		440.95		88.19		0.00		329.83		58.77		0.00		78.40		2.38		0.00		25,998.18
Rem		2,347.55		469.50		0.00		1,755.97		312.91		0.00		78.40		2.38		0.00		138,411.43
Total		9,725.87		2,289.25		0.00		7,274.95		1,525.71		0.00		78.40		2.38		0.00		573,982.29
Ult		9,725.75		2,289.16		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		11.00		341.06		0.00		5,945.00		0.00		282.49		0.00		0.00		-2,450.14		-2,262.98
2025		22.00		872.81		0.00		18,165.00		0.00		857.39		0.00		0.00		-9,360.96		-10,416.93
2026		72.00		1,733.68		0.00		18,975.00		0.00		3,077.68		0.00		0.00		-2,869.63		-12,716.09
2027		126.00		2,688.65		0.00		0.00		0.00		6,100.84		0.00		0.00		23,641.88		4,195.13
2028		126.00		3,007.63		0.00		0.00		0.00		7,552.94		0.00		0.00		25,713.14		20,939.29
2029		126.00		3,076.71		0.00		0.00		0.00		7,552.94		0.00		0.00		26,473.18		36,616.03
2030		126.00		3,073.65		0.00		0.00		0.00		7,552.94		0.00		0.00		26,436.17		50,851.47
2031		126.00		3,023.95		0.00		0.00		0.00		7,552.94		0.00		0.00		25,884.11		63,524.56
2032		126.00		2,957.29		0.00		0.00		0.00		7,552.94		0.00		0.00		25,145.37		74,715.43
2033		126.00		2,876.01		0.00		0.00		0.00		7,552.94		0.00		0.00		24,246.48		84,526.18
2034		126.00		2,787.30		0.00		0.00		0.00		7,552.94		0.00		0.00		23,265.60		93,085.19
2035		126.00		2,676.74		0.00		0.00		0.00		7,552.94		0.00		0.00		22,043.19		100,458.81
2036		126.00		2,518.89		0.00		0.00		0.00		7,552.94		0.00		0.00		20,297.82		106,632.24
2037		126.00		2,329.99		0.00		0.00		0.00		7,552.94		0.00		0.00		18,209.26		111,667.49
2038		126.00		2,156.31		0.00		0.00		0.00		7,552.94		0.00		0.00		16,288.92		115,762.44
Rem.				11,479.97		0.00		0.00		0.00		55,958.22		0.00		0.00		70,973.24		12,992.30
Total				47,600.64		0.00		43,085.00		0.00		149,358.99		0.00		0.00		333,937.65		128,754.75

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	05/31/2046
Initial Rate :	25,315.00 bbl/month		Working Int :	1.00000000	PW	5.00%	:	200,890.78
Abandonment :	27,991.00 bbl/month		Revenue Int :	0.74800000	PW	8.00%	:	152,819.21
Initial Decline :	0.00 % year	b = 1.000	Disc. Initial Invest. (M$) :	36,211.181	PW	9.00%	:	140,128.55
Beg Ratio :	0.938 Mcf/bbl		ROInvestment (disc/undisc) :	4.56 / 8.75	PW	12.00%	:	109,323.85
End Ratio :	0.200 Mcf/bbl		Years to Payout :	3.65	PW	15.00%	:	86,635.55
			Internal ROR (%) :	87.74	PW	20.00%	:	60,482.70

TRC Eco DetailedNGL.rpt		Page : 25
	TABLE 2 - 25

Date : 02/26/2024     6:24:51AM ECONOMIC SUMMARY PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Proved Undeveloped Rsv Class & Category
Partner :	HNRA	Discount Rate (%) : 10.00
Case Type :	REPORT BREAK TOTAL CASE	Custom Selection

