Exhibit 99.1



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|--------------------------------------------------------------------------------- |  | ------------------
|LOGO                                                                              |  | FAX (303) 623-4258
|                                                                                 
|621 SEVENTEENTH STREET SUITE 1550 DENVER, COLORADO 80293 TELEPHONE (303) 623-9147
|                                                                                 
|August 20, 2010                                                                  

Continental Resources, Inc.

302 North
Independence

Enid, Oklahoma 73702

Gentlemen:

At your request,
Ryder Scott Company (Ryder Scott) has prepared an estimate of the proved reserves, future production, and income attributable to certain leasehold and royalty interests of Continental Resources, Inc. (Continental) as of December 31, 2009. The
subject properties are located in the states of North Dakota, Montana, and Oklahoma. The reserves and income data were estimated based on the definitions and disclosure guidelines of the United States Securities and Exchange Commission (SEC)
contained in Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register (SEC regulations). Our third party study, completed on January 14, 2010 and presented
herein, was prepared for public disclosure by Continental in filings made with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. The properties reviewed by Ryder Scott represent approximately 90 percent of the
future net income discounted at 10 percent attributable to the proved reserves as of December 31, 2009.

The estimated
reserves and future net income amounts presented in this report, as of December 31, 2009 are related to hydrocarbon prices. The hydrocarbon prices used in the preparation of this report are based on the average prices during the 12-month period
prior to the ending date of the period covered in this report, determined as unweighted arithmetic averages of the prices in effect on the first-day-of-the-month for each month within such period, unless prices were defined by contractual
arrangements, as required by the SEC regulations. Actual future prices may vary significantly from the prices required by SEC regulations; therefore, volumes of reserves actually recovered and the amounts of income actually received may differ
significantly from the estimated quantities presented in this report. The results of this study are summarized below.



RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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Continental Resources, Inc.

August 20, 2010

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SEC PARAMETERS

Estimated Net Reserves and Income Data

Certain Leasehold and Royalty Interests of

Continental Resources, Inc.

As of December 31, 2009



|                          |  |           |           |               |   |             |  |        |           |  |   |          
|------------------------- |  | --------- | --------- | ------------- | - | ----------- |  | ------ | --------- |  | - | ---------
|                          |  | Proved   
|                          |  | Developed |           |               |   | Total      
|                          |  | Producing |           | Non-Producing |   | Undeveloped |  | Proved
|Net Remaining Reserves    |  |           |           |               |   |             |  |        |           |  |   |          
|Oil/Condensate  MBarrels |  |           | 72,884    |               |   | 474         |  |        | 86,865    |  |   | 160,223  
|Gas  MMCF                |  |           | 117,357   |               |   | 6           |  |        | 312,728   |  |   | 430,091  
|                          |  |           |           |              
|Income Data $M            |  |           |           |               |   |             |  |        |           |  |   |          
|Future Gross Revenue      |  | $         | 3,996,805 |               | $ | 23,793      |  | $      | 5,234,704 |  | $ | 9,255,302
|Deductions                |  |           | 1,096,449 |               |   | 14,296      |  |        | 2,859,981 |  |   | 3,970,726
|                          |  |           |           |               |   |             |  |        |           |  |   |          
|Future Net Income (FNI)   |  | $         | 2,900,356 |               | $ | 9,497       |  | $      | 2,374,723 |  | $ | 5,284,576
|                          |  |           |           |              
|Discounted FNI @ 10%      |  | $         | 1,562,556 |               | $ | 2,122       |  | $      | 423,441   |  | $ | 1,988,119

Liquid
hydrocarbons are expressed in standard 42 gallon barrels. All gas volumes are reported on an as sold basis expressed in millions of cubic feet (MMCF) at the official temperature and pressure bases of the areas in which the gas reserves
are located.

The estimates of the reserves, future production, and income attributable to properties in this report were
prepared using the economic software package PHDWin Petroleum Economic Evaluation Software, a copyrighted program of TRC Consultants L.C. The program was used at the request of Continental. Ryder Scott has found this program to be generally
acceptable, but notes that certain summaries and calculations may vary due to rounding and may not exactly match the sum of the properties being summarized. Furthermore, one line economic summaries may vary slightly from the more detailed cash flow
projections of the same properties, also due to rounding. The rounding differences are not material.

