e99-1allenandcrouchres

PROVED DEVELOPED PRODUCING RESERVES

Net Gas (MMcf) As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year ECONOMIC SUMMARY PROJECTION09/04/2015 1:37:09PMDate : 392.96 Project Name : Partner : Case Type : Cum Oil (Mbbl) : Cum Gas (MMcf) : 3,006.25 Poplar Field All Cases GRAND TOTAL CASE Total 58.93 0.00111.35 0.00 5,432.30 0.00 0.0015/16 92.18 0.00 58.93 0.0097.06 0.00 4,705.38 0.00 0.0016/17 79.85 0.00 58.93 0.0085.49 0.00 4,116.89 0.00 0.0017/18 69.86 0.00 58.93 0.0078.56 0.00 3,768.14 0.00 0.0018/19 63.94 0.00 58.93 0.0072.92 0.00 3,485.57 0.00 0.0019/20 59.15 0.00 58.93 0.0061.02 0.00 2,884.84 0.00 0.0020/21 48.95 0.00 58.93 0.0057.73 0.00 2,722.71 0.00 0.0021/22 46.20 0.00 58.93 0.0054.23 0.00 2,549.18 0.00 0.0022/23 43.26 0.00 58.93 0.0052.18 0.00 2,449.71 0.00 0.0023/24 41.57 0.00 58.93 0.0050.47 0.00 2,368.70 0.00 0.0024/25 40.20 0.00 58.93 0.0047.50 0.00 2,222.24 0.00 0.0025/26 37.71 0.00 58.93 0.0044.99 0.00 2,098.79 0.00 0.0026/27 35.62 0.00 58.93 0.0042.03 0.00 1,952.07 0.00 0.0027/28 33.13 0.00 58.93 0.0037.92 0.00 1,746.64 0.00 0.0028/29 29.64 0.00 58.93 0.0035.47 0.00 1,632.37 0.00 0.0029/30 27.70 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 36.0015/16 683.89 216.25 60.00 1,200.94 0.00 1,882.471,388.75 0.00 1,801.78 33.0016/17 591.32 185.49 120.00 1,128.54 0.00 1,435.381,244.65 0.00 3,052.25 32.0017/18 516.62 162.89 0.00 1,032.08 0.00 1,321.081,084.23 0.00 4,094.69 29.0018/19 472.46 149.33 120.00 985.52 0.00 1,047.35993.48 0.00 4,843.85 29.0019/20 436.68 138.39 0.00 944.51 0.00 1,047.17918.82 0.00 5,526.60 25.0020/21 360.32 115.97 180.00 797.54 0.00 766.22664.79 0.00 5,982.74 23.0021/22 339.88 109.18 0.00 768.87 0.00 873.81630.98 0.00 6,453.49 23.0022/23 319.36 101.89 0.00 714.51 0.00 809.91603.52 0.00 6,850.15 21.0023/24 307.09 97.77 120.00 697.52 0.00 638.95588.38 0.00 7,133.29 21.0024/25 296.91 94.48 0.00 697.19 0.00 704.77575.35 0.00 7,418.52 21.0025/26 278.36 88.34 0.00 658.69 0.00 658.70538.14 0.00 7,660.88 19.0026/27 262.74 83.19 120.00 624.87 0.00 498.36509.63 0.00 7,827.45 19.0027/28 246.01 77.18 0.00 572.66 0.00 584.45471.77 0.00 8,005.15 17.0028/29 220.54 68.57 0.00 501.74 0.00 549.86405.93 0.00 8,157.12 15.0029/30 206.01 63.92 60.00 470.86 0.00 463.55368.03 0.00 8,272.93 Rem. Total 5,558.67 1,767.39 802.53 14,710.17 0.00 10,642.76 11,096.86 3,520.23 1,582.53 26,506.20 0.00 23,924.7921,406.31 10,419.87 0.00 0.00 862.06 9,134.99 58.93 0.00 58.93 0.00 0.00 4,847.09 392.96 911.92 0.00 43,901.39 0.00 1,840.85 0.00 88,036.92 0.00 0.00 744.98 1,493.92 0.00 0.00 Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 19.35 / 16.12 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 12,850.28 10,273.15 9,134.99 12.00% : 15.00% : 8,264.47 7,280.29 PW 6,149.3920.00% : 497.77 >1000 0.80 TRC Eco Detailed.rpt 1

1 0 0 1 0 0 0 1 0 0 0 0 1000 10000 100000 84 92 00 08 16 24 32 40 48 56 64 72 80 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: PDP Summary Oper: Magellan Petroleum Field: Poplar Field Oil EUR: 4,847.09 Mbbl Gas EUR: 392.96 MMcf Oil Rem: 1,840.85 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 3,006.25 Mbbl Proj Gas Cum: 392.96 MMcf O i l ( b b l / m o n ) *W ater (bbl/m on)G a s ( M c f / m o n ) *W ell Count

Lease Name Life (years) Oil (Mbbl) Gas (MMcf) Gas (M$) Oil (M$) Other (M$) Expense & Tax (M$) Invest. (M$) Non-Disc. (M$) 9/4/2015 Cash FlowNet Reserves Net Revenue Ownership Group : Project Name : As of Date: 7/1/2015 Economic One-Liners Reserve Category 1:40:48PM Poplar Field All Cases Disc. CF (M$)Risked / UnRisked Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Grand Total 9,134.9923,924.791,582.5362,529.600.000.0088,036.920.00Total 70.001,493.92 57.23 65.96 12.270.00 0.001,084.54 0.00 982.32 45.00P-DP 18.40CUT HAIR 1 - 1 350.28 275.17 13.040.00 0.001,510.57 0.00 1,100.29 60.00P-DP 25.63EPU 005 - 5 15.73 26.92 2.150.00 0.00312.61 0.00 236.88 60.00P-DP 5.30EPU 006 - 6 2,191.71 627.91 70.000.00 0.009,217.66 0.00 6,965.95 60.00P-DP 156.42EPU 007 - 7 123.90 103.99 18.110.00 0.001,376.14 0.00 1,192.25 60.00P-DP 23.35EPU 009 - 009 884.87 248.93 70.000.00 0.007,942.46 0.00 6,997.59 60.00P-DP 134.78EPU 010 - 10 5,522.85 1,330.55 70.000.00 0.0012,989.33 0.00 7,406.48 60.00P-DP 220.42EPU 012 - 12 99.04 100.89 10.790.00 0.00969.96 0.00 810.92 60.00P-DP 16.46EPU 015 - 15 1,756.91 705.98 47.240.00 0.005,726.62 0.00 3,909.70 60.00P-DP 97.18EPU 020 - 20 1,072.36 364.57 70.000.00 0.006,352.03 0.00 5,219.67 60.00P-DP 107.79EPU 021 - 21 245.04 216.13 4.780.00 0.00948.68 0.00 703.64 0.00P-DP 16.10EPU 042 - 42 20.47 18.91 2.580.00 0.00301.23 0.00 280.77 0.00P-DP 5.11EPU 048 - 48 -47.47 -37.57 0.970.00 0.0085.41 0.00 72.87 60.00P-DP 1.45EPU 055 - 55 93.42 94.79 10.140.00 0.00996.73 0.00 843.31 60.00P-DP 16.91EPU 056 - 56 440.95 241.84 30.200.00 0.002,675.27 0.00 2,174.32 60.00P-DP 45.40EPU 066 - 66 -35.14 -13.93 4.450.00 0.00329.70 0.00 304.84 60.00P-DP 5.59EPU 077 - 77 -27.92 -6.64 4.870.00 0.00891.18 0.00 859.10 60.00P-DP 15.12EPU 088 - 88 4,678.28 1,129.04 70.000.00 0.0010,868.40 0.00 6,130.12 60.00P-DP 184.43EPU 100 - 100 0.22 0.22 0.260.00 0.0026.64 0.00 26.42 0.00P-DP 0.45EPU 101 - 101 151.41 103.94 13.530.00 0.001,688.28 0.00 1,536.87 0.00P-DP 28.65EPU 102 - 102 1,557.72 1,142.63 16.770.00 0.003,202.20 0.00 1,584.48 60.00P-DP 54.34EPU 104 - 104 230.13 165.26 12.280.00 0.001,084.58 0.00 854.45 0.00P-DP 18.40EPU 111 - 111 13.28 33.34 7.170.00 0.00447.05 0.00 373.78 60.00P-DP 7.59EPU 117 - 117 125.66 118.45 2.270.00 0.00398.20 0.00 272.54 0.00P-DP 6.76EPU 119 140.43 122.38 5.510.00 0.00549.88 0.00 409.45 0.00P-DP 9.33EPU 200 - 200 171.99 168.21 7.310.00 0.00816.77 0.00 584.78 60.00P-DP 13.86EPU 201 - 201 -52.88 -43.35 0.860.00 0.00108.35 0.00 101.23 60.00P-DP 1.84EPU 34-11H - 34-11H 64.33 54.96 5.280.00 0.00604.43 0.00 540.10 0.00P-DP 10.26EPU 44-19H - 44-19H 598.78 311.80 31.540.00 0.002,267.32 0.00 1,623.54 45.00P-DP 38.47GOINGS 1-10 - 1-10 -60.00 -54.55 0.000.00 0.000.00 0.00 0.00 60.00P-DP 0.00HUBER 2 - 2 -25.46 -4.63 4.790.00 0.00511.31 0.00 476.77 60.00P-DP 8.68MCDONALD 1 - 1 -58.06 -41.99 2.310.00 0.00179.01 0.00 177.07 60.00P-DP 3.04MCGOWAN 3 - 3 106.13 71.30 14.610.00 0.00730.26 0.00 624.14 0.00P-DP 12.39REID 10-1 - 10-1 280.12 180.14 22.480.00 0.001,536.45 0.00 1,211.33 45.00P-DP 26.07RICHARDS 2-1 - 2-1 TRC Eco One Liner.rpt 1

PROVED DEVELOPED NON PRODUCING RESERVES

Net Gas (MMcf) As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year ECONOMIC SUMMARY PROJECTION09/04/2015 1:53:00PMDate : 0.00 Project Name : Partner : Case Type : Cum Oil (Mbbl) : Cum Gas (MMcf) : 2,122.50 Poplar Field All Cases GRAND TOTAL CASE Total 58.93 0.0038.18 0.00 1,925.51 0.00 0.0015/16 32.67 0.00 58.93 0.0071.46 0.00 3,586.70 0.00 0.0016/17 60.86 0.00 58.93 0.0081.98 0.00 4,093.02 0.00 0.0017/18 69.46 0.00 58.93 0.0079.42 0.00 3,950.92 0.00 0.0018/19 67.04 0.00 58.93 0.0067.11 0.00 3,341.44 0.00 0.0019/20 56.70 0.00 58.93 0.0058.90 0.00 2,938.07 0.00 0.0020/21 49.86 0.00 58.93 0.0052.06 0.00 2,600.88 0.00 0.0021/22 44.14 0.00 58.93 0.0046.17 0.00 2,309.61 0.00 0.0022/23 39.19 0.00 58.93 0.0040.12 0.00 2,007.18 0.00 0.0023/24 34.06 0.00 58.93 0.0033.60 0.00 1,679.71 0.00 0.0024/25 28.50 0.00 58.93 0.0029.74 0.00 1,487.53 0.00 0.0025/26 25.24 0.00 58.93 0.0027.20 0.00 1,362.49 0.00 0.0026/27 23.12 0.00 58.93 0.0025.90 0.00 1,300.67 0.00 0.0027/28 22.07 0.00 58.93 0.0024.15 0.00 1,214.83 0.00 0.0028/29 20.61 0.00 58.93 0.0022.59 0.00 1,131.57 0.00 0.0029/30 19.20 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 9.0015/16 245.73 86.89 2,541.25 183.00 0.00 -1,275.70144.34 0.00 -1,238.19 11.0016/17 453.07 155.13 881.25 378.33 0.00 1,355.40363.52 0.00 -87.31 12.0017/18 516.85 174.51 1,011.25 437.85 0.00 1,514.81437.75 0.00 1,100.03 13.0018/19 499.52 167.93 0.00 468.00 0.00 2,372.75442.73 0.00 2,803.28 13.0019/20 422.39 141.95 0.00 468.23 0.00 1,920.05388.82 0.00 4,055.99 13.0020/21 371.46 124.80 0.00 494.17 0.00 1,570.03377.60 0.00 4,987.07 14.0021/22 328.87 110.45 0.00 504.00 0.00 1,301.36356.19 0.00 5,688.67 14.0022/23 292.08 98.05 0.00 504.00 0.00 1,086.55328.94 0.00 6,221.22 14.0023/24 253.80 85.14 0.00 473.37 0.00 916.29278.59 0.00 6,629.44 12.0024/25 212.29 71.13 120.00 416.71 0.00 656.15203.43 0.00 6,895.56 11.0025/26 188.00 62.95 60.00 396.00 0.00 605.83174.76 0.00 7,118.80 11.0026/27 172.24 57.64 0.00 396.33 0.00 572.15164.12 0.00 7,310.31 11.0027/28 164.53 55.06 0.00 421.85 0.00 494.02165.22 0.00 7,460.62 12.0028/29 153.73 51.43 0.00 424.18 0.00 420.31165.18 0.00 7,576.88 12.0029/30 143.24 47.78 60.00 414.04 0.00 299.23167.28 0.00 7,651.90 Rem. Total 1,133.49 372.72 765.00 3,934.30 0.00 1,850.92 5,551.30 1,863.56 5,438.75 10,314.35 0.00 15,660.135,113.64 955.18 0.00 0.00 229.51 7,881.41 58.93 0.00 58.93 0.00 0.00 3,003.58 0.00 182.52 0.00 9,011.61 0.00 881.08 0.00 43,941.73 0.00 0.00 152.92 745.66 0.00 0.00 Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 2.87 / 3.88 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 10,712.33 8,858.89 7,881.41 12.00% : 15.00% : 7,054.21 6,028.22 PW 4,726.9720.00% : 4,205.10 99.46 2.79 TRC Eco Detailed.rpt 1

1 0 0 1 0 0 0 1 0 0 0 0 1000 10000 100000 56 64 72 80 88 96 04 12 20 28 36 44 52 60 Case Name: PDNP Summary Oper: Nautilus Poplar Field: East Poplar Unit Oil EUR: 3,003.58 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 881.08 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 2,122.50 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

PROVED UNDEVELOPED RESERVES

Net Gas (MMcf) As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year ECONOMIC SUMMARY PROJECTION07/17/2015 7:41:45AMDate : 0.00 Project Name : Partner : Case Type : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 Poplar Field All Cases GRAND TOTAL CASE Total 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.00242.88 0.00 12,523.61 0.00 0.0016/17 212.52 0.00 58.93 0.00394.04 0.00 20,318.27 0.00 0.0017/18 344.79 0.00 58.93 0.00303.54 0.00 15,651.74 0.00 0.0018/19 265.60 0.00 58.93 0.00245.34 0.00 12,650.55 0.00 0.0019/20 214.67 0.00 58.93 0.00203.62 0.00 10,499.21 0.00 0.0020/21 178.16 0.00 58.93 0.00173.55 0.00 8,948.86 0.00 0.0021/22 151.86 0.00 58.93 0.00150.64 0.00 7,767.50 0.00 0.0022/23 131.81 0.00 58.93 0.00133.00 0.00 6,857.94 0.00 0.0023/24 116.37 0.00 58.93 0.00118.17 0.00 6,093.26 0.00 0.0024/25 103.40 0.00 58.93 0.00106.33 0.00 5,482.89 0.00 0.0025/26 93.04 0.00 58.93 0.0096.47 0.00 4,974.47 0.00 0.0026/27 84.41 0.00 58.93 0.0088.38 0.00 4,557.01 0.00 0.0027/28 77.33 0.00 58.93 0.0081.01 0.00 4,177.21 0.00 0.0028/29 70.88 0.00 58.93 0.0074.87 0.00 3,860.50 0.00 0.0029/30 65.51 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 9.0016/17 1,159.69 539.77 13,500.00 270.00 0.00 -5,437.972,492.13 0.00 -4,841.98 9.0017/18 1,881.47 875.72 0.00 540.00 0.00 12,953.434,067.65 0.00 5,391.68 9.0018/19 1,449.35 674.59 0.00 540.00 0.00 9,825.283,162.52 0.00 12,445.83 9.0019/20 1,171.44 545.24 0.00 540.00 0.00 7,813.162,580.71 0.00 17,543.63 9.0020/21 972.23 452.52 0.00 540.00 0.00 6,371.452,163.02 0.00 21,321.84 9.0021/22 828.66 385.70 0.00 540.00 0.00 5,332.271,862.23 0.00 24,196.13 9.0022/23 719.27 334.78 0.00 540.00 0.00 4,540.451,633.00 0.00 26,420.99 9.0023/24 635.05 295.58 0.00 540.00 0.00 3,930.491,456.83 0.00 28,171.59 9.0024/25 564.24 262.62 0.00 540.00 0.00 3,418.351,308.06 0.00 29,555.49 9.0025/26 507.72 236.31 0.00 540.00 0.00 3,009.301,189.56 0.00 30,663.05 9.0026/27 460.64 214.40 0.00 540.00 0.00 2,668.591,090.84 0.00 31,555.94 9.0027/28 421.98 196.41 0.00 540.00 0.00 2,388.521,010.10 0.00 32,282.38 9.0028/29 386.81 180.04 0.00 540.00 0.00 2,134.38935.98 0.00 32,872.47 9.0029/30 357.48 166.39 0.00 540.00 0.00 1,922.19874.43 0.00 33,355.59 Rem. Total 5,306.39 2,469.82 540.00 16,605.08 0.00 17,458.74 16,822.41 7,829.87 14,040.00 23,895.08 0.00 78,328.6440,751.48 14,924.43 0.00 0.00 2,290.75 35,646.34 58.93 0.00 58.93 0.00 0.00 3,523.16 0.00 1,111.33 0.00 57,304.47 0.00 3,523.16 0.00 181,667.49 0.00 0.00 972.42 3,082.77 0.00 0.00 Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 50,249.03 40,537.04 35,646.34 12.00% : 15.00% : 31,634.01 26,813.11 PW 20,929.5820.00% : 11,705.84 173.62 2.43 TRC Eco Detailed.rpt 1

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Lease Name Life (years) Oil (Mbbl) Gas (MMcf) Gas (M$) Oil (M$) Other (M$) Expense & Tax (M$) Invest. (M$) Non-Disc. (M$) 7/17/2015 Cash FlowNet Reserves Net Revenue Ownership Group : Project Name : As of Date: 7/1/2015 Economic One-Liners Reserve Category 7:42:44AM Poplar Field All Cases Disc. CF (M$)Risked / UnRisked Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Grand Total 35,646.3478,328.6414,040.0089,298.850.000.00181,667.490.00Total 46.093,082.77 8,702.87 4,087.21 45.430.00 0.0020,185.28 0.00 9,922.41 1,560.00P-UD 342.53Poplar East Charles Well 1 8,703.03 4,055.39 45.510.00 0.0020,185.28 0.00 9,922.25 1,560.00P-UD 342.53Poplar East Charles Well 2 8,703.03 4,022.64 45.590.00 0.0020,185.28 0.00 9,922.25 1,560.00P-UD 342.53Poplar East Charles Well 3 8,703.11 3,991.33 45.680.00 0.0020,185.28 0.00 9,922.17 1,560.00P-UD 342.53Poplar East Charles Well 4 8,703.10 3,959.10 45.760.00 0.0020,185.28 0.00 9,922.18 1,560.00P-UD 342.53Poplar East Charles Well 5 8,703.02 3,927.13 45.850.00 0.0020,185.28 0.00 9,922.26 1,560.00P-UD 342.53Poplar East Charles Well 6 8,703.50 3,898.87 45.920.00 0.0020,185.28 0.00 9,921.78 1,560.00P-UD 342.53Poplar East Charles Well 7 8,703.41 3,867.39 46.010.00 0.0020,185.28 0.00 9,921.86 1,560.00P-UD 342.53Poplar East Charles Well 8 8,703.58 3,837.28 46.090.00 0.0020,185.28 0.00 9,921.70 1,560.00P-UD 342.53Poplar East Charles Well 9 TRC Eco One Liner.rpt 1

PROBABLE UNDEVELOPED RESERVES

Net Gas (MMcf) As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year ECONOMIC SUMMARY PROJECTION07/10/2015 3:08:39PMDate : 0.00 Project Name : Partner : Case Type : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 Poplar Field All Cases GRAND TOTAL CASE Total 58.93 0.0012.60 0.00 649.54 0.00 0.0015/16 11.02 0.00 58.93 0.0064.66 0.00 3,334.12 0.00 0.0016/17 56.58 0.00 58.93 0.00106.62 0.00 5,497.52 0.00 0.0017/18 93.29 0.00 58.93 0.00141.76 0.00 7,309.64 0.00 0.0018/19 124.04 0.00 58.93 0.00159.80 0.00 8,239.78 0.00 0.0019/20 139.82 0.00 58.93 0.00133.81 0.00 6,900.00 0.00 0.0020/21 117.09 0.00 58.93 0.00115.52 0.00 5,956.51 0.00 0.0021/22 101.08 0.00 58.93 0.00101.70 0.00 5,244.21 0.00 0.0022/23 88.99 0.00 58.93 0.0091.12 0.00 4,698.52 0.00 0.0023/24 79.73 0.00 58.93 0.0082.15 0.00 4,235.97 0.00 0.0024/25 71.88 0.00 58.93 0.0074.98 0.00 3,866.30 0.00 0.0025/26 65.61 0.00 58.93 0.0068.97 0.00 3,556.50 0.00 0.0026/27 60.35 0.00 58.93 0.0064.03 0.00 3,301.72 0.00 0.0027/28 56.03 0.00 58.93 0.0059.45 0.00 3,065.55 0.00 0.0028/29 52.02 0.00 58.93 0.0055.62 0.00 2,868.15 0.00 0.0029/30 48.67 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 8.0015/16 82.88 27.99 3,000.00 17.50 0.00 -2,575.4896.64 0.00 -2,391.51 8.0016/17 425.43 143.70 3,000.00 101.50 0.00 -846.58510.07 0.00 -3,063.82 8.0017/18 701.48 236.94 3,000.00 185.50 0.00 511.00862.59 0.00 -2,603.22 8.0018/19 932.71 315.05 3,000.00 269.50 0.00 1,618.611,173.77 0.00 -1,389.63 8.0019/20 1,051.40 355.13 0.00 336.00 0.00 5,135.001,362.25 0.00 1,960.90 8.0020/21 880.44 297.39 0.00 336.00 0.00 4,181.451,204.72 0.00 4,440.43 8.0021/22 760.05 256.73 0.00 336.00 0.00 3,509.341,094.40 0.00 6,332.03 8.0022/23 669.16 226.03 0.00 336.00 0.00 3,002.041,010.98 0.00 7,802.99 8.0023/24 599.53 202.51 0.00 336.00 0.00 2,612.44948.05 0.00 8,966.49 8.0024/25 540.51 182.57 0.00 336.00 0.00 2,284.29892.59 0.00 9,891.24 8.0025/26 493.34 166.64 0.00 336.00 0.00 2,021.28849.05 0.00 10,635.13 8.0026/27 453.81 153.29 0.00 336.00 0.00 1,800.94812.47 0.00 11,237.68 8.0027/28 421.30 142.30 0.00 336.00 0.00 1,618.73783.38 0.00 11,729.99 8.0028/29 391.16 132.13 0.00 336.00 0.00 1,451.98754.28 0.00 12,131.40 8.0029/30 365.98 123.62 0.00 336.00 0.00 1,311.78730.78 0.00 12,461.09 Rem. Total 5,792.59 1,956.59 360.00 9,506.63 0.00 11,471.19 14,561.78 4,918.59 12,360.00 13,776.63 0.00 39,108.0029,395.52 16,309.50 0.00 0.00 1,552.27 14,013.37 58.93 0.00 58.93 0.00 0.00 2,213.19 0.00 880.40 0.00 45,396.49 0.00 2,213.19 0.00 114,120.52 0.00 0.00 770.35 1,936.54 0.00 0.00 Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 2.44 / 4.16 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 22,309.82 16,734.83 14,013.37 12.00% : 15.00% : 11,838.05 9,309.28 PW 6,382.3920.00% : 9,704.97 58.67 4.30 TRC Eco Detailed.rpt 1

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Lease Name Life (years) Oil (Mbbl) Gas (MMcf) Gas (M$) Oil (M$) Other (M$) Expense & Tax (M$) Invest. (M$) Non-Disc. (M$) 7/10/2015 Cash FlowNet Reserves Net Revenue Ownership Group : Project Name : As of Date: 7/1/2015 Economic One-Liners Reserve Category 3:10:08PM Poplar Field All Cases Disc. CF (M$)Risked / UnRisked Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Grand Total 14,013.3739,108.0012,360.0062,652.520.000.00114,120.520.00Total 44.921,936.54 4,884.40 2,016.25 41.710.00 0.0014,258.73 0.00 7,829.34 1,545.00PR-UD 241.96Tyler Well 1 Section 11 4,882.02 1,999.98 41.770.00 0.0014,255.28 0.00 7,828.26 1,545.00PR-UD 241.90Tyler Well 2 Section 2 4,883.72 1,832.95 42.700.00 0.0014,258.04 0.00 7,829.32 1,545.00PR-UD 241.95Tyler Well 3 Section 14 4,884.70 1,818.88 42.800.00 0.0014,259.08 0.00 7,829.38 1,545.00PR-UD 241.97Tyler Well 4 Sec 23 4,891.79 1,668.02 43.800.00 0.0014,270.11 0.00 7,833.31 1,545.00PR-UD 242.15Tyler Well 5 Sec 23 4,892.10 1,655.09 43.890.00 0.0014,270.45 0.00 7,833.35 1,545.00PR-UD 242.16Tyler Well 6 Sec 3 4,894.47 1,516.98 44.830.00 0.0014,274.24 0.00 7,834.77 1,545.00PR-UD 242.22Tyler Well 7 Sec 10 4,894.80 1,505.22 44.920.00 0.0014,274.59 0.00 7,834.78 1,545.00PR-UD 242.23Tyler Well 8 Sec 19 TRC Eco One Liner.rpt 1

PROVED DEVELOPED PRODUCING RESERVES

PROVED DEVELOPED PRODUCING DETAIL

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Charles ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 79.22 0.79 Poplar Field All Cases LEASE CASE default CUT HAIR 1 - 1 58.93 0.001.87 0.00 96.30 0.00 0.0015/16 1.63 0.00 58.93 0.001.98 0.00 101.93 0.00 0.0016/17 1.73 0.00 58.93 0.001.92 0.00 98.89 0.00 0.0017/18 1.68 0.00 58.93 0.001.86 0.00 95.94 0.00 0.0018/19 1.63 0.00 58.93 0.001.81 0.00 93.33 0.00 0.0019/20 1.58 0.00 58.93 0.001.75 0.00 90.30 0.00 0.0020/21 1.53 0.00 58.93 0.001.70 0.00 87.61 0.00 0.0021/22 1.49 0.00 58.93 0.001.65 0.00 85.00 0.00 0.0022/23 1.44 0.00 58.93 0.001.60 0.00 82.69 0.00 0.0023/24 1.40 0.00 58.93 0.001.55 0.00 80.00 0.00 0.0024/25 1.36 0.00 58.93 0.001.51 0.00 77.62 0.00 0.0025/26 1.32 0.00 58.93 0.001.46 0.00 75.30 0.00 0.0026/27 1.28 0.00 58.93 0.000.38 0.00 19.63 0.00 0.0027/27 0.33 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0028/29 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0029/30 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 8.92 3.85 0.00 33.00 0.00 15.6834.85 0.00 14.91 1.0016/17 9.44 4.08 0.00 36.00 0.00 15.4037.01 0.00 28.27 1.0017/18 9.16 3.96 0.00 36.00 0.00 13.7336.04 0.00 39.11 1.0018/19 8.88 3.84 0.00 36.00 0.00 12.1235.10 0.00 47.81 1.0019/20 8.64 3.73 0.00 36.00 0.00 10.6934.27 0.00 54.78 1.0020/21 8.36 3.61 0.00 36.00 0.00 9.0433.28 0.00 60.15 1.0021/22 8.11 3.50 0.00 36.00 0.00 7.5832.42 0.00 64.23 1.0022/23 7.87 3.40 0.00 36.00 0.00 6.1531.57 0.00 67.25 1.0023/24 7.66 3.31 0.00 36.00 0.00 4.8930.84 0.00 69.43 1.0024/25 7.41 3.20 0.00 36.00 0.00 3.4429.96 0.00 70.83 1.0025/26 7.19 3.10 0.00 36.00 0.00 2.1429.18 0.00 71.62 1.0026/27 6.97 3.01 0.00 35.67 0.00 1.2128.43 0.00 72.03 1.0027/27 1.82 0.79 0.00 9.44 0.00 0.167.43 0.00 72.08 0.0028/29 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 72.08 0.0029/30 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 72.08 Rem. Total 0.00 0.00 45.00 0.00 0.00 -45.00 100.43 43.38 45.00 438.11 0.00 57.23400.39 0.00 0.00 0.00 -6.13 65.96 0.00 0.00 58.93 0.00 0.00 100.25 0.79 0.00 0.00 0.00 0.00 21.03 0.00 1,084.54 0.00 0.00 0.00 18.40 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.98 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 11.76 / 2.27 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 68.55 67.71 65.96 12.00% : 15.00% : 63.76 60.17 PW 54.2820.00% : 6.13 172.06 118.99 >1000 3.02 10/5/2027 TRC Eco Detailed.rpt 2

1 1 0 1 0 0 100 1000 10000 86 94 02 10 18 26 34 42 50 58 66 74 82 90 98 1 1 0 1 0 0 1 10 100 Case Name: CUT HAIR 1 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 100.25 Mbbl Gas EUR: 0.79 MMcf Oil Rem: 21.03 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 79.22 Mbbl Proj Gas Cum: 0.79 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 139.95 0.00 Poplar Field All Cases LEASE CASE default EPU 005 - 5 58.93 0.003.34 0.00 172.30 0.00 0.0015/16 2.92 0.00 58.93 0.003.10 0.00 159.95 0.00 0.0016/17 2.71 0.00 58.93 0.002.89 0.00 148.91 0.00 0.0017/18 2.53 0.00 58.93 0.002.69 0.00 138.63 0.00 0.0018/19 2.35 0.00 58.93 0.002.51 0.00 129.40 0.00 0.0019/20 2.20 0.00 58.93 0.002.33 0.00 120.13 0.00 0.0020/21 2.04 0.00 58.93 0.002.17 0.00 111.84 0.00 0.0021/22 1.90 0.00 58.93 0.002.02 0.00 104.12 0.00 0.0022/23 1.77 0.00 58.93 0.001.88 0.00 97.19 0.00 0.0023/24 1.65 0.00 58.93 0.001.75 0.00 90.22 0.00 0.0024/25 1.53 0.00 58.93 0.001.63 0.00 84.00 0.00 0.0025/26 1.43 0.00 58.93 0.001.52 0.00 78.20 0.00 0.0026/27 1.33 0.00 58.93 0.001.42 0.00 72.99 0.00 0.0027/28 1.24 0.00 58.93 0.000.05 0.00 2.69 0.00 0.0028/28 0.05 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0029/30 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 21.99 7.43 0.00 36.00 0.00 70.3436.54 0.00 67.15 1.0016/17 20.41 6.89 0.00 36.00 0.00 61.7734.88 0.00 120.76 1.0017/18 19.00 6.42 0.00 36.00 0.00 54.0933.40 0.00 163.44 1.0018/19 17.69 5.98 0.00 36.00 0.00 46.9732.00 0.00 197.14 1.0019/20 16.51 5.58 0.00 36.00 0.00 40.5630.75 0.00 223.59 1.0020/21 15.33 5.18 0.00 36.00 0.00 34.2229.40 0.00 243.89 1.0021/22 14.27 4.82 0.00 36.00 0.00 28.5428.21 0.00 259.28 1.0022/23 13.29 4.49 0.00 36.00 0.00 23.2827.07 0.00 270.69 1.0023/24 12.40 4.19 0.00 36.00 0.00 18.5526.05 0.00 278.96 1.0024/25 11.51 3.89 0.00 36.00 0.00 13.8724.95 0.00 284.59 1.0025/26 10.72 3.62 0.00 36.00 0.00 9.6923.97 0.00 288.17 1.0026/27 9.98 3.37 0.00 36.00 0.00 5.8123.04 0.00 290.12 1.0027/28 9.31 3.15 0.00 35.77 0.00 2.5522.21 0.00 290.91 1.0028/28 0.34 0.12 0.00 1.35 0.00 0.040.83 0.00 290.92 0.0029/30 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 275.17 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 192.75 65.11 60.00 469.13 0.00 350.28373.31 0.00 0.00 0.00 0.00 275.17 0.00 0.00 58.93 0.00 0.00 169.24 0.00 0.00 0.00 0.00 0.00 29.30 0.00 1,510.57 0.00 0.00 0.00 25.63 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 6.91 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 18.48 / 6.84 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 310.71 288.74 275.17 12.00% : 15.00% : 262.50 245.16 PW 220.3220.00% : 15.74 287.91 113.24 >1000 0.85 7/14/2028 TRC Eco Detailed.rpt 3

1 0 1 0 0 1 0 0 0 100 1000 10000 87 95 03 11 19 27 35 43 1 10 100 Case Name: EPU 005 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 169.24 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 29.30 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 139.95 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on) W ell Count

