Q4 2014Middle Market

Energy M&A

N vigation

Note from the CEO

1

Aggregate Metrics

2

ATV & DC

3

SubsectorBreakdown

4 - 5

Transaction History

6 - 7

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Note from the CEO.

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2013

2014Aggregate Metrics

84

63

73.26

97.79

21

Oil and Gas Exploration & Production

To t a l D e a l s

C l o s e d

A n n o u n c e d

To p S u b s e c t o r( A c c o r d i n g t o D e a l

C o u n t & Tr a n s a c t i o n S i z e )

A v e r a g e R e v e n u e

( $ M M LT M )

A v e r a g e Tr a n s a c t i o n

V a l u e( $ M M LT M )

S t a t e s w i t h n o t r a n s a c t i o n s i n Q 4 2 0 1 4

S t a t e s w i t h 1 o r m o r e t r a n s a c t i o n s Q 4 2 0 1 4

Services Pricing Reports Insights About Contact

1

2

3

4

5

6

7

98

90

58.52

8

Oil and Gas Exploration &

Production

195.33

Services Pricing Reports Insights About Contact

1

2

3

4

5

6

7 November

December+ 24%

October

December

Average Transaction Value ($MM)

Total Deal Count

+ 6%

- 17%

- 15%

85.18

65.64

36.22 118.64

105.31

30

2429

33

27

39

November- 10%

October+ 228%

61.75

Services Pricing Reports Insights About Contact

1

2

3

4

5

6

7

Subsector Average Transaction Value ($ MM)

48.08 78.31O & GExploration & Production

+ 63%

-100%O & G Drilling

139.80O & G Refining & Marketing

+ 63%85.64

Coal & Consumable

Fuels

+ 666%65.708.58

126.60O & GEquipment &

Services

- 25%167.97

163.31O & GTransporation & Storage

+ 127%71.87

* O & G - Oil and Gas

78.44 0

10

Services Pricing Reports Insights About Contact

1

2

3

4

5

6

7

Subsector Deal Count

73 50O & GExploration & Production

- 31%

0-100%

O & G Drilling

3

4O & G Refining & Marketing

0%4

Coal & Consumable

Fuels

+ 400%102

5O & GEquipment &

Services

0%5

15O & GTransporation & Storage

+ 36%11

* O & G - Oil and Gas

10

40

Services Pricing Reports Insights About Contact

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2

3

4

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6

7

Date $USD MM Target Buyer Subsector

12/31/14 190.3Aventine Re-

newable Energy Holdings, Inc

Pacific Ethanol, Inc.

Oil and Gas Refining and

Marketing

12/8/14 43.7

50% Stake in Da-kota Petroleum

and 50% Stake in DPTS Marketing

Dakota Plains Transloading,

LLC

Oil and Gas Storage and

Transportation

12/2/14 150.1PBF Energy Inc., Toledo Storage

Facility

PBF Logistics LP

Oil and Gas Storage and

Transportation

11/24/14 3.5Interests in Okla-

homa Oil and Gas Properties

Core Resource

Management, Inc.

Oil and Gas Exploration and

Production

11/17/14 125.0

MoGas Pipeline LLC and United

Property Systems, LLC

CorEnergy Infrastructure

Trust, Inc.

Oil and Gas Storage and

Transportation

11/15/14 13.1 Fred Fuller Oil & Propane Co., Inc.

Rymes Pro-pane & Oils,

Inc.

Oil and Gas Storage and

Transportation

11/12/14 5.7Raven Project In Lincoln Parish,

Louisiana-

Oil and Gas Exploration and

Production

11/6/14 11.4American

Standard Energy Corp.

Oasis Petroleum

North America LLC

Oil and Gas Exploration and

Production

11/5/14 15.5 West African Oil

Trading Company Inc.

Teyuteme Oil PLC

Oil and Gas Equipment and

Services

10/30/14 125.3

Producing Wells and Leaseholds

in the Wattenberg Field

Synergy Resources

Corporation

Oil and Gas Exploration and

Production

Services Pricing Reports Insights About Contact

1

2

3

4

5

6

7

Date $USD MM Target Buyer Subsector

10/29/14 3.5 Tennessee Oil and Gas Assets -

Oil and Gas Exploration and

Production

10/28/14 9.4Noble Energy, Inc., Piceance Basin Assets

-Oil and Gas

Exploration and Production

10/27/14 250.6

Leasehold and Producing In-

terests In Eagle Ford Shale

Carrizo LLCOil and Gas

Exploration and Production

10/22/14 340.8Phillips 66, Stra-tegic Logistics

Assets

Phillips 66 Partners LP

Oil and Gas Storage and

Transportation

10/22/14 181.1E2 Appalachian Compression,

LLC

EnLink Mid-stream Part-

ners, LP

Oil and Gas Refining and

Marketing

10/20/14 12.4

Underlying Cer-tain Oil And Gas Leases Located In Kentucky And

-Oil and Gas

Exploration and Production

10/20/14 19.7 Gas Ventures LLC

Dome Energy AB

Oil and Gas Exploration and

Production

10/16/14 33.5 Oxford Resourc-es GP, LLC

Westmore-land Coal Co.

Coal and Consumable Fuels

10/6/14 118.8Interest in Com-pass Production

Partners, LP

HGI Energy Holdings, LLC

Oil and Gas Exploration and

Production

10/1/14 215.0 Bison Pipeline LLC

TC PipeLines Intermediate Limited Part-

nership

Oil and Gas Storage and

Transportation

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