Samson Resources II East Texas and North Louisiana Opportunity Overview May 2017 / Confidential

II Samson Haynesville, Mid-Bossier & Cotton Valley Opportunity Summary

(1) Current net production as of January 2017. (2) Assumes NYMEX strip pricing as of May 1, 2017.

Samson Resources II (“Samson”) is offering for sale certain assets located in East Texas and North Louisiana

High-quality, contiguous acreage position with ~210,000 net acres targeting the Haynesville, Mid-Bossier and Cotton Valley fairways

Majority operated and >95% HBP providing significant operational control and flexibility

~86% leasehold WI and ~80% 8/8ths NRI across entire leasehold position

Meaningful current production and proved developed reserves base

Current net production of ~98 MMcfe/d (15% liquids) from ~1,500 producing wells (1)

PDP net reserves of ~422 Bcfe with a PV-10 of ~$290 MM at current NYMEX (2)

Significant play momentum as advances in completion designs continue to improve well performance

Evolution in completion practices to slickwater jobs, as well as other hybrid frac designs, with more fluid, higher proppant loads, and tighter stage spacing have yielded significant improvements in well productivity

Offset operators to Samson have recently disclosed results from optimized fracs (i.e. 3,000 lbs/ft) on the ETX side of the play – early-time data shows EURs > 2.0 Bcf/1,000’, a material improvement from early generation completions

Key elements in place to rapidly grow production and cash flow

Significant inventory of high-return drilling opportunities at current strip pricing targeting the Haynesville, Mid-Bossier and Cotton Valley

Substantial midstream infrastructure in place, including ~1,000 miles of midstream pipeline, 11 multi-bay compressor stations with ~60,000 HP of capacity and ~250 miles of water gathering pipelines

Proximity to infrastructure, Henry Hub and LNG export terminals ensure improved netbacks / pricing relative to other basins that have experienced significant natural gas basis / transportation bottlenecks

No gathering volume commitments or firm transportation contracts burdening the asset

~$430k / month in aggregate fee revenue from 3rd party (partners / royalty owners)

East Texas / North Louisiana Leasehold

Texas

Louisiana

Mississippi

Samson Acreage

Haynesville Mid-Bossier Cotton Valley

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II Haynesville and Mid-Bossier Activity Continues to Accelerate Haynesville