The future gross revenue
is after the deduction of production taxes. The deductions incorporate the normal direct costs of operating the wells, ad valorem taxes, recompletion costs, development costs, and certain abandonment costs net of salvage. The future net income is
before the deduction of state and federal income taxes and general administrative overhead, and has not been adjusted for outstanding loans that may exist nor does it include any adjustment for cash on hand or undistributed income. Liquid
hydrocarbon reserves account for approximately 84 percent and gas reserves account for the remaining 16 percent of total future gross revenue from proved reserves.

The discounted future net income shown above was calculated using a discount rate of 10 percent per annum compounded monthly.



RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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Continental Resources, Inc.

August 20, 2010

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Reserves Included in This Report

The proved reserves included herein conform to the definition as set forth in the SEC Regulations Part 210.4-10(a). An abridged version of
the SEC reserves definitions from 210.4-10(a) entitled Petroleum Reserves Definitions is included as an attachment to this report.

The various proved reserve status categories are defined under the attachment entitled Petroleum Reserves Definitions in this
report.

No attempt was made to quantify or otherwise account for any accumulated gas production imbalances that may exist.
The proved gas volumes included herein do not attribute gas consumed in operations as reserves.

Reserves are those estimated
remaining quantities of petroleum which are anticipated to be economically producible, as of a given date, from known accumulations under defined conditions. All reserve estimates involve an assessment of the uncertainty relating the likelihood that
the actual remaining quantities recovered will be greater or less than the estimated quantities determined as of the date the estimate is made. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the
time of the estimate and the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be
recovered than proved reserves and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. At Continentals request, this report addresses only the proved reserves
attributable to the properties evaluated herein.

Proved oil and gas reserves are those quantities of oil and gas which, by
analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward. The proved reserves included herein were estimated using deterministic methods. If deterministic methods
are used, the SEC has defined reasonable certainty for proved reserves as a high degree of confidence that the quantities will be recovered.

Proved reserve estimates will generally be revised only as additional geologic or engineering data become available or as economic
conditions change. For proved reserves, the SEC states that as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to the estimated ultimate recovery (EUR)
with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease. Moreover, estimates of proved reserves may be revised as a result of future operations, effects of regulation by governmental agencies or
geopolitical or economic risks. Therefore, the proved reserves included in this report are estimates only and should not be construed as being exact quantities, and if recovered, the revenues therefrom, and the actual costs related thereto, could be
more or less than the estimated amounts.

Continentals operations may be subject to various levels of governmental
controls and regulations. These controls and regulations may include, but may not be limited to, matters relating to land tenure and leasing, the legal rights to produce hydrocarbons including the granting, extension or termination of production
sharing contracts, the fiscal terms of various production sharing contracts, drilling and production practices, environmental protection, marketing and pricing policies, royalties, various taxes and levies including income tax and are subject to
change from time to time. Such changes in governmental regulations and policies may cause volumes of proved reserves actually recovered and amounts of proved income actually received to differ significantly from the estimated quantities.



RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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Continental Resources, Inc.

August 20, 2010

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 4



The estimates of proved reserves presented herein were based upon a detailed study of
the properties in which Continental owns an interest; however, we have not made any field examination of the properties. No consideration was given in this report to potential environmental liabilities that may exist nor were any costs included for
potential liabilities to restore and clean up damages, if any, caused by past operating practices.

Estimates of Reserves

The estimation of reserves involves two distinct determinations. The first determination results in the estimation of
the quantities of recoverable oil and gas and the second determination results in the estimation of the uncertainty associated with those estimated quantities in accordance with the definitions set forth by the SEC Regulations Part 210.4-10(a). The
process of estimating the quantities of recoverable oil and gas reserves relies on the use of certain generally accepted analytical procedures. These analytical procedures fall into three broad categories or methods: (1) performance-based
methods, (2) volumetric-based methods and (3) analogy. These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves. The reserve evaluator must select the method or
combination of methods which in their professional judgment is most appropriate given the nature and amount of reliable geoscience and engineering data available at the time of the estimate, the established or anticipated performance characteristics
of the reservoir being evaluated and the stage of development or producing maturity of the property.