Cum Oil (Mbbl) :	0.00
Cum Gas (MMcf) :	0.00
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		21.38		13.70		0.00		16.00		9.13		0.00		78.40		2.38		0.00		1,275.73
2025		45.21		22.60		0.00		33.82		15.06		0.00		78.40		2.38		0.00		2,687.18
2026		118.93		46.21		0.00		88.96		30.80		0.00		78.40		2.38		0.00		7,047.81
2027		309.89		101.99		0.00		231.80		67.98		0.00		78.40		2.38		0.00		18,334.50
2028		422.01		121.93		0.00		315.66		81.27		0.00		78.40		2.38		0.00		24,941.16
2029		432.68		111.56		0.00		323.65		74.35		0.00		78.40		2.38		0.00		25,550.51
2030		431.11		100.86		0.00		322.47		67.22		0.00		78.40		2.38		0.00		25,441.20
2031		420.38		90.35		0.00		314.44		60.21		0.00		78.40		2.38		0.00		24,795.36
2032		403.82		81.35		0.00		302.06		54.22		0.00		78.40		2.38		0.00		23,810.34
2033		383.59		76.72		0.00		286.93		51.13		0.00		78.40		2.38		0.00		22,616.53
2034		360.14		72.03		0.00		269.39		48.01		0.00		78.40		2.38		0.00		21,234.03
2035		334.71		66.94		0.00		250.36		44.61		0.00		78.40		2.38		0.00		19,734.32
2036		308.44		61.69		0.00		230.71		41.11		0.00		78.40		2.38		0.00		18,185.74
2037		280.95		56.19		0.00		210.15		37.45		0.00		78.40		2.38		0.00		16,564.82
2038		252.22		50.44		0.00		188.66		33.62		0.00		78.40		2.38		0.00		14,871.01
Rem		1,005.39		201.08		0.00		752.03		134.01		0.00		78.40		2.38		0.00		59,278.03
Total		5,530.87		1,275.66		0.00		4,137.09		850.18		0.00		78.40		2.38		0.00		326,368.28
Ult		5,530.87		1,275.66		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		105.65		0.00		0.00		0.00		0.00		0.00		0.00		1,170.09		1,088.38
2025		0.00		222.64		0.00		13,499.00		0.00		0.00		0.00		0.00		-11,034.47		-8,175.84
2026		12.00		584.16		0.00		29,316.00		0.00		163.55		0.00		0.00		-23,015.90		-26,451.45
2027		35.00		1,519.99		0.00		8,256.00		0.00		1,561.14		0.00		0.00		6,997.37		-21,664.32
2028		43.00		2,067.99		0.00		0.00		0.00		2,502.78		0.00		0.00		20,370.39		-8,397.73
2029		43.00		2,118.75		0.00		0.00		0.00		2,557.30		0.00		0.00		20,874.47		3,963.64
2030		43.00		2,109.86		0.00		0.00		0.00		2,557.30		0.00		0.00		20,774.04		15,150.53
2031		43.00		2,056.44		0.00		0.00		0.00		2,557.30		0.00		0.00		20,181.63		25,032.63
2032		43.00		1,974.84		0.00		0.00		0.00		2,557.30		0.00		0.00		19,278.20		33,613.64
2033		43.00		1,875.83		0.00		0.00		0.00		2,557.30		0.00		0.00		18,183.40		40,972.60
2034		43.00		1,761.17		0.00		0.00		0.00		2,557.30		0.00		0.00		16,915.57		47,197.21
2035		43.00		1,636.78		0.00		0.00		0.00		2,557.30		0.00		0.00		15,540.25		52,396.64
2036		43.00		1,508.34		0.00		0.00		0.00		2,557.30		0.00		0.00		14,120.11		56,691.14
2037		43.00		1,373.90		0.00		0.00		0.00		2,557.30		0.00		0.00		12,633.62		60,184.87
2038		43.00		1,233.41		0.00		0.00		0.00		2,557.30		0.00		0.00		11,080.30		62,971.13
Rem.				4,916.57		0.00		0.00		0.00		18,946.48		0.00		0.00		35,414.98		6,832.71
Total				27,066.34		0.00		51,071.00		0.00		48,746.91		0.00		0.00		199,484.03		69,803.84