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 1 0 1 0 0 1 0 0 0 10 100 1000 Case Name: EPU 006 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 108.16 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 6.06 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 102.10 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Heath Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 204.48 0.00 Poplar Field All Cases LEASE CASE default EPU 007 - 7 58.93 0.004.04 0.00 208.21 0.00 0.0015/16 3.53 0.00 58.93 0.003.97 0.00 204.66 0.00 0.0016/17 3.47 0.00 58.93 0.003.91 0.00 201.72 0.00 0.0017/18 3.42 0.00 58.93 0.003.86 0.00 198.83 0.00 0.0018/19 3.37 0.00 58.93 0.003.81 0.00 196.52 0.00 0.0019/20 3.33 0.00 58.93 0.003.75 0.00 193.17 0.00 0.0020/21 3.28 0.00 58.93 0.003.69 0.00 190.40 0.00 0.0021/22 3.23 0.00 58.93 0.003.64 0.00 187.67 0.00 0.0022/23 3.18 0.00 58.93 0.003.60 0.00 185.48 0.00 0.0023/24 3.15 0.00 58.93 0.003.54 0.00 182.32 0.00 0.0024/25 3.09 0.00 58.93 0.003.49 0.00 179.71 0.00 0.0025/26 3.05 0.00 58.93 0.003.44 0.00 177.13 0.00 0.0026/27 3.01 0.00 58.93 0.003.40 0.00 175.07 0.00 0.0027/28 2.97 0.00 58.93 0.003.34 0.00 172.09 0.00 0.0028/29 2.92 0.00 58.93 0.003.29 0.00 169.62 0.00 0.0029/30 2.88 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 26.57 8.97 0.00 36.00 0.00 74.6462.03 0.00 71.20 1.0016/17 26.11 8.82 0.00 36.00 0.00 72.6661.06 0.00 134.20 1.0017/18 25.74 8.69 0.00 36.00 0.00 71.0160.28 0.00 190.18 1.0018/19 25.37 8.57 0.00 36.00 0.00 69.3859.51 0.00 239.91 1.0019/20 25.08 8.47 0.00 36.00 0.00 68.0658.91 0.00 284.26 1.0020/21 24.65 8.33 0.00 36.00 0.00 66.2057.99 0.00 323.46 1.0021/22 24.29 8.21 0.00 36.00 0.00 64.6557.25 0.00 358.28 1.0022/23 23.95 8.09 0.00 36.00 0.00 63.1256.52 0.00 389.18 1.0023/24 23.67 7.99 0.00 36.00 0.00 61.8855.94 0.00 416.71 1.0024/25 23.26 7.86 0.00 36.00 0.00 60.1255.08 0.00 441.03 1.0025/26 22.93 7.75 0.00 36.00 0.00 58.6654.37 0.00 462.61 1.0026/27 22.60 7.63 0.00 36.00 0.00 57.2253.67 0.00 481.74 1.0027/28 22.34 7.55 0.00 36.00 0.00 56.0553.13 0.00 498.78 1.0028/29 21.96 7.42 0.00 36.00 0.00 54.4052.31 0.00 513.81 1.0029/30 21.64 7.31 0.00 36.00 0.00 53.0351.64 0.00 527.14 Rem. Total 816.01 275.63 60.00 1,979.67 0.00 1,240.62 1,176.17 397.28 60.00 2,519.67 0.00 2,191.712,872.82 2,023.14 0.00 0.00 100.77 627.91 58.93 0.00 58.93 0.00 0.00 383.25 0.00 124.02 0.00 6,395.07 0.00 178.76 0.00 9,217.66 0.00 0.00 108.52 156.42 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 1.43 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 8,264.73 / 37.53 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 999.85 737.75 627.91 12.00% : 15.00% : 547.17 459.88 PW 365.5320.00% : 0.08 338.22 123.05 >1000 0.80 6/30/2085 TRC Eco Detailed.rpt 5

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 007 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 383.25 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 178.76 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 204.48 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 51.22 0.00 Poplar Field All Cases LEASE CASE default EPU 009 - 009 58.93 0.001.79 0.00 92.48 0.00 0.0015/16 1.57 0.00 58.93 0.001.75 0.00 90.08 0.00 0.0016/17 1.53 0.00 58.93 0.001.71 0.00 87.98 0.00 0.0017/18 1.49 0.00 58.93 0.001.67 0.00 85.93 0.00 0.0018/19 1.46 0.00 58.93 0.001.63 0.00 84.16 0.00 0.0019/20 1.43 0.00 58.93 0.001.59 0.00 81.97 0.00 0.0020/21 1.39 0.00 58.93 0.001.55 0.00 80.06 0.00 0.0021/22 1.36 0.00 58.93 0.001.52 0.00 78.19 0.00 0.0022/23 1.33 0.00 58.93 0.001.49 0.00 76.58 0.00 0.0023/24 1.30 0.00 58.93 0.001.45 0.00 74.59 0.00 0.0024/25 1.27 0.00 58.93 0.001.41 0.00 72.85 0.00 0.0025/26 1.24 0.00 58.93 0.001.38 0.00 71.15 0.00 0.0026/27 1.21 0.00 58.93 0.001.35 0.00 69.69 0.00 0.0027/28 1.18 0.00 58.93 0.001.32 0.00 67.87 0.00 0.0028/29 1.15 0.00 58.93 0.001.29 0.00 66.29 0.00 0.0029/30 1.12 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 11.80 3.99 0.00 36.00 0.00 21.2719.42 0.00 20.30 1.0016/17 11.49 3.88 0.00 36.00 0.00 19.6619.05 0.00 37.36 1.0017/18 11.23 3.79 0.00 36.00 0.00 18.2318.73 0.00 51.74 1.0018/19 10.96 3.70 0.00 36.00 0.00 16.8418.42 0.00 63.82 1.0019/20 10.74 3.63 0.00 36.00 0.00 15.6218.17 0.00 74.00 1.0020/21 10.46 3.53 0.00 36.00 0.00 14.1517.82 0.00 82.40 1.0021/22 10.22 3.45 0.00 36.00 0.00 12.8617.53 0.00 89.33 1.0022/23 9.98 3.37 0.00 36.00 0.00 11.6017.25 0.00 95.01 1.0023/24 9.77 3.30 0.00 36.00 0.00 10.4917.01 0.00 99.69 1.0024/25 9.52 3.21 0.00 36.00 0.00 9.1616.69 0.00 103.40 1.0025/26 9.30 3.14 0.00 36.00 0.00 7.9916.42 0.00 106.35 1.0026/27 9.08 3.07 0.00 36.00 0.00 6.8516.16 0.00 108.64 1.0027/28 8.89 3.00 0.00 36.00 0.00 5.8415.95 0.00 110.42 1.0028/29 8.66 2.93 0.00 36.00 0.00 4.6415.65 0.00 111.71 1.0029/30 8.46 2.86 0.00 36.00 0.00 3.5815.40 0.00 112.61 Rem. Total 25.04 8.46 60.00 111.35 0.00 -54.90 175.60 59.31 60.00 651.35 0.00 123.90305.99 46.31 0.00 0.00 -8.61 103.99 58.93 0.00 58.93 0.00 0.00 77.90 0.00 3.81 0.00 196.27 0.00 26.69 0.00 1,376.14 0.00 0.00 3.33 23.35 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.33 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 11.70 / 3.06 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 117.66 109.63 103.99 12.00% : 15.00% : 98.47 90.72 PW 79.5820.00% : 9.72 150.92 98.47 >1000 3.05 8/7/2033 TRC Eco Detailed.rpt 6

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 1 1 0 1 0 0 1 10 100 Case Name: EPU 009 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 77.90 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 26.69 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 51.22 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 95.27 0.00 Poplar Field All Cases LEASE CASE default EPU 010 - 10 58.93 0.003.03 0.00 156.13 0.00 0.0015/16 2.65 0.00 58.93 0.002.99 0.00 154.19 0.00 0.0016/17 2.62 0.00 58.93 0.002.96 0.00 152.70 0.00 0.0017/18 2.59 0.00 58.93 0.002.93 0.00 151.22 0.00 0.0018/19 2.57 0.00 58.93 0.002.91 0.00 150.16 0.00 0.0019/20 2.55 0.00 58.93 0.002.88 0.00 148.29 0.00 0.0020/21 2.52 0.00 58.93 0.002.85 0.00 146.85 0.00 0.0021/22 2.49 0.00 58.93 0.002.82 0.00 145.43 0.00 0.0022/23 2.47 0.00 58.93 0.002.80 0.00 144.41 0.00 0.0023/24 2.45 0.00 58.93 0.002.77 0.00 142.62 0.00 0.0024/25 2.42 0.00 58.93 0.002.74 0.00 141.23 0.00 0.0025/26 2.40 0.00 58.93 0.002.71 0.00 139.86 0.00 0.0026/27 2.37 0.00 58.93 0.002.69 0.00 138.88 0.00 0.0027/28 2.36 0.00 58.93 0.002.66 0.00 137.16 0.00 0.0028/29 2.33 0.00 58.93 0.002.63 0.00 135.83 0.00 0.0029/30 2.30 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 19.92 6.73 0.00 36.00 0.00 28.4964.99 0.00 27.18 1.0016/17 19.67 6.65 0.00 36.00 0.00 27.8264.05 0.00 51.31 1.0017/18 19.48 6.58 0.00 36.00 0.00 27.3463.29 0.00 72.86 1.0018/19 19.30 6.52 0.00 36.00 0.00 26.8562.55 0.00 92.11 1.0019/20 19.16 6.47 0.00 36.00 0.00 26.5461.98 0.00 109.40 1.0020/21 18.92 6.39 0.00 36.00 0.00 25.8961.09 0.00 124.74 1.0021/22 18.74 6.33 0.00 36.00 0.00 25.4160.37 0.00 138.42 1.0022/23 18.56 6.27 0.00 36.00 0.00 24.9459.66 0.00 150.64 1.0023/24 18.43 6.22 0.00 36.00 0.00 24.6359.13 0.00 161.60 1.0024/25 18.20 6.15 0.00 36.00 0.00 24.0058.27 0.00 171.31 1.0025/26 18.02 6.09 0.00 36.00 0.00 23.5357.59 0.00 179.97 1.0026/27 17.85 6.03 0.00 36.00 0.00 23.0756.92 0.00 187.68 1.0027/28 17.72 5.99 0.00 36.00 0.00 22.7756.41 0.00 194.60 1.0028/29 17.50 5.91 0.00 36.00 0.00 22.1555.60 0.00 200.72 1.0029/30 17.33 5.85 0.00 36.00 0.00 21.6954.95 0.00 206.17 Rem. Total 734.66 248.15 60.00 1,979.67 0.00 509.74 1,013.46 342.32 60.00 2,519.67 0.00 884.873,122.14 2,225.28 0.00 0.00 42.76 248.93 58.93 0.00 58.93 0.00 0.00 249.30 0.00 111.66 0.00 5,757.49 0.00 154.03 0.00 7,942.46 0.00 0.00 97.70 134.78 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 0.97 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 3,277.12 / 15.75 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 403.10 294.21 248.93 12.00% : 15.00% : 215.90 180.47 PW 142.5820.00% : 0.08 253.04 127.83 >1000 2.13 6/30/2085 TRC Eco Detailed.rpt 7

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 96 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 010 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 249.30 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 154.03 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 95.27 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 191.02 0.00 Poplar Field All Cases LEASE CASE default EPU 012 - 12 58.93 0.005.61 0.00 289.31 0.00 0.0015/16 4.91 0.00 58.93 0.005.52 0.00 284.51 0.00 0.0016/17 4.83 0.00 58.93 0.005.44 0.00 280.57 0.00 0.0017/18 4.76 0.00 58.93 0.005.37 0.00 276.69 0.00 0.0018/19 4.70 0.00 58.93 0.005.31 0.00 273.60 0.00 0.0019/20 4.64 0.00 58.93 0.005.22 0.00 269.06 0.00 0.0020/21 4.57 0.00 58.93 0.005.15 0.00 265.34 0.00 0.0021/22 4.50 0.00 58.93 0.005.07 0.00 261.66 0.00 0.0022/23 4.44 0.00 58.93 0.005.02 0.00 258.74 0.00 0.0023/24 4.39 0.00 58.93 0.004.93 0.00 254.46 0.00 0.0024/25 4.32 0.00 58.93 0.004.87 0.00 250.93 0.00 0.0025/26 4.26 0.00 58.93 0.004.80 0.00 247.46 0.00 0.0026/27 4.20 0.00 58.93 0.004.75 0.00 244.69 0.00 0.0027/28 4.15 0.00 58.93 0.004.67 0.00 240.64 0.00 0.0028/29 4.08 0.00 58.93 0.004.60 0.00 237.31 0.00 0.0029/30 4.03 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 36.92 12.47 0.00 36.00 0.00 151.6552.27 0.00 144.65 1.0016/17 36.30 12.26 0.00 36.00 0.00 148.3551.60 0.00 273.28 1.0017/18 35.80 12.09 0.00 36.00 0.00 145.6051.08 0.00 388.06 1.0018/19 35.31 11.93 0.00 36.00 0.00 142.9050.56 0.00 490.47 1.0019/20 34.91 11.79 0.00 36.00 0.00 140.7150.19 0.00 582.13 1.0020/21 34.33 11.60 0.00 36.00 0.00 137.5949.55 0.00 663.62 1.0021/22 33.86 11.44 0.00 36.00 0.00 134.9949.05 0.00 736.30 1.0022/23 33.39 11.28 0.00 36.00 0.00 132.4348.56 0.00 801.13 1.0023/24 33.02 11.15 0.00 36.00 0.00 130.3648.21 0.00 859.13 1.0024/25 32.47 10.97 0.00 36.00 0.00 127.4247.60 0.00 910.67 1.0025/26 32.02 10.82 0.00 36.00 0.00 124.9747.13 0.00 956.63 1.0026/27 31.58 10.67 0.00 36.00 0.00 122.5546.66 0.00 997.60 1.0027/28 31.22 10.55 0.00 36.00 0.00 120.5946.33 0.00 1,034.25 1.0028/29 30.71 10.37 0.00 36.00 0.00 117.8145.75 0.00 1,066.80 1.0029/30 30.28 10.23 0.00 36.00 0.00 115.5045.30 0.00 1,095.81 Rem. Total 1,155.34 390.24 60.00 1,979.67 0.00 3,529.43 1,657.44 559.84 60.00 2,519.67 0.00 5,522.852,669.53 1,939.68 0.00 0.00 234.74 1,330.55 58.93 0.00 58.93 0.00 0.00 442.92 0.00 175.60 0.00 9,054.37 0.00 251.91 0.00 12,989.33 0.00 0.00 153.65 220.42 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 1.39 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 17,512.01 / 93.05 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 2,199.89 1,579.43 1,330.55 12.00% : 15.00% : 1,151.37 960.91 PW 758.4320.00% : 0.08 469.85 176.87 >1000 0.40 6/30/2085 TRC Eco Detailed.rpt 8

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 96 1 1 0 1 0 0 1 10 100 Case Name: EPU 012 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 442.92 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 251.91 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 191.02 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar MADISON ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 77.95 0.00 Poplar Field All Cases LEASE CASE Projection EPU 015 - 15 58.93 0.002.32 0.00 119.77 0.00 0.0015/16 2.03 0.00 58.93 0.002.16 0.00 111.15 0.00 0.0016/17 1.89 0.00 58.93 0.002.01 0.00 103.90 0.00 0.0017/18 1.76 0.00 58.93 0.001.89 0.00 97.50 0.00 0.0018/19 1.65 0.00 58.93 0.001.79 0.00 92.05 0.00 0.0019/20 1.56 0.00 58.93 0.001.68 0.00 86.70 0.00 0.0020/21 1.47 0.00 58.93 0.001.59 0.00 82.12 0.00 0.0021/22 1.39 0.00 58.93 0.001.51 0.00 77.98 0.00 0.0022/23 1.32 0.00 58.93 0.001.44 0.00 74.41 0.00 0.0023/24 1.26 0.00 58.93 0.001.37 0.00 70.78 0.00 0.0024/25 1.20 0.00 58.93 0.001.04 0.00 53.61 0.00 0.0025/26 0.91 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0026/26 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 15.28 5.16 0.00 36.00 0.00 34.7228.61 0.00 33.16 1.0016/17 14.18 4.79 0.00 36.00 0.00 28.7727.41 0.00 58.15 1.0017/18 13.26 4.48 0.00 36.00 0.00 23.8126.35 0.00 76.95 1.0018/19 12.44 4.20 0.00 36.00 0.00 19.5025.35 0.00 90.95 1.0019/20 11.75 3.97 0.00 36.00 0.00 15.8624.48 0.00 101.30 1.0020/21 11.06 3.74 0.00 36.00 0.00 12.3823.51 0.00 108.65 1.0021/22 10.48 3.54 0.00 36.00 0.00 9.4422.66 0.00 113.75 1.0022/23 9.95 3.36 0.00 36.00 0.00 6.8221.85 0.00 117.09 1.0023/24 9.50 3.21 0.00 36.00 0.00 4.5821.13 0.00 119.14 1.0024/25 9.03 3.05 0.00 36.00 0.00 2.3720.33 0.00 120.11 1.0025/26 6.84 2.31 0.00 28.14 0.00 0.7915.54 0.00 120.40 0.0026/26 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 100.89 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 123.77 41.81 60.00 388.14 0.00 99.04257.21 0.00 0.00 0.00 0.00 100.89 0.00 0.00 58.93 0.00 0.00 96.76 0.00 0.00 0.00 0.00 0.00 18.81 0.00 969.96 0.00 0.00 0.00 16.46 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 7.39 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 6.17 / 2.65 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 103.32 102.34 100.89 12.00% : 15.00% : 99.06 95.87 PW 90.0920.00% : 19.51 200.48 107.98 >1000 1.87 4/14/2026 TRC Eco Detailed.rpt 9

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 015 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 96.76 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 18.81 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 77.95 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 157.68 0.00 Poplar Field All Cases LEASE CASE default EPU 020 - 20 58.93 0.004.00 0.00 206.26 0.00 0.0015/16 3.50 0.00 58.93 0.003.89 0.00 200.52 0.00 0.0016/17 3.40 0.00 58.93 0.003.79 0.00 195.48 0.00 0.0017/18 3.32 0.00 58.93 0.003.70 0.00 190.56 0.00 0.0018/19 3.23 0.00 58.93 0.003.61 0.00 186.27 0.00 0.0019/20 3.16 0.00 58.93 0.003.51 0.00 181.09 0.00 0.0020/21 3.07 0.00 58.93 0.003.42 0.00 176.53 0.00 0.0021/22 3.00 0.00 58.93 0.003.34 0.00 172.09 0.00 0.0022/23 2.92 0.00 58.93 0.003.26 0.00 168.22 0.00 0.0023/24 2.85 0.00 58.93 0.003.17 0.00 163.54 0.00 0.0024/25 2.78 0.00 58.93 0.003.09 0.00 159.43 0.00 0.0025/26 2.71 0.00 58.93 0.003.01 0.00 155.42 0.00 0.0026/27 2.64 0.00 58.93 0.002.95 0.00 151.92 0.00 0.0027/28 2.58 0.00 58.93 0.002.86 0.00 147.69 0.00 0.0028/29 2.51 0.00 58.93 0.002.79 0.00 143.98 0.00 0.0029/30 2.44 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 26.32 8.89 0.00 36.00 0.00 95.3339.73 0.00 90.94 1.0016/17 25.59 8.64 0.00 36.00 0.00 91.4538.84 0.00 170.25 1.0017/18 24.94 8.43 0.00 36.00 0.00 88.0338.08 0.00 239.65 1.0018/19 24.32 8.21 0.00 36.00 0.00 84.7037.33 0.00 300.37 1.0019/20 23.77 8.03 0.00 36.00 0.00 81.7836.70 0.00 353.66 1.0020/21 23.11 7.80 0.00 36.00 0.00 78.3035.88 0.00 400.03 1.0021/22 22.53 7.61 0.00 36.00 0.00 75.2235.18 0.00 440.54 1.0022/23 21.96 7.42 0.00 36.00 0.00 72.2334.49 0.00 475.91 1.0023/24 21.46 7.25 0.00 36.00 0.00 69.6033.91 0.00 506.88 1.0024/25 20.87 7.05 0.00 36.00 0.00 66.4733.15 0.00 533.78 1.0025/26 20.34 6.87 0.00 36.00 0.00 63.7132.51 0.00 557.21 1.0026/27 19.83 6.70 0.00 36.00 0.00 61.0231.87 0.00 577.61 1.0027/28 19.38 6.55 0.00 36.00 0.00 58.6531.33 0.00 595.44 1.0028/29 18.85 6.37 0.00 36.00 0.00 55.8430.64 0.00 610.88 1.0029/30 18.37 6.21 0.00 36.00 0.00 53.3630.04 0.00 624.28 Rem. Total 399.09 134.80 60.00 1,160.33 0.00 661.24 730.72 246.82 60.00 1,700.33 0.00 1,756.911,231.84 712.17 0.00 0.00 81.70 705.98 58.93 0.00 58.93 0.00 0.00 268.74 0.00 60.66 0.00 3,127.63 0.00 111.06 0.00 5,726.62 0.00 0.00 53.07 97.18 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.52 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1,169.05 / 30.28 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 1,026.74 807.69 705.98 12.00% : 15.00% : 627.08 537.73 PW 436.4520.00% : 0.60 336.90 101.08 >1000 0.63 9/27/2062 TRC Eco Detailed.rpt 10

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 020 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 268.74 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 111.06 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 157.68 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 79.14 0.00 Poplar Field All Cases LEASE CASE Projection EPU 021 - 21 58.93 0.003.48 0.00 179.53 0.00 0.0015/16 3.05 0.00 58.93 0.003.30 0.00 170.18 0.00 0.0016/17 2.89 0.00 58.93 0.003.15 0.00 162.50 0.00 0.0017/18 2.76 0.00 58.93 0.003.02 0.00 155.74 0.00 0.0018/19 2.64 0.00 58.93 0.002.91 0.00 150.14 0.00 0.0019/20 2.55 0.00 58.93 0.002.80 0.00 144.35 0.00 0.0020/21 2.45 0.00 58.93 0.002.71 0.00 139.50 0.00 0.0021/22 2.37 0.00 58.93 0.002.62 0.00 135.09 0.00 0.0022/23 2.29 0.00 58.93 0.002.55 0.00 131.42 0.00 0.0023/24 2.23 0.00 58.93 0.002.47 0.00 127.36 0.00 0.0024/25 2.16 0.00 58.93 0.002.40 0.00 123.95 0.00 0.0025/26 2.10 0.00 58.93 0.002.34 0.00 120.80 0.00 0.0026/27 2.05 0.00 58.93 0.002.29 0.00 118.18 0.00 0.0027/28 2.01 0.00 58.93 0.002.23 0.00 115.12 0.00 0.0028/29 1.95 0.00 58.93 0.002.18 0.00 112.56 0.00 0.0029/30 1.91 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 22.91 7.74 0.00 36.00 0.00 58.7454.14 0.00 56.07 1.0016/17 21.72 7.33 0.00 36.00 0.00 53.0252.11 0.00 102.08 1.0017/18 20.73 7.00 0.00 36.00 0.00 48.4350.33 0.00 140.28 1.0018/19 19.87 6.71 0.00 36.00 0.00 44.5248.64 0.00 172.20 1.0019/20 19.16 6.47 0.00 36.00 0.00 41.3647.15 0.00 199.16 1.0020/21 18.42 6.22 0.00 36.00 0.00 38.2245.49 0.00 221.81 1.0021/22 17.80 6.01 0.00 36.00 0.00 35.6644.02 0.00 241.02 1.0022/23 17.24 5.82 0.00 36.00 0.00 33.4142.62 0.00 257.38 1.0023/24 16.77 5.66 0.00 36.00 0.00 31.6041.39 0.00 271.44 1.0024/25 16.25 5.49 0.00 36.00 0.00 29.6339.99 0.00 283.44 1.0025/26 15.82 5.34 0.00 36.00 0.00 28.0438.75 0.00 293.75 1.0026/27 15.41 5.21 0.00 36.00 0.00 26.6137.57 0.00 302.65 1.0027/28 15.08 5.09 0.00 36.00 0.00 25.4836.52 0.00 310.40 1.0028/29 14.69 4.96 0.00 36.00 0.00 24.1435.33 0.00 317.08 1.0029/30 14.36 4.85 0.00 36.00 0.00 23.0734.27 0.00 322.87 Rem. Total 544.29 183.85 60.00 1,979.67 0.00 530.41 810.52 273.77 60.00 2,519.67 0.00 1,072.361,615.70 967.39 0.00 0.00 41.70 364.57 58.93 0.00 58.93 0.00 0.00 202.32 0.00 82.73 0.00 4,265.62 0.00 123.19 0.00 6,352.03 0.00 0.00 72.38 107.79 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 5.45 bbl/month bbl/month % year b = 1.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4,799.05 / 18.87 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 538.11 416.74 364.57 12.00% : 15.00% : 325.37 281.80 PW 232.7720.00% : 0.08 297.42 91.80 >1000 1.03 6/30/2085 TRC Eco Detailed.rpt 11

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 96 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 021 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 202.32 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 123.19 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 79.14 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 042 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 124.52 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 18.40 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 106.12 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 96 04 12 1 1 0 1 0 0 1 10 100 Case Name: EPU 048 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 18.25 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 5.84 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 12.41 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

1 0 1 0 0 1 0 0 0 100 1000 10000 84 88 92 96 00 04 08 12 16 20 24 28 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 055 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 36.62 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 1.66 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 34.96 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 167.90 0.00 Poplar Field All Cases LEASE CASE Projection EPU 056 - 56 58.93 0.002.39 0.00 123.13 0.00 0.0015/16 2.09 0.00 58.93 0.002.26 0.00 116.65 0.00 0.0016/17 1.98 0.00 58.93 0.002.15 0.00 110.81 0.00 0.0017/18 1.88 0.00 58.93 0.002.04 0.00 105.27 0.00 0.0018/19 1.79 0.00 58.93 0.001.94 0.00 100.27 0.00 0.0019/20 1.70 0.00 58.93 0.001.84 0.00 94.98 0.00 0.0020/21 1.61 0.00 58.93 0.001.75 0.00 90.23 0.00 0.0021/22 1.53 0.00 58.93 0.001.66 0.00 85.72 0.00 0.0022/23 1.45 0.00 58.93 0.001.58 0.00 81.64 0.00 0.0023/24 1.39 0.00 58.93 0.001.50 0.00 77.34 0.00 0.0024/25 1.31 0.00 58.93 0.000.21 0.00 10.70 0.00 0.0025/25 0.18 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0026/27 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 15.71 5.31 0.00 36.00 0.00 31.3334.78 0.00 29.92 1.0016/17 14.88 5.03 0.00 36.00 0.00 27.0833.65 0.00 53.43 1.0017/18 14.14 4.78 0.00 36.00 0.00 23.2432.66 0.00 71.77 1.0018/19 13.43 4.54 0.00 36.00 0.00 19.6031.70 0.00 85.84 1.0019/20 12.79 4.32 0.00 36.00 0.00 16.3030.85 0.00 96.47 1.0020/21 12.12 4.09 0.00 36.00 0.00 12.8929.87 0.00 104.13 1.0021/22 11.51 3.89 0.00 36.00 0.00 9.8229.01 0.00 109.43 1.0022/23 10.94 3.69 0.00 36.00 0.00 6.9128.18 0.00 112.82 1.0023/24 10.42 3.52 0.00 36.00 0.00 4.2727.44 0.00 114.73 1.0024/25 9.87 3.33 0.00 35.67 0.00 1.8826.59 0.00 115.50 1.0025/25 1.37 0.46 0.00 5.03 0.00 0.113.73 0.00 115.54 0.0026/27 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 94.79 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 127.18 42.96 60.00 364.71 0.00 93.42308.46 0.00 0.00 0.00 0.00 94.79 0.00 0.00 58.93 0.00 0.00 187.23 0.00 0.00 0.00 0.00 0.00 19.33 0.00 996.73 0.00 0.00 0.00 16.91 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 5.01 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 5.57 / 2.56 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 97.08 96.14 94.79 12.00% : 15.00% : 93.09 90.13 PW 84.7320.00% : 20.75 203.72 121.01 >1000 2.06 8/21/2025 TRC Eco Detailed.rpt 15

1 0 1 0 0 1 0 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 056 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 187.23 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 19.33 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 167.90 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar MADISON ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 102.10 0.00 Poplar Field All Cases LEASE CASE default EPU 066 - 66 58.93 0.002.34 0.00 120.64 0.00 0.0015/16 2.05 0.00 58.93 0.002.28 0.00 117.66 0.00 0.0016/17 2.00 0.00 58.93 0.002.23 0.00 115.06 0.00 0.0017/18 1.95 0.00 58.93 0.002.18 0.00 112.53 0.00 0.0018/19 1.91 0.00 58.93 0.002.14 0.00 110.35 0.00 0.0019/20 1.87 0.00 58.93 0.002.09 0.00 107.62 0.00 0.0020/21 1.83 0.00 58.93 0.002.04 0.00 105.24 0.00 0.0021/22 1.79 0.00 58.93 0.002.00 0.00 102.92 0.00 0.0022/23 1.75 0.00 58.93 0.001.96 0.00 100.93 0.00 0.0023/24 1.71 0.00 58.93 0.001.91 0.00 98.43 0.00 0.0024/25 1.67 0.00 58.93 0.001.87 0.00 96.26 0.00 0.0025/26 1.63 0.00 58.93 0.001.83 0.00 94.14 0.00 0.0026/27 1.60 0.00 58.93 0.001.79 0.00 92.31 0.00 0.0027/28 1.57 0.00 58.93 0.001.75 0.00 90.03 0.00 0.0028/29 1.53 0.00 58.93 0.001.71 0.00 88.05 0.00 0.0029/30 1.49 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 15.39 5.20 0.00 36.00 0.00 36.7927.26 0.00 35.10 1.0016/17 15.01 5.07 0.00 36.00 0.00 34.9126.67 0.00 65.38 1.0017/18 14.68 4.96 0.00 36.00 0.00 33.2626.16 0.00 91.61 1.0018/19 14.36 4.85 0.00 36.00 0.00 31.6525.67 0.00 114.30 1.0019/20 14.08 4.76 0.00 36.00 0.00 30.2625.25 0.00 134.03 1.0020/21 13.73 4.64 0.00 36.00 0.00 28.5424.70 0.00 150.94 1.0021/22 13.43 4.54 0.00 36.00 0.00 27.0424.24 0.00 165.50 1.0022/23 13.13 4.44 0.00 36.00 0.00 25.5723.78 0.00 178.03 1.0023/24 12.88 4.35 0.00 36.00 0.00 24.3023.40 0.00 188.85 1.0024/25 12.56 4.24 0.00 36.00 0.00 22.7422.89 0.00 198.05 1.0025/26 12.28 4.15 0.00 36.00 0.00 21.3722.46 0.00 205.91 1.0026/27 12.01 4.06 0.00 36.00 0.00 20.0322.04 0.00 212.61 1.0027/28 11.78 3.98 0.00 36.00 0.00 18.8721.69 0.00 218.35 1.0028/29 11.49 3.88 0.00 36.00 0.00 17.4421.22 0.00 223.17 1.0029/30 11.23 3.79 0.00 36.00 0.00 16.1920.82 0.00 227.24 Rem. Total 143.31 48.41 60.00 546.66 0.00 51.98 341.36 115.30 60.00 1,086.66 0.00 440.95630.99 272.75 0.00 0.00 14.60 241.84 58.93 0.00 58.93 0.00 0.00 153.98 0.00 21.78 0.00 1,123.10 0.00 51.88 0.00 2,675.27 0.00 0.00 19.06 45.40 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.21 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 79.82 / 8.35 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 319.83 268.76 241.84 12.00% : 15.00% : 219.43 192.36 PW 159.5720.00% : 3.07 196.74 100.33 >1000 1.67 9/10/2045 TRC Eco Detailed.rpt 16

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 1 1 0 1 0 0 1 10 100 Case Name: EPU 066 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 153.98 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 51.88 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 102.10 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

1 0 1 0 0 1 0 0 0 100 1000 10000 90 98 06 14 22 30 38 46 54 62 70 78 86 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 077 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 46.52 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 6.39 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 40.13 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