In many cases, the
analysis of the available geoscience and engineering data and the subsequent interpretation of this data may indicate a range of possible outcomes in an estimate, irrespective of the method selected by the evaluator. When a range in the quantity of
reserves is identified, the evaluator must determine the uncertainty associated with the incremental quantities of the reserves. If the reserve quantities are estimated using the deterministic incremental approach, the uncertainty for each discrete
incremental quantity of the reserves is addressed by the reserve category assigned by the evaluator. Therefore, it is the categorization of reserve quantities as proved, probable and/or possible that addresses the inherent uncertainty in the
estimated quantities reported. For proved reserves, uncertainty is defined by the SEC as reasonable certainty wherein the quantities actually recovered are much more likely than not to be achieved. The SEC states that probable
reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered. The SEC states that possible reserves are those additional
reserves that are less certain to be recovered than probable reserves and the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. All quantities of reserves
within the same reserve category must meet the SEC definitions as noted above.

Estimates of reserves quantities and their
associated reserve categories may be revised in the future as additional geoscience or engineering data become available. Furthermore, estimates of reserves quantities and their associated reserve categories may also be revised due to other factors
such as changes in economic conditions, results of future operations, effects of regulation by governmental agencies or geopolitical or economic risks as previously noted herein.



RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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Continental Resources, Inc.

August 20, 2010

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The reserves included herein were estimated by performance (PDP, 40%), analogy
complemented by simulation (Red River Units, 2%) or analogy (PUDs, 58%). There were no volumetric evaluations in the properties reviewed.

To estimate economically recoverable proved oil and gas reserves and related future net cash flows, we consider many factors and
assumptions including, but not limited to, the use of reservoir parameters derived from geological, geophysical and engineering data which cannot be measured directly, economic criteria based on current costs and SEC pricing requirements, and
forecasts of future production rates. Under the SEC regulations 210.4-10(a)(22)(v) and (26), proved reserves must be anticipated to be economically producible from a given date forward based on existing economic conditions including the prices and
costs at which economic producibility from a reservoir is to be determined. While it may reasonably be anticipated that the future prices received for the sale of production and the operating costs and other costs relating to such production may
increase or decrease from those under existing economic conditions, such changes were, in accordance with rules adopted by the SEC, omitted from consideration in making this evaluation.

Continental has informed us that they have furnished us all of the material accounts, records, geological and engineering data, and
reports and other data required for this investigation. In preparing our forecast of future proved production and income, we have relied upon data furnished by Continental with respect to property interests owned, production and well tests from
examined wells, normal direct costs of operating the wells or leases, other costs such as transportation and/or processing fees, ad valorem and production taxes, recompletion and development costs, abandonment costs after salvage, product prices
based on the SEC regulations, adjustments or differentials to product prices, geological structural and isochore maps, well logs, core analyses, and pressure measurements. Ryder Scott reviewed such factual data for its reasonableness; however, we
have not conducted an independent verification of the data supplied by Continental. We consider the factual data used in this report appropriate and sufficient for the purpose of preparing the estimates of reserves and future net revenues herein.

In summary, we consider the assumptions, data, methods and analytical procedures used in this report appropriate for the
purpose hereof, and we have used all such methods and procedures that we consider necessary and appropriate to prepare the estimates of reserves herein. The proved reserves included herein were determined in conformance with SEC regulations,
including all references to Regulation S-X and Regulation S-K. In our opinion, the proved reserves presented in this report comply with the definitions, guidelines and disclosure requirements as required by the SEC regulations.

Future Production Rates

For wells currently on production, our forecasts of future production rates are based on historical performance data. If no production
decline trend has been established, future production rates were held constant, or adjusted for the effects of curtailment where appropriate, until a decline in ability to produce was anticipated. An estimated rate of decline was then applied to
depletion of the reserves. If a decline trend has been established, this trend was used as the basis for estimating future production rates.

Test data and other related information were used to estimate the anticipated initial production rates for those wells or locations that
are not currently producing. For reserves not yet on production, sales were estimated to commence at an anticipated date furnished by Continental. Wells or locations



RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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Continental Resources, Inc.