		Present Worth Profile (M$)
		PW	5.00%	:	115,875.82
Disc. Initial Invest. (M$) :	40,693.577	PW	8.00%	:	85,207.45
ROInvestment (disc/undisc) :	2.72 / 4.91	PW	9.00%	:	77,085.76
Years to Payout :	5.26	PW	12.00%	:	57,371.01
Internal ROR (%) :	43.47	PW	15.00%	:	42,910.57
		PW	20.00%	:	26,462.23

TRC Eco DetailedNGL.rpt		Page : 26
	TABLE 2 - 26

Date : 02/26/2024     6:24:51AM ECONOMIC SUMMARY PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Proved Undeveloped Rsv Class & Category
Partner :	HNRA	Discount Rate (%) : 10.00		SEVEN RIVERS Report Group
Case Type :	REPORT BREAK TOTAL CASE	Custom Selection

Cum Oil (Mbbl) :	0.00
Cum Gas (MMcf) :	0.00
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		21.38		13.70		0.00		16.00		9.13		0.00		78.40		2.38		0.00		1,275.73
2025		45.21		22.60		0.00		33.82		15.06		0.00		78.40		2.38		0.00		2,687.18
2026		118.93		46.21		0.00		88.96		30.80		0.00		78.40		2.38		0.00		7,047.81
2027		309.89		101.99		0.00		231.80		67.98		0.00		78.40		2.38		0.00		18,334.50
2028		422.01		121.93		0.00		315.66		81.27		0.00		78.40		2.38		0.00		24,941.16
2029		432.68		111.56		0.00		323.65		74.35		0.00		78.40		2.38		0.00		25,550.51
2030		431.11		100.86		0.00		322.47		67.22		0.00		78.40		2.38		0.00		25,441.20
2031		420.38		90.35		0.00		314.44		60.21		0.00		78.40		2.38		0.00		24,795.36
2032		403.82		81.35		0.00		302.06		54.22		0.00		78.40		2.38		0.00		23,810.34
2033		383.59		76.72		0.00		286.93		51.13		0.00		78.40		2.38		0.00		22,616.53
2034		360.14		72.03		0.00		269.39		48.01		0.00		78.40		2.38		0.00		21,234.03
2035		334.71		66.94		0.00		250.36		44.61		0.00		78.40		2.38		0.00		19,734.32
2036		308.44		61.69		0.00		230.71		41.11		0.00		78.40		2.38		0.00		18,185.74
2037		280.95		56.19		0.00		210.15		37.45		0.00		78.40		2.38		0.00		16,564.82
2038		252.22		50.44		0.00		188.66		33.62		0.00		78.40		2.38		0.00		14,871.01
Rem		1,005.39		201.08		0.00		752.03		134.01		0.00		78.40		2.38		0.00		59,278.03
Total		5,530.87		1,275.66		0.00		4,137.09		850.18		0.00		78.40		2.38		0.00		326,368.28
Ult		5,530.87		1,275.66		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		105.65		0.00		0.00		0.00		0.00		0.00		0.00		1,170.09		1,088.38
2025		0.00		222.64		0.00		13,499.00		0.00		0.00		0.00		0.00		-11,034.47		-8,175.84
2026		12.00		584.16		0.00		29,316.00		0.00		163.55		0.00		0.00		-23,015.90		-26,451.45
2027		35.00		1,519.99		0.00		8,256.00		0.00		1,561.14		0.00		0.00		6,997.37		-21,664.32
2028		43.00		2,067.99		0.00		0.00		0.00		2,502.78		0.00		0.00		20,370.39		-8,397.73
2029		43.00		2,118.75		0.00		0.00		0.00		2,557.30		0.00		0.00		20,874.47		3,963.64
2030		43.00		2,109.86		0.00		0.00		0.00		2,557.30		0.00		0.00		20,774.04		15,150.53
2031		43.00		2,056.44		0.00		0.00		0.00		2,557.30		0.00		0.00		20,181.63		25,032.63
2032		43.00		1,974.84		0.00		0.00		0.00		2,557.30		0.00		0.00		19,278.20		33,613.64
2033		43.00		1,875.83		0.00		0.00		0.00		2,557.30		0.00		0.00		18,183.40		40,972.60
2034		43.00		1,761.17		0.00		0.00		0.00		2,557.30		0.00		0.00		16,915.57		47,197.21
2035		43.00		1,636.78		0.00		0.00		0.00		2,557.30		0.00		0.00		15,540.25		52,396.64
2036		43.00		1,508.34		0.00		0.00		0.00		2,557.30		0.00		0.00		14,120.11		56,691.14
2037		43.00		1,373.90		0.00		0.00		0.00		2,557.30		0.00		0.00		12,633.62		60,184.87
2038		43.00		1,233.41		0.00		0.00		0.00		2,557.30		0.00		0.00		11,080.30		62,971.13
Rem.				4,916.57		0.00		0.00		0.00		18,946.48		0.00		0.00		35,414.98		6,832.71
Total				27,066.34		0.00		51,071.00		0.00		48,746.91		0.00		0.00		199,484.03		69,803.84