1 0 1 0 0 1 0 0 0 1000 10000 100000 84 92 00 08 16 24 32 40 48 1 1 0 1 0 0 1 10 100 Case Name: EPU 088 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 97.89 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 17.28 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 80.60 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 96.32 0.00 Poplar Field All Cases LEASE CASE default EPU 100 - 100 58.93 0.004.67 0.00 240.62 0.00 0.0015/16 4.08 0.00 58.93 0.004.59 0.00 236.69 0.00 0.0016/17 4.02 0.00 58.93 0.004.53 0.00 233.46 0.00 0.0017/18 3.96 0.00 58.93 0.004.47 0.00 230.27 0.00 0.0018/19 3.91 0.00 58.93 0.004.42 0.00 227.75 0.00 0.0019/20 3.86 0.00 58.93 0.004.34 0.00 224.02 0.00 0.0020/21 3.80 0.00 58.93 0.004.29 0.00 220.96 0.00 0.0021/22 3.75 0.00 58.93 0.004.23 0.00 217.95 0.00 0.0022/23 3.70 0.00 58.93 0.004.18 0.00 215.56 0.00 0.0023/24 3.66 0.00 58.93 0.004.11 0.00 212.03 0.00 0.0024/25 3.60 0.00 58.93 0.004.06 0.00 209.14 0.00 0.0025/26 3.55 0.00 58.93 0.004.00 0.00 206.28 0.00 0.0026/27 3.50 0.00 58.93 0.003.96 0.00 204.02 0.00 0.0027/28 3.46 0.00 58.93 0.003.89 0.00 200.68 0.00 0.0028/29 3.41 0.00 58.93 0.003.84 0.00 197.95 0.00 0.0029/30 3.36 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 30.70 10.37 0.00 36.00 0.00 128.6034.95 0.00 122.66 1.0016/17 30.20 10.20 0.00 36.00 0.00 125.8034.48 0.00 231.74 1.0017/18 29.79 10.06 0.00 36.00 0.00 123.4934.12 0.00 329.09 1.0018/19 29.38 9.92 0.00 36.00 0.00 121.2033.76 0.00 415.95 1.0019/20 29.06 9.82 0.00 36.00 0.00 119.3733.50 0.00 493.72 1.0020/21 28.58 9.66 0.00 36.00 0.00 116.7233.06 0.00 562.85 1.0021/22 28.19 9.52 0.00 36.00 0.00 114.5332.71 0.00 624.51 1.0022/23 27.81 9.39 0.00 36.00 0.00 112.3732.37 0.00 679.52 1.0023/24 27.51 9.29 0.00 36.00 0.00 110.6432.12 0.00 728.76 1.0024/25 27.06 9.14 0.00 36.00 0.00 108.1431.70 0.00 772.50 1.0025/26 26.69 9.01 0.00 36.00 0.00 106.0731.37 0.00 811.50 1.0026/27 26.32 8.89 0.00 36.00 0.00 104.0331.05 0.00 846.28 1.0027/28 26.03 8.79 0.00 36.00 0.00 102.3930.81 0.00 877.40 1.0028/29 25.61 8.65 0.00 36.00 0.00 100.0230.41 0.00 905.04 1.0029/30 25.26 8.53 0.00 36.00 0.00 98.0630.09 0.00 929.67 Rem. Total 968.62 327.17 60.00 1,979.67 0.00 2,986.84 1,386.81 468.43 60.00 2,519.67 0.00 4,678.281,755.21 1,268.73 0.00 0.00 199.38 1,129.04 58.93 0.00 58.93 0.00 0.00 307.10 0.00 147.22 0.00 7,591.03 0.00 210.78 0.00 10,868.40 0.00 0.00 128.81 184.43 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 1.37 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 14,860.05 / 78.97 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 1,866.86 1,340.32 1,129.04 12.00% : 15.00% : 976.94 815.26 PW 643.4020.00% : 0.08 390.74 149.24 >1000 0.47 6/30/2085 TRC Eco Detailed.rpt 19

1 0 0 1 0 0 0 100 1000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 1 0 1 0 0 1 10 Case Name: EPU 100 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 307.10 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 210.78 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 96.32 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Tyler ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 88.00 0.00 Poplar Field All Cases LEASE CASE default EPU 101 - 101 58.93 0.000.52 0.00 26.64 0.00 0.0015/15 0.45 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/15 3.40 1.15 0.00 9.25 0.00 0.2212.62 0.00 0.22 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 3.40 1.15 0.00 9.25 0.00 0.2212.62 0.00 0.00 0.00 0.00 0.22 0.00 0.00 58.93 0.00 0.00 88.51 0.00 0.00 0.00 0.00 0.00 0.52 0.00 26.64 0.00 0.00 0.00 0.45 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 6.77 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 0.00 / 0.00 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 0.22 0.22 0.22 12.00% : 15.00% : 0.22 0.22 PW 0.2220.00% : 0.00 167.01 164.02 0.00 0.00 10/3/2015 TRC Eco Detailed.rpt 20

1 0 1 0 0 1 0 0 0 100 1000 10000 87 95 03 11 19 27 35 43 51 59 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 101 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 88.51 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 0.52 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 88.00 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 86.55 0.00 Poplar Field All Cases LEASE CASE default EPU 102 - 102 58.93 0.002.75 0.00 141.57 0.00 0.0015/16 2.40 0.00 58.93 0.002.68 0.00 138.34 0.00 0.0016/17 2.35 0.00 58.93 0.002.63 0.00 135.55 0.00 0.0017/18 2.30 0.00 58.93 0.002.58 0.00 132.83 0.00 0.0018/19 2.25 0.00 58.93 0.002.53 0.00 130.51 0.00 0.0019/20 2.21 0.00 58.93 0.002.47 0.00 127.53 0.00 0.0020/21 2.16 0.00 58.93 0.002.42 0.00 124.97 0.00 0.0021/22 2.12 0.00 58.93 0.002.37 0.00 122.46 0.00 0.0022/23 2.08 0.00 58.93 0.002.33 0.00 120.32 0.00 0.0023/24 2.04 0.00 58.93 0.002.28 0.00 117.58 0.00 0.0024/25 2.00 0.00 58.93 0.002.23 0.00 115.21 0.00 0.0025/26 1.96 0.00 58.93 0.002.19 0.00 112.90 0.00 0.0026/27 1.92 0.00 58.93 0.002.15 0.00 110.93 0.00 0.0027/28 1.88 0.00 58.93 0.001.12 0.00 57.59 0.00 0.0028/29 0.98 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 18.06 6.10 0.00 36.00 0.00 22.6958.71 0.00 21.66 1.0016/17 17.65 5.96 0.00 36.00 0.00 20.5558.17 0.00 39.49 1.0017/18 17.30 5.84 0.00 36.00 0.00 18.6257.80 0.00 54.18 1.0018/19 16.95 5.72 0.00 36.00 0.00 16.7357.43 0.00 66.18 1.0019/20 16.65 5.63 0.00 36.00 0.00 15.0257.22 0.00 75.97 1.0020/21 16.27 5.50 0.00 36.00 0.00 13.0756.70 0.00 83.72 1.0021/22 15.95 5.39 0.00 36.00 0.00 11.3056.33 0.00 89.82 1.0022/23 15.63 5.28 0.00 36.00 0.00 9.5855.98 0.00 94.51 1.0023/24 15.35 5.19 0.00 36.00 0.00 8.0155.77 0.00 98.08 1.0024/25 15.00 5.07 0.00 36.00 0.00 6.2455.27 0.00 100.61 1.0025/26 14.70 4.97 0.00 36.00 0.00 4.6254.92 0.00 102.32 1.0026/27 14.41 4.87 0.00 36.00 0.00 3.0554.58 0.00 103.34 1.0027/28 14.15 4.78 0.00 36.00 0.00 1.6154.38 0.00 103.84 1.0028/29 7.35 2.48 0.00 18.87 0.00 0.3528.54 0.00 103.94 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 215.42 72.76 0.00 486.87 0.00 151.41761.81 0.00 0.00 0.00 0.00 103.94 0.00 0.00 58.93 0.00 0.00 119.29 0.00 0.00 0.00 0.00 0.00 32.74 0.00 1,688.28 0.00 0.00 0.00 28.65 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.01 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 0.00 / 0.00 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 123.61 111.05 103.94 12.00% : 15.00% : 97.65 89.51 PW 78.6120.00% : 0.00 230.64 175.19 0.00 0.00 1/9/2029 TRC Eco Detailed.rpt 21

1 0 0 1 0 0 0 1 0 0 0 0 100 1000 10000 83 91 99 07 15 23 31 39 47 55 63 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 102 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 119.29 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 32.74 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 86.55 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 86.15 0.00 Poplar Field All Cases LEASE CASE Projection EPU 104 - 104 58.93 0.009.37 0.00 483.37 0.00 0.0015/16 8.20 0.00 58.93 0.007.70 0.00 396.90 0.00 0.0016/17 6.74 0.00 58.93 0.006.45 0.00 332.56 0.00 0.0017/18 5.64 0.00 58.93 0.005.48 0.00 282.69 0.00 0.0018/19 4.80 0.00 58.93 0.004.73 0.00 243.88 0.00 0.0019/20 4.14 0.00 58.93 0.004.10 0.00 211.46 0.00 0.0020/21 3.59 0.00 58.93 0.003.60 0.00 185.58 0.00 0.0021/22 3.15 0.00 58.93 0.003.18 0.00 164.17 0.00 0.0022/23 2.79 0.00 58.93 0.002.84 0.00 146.65 0.00 0.0023/24 2.49 0.00 58.93 0.002.54 0.00 131.11 0.00 0.0024/25 2.22 0.00 58.93 0.002.29 0.00 118.22 0.00 0.0025/26 2.01 0.00 58.93 0.002.08 0.00 107.14 0.00 0.0026/27 1.82 0.00 58.93 0.001.90 0.00 97.80 0.00 0.0027/28 1.66 0.00 58.93 0.001.73 0.00 89.17 0.00 0.0028/29 1.51 0.00 58.93 0.001.59 0.00 81.84 0.00 0.0029/30 1.39 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 61.68 20.83 0.00 36.00 0.00 327.0837.78 0.00 312.51 1.0016/17 50.64 17.11 0.00 36.00 0.00 258.8434.31 0.00 537.29 1.0017/18 42.43 14.33 0.00 36.00 0.00 208.0431.75 0.00 701.54 1.0018/19 36.07 12.18 0.00 36.00 0.00 168.6829.75 0.00 822.61 1.0019/20 31.12 10.51 0.00 36.00 0.00 138.0128.23 0.00 912.65 1.0020/21 26.98 9.11 0.00 36.00 0.00 112.5026.86 0.00 979.37 1.0021/22 23.68 8.00 0.00 36.00 0.00 92.1125.79 0.00 1,029.03 1.0022/23 20.95 7.08 0.00 36.00 0.00 75.2524.90 0.00 1,065.92 1.0023/24 18.71 6.32 0.00 36.00 0.00 61.4124.21 0.00 1,093.29 1.0024/25 16.73 5.65 0.00 36.00 0.00 49.2423.49 0.00 1,113.24 1.0025/26 15.08 5.10 0.00 36.00 0.00 39.1122.93 0.00 1,127.65 1.0026/27 13.67 4.62 0.00 36.00 0.00 30.4222.43 0.00 1,137.84 1.0027/28 12.48 4.22 0.00 36.00 0.00 23.0522.06 0.00 1,144.86 1.0028/29 11.38 3.84 0.00 36.00 0.00 16.3421.61 0.00 1,149.39 1.0029/30 10.44 3.53 0.00 36.00 0.00 10.6121.27 0.00 1,152.07 Rem. Total 16.55 5.59 60.00 63.55 0.00 -52.95 408.60 138.01 60.00 603.55 0.00 1,557.72434.32 36.95 0.00 0.00 -9.44 1,142.63 58.93 0.00 58.93 0.00 0.00 148.26 0.00 2.51 0.00 129.68 0.00 62.10 0.00 3,202.20 0.00 0.00 2.20 54.34 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 19.30 bbl/month bbl/month % year b = 0.500 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 104.57 / 26.96 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 1,320.06 1,207.61 1,142.63 12.00% : 15.00% : 1,084.45 1,008.00 PW 903.6620.00% : 11.03 862.81 110.28 >1000 0.17 4/7/2032 TRC Eco Detailed.rpt 22

1 0 1 0 0 1 0 0 0 1 10 100 84 92 00 08 16 24 32 40 48 56 64 72 80 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 104 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 148.26 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 62.10 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 86.15 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (M bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 114.29 0.00 Poplar Field All Cases LEASE CASE default EPU 111 - 111 58.93 0.002.34 0.00 120.74 0.00 0.0015/16 2.05 0.00 58.93 0.002.20 0.00 113.52 0.00 0.0016/17 1.93 0.00 58.93 0.002.08 0.00 107.03 0.00 0.0017/18 1.82 0.00 58.93 0.001.96 0.00 100.91 0.00 0.0018/19 1.71 0.00 58.93 0.001.85 0.00 95.40 0.00 0.0019/20 1.62 0.00 58.93 0.001.74 0.00 89.69 0.00 0.0020/21 1.52 0.00 58.93 0.001.64 0.00 84.56 0.00 0.0021/22 1.44 0.00 58.93 0.001.55 0.00 79.73 0.00 0.0022/23 1.35 0.00 58.93 0.001.46 0.00 75.37 0.00 0.0023/24 1.28 0.00 58.93 0.001.37 0.00 70.87 0.00 0.0024/25 1.20 0.00 58.93 0.001.30 0.00 66.82 0.00 0.0025/26 1.13 0.00 58.93 0.001.22 0.00 63.00 0.00 0.0026/27 1.07 0.00 58.93 0.000.33 0.00 16.95 0.00 0.0027/27 0.29 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 15.41 5.20 0.00 36.00 0.00 40.5023.63 0.00 38.66 1.0016/17 14.48 4.89 0.00 36.00 0.00 35.6222.52 0.00 69.57 1.0017/18 13.66 4.61 0.00 36.00 0.00 31.2321.53 0.00 94.22 1.0018/19 12.88 4.35 0.00 36.00 0.00 27.1020.58 0.00 113.66 1.0019/20 12.17 4.11 0.00 36.00 0.00 23.3819.73 0.00 128.91 1.0020/21 11.44 3.87 0.00 36.00 0.00 19.5618.82 0.00 140.52 1.0021/22 10.79 3.64 0.00 36.00 0.00 16.1318.00 0.00 149.22 1.0022/23 10.17 3.44 0.00 36.00 0.00 12.9117.21 0.00 155.55 1.0023/24 9.62 3.25 0.00 36.00 0.00 10.0016.51 0.00 160.01 1.0024/25 9.04 3.05 0.00 36.00 0.00 7.0215.75 0.00 162.86 1.0025/26 8.53 2.88 0.00 36.00 0.00 4.3415.07 0.00 164.46 1.0026/27 8.04 2.72 0.00 35.67 0.00 2.1514.42 0.00 165.19 1.0027/27 2.16 0.73 0.00 9.92 0.00 0.213.92 0.00 165.26 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 138.39 46.75 0.00 441.60 0.00 230.13227.71 0.00 0.00 0.00 0.00 165.26 0.00 0.00 58.93 0.00 0.00 135.32 0.00 0.00 0.00 0.00 0.00 21.03 0.00 1,084.58 0.00 0.00 0.00 18.40 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 5.72 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 0.00 / 0.00 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 192.66 175.26 165.26 12.00% : 15.00% : 156.32 144.61 PW 128.6320.00% : 0.00 200.50 97.30 0.00 0.00 10/10/2027 TRC Eco Detailed.rpt 23

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 111 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 135.32 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 21.03 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 114.29 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Amsden Formation ROOSEVELT(MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 15.17 0.00 Poplar Field All Cases LEASE CASE default EPU 117 - 117 58.93 0.001.56 0.00 80.53 0.00 0.0015/16 1.37 0.00 58.93 0.001.39 0.00 71.69 0.00 0.0016/17 1.22 0.00 58.93 0.001.27 0.00 65.37 0.00 0.0017/18 1.11 0.00 58.93 0.001.17 0.00 60.48 0.00 0.0018/19 1.03 0.00 58.93 0.001.10 0.00 56.69 0.00 0.0019/20 0.96 0.00 58.93 0.001.03 0.00 53.28 0.00 0.0020/21 0.90 0.00 58.93 0.000.98 0.00 50.53 0.00 0.0021/22 0.86 0.00 58.93 0.000.16 0.00 8.47 0.00 0.0022/22 0.14 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0023/24 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 7.46 3.47 0.00 36.00 0.00 24.239.38 0.00 23.17 1.0016/17 6.64 3.09 0.00 36.00 0.00 17.328.64 0.00 38.23 1.0017/18 6.05 2.82 0.00 36.00 0.00 12.428.08 0.00 48.05 1.0018/19 5.60 2.61 0.00 36.00 0.00 8.677.60 0.00 54.29 1.0019/20 5.25 2.44 0.00 36.00 0.00 5.797.21 0.00 58.08 1.0020/21 4.93 2.30 0.00 36.00 0.00 3.226.83 0.00 60.00 1.0021/22 4.68 2.18 0.00 35.67 0.00 1.496.50 0.00 60.81 1.0022/22 0.78 0.37 0.00 6.10 0.00 0.131.09 0.00 60.88 0.0023/24 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 33.34 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 41.40 19.27 60.00 257.77 0.00 13.2855.34 0.00 0.00 0.00 0.00 33.34 0.00 0.00 58.93 0.00 0.00 23.84 0.00 0.00 0.00 0.00 0.00 8.67 0.00 447.05 0.00 0.00 0.00 7.59 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 13.48 bbl/month bbl/month % year b = 2.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.21 / 1.22 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 26.18 30.99 33.34 12.00% : 15.00% : 35.15 37.09 PW 38.8220.00% : 27.54 138.66 79.07 >1000 3.66 9/1/2022 TRC Eco Detailed.rpt 24

1 0 1 0 0 1 0 0 0 10 100 1000 09 11 13 15 17 19 21 23 25 27 29 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 117 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 23.84 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 8.67 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 15.17 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR,EAST Nautilus Poplar CHARLES ROOSEVELT(MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 12.11 0.00 Poplar Field All Cases LEASE CASE Projection EPU 119 58.93 0.004.45 0.00 229.64 0.00 0.0015/16 3.90 0.00 58.93 0.002.70 0.00 139.23 0.00 0.0016/17 2.36 0.00 58.93 0.000.57 0.00 29.33 0.00 0.0017/17 0.50 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 29.30 9.90 0.00 36.00 0.00 97.4057.04 0.00 93.71 1.0016/17 17.77 6.00 0.00 35.67 0.00 27.1652.63 0.00 117.55 1.0017/17 3.74 1.26 0.00 9.54 0.00 1.1013.69 0.00 118.45 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 50.81 17.16 0.00 81.21 0.00 125.66123.35 0.00 0.00 0.00 0.00 118.45 0.00 0.00 58.93 0.00 0.00 19.83 0.00 0.00 0.00 0.00 0.00 7.72 0.00 398.20 0.00 0.00 0.00 6.76 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 53.76 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 0.00 / 0.00 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 121.88 119.79 118.45 12.00% : 15.00% : 117.16 115.32 PW 112.4420.00% : 0.00 503.84 168.99 0.00 0.00 10/6/2017 TRC Eco Detailed.rpt 25

Water Oil 1 1 0 1 0 0 100 1000 10000 10 14 18 22 26 30 34 38 42 46 Case Name: EPU 119 Oper: Nautilus Poplar Field: POPLAR,EAST Oil EUR: 19.83 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 7.72 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 12.11 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar CHARLES B2 ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 1.35 0.00 Poplar Field All Cases LEASE CASE Projection EPU 200 - 200 58.93 0.003.06 0.00 157.83 0.00 0.0015/16 2.68 0.00 58.93 0.002.32 0.00 119.63 0.00 0.0016/17 2.03 0.00 58.93 0.001.85 0.00 95.60 0.00 0.0017/18 1.62 0.00 58.93 0.001.53 0.00 79.06 0.00 0.0018/19 1.34 0.00 58.93 0.001.30 0.00 67.23 0.00 0.0019/20 1.14 0.00 58.93 0.000.59 0.00 30.52 0.00 0.0020/21 0.52 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 20.14 6.80 0.00 36.00 0.00 60.8234.07 0.00 58.23 1.0016/17 15.27 5.16 0.00 36.00 0.00 37.4625.75 0.00 90.83 1.0017/18 12.20 4.12 0.00 36.00 0.00 22.8520.43 0.00 108.92 1.0018/19 10.09 3.41 0.00 36.00 0.00 12.8416.73 0.00 118.17 1.0019/20 8.58 2.90 0.00 36.00 0.00 5.6814.07 0.00 121.90 1.0020/21 3.89 1.32 0.00 18.19 0.00 0.786.34 0.00 122.38 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 70.16 23.70 0.00 198.19 0.00 140.43117.39 0.00 0.00 0.00 0.00 122.38 0.00 0.00 58.93 0.00 0.00 12.01 0.00 0.00 0.00 0.00 0.00 10.66 0.00 549.88 0.00 0.00 0.00 9.33 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 29.21 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 0.00 / 0.00 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 130.67 125.54 122.38 12.00% : 15.00% : 119.40 115.25 PW 109.0720.00% : 0.00 296.99 93.47 0.00 0.00 1/2/2021 TRC Eco Detailed.rpt 26

1 1 0 1 0 0 10 100 1000 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Case Name: EPU 200 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 12.01 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 10.66 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 1.35 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar CHARLES B2 ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 1.43 0.00 Poplar Field All Cases LEASE CASE Projection EPU 201 - 201 58.93 0.003.93 0.00 202.90 0.00 0.0015/16 3.44 0.00 58.93 0.002.96 0.00 152.64 0.00 0.0016/17 2.59 0.00 58.93 0.002.35 0.00 121.37 0.00 0.0017/18 2.06 0.00 58.93 0.001.94 0.00 100.02 0.00 0.0018/19 1.70 0.00 58.93 0.001.64 0.00 84.81 0.00 0.0019/20 1.44 0.00 58.93 0.001.42 0.00 72.97 0.00 0.0020/21 1.24 0.00 58.93 0.001.24 0.00 63.95 0.00 0.0021/22 1.09 0.00 58.93 0.000.35 0.00 18.11 0.00 0.0022/22 0.31 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0023/24 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 25.89 8.75 0.00 36.00 0.00 85.6546.61 0.00 81.98 1.0016/17 19.48 6.58 0.00 36.00 0.00 55.6734.92 0.00 130.40 1.0017/18 15.49 5.23 0.00 36.00 0.00 37.2127.44 0.00 159.82 1.0018/19 12.76 4.31 0.00 36.00 0.00 24.6922.26 0.00 177.58 1.0019/20 10.82 3.66 0.00 36.00 0.00 15.7818.55 0.00 187.90 1.0020/21 9.31 3.14 0.00 36.00 0.00 8.8215.69 0.00 193.16 1.0021/22 8.16 2.76 0.00 35.67 0.00 3.8313.53 0.00 195.24 1.0022/22 2.31 0.78 0.00 10.89 0.00 0.333.79 0.00 195.41 0.0023/24 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 168.21 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 104.22 35.20 60.00 262.57 0.00 171.99182.79 0.00 0.00 0.00 0.00 168.21 0.00 0.00 58.93 0.00 0.00 17.27 0.00 0.00 0.00 0.00 0.00 15.84 0.00 816.77 0.00 0.00 0.00 13.86 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 30.05 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 7.19 / 3.87 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 171.91 169.98 168.21 12.00% : 15.00% : 166.19 162.82 PW 156.7520.00% : 27.19 383.62 93.75 >1000 0.66 10/20/2022 TRC Eco Detailed.rpt 27

1 1 0 1 0 0 10 100 1000 13 15 17 19 21 23 25 27 29 31 33 Case Name: EPU 201 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 17.27 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 15.84 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 1.43 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar Charles C ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 46.31 0.00 Poplar Field All Cases LEASE CASE default EPU 34-11H - 34-11H 58.93 0.002.10 0.00 108.35 0.00 0.0015/16 1.84 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0016/16 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 13.83 4.67 0.00 30.59 0.00 7.1252.15 0.00 6.93 0.0016/16 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 -43.35 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 13.83 4.67 60.00 30.59 0.00 -52.8852.15 0.00 0.00 0.00 0.00 -43.35 0.00 0.00 58.93 0.00 0.00 48.41 0.00 0.00 0.00 0.00 0.00 2.10 0.00 108.35 0.00 0.00 0.00 1.84 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 27.34 bbl/month bbl/month % year b = 0.500 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 0.14 / 0.12 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW -47.79 -45.06 -43.35 12.00% : 15.00% : -41.74 -39.46 PW -36.0320.00% : 50.28 232.09 179.74 279.69 0.00 5/8/2016 TRC Eco Detailed.rpt 28

1 0 1 0 0 1 0 0 0 100 1000 10000 02 06 10 14 18 22 26 30 Case Name: EPU 34-11H Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 48.41 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 2.10 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 46.31 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, EAST Nautilus Poplar CHB ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 37.08 0.00 Poplar Field All Cases LEASE CASE default EPU 44-19H - 44-19H 58.93 0.002.54 0.00 130.98 0.00 0.0015/16 2.22 0.00 58.93 0.002.38 0.00 122.51 0.00 0.0016/17 2.08 0.00 58.93 0.002.23 0.00 114.92 0.00 0.0017/18 1.95 0.00 58.93 0.002.09 0.00 107.79 0.00 0.0018/19 1.83 0.00 58.93 0.001.97 0.00 101.37 0.00 0.0019/20 1.72 0.00 58.93 0.000.52 0.00 26.85 0.00 0.0020/20 0.46 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 16.71 5.65 0.00 36.00 0.00 22.9449.69 0.00 21.92 1.0016/17 15.63 5.28 0.00 36.00 0.00 17.4348.17 0.00 37.08 1.0017/18 14.66 4.95 0.00 36.00 0.00 12.4146.89 0.00 46.89 1.0018/19 13.75 4.65 0.00 36.00 0.00 7.6945.70 0.00 52.43 1.0019/20 12.94 4.37 0.00 35.77 0.00 3.5844.72 0.00 54.79 1.0020/20 3.43 1.16 0.00 9.83 0.00 0.2812.16 0.00 54.96 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 77.12 26.05 0.00 189.60 0.00 64.33247.32 0.00 0.00 0.00 0.00 54.96 0.00 0.00 58.93 0.00 0.00 48.80 0.00 0.00 0.00 0.00 0.00 11.72 0.00 604.43 0.00 0.00 0.00 10.26 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 6.21 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 0.00 / 0.00 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 59.25 56.59 54.96 12.00% : 15.00% : 53.43 51.30 PW 48.1520.00% : 0.00 218.07 155.52 0.00 0.00 10/9/2020 TRC Eco Detailed.rpt 29

1 0 1 0 0 1 0 0 0 100 1000 10000 01 09 17 25 33 41 49 57 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 44-19H Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 48.80 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 11.72 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 37.08 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, NORTHWEST Nautilus Poplar Charles C ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 94.80 39.96 Poplar Field All Cases LEASE CASE default GOINGS 1-10 - 1-10 58.93 0.003.10 0.00 110.93 0.00 0.0015/16 1.88 0.00 58.93 0.003.00 0.00 107.26 0.00 0.0016/17 1.82 0.00 58.93 0.002.91 0.00 104.01 0.00 0.0017/18 1.76 0.00 58.93 0.002.82 0.00 100.85 0.00 0.0018/19 1.71 0.00 58.93 0.002.74 0.00 98.05 0.00 0.0019/20 1.66 0.00 58.93 0.002.65 0.00 94.81 0.00 0.0020/21 1.61 0.00 58.93 0.002.57 0.00 91.94 0.00 0.0021/22 1.56 0.00 58.93 0.002.49 0.00 89.15 0.00 0.0022/23 1.51 0.00 58.93 0.002.43 0.00 86.68 0.00 0.0023/24 1.47 0.00 58.93 0.002.34 0.00 83.81 0.00 0.0024/25 1.42 0.00 58.93 0.002.27 0.00 81.27 0.00 0.0025/26 1.38 0.00 58.93 0.002.20 0.00 78.80 0.00 0.0026/27 1.34 0.00 58.93 0.002.14 0.00 76.62 0.00 0.0027/28 1.30 0.00 58.93 0.002.07 0.00 74.09 0.00 0.0028/29 1.26 0.00 58.93 0.002.01 0.00 71.84 0.00 0.0029/30 1.22 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 14.15 9.60 0.00 27.00 0.00 47.8012.37 0.00 45.60 1.0016/17 13.69 9.28 0.00 27.00 0.00 45.2212.07 0.00 84.82 1.0017/18 13.27 9.00 0.00 27.00 0.00 42.9211.81 0.00 118.67 1.0018/19 12.87 8.73 0.00 27.00 0.00 40.6911.56 0.00 147.84 1.0019/20 12.51 8.49 0.00 27.00 0.00 38.7111.34 0.00 173.07 1.0020/21 12.10 8.21 0.00 27.00 0.00 36.4411.07 0.00 194.66 1.0021/22 11.73 7.96 0.00 27.00 0.00 34.4110.83 0.00 213.19 1.0022/23 11.38 7.72 0.00 27.00 0.00 32.4510.60 0.00 229.09 1.0023/24 11.06 7.50 0.00 27.00 0.00 30.7110.41 0.00 242.75 1.0024/25 10.69 7.25 0.00 27.00 0.00 28.7010.16 0.00 254.37 1.0025/26 10.37 7.03 0.00 27.00 0.00 26.929.94 0.00 264.28 1.0026/27 10.06 6.82 0.00 27.00 0.00 25.199.73 0.00 272.70 1.0027/28 9.78 6.63 0.00 27.00 0.00 23.659.56 0.00 279.89 1.0028/29 9.45 6.41 0.00 27.00 0.00 21.899.33 0.00 285.95 1.0029/30 9.17 6.22 0.00 27.00 0.00 20.329.13 0.00 291.05 Rem. Total 117.04 79.40 45.00 446.52 0.00 102.76 289.31 196.26 45.00 851.52 0.00 598.78286.45 126.51 0.00 0.00 20.75 311.80 58.93 0.00 58.93 0.00 0.00 158.24 39.96 25.66 0.00 917.22 0.00 63.44 0.00 2,267.32 0.00 0.00 15.56 38.47 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 3.04 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.75000000 0.60650000 155.01 / 14.31 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 417.34 347.57 311.80 12.00% : 15.00% : 282.40 247.29 PW 205.1420.00% : 2.02 262.09 99.10 >1000 0.94 1/14/2047 TRC Eco Detailed.rpt 30

1 0 1 0 0 1 0 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 56 64 72 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: GOINGS 1-10 Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 158.24 Mbbl Gas EUR: 39.96 MMcf Oil Rem: 63.44 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 94.80 Mbbl Proj Gas Cum: 39.96 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

1 0 1 0 0 1 0 0 0 100 1000 10000 85 93 01 09 17 25 33 41 49 57 65 73 81 89 97 05 13 21 29 37 1 1 0 1 0 0 1 10 100 Case Name: HUBER 2 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 26.56 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 0.00 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 26.56 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

1 0 1 0 0 1 0 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 56 64 1 1 0 1 0 0 1 10 100 Case Name: MCDONALD 1 Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 82.98 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 10.52 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 72.46 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, NORTHWEST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 43.79 0.00 Poplar Field All Cases LEASE CASE default MCGOWAN 3 - 3 58.93 0.001.52 0.00 78.44 0.00 0.0015/16 1.33 0.00 58.93 0.001.49 0.00 76.85 0.00 0.0016/17 1.30 0.00 58.93 0.000.46 0.00 23.72 0.00 0.0017/17 0.40 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0018/19 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 10.01 0.00 0.00 36.00 0.00 1.0531.38 0.00 1.01 1.0016/17 9.81 0.00 0.00 35.67 0.00 0.7230.65 0.00 1.64 1.0017/17 3.03 0.00 0.00 11.09 0.00 0.179.44 0.00 1.78 0.0018/19 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 -41.99 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 22.84 0.00 60.00 82.76 0.00 -58.0671.47 0.00 0.00 0.00 0.00 -41.99 0.00 0.00 58.93 0.00 0.00 47.26 0.00 0.00 0.00 0.00 0.00 3.47 0.00 179.01 0.00 0.00 0.00 3.04 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 1.76 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 0.04 / 0.03 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW -49.20 -44.70 -41.99 12.00% : 15.00% : -39.48 -36.07 PW -31.1720.00% : 43.77 127.63 122.50 269.95 0.00 10/22/2017 TRC Eco Detailed.rpt 33

1 0 1 0 0 1 0 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 1 1 0 1 0 0 1 10 100 Case Name: MCGOWAN 3 Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 47.26 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 3.47 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 43.79 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, NORTHWEST Nautilus Poplar Charles C ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 50.30 63.64 Poplar Field All Cases LEASE CASE default REID 10-1 - 10-1 58.93 0.001.66 0.00 60.83 0.00 0.0015/16 1.03 0.00 58.93 0.001.61 0.00 58.89 0.00 0.0016/17 1.00 0.00 58.93 0.001.56 0.00 57.16 0.00 0.0017/18 0.97 0.00 58.93 0.001.52 0.00 55.49 0.00 0.0018/19 0.94 0.00 58.93 0.001.48 0.00 54.01 0.00 0.0019/20 0.92 0.00 58.93 0.001.43 0.00 52.28 0.00 0.0020/21 0.89 0.00 58.93 0.001.39 0.00 50.75 0.00 0.0021/22 0.86 0.00 58.93 0.001.35 0.00 49.27 0.00 0.0022/23 0.84 0.00 58.93 0.001.31 0.00 47.96 0.00 0.0023/24 0.81 0.00 58.93 0.001.27 0.00 46.42 0.00 0.0024/25 0.79 0.00 58.93 0.001.23 0.00 45.06 0.00 0.0025/26 0.76 0.00 58.93 0.001.20 0.00 43.74 0.00 0.0026/27 0.74 0.00 58.93 0.001.16 0.00 42.58 0.00 0.0027/28 0.72 0.00 58.93 0.001.13 0.00 41.22 0.00 0.0028/29 0.70 0.00 58.93 0.000.67 0.00 24.59 0.00 0.0029/30 0.42 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 7.76 2.13 0.00 27.00 0.00 15.128.83 0.00 14.43 1.0016/17 7.51 2.06 0.00 27.00 0.00 13.718.61 0.00 26.32 1.0017/18 7.29 2.00 0.00 27.00 0.00 12.458.42 0.00 36.15 1.0018/19 7.08 1.94 0.00 27.00 0.00 11.248.23 0.00 44.21 1.0019/20 6.89 1.89 0.00 27.00 0.00 10.168.07 0.00 50.84 1.0020/21 6.67 1.83 0.00 27.00 0.00 8.917.87 0.00 56.12 1.0021/22 6.48 1.78 0.00 27.00 0.00 7.807.70 0.00 60.33 1.0022/23 6.29 1.72 0.00 27.00 0.00 6.737.53 0.00 63.63 1.0023/24 6.12 1.68 0.00 27.00 0.00 5.787.38 0.00 66.21 1.0024/25 5.92 1.62 0.00 27.00 0.00 4.677.20 0.00 68.10 1.0025/26 5.75 1.58 0.00 27.00 0.00 3.697.04 0.00 69.47 1.0026/27 5.58 1.53 0.00 27.00 0.00 2.746.89 0.00 70.39 1.0027/28 5.43 1.49 0.00 27.00 0.00 1.906.76 0.00 70.97 1.0028/29 5.26 1.44 0.00 27.00 0.00 0.936.59 0.00 71.23 1.0029/30 3.14 0.86 0.00 16.34 0.00 0.293.95 0.00 71.30 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 93.18 25.56 0.00 394.34 0.00 106.13111.05 0.00 0.00 0.00 0.00 71.30 0.00 0.00 58.93 0.00 0.00 70.28 63.64 0.00 0.00 0.00 0.00 19.98 0.00 730.26 0.00 0.00 0.00 12.39 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.93 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.75000000 0.62030000 0.00 / 0.00 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 85.57 76.43 71.30 12.00% : 15.00% : 66.80 61.00 PW 53.3220.00% : 0.00 140.46 90.97 0.00 0.00 2/8/2030 TRC Eco Detailed.rpt 34

