Private Seller. Operated and Non-operated Leasehold Acreage. Lea County, New Mexico

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Duane Bond
5 years ago
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Private Seller Offers: Operated and Non-operated sehold Acreage County, New Mexico Approximately 1,300 acres 1,200 acres of Bone Springs and Wolfcamp

1 Private Seller Offers: Operated and Non-operated sehold Acreage County, New Mexico Approximately 1,300 acres 1,200 acres of Bone Springs and Wolfcamp Rights; remaining acreage Devonian and below 100% WI and 75% NRI Area Operators: Matador Production McElvain Energy Concho Resources Devon Energy July 2018

2 Please Note: Neither Simplex Energy Solutions, LLC, nor its subsidiaries, or affiliates, nor any of its employees, agents, advisors, representatives, or consultants make any representations, or warranties, expressed or implied, in connection with any data or information discussed or provided in this offering. Accordingly, each prospective purchaser shall rely solely upon its own independent examination, due diligence, and assessment of available data in making any decision concerning bidding for the offered properties. Such is the age we live in. Copyright-Simplex Energy Solutions, LLC 2018

3 Clovis Clovis Clovis Clovis Farwell Farwell Texico Texico Portales Portales 32 Roosevelt Roosevelt Roosevelt Roosevelt 17S Bailey S 4 Hale 35 Map Lubbock Untitled Map County, New Mexico S Hockley Cochran ell ell 3 4Area Lamb Terry Yoakum 3 2 Lynn 35E 1 36E 18S6 Lovington Lovington esia esia Hobbs Hobbs Dawson Gaines South Vacum dy dy dy dy Eunice Eunice 9 8 Carlsbad Carlsbad Andrews 10 Martin Jal Jal Loving Ector Winkler Ward Crane Reeves nc. Midland Upton mii 2255m Jeff Davis S 19S 9 Pecos Crockett 11 35E 12 18S 19S6 36E Page 3 m7 11m ii

Active Area Operations South Vacuum: Horizontal Activity 5 3 2 4 18S 35E 21 22 23 28 27 26 6 1 34 35 3 rd BS Wolfcamp A Vertical BS Vertical

4H (DVN) Compeletion Date: 1/10/13 Bone Spring 4,376 Gen 1 Frac 487 lbs/ft 24Hr IP = 529 BOEPD (94% Oil) 4 Condor St 1H (COG) Completion

EUR: 278Mbo 5 Dobblebock 8 1H (DVN) Completion Date: 9/25/14 Bone Spring 4,097 Gen 2 Frac: 1,999 lbs/ft 30 day IP: 350BOEPD 6 Airstrip State

results in the area ~600 of Wolfcamp section across SV area Airstrip #201H (MTDR): Completed Q1 2017, 926 BOEPD 24hr IP Continued Bone Spring

4 Active Area Operations South Vacuum: Horizontal Activity S 35E rd BS Wolfcamp A Vertical BS Vertical WC Hz BS Active Permits Pogo s SV Acreage 1 Airstrip #201H (MTDR) Completion Date: 3/5/17 Wolfcamp A 4,110 Gen 3 Frac: 3,357 lbs/ft 24Hr IP = 926 BOEPD (97% Oil) 2 Albatross St. 1H (COG) Completion Date: 9/1/14 Bone Spring 4,380 Gen 1 Frac: 753 lbs/ft 24Hr IP = 478 BOEPD (91% Oil) 3 Ironhouse 19 St. 4H (DVN) Compeletion Date: 1/10/13 Bone Spring 4,376 Gen 1 Frac 487 lbs/ft 24Hr IP = 529 BOEPD (94% Oil) 4 Condor St 1H (COG) Completion Date: 2/16/13 Bone Spring 4,433 Gen 1 Frac: 683lbs/ft Est. EUR: 278Mbo 5 Dobblebock 8 1H (DVN) Completion Date: 9/25/14 Bone Spring 4,097 Gen 2 Frac: 1,999 lbs/ft 30 day IP: 350BOEPD 6 Airstrip State Com #132H (MTDR) Completion Date: 8/23/17 3 rd Bone Spring 4, hr IP: 1,263BOEPD Strawn Thick Wolfcamp Interval with recent HZ test results in the area ~600 of Wolfcamp section across SV area Airstrip #201H (MTDR): Completed Q1 2017, 926 BOEPD 24hr IP Continued Bone Spring expansion and optimization Matador Resources - Airstrip State Com #132H Completed on 8/23/17 24 hr IP rate: 1,263 BOEPD 8 active permits filed to target BS 2 - McElvain Energy 3 - Concho 1 - Yates/EOG 1 - BC Operating/Marathon Shift of focus to the 2nd and 3rd Bone Springs landing zones Generation 1 frac designs have typically been used in this area Page 4

