O&G Shale Reserves Numbers to Count On Always a trusted name, Ryder Scott certifi es oil and gas reserves in shale plays.

A Ryder Scott independent reserves report has always been a widely accepted assurance of asset value by the worldwide oil and gas industry. Our appraisals of oil and gas shale properties are no exception. E&P companies and fi nancial institutions rely on our were introduced internationally recognized “green book” consulting report to help mitigate more than 20 years ago. risks in committing capital for acquisitions, exploration, fi eld development Today our geologists and and redevelopment, infrastructure and refi nancing. engineers evaluate oil National oil companies and governments turn to Ryder Scott to and gas shale plays the world over provide indispensable support and advice on evaluating and managing in various development stages — from new shale plays. and gas accumulations are undrilled to relatively mature with high-density becoming valuable natural resources for several countries. well spacing. Our public company clients in the shale depend on Ryder Scott to More than 100 clients in the shale have relied on make sure that reserves disclosures fi led with regulatory agencies Ryder Scott for a range of services, including full-scale worldwide comply with reporting requirements. reserves evaluations, audits/process reviews, management advisory services and fi eld development recommendations. We have Decades of Shale Experience prepared third-party forecasts of oil and gas production and cash fl ows Ryder Scott has grown its expertise by working with clients in from most major developed shale plays worldwide. Ryder Scott also their early efforts in the Appalachian and Antrim shales and later in the has issued numerous reports on prospective and contingent resources play where horizontal-drilling and fracing techniques in early-stage shale plays. Scientifi c Analysis Increases Booked Reserves Leveraging Knowledge Base At Ryder Scott, we believe that understanding and using the Shortly after project startup, clients immediately benefi t from our science behind shale development increases bookable reserves in-house knowledge base. Ryder Scott has built large regional data- and confi dence in them. Ryder Scott uses every scientifi c method bases with public and proprietary information to create maps of oil and available for oil and gas shale evaluation including the following: gas trends with tens of thousands of data points for each shale play. • Core Analysis for porosity, water saturation and total Database “building blocks” include well locations in sweet and organic carbon trouble spots, initial and daily production rates, estimated recovery • Laboratory desorption and adsorption analysis factors and ultimate recoveries correlated with mapping by area and • Petrophysical analysis with core data correlations depth. We generate and inventory type curves for comparative • Petrophysical analysis with the Passey method analysis to identify best-fi t performance analogs. Our analysis of • Geophysical analysis of seismic data statistical performance data yields predictable, repeatable reserves • Microseismic analysis for fractured rock-volume estimates estimates in analogous areas. • Volumetric analysis including free and absorbed components We evaluate and catalogue well-test results, fl uid properties, • Flowing material balance analysis drilling-and-completion techniques such as well trajectories, TVDs, • Square-root-of-time plots lateral lengths, frac stages and proppant amounts. Key geological • PVTPVT analysisanalysis information,information, suchsuch asas thermal-maturitythermal-maturity andand TOCTOC data,data, isis alsoalso storedstored • Rate-transient analysis including and indexed. modeling transient- vs. boundary-dominated fl ow • Numerical simulation • Frac breakthrough modeling Basins and Plays Evaluated Partial summary of U.S. basins Partial Summary of Emerging International Shale Plays Anadarko South Texas San Juan • Vaca Muerta play in southwest Argentina Appalachian Michigan Uinta Exploratory shales in the Copper basin of Australia Arkoma Northwest Louisiana Vermillion • East Texas Paradox Williston • Montney gas shale play in Canada Fort Worth Permian • Horn River basin gas shale play in British Columbia, Canada Partial Summary of U.S. Shale Plays • Lorraine and Utica gas shale play in Quebec, Canada Antrim Eagle Ford Niobrara • Canadian portion of Bakken oil shale play in Williston basin Avalon Fayetteville Manning Canyon • Horton Bluff shale play in Nova Scotia, Canada Bakken Gothic Marcellus • Simiti gas shale play in Middle Magdalena Valley in Colombia Barnett Haynesville Woodford/Caney • Various exploratory shale plays in Europe Baxter Lower Huron Devonian Mancos Partial Summary of Shale Clients Adams Resources Exploration Corp. Lime Rock Resources American Oil & Gas Inc. Lukoil Oil Co. Americas Petrogas Inc. Macquarie Bank Ltd. Anadarko Petroleum Corp. Mainland Resources Inc. Anatolia Energy Corp. Co. Anschutz Exploration Corp. Marion Energy Limited Ante5 Oil & Gas MBI Oil & Gas LLC Antero Resources Corp. Metalmark Capital Holdings LLC Apache Corp. Mitsui & Co. Ltd. Arena Energy LP Montana Oil Properties Inc. Aurora Resources LLC Murex Petroleum Corp. Beusa Energy Inc. Murphy Exploration & Production Co. BP America Production Co. Newfi eld Exploration Co. BTA Oil Producers LLC Nexen Inc. Buckner International Northern Oil & Gas Inc. Caddis Capital LLC PDC Energy Cade Oil and Gas LLC PEMEX (Petróleos Mexicanos) Calibre Energy Inc. PetroFrontier Corp. Carrizo Oil & Gas Inc. Petrogulf Corporation CDX Gas LLC Petroleum Development Corp. Central Petroleum Ltd. PetroQuest Energy Inc. Corp. PrimeEnergy Corp. Chevron Corp. QEP Resources Inc. Cheyenne Oil & Gas Questar Corp. CNOOC (China National Offshore Oil Corp.) Reliance Holding USA Inc. ConocoPhillips Co. YPF SA Continental Resources Inc. Riverstone Europe LLP Cornerstone Natural Resources LLC Rosetta Resources Inc. Corp. PLC Dominion Resources Inc. Samson Oil & Gas Limited El Paso Corp. Sanchez Oil & Gas Corp. Energen Resources Corp. (China Petroleum & Chemical Corp.) Energy Corporation of America SM Energy Co. Enerplus Corp. Spotted Hawk Development LLC Petroleum Company Inc. Stairway Capital Management LP EQT Corp. State Commission on Mineral Reserves (Russia) Euro Pacifi c Capital Inc. State Street Bank & Trust Co. Exco Resources Inc. Stone Energy Corp. Fidelity Exploration & Production Co. Sundance Energy Inc. Global Natural Resources Corp. Talisman Energy Inc. Great Western Oil & Gas Company LLC Texakota Oil Co. Headington Oil Company LP TNK - BP HighMount Exploration & Production LLC Triangle Petroleum Corp. Intervention Energy LLC United Energy Group Ltd. Ironwood Oil & Gas LLC Unocal Corp. (Union Oil Co. of California) J.P. Morgan YPF (Yacimientos Petrolíferos Fiscales) Kerogen Resources Inc. Zavanna LLC Korea National Oil Corp. ZEnergy Inc. Lario Oil & Gas Co.

For more information, please contact: Mike Wysatta, Business Development Manager Ryder Scott Co. LP • 1100 Louisiana, Ste. 4600 • Houston, TX 77002 Email: [email protected] Direct Phone: +1-713-751-5557