1 1 0 1 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 56 64 72 80 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: REID 10-1 Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 70.28 Mbbl Gas EUR: 63.64 MMcf Oil Rem: 19.98 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 50.30 Mbbl Proj Gas Cum: 63.64 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, NORTHWEST Nautilus Poplar Charles C ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 68.67 58.92 Poplar Field All Cases LEASE CASE default RICHARDS 2-1 - 2-1 58.93 0.002.49 0.00 91.18 0.00 0.0015/16 1.55 0.00 58.93 0.002.42 0.00 88.40 0.00 0.0016/17 1.50 0.00 58.93 0.002.35 0.00 85.94 0.00 0.0017/18 1.46 0.00 58.93 0.002.29 0.00 83.56 0.00 0.0018/19 1.42 0.00 58.93 0.002.23 0.00 81.45 0.00 0.0019/20 1.38 0.00 58.93 0.002.16 0.00 78.97 0.00 0.0020/21 1.34 0.00 58.93 0.002.10 0.00 76.78 0.00 0.0021/22 1.30 0.00 58.93 0.002.04 0.00 74.64 0.00 0.0022/23 1.27 0.00 58.93 0.001.99 0.00 72.76 0.00 0.0023/24 1.23 0.00 58.93 0.001.93 0.00 70.55 0.00 0.0024/25 1.20 0.00 58.93 0.001.88 0.00 68.59 0.00 0.0025/26 1.16 0.00 58.93 0.001.82 0.00 66.68 0.00 0.0026/27 1.13 0.00 58.93 0.001.78 0.00 65.00 0.00 0.0027/28 1.10 0.00 58.93 0.001.72 0.00 63.02 0.00 0.0028/29 1.07 0.00 58.93 0.001.68 0.00 61.27 0.00 0.0029/30 1.04 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 11.63 0.00 0.00 27.00 0.00 31.7220.83 0.00 30.26 1.0016/17 11.28 0.00 0.00 27.00 0.00 29.6220.50 0.00 55.96 1.0017/18 10.97 0.00 0.00 27.00 0.00 27.7420.24 0.00 77.84 1.0018/19 10.66 0.00 0.00 27.00 0.00 25.9219.97 0.00 96.43 1.0019/20 10.39 0.00 0.00 27.00 0.00 24.2919.77 0.00 112.26 1.0020/21 10.08 0.00 0.00 27.00 0.00 22.4419.46 0.00 125.56 1.0021/22 9.80 0.00 0.00 27.00 0.00 20.7719.21 0.00 136.75 1.0022/23 9.52 0.00 0.00 27.00 0.00 19.1518.96 0.00 146.13 1.0023/24 9.28 0.00 0.00 27.00 0.00 17.7118.77 0.00 154.02 1.0024/25 9.00 0.00 0.00 27.00 0.00 16.0618.48 0.00 160.52 1.0025/26 8.75 0.00 0.00 27.00 0.00 14.5918.25 0.00 165.89 1.0026/27 8.51 0.00 0.00 27.00 0.00 13.1518.02 0.00 170.29 1.0027/28 8.29 0.00 0.00 27.00 0.00 11.8717.84 0.00 173.90 1.0028/29 8.04 0.00 0.00 27.00 0.00 10.4117.57 0.00 176.78 1.0029/30 7.82 0.00 0.00 27.00 0.00 9.1017.35 0.00 179.07 Rem. Total 52.02 0.00 45.00 201.85 0.00 -14.42 196.05 0.00 45.00 606.85 0.00 280.12408.44 123.22 0.00 0.00 1.07 180.14 58.93 0.00 58.93 0.00 0.00 110.70 58.92 11.15 0.00 407.66 0.00 42.03 0.00 1,536.45 0.00 0.00 6.92 26.07 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.78 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.75000000 0.62030000 38.51 / 7.22 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 223.21 195.70 180.14 12.00% : 15.00% : 166.55 149.29 PW 127.0620.00% : 4.80 210.37 111.60 >1000 1.44 12/22/2037 TRC Eco Detailed.rpt 35

1 0 1 0 0 1 0 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 56 64 1 1 0 1 0 0 1 10 100 Case Name: RICHARDS 2-1 Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 110.70 Mbbl Gas EUR: 58.92 MMcf Oil Rem: 42.03 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 68.67 Mbbl Proj Gas Cum: 58.92 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, NORTHWEST Nautilus Poplar Charles C ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 87.09 54.94 Poplar Field All Cases LEASE CASE default RICHARDS 3-1 - 3-1 58.93 0.003.46 0.00 128.27 0.00 0.0015/16 2.18 0.00 58.93 0.003.37 0.00 124.71 0.00 0.0016/17 2.12 0.00 58.93 0.003.28 0.00 121.59 0.00 0.0017/18 2.06 0.00 58.93 0.003.20 0.00 118.54 0.00 0.0018/19 2.01 0.00 58.93 0.003.13 0.00 115.88 0.00 0.0019/20 1.97 0.00 58.93 0.003.04 0.00 112.67 0.00 0.0020/21 1.91 0.00 58.93 0.002.97 0.00 109.84 0.00 0.0021/22 1.86 0.00 58.93 0.002.89 0.00 107.09 0.00 0.0022/23 1.82 0.00 58.93 0.002.83 0.00 104.69 0.00 0.0023/24 1.78 0.00 58.93 0.002.75 0.00 101.79 0.00 0.0024/25 1.73 0.00 58.93 0.002.68 0.00 99.24 0.00 0.0025/26 1.68 0.00 58.93 0.002.61 0.00 96.75 0.00 0.0026/27 1.64 0.00 58.93 0.002.55 0.00 94.58 0.00 0.0027/28 1.60 0.00 58.93 0.002.48 0.00 91.96 0.00 0.0028/29 1.56 0.00 58.93 0.002.42 0.00 89.65 0.00 0.0029/30 1.52 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 16.37 0.00 0.00 27.00 0.00 76.987.92 0.00 73.44 1.0016/17 15.91 0.00 0.00 27.00 0.00 74.107.69 0.00 137.70 1.0017/18 15.51 0.00 0.00 27.00 0.00 71.587.49 0.00 194.13 1.0018/19 15.13 0.00 0.00 27.00 0.00 69.117.30 0.00 243.67 1.0019/20 14.79 0.00 0.00 27.00 0.00 66.967.13 0.00 287.30 1.0020/21 14.38 0.00 0.00 27.00 0.00 64.366.93 0.00 325.43 1.0021/22 14.02 0.00 0.00 27.00 0.00 62.086.75 0.00 358.86 1.0022/23 13.66 0.00 0.00 27.00 0.00 59.856.58 0.00 388.16 1.0023/24 13.36 0.00 0.00 27.00 0.00 57.916.42 0.00 413.93 1.0024/25 12.99 0.00 0.00 27.00 0.00 55.566.24 0.00 436.41 1.0025/26 12.66 0.00 0.00 27.00 0.00 53.496.08 0.00 456.08 1.0026/27 12.35 0.00 0.00 27.00 0.00 51.485.92 0.00 473.30 1.0027/28 12.07 0.00 0.00 27.00 0.00 49.735.79 0.00 488.42 1.0028/29 11.73 0.00 0.00 27.00 0.00 47.605.62 0.00 501.57 1.0029/30 11.44 0.00 0.00 27.00 0.00 45.745.48 0.00 513.06 Rem. Total 278.41 0.00 45.00 1,043.89 0.00 682.90 484.77 0.00 45.00 1,448.89 0.00 1,589.43231.05 131.70 0.00 0.00 74.91 587.97 58.93 0.00 58.93 0.00 0.00 189.72 54.94 58.94 0.00 2,181.90 0.00 102.62 0.00 3,799.15 0.00 0.00 37.03 64.47 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.51 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.75000000 0.62820000 2,394.00 / 36.32 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 875.17 677.31 587.97 12.00% : 15.00% : 519.70 443.40 PW 358.0320.00% : 0.25 291.81 74.71 >1000 0.58 3/1/2069 TRC Eco Detailed.rpt 36

. 1 1 1 0 1 10 100 84 92 00 08 16 24 32 40 48 56 64 72 . 1 1 1 0 1 0 0 1 10 100 1000 Case Name: RICHARDS 3-1 Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 189.72 Mbbl Gas EUR: 54.94 MMcf Oil Rem: 102.62 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 87.09 Mbbl Proj Gas Cum: 54.94 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, NORTHWEST Nautilus Poplar Charles ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 152.24 13.80 Poplar Field All Cases LEASE CASE Projection WAR CLUB 2 - 2 58.93 0.004.70 0.00 131.93 0.00 0.0015/16 2.24 0.00 58.93 0.004.55 0.00 127.67 0.00 0.0016/17 2.17 0.00 58.93 0.004.41 0.00 123.90 0.00 0.0017/18 2.10 0.00 58.93 0.004.28 0.00 120.24 0.00 0.0018/19 2.04 0.00 58.93 0.004.17 0.00 117.01 0.00 0.0019/20 1.99 0.00 58.93 0.004.03 0.00 113.24 0.00 0.0020/21 1.92 0.00 58.93 0.003.91 0.00 109.89 0.00 0.0021/22 1.86 0.00 58.93 0.003.80 0.00 106.65 0.00 0.0022/23 1.81 0.00 58.93 0.003.70 0.00 103.78 0.00 0.0023/24 1.76 0.00 58.93 0.003.58 0.00 100.43 0.00 0.0024/25 1.70 0.00 58.93 0.003.47 0.00 97.47 0.00 0.0025/26 1.65 0.00 58.93 0.003.37 0.00 94.59 0.00 0.0026/27 1.61 0.00 58.93 0.003.28 0.00 92.04 0.00 0.0027/28 1.56 0.00 58.93 0.003.17 0.00 89.08 0.00 0.0028/29 1.51 0.00 58.93 0.003.08 0.00 86.45 0.00 0.0029/30 1.47 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 16.83 4.62 0.00 22.52 0.00 63.0024.95 0.00 60.11 1.0016/17 16.29 4.47 0.00 22.52 0.00 60.0524.35 0.00 112.18 1.0017/18 15.81 4.34 0.00 22.52 0.00 57.4123.83 0.00 157.45 1.0018/19 15.34 4.21 0.00 22.52 0.00 54.8523.32 0.00 196.77 1.0019/20 14.93 4.10 0.00 22.52 0.00 52.5822.89 0.00 231.03 1.0020/21 14.45 3.96 0.00 22.52 0.00 49.9722.34 0.00 260.63 1.0021/22 14.02 3.85 0.00 22.52 0.00 47.6421.86 0.00 286.29 1.0022/23 13.61 3.73 0.00 22.52 0.00 45.3921.40 0.00 308.52 1.0023/24 13.24 3.63 0.00 22.52 0.00 43.3821.00 0.00 327.83 1.0024/25 12.82 3.52 0.00 22.52 0.00 41.0920.50 0.00 344.45 1.0025/26 12.44 3.41 0.00 22.52 0.00 39.0420.06 0.00 358.81 1.0026/27 12.07 3.31 0.00 22.52 0.00 37.0519.64 0.00 371.20 1.0027/28 11.74 3.22 0.00 22.52 0.00 35.2819.28 0.00 381.93 1.0028/29 11.37 3.12 0.00 22.52 0.00 33.2618.82 0.00 391.12 1.0029/30 11.03 3.03 0.00 22.52 0.00 31.4518.42 0.00 399.02 Rem. Total 194.15 53.26 37.53 575.72 0.00 300.88 400.15 109.76 37.53 913.49 0.00 992.33682.69 360.03 0.00 0.00 42.91 441.93 58.93 0.00 58.93 0.00 0.00 263.94 13.80 54.20 0.00 1,521.58 0.00 111.70 0.00 3,135.94 0.00 0.00 25.82 53.21 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.96 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.62550000 0.47640000 619.90 / 27.44 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 622.00 500.45 441.93 12.00% : 15.00% : 395.58 342.07 PW 280.1320.00% : 0.71 396.66 117.46 >1000 0.59 1/25/2056 TRC Eco Detailed.rpt 37

1 0 1 0 0 1 0 0 0 100 1000 10000 86 94 02 10 18 26 34 42 50 58 66 74 1 1 0 1 0 0 1 10 100 Case Name: WAR CLUB 2 Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 263.94 Mbbl Gas EUR: 13.80 MMcf Oil Rem: 111.70 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 152.24 Mbbl Proj Gas Cum: 13.80 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Producing POPLAR, NORTHWEST Nautilus Poplar Charles C ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:37:09PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 103.35 160.92 Poplar Field All Cases LEASE CASE default ZIMMERMAN 1 - 1-H 58.93 0.002.28 0.00 87.98 0.00 0.0015/16 1.49 0.00 58.93 0.002.23 0.00 85.90 0.00 0.0016/17 1.46 0.00 58.93 0.002.18 0.00 84.09 0.00 0.0017/18 1.43 0.00 58.93 0.002.14 0.00 82.32 0.00 0.0018/19 1.40 0.00 58.93 0.002.10 0.00 80.81 0.00 0.0019/20 1.37 0.00 58.93 0.002.05 0.00 78.89 0.00 0.0020/21 1.34 0.00 58.93 0.002.00 0.00 77.24 0.00 0.0021/22 1.31 0.00 58.93 0.001.96 0.00 75.61 0.00 0.0022/23 1.28 0.00 58.93 0.001.93 0.00 74.22 0.00 0.0023/24 1.26 0.00 58.93 0.001.88 0.00 72.46 0.00 0.0024/25 1.23 0.00 58.93 0.001.84 0.00 70.94 0.00 0.0025/26 1.20 0.00 58.93 0.001.80 0.00 69.45 0.00 0.0026/27 1.18 0.00 58.93 0.001.77 0.00 68.17 0.00 0.0027/28 1.16 0.00 58.93 0.001.73 0.00 66.56 0.00 0.0028/29 1.13 0.00 58.93 0.001.69 0.00 65.16 0.00 0.0029/30 1.11 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 8.15 0.89 0.00 27.00 0.00 38.4413.51 0.00 36.67 1.0016/17 7.95 0.87 0.00 27.00 0.00 36.8913.18 0.00 68.66 1.0017/18 7.79 0.85 0.00 27.00 0.00 35.5612.90 0.00 96.70 1.0018/19 7.62 0.83 0.00 27.00 0.00 34.2512.62 0.00 121.25 1.0019/20 7.48 0.82 0.00 27.00 0.00 33.1412.38 0.00 142.85 1.0020/21 7.31 0.80 0.00 27.00 0.00 31.7212.07 0.00 161.64 1.0021/22 7.15 0.78 0.00 27.00 0.00 30.4911.81 0.00 178.06 1.0022/23 7.00 0.76 0.00 27.00 0.00 29.2911.56 0.00 192.40 1.0023/24 6.87 0.75 0.00 27.00 0.00 28.2711.34 0.00 204.98 1.0024/25 6.71 0.73 0.00 27.00 0.00 26.9611.06 0.00 215.89 1.0025/26 6.57 0.72 0.00 27.00 0.00 25.8310.82 0.00 225.39 1.0026/27 6.43 0.70 0.00 27.00 0.00 24.7310.59 0.00 233.66 1.0027/28 6.31 0.69 0.00 27.00 0.00 23.7910.38 0.00 240.90 1.0028/29 6.16 0.67 0.00 27.00 0.00 22.5910.13 0.00 247.14 1.0029/30 6.03 0.66 0.00 27.00 0.00 21.569.91 0.00 252.56 Rem. Total 114.15 12.44 45.00 661.94 0.00 213.24 219.70 23.95 45.00 1,066.94 0.00 656.74360.26 186.00 0.00 0.00 30.96 283.52 58.93 0.00 58.93 0.00 0.00 164.92 160.92 31.99 0.00 1,232.77 0.00 61.57 0.00 2,372.58 0.00 0.00 20.92 40.26 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.10 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.75000000 0.65390000 300.57 / 15.59 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 405.37 322.93 283.52 12.00% : 15.00% : 252.51 216.99 PW 176.3320.00% : 0.95 191.90 82.84 >1000 1.18 1/6/2055 TRC Eco Detailed.rpt 38

1 0 1 0 0 1 0 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 96 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: ZIMMERMAN 1 Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 164.92 Mbbl Gas EUR: 160.92 MMcf Oil Rem: 61.57 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 103.35 Mbbl Proj Gas Cum: 160.92 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Net Gas (MMcf) As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year ECONOMIC SUMMARY PROJECTION09/04/2015 1:53:00PMDate : 0.00 Project Name : Partner : Case Type : Cum Oil (Mbbl) : Cum Gas (MMcf) : 2,122.50 Poplar Field All Cases GRAND TOTAL CASE Total 58.93 0.0038.18 0.00 1,925.51 0.00 0.0015/16 32.67 0.00 58.93 0.0071.46 0.00 3,586.70 0.00 0.0016/17 60.86 0.00 58.93 0.0081.98 0.00 4,093.02 0.00 0.0017/18 69.46 0.00 58.93 0.0079.42 0.00 3,950.92 0.00 0.0018/19 67.04 0.00 58.93 0.0067.11 0.00 3,341.44 0.00 0.0019/20 56.70 0.00 58.93 0.0058.90 0.00 2,938.07 0.00 0.0020/21 49.86 0.00 58.93 0.0052.06 0.00 2,600.88 0.00 0.0021/22 44.14 0.00 58.93 0.0046.17 0.00 2,309.61 0.00 0.0022/23 39.19 0.00 58.93 0.0040.12 0.00 2,007.18 0.00 0.0023/24 34.06 0.00 58.93 0.0033.60 0.00 1,679.71 0.00 0.0024/25 28.50 0.00 58.93 0.0029.74 0.00 1,487.53 0.00 0.0025/26 25.24 0.00 58.93 0.0027.20 0.00 1,362.49 0.00 0.0026/27 23.12 0.00 58.93 0.0025.90 0.00 1,300.67 0.00 0.0027/28 22.07 0.00 58.93 0.0024.15 0.00 1,214.83 0.00 0.0028/29 20.61 0.00 58.93 0.0022.59 0.00 1,131.57 0.00 0.0029/30 19.20 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 9.0015/16 245.73 86.89 2,541.25 183.00 0.00 -1,275.70144.34 0.00 -1,238.19 11.0016/17 453.07 155.13 881.25 378.33 0.00 1,355.40363.52 0.00 -87.31 12.0017/18 516.85 174.51 1,011.25 437.85 0.00 1,514.81437.75 0.00 1,100.03 13.0018/19 499.52 167.93 0.00 468.00 0.00 2,372.75442.73 0.00 2,803.28 13.0019/20 422.39 141.95 0.00 468.23 0.00 1,920.05388.82 0.00 4,055.99 13.0020/21 371.46 124.80 0.00 494.17 0.00 1,570.03377.60 0.00 4,987.07 14.0021/22 328.87 110.45 0.00 504.00 0.00 1,301.36356.19 0.00 5,688.67 14.0022/23 292.08 98.05 0.00 504.00 0.00 1,086.55328.94 0.00 6,221.22 14.0023/24 253.80 85.14 0.00 473.37 0.00 916.29278.59 0.00 6,629.44 12.0024/25 212.29 71.13 120.00 416.71 0.00 656.15203.43 0.00 6,895.56 11.0025/26 188.00 62.95 60.00 396.00 0.00 605.83174.76 0.00 7,118.80 11.0026/27 172.24 57.64 0.00 396.33 0.00 572.15164.12 0.00 7,310.31 11.0027/28 164.53 55.06 0.00 421.85 0.00 494.02165.22 0.00 7,460.62 12.0028/29 153.73 51.43 0.00 424.18 0.00 420.31165.18 0.00 7,576.88 12.0029/30 143.24 47.78 60.00 414.04 0.00 299.23167.28 0.00 7,651.90 Rem. Total 1,133.49 372.72 765.00 3,934.30 0.00 1,850.92 5,551.30 1,863.56 5,438.75 10,314.35 0.00 15,660.135,113.64 955.18 0.00 0.00 229.51 7,881.41 58.93 0.00 58.93 0.00 0.00 3,003.58 0.00 182.52 0.00 9,011.61 0.00 881.08 0.00 43,941.73 0.00 0.00 152.92 745.66 0.00 0.00 Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 2.87 / 3.88 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 10,712.33 8,858.89 7,881.41 12.00% : 15.00% : 7,054.21 6,028.22 PW 4,726.9720.00% : 4,205.10 99.46 2.79 TRC Eco Detailed.rpt 1

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR, LLC MADISON ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection EPU 022 - 22 58.93 0.001.18 0.00 60.62 0.00 0.0015/16 1.03 0.00 58.93 0.006.10 0.00 314.59 0.00 0.0016/17 5.34 0.00 58.93 0.004.92 0.00 253.73 0.00 0.0017/18 4.31 0.00 58.93 0.004.11 0.00 211.96 0.00 0.0018/19 3.60 0.00 58.93 0.003.53 0.00 182.04 0.00 0.0019/20 3.09 0.00 58.93 0.003.07 0.00 158.48 0.00 0.0020/21 2.69 0.00 58.93 0.002.72 0.00 140.44 0.00 0.0021/22 2.38 0.00 58.93 0.002.44 0.00 125.94 0.00 0.0022/23 2.14 0.00 58.93 0.002.22 0.00 114.34 0.00 0.0023/24 1.94 0.00 58.93 0.002.02 0.00 104.09 0.00 0.0024/25 1.77 0.00 58.93 0.001.86 0.00 95.69 0.00 0.0025/26 1.62 0.00 58.93 0.001.72 0.00 88.49 0.00 0.0026/27 1.50 0.00 58.93 0.001.60 0.00 82.47 0.00 0.0027/28 1.40 0.00 58.93 0.001.49 0.00 76.79 0.00 0.0028/29 1.30 0.00 58.93 0.001.40 0.00 71.99 0.00 0.0029/30 1.22 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 7.74 2.61 360.00 6.00 0.00 -322.496.76 0.00 -298.09 1.0016/17 40.14 13.56 0.00 36.00 0.00 189.1435.74 0.00 -133.74 1.0017/18 32.38 10.94 0.00 36.00 0.00 144.6329.79 0.00 -19.53 1.0018/19 27.05 9.14 0.00 36.00 0.00 114.0925.69 0.00 62.37 1.0019/20 23.23 7.85 0.00 36.00 0.00 92.2222.75 0.00 122.55 1.0020/21 20.22 6.83 0.00 36.00 0.00 75.0320.39 0.00 167.05 1.0021/22 17.92 6.05 0.00 36.00 0.00 61.8718.59 0.00 200.40 1.0022/23 16.07 5.43 0.00 36.00 0.00 51.3017.14 0.00 225.55 1.0023/24 14.59 4.93 0.00 36.00 0.00 42.8515.97 0.00 244.64 1.0024/25 13.28 4.49 0.00 36.00 0.00 35.4014.92 0.00 258.99 1.0025/26 12.21 4.12 0.00 36.00 0.00 29.3014.05 0.00 269.78 1.0026/27 11.29 3.81 0.00 36.00 0.00 24.0813.31 0.00 277.84 1.0027/28 10.52 3.55 0.00 36.00 0.00 19.7112.69 0.00 283.84 1.0028/29 9.80 3.31 0.00 36.00 0.00 15.6112.07 0.00 288.16 1.0029/30 9.19 3.10 0.00 36.00 0.00 12.1411.56 0.00 291.22 Rem. Total 34.23 11.56 60.00 155.53 0.00 -38.39 299.85 101.28 420.00 665.53 0.00 546.50316.76 45.34 0.00 0.00 -4.10 287.12 58.93 0.00 58.93 0.00 0.00 45.57 0.00 5.20 0.00 268.28 0.00 45.57 0.00 2,349.93 0.00 0.00 4.55 39.88 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 24.00 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.84 / 2.30 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 397.10 327.00 287.12 12.00% : 15.00% : 251.93 206.64 PW 147.0320.00% : 341.10 600.00 89.02 45.73 3.40 10/30/2034 TRC Eco Detailed.rpt 2

1 0 1 0 0 1 0 0 0 100 1000 10000 09 13 17 21 25 29 33 37 41 45 49 53 Case Name: EPU 022 Oper: NAUTILUS POPLAR, LLC Field: POPLAR, EAST Oil EUR: 45.57 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 45.57 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR, LLC MADISON ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 5.26 0.00 Poplar Field All Cases LEASE CASE Projection EPU 57 - 57 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.002.91 0.00 150.02 0.00 0.0016/17 2.55 0.00 58.93 0.003.59 0.00 185.37 0.00 0.0017/18 3.15 0.00 58.93 0.002.94 0.00 151.35 0.00 0.0018/19 2.57 0.00 58.93 0.002.48 0.00 127.85 0.00 0.0019/20 2.17 0.00 58.93 0.002.13 0.00 109.91 0.00 0.0020/21 1.87 0.00 58.93 0.001.87 0.00 96.44 0.00 0.0021/22 1.64 0.00 58.93 0.001.66 0.00 85.80 0.00 0.0022/23 1.46 0.00 58.93 0.000.65 0.00 33.31 0.00 0.0023/23 0.57 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0024/25 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 19.14 6.47 100.00 24.00 0.00 -29.1229.53 0.00 -27.48 1.0017/18 23.65 7.99 0.00 36.00 0.00 77.3540.37 0.00 33.67 1.0018/19 19.31 6.52 0.00 36.00 0.00 52.6836.83 0.00 71.54 1.0019/20 16.31 5.51 0.00 36.00 0.00 35.6634.37 0.00 94.85 1.0020/21 14.02 4.74 0.00 36.00 0.00 22.8232.33 0.00 108.41 1.0021/22 12.31 4.16 0.00 36.00 0.00 13.1930.79 0.00 115.56 1.0022/23 10.95 3.70 0.00 36.00 0.00 5.6329.52 0.00 118.34 1.0023/23 4.25 1.44 0.00 15.00 0.00 0.5712.05 0.00 118.61 0.0024/25 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 94.15 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 119.95 40.52 160.00 255.00 0.00 118.79245.80 0.00 0.00 0.00 0.00 94.15 0.00 0.00 58.93 0.00 0.00 23.49 0.00 0.00 0.00 0.00 0.00 18.23 0.00 940.06 0.00 0.00 0.00 15.95 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.84 / 1.74 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 106.98 99.28 94.15 12.00% : 15.00% : 89.11 81.84 PW 70.6720.00% : 112.48 400.00 125.76 127.03 3.19 11/30/2023 TRC Eco Detailed.rpt 3

1 1 0 1 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 Case Name: EPU 57 Oper: NAUTILUS POPLAR, LLC Field: POPLAR, EAST Oil EUR: 23.49 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 18.23 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 5.26 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.01 0.00 Poplar Field All Cases INCREMENTAL CASE Projection EPU 020{incr} - 20 58.93 0.000.16 0.00 8.42 0.00 0.0015/16 0.14 0.00 58.93 0.001.08 0.00 55.92 0.00 0.0016/17 0.95 0.00 58.93 0.005.14 0.00 264.95 0.00 0.0017/18 4.50 0.00 58.93 0.004.38 0.00 225.71 0.00 0.0018/19 3.83 0.00 58.93 0.003.77 0.00 194.24 0.00 0.0019/20 3.30 0.00 58.93 0.003.24 0.00 167.32 0.00 0.0020/21 2.84 0.00 58.93 0.002.82 0.00 145.34 0.00 0.0021/22 2.47 0.00 58.93 0.002.46 0.00 126.84 0.00 0.0022/23 2.15 0.00 58.93 0.002.16 0.00 111.44 0.00 0.0023/24 1.89 0.00 58.93 0.001.90 0.00 97.72 0.00 0.0024/25 1.66 0.00 58.93 0.001.67 0.00 86.22 0.00 0.0025/26 1.46 0.00 58.93 0.001.48 0.00 76.30 0.00 0.0026/27 1.29 0.00 58.93 0.001.32 0.00 67.89 0.00 0.0027/28 1.15 0.00 58.93 0.001.17 0.00 60.22 0.00 0.0028/29 1.02 0.00 58.93 0.001.04 0.00 53.71 0.00 0.0029/30 0.91 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 1.07 0.36 0.00 0.00 0.00 34.22-27.24 0.00 32.63 0.0016/17 7.14 2.41 0.00 0.00 0.00 69.41-23.04 0.00 91.60 0.0017/18 33.81 11.42 0.00 0.00 0.00 225.77-6.05 0.00 269.75 0.0018/19 28.80 9.73 0.00 0.00 0.00 195.11-7.93 0.00 409.71 0.0019/20 24.79 8.37 0.00 0.00 0.00 170.50-9.42 0.00 520.88 0.0020/21 21.35 7.21 0.00 0.00 0.00 149.29-10.53 0.00 609.37 0.0021/22 18.55 6.26 0.00 0.00 0.00 131.96-11.43 0.00 680.47 0.0022/23 16.19 5.47 0.00 0.00 0.00 117.32-12.13 0.00 737.94 0.0023/24 14.22 4.80 0.00 0.00 0.00 105.12-12.70 0.00 784.74 0.0024/25 12.47 4.21 0.00 0.00 0.00 94.13-13.09 0.00 822.84 0.0025/26 11.00 3.72 0.00 0.00 0.00 84.90-13.40 0.00 854.08 0.0026/27 9.74 3.29 0.00 0.00 0.00 76.90-13.62 0.00 879.81 0.0027/28 8.66 2.93 0.00 0.00 0.00 70.12-13.82 0.00 901.13 0.0028/29 7.68 2.60 0.00 0.00 0.00 63.82-13.88 0.00 918.77 0.0029/30 6.85 2.32 0.00 0.00 0.00 58.47-13.92 0.00 933.46 Rem. Total 170.62 57.63 0.00 414.92 0.00 985.34 392.93 132.72 0.00 414.92 0.00 2,632.37-493.55 -291.36 0.00 0.00 85.01 1,018.47 58.93 0.00 58.93 0.00 0.00 59.73 0.00 25.93 0.00 1,337.15 0.00 59.72 0.00 3,079.39 0.00 0.00 22.69 52.25 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.31 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 5,050.41 / 0.00 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 1,468.31 1,160.91 1,018.47 12.00% : 15.00% : 906.34 776.09 PW 622.0920.00% : -0.40 350.28 95.58 >1000 0.00 4/5/2074 TRC Eco Detailed.rpt 4

Water{base} Water{PROJ} Oil{base} Oil{PROJ} 1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 1 1 0 1 0 0 1 10 100 Case Name: EPU 020{incr} Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 59.73 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 59.72 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.01 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases INCREMENTAL CASE Projection EPU 048{incr} - 48 58.93 0.000.76 0.00 39.39 0.00 0.0015/16 0.67 0.00 58.93 0.004.17 0.00 214.82 0.00 0.0016/17 3.65 0.00 58.93 0.004.12 0.00 212.38 0.00 0.0017/18 3.60 0.00 58.93 0.004.55 0.00 234.83 0.00 0.0018/19 3.98 0.00 58.93 0.003.98 0.00 205.30 0.00 0.0019/20 3.48 0.00 58.93 0.003.51 0.00 181.22 0.00 0.0020/21 3.08 0.00 58.93 0.003.15 0.00 162.38 0.00 0.0021/22 2.76 0.00 58.93 0.002.85 0.00 146.94 0.00 0.0022/23 2.49 0.00 58.93 0.002.61 0.00 134.43 0.00 0.0023/24 2.28 0.00 58.93 0.002.39 0.00 123.17 0.00 0.0024/25 2.09 0.00 58.93 0.002.21 0.00 113.85 0.00 0.0025/26 1.93 0.00 58.93 0.002.05 0.00 105.79 0.00 0.0026/27 1.80 0.00 58.93 0.001.92 0.00 99.02 0.00 0.0027/28 1.68 0.00 58.93 0.001.79 0.00 92.54 0.00 0.0028/29 1.57 0.00 58.93 0.001.69 0.00 87.04 0.00 0.0029/30 1.48 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) -1.0015/16 5.03 1.70 360.00 0.00 0.00 -292.08-35.25 0.00 -268.89 0.0016/17 27.41 9.26 0.00 0.00 0.00 205.45-27.30 0.00 -90.48 1.0017/18 27.10 9.15 0.00 15.39 0.00 167.41-6.67 0.00 41.67 1.0018/19 29.96 10.12 0.00 36.00 0.00 137.2721.48 0.00 140.19 1.0019/20 26.20 8.85 0.00 36.00 0.00 114.0220.24 0.00 214.56 1.0020/21 23.12 7.81 0.00 36.00 0.00 95.1419.14 0.00 270.98 1.0021/22 20.72 7.00 0.00 36.00 0.00 80.3818.28 0.00 314.31 1.0022/23 18.75 6.33 0.00 36.00 0.00 68.3017.56 0.00 347.78 1.0023/24 17.15 5.79 0.00 36.00 0.00 58.5016.98 0.00 373.84 1.0024/25 15.72 5.31 0.00 36.00 0.00 49.7516.39 0.00 393.99 1.0025/26 14.53 4.91 0.00 36.00 0.00 42.5115.91 0.00 409.64 1.0026/27 13.50 4.56 0.00 36.00 0.00 36.2615.47 0.00 421.78 1.0027/28 12.63 4.27 0.00 36.00 0.00 30.9915.12 0.00 431.21 1.0028/29 11.81 3.99 0.00 36.00 0.00 26.0214.72 0.00 438.41 1.0029/30 11.11 3.75 0.00 36.00 0.00 21.7914.39 0.00 443.89 Rem. Total 67.78 22.90 60.00 273.39 0.00 6.46 342.52 115.69 420.00 720.78 0.00 848.17237.16 100.69 0.00 0.00 6.52 450.41 58.93 0.00 58.93 0.00 0.00 52.06 0.00 10.30 0.00 531.22 0.00 52.06 0.00 2,684.33 0.00 0.00 9.01 45.55 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 8.04 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.33 / 3.02 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 612.51 508.18 450.41 12.00% : 15.00% : 400.36 337.14 PW 255.7520.00% : 338.79 206.97 94.24 69.49 2.87 2/4/2038 TRC Eco Detailed.rpt 5

