S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L

Laramie Energy – Rockies GasJanuary 2021

L A R A M I E E N E R G Y 1

1.1 Introduction

History

Laramie Energy I (2004 to 2007)

Drilled over 200 wells by ramping up to a 5-rig program

Built-out the area’s midstream system

Sold to Plains Exploration & Production (PXP) in May 2007

Current

Laramie Energy, LLC (2007–present)

2007 – Restarted as a new company with the same private equity investors; acquired Piceance Basin assets from PetroGulf Corp

2008 – Ran 4 rigs in the Piceance Basin before pulling back due to declining gas prices

2012 – Acquired all of the bankrupt Delta Petroleum’s assets in the Piceance Basin, through Delta’s Plan of Reorganization

July 2015 – Acquired all Piceance Basin assets of Mesa Energy

March 2016 – Acquired +1,100 well asset base and approximately 72,000 net lease acres plus 24,000 mineral acres in the Piceance Basin from Occidental Petroleum

August 2016 – Acquired all Piceance Basin assets of Axia Energy

February 2018 – Acquired all Piceance Basin assets of Black Hills

L A R A M I E E N E R G Y 2

1.2 Organizational Structure – Denver Office

Laramie Energy – as of 11/5/2020

Total Charged to Charged to Charged to Exempt Non-exempt headcount G&A LOE Ranch exp.

29 2 31 31 - -

Denver office headcount

Board of Directors

Denver BasedGJ Production Operations Team Leaders(see attached full Piceance Basin Operations Team)

Bob BoswellCEO & Chairman

Receptionist/Operations Admin Assistant

Executive Assistant/Office Manager

Ben HamiltonEVP & CFO

Natalia GradovichController

Jim HohensteinVice President–Land

Production Manager (North Area)

Health and Safety Coordinator

Piceance Regulatory & EnvironmentalManager

Automation / SCADA Coordinator

Production Manager (South Area) Senior Accountant

Operations Accounting Manager

AP Supervisor

AP Associate

Revenue Accounting Manager

HR managerLand Manager

Senior Landman

Lease Records Manager

Senior Lease Records Analyst

Senior Lease Analyst

Land Records Supervisor

Geographic Information System Manager

Aaron DuncanDrilling Manager

John GrubichPiceance Basin Completions Manager

Matthew HallFacilities Engineering Manager

Andy McCarthyG&G Manager

Tyler PetersReservoir Engineering Manager

Facilities Engineer

Operations Accountant

Production Analyst

Division Order Manager

Ranch Manager

Ranch Assistant

Denver office GJ Office

Chris ClarkVP Field Operations

3

IT Manager

Senior Revenue Accountant

Senior Revenue Accountant

Assistant Controller

L A R A M I E E N E R G Y 3

1.3 Organizational Structure – Western Slope

Piceance Basin Operations Team

Total Charged to Charged to Charged to Exempt Non-exempt headcount G&A LOE Ranch exp.

41

Grand Junction-based headcount

Production Manager (North Area)

Bob BoswellCEO & Chairman

Chris ClarkVP Field Operations

Production Engineering Technician

Production Manager (South Area) Health and Safety Coordinator

Wayne BankertPiceance Regulatory & Environmental

ManagerAutomation / SCADA Coordinator

Production Coordinator - Rifle

Pumper – Route 4Senior Pumper – Route 5

Pumper – Route 6Contractor – Relief – Routes 4-6

Buckhorn DrawContractors

Production Coordinator - Cascade Creek

Senior Plant OperatorPlant Operator

Conn Creek Compressor Fac. Operator

Senior Pumper – Route 1Pumper – Route 2Pumper – Route 3

Pumper – Relief Routes 1-3

Contractor – Pipeline Operations Technician

Plant OperatorCentral Water Handling Facility

Senior Facilities Operator

Administrative Assistant

Senior Production Coordinator (West)

Senior Production Coordinator (East)

Administrative Assistant

Pumper - Route 5Contractors – Routes 5&6

E. Plateau Route 5/330 Pumper – Route 6

Contractor Route 7Pumper Brush Creek Route 7

Pumpers

Contractor – Routes 1,2,3, 4Pumper – Vega Route 1 & E Plateau Route #5

North Vega Route 2Contractor – Buzzard Creek 3

Collbran Route 4

Senior Field Production Analyst

SCADA Administrator

Automation Technician x2

Air Reporting Technician

Regulatory Analyst

John GrubichPiceance Basin Completions Manager

Senior Plant OperatorPlant Operator

ContractorMV Compressor Facility - Plant Operators

Senior Measurement Technician

Denver office Field

Measurement Technician

Operations Engineer

Contractor Route 8Pumper Hells Gulch Route 8

Pumper

Production Foreman South

L A R A M I E E N E R G Y 4

2.1 Locator Map – Northwestern Colorado

Key highlights

All of Laramie’s consolidated acreage is located in 3 counties: North Area – Rio Blanco County Central Area – Garfield County South Area – Mesa County (Collbran Valley)