Well Name Operator LL (ft) IP-30 6 Mo. Cum. Prop (lbs/ft) Prod Date

Fogle Gas Unit 9H Covey Park 5,675' 10.8 MMcf/d 1,625 MMcf 3,354 16-Sep

Marsh Gas Unit 2H Covey Park 5,234' 9.7 1,528 2,994 16-Sep

Marshall Gas Unit 2H Covey Park 4,415' 8.5 1,325 2,377 16-Sep

J&R Tiller 2H Covey Park 4,217’ 11.4 NA 4,075 17-Jan

Gulley 1H Covey Park 5,291’ 21.1(2) NA 3,584 NA

Oden R P SR 35-2 1 Covey Park 7,442' 24.4 3,447 3,573 15-Oct

Oden R P SR 35-26 1 Covey Park 6,870' 25.3 3,703 3,248 15-Oct

GLD 1H Chesapeake 8,200’ 42.0(1) NA 3,800 17-Feb

Nabors 2H Chesapeake 5,200’ 19.0(1) NA 5,000 16-Nov

PCK 13 & 24 & 25-15-15 1H Chesapeake 7,052' 29.7 3,842 2,723 16-Jul

ROTC 1H Chesapeake 10,000’ 40.0(1) NA 4,039 16-Dec

Six J 1H Chesapeake 10,000’ 35.0(1) NA 3,834 17-Mar

Gamble 4-33 HC 1 Comstock 7,547' 20.3 2,398 2,980 15-Oct

Pyle 6-7 HC Comstock 7,578' 20.5 2,751 2,363 15-Apr

Shahan 5-8 HC 1 Comstock 6,880’ 18.0 2,434 3,125 15-Apr

Sarge Unit - 1 HR EOG 5,100' 18.6 2,963 1,923 12-Mar

Marston James 30-31 HC 2 Geosouthern 7,561' 17.3 2,907 3,192 14-Feb

Dunaway GU 6H Sabine O&G 6,976' 14.4 2,056 NA 16-Feb

Panola Dev Gas - 1H Sabine O&G 3,928' 9.0 1,534 2,100 13-May

Golson 3 SU74 3 Vine 4,661' 19.2 2,565 4,724 15-Nov

Guin Ronald 21H Vine 4,473' 20.3 3,011 3,594 16-Jan

Red River LA1 LP 21H 1 Vine 4,574' 20.1 3,122 3,535 16-Jan

Bison Du - 1H XTO 8,533' 22.3 2,758 1,542 14-Apr

BSI Fighting Camels - H 1 XTO 7,248' 22.7 3,596 2,301 16-Aug

Liston W L - 8H XTO 7,752' 12.6 1,868 1,264 13-Jan

Walton Robert 10H XTO 7,314' 11.4 1,743 1,286 13-Jan

Mid-Bossier

Well Name Operator LL (ft) IP-30 6 Mo. Cum. Prop (lbs/ft) Prod Date

IWI 14 & 23-10-13 2H Chesapeake 7,393' 15.1 2,245 1,612 16-Apr

Jordan 16-21 HC 1 Comstock 7,430' 14.0 2,281 2,425 16-Jan

Grizzly 1 Crimson 4,188' 9.8 1,404 1,080 10-Jul

Hassell GU 7H EOG 3,410’ 7.8 988 1,067 10-Aug

Marvin Hardy 1H EOG 4,442’ 8.5 922 1,344 10-Nov

Greer - Ironosa - 1HB EXCO 6,480' 9.6 1,571 2,819 15-Jun

Olympia Minerals 2-35 HC-01 Geosouthern 6,016’ 14.9 2,337 2,409 13-Dec

James Hall 2-35HC-1 Vine 6,436’ 14.1 NA 3,540 16-Aug

Olympia 1-36HC-1 Vine 4,742’ 13.7 NA 3,385 16-Dec

Olympia 1H-1 Vine 5,350’ 13.5 NA 3,473 16-Dec

Olympia Minerals 4-9 HC 1 Vine 5,604' 12.2 2,170 3,485 16-May

Pechora B 1 XTO 6,720’ 12.3 2,075 1,656 14-Jul

Thundering Herd 1HB XTO 4,848’ 11.2 NA 692 11-Oct

Ural B 1SL XTO 5,576’ 9.5 1,602 1,421 14-May

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Note: If not otherwise noted, wells reflect public data from IHS Enerdeq and Frac Focus. (1) From CHK IR presentations. (2) IP 24 rate.

Cotton Valley

Well Name Operator LL (ft) IP30 6 Mo. Cum. Prop (lbs/ft) Prod Date

Medlin-Youngblood 3H PetroQuest 4,652' 9.5 1,147 728 15-Dec

Reeves-Curtis Unit 2H PetroQuest 3,261' 12.5 1,445 1,574 15-Feb

Werner Sawmill 4H PetroQuest 3,107' 12.4 1,727 733 14-Jul

Owens-Shaw 2H Samson 6,105' 7.9 1,032 800 14-Dec

Twomey Heirs-Hancock Smith Samson 4,335' 8.9 1,174 823 15-Mar

Taylor

Well Name Operator LL (ft) IP30 6 Mo. Cum. Prop (lbs/ft) Prod Date

Rogers-Jones GU 2H Memorial 6,368' 8.9 1,266 1,634 15-Nov

Blake Caroline 1H Samson 4,657' 7.5 900 1,104 15-Jan

Adams WT 2H Valence 5,684' 4.2 594 906 15-May

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Mid-Bossier

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Wells by LZ Haynesville

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ETX Optimized Completion – Normalized Cum Gas (MMcf) (1)

Strong Recent Results in East Texas with Optimized Completion Design

Key Points Offset operators in Panola / Harrison have recently completed some of

the first optimized completion designs (i.e. 3,000+ lbs/ft) in ETX

Early-time results show material improvement in well performance with more fluid, higher proppant loads and tighter stage spacing