Water{base} Water{PROJ} Oil{base} Oil{PROJ} 1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 96 04 12 1 1 0 1 0 0 1 10 100 Case Name: EPU 048{incr} Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 52.06 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 52.06 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: -0.00 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR, LLC MADISON ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 36.15 0.00 Poplar Field All Cases LEASE CASE Projection EPU 084 - 84 58.93 0.000.91 0.00 46.77 0.00 0.0015/16 0.79 0.00 58.93 0.005.97 0.00 307.77 0.00 0.0016/17 5.22 0.00 58.93 0.004.63 0.00 238.82 0.00 0.0017/18 4.05 0.00 58.93 0.003.77 0.00 194.35 0.00 0.0018/19 3.30 0.00 58.93 0.003.18 0.00 163.78 0.00 0.0019/20 2.78 0.00 58.93 0.002.73 0.00 140.55 0.00 0.0020/21 2.39 0.00 58.93 0.002.39 0.00 123.16 0.00 0.0021/22 2.09 0.00 58.93 0.002.12 0.00 109.45 0.00 0.0022/23 1.86 0.00 58.93 0.001.91 0.00 98.63 0.00 0.0023/24 1.67 0.00 58.93 0.001.73 0.00 89.23 0.00 0.0024/25 1.51 0.00 58.93 0.001.58 0.00 81.60 0.00 0.0025/26 1.38 0.00 58.93 0.001.46 0.00 75.12 0.00 0.0026/27 1.27 0.00 58.93 0.001.35 0.00 69.73 0.00 0.0027/28 1.18 0.00 58.93 0.001.25 0.00 64.71 0.00 0.0028/29 1.10 0.00 58.93 0.000.25 0.00 12.92 0.00 0.0029/29 0.22 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 5.97 2.02 290.00 4.65 0.00 -260.875.01 0.00 -241.17 1.0016/17 39.27 13.27 0.00 36.00 0.00 177.9441.30 0.00 -86.48 1.0017/18 30.47 10.29 0.00 36.00 0.00 127.6434.42 0.00 14.37 1.0018/19 24.80 8.38 0.00 36.00 0.00 95.2629.91 0.00 82.78 1.0019/20 20.90 7.06 0.00 36.00 0.00 73.0426.78 0.00 130.46 1.0020/21 17.93 6.06 0.00 36.00 0.00 56.2524.31 0.00 163.83 1.0021/22 15.72 5.31 0.00 36.00 0.00 43.6922.44 0.00 187.40 1.0022/23 13.97 4.72 0.00 36.00 0.00 33.8420.93 0.00 204.00 1.0023/24 12.59 4.25 0.00 36.00 0.00 26.0719.73 0.00 215.62 1.0024/25 11.39 3.85 0.00 36.00 0.00 19.3818.62 0.00 223.49 1.0025/26 10.41 3.52 0.00 36.00 0.00 13.9717.70 0.00 228.64 1.0026/27 9.59 3.24 0.00 36.00 0.00 9.3916.91 0.00 231.79 1.0027/28 8.90 3.01 0.00 36.00 0.00 5.5916.24 0.00 233.50 1.0028/29 8.26 2.79 0.00 35.67 0.00 2.4215.57 0.00 234.17 1.0029/29 1.65 0.56 0.00 7.38 0.00 0.173.17 0.00 234.22 Rem. Total 0.00 0.00 60.00 0.00 0.00 -60.00 231.80 78.30 350.00 479.70 0.00 363.77313.04 0.00 0.00 0.00 -14.08 220.13 0.00 0.00 58.93 0.00 0.00 71.38 0.00 0.00 0.00 0.00 0.00 35.23 0.00 1,816.61 0.00 0.00 0.00 30.83 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 28.52 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.78 / 2.04 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 284.68 244.24 220.13 12.00% : 15.00% : 198.15 168.80 PW 128.1820.00% : 281.90 600.00 99.67 53.39 3.14 9/14/2029 TRC Eco Detailed.rpt 6

1 0 1 0 0 1 0 0 0 100 1000 10000 86 94 02 10 18 26 34 42 50 58 66 Case Name: EPU 084 Oper: NAUTILUS POPLAR, LLC Field: POPLAR, EAST Oil EUR: 71.38 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 35.23 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 36.15 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 64.75 0.00 Poplar Field All Cases LEASE CASE Projection EPU 097 - 97 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.005.74 0.00 296.14 0.00 0.0016/17 5.03 0.00 58.93 0.004.88 0.00 251.87 0.00 0.0017/18 4.27 0.00 58.93 0.003.95 0.00 203.53 0.00 0.0018/19 3.45 0.00 58.93 0.003.31 0.00 170.67 0.00 0.0019/20 2.90 0.00 58.93 0.002.83 0.00 145.93 0.00 0.0020/21 2.48 0.00 58.93 0.002.47 0.00 127.51 0.00 0.0021/22 2.16 0.00 58.93 0.002.19 0.00 113.06 0.00 0.0022/23 1.92 0.00 58.93 0.001.47 0.00 76.03 0.00 0.0023/24 1.29 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0024/24 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 37.79 12.76 325.00 33.00 0.00 -177.4565.04 0.00 -165.19 1.0017/18 32.14 10.86 0.00 36.00 0.00 107.0265.85 0.00 -80.57 1.0018/19 25.97 8.77 0.00 36.00 0.00 72.4660.33 0.00 -28.49 1.0019/20 21.78 7.36 0.00 36.00 0.00 49.1156.43 0.00 3.60 1.0020/21 18.62 6.29 0.00 36.00 0.00 31.9053.12 0.00 22.56 1.0021/22 16.27 5.50 0.00 36.00 0.00 19.2050.54 0.00 32.95 1.0022/23 14.43 4.87 0.00 36.00 0.00 9.3948.37 0.00 37.58 1.0023/24 9.70 3.28 0.00 26.37 0.00 2.1234.55 0.00 38.55 0.0024/24 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 14.82 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 176.69 59.68 385.00 275.37 0.00 53.75434.23 0.00 0.00 0.00 0.00 14.82 0.00 0.00 58.93 0.00 0.00 91.61 0.00 0.00 0.00 0.00 0.00 26.85 0.00 1,384.73 0.00 0.00 0.00 23.50 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 28.25 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.05 / 1.14 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 33.54 22.05 14.82 12.00% : 15.00% : 7.99 -1.48 PW -15.2520.00% : 316.74 600.00 159.94 14.51 5.24 3/26/2024 TRC Eco Detailed.rpt 7

1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 1 1 0 1 0 0 1 10 100 Case Name: EPU 097 Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 91.61 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 26.85 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 64.75 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST Nautilus Poplar Charles ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : -0.04 0.00 Poplar Field All Cases INCREMENTAL CASE Projection EPU 101{incr} - 101 58.93 0.006.59 0.00 339.70 0.00 0.0015/16 5.76 0.00 58.93 0.005.87 0.00 302.94 0.00 0.0016/17 5.14 0.00 58.93 0.005.01 0.00 258.17 0.00 0.0017/18 4.38 0.00 58.93 0.004.35 0.00 224.50 0.00 0.0018/19 3.81 0.00 58.93 0.003.86 0.00 198.82 0.00 0.0019/20 3.37 0.00 58.93 0.003.44 0.00 177.33 0.00 0.0020/21 3.01 0.00 58.93 0.003.11 0.00 160.24 0.00 0.0021/22 2.72 0.00 58.93 0.002.83 0.00 146.03 0.00 0.0022/23 2.48 0.00 58.93 0.002.61 0.00 134.39 0.00 0.0023/24 2.28 0.00 58.93 0.002.40 0.00 123.76 0.00 0.0024/25 2.10 0.00 58.93 0.002.23 0.00 114.91 0.00 0.0025/26 1.95 0.00 58.93 0.002.08 0.00 107.19 0.00 0.0026/27 1.82 0.00 58.93 0.001.95 0.00 100.67 0.00 0.0027/28 1.71 0.00 58.93 0.001.83 0.00 94.37 0.00 0.0028/29 1.60 0.00 58.93 0.001.73 0.00 89.00 0.00 0.0029/30 1.51 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/15 43.35 14.64 425.00 26.75 0.00 -271.51101.47 0.00 -274.95 1.0016/17 38.65 13.06 0.00 36.00 0.00 120.7294.50 0.00 -170.10 1.0017/18 32.94 11.13 0.00 36.00 0.00 96.6881.41 0.00 -93.77 1.0018/19 28.65 9.68 0.00 36.00 0.00 78.6371.56 0.00 -37.33 1.0019/20 25.37 8.57 0.00 36.00 0.00 64.8564.04 0.00 4.97 1.0020/21 22.63 7.64 0.00 36.00 0.00 53.3657.70 0.00 36.62 1.0021/22 20.45 6.91 0.00 36.00 0.00 44.2252.66 0.00 60.46 1.0022/23 18.63 6.29 0.00 36.00 0.00 36.6348.47 0.00 78.42 1.0023/24 17.15 5.79 0.00 36.00 0.00 30.4145.04 0.00 91.97 1.0024/25 15.79 5.33 0.00 36.00 0.00 24.7741.87 0.00 102.01 1.0025/26 14.66 4.95 0.00 36.00 0.00 20.0739.23 0.00 109.40 1.0026/27 13.68 4.62 0.00 36.00 0.00 15.9736.92 0.00 114.75 1.0027/28 12.85 4.34 0.00 36.00 0.00 12.5034.98 0.00 118.56 1.0028/29 12.04 4.07 0.00 36.00 0.00 9.1933.07 0.00 121.11 1.0029/30 11.36 3.84 0.00 36.00 0.00 6.3631.45 0.00 122.71 Rem. Total 23.47 7.93 60.00 80.83 0.00 -54.13 351.66 118.78 485.00 611.58 0.00 288.71900.22 65.85 0.00 0.00 -9.23 113.48 58.93 0.00 58.93 0.00 0.00 53.41 0.00 3.57 0.00 183.94 0.00 53.45 0.00 2,755.95 0.00 0.00 3.12 46.77 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 20.00 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.26 / 1.60 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 191.24 142.31 113.48 12.00% : 15.00% : 87.41 52.91 PW 5.5920.00% : 432.11 655.09 124.23 20.68 4.52 10/1/2032 TRC Eco Detailed.rpt 8

Water{base} Water{PROJ} Oil{base} Oil{PROJ} 1 0 1 0 0 1 0 0 0 100 1000 10000 87 95 03 11 19 27 35 43 51 59 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 101{incr} Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 53.41 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 53.45 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: -0.04 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases INCREMENTAL CASE Projection EPU 102{incr} - 102 0.00 0.00-0.01 0.00 -0.75 0.00 0.0015/16 -0.01 0.00 58.93 0.000.04 0.00 2.09 0.00 0.0016/17 0.04 0.00 58.93 0.005.60 0.00 288.70 0.00 0.0017/18 4.90 0.00 58.93 0.005.35 0.00 275.83 0.00 0.0018/19 4.68 0.00 58.93 0.004.50 0.00 232.28 0.00 0.0019/20 3.94 0.00 58.93 0.003.81 0.00 196.66 0.00 0.0020/21 3.34 0.00 58.93 0.003.27 0.00 168.46 0.00 0.0021/22 2.86 0.00 58.93 0.002.82 0.00 145.31 0.00 0.0022/23 2.47 0.00 58.93 0.002.45 0.00 126.39 0.00 0.0023/24 2.14 0.00 58.93 0.002.13 0.00 109.86 0.00 0.0024/25 1.86 0.00 58.93 0.001.86 0.00 96.14 0.00 0.0025/26 1.63 0.00 58.93 0.001.64 0.00 84.41 0.00 0.0026/27 1.43 0.00 58.93 0.001.44 0.00 74.49 0.00 0.0027/28 1.26 0.00 58.93 0.002.26 0.00 116.33 0.00 0.0028/29 1.97 0.00 58.93 0.003.18 0.00 164.12 0.00 0.0029/30 2.78 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 -0.10 -0.03 0.00 0.00 0.00 40.55-41.17 0.00 38.65 0.0016/17 0.27 0.09 0.00 0.00 0.00 42.46-40.73 0.00 75.45 0.0017/18 36.84 12.44 325.00 0.00 0.00 -56.19-29.39 0.00 20.09 0.0018/19 35.20 11.89 0.00 0.00 0.00 258.42-29.67 0.00 205.48 0.0019/20 29.64 10.01 0.00 0.00 0.00 223.88-31.25 0.00 351.47 0.0020/21 25.09 8.48 0.00 0.00 0.00 195.40-32.30 0.00 467.28 0.0021/22 21.50 7.26 0.00 0.00 0.00 172.88-33.18 0.00 560.43 0.0022/23 18.54 6.26 0.00 0.00 0.00 154.37-33.87 0.00 636.05 0.0023/24 16.13 5.45 0.00 0.00 0.00 139.31-34.49 0.00 698.08 0.0024/25 14.02 4.73 0.00 0.00 0.00 125.92-34.82 0.00 749.04 0.0025/26 12.27 4.14 0.00 0.00 0.00 114.86-35.14 0.00 791.30 0.0026/27 10.77 3.64 0.00 0.00 0.00 105.38-35.38 0.00 826.55 0.0027/28 9.51 3.21 0.00 0.00 0.00 97.44-35.66 0.00 856.18 0.0028/29 14.84 5.01 0.00 17.13 0.00 89.68-10.34 0.00 880.96 1.0029/30 20.94 7.07 0.00 36.00 0.00 82.3317.78 0.00 901.65 Rem. Total 353.92 119.55 60.00 1,069.50 0.00 743.27 619.37 209.21 385.00 1,122.63 0.00 2,529.97-12.18 427.44 0.00 0.00 102.01 1,003.66 58.93 0.00 58.93 0.00 0.00 94.13 0.00 53.79 0.00 2,773.68 0.00 94.14 0.00 4,854.00 0.00 0.00 47.07 82.37 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 0.00 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.76 / 7.57 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 1,507.60 1,168.59 1,003.66 12.00% : 15.00% : 872.05 719.04 PW 541.1620.00% : 267.17 226.95 94.31 >1000 3.12 3/17/2060 TRC Eco Detailed.rpt 9

Water{base} Water{PROJ} Oil{base} Oil{PROJ} 1 0 0 1 0 0 0 1 0 0 0 0 100 1000 10000 83 91 99 07 15 23 31 39 47 55 63 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 102{incr} Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 94.13 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 94.14 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: -0.00 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST Nautilus Poplar Madison Formation ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases INCREMENTAL CASE Projection EPU 111{incr} - 111 58.93 0.000.06 0.00 2.90 0.00 0.0015/16 0.05 0.00 58.93 0.000.08 0.00 3.90 0.00 0.0016/17 0.07 0.00 58.93 0.001.86 0.00 95.85 0.00 0.0017/18 1.63 0.00 58.93 0.005.74 0.00 295.79 0.00 0.0018/19 5.02 0.00 58.93 0.004.18 0.00 215.32 0.00 0.0019/20 3.65 0.00 58.93 0.003.17 0.00 163.56 0.00 0.0020/21 2.78 0.00 58.93 0.002.50 0.00 129.03 0.00 0.0021/22 2.19 0.00 58.93 0.002.03 0.00 104.55 0.00 0.0022/23 1.77 0.00 58.93 0.001.68 0.00 86.83 0.00 0.0023/24 1.47 0.00 58.93 0.001.42 0.00 73.08 0.00 0.0024/25 1.24 0.00 58.93 0.001.22 0.00 62.73 0.00 0.0025/26 1.06 0.00 58.93 0.001.06 0.00 54.66 0.00 0.0026/27 0.93 0.00 58.93 0.001.77 0.00 91.01 0.00 0.0027/28 1.54 0.00 58.93 0.001.92 0.00 99.18 0.00 0.0028/29 1.68 0.00 58.93 0.001.78 0.00 91.89 0.00 0.0029/30 1.56 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.37 0.12 0.00 0.00 0.00 13.46-11.05 0.00 12.83 0.0016/17 0.50 0.17 0.00 0.00 0.00 13.70-10.47 0.00 24.71 0.0017/18 12.23 4.13 305.00 0.00 0.00 -222.64-2.88 0.00 -146.07 0.0018/19 37.74 12.75 0.00 0.00 0.00 232.2313.07 0.00 20.77 0.0019/20 27.47 9.28 0.00 0.00 0.00 171.337.23 0.00 132.62 0.0020/21 20.87 7.05 0.00 0.00 0.00 131.993.65 0.00 210.92 0.0021/22 16.46 5.56 0.00 0.00 0.00 105.641.37 0.00 267.87 0.0022/23 13.34 4.51 0.00 0.00 0.00 86.86-0.15 0.00 310.44 0.0023/24 11.08 3.74 0.00 0.00 0.00 73.19-1.19 0.00 343.05 0.0024/25 9.32 3.15 0.00 0.00 0.00 62.48-1.88 0.00 368.35 0.0025/26 8.00 2.70 0.00 0.00 0.00 54.37-2.35 0.00 388.36 0.0026/27 6.97 2.36 0.00 0.33 0.00 47.65-2.65 0.00 404.30 0.0027/27 11.61 3.92 0.00 26.08 0.00 42.327.09 0.00 417.17 1.0028/29 12.66 4.27 0.00 36.00 0.00 35.9610.29 0.00 427.12 1.0029/30 11.73 3.96 0.00 36.00 0.00 30.519.70 0.00 434.80 Rem. Total 85.40 28.85 60.00 362.00 0.00 56.71 285.77 96.52 365.00 460.40 0.00 935.7696.11 76.33 0.00 0.00 16.34 451.14 58.93 0.00 58.93 0.00 0.00 43.44 0.00 12.98 0.00 669.28 0.00 43.43 0.00 2,239.56 0.00 0.00 11.36 38.00 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 4.77 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.89 / 3.56 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 639.55 516.70 451.14 12.00% : 15.00% : 395.88 328.34 PW 245.6120.00% : 238.79 204.30 82.29 >1000 4.12 7/23/2040 TRC Eco Detailed.rpt 10

Water{default} Water{base} Water{PROJ} Oil{default} Oil{base} Oil{PROJ} 1 0 1 0 0 1 0 0 0 100 1000 10000 84 92 00 08 16 24 32 40 48 56 64 72 80 88 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 111{incr} Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 43.44 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 43.43 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR, LLC MADISON ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 19.59 0.00 Poplar Field All Cases LEASE CASE Projection EPU 116 - 116 58.93 0.006.76 0.00 348.53 0.00 0.0015/16 5.91 0.00 58.93 0.006.70 0.00 345.61 0.00 0.0016/17 5.86 0.00 58.93 0.005.39 0.00 277.85 0.00 0.0017/18 4.71 0.00 58.93 0.004.49 0.00 231.59 0.00 0.0018/19 3.93 0.00 58.93 0.003.85 0.00 198.57 0.00 0.0019/20 3.37 0.00 58.93 0.003.35 0.00 172.65 0.00 0.0020/21 2.93 0.00 58.93 0.002.96 0.00 152.84 0.00 0.0021/22 2.59 0.00 58.93 0.002.66 0.00 136.95 0.00 0.0022/23 2.32 0.00 58.93 0.002.41 0.00 124.26 0.00 0.0023/24 2.11 0.00 58.93 0.002.19 0.00 113.05 0.00 0.0024/25 1.92 0.00 58.93 0.002.01 0.00 103.88 0.00 0.0025/26 1.76 0.00 58.93 0.001.86 0.00 96.02 0.00 0.0026/27 1.63 0.00 58.93 0.001.73 0.00 89.46 0.00 0.0027/28 1.52 0.00 58.93 0.001.61 0.00 83.27 0.00 0.0028/29 1.41 0.00 58.93 0.001.51 0.00 78.04 0.00 0.0029/30 1.32 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 44.47 15.02 250.00 28.60 0.00 -29.0539.49 0.00 -36.13 1.0016/17 44.10 14.90 0.00 36.00 0.00 210.0040.61 0.00 146.34 1.0017/18 35.45 11.98 0.00 36.00 0.00 160.4633.97 0.00 273.05 1.0018/19 29.55 9.98 0.00 36.00 0.00 126.6529.41 0.00 363.97 1.0019/20 25.34 8.56 0.00 36.00 0.00 102.5326.15 0.00 430.86 1.0020/21 22.03 7.44 0.00 36.00 0.00 83.6323.55 0.00 480.46 1.0021/22 19.50 6.59 0.00 36.00 0.00 69.2021.55 0.00 517.77 1.0022/23 17.47 5.90 0.00 36.00 0.00 57.6319.94 0.00 546.02 1.0023/24 15.85 5.36 0.00 36.00 0.00 48.3918.66 0.00 567.58 1.0024/25 14.43 4.87 0.00 36.00 0.00 40.2717.49 0.00 583.89 1.0025/26 13.25 4.48 0.00 36.00 0.00 33.6216.53 0.00 596.27 1.0026/27 12.25 4.14 0.00 36.00 0.00 27.9315.70 0.00 605.63 1.0027/28 11.42 3.86 0.00 36.00 0.00 23.1815.01 0.00 612.68 1.0028/29 10.63 3.59 0.00 36.00 0.00 18.7314.33 0.00 617.87 1.0029/30 9.96 3.36 0.00 36.00 0.00 14.9713.76 0.00 621.63 Rem. Total 43.08 14.55 60.00 184.51 0.00 -28.08 368.79 124.57 310.00 717.11 0.00 960.06409.65 63.53 0.00 0.00 -1.46 620.18 58.93 0.00 58.93 0.00 0.00 75.64 0.00 6.55 0.00 337.59 0.00 56.05 0.00 2,890.17 0.00 0.00 5.73 49.04 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 28.25 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 3.45 / 4.10 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 764.44 672.68 620.18 12.00% : 15.00% : 573.55 512.90 PW 431.3620.00% : 253.10 800.00 92.72 159.25 1.39 8/19/2035 TRC Eco Detailed.rpt 11

1 0 1 0 0 1 0 0 0 100 1000 10000 97 05 13 21 29 37 45 53 61 Case Name: EPU 116 Oper: NAUTILUS POPLAR, LLC Field: POPLAR, EAST Oil EUR: 75.64 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 56.05 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 19.59 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR,EAST Nautilus Poplar CHARLES ROOSEVELT(MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases INCREMENTAL CASE Projection EPU 119{incr} 0.00 0.00-0.01 0.00 -0.67 0.00 0.0015/16 -0.01 0.00 0.00 0.000.00 0.00 -0.04 0.00 0.0016/17 0.00 0.00 58.93 0.003.84 0.00 197.81 0.00 0.0017/17 3.36 0.00 58.93 0.005.84 0.00 301.23 0.00 0.0018/19 5.11 0.00 58.93 0.004.90 0.00 252.51 0.00 0.0019/20 4.28 0.00 58.93 0.004.19 0.00 215.83 0.00 0.0020/21 3.66 0.00 58.93 0.003.66 0.00 188.55 0.00 0.0021/22 3.20 0.00 58.93 0.003.24 0.00 167.15 0.00 0.0022/23 2.84 0.00 58.93 0.002.92 0.00 150.34 0.00 0.0023/24 2.55 0.00 58.93 0.002.63 0.00 135.79 0.00 0.0024/25 2.30 0.00 58.93 0.002.40 0.00 124.00 0.00 0.0025/26 2.10 0.00 58.93 0.002.21 0.00 114.01 0.00 0.0026/27 1.93 0.00 58.93 0.002.05 0.00 105.73 0.00 0.0027/28 1.79 0.00 58.93 0.001.90 0.00 98.02 0.00 0.0028/29 1.66 0.00 58.93 0.001.78 0.00 91.54 0.00 0.0029/30 1.55 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 -0.09 -0.03 0.00 0.00 0.00 32.73-33.28 0.00 31.05 0.0016/17 0.00 0.00 0.00 0.33 0.00 37.19-37.55 0.00 63.30 0.0017/17 25.24 8.53 325.00 26.46 0.00 -192.094.67 0.00 -89.70 1.0018/19 38.44 12.98 0.00 36.00 0.00 192.7021.11 0.00 48.64 1.0019/20 32.22 10.88 0.00 36.00 0.00 154.2919.12 0.00 149.31 1.0020/21 27.54 9.30 0.00 36.00 0.00 125.4517.55 0.00 223.71 1.0021/22 24.06 8.13 0.00 36.00 0.00 104.0016.36 0.00 279.77 1.0022/23 21.33 7.20 0.00 36.00 0.00 87.2115.41 0.00 322.51 1.0023/24 19.18 6.48 0.00 36.00 0.00 74.0114.67 0.00 355.48 1.0024/25 17.33 5.85 0.00 36.00 0.00 62.6513.96 0.00 380.86 1.0025/26 15.82 5.34 0.00 36.00 0.00 53.4413.39 0.00 400.53 1.0026/27 14.55 4.91 0.00 36.00 0.00 45.6712.89 0.00 415.82 1.0027/28 13.49 4.56 0.00 36.00 0.00 39.2112.47 0.00 427.75 1.0028/29 12.51 4.22 0.00 36.00 0.00 33.2512.04 0.00 436.95 1.0029/30 11.68 3.95 0.00 36.00 0.00 28.2311.68 0.00 444.05 Rem. Total 83.28 28.13 60.00 340.65 0.00 43.52 356.58 120.44 385.00 799.43 0.00 921.45211.60 97.12 0.00 0.00 13.89 457.93 58.93 0.00 58.93 0.00 0.00 54.19 0.00 12.66 0.00 652.70 0.00 54.20 0.00 2,794.50 0.00 0.00 11.08 47.42 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 53.47 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.75 / 3.39 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 639.45 521.30 457.93 12.00% : 15.00% : 404.34 338.59 PW 257.6420.00% : 261.27 501.37 88.09 >1000 3.94 12/17/2039 TRC Eco Detailed.rpt 12

Oil{base} Water{base} Oil{PROJ} Water{PROJ} 1 1 0 1 0 0 100 1000 10000 10 14 18 22 26 30 34 38 42 46 50 54 Case Name: EPU 119{incr} Oper: Nautilus Poplar Field: POPLAR,EAST Oil EUR: 54.19 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 54.20 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: -0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR,LLC ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 278.34 0.00 Poplar Field All Cases LEASE CASE Projection EPU 43 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.005.74 0.00 296.14 0.00 0.0016/17 5.03 0.00 58.93 0.004.88 0.00 251.87 0.00 0.0017/18 4.27 0.00 58.93 0.003.95 0.00 203.53 0.00 0.0018/19 3.45 0.00 58.93 0.003.31 0.00 170.67 0.00 0.0019/20 2.90 0.00 58.93 0.002.83 0.00 145.93 0.00 0.0020/21 2.48 0.00 58.93 0.002.47 0.00 127.51 0.00 0.0021/22 2.16 0.00 58.93 0.002.19 0.00 113.06 0.00 0.0022/23 1.92 0.00 58.93 0.001.97 0.00 101.70 0.00 0.0023/24 1.73 0.00 58.93 0.001.78 0.00 91.87 0.00 0.0024/25 1.56 0.00 58.93 0.001.63 0.00 83.90 0.00 0.0025/26 1.42 0.00 58.93 0.001.50 0.00 77.15 0.00 0.0026/27 1.31 0.00 58.93 0.001.39 0.00 71.55 0.00 0.0027/28 1.21 0.00 58.93 0.001.29 0.00 66.34 0.00 0.0028/29 1.13 0.00 58.93 0.001.20 0.00 61.95 0.00 0.0029/30 1.05 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 37.79 12.76 325.00 33.00 0.00 -144.1831.77 0.00 -136.54 1.0017/18 32.14 10.86 0.00 36.00 0.00 145.1427.73 0.00 -21.88 1.0018/19 25.97 8.77 0.00 36.00 0.00 109.7823.01 0.00 56.95 1.0019/20 21.78 7.36 0.00 36.00 0.00 85.7419.80 0.00 112.90 1.0020/21 18.62 6.29 0.00 36.00 0.00 67.6617.36 0.00 153.04 1.0021/22 16.27 5.50 0.00 36.00 0.00 54.2015.54 0.00 182.27 1.0022/23 14.43 4.87 0.00 36.00 0.00 43.6514.11 0.00 203.68 1.0023/24 12.98 4.38 0.00 36.00 0.00 35.3612.98 0.00 219.44 1.0024/25 11.72 3.96 0.00 36.00 0.00 28.2011.99 0.00 230.86 1.0025/26 10.71 3.62 0.00 36.00 0.00 22.4011.18 0.00 239.12 1.0026/27 9.84 3.33 0.00 36.00 0.00 17.4810.50 0.00 244.98 1.0027/28 9.13 3.08 0.00 36.00 0.00 13.419.93 0.00 249.06 1.0028/29 8.46 2.86 0.00 36.00 0.00 9.639.39 0.00 251.73 1.0029/30 7.91 2.67 0.00 36.00 0.00 6.458.93 0.00 253.36 Rem. Total 14.59 4.93 60.00 72.74 0.00 -54.84 252.33 85.23 385.00 573.74 0.00 440.08241.13 16.93 0.00 0.00 -9.61 243.75 58.93 0.00 58.93 0.00 0.00 316.69 0.00 2.22 0.00 114.35 0.00 38.35 0.00 1,977.51 0.00 0.00 1.94 33.56 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 28.25 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.80 / 2.14 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 329.01 275.02 243.75 12.00% : 15.00% : 215.83 179.47 PW 130.8920.00% : 303.78 600.00 85.68 49.67 3.50 7/10/2032 TRC Eco Detailed.rpt 13

1 0 1 0 0 1 0 0 0 10 100 1000 53 61 69 77 85 93 01 09 17 25 33 41 49 Case Name: EPU 43 Oper: NAUTILUS POPLAR,LLC Field: POPLAR, EAST Oil EUR: 316.69 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 38.35 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 278.34 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST Nautilus Poplar CHB ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : -0.03 0.00 Poplar Field All Cases INCREMENTAL CASE Projection EPU 44-19H{incr} - 44-19H 0.00 0.00-0.39 0.00 -20.27 0.00 0.0015/16 -0.34 0.00 0.00 0.00-0.09 0.00 -4.45 0.00 0.0016/17 -0.08 0.00 58.93 0.001.46 0.00 75.32 0.00 0.0017/18 1.28 0.00 58.93 0.000.98 0.00 50.62 0.00 0.0018/19 0.86 0.00 58.93 0.000.67 0.00 34.36 0.00 0.0019/20 0.58 0.00 58.93 0.001.77 0.00 91.10 0.00 0.0020/21 1.55 0.00 58.93 0.002.02 0.00 104.37 0.00 0.0021/22 1.77 0.00 58.93 0.001.81 0.00 93.49 0.00 0.0022/23 1.59 0.00 58.93 0.001.64 0.00 84.80 0.00 0.0023/24 1.44 0.00 58.93 0.000.88 0.00 45.62 0.00 0.0024/25 0.77 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0025/25 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 -2.59 -0.87 0.00 0.00 0.00 -6.72-10.09 0.00 -6.42 0.0016/17 -0.57 -0.19 75.00 0.00 0.00 -70.80-7.89 0.00 -66.08 0.0017/18 9.61 3.25 0.00 0.00 0.00 55.756.72 0.00 -22.02 0.0018/19 6.46 2.18 0.00 0.00 0.00 40.891.09 0.00 7.34 0.0019/20 4.38 1.48 0.00 0.23 0.00 31.17-2.90 0.00 27.68 0.0020/20 11.62 3.93 0.00 26.17 0.00 23.8025.58 0.00 41.82 1.0021/22 13.32 4.50 0.00 36.00 0.00 16.0234.54 0.00 50.47 1.0022/23 11.93 4.03 0.00 36.00 0.00 9.6531.88 0.00 55.22 1.0023/24 10.82 3.65 0.00 36.00 0.00 4.6229.70 0.00 57.30 1.0024/25 5.82 1.97 0.00 20.71 0.00 0.8316.29 0.00 57.64 0.0025/25 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 35.75 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 70.82 23.92 135.00 155.11 0.00 45.22124.91 0.00 0.00 0.00 0.00 35.75 0.00 0.00 58.93 0.00 0.00 10.73 0.00 0.00 0.00 0.00 0.00 10.76 0.00 554.98 0.00 0.00 0.00 9.42 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 6.21 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.42 / 1.33 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 41.98 38.40 35.75 12.00% : 15.00% : 33.02 28.94 PW 22.5220.00% : 84.86 184.32 123.79 48.96 5.37 1/28/2025 TRC Eco Detailed.rpt 14