Grand Junction

Laramie EnergyPlanned Development

L A R A M I E E N E R G Y 5

2.2 Acreage Breakdown

Mostly Federal Leases RemainingAfter the Sale

L A R A M I E E N E R G Y 6

Environmental Health & Safety:

2018 – 229,325 manhours worked, zero incidents, TRIR=0

2019 – 251,405 manhours worked, two incidents, TRIR=0.80

2020 – 177,163 manhours worked, zero incidents, TRIR=0

Charitable Giving:

$35,000 – 50,000 annually – Garco Fair, Mesa County Fair, Debeque Fire Dept. Debeque High School, Collbran Fire Dept. HopeWestHospice, Garfield County Energy Symposium

Total Leasehold Acres:

261,859 gross, 198,545 net

68% Federal (BLM) and 32% fee

Total Fee Mineral Acres:

25,492 gross, 20,606 net (100% NRI)

Total Surface Acres:

26,553 net

Key Notes:

~ 1,500 Operated Wells

~ 260 Operated Well pads

330 MMscfd / 55,000 HP in Compression Capacity

2.5MMbbl Capacity for Produced Water Recycling

DAF (Dissolved Air Flotation) Water Treatment Facility (15K bwpd) in Operation

2.3 Operation Highlights

L A R A M I E E N E R G Y 7

2.4 Production

-

50,000

100,000

150,000

200,000

250,000

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov

2015 2016 2017 2018 2019 2020

Wel

lhea

d G

as P

rodu

ctio

n (M

cfd)

BDUBLACK HILLSBRUSH CREEKCASCADE CREEKCOLLBRAN VALLEYEAST PLATEAUHELLS GULCH

Acquire Black Hills Assets

1-2 Rig Drilling Program

L A R A M I E E N E R G Y 8

2.5 Facilities – Compression & Dehydration Assets

Overview 2 Major compressor stations Conn Creek Facility

– CC I– CC II– Propane Refrigeration

with bullets (idle)– Amine Treating Facility

(idle) Mega Vega Compressor

Station

6 minor sites

330 MMscfd / 55,000 HP in Compression Capacity

Compression sites integrated to new drilling areas

Average HP utilization is 55% → New Volume Growth

Permitting new 25,000 HP facility

Collbran Valley Area – Mega Vega Compressor Station, 120 MMscfd

Northern Area – Conn Creek Facility

CC II – 85 MMscfd

CC I – 45 MMscfd

Recycled Water Pond

(1 of 3)

Water Treatment

PlantCompressor

Station

CC I

CC II

L A R A M I E E N E R G Y 9

2.6 Facilities – Water Storage & SWD Infrastructure

Cascade Creek

Five ponds with 450K bbls of fresh & flowback storage

Fully integrated pond, facility, SWD, & pipeline system

Two SWD’s w/ >1,500 bwpd capacity

Easy integration into Caerus and Terra systems

Pipeline project to integrate Black Hills system in-progress

Collbran Valley

Two 500K & one 1,000K bbl treated water ponds in operation

One 600K bbls fresh water pond in operation

DAF (Dissolved Air Flotation) water treatment facility (15K bwpd) in operation

Four SWD’s w/ >7,500 bwpd capacity

Harrison Creek Water Treatment

Facility 500,000 bbl Water Storage Pond

L A R A M I E E N E R G Y 10

2.7 Facilities – Water Storage & SWD Infrastructure

Black Hills Addition

One 300K bbl treated water pond in operation

Two 2,000 HP pumps for Mancos-scale water distribution

Long-term contract with Bluestone (Kobe) Water District for freshwater delivery from Colorado River

8” water line under the Colorado River / I-70 for frac water delivery and return flowback

Black Hills addition capable of supplying up to 50,000 bwpd to the Mesa

Required pipeline link to Laramie Cascade

Creek water system300,000 bbl Water

Storage Pond

L A R A M I E E N E R G Y 11

2.8 Facilities – Water Treatment Infrastructure

CDPHE emissions > Cleaner pond water quality req’d

Treat flowback/produced water immediately

Larger fracs > Need supply capacity, fresh water resources limited

Reduce SWD Capex / save existing SWD capacity

DAF System – Treats / Stores / Recycles up to 15,000 bwpd

Capacity can be doubled to 30,000 bwpd

Piping/treating/recycling water saves $2 - $8/bbl in disposal costs

E&P in Colorado – The present and future is water management

Flowback vs. Treated Water

Harrison Creek Water Treatment FacilityDAF Process

L A R A M I E E N E R G Y 12

2.9 Facilities – Roads & Pads

High quality & well-maintained roads in remote areas (>120 miles) providing access to drill areas

Numerous Pre-Built & Expandable Well Pads Laramie Owned - Conn Creek Mesa Road

Multiple pads/roads drill ready in Cascade Creek $25MM road up to top of Cascade Creek built by Oxy (note SUV)

SUV