─ Recent Covey Park wells completed with 3,000+ lbs/ft proppant in Harrison and Panola County are achieving > 2.0 Bcf / 1,000’

Select Haynesville Horizontal Wells

Well Name Operator LL (ft)

Prop (lbs/ft)

IP30 (MMcf/d)

6 Mo. Cum. (MMcf)

EUR (Bcf/1k’) Date

Fogle Gas Unit 9H Covey Park 5,675’ 3,354 10.8 1,625 2.0 16-Sep

Marsh Gas Unit 2H Covey Park 5,234’ 2,994 9.7 1,528 2.0 16-Sep

Marshall Gas Unit 2H Covey Park 4,415’ 2,377 8.5 1,325 2.1 16-Sep

J&R Tiller 2H Covey Park 4,217’ 4,075 11.4 NA NA 17-Jan

Gulley 1H Covey Park 5,291’ 3,584 21.1 NA NA NA

Fults Gas Unit 2H Covey Park 6,028’ 1,204 9.5 1,057 0.8 10-Jun

Anderson Gas Unit 1H Covey Park 5,519’ 1,100 5.4 675 0.7 10-Sep

Cornelius Evans 9H XTO 5,258’ 1,034 8.5 1,158 1.2 12-Jun

Cornelius Evans 7H XTO 5,436’ 1,203 7.5 1,234 1.5 12-Jun

Holcombe 11H XTO 6,086’ 1,306 7.7 861 1.1 12-Mar

Black Co 12H XTO 6,479’ 1,379 10.1 1,389 1.1 13-Jan

Holcombe 15H XTO 5,143’ 1,177 4.7 605 0.9 13-Jan

Hogg Allie Marie 14H XTO 7,359’ 1,282 10.5 1,555 1.2 13-May

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(1) Normalized to 7,500’ lateral length. (2) IP 24 rate.

Harrison County

Panola County

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Texas

Louisiana

Samson Acreage

Optimized Completion

Early Generation

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(2)

Generation Optimized Early Gen

Avg Proppant 2,900 1,200 EUR / 1,000’ 2.0 Bcf 1.1 Bcf Legend

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II Significant Resource and Stacked Pay

Type Log and Horizon Overview Key Points

Attractive leasehold position across East Texas and North Louisiana with the opportunity to develop multiple stacked economic targets: ─ Upper Cotton Valley ─ Taylor ─ Mid-Bossier ─ Haynesville

TVD: ~9,000’ – 13,500’ Spacing: 6 wells / section TOC: 1-3.5% OGIP: 125-225 Bcf / Section Delineation: Offset operators have yielded recent strong results in

Nacogdoches, Shelby, San Augustine and Sabine, demonstrating that the Mid-Bossier can compete with Haynesville economics ─ Jordan 16-21 HC: 14.0 MMcf/d IP-30 (7,430’ lateral)

Mid

-Bos

sier

TVD: ~7,500’ – 10,000’ Spacing: 3 – 7 wells / section Landing zones: Multiple Delineation: Highly delineated, core type areas are well defined by current

production ─ Lloyd C E et al. Gas Unit 5-6H: 10.4 MMcf/d IP-30 (4,783’ lateral) ─ Reeves-Curtis Unit 2H: 12.5 MMcf/d IP-30 (3,261’ lateral) C

otto

n Va

lley

/ Tay

lor

TVD: ~10,500’ – 14,500’ Spacing: 6 wells / section TOC: 1-4% OGIP: 100-300 Bcf / Section Delineation: Highly delineated across Samson’s core ETX / NLA leasehold;

Recent results from Covey Park in Harrison / Panola County demonstrate optimized completions can overcome any permeability constraints ─ BSI Fighting Camels H1: 22.7 MMcf/d IP-30 (7,248’ lateral) ─ ROTC 1H: 40.0 MMcf/d IP-30 (10,000’ lateral)

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Samson Resources II Nolte 1

Harrison County

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Haynesville OGIP Map

Samson Acreage

Type Log (Nolte 1)