Water{default} Water{base} Water{PROJ} Oil{default} Oil{base} Oil{PROJ} 1 0 1 0 0 1 0 0 0 100 1000 10000 01 09 17 25 33 41 49 57 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: EPU 44-19H{incr} Oper: Nautilus Poplar Field: POPLAR, EAST Oil EUR: 10.73 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 10.76 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: -0.03 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR,LLC ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 288.29 0.00 Poplar Field All Cases LEASE CASE Projection EPU 45 58.93 0.004.99 0.00 257.41 0.00 0.0015/16 4.37 0.00 58.93 0.005.62 0.00 290.01 0.00 0.0016/17 4.92 0.00 58.93 0.004.76 0.00 245.66 0.00 0.0017/18 4.17 0.00 58.93 0.004.12 0.00 212.65 0.00 0.0018/19 3.61 0.00 58.93 0.003.64 0.00 187.65 0.00 0.0019/20 3.18 0.00 58.93 0.003.24 0.00 166.87 0.00 0.0020/21 2.83 0.00 58.93 0.002.92 0.00 150.43 0.00 0.0021/22 2.55 0.00 58.93 0.002.65 0.00 136.82 0.00 0.0022/23 2.32 0.00 58.93 0.002.44 0.00 125.70 0.00 0.0023/24 2.13 0.00 58.93 0.002.24 0.00 115.59 0.00 0.0024/25 1.96 0.00 58.93 0.002.08 0.00 107.19 0.00 0.0025/26 1.82 0.00 58.93 0.001.94 0.00 99.87 0.00 0.0026/27 1.69 0.00 58.93 0.001.82 0.00 93.70 0.00 0.0027/28 1.59 0.00 58.93 0.001.70 0.00 87.76 0.00 0.0028/29 1.49 0.00 58.93 0.001.60 0.00 82.70 0.00 0.0029/30 1.40 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 32.85 11.09 0.00 27.00 0.00 156.7129.77 0.00 147.80 1.0016/17 37.01 12.50 0.00 36.00 0.00 170.0434.46 0.00 295.47 1.0017/18 31.35 10.59 0.00 36.00 0.00 137.6330.10 0.00 404.12 1.0018/19 27.13 9.17 0.00 36.00 0.00 113.5226.83 0.00 485.58 1.0019/20 23.94 8.09 0.00 36.00 0.00 95.2524.36 0.00 547.71 1.0020/21 21.29 7.19 0.00 36.00 0.00 80.1222.27 0.00 595.21 1.0021/22 19.19 6.48 0.00 36.00 0.00 68.1420.61 0.00 631.94 1.0022/23 17.46 5.90 0.00 36.00 0.00 58.2319.23 0.00 660.48 1.0023/24 16.04 5.42 0.00 36.00 0.00 50.1418.10 0.00 682.82 1.0024/25 14.75 4.98 0.00 36.00 0.00 42.8117.05 0.00 700.15 1.0025/26 13.68 4.62 0.00 36.00 0.00 36.7216.17 0.00 713.67 1.0026/27 12.74 4.30 0.00 36.00 0.00 31.4215.40 0.00 724.19 1.0027/28 11.96 4.04 0.00 36.00 0.00 26.9414.76 0.00 732.39 1.0028/29 11.20 3.78 0.00 36.00 0.00 22.6714.11 0.00 738.66 1.0029/30 10.55 3.56 0.00 36.00 0.00 19.0213.56 0.00 743.45 Rem. Total 64.43 21.76 60.00 271.65 0.00 -1.93 365.57 123.48 60.00 802.65 0.00 1,107.42405.85 89.06 0.00 0.00 4.88 748.32 58.93 0.00 58.93 0.00 0.00 343.85 0.00 9.79 0.00 504.97 0.00 55.56 0.00 2,864.96 0.00 0.00 8.57 48.62 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 20.00 bbl/month bbl/month % year b = 0.900 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 118.67 / 19.46 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 897.63 802.08 748.32 12.00% : 15.00% : 701.16 640.64 PW 560.6920.00% : 6.36 600.00 90.66 >1000 0.52 1/17/2038 TRC Eco Detailed.rpt 15

1 0 1 0 0 1 0 0 0 100 1000 10000 53 61 69 77 85 93 01 09 17 25 33 41 49 1 10 100 Case Name: EPU 45 Oper: NAUTILUS POPLAR,LLC Field: POPLAR, EAST Oil EUR: 343.85 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 55.56 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 288.29 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR,LLC ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 1,114.53 0.00 Poplar Field All Cases LEASE CASE Projection EPU 70 58.93 0.005.25 0.00 270.66 0.00 0.0015/16 4.59 0.00 58.93 0.004.38 0.00 225.79 0.00 0.0016/17 3.83 0.00 58.93 0.003.76 0.00 194.13 0.00 0.0017/18 3.29 0.00 58.93 0.003.30 0.00 170.27 0.00 0.0018/19 2.89 0.00 58.93 0.002.95 0.00 152.03 0.00 0.0019/20 2.58 0.00 58.93 0.002.65 0.00 136.65 0.00 0.0020/21 2.32 0.00 58.93 0.002.41 0.00 124.39 0.00 0.0021/22 2.11 0.00 58.93 0.002.21 0.00 114.15 0.00 0.0022/23 1.94 0.00 58.93 0.002.05 0.00 105.75 0.00 0.0023/24 1.79 0.00 58.93 0.001.90 0.00 98.00 0.00 0.0024/25 1.66 0.00 58.93 0.001.78 0.00 91.54 0.00 0.0025/26 1.55 0.00 58.93 0.001.67 0.00 85.87 0.00 0.0026/27 1.46 0.00 58.93 0.001.57 0.00 81.08 0.00 0.0027/28 1.38 0.00 58.93 0.001.48 0.00 76.41 0.00 0.0028/29 1.30 0.00 58.93 0.001.40 0.00 72.42 0.00 0.0029/30 1.23 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 34.54 11.67 0.00 36.00 0.00 152.9935.47 0.00 146.20 1.0016/17 28.81 9.73 0.00 36.00 0.00 120.2031.05 0.00 250.59 1.0017/18 24.77 8.37 0.00 36.00 0.00 97.0527.94 0.00 327.20 1.0018/19 21.73 7.34 0.00 36.00 0.00 79.6125.59 0.00 384.34 1.0019/20 19.40 6.55 0.00 36.00 0.00 66.2723.81 0.00 427.57 1.0020/21 17.44 5.89 0.00 36.00 0.00 55.0722.25 0.00 460.22 1.0021/22 15.87 5.36 0.00 36.00 0.00 46.1321.03 0.00 485.09 1.0022/23 14.57 4.92 0.00 36.00 0.00 38.6720.00 0.00 504.05 1.0023/24 13.49 4.56 0.00 36.00 0.00 32.5319.17 0.00 518.54 1.0024/25 12.51 4.22 0.00 36.00 0.00 26.9218.36 0.00 529.45 1.0025/26 11.68 3.95 0.00 36.00 0.00 22.2217.69 0.00 537.63 1.0026/27 10.96 3.70 0.00 36.00 0.00 18.1117.11 0.00 543.70 1.0027/28 10.35 3.49 0.00 36.00 0.00 14.6116.63 0.00 548.15 1.0028/29 9.75 3.29 0.00 36.00 0.00 11.2516.12 0.00 551.26 1.0029/30 9.24 3.12 0.00 36.00 0.00 8.3615.69 0.00 553.37 Rem. Total 26.53 8.96 60.00 113.87 0.00 -48.95 281.62 95.12 60.00 653.87 0.00 741.03375.39 47.48 0.00 0.00 -8.10 545.27 58.93 0.00 58.93 0.00 0.00 1,157.33 0.00 4.03 0.00 207.89 0.00 42.80 0.00 2,207.03 0.00 0.00 3.53 37.45 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 19.36 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 52.98 / 13.35 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 630.77 576.78 545.27 12.00% : 15.00% : 516.93 479.59 PW 428.6020.00% : 10.49 481.75 98.25 >1000 0.36 9/2/2033 TRC Eco Detailed.rpt 16

1 0 1 0 0 1 0 0 0 1 0 0 0 0 10 100 1000 54 62 70 78 86 94 02 10 18 26 34 42 50 58 66 74 82 Case Name: EPU 70 Oper: NAUTILUS POPLAR,LLC Field: POPLAR, EAST Oil EUR: 1,157.33 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 42.80 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 1,114.53 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR,LLC ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 149.51 0.00 Poplar Field All Cases LEASE CASE Projection EPU 79 58.93 0.003.72 0.00 191.92 0.00 0.0015/16 3.26 0.00 58.93 0.004.77 0.00 246.03 0.00 0.0016/17 4.17 0.00 58.93 0.004.05 0.00 208.89 0.00 0.0017/18 3.54 0.00 58.93 0.003.52 0.00 181.51 0.00 0.0018/19 3.08 0.00 58.93 0.003.12 0.00 160.90 0.00 0.0019/20 2.73 0.00 58.93 0.002.79 0.00 143.79 0.00 0.0020/21 2.44 0.00 58.93 0.002.53 0.00 130.28 0.00 0.0021/22 2.21 0.00 58.93 0.002.31 0.00 119.09 0.00 0.0022/23 2.02 0.00 58.93 0.002.13 0.00 109.97 0.00 0.0023/24 1.87 0.00 58.93 0.001.97 0.00 101.62 0.00 0.0024/25 1.72 0.00 58.93 0.001.84 0.00 94.69 0.00 0.0025/26 1.61 0.00 58.93 0.001.72 0.00 88.64 0.00 0.0026/27 1.50 0.00 58.93 0.001.62 0.00 83.54 0.00 0.0027/28 1.42 0.00 58.93 0.000.50 0.00 25.68 0.00 0.0028/28 0.44 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0029/30 0.00 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 24.49 8.27 400.00 24.00 0.00 -299.3934.54 0.00 -292.87 1.0016/17 31.39 10.60 0.00 36.00 0.00 120.3647.67 0.00 -188.31 1.0017/18 26.65 9.00 0.00 36.00 0.00 93.3143.93 0.00 -114.62 1.0018/19 23.16 7.82 0.00 36.00 0.00 73.4041.13 0.00 -61.92 1.0019/20 20.53 6.93 0.00 36.00 0.00 58.3839.05 0.00 -23.82 1.0020/21 18.35 6.20 0.00 36.00 0.00 46.0637.19 0.00 3.50 1.0021/22 16.62 5.62 0.00 36.00 0.00 36.3035.74 0.00 23.09 1.0022/23 15.20 5.13 0.00 36.00 0.00 28.2534.51 0.00 36.95 1.0023/24 14.03 4.74 0.00 36.00 0.00 21.6433.55 0.00 46.60 1.0024/25 12.97 4.38 0.00 36.00 0.00 15.7332.54 0.00 52.98 1.0025/26 12.08 4.08 0.00 36.00 0.00 10.7931.73 0.00 56.96 1.0026/27 11.31 3.82 0.00 36.00 0.00 6.5031.01 0.00 59.15 1.0027/28 10.66 3.60 0.00 35.77 0.00 3.0630.44 0.00 60.09 1.0028/28 3.28 1.11 0.00 11.38 0.00 0.319.60 0.00 60.18 0.0029/30 0.00 0.00 60.00 0.00 0.00 -60.000.00 0.00 44.85 Rem. Total 0.00 0.00 0.00 0.00 0.00 0.00 240.72 81.31 460.00 467.15 0.00 154.71482.66 0.00 0.00 0.00 0.00 44.85 0.00 0.00 58.93 0.00 0.00 186.10 0.00 0.00 0.00 0.00 0.00 36.59 0.00 1,886.55 0.00 0.00 0.00 32.01 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 20.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.11 / 1.34 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 95.23 63.84 44.85 12.00% : 15.00% : 27.34 3.71 PW -29.5220.00% : 402.69 500.00 128.36 15.51 5.28 10/25/2028 TRC Eco Detailed.rpt 17

1 0 1 0 0 1 0 0 0 100 1000 10000 55 63 71 79 87 95 03 11 19 27 35 43 51 59 Case Name: EPU 79 Oper: NAUTILUS POPLAR,LLC Field: POPLAR, EAST Oil EUR: 186.10 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 36.59 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 149.51 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, EAST NAUTILUS POPLAR,LLC ROOSEVELT, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 166.13 0.00 Poplar Field All Cases LEASE CASE Projection EPU 89 58.93 0.005.50 0.00 283.43 0.00 0.0015/16 4.81 0.00 58.93 0.005.56 0.00 286.72 0.00 0.0016/17 4.87 0.00 58.93 0.004.74 0.00 244.51 0.00 0.0017/18 4.15 0.00 58.93 0.004.13 0.00 213.15 0.00 0.0018/19 3.62 0.00 58.93 0.003.67 0.00 189.42 0.00 0.0019/20 3.21 0.00 58.93 0.003.29 0.00 169.61 0.00 0.0020/21 2.88 0.00 58.93 0.002.99 0.00 153.92 0.00 0.0021/22 2.61 0.00 58.93 0.002.73 0.00 140.89 0.00 0.0022/23 2.39 0.00 58.93 0.002.53 0.00 130.24 0.00 0.0023/24 2.21 0.00 58.93 0.002.34 0.00 120.47 0.00 0.0024/25 2.04 0.00 58.93 0.002.18 0.00 112.34 0.00 0.0025/26 1.91 0.00 58.93 0.002.04 0.00 105.24 0.00 0.0026/27 1.79 0.00 58.93 0.001.92 0.00 99.25 0.00 0.0027/28 1.68 0.00 58.93 0.001.81 0.00 93.42 0.00 0.0028/29 1.59 0.00 58.93 0.001.72 0.00 88.46 0.00 0.0029/30 1.50 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 36.17 12.22 400.00 30.00 0.00 -237.5642.61 0.00 -239.72 1.0016/17 36.59 12.36 0.00 36.00 0.00 156.0245.75 0.00 -104.21 1.0017/18 31.20 10.54 0.00 36.00 0.00 125.3341.44 0.00 -5.27 1.0018/19 27.20 9.19 0.00 36.00 0.00 102.5938.17 0.00 68.36 1.0019/20 24.17 8.16 0.00 36.00 0.00 85.3835.70 0.00 124.06 1.0020/21 21.64 7.31 0.00 36.00 0.00 71.1433.52 0.00 166.24 1.0021/22 19.64 6.63 0.00 36.00 0.00 59.8631.78 0.00 198.52 1.0022/23 17.98 6.07 0.00 36.00 0.00 50.5330.31 0.00 223.28 1.0023/24 16.62 5.61 0.00 36.00 0.00 42.8929.11 0.00 242.39 1.0024/25 15.37 5.19 0.00 36.00 0.00 35.9927.91 0.00 256.97 1.0025/26 14.33 4.84 0.00 36.00 0.00 30.2426.92 0.00 268.11 1.0026/27 13.43 4.54 0.00 36.00 0.00 25.2426.03 0.00 276.56 1.0027/28 12.66 4.28 0.00 36.00 0.00 21.0125.30 0.00 282.96 1.0028/29 11.92 4.03 0.00 36.00 0.00 16.9824.49 0.00 287.66 1.0029/30 11.29 3.81 0.00 36.00 0.00 13.5423.82 0.00 291.07 Rem. Total 48.70 16.45 60.00 178.79 0.00 -32.39 358.90 121.23 460.00 712.79 0.00 566.81592.97 110.09 0.00 0.00 -2.42 288.64 58.93 0.00 58.93 0.00 0.00 220.68 0.00 7.40 0.00 381.63 0.00 54.55 0.00 2,812.69 0.00 0.00 6.48 47.73 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 20.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 1.72 / 2.23 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 406.97 331.67 288.64 12.00% : 15.00% : 250.50 201.09 PW 135.1220.00% : 401.71 600.00 110.81 37.14 3.15 6/21/2035 TRC Eco Detailed.rpt 18

1 0 1 0 0 1 0 0 0 100 1000 10000 55 63 71 79 87 95 03 11 19 27 35 43 51 59 67 75 Case Name: EPU 89 Oper: NAUTILUS POPLAR,LLC Field: POPLAR, EAST Oil EUR: 220.68 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 54.55 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 166.13 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, NORTHWEST Nautilus Poplar Charles C ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases INCREMENTAL CASE Projection GOINGS 1-10{incr} - 1-10 58.93 0.002.53 0.00 90.34 0.00 0.0015/16 1.53 0.00 58.93 0.003.18 0.00 113.58 0.00 0.0016/17 1.93 0.00 58.93 0.002.59 0.00 92.48 0.00 0.0017/18 1.57 0.00 58.93 0.002.12 0.00 75.92 0.00 0.0018/19 1.29 0.00 58.93 0.001.76 0.00 62.88 0.00 0.0019/20 1.07 0.00 58.93 0.001.46 0.00 52.03 0.00 0.0020/21 0.88 0.00 58.93 0.001.21 0.00 43.32 0.00 0.0021/22 0.74 0.00 58.93 0.001.01 0.00 36.15 0.00 0.0022/23 0.61 0.00 58.93 0.000.85 0.00 30.27 0.00 0.0023/24 0.51 0.00 58.93 0.000.71 0.00 25.22 0.00 0.0024/25 0.43 0.00 58.93 0.000.59 0.00 21.07 0.00 0.0025/26 0.36 0.00 58.93 0.000.49 0.00 17.58 0.00 0.0026/27 0.30 0.00 58.93 0.000.41 0.00 14.67 0.00 0.0027/28 0.25 0.00 58.93 0.000.34 0.00 12.15 0.00 0.0028/29 0.21 0.00 58.93 0.000.28 0.00 10.06 0.00 0.0029/30 0.17 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 11.53 7.82 56.25 0.00 0.00 11.343.40 0.00 9.00 0.0016/17 14.49 9.83 0.00 0.00 0.00 84.864.39 0.00 82.69 0.0017/18 11.80 8.01 0.00 0.00 0.00 69.163.51 0.00 137.29 0.0018/19 9.69 6.57 0.00 0.00 0.00 56.842.83 0.00 178.07 0.0019/20 8.02 5.44 0.00 0.00 0.00 47.132.29 0.00 208.82 0.0020/21 6.64 4.50 0.00 0.00 0.00 39.051.84 0.00 231.97 0.0021/22 5.53 3.75 0.00 0.00 0.00 32.561.48 0.00 249.52 0.0022/23 4.61 3.13 0.00 0.00 0.00 27.221.19 0.00 262.86 0.0023/24 3.86 2.62 0.00 0.00 0.00 22.840.95 0.00 273.04 0.0024/25 3.22 2.18 0.00 0.00 0.00 19.070.75 0.00 280.76 0.0025/26 2.69 1.82 0.00 0.00 0.00 15.980.58 0.00 286.64 0.0026/27 2.24 1.52 0.00 0.00 0.00 13.370.44 0.00 291.12 0.0027/28 1.87 1.27 0.00 0.00 0.00 11.210.32 0.00 294.53 0.0028/29 1.55 1.05 0.00 0.00 0.00 9.320.23 0.00 297.11 0.0029/30 1.28 0.87 0.00 0.00 0.00 7.760.14 0.00 299.06 Rem. Total 11.08 7.52 0.00 26.78 0.00 37.18 100.11 67.91 56.25 26.78 0.00 504.9028.60 4.27 0.00 0.00 6.14 305.20 58.93 0.00 58.93 0.00 0.00 21.95 0.00 2.43 0.00 86.83 0.00 21.95 0.00 784.55 0.00 0.00 1.47 13.31 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 3.04 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.75000000 0.60650000 6.38 / 9.98 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 382.46 332.34 305.20 12.00% : 15.00% : 281.87 252.46 PW 214.2320.00% : 54.29 262.09 98.30 459.60 0.88 1/11/2048 TRC Eco Detailed.rpt 19

Water{default} Water{base} Water{PROJ} Oil{default} Oil{base} Oil{PROJ} 1 0 1 0 0 1 0 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 56 64 72 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: GOINGS 1-10{incr} Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 21.95 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 21.95 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, NORTHWEST Nautilus Poplar Charles C ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.02 0.00 Poplar Field All Cases INCREMENTAL CASE Projection REID 10-1{incr} - 10-1 58.93 0.000.22 0.00 8.18 0.00 0.0015/16 0.14 0.00 58.93 0.000.22 0.00 7.98 0.00 0.0016/17 0.14 0.00 58.93 0.002.73 0.00 99.94 0.00 0.0017/18 1.70 0.00 58.93 0.004.40 0.00 160.68 0.00 0.0018/19 2.73 0.00 58.93 0.003.51 0.00 128.37 0.00 0.0019/20 2.18 0.00 58.93 0.002.85 0.00 104.35 0.00 0.0020/21 1.77 0.00 58.93 0.002.37 0.00 86.59 0.00 0.0021/22 1.47 0.00 58.93 0.001.99 0.00 72.85 0.00 0.0022/23 1.24 0.00 58.93 0.001.70 0.00 62.14 0.00 0.0023/24 1.05 0.00 58.93 0.001.46 0.00 53.22 0.00 0.0024/25 0.90 0.00 58.93 0.001.26 0.00 46.08 0.00 0.0025/26 0.78 0.00 58.93 0.001.10 0.00 40.18 0.00 0.0026/27 0.68 0.00 58.93 0.000.97 0.00 35.35 0.00 0.0027/28 0.60 0.00 58.93 0.000.85 0.00 31.11 0.00 0.0028/29 0.53 0.00 58.93 0.001.18 0.00 43.02 0.00 0.0029/30 0.73 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 1.04 0.29 0.00 0.00 0.00 2.464.39 0.00 2.34 0.0016/17 1.02 0.28 0.00 0.00 0.00 2.713.97 0.00 4.69 0.0017/18 12.75 3.50 56.25 0.00 0.00 22.165.27 0.00 20.63 0.0018/19 20.50 5.62 0.00 0.00 0.00 126.997.56 0.00 111.79 0.0019/20 16.38 4.49 0.00 0.00 0.00 101.256.24 0.00 177.86 0.0020/21 13.32 3.65 0.00 0.00 0.00 82.135.26 0.00 226.56 0.0021/22 11.05 3.03 0.00 0.00 0.00 67.984.53 0.00 263.20 0.0022/23 9.30 2.55 0.00 0.00 0.00 57.033.97 0.00 291.15 0.0023/24 7.93 2.18 0.00 0.00 0.00 48.503.54 0.00 312.76 0.0024/25 6.79 1.86 0.00 0.00 0.00 41.393.17 0.00 329.52 0.0025/26 5.88 1.61 0.00 0.00 0.00 35.712.88 0.00 342.66 0.0026/27 5.13 1.41 0.00 0.00 0.00 31.012.64 0.00 353.04 0.0027/28 4.51 1.24 0.00 0.00 0.00 27.152.45 0.00 361.30 0.0028/29 3.97 1.09 0.00 0.00 0.00 23.782.27 0.00 367.87 0.0029/30 5.49 1.51 0.00 10.66 0.00 20.754.62 0.00 373.09 Rem. Total 63.02 17.28 45.00 262.27 0.00 34.22 188.07 51.59 101.25 272.93 0.00 725.21134.84 72.06 0.00 0.00 10.71 383.80 58.93 0.00 58.93 0.00 0.00 40.34 0.00 13.51 0.00 493.85 0.00 40.32 0.00 1,473.89 0.00 0.00 8.38 25.01 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.84 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.75000000 0.62030000 8.93 / 8.16 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 518.98 431.30 383.80 12.00% : 15.00% : 343.27 292.97 PW 229.7920.00% : 48.38 159.27 91.34 >1000 3.13 3/19/2040 TRC Eco Detailed.rpt 20

Water{default} Water{base} Water{PROJ} Oil{default} Oil{base} Oil{PROJ} 1 1 0 1 0 0 10 100 1000 84 92 00 08 16 24 32 40 48 56 64 72 80 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: REID 10-1{incr} Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 40.34 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 40.32 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.02 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Non-Producing POPLAR, NORTHWEST Nautilus Poplar Charles C ROOSEVELT (MT), MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 09/04/2015 1:53:00PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases INCREMENTAL CASE Projection ZIMMERMAN 1{incr} - 1-H 0.00 0.00-0.03 0.00 -1.08 0.00 0.0015/16 -0.02 0.00 58.93 0.003.40 0.00 131.14 0.00 0.0016/17 2.23 0.00 58.93 0.004.02 0.00 154.73 0.00 0.0017/18 2.63 0.00 58.93 0.003.42 0.00 131.92 0.00 0.0018/19 2.24 0.00 58.93 0.002.95 0.00 113.77 0.00 0.0019/20 1.93 0.00 58.93 0.002.55 0.00 98.29 0.00 0.0020/21 1.67 0.00 58.93 0.002.22 0.00 85.68 0.00 0.0021/22 1.45 0.00 58.93 0.001.95 0.00 75.08 0.00 0.0022/23 1.27 0.00 58.93 0.001.72 0.00 66.25 0.00 0.0023/24 1.12 0.00 58.93 0.001.51 0.00 58.35 0.00 0.0024/25 0.99 0.00 58.93 0.001.34 0.00 51.71 0.00 0.0025/26 0.88 0.00 58.93 0.001.19 0.00 45.96 0.00 0.0026/27 0.78 0.00 58.93 0.001.07 0.00 41.05 0.00 0.0027/28 0.70 0.00 58.93 0.000.95 0.00 36.55 0.00 0.0028/29 0.62 0.00 58.93 0.000.85 0.00 32.69 0.00 0.0029/30 0.55 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 -0.10 -0.01 0.00 0.00 0.00 -0.49-0.48 0.00 -0.46 0.0016/17 12.14 1.32 56.25 0.00 0.00 56.744.68 0.00 46.46 0.0017/18 14.33 1.56 0.00 0.00 0.00 133.235.61 0.00 151.60 0.0018/19 12.22 1.33 0.00 0.00 0.00 113.654.73 0.00 233.13 0.0019/20 10.53 1.15 0.00 0.00 0.00 98.054.03 0.00 297.08 0.0020/21 9.10 0.99 0.00 0.00 0.00 84.763.44 0.00 347.32 0.0021/22 7.93 0.86 0.00 0.00 0.00 73.932.95 0.00 387.15 0.0022/23 6.95 0.76 0.00 0.00 0.00 64.822.55 0.00 418.91 0.0023/24 6.13 0.67 0.00 0.00 0.00 57.232.21 0.00 444.39 0.0024/25 5.40 0.59 0.00 0.00 0.00 50.441.92 0.00 464.81 0.0025/26 4.79 0.52 0.00 0.00 0.00 44.741.66 0.00 481.28 0.0026/27 4.26 0.46 0.00 0.00 0.00 39.791.45 0.00 494.59 0.0027/28 3.80 0.41 0.00 0.00 0.00 35.571.26 0.00 505.41 0.0028/29 3.38 0.37 0.00 0.00 0.00 31.701.10 0.00 514.17 0.0029/30 3.03 0.33 0.00 0.00 0.00 28.380.95 0.00 521.30 Rem. Total 43.36 4.73 0.00 126.87 0.00 262.93 147.27 16.05 56.25 126.87 0.00 1,175.4668.44 30.38 0.00 0.00 33.02 554.32 58.93 0.00 58.93 0.00 0.00 41.27 0.00 12.15 0.00 468.26 0.00 41.27 0.00 1,590.34 0.00 0.00 7.95 26.99 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 2.62 bbl/month bbl/month % year b = 0.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 0.75000000 0.65390000 11.97 / 21.90 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 763.88 624.21 554.32 12.00% : 15.00% : 497.16 428.57 PW 344.8520.00% : 49.51 190.05 81.29 >1000 1.63 9/21/2059 TRC Eco Detailed.rpt 21

Water{default}Water{base} Water{PROJ} Oil{default}Oil{base} Oil{PROJ} 1 0 1 0 0 1 0 0 0 10 100 1000 86 94 02 10 18 26 34 42 50 58 66 74 82 1 0 1 0 0 1 0 0 0 1 10 100 Case Name: ZIMMERMAN 1{incr} Oper: Nautilus Poplar Field: POPLAR, NORTHWEST Oil EUR: 41.27 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 41.27 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: -0.00 Mbbl Proj Gas Cum: 0.00 MMcf G a s ( M c f / m o n ) W ater (bbl/m on) O i l ( b b l / m o n ) W ell Count

Net Gas (MMcf) As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year ECONOMIC SUMMARY PROJECTION07/17/2015 7:41:45AMDate : 0.00 Project Name : Partner : Case Type : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 Poplar Field All Cases GRAND TOTAL CASE Total 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.00242.88 0.00 12,523.61 0.00 0.0016/17 212.52 0.00 58.93 0.00394.04 0.00 20,318.27 0.00 0.0017/18 344.79 0.00 58.93 0.00303.54 0.00 15,651.74 0.00 0.0018/19 265.60 0.00 58.93 0.00245.34 0.00 12,650.55 0.00 0.0019/20 214.67 0.00 58.93 0.00203.62 0.00 10,499.21 0.00 0.0020/21 178.16 0.00 58.93 0.00173.55 0.00 8,948.86 0.00 0.0021/22 151.86 0.00 58.93 0.00150.64 0.00 7,767.50 0.00 0.0022/23 131.81 0.00 58.93 0.00133.00 0.00 6,857.94 0.00 0.0023/24 116.37 0.00 58.93 0.00118.17 0.00 6,093.26 0.00 0.0024/25 103.40 0.00 58.93 0.00106.33 0.00 5,482.89 0.00 0.0025/26 93.04 0.00 58.93 0.0096.47 0.00 4,974.47 0.00 0.0026/27 84.41 0.00 58.93 0.0088.38 0.00 4,557.01 0.00 0.0027/28 77.33 0.00 58.93 0.0081.01 0.00 4,177.21 0.00 0.0028/29 70.88 0.00 58.93 0.0074.87 0.00 3,860.50 0.00 0.0029/30 65.51 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 9.0016/17 1,159.69 539.77 13,500.00 270.00 0.00 -5,437.972,492.13 0.00 -4,841.98 9.0017/18 1,881.47 875.72 0.00 540.00 0.00 12,953.434,067.65 0.00 5,391.68 9.0018/19 1,449.35 674.59 0.00 540.00 0.00 9,825.283,162.52 0.00 12,445.83 9.0019/20 1,171.44 545.24 0.00 540.00 0.00 7,813.162,580.71 0.00 17,543.63 9.0020/21 972.23 452.52 0.00 540.00 0.00 6,371.452,163.02 0.00 21,321.84 9.0021/22 828.66 385.70 0.00 540.00 0.00 5,332.271,862.23 0.00 24,196.13 9.0022/23 719.27 334.78 0.00 540.00 0.00 4,540.451,633.00 0.00 26,420.99 9.0023/24 635.05 295.58 0.00 540.00 0.00 3,930.491,456.83 0.00 28,171.59 9.0024/25 564.24 262.62 0.00 540.00 0.00 3,418.351,308.06 0.00 29,555.49 9.0025/26 507.72 236.31 0.00 540.00 0.00 3,009.301,189.56 0.00 30,663.05 9.0026/27 460.64 214.40 0.00 540.00 0.00 2,668.591,090.84 0.00 31,555.94 9.0027/28 421.98 196.41 0.00 540.00 0.00 2,388.521,010.10 0.00 32,282.38 9.0028/29 386.81 180.04 0.00 540.00 0.00 2,134.38935.98 0.00 32,872.47 9.0029/30 357.48 166.39 0.00 540.00 0.00 1,922.19874.43 0.00 33,355.59 Rem. Total 5,306.39 2,469.82 540.00 16,605.08 0.00 17,458.74 16,822.41 7,829.87 14,040.00 23,895.08 0.00 78,328.6440,751.48 14,924.43 0.00 0.00 2,290.75 35,646.34 58.93 0.00 58.93 0.00 0.00 3,523.16 0.00 1,111.33 0.00 57,304.47 0.00 3,523.16 0.00 181,667.49 0.00 0.00 972.42 3,082.77 0.00 0.00 Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 50,249.03 40,537.04 35,646.34 12.00% : 15.00% : 31,634.01 26,813.11 PW 20,929.5820.00% : 11,705.84 173.62 2.43 TRC Eco Detailed.rpt 1

