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Sold - Elephant Oil & Gas - Powder River Basin Production and Leasehold

  • 10,200 net acres (88% HBP) in Turner/Frontier and Niobrara.  Continental currently has an active rig on the position with plans to bring a second rig to the immediate area in the near term
  • April 2022 PDP net cashflow of $211,000 and 151 BOEPD (74% Oil). 12-month estimated net cashflow of $2.5MM. Few shut-ins with limited P&A liability
  • Production from 26 new wells adds 4,700 net BOEPD and $7.8MM/month operating cashflow by March 2023.  23.9MMBbls net oil reserves and 31Bcf gas from future upside

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