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II Large, Scalable Leasehold Position Across East Texas and North Louisiana Samson Will Consider Sale of Entire Position or Individual Packages

Asset Map Total Asset (1,2)

Net Acres: ~210,000 acres

Current Production: ~98 MMcfe/d

PDP PV-10: ~$290 MM

North Louisiana

Net Acres: ~8,500 acres

Current Production: ~4 MMcfe/d

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Shelby Trough

Net Acres: ~23,000 acres

Current Production: ~8 MMcfe/d

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East Texas Haynesville

Net Acres: ~62,000 acres

Current Production: ~44 MMcfe/d

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Gregg-Rusk-Nacogdoches

Net Acres: ~117,000 acres

Current Production: ~42 MMcfe/d

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(1) Current net production as of January 2017. (2) Assumes NYMEX strip pricing as of May 1, 2017.

Samson Acreage

Samson Gathering Pipeline

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II Process Overview

Samson will accept proposals for any of the four sub packages (North Louisiana, Shelby Trough, East Texas Haynesville and Gregg-Rusk-Nacogdoches) or the total combined package

Confidential technical and economic information will be available through a virtual data room upon execution of a Confidentiality Agreement

Key Process Dates:

─ Virtual Data Room opens in mid-May

─ Presentations will be held in Jefferies’ Houston office and Samson’s Tulsa office in late May / early June

Process and Forward Calendar

Ajay Khurana

Managing Director

akhurana@jefferies.com

(281) 774-2137

Greg Chitty

Managing Director

gchitty@jefferies.com

(281) 774-2021

Matt Chuchla

Senior Vice President

mchuchla@jefferies.com

(281) 774-2099

Geoff Angulo

Senior Vice President

gangulo@jefferies.com

(281) 774-2130

Kirk Tholen

Managing Director

ktholen@hl.com

(832) 319-5110

Jefferies Houlihan Lokey

Key Contacts

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II Disclaimer

This confidential company overview (the “Overview”) has been prepared by Samson Resources II, LLC (together with its affiliates, the “Company”) solely for informational purposes. This Overview is being furnished to the recipient, in connection with assessing interest in a potential significant transaction involving the Company (the “Potential Transaction”). None of the Company, Jefferies LLC (“Jefferies”), Houlihan Lokey, Inc. (“Houlihan”), their respective affiliates or any of their respective employees, directors, officers, contractors, advisors, members, successors, representatives or agents makes any representation or warranty as to the accuracy or completeness of this Overview, and shall have no liability for this Overview or for any representations (expressed or implied) contained in, or for any omissions from, this Overview or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company. The only information that will have any legal effect and upon which a recipient may rely will be those representations and warranties as may be contained in a definitive agreement relating to the Potential Transaction. This Overview does not purport to contain all of the information that may be required or desirable to evaluate all of the factors that might be relevant to a potential investor, and any recipient hereof should conduct its own due diligence investigation and analysis in order to make an independent determination of the suitability and consequences of any action, including submission of a bid, in connection with the Potential Transaction. The Company, Jefferies, and Houlihan reserve the right to amend, update or replace all or part of the information in this Overview at any time, but the Company, Jefferies, and Houlihan shall not be under any obligation to provide any recipient of this Overview with any amended, updated or replacement information or to correct any inaccuracies herein which may become apparent. By accepting this Overview, the recipient acknowledges and agrees that all of the information contained herein is confidential and that the recipient will keep this information confidential and will not use this information for any purpose other than considering its interest in a Potential Transaction. The recipient further agrees that it will not copy or reproduce this Overview or disclose or distribute this Overview to any third party, in whole or in part. This Overview shall not constitute an offer, nor a solicitation of an offer, of the sale or purchase of securities, nor shall any securities of the Company be offered or sold, in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Company, Jefferies and Houlihan are free to conduct the sale process regarding the Potential Transaction as they determine in their sole-discretion (including, without limitation, negotiating with any parties and changing any procedures relating to such sales process, or terminating the sales process at any time without prior notice). Under no circumstances, and at no time, should any recipient infer or consider that the Potential Transaction has occurred, or will occur, until an agreement with the Company has been properly executed.

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