August 20, 2010

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that are not currently producing may start producing earlier or later than anticipated in our estimates due to unforeseen factors causing a change in the timing to initiate production. Such
factors may include the availability of rigs, the sequence of drilling, completing and/or recompleting wells and/or constraints set by regulatory bodies.

The future production rates from wells currently on production or wells or locations that are not currently producing may be more or less
than estimated because of changes including, but not limited to, reservoir performance, operating conditions related to surface facilities, compression and artificial lift, pipeline capacity and/or operating conditions, producing market demand
and/or allowables or other constraints set by regulatory bodies.

Hydrocarbon Prices

The hydrocarbon prices used herein are based on SEC price parameters using the average prices during the 12-month period prior to the
ending date of the period covered in this report, determined as the unweighted arithmetic averages of the prices in effect on the first-day-of-the-month for each month within such period, unless prices were defined by contractual arrangements. For
hydrocarbon products sold under contract, the contract prices, including fixed and determinable escalations, exclusive of inflation adjustments, were used until expiration of the contract. Upon contract expiration, the prices were adjusted to the
12-month unweighted arithmetic average as previously described.

Continental furnished us with the above mentioned
average prices in effect on December 31, 2009. These initial SEC hydrocarbon prices were determined using the 12-month average first-day-of-the-month benchmark prices appropriate to the geographic area where the hydrocarbons are sold. These
benchmark prices are prior to the adjustments for differentials as described herein. The table below summarizes the benchmark prices and price reference used for the geographic area included in the report. In certain
geographic areas, the price reference and benchmark prices may be defined by contractual arrangements.

The product
prices which were actually used to determine the future gross revenue for each property reflect adjustments to the benchmark prices for gravity, quality, and local conditions. and/or distance from market, referred to herein as
differentials. The differentials used in the preparation of this report were supplied to us by Continental.

In
addition, the table below summarizes the net volume weighted benchmark prices adjusted for differentials and referred to herein as the average realized prices. The average realized prices shown in the table below were determined from the
total future gross revenue before production taxes and the total net reserves for the geographic area and presented in accordance with SEC disclosure requirements for each of the geographic areas included in the report.



|                |  |                |  |                 |  |                      |  |                    
|--------------- |  | -------------- |  | --------------- |  | -------------------- |  | -------------------
|Geographic Area |  | Product        |  | Price
Reference |  | Avg Benchmark
Prices |  | Avg Realized
Prices
|United States   |  | Oil/Condensate |  | WTI Cushing     |  | $61.18 / Bbl         |  | $52.64 / Bbl       
|United States   |  | Gas            |  | Henry Hub       |  | $3.87 / MMBTU        |  | $3.77 / MCF        

The
effects of derivative instruments designated as price hedges of oil and gas quantities are not reflected in our individual property evaluations.



RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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Continental Resources, Inc.

August 20, 2010

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Costs

Operating costs for the leases and wells in this report are based on the operating expense reports of Continental and include only those
costs directly applicable to the leases or wells. The operating costs include a portion of general and administrative costs allocated directly to the leases and wells. No deduction was made for loan repayments, interest expenses, or exploration and
development prepayments that were not charged directly to the leases or wells.

Development costs were furnished to us
by Continental and are based on authorizations for expenditure for the proposed work or actual costs for similar projects. The estimated net cost of abandonment after salvage was included for properties where abandonment costs net of salvage were
significant. The estimates of the net abandonment costs furnished by Continental were accepted without independent verification.

The proved non-producing and undeveloped reserves in this report have been incorporated herein in accordance with Continentals
plans to develop these reserves as of December 31, 2009. The implementation of Continentals development plans as presented to us and incorporated herein is subject to the approval process adopted by Continentals management. As the
result of our inquires during the course of preparing this report, Continental has informed us that the development activities included herein have been subjected to and received the internal approvals required by Continental management at the
appropriate local, regional and/or corporate level. In addition to the internal approvals as noted, certain development activities may still be subject to specific partner AFE processes, Joint Operating Agreement (JOA) requirements or other
administrative approvals external to Continental. Additionally, Continental has assured us that they are not aware of any legal, regulatory, political or economic obstacles that would significantly alter their plans.

Current costs used by Continental were held constant throughout the life of the properties.