1 0 0 1 0 0 0 1 0 0 0 0 10 100 1000 11 19 27 35 43 51 59 67 751 0 0 0 1 0 0 0 0 1 0 0 0 0 0 1 10 100 Case Name: Poplar Charles PUDs Summary Graph Oper: Nautius Poplar Field: Poplar East Oil EUR: 3,523.16 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 3,523.16 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 1 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.0043.29 0.00 2,232.40 0.00 0.0016/17 37.88 0.00 58.93 0.0039.78 0.00 2,050.96 0.00 0.0017/18 34.80 0.00 58.93 0.0031.20 0.00 1,608.85 0.00 0.0018/19 27.30 0.00 58.93 0.0025.53 0.00 1,316.53 0.00 0.0019/20 22.34 0.00 58.93 0.0021.38 0.00 1,102.48 0.00 0.0020/21 18.71 0.00 58.93 0.0018.35 0.00 946.08 0.00 0.0021/22 16.05 0.00 58.93 0.0016.01 0.00 825.57 0.00 0.0022/23 14.01 0.00 58.93 0.0014.20 0.00 732.04 0.00 0.0023/24 12.42 0.00 58.93 0.0012.66 0.00 652.72 0.00 0.0024/25 11.08 0.00 58.93 0.0011.42 0.00 589.08 0.00 0.0025/26 10.00 0.00 58.93 0.0010.39 0.00 535.80 0.00 0.0026/27 9.09 0.00 58.93 0.009.54 0.00 491.90 0.00 0.0027/28 8.35 0.00 58.93 0.008.76 0.00 451.76 0.00 0.0028/29 7.67 0.00 58.93 0.008.11 0.00 418.20 0.00 0.0029/30 7.10 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 206.72 96.22 1,500.00 50.00 0.00 -65.22444.68 0.00 -105.52 1.0017/18 189.92 88.40 0.00 60.00 0.00 1,300.76411.89 0.00 921.95 1.0018/19 148.98 69.34 0.00 60.00 0.00 1,004.40326.13 0.00 1,642.99 1.0019/20 121.91 56.74 0.00 60.00 0.00 808.41269.46 0.00 2,170.41 1.0020/21 102.09 47.52 0.00 60.00 0.00 664.97227.90 0.00 2,564.71 1.0021/22 87.61 40.78 0.00 60.00 0.00 560.14197.56 0.00 2,866.63 1.0022/23 76.45 35.58 0.00 60.00 0.00 479.37174.17 0.00 3,101.52 1.0023/24 67.79 31.55 0.00 60.00 0.00 416.65156.06 0.00 3,287.09 1.0024/25 60.44 28.13 0.00 60.00 0.00 363.53140.62 0.00 3,434.26 1.0025/26 54.55 25.39 0.00 60.00 0.00 320.88128.27 0.00 3,552.35 1.0026/27 49.62 23.09 0.00 60.00 0.00 285.18117.92 0.00 3,647.77 1.0027/28 45.55 21.20 0.00 60.00 0.00 255.72109.43 0.00 3,725.54 1.0028/29 41.83 19.47 0.00 60.00 0.00 228.86101.59 0.00 3,788.82 1.0029/30 38.72 18.02 0.00 60.00 0.00 206.3895.07 0.00 3,840.69 Rem. Total 576.98 268.55 60.00 1,825.32 0.00 1,872.84 1,869.16 869.99 1,560.00 2,655.32 0.00 8,702.874,527.94 1,627.20 0.00 0.00 246.52 4,087.21 58.93 0.00 58.93 0.00 0.00 391.46 0.00 120.84 0.00 6,230.89 0.00 391.46 0.00 20,185.28 0.00 0.00 105.73 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,674.06 4,620.07 4,087.21 12.00% : 15.00% : 3,648.62 3,119.38 PW 2,468.7920.00% : 1,342.21 5,000.00 179.76 173.63 2.09 12/2/2060 TRC Eco Detailed.rpt 2

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 1 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 2 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.0039.50 0.00 2,037.02 0.00 0.0016/17 34.57 0.00 58.93 0.0040.67 0.00 2,097.09 0.00 0.0017/18 35.59 0.00 58.93 0.0031.78 0.00 1,638.50 0.00 0.0018/19 27.80 0.00 58.93 0.0025.93 0.00 1,337.08 0.00 0.0019/20 22.69 0.00 58.93 0.0021.67 0.00 1,117.41 0.00 0.0020/21 18.96 0.00 58.93 0.0018.57 0.00 957.40 0.00 0.0021/22 16.25 0.00 58.93 0.0016.18 0.00 834.42 0.00 0.0022/23 14.16 0.00 58.93 0.0014.33 0.00 739.14 0.00 0.0023/24 12.54 0.00 58.93 0.0012.77 0.00 658.51 0.00 0.0024/25 11.17 0.00 58.93 0.0011.52 0.00 593.88 0.00 0.0025/26 10.08 0.00 58.93 0.0010.47 0.00 539.85 0.00 0.0026/27 9.16 0.00 58.93 0.009.61 0.00 495.36 0.00 0.0027/28 8.41 0.00 58.93 0.008.82 0.00 454.73 0.00 0.0028/29 7.72 0.00 58.93 0.008.16 0.00 420.78 0.00 0.0029/30 7.14 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 188.63 87.80 1,500.00 45.00 0.00 -190.03405.63 0.00 -207.43 1.0017/18 194.19 90.38 0.00 60.00 0.00 1,331.68420.83 0.00 844.50 1.0018/19 151.73 70.62 0.00 60.00 0.00 1,024.27331.88 0.00 1,579.83 1.0019/20 123.81 57.63 0.00 60.00 0.00 822.19273.45 0.00 2,116.24 1.0020/21 103.47 48.16 0.00 60.00 0.00 674.98230.80 0.00 2,516.48 1.0021/22 88.66 41.26 0.00 60.00 0.00 567.73199.75 0.00 2,822.50 1.0022/23 77.27 35.96 0.00 60.00 0.00 485.30175.89 0.00 3,060.29 1.0023/24 68.44 31.86 0.00 60.00 0.00 421.41157.43 0.00 3,247.98 1.0024/25 60.98 28.38 0.00 60.00 0.00 367.40141.74 0.00 3,396.72 1.0025/26 54.99 25.60 0.00 60.00 0.00 324.10129.20 0.00 3,516.00 1.0026/27 49.99 23.27 0.00 60.00 0.00 287.89118.71 0.00 3,612.32 1.0027/28 45.87 21.35 0.00 60.00 0.00 258.04110.10 0.00 3,690.80 1.0028/29 42.11 19.60 0.00 60.00 0.00 230.85102.17 0.00 3,754.62 1.0029/30 38.96 18.14 0.00 60.00 0.00 208.1195.57 0.00 3,806.93 Rem. Total 580.06 269.98 60.00 1,830.16 0.00 1,889.12 1,869.16 869.99 1,560.00 2,655.16 0.00 8,703.034,527.94 1,634.79 0.00 0.00 248.46 4,055.39 58.93 0.00 58.93 0.00 0.00 391.46 0.00 121.48 0.00 6,264.11 0.00 391.46 0.00 20,185.28 0.00 0.00 106.30 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,651.44 4,591.01 4,055.39 12.00% : 15.00% : 3,614.86 3,083.82 PW 2,432.1320.00% : 1,331.74 5,000.00 179.76 173.61 2.17 1/1/2061 TRC Eco Detailed.rpt 3

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 2 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 3 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.0035.49 0.00 1,829.94 0.00 0.0016/17 31.05 0.00 58.93 0.0041.63 0.00 2,146.76 0.00 0.0017/18 36.43 0.00 58.93 0.0032.39 0.00 1,670.19 0.00 0.0018/19 28.34 0.00 58.93 0.0026.35 0.00 1,358.93 0.00 0.0019/20 23.06 0.00 58.93 0.0021.98 0.00 1,133.22 0.00 0.0020/21 19.23 0.00 58.93 0.0018.80 0.00 969.35 0.00 0.0021/22 16.45 0.00 58.93 0.0016.36 0.00 843.74 0.00 0.0022/23 14.32 0.00 58.93 0.0014.48 0.00 746.61 0.00 0.0023/24 12.67 0.00 58.93 0.0012.89 0.00 664.58 0.00 0.0024/25 11.28 0.00 58.93 0.0011.62 0.00 598.92 0.00 0.0025/26 10.16 0.00 58.93 0.0010.55 0.00 544.09 0.00 0.0026/27 9.23 0.00 58.93 0.009.68 0.00 498.99 0.00 0.0027/28 8.47 0.00 58.93 0.008.88 0.00 457.84 0.00 0.0028/29 7.77 0.00 58.93 0.008.21 0.00 423.49 0.00 0.0029/30 7.19 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 169.45 78.87 1,500.00 40.00 0.00 -322.65364.27 0.00 -314.89 1.0017/18 198.79 92.53 0.00 60.00 0.00 1,364.98430.46 0.00 763.38 1.0018/19 154.66 71.98 0.00 60.00 0.00 1,045.51338.03 0.00 1,513.98 1.0019/20 125.84 58.57 0.00 60.00 0.00 836.84277.69 0.00 2,059.96 1.0020/21 104.94 48.84 0.00 60.00 0.00 685.58233.86 0.00 2,466.49 1.0021/22 89.76 41.78 0.00 60.00 0.00 575.74202.07 0.00 2,776.82 1.0022/23 78.13 36.37 0.00 60.00 0.00 491.55177.70 0.00 3,017.68 1.0023/24 69.14 32.18 0.00 60.00 0.00 426.41158.88 0.00 3,207.60 1.0024/25 61.54 28.64 0.00 60.00 0.00 371.47142.92 0.00 3,357.98 1.0025/26 55.46 25.81 0.00 60.00 0.00 327.47130.18 0.00 3,478.51 1.0026/27 50.38 23.45 0.00 60.00 0.00 290.73119.53 0.00 3,575.78 1.0027/28 46.21 21.51 0.00 60.00 0.00 260.47110.81 0.00 3,655.00 1.0028/29 42.40 19.73 0.00 60.00 0.00 232.94102.78 0.00 3,719.40 1.0029/30 39.21 18.25 0.00 60.00 0.00 209.9296.10 0.00 3,772.16 Rem. Total 583.25 271.47 60.00 1,835.16 0.00 1,906.08 1,869.16 869.99 1,560.00 2,655.16 0.00 8,703.034,527.94 1,642.67 0.00 0.00 250.48 4,022.64 58.93 0.00 58.93 0.00 0.00 391.46 0.00 122.15 0.00 6,298.64 0.00 391.46 0.00 20,185.28 0.00 0.00 106.88 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,628.01 4,561.05 4,022.64 12.00% : 15.00% : 3,580.19 3,047.39 PW 2,394.7320.00% : 1,321.01 5,000.00 179.76 173.61 2.26 2/1/2061 TRC Eco Detailed.rpt 4

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 3 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 4 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.0031.50 0.00 1,624.29 0.00 0.0016/17 27.56 0.00 58.93 0.0042.61 0.00 2,196.89 0.00 0.0017/18 37.28 0.00 58.93 0.0033.01 0.00 1,701.92 0.00 0.0018/19 28.88 0.00 58.93 0.0026.78 0.00 1,380.70 0.00 0.0019/20 23.43 0.00 58.93 0.0022.28 0.00 1,148.91 0.00 0.0020/21 19.50 0.00 58.93 0.0019.03 0.00 981.17 0.00 0.0021/22 16.65 0.00 58.93 0.0016.54 0.00 852.93 0.00 0.0022/23 14.47 0.00 58.93 0.0014.62 0.00 753.96 0.00 0.0023/24 12.79 0.00 58.93 0.0013.00 0.00 670.55 0.00 0.0024/25 11.38 0.00 58.93 0.0011.71 0.00 603.87 0.00 0.0025/26 10.25 0.00 58.93 0.0010.63 0.00 548.25 0.00 0.0026/27 9.30 0.00 58.93 0.009.75 0.00 502.54 0.00 0.0027/28 8.53 0.00 58.93 0.008.94 0.00 460.89 0.00 0.0028/29 7.82 0.00 58.93 0.008.26 0.00 426.13 0.00 0.0029/30 7.23 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 150.41 70.01 1,500.00 35.00 0.00 -454.35323.22 0.00 -420.84 1.0017/18 203.43 94.69 0.00 60.00 0.00 1,398.58440.19 0.00 684.03 1.0018/19 157.60 73.35 0.00 60.00 0.00 1,066.79344.18 0.00 1,449.91 1.0019/20 127.85 59.51 0.00 60.00 0.00 851.43281.91 0.00 2,005.42 1.0020/21 106.39 49.52 0.00 60.00 0.00 696.10236.91 0.00 2,418.19 1.0021/22 90.86 42.29 0.00 60.00 0.00 583.66204.36 0.00 2,732.80 1.0022/23 78.98 36.76 0.00 60.00 0.00 497.71179.48 0.00 2,976.68 1.0023/24 69.82 32.50 0.00 60.00 0.00 431.34160.31 0.00 3,168.80 1.0024/25 62.09 28.90 0.00 60.00 0.00 375.48144.08 0.00 3,320.81 1.0025/26 55.92 26.03 0.00 60.00 0.00 330.79131.14 0.00 3,442.55 1.0026/27 50.77 23.63 0.00 60.00 0.00 293.52120.34 0.00 3,540.76 1.0027/28 46.54 21.66 0.00 60.00 0.00 262.85111.50 0.00 3,620.70 1.0028/29 42.68 19.86 0.00 60.00 0.00 234.98103.37 0.00 3,685.66 1.0029/30 39.46 18.37 0.00 60.00 0.00 211.6996.61 0.00 3,738.87 Rem. Total 586.37 272.92 60.00 1,840.08 0.00 1,922.55 1,869.16 869.99 1,560.00 2,655.08 0.00 8,703.114,527.94 1,650.34 0.00 0.00 252.46 3,991.33 58.93 0.00 58.93 0.00 0.00 391.46 0.00 122.80 0.00 6,332.26 0.00 391.46 0.00 20,185.28 0.00 0.00 107.45 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,605.56 4,532.36 3,991.33 12.00% : 15.00% : 3,547.06 3,012.65 PW 2,359.1720.00% : 1,310.71 5,000.00 179.76 173.60 2.34 3/3/2061 TRC Eco Detailed.rpt 5

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 4 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 5 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.0027.27 0.00 1,406.09 0.00 0.0016/17 23.86 0.00 58.93 0.0043.65 0.00 2,250.95 0.00 0.0017/18 38.20 0.00 58.93 0.0033.66 0.00 1,735.87 0.00 0.0018/19 29.46 0.00 58.93 0.0027.23 0.00 1,403.86 0.00 0.0019/20 23.82 0.00 58.93 0.0022.60 0.00 1,165.54 0.00 0.0020/21 19.78 0.00 58.93 0.0019.27 0.00 993.67 0.00 0.0021/22 16.86 0.00 58.93 0.0016.73 0.00 862.63 0.00 0.0022/23 14.64 0.00 58.93 0.0014.77 0.00 761.70 0.00 0.0023/24 12.93 0.00 58.93 0.0013.13 0.00 676.83 0.00 0.0024/25 11.49 0.00 58.93 0.0011.81 0.00 609.06 0.00 0.0025/26 10.34 0.00 58.93 0.0010.72 0.00 552.61 0.00 0.0026/27 9.38 0.00 58.93 0.009.82 0.00 506.26 0.00 0.0027/28 8.59 0.00 58.93 0.009.00 0.00 464.08 0.00 0.0028/29 7.88 0.00 58.93 0.008.32 0.00 428.90 0.00 0.0029/30 7.28 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 130.20 60.60 1,500.00 30.00 0.00 -594.42279.70 0.00 -532.72 1.0017/18 208.44 97.02 0.00 60.00 0.00 1,434.82450.67 0.00 600.83 1.0018/19 160.74 74.82 0.00 60.00 0.00 1,089.54350.77 0.00 1,383.07 1.0019/20 130.00 60.51 0.00 60.00 0.00 866.95286.41 0.00 1,948.72 1.0020/21 107.93 50.23 0.00 60.00 0.00 707.25240.13 0.00 2,368.11 1.0021/22 92.01 42.83 0.00 60.00 0.00 592.04206.79 0.00 2,687.24 1.0022/23 79.88 37.18 0.00 60.00 0.00 504.21181.36 0.00 2,934.31 1.0023/24 70.53 32.83 0.00 60.00 0.00 436.53161.81 0.00 3,128.73 1.0024/25 62.67 29.17 0.00 60.00 0.00 379.68145.30 0.00 3,282.45 1.0025/26 56.40 26.25 0.00 60.00 0.00 334.27132.15 0.00 3,405.47 1.0026/27 51.17 23.82 0.00 60.00 0.00 296.44121.18 0.00 3,504.66 1.0027/28 46.88 21.82 0.00 60.00 0.00 265.34112.22 0.00 3,585.36 1.0028/29 42.97 20.00 0.00 60.00 0.00 237.12103.99 0.00 3,650.91 1.0029/30 39.72 18.49 0.00 60.00 0.00 213.5597.15 0.00 3,704.59 Rem. Total 589.60 274.43 60.00 1,845.09 0.00 1,939.79 1,869.16 869.99 1,560.00 2,655.09 0.00 8,703.104,527.94 1,658.31 0.00 0.00 254.51 3,959.10 58.93 0.00 58.93 0.00 0.00 391.46 0.00 123.48 0.00 6,367.22 0.00 391.46 0.00 20,185.28 0.00 0.00 108.05 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,582.33 4,502.78 3,959.10 12.00% : 15.00% : 3,513.04 2,977.05 PW 2,322.8820.00% : 1,300.15 5,000.00 179.76 173.59 2.42 4/3/2061 TRC Eco Detailed.rpt 6

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 5 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 6 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.0022.92 0.00 1,181.81 0.00 0.0016/17 20.05 0.00 58.93 0.0044.75 0.00 2,307.47 0.00 0.0017/18 39.16 0.00 58.93 0.0034.35 0.00 1,771.07 0.00 0.0018/19 30.05 0.00 58.93 0.0027.69 0.00 1,427.74 0.00 0.0019/20 24.23 0.00 58.93 0.0022.94 0.00 1,182.62 0.00 0.0020/21 20.07 0.00 58.93 0.0019.52 0.00 1,006.45 0.00 0.0021/22 17.08 0.00 58.93 0.0016.92 0.00 872.53 0.00 0.0022/23 14.81 0.00 58.93 0.0014.92 0.00 769.59 0.00 0.0023/24 13.06 0.00 58.93 0.0013.25 0.00 683.21 0.00 0.0024/25 11.59 0.00 58.93 0.0011.91 0.00 614.34 0.00 0.0025/26 10.42 0.00 58.93 0.0010.80 0.00 557.04 0.00 0.0026/27 9.45 0.00 58.93 0.009.89 0.00 510.02 0.00 0.0027/28 8.65 0.00 58.93 0.009.06 0.00 467.30 0.00 0.0028/29 7.93 0.00 58.93 0.008.37 0.00 431.70 0.00 0.0029/30 7.33 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 109.44 50.94 1,500.00 25.00 0.00 -738.57235.01 0.00 -647.05 1.0017/18 213.67 99.45 0.00 60.00 0.00 1,472.71461.64 0.00 516.48 1.0018/19 164.00 76.33 0.00 60.00 0.00 1,113.14357.60 0.00 1,315.69 1.0019/20 132.21 61.54 0.00 60.00 0.00 882.96291.04 0.00 1,891.79 1.0020/21 109.51 50.97 0.00 60.00 0.00 718.69243.45 0.00 2,317.97 1.0021/22 93.20 43.38 0.00 60.00 0.00 600.61209.27 0.00 2,641.73 1.0022/23 80.80 37.61 0.00 60.00 0.00 510.84183.28 0.00 2,892.05 1.0023/24 71.26 33.17 0.00 60.00 0.00 441.81163.34 0.00 3,088.83 1.0024/25 63.27 29.45 0.00 60.00 0.00 383.96146.54 0.00 3,244.27 1.0025/26 56.89 26.48 0.00 60.00 0.00 337.80133.17 0.00 3,368.60 1.0026/27 51.58 24.01 0.00 60.00 0.00 299.40122.04 0.00 3,468.77 1.0027/28 47.23 21.98 0.00 60.00 0.00 267.86112.95 0.00 3,550.24 1.0028/29 43.27 20.14 0.00 60.00 0.00 239.28104.61 0.00 3,616.40 1.0029/30 39.98 18.61 0.00 60.00 0.00 215.4297.69 0.00 3,670.54 Rem. Total 592.86 275.94 60.00 1,850.17 0.00 1,957.10 1,869.16 869.99 1,560.00 2,655.17 0.00 8,703.024,527.94 1,666.31 0.00 0.00 256.59 3,927.13 58.93 0.00 58.93 0.00 0.00 391.46 0.00 124.16 0.00 6,402.40 0.00 391.46 0.00 20,185.28 0.00 0.00 108.64 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,559.18 4,473.38 3,927.13 12.00% : 15.00% : 3,479.34 2,941.88 PW 2,287.1620.00% : 1,289.68 5,000.00 179.76 173.59 2.51 5/4/2061 TRC Eco Detailed.rpt 7

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 6 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 7 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.0018.88 0.00 973.76 0.00 0.0016/17 16.52 0.00 58.93 0.0045.78 0.00 2,360.77 0.00 0.0017/18 40.06 0.00 58.93 0.0034.99 0.00 1,803.98 0.00 0.0018/19 30.61 0.00 58.93 0.0028.12 0.00 1,449.94 0.00 0.0019/20 24.60 0.00 58.93 0.0023.24 0.00 1,198.43 0.00 0.0020/21 20.34 0.00 58.93 0.0019.75 0.00 1,018.26 0.00 0.0021/22 17.28 0.00 58.93 0.0017.10 0.00 881.64 0.00 0.0022/23 14.96 0.00 58.93 0.0015.07 0.00 776.83 0.00 0.0023/24 13.18 0.00 58.93 0.0013.36 0.00 689.06 0.00 0.0024/25 11.69 0.00 58.93 0.0012.01 0.00 619.17 0.00 0.0025/26 10.51 0.00 58.93 0.0010.88 0.00 561.09 0.00 0.0026/27 9.52 0.00 58.93 0.009.96 0.00 513.47 0.00 0.0027/28 8.71 0.00 58.93 0.009.12 0.00 470.25 0.00 0.0028/29 7.98 0.00 58.93 0.008.42 0.00 434.26 0.00 0.0029/30 7.37 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 90.17 41.97 1,500.00 20.00 0.00 -871.95193.57 0.00 -752.15 1.0017/18 218.61 101.75 0.00 60.00 0.00 1,508.44471.97 0.00 439.66 1.0018/19 167.05 77.75 0.00 60.00 0.00 1,135.20363.98 0.00 1,254.73 1.0019/20 134.26 62.49 0.00 60.00 0.00 897.84295.34 0.00 1,840.55 1.0020/21 110.97 51.65 0.00 60.00 0.00 729.29246.51 0.00 2,273.03 1.0021/22 94.29 43.89 0.00 60.00 0.00 608.52211.56 0.00 2,601.05 1.0022/23 81.64 38.00 0.00 60.00 0.00 516.95185.05 0.00 2,854.36 1.0023/24 71.93 33.48 0.00 60.00 0.00 446.67164.75 0.00 3,053.31 1.0024/25 63.81 29.70 0.00 60.00 0.00 387.88147.68 0.00 3,210.34 1.0025/26 57.34 26.69 0.00 60.00 0.00 341.04134.11 0.00 3,335.86 1.0026/27 51.96 24.18 0.00 60.00 0.00 302.12122.83 0.00 3,436.95 1.0027/28 47.55 22.13 0.00 60.00 0.00 270.17113.62 0.00 3,519.12 1.0028/29 43.55 20.27 0.00 60.00 0.00 241.25105.19 0.00 3,585.82 1.0029/30 40.21 18.72 0.00 60.00 0.00 217.1498.19 0.00 3,640.39 Rem. Total 595.82 277.32 60.00 1,854.69 0.00 1,972.94 1,869.16 869.99 1,560.00 2,654.69 0.00 8,703.504,527.94 1,673.58 0.00 0.00 258.48 3,898.87 58.93 0.00 58.93 0.00 0.00 391.46 0.00 124.78 0.00 6,434.36 0.00 391.46 0.00 20,185.28 0.00 0.00 109.19 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,538.79 4,447.42 3,898.87 12.00% : 15.00% : 3,449.56 2,910.83 PW 2,255.6920.00% : 1,280.29 5,000.00 179.76 173.65 2.58 6/1/2061 TRC Eco Detailed.rpt 8

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 7 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 8 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.0014.29 0.00 737.04 0.00 0.0016/17 12.51 0.00 58.93 0.0046.98 0.00 2,422.43 0.00 0.0017/18 41.11 0.00 58.93 0.0035.72 0.00 1,841.73 0.00 0.0018/19 31.25 0.00 58.93 0.0028.61 0.00 1,475.25 0.00 0.0019/20 25.03 0.00 58.93 0.0023.59 0.00 1,216.38 0.00 0.0020/21 20.64 0.00 58.93 0.0020.01 0.00 1,031.62 0.00 0.0021/22 17.51 0.00 58.93 0.0017.30 0.00 891.94 0.00 0.0022/23 15.14 0.00 58.93 0.0015.22 0.00 785.00 0.00 0.0023/24 13.32 0.00 58.93 0.0013.49 0.00 695.66 0.00 0.0024/25 11.80 0.00 58.93 0.0012.11 0.00 624.61 0.00 0.0025/26 10.60 0.00 58.93 0.0010.97 0.00 565.63 0.00 0.0026/27 9.60 0.00 58.93 0.0010.03 0.00 517.34 0.00 0.0027/28 8.78 0.00 58.93 0.009.18 0.00 473.56 0.00 0.0028/29 8.04 0.00 58.93 0.008.48 0.00 437.12 0.00 0.0029/30 7.42 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 68.25 31.77 1,500.00 15.00 0.00 -1,024.44146.47 0.00 -871.57 1.0017/18 224.32 104.41 0.00 60.00 0.00 1,549.78483.93 0.00 352.96 1.0018/19 170.54 79.38 0.00 60.00 0.00 1,160.51371.30 0.00 1,186.22 1.0019/20 136.61 63.58 0.00 60.00 0.00 914.81300.25 0.00 1,783.13 1.0020/21 112.64 52.43 0.00 60.00 0.00 741.32250.00 0.00 2,222.74 1.0021/22 95.53 44.46 0.00 60.00 0.00 617.48214.15 0.00 2,555.60 1.0022/23 82.59 38.44 0.00 60.00 0.00 523.85187.05 0.00 2,812.30 1.0023/24 72.69 33.83 0.00 60.00 0.00 452.14166.34 0.00 3,013.68 1.0024/25 64.42 29.98 0.00 60.00 0.00 392.30148.96 0.00 3,172.50 1.0025/26 57.84 26.92 0.00 60.00 0.00 344.68135.16 0.00 3,299.36 1.0026/27 52.38 24.38 0.00 60.00 0.00 305.17123.71 0.00 3,401.47 1.0027/28 47.91 22.30 0.00 60.00 0.00 272.76114.37 0.00 3,484.43 1.0028/29 43.85 20.41 0.00 60.00 0.00 243.47105.83 0.00 3,551.74 1.0029/30 40.48 18.84 0.00 60.00 0.00 219.0598.75 0.00 3,606.80 Rem. Total 599.12 278.86 60.00 1,859.78 0.00 1,990.54 1,869.16 869.99 1,560.00 2,654.78 0.00 8,703.414,527.94 1,681.68 0.00 0.00 260.59 3,867.39 58.93 0.00 58.93 0.00 0.00 391.46 0.00 125.48 0.00 6,469.97 0.00 391.46 0.00 20,185.28 0.00 0.00 109.79 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,515.83 4,418.39 3,867.39 12.00% : 15.00% : 3,416.48 2,876.45 PW 2,221.0020.00% : 1,269.97 5,000.00 179.76 173.66 2.67 7/2/2061 TRC Eco Detailed.rpt 9

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 8 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Proved Undeveloped Poplar East Nautilus Poplar Charles Roosevelt, MT As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/17/2015 7:41:45AMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Poplar East Charles Well 9 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.009.72 0.00 501.26 0.00 0.0016/17 8.51 0.00 58.93 0.0048.19 0.00 2,484.94 0.00 0.0017/18 42.17 0.00 58.93 0.0036.45 0.00 1,879.64 0.00 0.0018/19 31.90 0.00 58.93 0.0029.10 0.00 1,500.52 0.00 0.0019/20 25.46 0.00 58.93 0.0023.94 0.00 1,234.22 0.00 0.0020/21 20.94 0.00 58.93 0.0020.26 0.00 1,044.86 0.00 0.0021/22 17.73 0.00 58.93 0.0017.49 0.00 902.11 0.00 0.0022/23 15.31 0.00 58.93 0.0015.38 0.00 793.06 0.00 0.0023/24 13.46 0.00 58.93 0.0013.62 0.00 702.14 0.00 0.0024/25 11.91 0.00 58.93 0.0012.22 0.00 629.94 0.00 0.0025/26 10.69 0.00 58.93 0.0011.06 0.00 570.10 0.00 0.0026/27 9.67 0.00 58.93 0.0010.11 0.00 521.13 0.00 0.0027/28 8.84 0.00 58.93 0.009.25 0.00 476.80 0.00 0.0028/29 8.09 0.00 58.93 0.008.53 0.00 439.92 0.00 0.0029/30 7.47 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 0.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 46.42 21.60 1,500.00 10.00 0.00 -1,176.3499.58 0.00 -989.80 1.0017/18 230.11 107.10 0.00 60.00 0.00 1,591.68496.06 0.00 267.89 1.0018/19 174.05 81.01 0.00 60.00 0.00 1,185.92378.66 0.00 1,119.43 1.0019/20 138.95 64.67 0.00 60.00 0.00 931.74305.16 0.00 1,727.40 1.0020/21 114.29 53.20 0.00 60.00 0.00 753.28253.46 0.00 2,174.12 1.0021/22 96.75 45.03 0.00 60.00 0.00 626.35216.72 0.00 2,511.76 1.0022/23 83.54 38.88 0.00 60.00 0.00 530.67189.02 0.00 2,771.80 1.0023/24 73.44 34.18 0.00 60.00 0.00 457.54167.90 0.00 2,975.59 1.0024/25 65.02 30.26 0.00 60.00 0.00 396.65150.21 0.00 3,136.17 1.0025/26 58.33 27.15 0.00 60.00 0.00 348.26136.20 0.00 3,264.35 1.0026/27 52.79 24.57 0.00 60.00 0.00 308.16124.58 0.00 3,367.46 1.0027/28 48.26 22.46 0.00 60.00 0.00 275.30115.11 0.00 3,451.19 1.0028/29 44.15 20.55 0.00 60.00 0.00 245.64106.46 0.00 3,519.10 1.0029/30 40.74 18.96 0.00 60.00 0.00 220.9399.29 0.00 3,574.63 Rem. Total 602.33 280.35 60.00 1,864.62 0.00 2,007.79 1,869.16 869.99 1,560.00 2,654.62 0.00 8,703.584,527.94 1,689.55 0.00 0.00 262.65 3,837.28 58.93 0.00 58.93 0.00 0.00 391.46 0.00 126.15 0.00 6,504.64 0.00 391.46 0.00 20,185.28 0.00 0.00 110.38 342.53 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 31.00 bbl/month bbl/month % year b = 0.800 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 4.05 / 6.58 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 5,493.84 4,390.60 3,837.28 12.00% : 15.00% : 3,384.87 2,843.66 PW 2,188.0220.00% : 1,260.07 5,000.00 179.76 173.64 2.75 8/1/2061 TRC Eco Detailed.rpt 10

1 1 0 1 0 0 1 0 0 0 10 100 1000 08 16 24 32 40 48 56 64 72 80 Case Name: Poplar East Charles Well 9 Oper: Nautilus Poplar Field: Poplar East Oil EUR: 391.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 391.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) W ater (bbl/m on)

Net Gas (MMcf) As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year ECONOMIC SUMMARY PROJECTION07/10/2015 3:08:39PMDate : 0.00 Project Name : Partner : Case Type : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 Poplar Field All Cases GRAND TOTAL CASE Total 58.93 0.0012.60 0.00 649.54 0.00 0.0015/16 11.02 0.00 58.93 0.0064.66 0.00 3,334.12 0.00 0.0016/17 56.58 0.00 58.93 0.00106.62 0.00 5,497.52 0.00 0.0017/18 93.29 0.00 58.93 0.00141.76 0.00 7,309.64 0.00 0.0018/19 124.04 0.00 58.93 0.00159.80 0.00 8,239.78 0.00 0.0019/20 139.82 0.00 58.93 0.00133.81 0.00 6,900.00 0.00 0.0020/21 117.09 0.00 58.93 0.00115.52 0.00 5,956.51 0.00 0.0021/22 101.08 0.00 58.93 0.00101.70 0.00 5,244.21 0.00 0.0022/23 88.99 0.00 58.93 0.0091.12 0.00 4,698.52 0.00 0.0023/24 79.73 0.00 58.93 0.0082.15 0.00 4,235.97 0.00 0.0024/25 71.88 0.00 58.93 0.0074.98 0.00 3,866.30 0.00 0.0025/26 65.61 0.00 58.93 0.0068.97 0.00 3,556.50 0.00 0.0026/27 60.35 0.00 58.93 0.0064.03 0.00 3,301.72 0.00 0.0027/28 56.03 0.00 58.93 0.0059.45 0.00 3,065.55 0.00 0.0028/29 52.02 0.00 58.93 0.0055.62 0.00 2,868.15 0.00 0.0029/30 48.67 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 8.0015/16 82.88 27.99 3,000.00 17.50 0.00 -2,575.4896.64 0.00 -2,391.51 8.0016/17 425.43 143.70 3,000.00 101.50 0.00 -846.58510.07 0.00 -3,063.82 8.0017/18 701.48 236.94 3,000.00 185.50 0.00 511.00862.59 0.00 -2,603.22 8.0018/19 932.71 315.05 3,000.00 269.50 0.00 1,618.611,173.77 0.00 -1,389.63 8.0019/20 1,051.40 355.13 0.00 336.00 0.00 5,135.001,362.25 0.00 1,960.90 8.0020/21 880.44 297.39 0.00 336.00 0.00 4,181.451,204.72 0.00 4,440.43 8.0021/22 760.05 256.73 0.00 336.00 0.00 3,509.341,094.40 0.00 6,332.03 8.0022/23 669.16 226.03 0.00 336.00 0.00 3,002.041,010.98 0.00 7,802.99 8.0023/24 599.53 202.51 0.00 336.00 0.00 2,612.44948.05 0.00 8,966.49 8.0024/25 540.51 182.57 0.00 336.00 0.00 2,284.29892.59 0.00 9,891.24 8.0025/26 493.34 166.64 0.00 336.00 0.00 2,021.28849.05 0.00 10,635.13 8.0026/27 453.81 153.29 0.00 336.00 0.00 1,800.94812.47 0.00 11,237.68 8.0027/28 421.30 142.30 0.00 336.00 0.00 1,618.73783.38 0.00 11,729.99 8.0028/29 391.16 132.13 0.00 336.00 0.00 1,451.98754.28 0.00 12,131.40 8.0029/30 365.98 123.62 0.00 336.00 0.00 1,311.78730.78 0.00 12,461.09 Rem. Total 5,792.59 1,956.59 360.00 9,506.63 0.00 11,471.19 14,561.78 4,918.59 12,360.00 13,776.63 0.00 39,108.0029,395.52 16,309.50 0.00 0.00 1,552.27 14,013.37 58.93 0.00 58.93 0.00 0.00 2,213.19 0.00 880.40 0.00 45,396.49 0.00 2,213.19 0.00 114,120.52 0.00 0.00 770.35 1,936.54 0.00 0.00 Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 2.44 / 4.16 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 22,309.82 16,734.83 14,013.37 12.00% : 15.00% : 11,838.05 9,309.28 PW 6,382.3920.00% : 9,704.97 58.67 4.30 TRC Eco Detailed.rpt 1