		Present Worth Profile (M$)
		PW	5.00%	:	115,875.82
Disc. Initial Invest. (M$) :	40,693.577	PW	8.00%	:	85,207.45
ROInvestment (disc/undisc) :	2.72 / 4.91	PW	9.00%	:	77,085.76
Years to Payout :	5.26	PW	12.00%	:	57,371.01
Internal ROR (%) :	43.47	PW	15.00%	:	42,910.57
		PW	20.00%	:	26,462.23

TRC Eco DetailedNGL.rpt		Page : 27
	TABLE 2 - 27

Date : 02/26/2024     6:24:51AM ECONOMIC PROJECTION

Project Name :	LH Operating NM Phd As Of 01/01/2024	As Of Date : 01/01/2024	Case	:	Seven Rivers WF PDP+PDNP+PUD (Incr)
Partner :	HNRA	Discount Rate (%) : 10.00	Reserve Cat.	:	Proved Undeveloped
Case Type :	INCREMENTAL CASE	Custom Selection	Field	:	GRAYBURG JACKSON
Archive Set :	WMC0123		Operator	:	LH Operating
			Reservoir	:	SR
			Co., State	:	Eddy, NM

Cum Oil (Mbbl) :	0.00
Cum Gas (MMcf) :	0.00
Cum NGL (Mgal) :	0.00

	Gross Oil		Gross Gas		Gross NGL		Net Oil		Net Gas		Net NGL		Oil Price		Gas Price		NGL Price		Total Revenue
Year	(Mbbl)		(MMcf)		(Mgal)		(Mbbl)		(MMcf)		(Mgal)		($/bbl)		($/Mcf)		($/gal)		(M$)
2024		21.38		13.70		0.00		16.00		9.13		0.00		78.40		2.38		0.00		1,275.73
2025		45.21		22.60		0.00		33.82		15.06		0.00		78.40		2.38		0.00		2,687.18
2026		118.93		46.21		0.00		88.96		30.80		0.00		78.40		2.38		0.00		7,047.81
2027		309.89		101.99		0.00		231.80		67.98		0.00		78.40		2.38		0.00		18,334.50
2028		422.01		121.93		0.00		315.66		81.27		0.00		78.40		2.38		0.00		24,941.16
2029		432.68		111.56		0.00		323.65		74.35		0.00		78.40		2.38		0.00		25,550.51
2030		431.11		100.86		0.00		322.47		67.22		0.00		78.40		2.38		0.00		25,441.20
2031		420.38		90.35		0.00		314.44		60.21		0.00		78.40		2.38		0.00		24,795.36
2032		403.82		81.35		0.00		302.06		54.22		0.00		78.40		2.38		0.00		23,810.34
2033		383.59		76.72		0.00		286.93		51.13		0.00		78.40		2.38		0.00		22,616.53
2034		360.14		72.03		0.00		269.39		48.01		0.00		78.40		2.38		0.00		21,234.03
2035		334.71		66.94		0.00		250.36		44.61		0.00		78.40		2.38		0.00		19,734.32
2036		308.44		61.69		0.00		230.71		41.11		0.00		78.40		2.38		0.00		18,185.74
2037		280.95		56.19		0.00		210.15		37.45		0.00		78.40		2.38		0.00		16,564.82
2038		252.22		50.44		0.00		188.66		33.62		0.00		78.40		2.38		0.00		14,871.01
Rem		1,005.39		201.08		0.00		752.03		134.01		0.00		78.40		2.38		0.00		59,278.03
Total		5,530.87		1,275.66		0.00		4,137.09		850.18		0.00		78.40		2.38		0.00		326,368.28
Ult		5,530.87		1,275.66		0.00