Standards of Independence and Professional Qualification

Ryder Scott is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the
world for over seventy years. Ryder Scott is employee-owned and maintains offices in Houston, Texas; Denver, Colorado; and Calgary, Alberta, Canada. We have over eighty engineers and geoscientists on our permanent staff. By virtue of the size of our
firm and the large number of clients for which we provide services, no single client or job represents a material portion of our annual revenue. We do not serve as officers or directors of any publicly-traded oil and gas company and are separate and
independent from the operating and investment decision-making process of our clients. This allows us to bring the highest level of independence and objectivity to each engagement for our services.

Ryder Scott actively participates in industry-related professional societies and organizes an annual public forum focused on the subject
of reserves evaluations and SEC regulations. Many of our staff have authored or co-authored technical papers on the subject of reserves related topics. We encourage our staff to maintain and enhance their professional skills by actively
participating in ongoing continuing education.



RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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Continental Resources, Inc.

August 20, 2010

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Prior to becoming an officer of the Company, Ryder Scott requires that staff engineers
and geoscientists have received professional accreditation in the form of a registered or certified professional engineers license or a registered or certified professional geoscientists license, or the equivalent thereof, from an
appropriate governmental authority or a recognized self-regulating professional organization.

We are independent petroleum
engineers with respect to Continental. Neither we nor any of our employees have any interest in the subject properties and neither the employment to do this work nor the compensation is contingent on our estimates of reserves for the properties
which were reviewed.

The results of this study, presented herein, are based on technical analysis conducted by teams of
geoscientists and engineers from Ryder Scott. The professional qualifications of the undersigned, the technical person primarily responsible for overseeing the evaluation of the reserves information discussed in this report, are included as an
attachment to this letter.

Terms of Usage

The results of our third party study, presented in report form herein, were prepared in accordance with the disclosure requirements set
forth in the SEC regulations and intended for public disclosure as an exhibit in filings made with the SEC by Continental.

Continental makes periodic filings on Form 10-K with the SEC under the 1934 Exchange Act. Furthermore, Continental has certain
registration statements filed with the SEC under the 1933 Securities Act into which any subsequently filed Form 10-K is incorporated by reference. We have consented to the incorporation by reference in the registration statements on Form S-8 and
Form S-3 of Continental of the references to our name as well as to the references to our third party report for Continental, which appears in the December 31, 2009 annual report on Form 10-K of Continental. Our written consent for such use is
included as a separate exhibit to the filings made with the SEC by Continental.

The data and work papers used in the
preparation of this report are available for examination by authorized parties in our offices. Please contact us if we can be of further service.



Very truly yours,RYDER SCOTT COMPANY, L.P.TBPE Firm Registration No. F-1580Scott James Wilson, P.E., M.B.A.Senior Vice President




RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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Continental Resources, Inc.

August 20, 2010

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APPENDIX

ECONOMIC REFERENCE DATA

Continental Resources, Inc. performed the economic analyses on the TRC Consultants PhdWin Decline Analysis program. At Continental
Resources, Inc.s request, the tables presented in this report were generated on TRC Consultants PhdWin Decline Analysis.

It should be noted that the values on the various tables do not always add to exactly the same values as shown on the summary tables.
These very small differences are the result of internal rounding in the program.

GEOGRAPHICAL AREAS REVIEWED

The subject properties are located in the states of North Dakota, Montana, and Oklahoma.



RYDER SCOTT COMPANY    PETROLEUM
CONSULTANTS    TBPE FIRM LIC. NO. F-1580



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CONTINENTAL RESOURCES, INC.

Estimated

Future Reserves and Income

Attributable to Certain

Leasehold and Royalty Interests

SEC Parameters

As of

December 31, 2009



Scott James Wilson, P.E.Senior Vice President


RYDER SCOTT COMPANY, L.P.

TBPE Firm License No. F-1580

1100 LOUISIANA, SUITE 3800            HOUSTON, TEXAS
77002-5218        TEL (713) 651-9191        FAX (713) 651-0849

530 8TH AVENUE, S.W., SUITE 1200 CALGARY, ALBERTA T2P 3S8        TEL
(403) 262-2799        FAX (403) 262-2790



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Professional Qualifications of Primary Technical Person

Mr. Scott James Wilson is the technical person designated to be in responsible charge on behalf of Ryder Scott Company L.P. for the estimate of the
reserves, future production, and income presented herein. Mr. Wilson has either been personally responsible or has overseen and approved the estimation and evaluation process with respect to the preparation of this report.

