ASSET HIGHLIGHTS

• Strong cashflow in 365 horizontal wells including 73 wells on production in the last year

• 116 DUCs and an extensive undeveloped Tier 1 acreage position

• June 2022 estimated PDP+DUC net cashflow of $621k and 313 BOEPD (71% liquids)

• NTM estimated net cashflow of $13MM

• 6,805 net royalty acres, 834 currently unleased

• ~60% of the acreage estimated to be undeveloped

• 206 permitted locations and 294 undeveloped cases under Civitas, Chevron, PDC, Oxy, and Verdad

TEASER