Land Position

• 24,500 Gross Acres
• 18,500 Net Acres

• Well Cost: $1,800M
• Net Reserves (Unrisked):
  1.640 Bcf Bcf
• ROR (Unrisked): 50%
• F&D (Unrisked): $1.10/mcf

• Reserve Potential: 195 Bcf net
  unrisked