Mr. Wilson, an employee of Ryder Scott Company L.P. (Ryder Scott) since 2000, is a Senior Vice President responsible for coordinating and
supervising staff and consulting engineers of the company in ongoing reservoir evaluation studies worldwide. Before joining Ryder Scott, Mr. Wilson served in a number of engineering positions with Atlantic Richfield Company. For more
information regarding Mr. Wilsons geographic and job specific experience, please refer to the Ryder Scott Company website at http://www.ryderscott.com/Experience/Employees.php.

Mr. Wilson earned a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines in 1983 and an MBA in Finance from the
University of Colorado in 1985, graduating from both with High Honors. He is a registered Professional Engineer by exam in the States of Alaska, Colorado, and Wyoming. He is also an active member of the Society of Petroleum Engineers; serving as
Co-Chairman of the SPE Reserves and Economics Technology Interest Group, and Gas Technology Editor for SPEs Journal of Petroleum Technology. He is a member and past chairman of the Denver section of the Society of Petroleum Evaluation
Engineers. Mr. Wilson has published several technical papers and holds two US patents.

In addition to gaining experience and competency
through prior work experience, the Wyoming Board of Professional Engineers requires a minimum of fifteen hours of continuing education annually, including at least one hour in the area of professional ethics, which Mr. Wilson fulfills. As part
of his 2009 continuing education hours, Mr. Wilson attended an internally presented sixteen hours of formalized training as well as a public forum relating to the definitions and disclosure guidelines contained in the United States Securities
and Exchange Commission Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register. Mr. Wilson attended an additional seven hours of formalized external
training during 2009 covering such topics as the SPE/WPC/AAPG/SPEE Petroleum Resources Management System, reservoir engineering and petroleum economics evaluation methods, procedures and software and ethics for consultants.

Based on his educational background, professional training and more than 25 years of practical experience in the estimation and evaluation of petroleum
reserves, Mr. Wilson has attained the professional qualifications as a Reserves Estimator and Reserves Auditor set forth in Article III of the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information
promulgated by the Society of Petroleum Engineers as of February 19, 2007.



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PETROLEUM RESERVES DEFINITIONS

As Adapted From:

RULE 4-10(a) of REGULATION S-X PART 210

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)

PREAMBLE

On
January 14, 2009, the United States Securities and Exchange Commission (the Commission) published the Modernization of Oil and Gas Reporting; Final Rule in the Federal Register of National Archives and Records
Administration (NARA). The Modernization of Oil and Gas Reporting; Final Rule includes revisions and additions to the definition section in Rule 4-10 of Regulation S-X, revisions and additions to the oil and gas reporting requirements in
Regulation S-K, and amends and codifies Industry Guide 2 in Regulation S-K. The Modernization of Oil and Gas Reporting; Final Rule, including all references to Regulation S-X and Regulation S-K, shall be referred to herein collectively
as the SEC Regulations. The SEC Regulations take effect with all filings made with the United States Securities and Exchange Commission as of December 31, 2009, or after January 1, 2010. Reference should be made to the full
text under Title 17, Code of Federal Regulations, Regulation S-X Part 210, Rule 4-10 (a) for the complete definitions, as the following definitions, descriptions and explanations rely wholly or in part on excerpts from the original document
(direct passages excerpted from the aforementioned SEC document are denoted in italics herein).

Reserves are those quantities
of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward under defined conditions. All reserve estimates involve some degree of uncertainty. The uncertainty depends chiefly on the amount of
reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or
unproved. Unproved reserves are less certain to be recovered than proved reserves and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. Under the SEC Regulations
as of December 31, 2009, or after January 1, 2010, a company may optionally disclose estimated quantities of probable or possible oil and gas reserves in documents publicly filed with the Commission. The SEC Regulations continue to
prohibit disclosure of estimates of oil and gas resources other than reserves and any estimated values of such resources in any document publicly filed with the Commission unless such information is required to be disclosed in the document by
foreign or state law as noted in §229.102 (5).