	Well		Net Tax Production		Net Tax AdValorem		Net Investment		Net Lease Costs		Net Well Costs		Other Costs		Net Profits		Annual Cash Flow		Cum Disc. Cash Flow
Year	Count		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		105.65		0.00		0.00		0.00		0.00		0.00		0.00		1,170.09		1,088.38
2025		0.00		222.64		0.00		13,499.00		0.00		0.00		0.00		0.00		-11,034.47		-8,175.84
2026		12.00		584.16		0.00		29,316.00		0.00		163.55		0.00		0.00		-23,015.90		-26,451.45
2027		35.00		1,519.99		0.00		8,256.00		0.00		1,561.14		0.00		0.00		6,997.37		-21,664.32
2028		43.00		2,067.99		0.00		0.00		0.00		2,502.78		0.00		0.00		20,370.39		-8,397.73
2029		43.00		2,118.75		0.00		0.00		0.00		2,557.30		0.00		0.00		20,874.47		3,963.64
2030		43.00		2,109.86		0.00		0.00		0.00		2,557.30		0.00		0.00		20,774.04		15,150.53
2031		43.00		2,056.44		0.00		0.00		0.00		2,557.30		0.00		0.00		20,181.63		25,032.63
2032		43.00		1,974.84		0.00		0.00		0.00		2,557.30		0.00		0.00		19,278.20		33,613.64
2033		43.00		1,875.83		0.00		0.00		0.00		2,557.30		0.00		0.00		18,183.40		40,972.60
2034		43.00		1,761.17		0.00		0.00		0.00		2,557.30		0.00		0.00		16,915.57		47,197.21
2035		43.00		1,636.78		0.00		0.00		0.00		2,557.30		0.00		0.00		15,540.25		52,396.64
2036		43.00		1,508.34		0.00		0.00		0.00		2,557.30		0.00		0.00		14,120.11		56,691.14
2037		43.00		1,373.90		0.00		0.00		0.00		2,557.30		0.00		0.00		12,633.62		60,184.87
2038		43.00		1,233.41		0.00		0.00		0.00		2,557.30		0.00		0.00		11,080.30		62,971.13
Rem.				4,916.57		0.00		0.00		0.00		18,946.48		0.00		0.00		35,414.98		6,832.71
Total				27,066.34		0.00		51,071.00		0.00		48,746.91		0.00		0.00		199,484.03		69,803.84

	Oil				Present Worth Profile (M$)
Perfs :	0 - 0		Abandonment Date :	05/31/2046
Initial Rate :	25,315.00 bbl/month		Working Int :	1.00000000	PW	5.00%	:	115,875.82
Abandonment :	32,016.00 bbl/month		Revenue Int :	0.74800000	PW	8.00%	:	85,207.45
Initial Decline :	0.00 % year	b = 0.000	Disc. Initial Invest. (M$) :	40,693.577	PW	9.00%	:	77,085.76
Beg Ratio :	0.938 Mcf/bbl		ROInvestment (disc/undisc) :	2.72 / 4.91	PW	12.00%	:	57,371.01
End Ratio :	0.200 Mcf/bbl		Years to Payout :	5.26	PW	15.00%	:	42,910.57
			Internal ROR (%) :	43.47	PW	20.00%	:	26,462.23

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