5 Land Summary County, New Mexico - Township 18S Range 35E Working Property Description Gross Acres Net Acres Interest HBP De pths OPERATED: Section 22: W/ HBP Wolfcamp/Bone Springs Section 26: E/2 SW/4, SW/4 SE/4, NW/4 SE/ HBP Wolfcamp/Bone Springs Section 26: W/2 SW/ HBP Wolfcamp/Bone Springs Section 27: NE/ HBP Wolfcamp/Bone Springs Section 27: W/2 SE/ HBP Wolfcamp/Bone Springs Section 35: N/2 NW/4, S/2 NE/4, N/2 SE/ HBP Wolfcamp/Bone Springs Total 1, NON-OPERATED: Section 22: W/ HBP Below the Queen Section 35: SW/4, S/2 SE/ HBP All Depths Section 36: N/2 SW/ HBP All Depths Section 27: E/2 SE/ HBP Devonian and below Section 27: W/2 SE/ HBP Devonian and below Section 26: W/2 SE/4, NE/4 SW/ HBP Devonian and below Section 26: W/2 SW/ HBP Devonian and below Section 26: SE/4 SW/ HBP Devonian and below Section 35: N/2 SE/ HBP All Depths Section 36: S/2 SW/ HBP All Depths Section 24: NW/4 NW/ HBP All Depths Total 1, Wolfcamp/Bone Springs Acreage 1, ,282.9 Devonian and below Acreage Discussion Simplex Energy Solutions and a Private Seller are pleased to present for sale approximately 1,300 acres in central County, New Mexico. Approximately 1,200 acres have rights to the Wolfcamp and Bone Spring formations, and the remaining acreage has rights to the Devonian formation and below. All of the acreage carries a 75% net revenue interest. The acreage offered for sale in held by production (HBP d). This acreage is situated in an area currently under active development for horizontal drilling of various Wolfcamp and Bone Springs formations. Operators actively drilling or with leasehold positions and filed permits in the area include Matador Resources, McElvain Energy, Concho Resources, and Devon Energy. This is a negotiated sales package. If you have any questions or would like to submit an offer regarding this package please contact Karl Reiter (kreiter@simplexenergy.com) by or by calling (432) Page 5

6 Terms & Conditions The following guidelines shall be used when presenting offers for consideration by Private Seller ( Sellers ): 1. This is a bid sale and offers received will be promptly forwarded to the Seller. However, Simplex reserves the right to negotiate at Seller s request with potential buyers to help the Seller decide close offer situations and/or settle any pertinent issues that may/may not already be addressed in the Simplex package. 2. All offers must be submitted to Simplex Energy Solutions referencing the package. All offers must be submitted in writing. Please use the prepared form on the next page to submit your offer. If you submit no offer at all, your chances of being awarded the package are zero. 3. Simplex requests all offers be submitted to its office by 4 PM Tuesday, July 31, Any offers made after the deadline will be disqualified by Simplex. Seller reserves the right to remove the property from the market at any time and to sell to a Buyer with an acceptable offer. Last minute offers on deadline day are not necessarily the best strategy. Early or Pre-emptive offers are presented to the Seller for a yes or no decision versus continuing the bid process. We do not shop early or preemptive bids to other interested parties before the bid deadline. If a preemptive bid is rejected, Simplex will presume the bid is still active for the regular bid process unless/until informed otherwise by the bidder. 4. No offer will be considered accepted until the execution of either a written Purchase and Sale Agreement or an Assignment and Bill of Sale with the Seller. 5. The effective date of sale will be the first day of the month in which the deal closes. Simplex Energy Solutions, LLC 4000 N. Big Spring St., Suite 107 Midland, Texas Phone: (432) Fax: (432)

7 Offer Form This offer is subject to and in accordance with the Terms and Offer Guidelines contained in the sales package on behalf of Private Seller ( Seller ). ses are as described in the Simplex Marketing Data Package: HBP d Acreage County, New Mexico PACKAGE OFFER: $ The prospective purchaser acknowledges the seller has the right to accept or reject any offer, regardless of the amount, as well as sell to the first acceptable offer. Offer submitted by: Company: Name: Title: Date: Address: City: State: Zip: Phone: Fax: Address: Simplex Energy Solutions, LLC 4000 N. Big Spring St., Suite 107 Midland, Texas Phone: (432) Fax: (432)

8 The Simplex Mission: To recognize and facilitate solutions enabling clients to attain their energy / capital goals. Specializing in the Packaging and Marketing of Select Oil and Gas Properties. Contact Us to Develop Your Energy Solution Today! 4000 N. Big Spring St., Suite 107 Midland, Texas Phone: (432) Fax: (432) kreiter@simplexenergy.com

RATE AND DAMAGE SCHEDULE

RATE AND DAMAGE SCHEDULE THE UNIVERSITY OF TEXAS SYSTEM UNIVERSITY LANDS P.O. BOX 553 MIDLAND, TEXAS 79702-0553 (432) 684 4404 Web Site Link: http://www.utlands.utsystem.edu I. Well Locations and Lease Appurtenances Page 1 II.