Reserves estimates will generally be revised as additional geologic or
engineering data become available or as economic conditions change.

Reserves may be attributed to either natural energy or
improved recovery methods. Improved recovery methods include all methods for supplementing natural energy or altering natural forces in the reservoir to increase ultimate recovery. Examples of such methods are pressure maintenance, cycling,
waterflooding, thermal methods, chemical flooding, and the use of miscible and immiscible displacement fluids. Other improved recovery methods may be developed in the future as petroleum technology continues to evolve.



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PETROLEUM RESERVES DEFINITIONS

Page 2



RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (26) defines reserves as follows:

Reserves.Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically
producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the
production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Note to paragraph (a)(26): Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those
reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low
reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

PROVED RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (22) defines proved oil and gas reserves as follows:

Proved oil and gas reserves.Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience
and engineering data, can be estimated with reasonable certainty to be economically produciblefrom a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulationsprior to
the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the
hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i) The area of the reservoir considered as proved includes:

(A) The area identified by drilling and limited by fluid contacts, if any, and

(B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain
economically producible oil or gas on the basis of available geoscience and engineering data.

(ii) In the absence of
data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with
reasonable certainty.



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PETROLEUM RESERVES DEFINITIONS

Page 3



(iii) Where direct observation from well penetrations has defined a highest known oil
(HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the
higher contact with reasonable certainty.

(iv) Reserves which can be produced economically through application of
improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a
whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

(B) The project has been approved for development by all necessary parties and entities, including governmental entities.

(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be
determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such
period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

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RESERVES STATUS DEFINITIONS AND GUIDELINES

As Adapted From:

RULE 4-10(a) of REGULATION S-X PART 210

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)

and

PETROLEUM RESOURCES MANAGEMENT SYSTEM (SPE-PRMS)

Sponsored and Approved by:

SOCIETY OF PETROLEUM ENGINEERS (SPE),

WORLD PETROLEUM COUNCIL (WPC)

AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS (AAPG)

SOCIETY OF PETROLEUM EVALUATION ENGINEERS (SPEE)

Reserves status categories define the development and producing status of wells and reservoirs.

DEVELOPED RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (6) defines developed oil and gas reserves as follows:

Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively
minor compared to the cost of a new well; and

(ii) Through installed extraction equipment and infrastructure
operational at the time of the reserves estimate if the extraction is by means not involving a well.

Developed Producing (SPE-PRMS
Definitions)

While not a requirement for disclosure under the SEC regulations, developed oil and gas reserves
may be further sub-classified according to the guidance contained in the SPE-PRMS as Producing or Non-Producing.

Developed Producing Reserves

Developed Producing Reserves are expected to be recovered from completion intervals that are open and producing at the time of the
estimate.

Improved recovery reserves are considered producing only after the improved recovery project is in
operation.

Developed Non-Producing

Developed Non-Producing Reserves include shut-in and behind-pipe reserves.



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RESERVES STATUS DEFINITIONS AND GUIDELINES

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Shut-In

Shut-in Reserves are expected to be recovered from:



| | (1) | completion intervals which are open at the time of the estimate but which have not yet started producing;
| | --- | ---------------------------------------------------------------------------------------------------------



| | (2) | wells which were shut-in for market conditions or pipeline connections; or
| | --- | --------------------------------------------------------------------------



| | (3) | wells not capable of production for mechanical reasons.
| | --- | -------------------------------------------------------

Behind-Pipe

Behind-pipe Reserves are expected to be recovered from zones in existing wells which will require additional completion work or future
re-completion prior to start of production.

In all cases, production can be initiated or restored with relatively low
expenditure compared to the cost of drilling a new well.

UNDEVELOPED RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §229.4-10(a) (31) defines undeveloped oil and gas reserves as follows:

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled
acreage, or from existing wells where a relatively major expenditure is required for recompletion.

(i) Reserves on
undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic
producibility at greater distances.

(ii) Undrilled locations can be classified as having undeveloped reserves only if a
development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.

(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid
injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in paragraph (a)(2) of this section, or by other
evidence using reliable technology establishing reasonable certainty.