1 0 0 1 0 0 0 1 0 0 0 0 10 100 1000 13 17 21 25 29 33 37 41 45 49 53 57 611 0 0 0 1 0 0 0 0 1 0 0 0 0 0 1 10 100 Case Name: Probable Plot Summary Oper: Magellan Petroleum Field: Poplar Oil EUR: 2,213.19 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 2,213.19 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Probable Undeveloped , As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/10/2015 3:08:39PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Tyler Well 1 Section 11 58.93 0.007.51 0.00 387.11 0.00 0.0015/16 6.57 0.00 58.93 0.0025.77 0.00 1,328.99 0.00 0.0016/17 22.55 0.00 58.93 0.0020.81 0.00 1,073.08 0.00 0.0017/18 18.21 0.00 58.93 0.0017.45 0.00 900.02 0.00 0.0018/19 15.27 0.00 58.93 0.0015.07 0.00 777.10 0.00 0.0019/20 13.19 0.00 58.93 0.0013.20 0.00 680.48 0.00 0.0020/21 11.55 0.00 58.93 0.0011.77 0.00 606.65 0.00 0.0021/22 10.29 0.00 58.93 0.0010.61 0.00 547.29 0.00 0.0022/23 9.29 0.00 58.93 0.009.69 0.00 499.83 0.00 0.0023/24 8.48 0.00 58.93 0.008.88 0.00 457.64 0.00 0.0024/25 7.77 0.00 58.93 0.008.20 0.00 423.05 0.00 0.0025/26 7.18 0.00 58.93 0.007.63 0.00 393.32 0.00 0.0026/27 6.67 0.00 58.93 0.007.15 0.00 368.47 0.00 0.0027/28 6.25 0.00 58.93 0.006.69 0.00 344.80 0.00 0.0028/29 5.85 0.00 58.93 0.006.30 0.00 324.80 0.00 0.0029/30 5.51 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 49.40 16.68 1,500.00 10.50 0.00 -1,247.1157.64 0.00 -1,163.51 1.0016/17 169.58 57.28 0.00 42.00 0.00 854.99205.14 0.00 -420.77 1.0017/18 136.92 46.25 0.00 42.00 0.00 672.61175.29 0.00 110.26 1.0018/19 114.84 38.79 0.00 42.00 0.00 549.30155.09 0.00 504.44 1.0019/20 99.16 33.49 0.00 42.00 0.00 461.60140.86 0.00 805.50 1.0020/21 86.83 29.33 0.00 42.00 0.00 392.92129.41 0.00 1,038.43 1.0021/22 77.41 26.15 0.00 42.00 0.00 340.35120.75 0.00 1,221.85 1.0022/23 69.83 23.59 0.00 42.00 0.00 298.09113.78 0.00 1,367.88 1.0023/24 63.78 21.54 0.00 42.00 0.00 264.18108.32 0.00 1,485.53 1.0024/25 58.39 19.72 0.00 42.00 0.00 234.31103.21 0.00 1,580.38 1.0025/26 53.98 18.23 0.00 42.00 0.00 209.7199.12 0.00 1,657.55 1.0026/27 50.19 16.95 0.00 42.00 0.00 188.5995.59 0.00 1,720.64 1.0027/28 47.02 15.88 0.00 42.00 0.00 170.8092.77 0.00 1,772.59 1.0028/29 44.00 14.86 0.00 42.00 0.00 154.1389.82 0.00 1,815.20 1.0029/30 41.44 14.00 0.00 42.00 0.00 139.9487.42 0.00 1,850.37 Rem. Total 656.64 221.80 45.00 1,121.53 0.00 1,199.99 1,819.41 614.55 1,545.00 1,720.03 0.00 4,884.403,675.35 1,901.14 0.00 0.00 165.88 2,016.25 58.93 0.00 58.93 0.00 0.00 276.53 0.00 99.80 0.00 5,146.10 0.00 276.53 0.00 14,258.73 0.00 0.00 87.33 241.96 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.44 / 4.16 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 3,000.21 2,345.27 2,016.25 12.00% : 15.00% : 1,747.13 1,425.08 PW 1,034.3920.00% : 1,396.98 2,600.00 203.73 58.66 2.63 3/16/2057 TRC Eco Detailed.rpt 2

1 0 1 0 0 1 0 0 0 10 100 1000 07 15 23 31 39 47 55 63 71 79 1 0 0 1 0 0 0 1 0 0 0 0 1 10 100 Case Name: Tyler Well 1 Section 11 Oper: Field: Oil EUR: 276.53 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 276.53 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Probable Undeveloped , As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/10/2015 3:08:39PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Tyler Well 2 Section 2 58.93 0.005.09 0.00 262.43 0.00 0.0015/16 4.45 0.00 58.93 0.0026.29 0.00 1,355.59 0.00 0.0016/17 23.00 0.00 58.93 0.0021.15 0.00 1,090.32 0.00 0.0017/18 18.50 0.00 58.93 0.0017.69 0.00 912.10 0.00 0.0018/19 15.48 0.00 58.93 0.0015.24 0.00 786.06 0.00 0.0019/20 13.34 0.00 58.93 0.0013.33 0.00 687.36 0.00 0.0020/21 11.66 0.00 58.93 0.0011.87 0.00 612.11 0.00 0.0021/22 10.39 0.00 58.93 0.0010.70 0.00 551.73 0.00 0.0022/23 9.36 0.00 58.93 0.009.76 0.00 503.51 0.00 0.0023/24 8.54 0.00 58.93 0.008.94 0.00 460.73 0.00 0.0024/25 7.82 0.00 58.93 0.008.26 0.00 425.69 0.00 0.0025/26 7.22 0.00 58.93 0.007.67 0.00 395.60 0.00 0.0026/27 6.71 0.00 58.93 0.007.18 0.00 370.47 0.00 0.0027/28 6.29 0.00 58.93 0.006.72 0.00 346.56 0.00 0.0028/29 5.88 0.00 58.93 0.006.33 0.00 326.36 0.00 0.0029/30 5.54 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 33.49 11.31 1,500.00 7.00 0.00 -1,328.3638.99 0.00 -1,228.00 1.0016/17 172.97 58.43 0.00 42.00 0.00 873.89208.30 0.00 -468.81 1.0017/18 139.13 46.99 0.00 42.00 0.00 684.84177.37 0.00 71.88 1.0018/19 116.38 39.31 0.00 42.00 0.00 557.85156.56 0.00 472.21 1.0019/20 100.30 33.88 0.00 42.00 0.00 467.92141.97 0.00 777.40 1.0020/21 87.71 29.63 0.00 42.00 0.00 397.75130.28 0.00 1,013.19 1.0021/22 78.11 26.38 0.00 42.00 0.00 344.17121.45 0.00 1,198.67 1.0022/23 70.40 23.78 0.00 42.00 0.00 301.19114.36 0.00 1,346.23 1.0023/24 64.25 21.70 0.00 42.00 0.00 266.75108.82 0.00 1,465.01 1.0024/25 58.79 19.86 0.00 42.00 0.00 236.45103.64 0.00 1,560.73 1.0025/26 54.32 18.35 0.00 42.00 0.00 211.5399.49 0.00 1,638.57 1.0026/27 50.48 17.05 0.00 42.00 0.00 190.1595.93 0.00 1,702.19 1.0027/28 47.27 15.97 0.00 42.00 0.00 172.1693.07 0.00 1,754.54 1.0028/29 44.22 14.94 0.00 42.00 0.00 155.3190.09 0.00 1,797.48 1.0029/30 41.64 14.07 0.00 42.00 0.00 140.9887.67 0.00 1,832.91 Rem. Total 659.52 222.77 45.00 1,123.79 0.00 1,209.44 1,818.97 614.40 1,545.00 1,718.79 0.00 4,882.023,676.09 1,908.12 0.00 0.00 167.07 1,999.98 58.93 0.00 58.93 0.00 0.00 276.46 0.00 100.24 0.00 5,168.64 0.00 276.46 0.00 14,255.28 0.00 0.00 87.71 241.90 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.44 / 4.16 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 2,987.22 2,329.82 1,999.98 12.00% : 15.00% : 1,730.49 1,408.47 PW 1,018.7620.00% : 1,386.09 2,600.00 203.85 58.65 2.71 4/5/2057 TRC Eco Detailed.rpt 3

1 0 1 0 0 1 0 0 0 10 100 1000 07 15 23 31 39 47 55 63 71 79 1 0 0 1 0 0 0 1 0 0 0 0 1 10 100 Case Name: Tyler Well 2 Section 2 Oper: Field: Oil EUR: 276.46 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 276.46 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Probable Undeveloped , As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/10/2015 3:08:39PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Tyler Well 3 Section 14 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.007.51 0.00 387.11 0.00 0.0016/17 6.57 0.00 58.93 0.0025.77 0.00 1,328.99 0.00 0.0017/18 22.55 0.00 58.93 0.0020.81 0.00 1,073.08 0.00 0.0018/19 18.21 0.00 58.93 0.0017.50 0.00 902.30 0.00 0.0019/20 15.31 0.00 58.93 0.0015.03 0.00 774.83 0.00 0.0020/21 13.15 0.00 58.93 0.0013.20 0.00 680.48 0.00 0.0021/22 11.55 0.00 58.93 0.0011.77 0.00 606.65 0.00 0.0022/23 10.29 0.00 58.93 0.0010.64 0.00 548.72 0.00 0.0023/24 9.31 0.00 58.93 0.009.67 0.00 498.40 0.00 0.0024/25 8.46 0.00 58.93 0.008.88 0.00 457.64 0.00 0.0025/26 7.77 0.00 58.93 0.008.20 0.00 423.05 0.00 0.0026/27 7.18 0.00 58.93 0.007.65 0.00 394.36 0.00 0.0027/28 6.69 0.00 58.93 0.007.13 0.00 367.43 0.00 0.0028/29 6.24 0.00 58.93 0.006.69 0.00 344.80 0.00 0.0029/30 5.85 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 49.40 16.68 1,500.00 10.50 0.00 -1,247.1257.65 0.00 -1,057.81 1.0017/18 169.58 57.28 0.00 42.00 0.00 854.98205.15 0.00 -382.56 1.0018/19 136.92 46.25 0.00 42.00 0.00 672.60175.31 0.00 100.21 1.0019/20 115.13 38.89 0.00 42.00 0.00 550.77155.51 0.00 459.49 1.0020/21 98.87 33.39 0.00 42.00 0.00 460.09140.47 0.00 732.28 1.0021/22 86.83 29.33 0.00 42.00 0.00 392.90129.42 0.00 944.04 1.0022/23 77.41 26.15 0.00 42.00 0.00 340.33120.77 0.00 1,110.78 1.0023/24 70.02 23.65 0.00 42.00 0.00 298.96114.10 0.00 1,243.92 1.0024/25 63.60 21.48 0.00 42.00 0.00 263.29108.04 0.00 1,350.50 1.0025/26 58.39 19.72 0.00 42.00 0.00 234.29103.23 0.00 1,436.72 1.0026/27 53.98 18.23 0.00 42.00 0.00 209.7099.14 0.00 1,506.88 1.0027/28 50.32 17.00 0.00 42.00 0.00 189.1795.87 0.00 1,564.41 1.0028/29 46.88 15.84 0.00 42.00 0.00 170.1892.53 0.00 1,611.46 1.0029/30 44.00 14.86 0.00 42.00 0.00 154.1189.83 0.00 1,650.19 Rem. Total 698.00 235.77 45.00 1,163.30 0.00 1,339.48 1,819.33 614.52 1,545.00 1,719.80 0.00 4,883.723,675.67 1,988.67 0.00 0.00 182.75 1,832.95 58.93 0.00 58.93 0.00 0.00 276.51 0.00 106.09 0.00 5,470.21 0.00 276.51 0.00 14,258.04 0.00 0.00 92.83 241.95 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.44 / 4.16 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 2,857.19 2,171.50 1,832.95 12.00% : 15.00% : 1,559.96 1,239.25 PW 862.0420.00% : 1,270.06 2,600.00 203.75 58.66 3.63 3/14/2058 TRC Eco Detailed.rpt 4

1 0 1 0 0 1 0 0 0 10 100 1000 07 15 23 31 39 47 55 63 71 79 1 0 0 1 0 0 0 1 0 0 0 0 1 10 100 Case Name: Tyler Well 3 Section 14 Oper: Field: Oil EUR: 276.51 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 276.51 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Probable Undeveloped , As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/10/2015 3:08:39PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Tyler Well 4 Sec 23 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 58.93 0.005.09 0.00 262.43 0.00 0.0016/17 4.45 0.00 58.93 0.0026.29 0.00 1,355.59 0.00 0.0017/18 23.00 0.00 58.93 0.0021.15 0.00 1,090.32 0.00 0.0018/19 18.50 0.00 58.93 0.0017.73 0.00 914.41 0.00 0.0019/20 15.52 0.00 58.93 0.0015.20 0.00 783.76 0.00 0.0020/21 13.30 0.00 58.93 0.0013.33 0.00 687.36 0.00 0.0021/22 11.66 0.00 58.93 0.0011.87 0.00 612.11 0.00 0.0022/23 10.39 0.00 58.93 0.0010.73 0.00 553.17 0.00 0.0023/24 9.39 0.00 58.93 0.009.74 0.00 502.08 0.00 0.0024/25 8.52 0.00 58.93 0.008.94 0.00 460.73 0.00 0.0025/26 7.82 0.00 58.93 0.008.26 0.00 425.69 0.00 0.0026/27 7.22 0.00 58.93 0.007.69 0.00 396.65 0.00 0.0027/28 6.73 0.00 58.93 0.007.16 0.00 369.43 0.00 0.0028/29 6.27 0.00 58.93 0.006.72 0.00 346.56 0.00 0.0029/30 5.88 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 33.49 11.31 1,500.00 7.00 0.00 -1,328.3538.98 0.00 -1,116.42 1.0017/18 172.97 58.43 0.00 42.00 0.00 873.96208.23 0.00 -426.16 1.0018/19 139.13 46.99 0.00 42.00 0.00 684.91177.30 0.00 65.46 1.0019/20 116.68 39.41 0.00 42.00 0.00 559.42156.90 0.00 430.40 1.0020/21 100.01 33.78 0.00 42.00 0.00 466.48141.49 0.00 706.97 1.0021/22 87.71 29.63 0.00 42.00 0.00 397.82130.21 0.00 921.38 1.0022/23 78.11 26.38 0.00 42.00 0.00 344.24121.39 0.00 1,090.04 1.0023/24 70.58 23.84 0.00 42.00 0.00 302.14114.60 0.00 1,224.60 1.0024/25 64.06 21.64 0.00 42.00 0.00 265.92108.45 0.00 1,332.25 1.0025/26 58.79 19.86 0.00 42.00 0.00 236.52103.57 0.00 1,419.29 1.0026/27 54.32 18.35 0.00 42.00 0.00 211.6099.43 0.00 1,490.08 1.0027/28 50.61 17.10 0.00 42.00 0.00 190.8296.12 0.00 1,548.12 1.0028/29 47.14 15.92 0.00 42.00 0.00 171.6292.75 0.00 1,595.56 1.0029/30 44.22 14.94 0.00 42.00 0.00 155.3890.02 0.00 1,634.61 Rem. Total 701.65 237.00 45.00 1,167.06 0.00 1,352.22 1,819.46 614.57 1,545.00 1,720.06 0.00 4,884.703,675.30 1,995.87 0.00 0.00 184.27 1,818.88 58.93 0.00 58.93 0.00 0.00 276.53 0.00 106.64 0.00 5,498.80 0.00 276.53 0.00 14,259.08 0.00 0.00 93.31 241.97 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.44 / 4.16 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 2,846.17 2,158.09 1,818.88 12.00% : 15.00% : 1,545.69 1,225.26 PW 849.3520.00% : 1,260.16 2,600.00 203.71 58.66 3.71 4/16/2058 TRC Eco Detailed.rpt 5

1 0 1 0 0 1 0 0 0 10 100 1000 07 15 23 31 39 47 55 63 71 79 1 0 0 1 0 0 0 1 0 0 0 0 1 10 100 Case Name: Tyler Well 4 Sec 23 Oper: Field: Oil EUR: 276.53 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 276.53 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Probable Undeveloped , As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/10/2015 3:08:39PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Tyler Well 5 Sec 23 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0016/17 0.00 0.00 58.93 0.007.51 0.00 387.11 0.00 0.0017/18 6.57 0.00 58.93 0.0025.77 0.00 1,328.99 0.00 0.0018/19 22.55 0.00 58.93 0.0020.86 0.00 1,075.75 0.00 0.0019/20 18.25 0.00 58.93 0.0017.45 0.00 899.62 0.00 0.0020/21 15.27 0.00 58.93 0.0015.03 0.00 774.83 0.00 0.0021/22 13.15 0.00 58.93 0.0013.20 0.00 680.48 0.00 0.0022/23 11.55 0.00 58.93 0.0011.80 0.00 608.23 0.00 0.0023/24 10.32 0.00 58.93 0.0010.61 0.00 547.14 0.00 0.0024/25 9.28 0.00 58.93 0.009.67 0.00 498.40 0.00 0.0025/26 8.46 0.00 58.93 0.008.88 0.00 457.64 0.00 0.0026/27 7.77 0.00 58.93 0.008.23 0.00 424.16 0.00 0.0027/28 7.20 0.00 58.93 0.007.63 0.00 393.24 0.00 0.0028/29 6.67 0.00 58.93 0.007.13 0.00 367.43 0.00 0.0029/30 6.24 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0017/18 49.40 16.68 1,500.00 10.50 0.00 -1,247.0757.60 0.00 -961.67 1.0018/19 169.58 57.28 0.00 42.00 0.00 855.18204.95 0.00 -347.62 1.0019/20 137.27 46.37 0.00 42.00 0.00 674.57175.56 0.00 92.52 1.0020/21 114.79 38.77 0.00 42.00 0.00 549.20154.86 0.00 418.19 1.0021/22 98.87 33.39 0.00 42.00 0.00 460.29140.27 0.00 666.30 1.0022/23 86.83 29.33 0.00 42.00 0.00 393.10129.22 0.00 858.92 1.0023/24 77.61 26.21 0.00 42.00 0.00 341.52120.89 0.00 1,011.02 1.0024/25 69.82 23.58 0.00 42.00 0.00 298.17113.58 0.00 1,131.73 1.0025/26 63.60 21.48 0.00 42.00 0.00 263.49107.84 0.00 1,228.70 1.0026/27 58.39 19.72 0.00 42.00 0.00 234.49103.03 0.00 1,307.15 1.0027/28 54.12 18.28 0.00 42.00 0.00 210.5599.20 0.00 1,371.19 1.0028/29 50.18 16.95 0.00 42.00 0.00 188.7195.40 0.00 1,423.36 1.0029/30 46.88 15.84 0.00 42.00 0.00 170.3892.33 0.00 1,466.18 Rem. Total 743.54 251.15 45.00 1,209.29 0.00 1,499.22 1,820.87 615.04 1,545.00 1,723.79 0.00 4,891.793,673.62 2,078.89 0.00 0.00 201.84 1,668.02 58.93 0.00 58.93 0.00 0.00 276.75 0.00 113.01 0.00 5,827.08 0.00 276.75 0.00 14,270.11 0.00 0.00 98.88 242.15 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.44 / 4.17 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 2,724.34 2,012.78 1,668.02 12.00% : 15.00% : 1,394.22 1,078.70 PW 719.1420.00% : 1,154.67 2,600.00 203.31 58.69 4.63 4/18/2059 TRC Eco Detailed.rpt 6

1 0 1 0 0 1 0 0 0 10 100 1000 07 15 23 31 39 47 55 63 71 79 1 0 0 1 0 0 0 1 0 0 0 0 1 10 100 Case Name: Tyler Well 5 Sec 23 Oper: Field: Oil EUR: 276.75 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 276.75 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Probable Undeveloped , As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/10/2015 3:08:39PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Tyler Well 6 Sec 3 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0016/17 0.00 0.00 58.93 0.005.09 0.00 262.43 0.00 0.0017/18 4.45 0.00 58.93 0.0026.29 0.00 1,355.59 0.00 0.0018/19 23.00 0.00 58.93 0.0021.20 0.00 1,093.04 0.00 0.0019/20 18.55 0.00 58.93 0.0017.68 0.00 911.69 0.00 0.0020/21 15.47 0.00 58.93 0.0015.20 0.00 783.76 0.00 0.0021/22 13.30 0.00 58.93 0.0013.33 0.00 687.36 0.00 0.0022/23 11.66 0.00 58.93 0.0011.90 0.00 613.70 0.00 0.0023/24 10.41 0.00 58.93 0.0010.70 0.00 551.58 0.00 0.0024/25 9.36 0.00 58.93 0.009.74 0.00 502.08 0.00 0.0025/26 8.52 0.00 58.93 0.008.94 0.00 460.73 0.00 0.0026/27 7.82 0.00 58.93 0.008.28 0.00 426.81 0.00 0.0027/28 7.24 0.00 58.93 0.007.67 0.00 395.53 0.00 0.0028/29 6.71 0.00 58.93 0.007.16 0.00 369.43 0.00 0.0029/30 6.27 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0017/18 33.49 11.31 1,500.00 7.00 0.00 -1,328.3238.95 0.00 -1,014.97 1.0018/19 172.97 58.43 0.00 42.00 0.00 874.14208.05 0.00 -387.29 1.0019/20 139.47 47.11 0.00 42.00 0.00 686.89177.57 0.00 60.91 1.0020/21 116.33 39.29 0.00 42.00 0.00 557.81156.26 0.00 391.68 1.0021/22 100.01 33.78 0.00 42.00 0.00 466.66141.31 0.00 643.23 1.0022/23 87.71 29.63 0.00 42.00 0.00 398.00130.02 0.00 838.25 1.0023/24 78.31 26.45 0.00 42.00 0.00 345.42121.52 0.00 992.09 1.0024/25 70.38 23.77 0.00 42.00 0.00 301.33114.09 0.00 1,114.08 1.0025/26 64.06 21.64 0.00 42.00 0.00 266.11108.27 0.00 1,212.02 1.0026/27 58.79 19.86 0.00 42.00 0.00 236.70103.39 0.00 1,291.21 1.0027/28 54.46 18.40 0.00 42.00 0.00 212.4499.51 0.00 1,355.82 1.0028/29 50.47 17.05 0.00 42.00 0.00 190.3495.67 0.00 1,408.45 1.0029/30 47.14 15.92 0.00 42.00 0.00 171.8092.57 0.00 1,451.63 Rem. Total 747.32 252.43 45.00 1,212.81 0.00 1,512.78 1,820.91 615.06 1,545.00 1,723.81 0.00 4,892.103,673.57 2,086.39 0.00 0.00 203.47 1,655.09 58.93 0.00 58.93 0.00 0.00 276.75 0.00 113.58 0.00 5,856.73 0.00 276.75 0.00 14,270.45 0.00 0.00 99.38 242.16 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.44 / 4.17 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 2,713.57 2,000.19 1,655.09 12.00% : 15.00% : 1,381.37 1,066.44 PW 708.4920.00% : 1,145.67 2,600.00 203.30 58.69 4.71 5/19/2059 TRC Eco Detailed.rpt 7

1 0 1 0 0 1 0 0 0 10 100 1000 07 15 23 31 39 47 55 63 71 79 1 0 0 1 0 0 0 1 0 0 0 0 1 10 100 Case Name: Tyler Well 6 Sec 3 Oper: Field: Oil EUR: 276.75 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 276.75 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Probable Undeveloped , As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/10/2015 3:08:39PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Tyler Well 7 Sec 10 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0016/17 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0017/18 0.00 0.00 58.93 0.007.51 0.00 387.11 0.00 0.0018/19 6.57 0.00 58.93 0.0025.84 0.00 1,332.23 0.00 0.0019/20 22.61 0.00 58.93 0.0020.80 0.00 1,072.51 0.00 0.0020/21 18.20 0.00 58.93 0.0017.45 0.00 899.62 0.00 0.0021/22 15.27 0.00 58.93 0.0015.03 0.00 774.83 0.00 0.0022/23 13.15 0.00 58.93 0.0013.23 0.00 682.24 0.00 0.0023/24 11.58 0.00 58.93 0.0011.76 0.00 606.47 0.00 0.0024/25 10.29 0.00 58.93 0.0010.61 0.00 547.14 0.00 0.0025/26 9.28 0.00 58.93 0.009.67 0.00 498.40 0.00 0.0026/27 8.46 0.00 58.93 0.008.90 0.00 458.84 0.00 0.0027/28 7.79 0.00 58.93 0.008.20 0.00 422.96 0.00 0.0028/29 7.18 0.00 58.93 0.007.63 0.00 393.24 0.00 0.0029/30 6.67 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0017/18 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0018/19 49.40 16.68 1,500.00 10.50 0.00 -1,247.0557.58 0.00 -874.29 1.0019/20 169.99 57.42 0.00 42.00 0.00 857.42205.40 0.00 -314.64 1.0020/21 136.85 46.23 0.00 42.00 0.00 672.46174.97 0.00 84.21 1.0021/22 114.79 38.77 0.00 42.00 0.00 549.27154.79 0.00 380.33 1.0022/23 98.87 33.39 0.00 42.00 0.00 460.36140.20 0.00 605.93 1.0023/24 87.05 29.40 0.00 42.00 0.00 394.28129.50 0.00 781.55 1.0024/25 77.39 26.14 0.00 42.00 0.00 340.47120.48 0.00 919.40 1.0025/26 69.82 23.58 0.00 42.00 0.00 298.24113.51 0.00 1,029.16 1.0026/27 63.60 21.48 0.00 42.00 0.00 263.55107.77 0.00 1,117.35 1.0027/28 58.55 19.78 0.00 42.00 0.00 235.28103.24 0.00 1,188.90 1.0028/29 53.97 18.23 0.00 42.00 0.00 209.9098.86 0.00 1,246.93 1.0029/30 50.18 16.95 0.00 42.00 0.00 188.7895.34 0.00 1,294.38 Rem. Total 790.95 267.16 45.00 1,252.67 0.00 1,671.52 1,821.39 615.22 1,545.00 1,725.17 0.00 4,894.473,672.99 2,171.35 0.00 0.00 222.60 1,516.98 58.93 0.00 58.93 0.00 0.00 276.83 0.00 120.21 0.00 6,198.65 0.00 276.83 0.00 14,274.24 0.00 0.00 105.19 242.22 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.45 / 4.17 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 2,595.69 1,864.42 1,516.98 12.00% : 15.00% : 1,245.33 938.38 PW 599.5520.00% : 1,049.77 2,600.00 203.16 58.70 5.63 4/29/2060 TRC Eco Detailed.rpt 8

1 0 1 0 0 1 0 0 0 10 100 1000 07 15 23 31 39 47 55 63 71 79 1 0 0 1 0 0 0 1 0 0 0 0 1 10 100 Case Name: Tyler Well 7 Sec 10 Oper: Field: Oil EUR: 276.83 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 276.83 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count

Operator : Case : Reserve Cat. : Field : Reservoir : Co., State : ECONOMIC PROJECTION Probable Undeveloped , As Of Date : 07/01/2015 Discount Rate (%) : 10.00 All Cases Poplar Field, Wellhead Oil Price 58.93 USD/Bbl Misc. Revenue (M$) Gas Revenue (M$) Oil Revenue (M$) Gas Price ($/Mcf) Oil Price ($/bbl) Net Gas (MMcf) Net Oil (Mbbl) Gross Gas (MMcf) Gross Oil (Mbbl) Year 07/10/2015 3:08:39PMDate : Project Name : Partner : Case Type : Archive Set : Cum Oil (Mbbl) : Cum Gas (MMcf) : 0.00 0.00 Poplar Field All Cases LEASE CASE Projection Tyler Well 8 Sec 19 0.00 0.000.00 0.00 0.00 0.00 0.0015/16 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0016/17 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.0017/18 0.00 0.00 58.93 0.005.09 0.00 262.43 0.00 0.0018/19 4.45 0.00 58.93 0.0026.35 0.00 1,358.89 0.00 0.0019/20 23.06 0.00 58.93 0.0021.13 0.00 1,089.74 0.00 0.0020/21 18.49 0.00 58.93 0.0017.68 0.00 911.69 0.00 0.0021/22 15.47 0.00 58.93 0.0015.20 0.00 783.76 0.00 0.0022/23 13.30 0.00 58.93 0.0013.36 0.00 689.13 0.00 0.0023/24 11.69 0.00 58.93 0.0011.87 0.00 611.93 0.00 0.0024/25 10.38 0.00 58.93 0.0010.70 0.00 551.58 0.00 0.0025/26 9.36 0.00 58.93 0.009.74 0.00 502.08 0.00 0.0026/27 8.52 0.00 58.93 0.008.96 0.00 461.95 0.00 0.0027/28 7.84 0.00 58.93 0.008.25 0.00 425.60 0.00 0.0028/29 7.22 0.00 58.93 0.007.67 0.00 395.53 0.00 0.0029/30 6.71 0.00 Rem Total Ult Year Net Tax Production (M$) Net Tax AdValorem (M$) Net Investment (M$) Net Lease Costs (M$) Net Well Costs (M$) Annual Cash Flow (M$) Cum Disc. Cash Flow (M$) Other Costs (M$) Well Count Net Profits (M$) 1.0015/16 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0016/17 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0017/18 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 1.0018/19 33.49 11.31 1,500.00 7.00 0.00 -1,328.3138.94 0.00 -922.75 1.0019/20 173.39 58.57 0.00 42.00 0.00 876.42208.50 0.00 -350.68 1.0020/21 139.05 46.97 0.00 42.00 0.00 684.74176.98 0.00 55.47 1.0021/22 116.33 39.29 0.00 42.00 0.00 557.87156.20 0.00 356.23 1.0022/23 100.01 33.78 0.00 42.00 0.00 466.73141.24 0.00 584.96 1.0023/24 87.93 29.70 0.00 42.00 0.00 399.20130.30 0.00 762.77 1.0024/25 78.08 26.37 0.00 42.00 0.00 344.36121.11 0.00 902.19 1.0025/26 70.38 23.77 0.00 42.00 0.00 301.40114.03 0.00 1,013.12 1.0026/27 64.06 21.64 0.00 42.00 0.00 266.17108.20 0.00 1,102.18 1.0027/28 58.94 19.91 0.00 42.00 0.00 237.49103.60 0.00 1,174.41 1.0028/29 54.31 18.34 0.00 42.00 0.00 211.7899.17 0.00 1,232.96 1.0029/30 50.47 17.05 0.00 42.00 0.00 190.4195.60 0.00 1,280.82 Rem. Total 794.99 268.53 45.00 1,256.17 0.00 1,686.54 1,821.44 615.23 1,545.00 1,725.17 0.00 4,894.803,672.94 2,179.07 0.00 0.00 224.40 1,505.22 58.93 0.00 58.93 0.00 0.00 276.83 0.00 120.83 0.00 6,230.29 0.00 276.83 0.00 14,274.59 0.00 0.00 105.72 242.23 0.00 0.00 Major Phase : Perfs : Initial Rate : Abandonment : Initial Decline : Beg Ratio : End Ratio : Oil 0 - 0 25.00 bbl/month bbl/month % year b = 1.000 0.000 0.000 Working Int : Revenue Int : Abandonment Date : Disc. Initial Invest. (M$) : ROInvestment (disc/undisc) : Years to Payout : 1.00000000 0.87500000 2.45 / 4.17 Internal ROR (%) : Present Worth Profile (M$) 5.00% : 8.00% : 10.00% : PW PW PW PW PW 2,585.44 1,852.76 1,505.22 12.00% : 15.00% : 1,233.86 927.72 PW 590.6820.00% : 1,041.58 2,600.00 203.15 58.70 5.71 5/30/2060 TRC Eco Detailed.rpt 9

1 0 1 0 0 1 0 0 0 10 100 1000 07 15 23 31 39 47 55 63 71 79 1 0 0 1 0 0 0 1 0 0 0 0 1 10 100 Case Name: Tyler Well 8 Sec 19 Oper: Field: Oil EUR: 276.83 Mbbl Gas EUR: 0.00 MMcf Oil Rem: 276.83 Mbbl Gas Rem: 0.00 MMcf Proj Oil Cum: 0.00 Mbbl Proj Gas Cum: 0.00 MMcf O i l ( b b l / m o n ) G as (M cf/m on) W a t e r ( b b l / m o n ) W ell Count