Investment Highlights

Premier Platform Positioned for Success

• Coveted position in core of Karnes County with industry-leading breakevens
• Emerging position in the Giddings Field with improving results and substantial running room

Positive Free Cash Flow and Peer Leading Margins

• One of the select upstream independents generating substantial free cash flow after capital expenditures
• Peer leading free cash flow yield at a wide range of commodity prices

Multiple Levers of Growth

• Steady organic growth through proven drilling program while remaining well within cash flow
• Clean balance sheet and strong free cash flow enables accretive acquisitions

Strong Balance Sheet and Financial Flexibility

• Conservative leverage profile
• Substantial liquidity at closing

Experienced Management Team

• Strong track record of disciplined operations and careful capital allocation
• Industry-leading operator with a strong operating track record in South Texas