**Exhibit 99.2**

 

Rivercrest   Royalties, LLC Estimated Future Reserves and Income Attributable to Certain   Royalty Interests SEC Parameters As of December 31, 2016 czp.5”(——)7.,e-—(-)t—--   Scott J. Wilson, P.E., MBA Colorado License No. 36112 Senior Vice President   RYDER SCOTT COMPANY, L.P. TBPE Firm Registration No. F-1580 RYDER SCOTT   COMPANY PETROLEUM CONSULTANTS 

 

 RYDER SCOTT COMPANY — PETROLEUM CONSULTANTS TBPE   REGISTERED ENGINEERING FIRM F-1580 FAX (303) 623-4258 621 SEVENTEENTH STREET   SUITE 1550 DENVER, COLORADO 80293 TELEPHONE (303) 623-9147 February 27,   2017 Rivercrest Royalties, LLC 777 Taylor Street, Suite 810 Fort Worth,   Texas 76102 Gentlemen: At your request, Ryder Scott Company, L.P. (Ryder   Scott) has prepared an estimate of the proved reserves, future production,   and income attributable to certain royalty interests of Rivercrest Royalties,   LLC, (Rivercrest) as of December 31, 2016. The diverse inventory of   royalty interests are located primarily in the state of Texas, but with other   interests in 12 other states. 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 February 27, 2017 and   presented herein, was prepared for public disclosure by Rivercrest in filings   made with the SEC in accordance with the disclosure requirements set forth in   the SEC regulations. The properties evaluated by Ryder Scott represent 100   percent of the total net proved liquid hydrocarbon reserves and 100 percent   of the total net proved gas reserves of Rivercrest as of December 31,   2016. The estimated reserves and future net income amounts presented in this   report, as of December 31, 2016, 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 “as of date” of 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, 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 as follows. 1100 LOUISIANA, SUITE 4600 HOUSTON, TEXAS   77002-5218 TEL (713) 651-9191 FAX (713) 651-0849 1015 4TH STREET S.W. SUITE   600 CALGARY, ALBERTF1 T2A 1J4 TEL (403) 262-2799 FAX (403) 262-2790 

 

 Rivercrest Royalties, LLC February 27,   2017 Page 2 SEC PARAMETERS Estimated Net Reserves and Income   Attributable to Certain Royalty Interests of Rivercrest Royalties, LLC As of December 31,   2016 Net Remaining Reserves Proved Developed Undeveloped Total Proved Producing   Non-Producing Oil/Condensate — MBarrels 457 25 404 886 Plant Products —   MBarrels 150 0 85 235 Gas — MMCF 4,532 54 2,554 7,140 Income Data (M$) $25,623   $841 $20,132 $46,596 Future Gross Revenue Deductions 802 32 674 1,508 Future   Net Income (FNI) $24,821 $809 $19,458 $45,088 Discounted FNI @ 10% $11,547 $366   $ 7,284 $19,197 Liquid hydrocarbons are expressed in standard 42 gallon   barrels and shown herein as thousands of barrels (MBarrels). All gas volumes   are reported on an “as sold” basis expressed in millions of cubic feet (MMCF)   at the official temperature and pressure bases of the areas in which the gas   reserves are located. In this report, the revenues, deductions, and income   data are expressed as thousands of U.S. dollars (M$). The estimates of the   reserves, future production, and income attributable to properties in this   report were prepared using the economic software package ARIESTM Petroleum   Economics and Reserves Software, a copyrighted program of Halliburton. 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. Since the evaluation includes only royalty interests   there are only deductions for ad valorem taxes, while the normal direct costs   of operating the wells, recompletion costs, and development costs are used   only to estimate economic lives. The future net income is before the   deduction of 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   72 percent and gas reserves account for the remaining 28 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. Future net income was discounted at four other discount   rates which were also compounded monthly. These results are shown in summary   form as follows. RYDER SCOTT COMPANY PETROLEUM CONSULTANTS 

 

 Rivercrest Royalties, LLC February 27, 2017   Page 3 Discounted Future Net Income (M$) As of December 31, 2016 Discount   Rate Total Percent Proved 2 $35,806 5 $27,122 8 $21,747 20 $12,130 The   results shown above are presented for your information and should not be   construed as our estimate of fair market value. Reserves Included in This   Report The proved reserves included herein conform to the definitions as set   forth in the Securities and Exchange Commission’s 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 Status   Definitions and Guidelines” in this report. The proved developed   non-producing reserves included herein consist of the shut-in category. No   attempt was made to quantify or otherwise account for any accumulated gas   production imbalances that may exist. The proved gas volumes presented herein   do not include volumes of gas consumed in operations as 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.” 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 Rivercrest’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. The SEC has defined reasonable   certainty for proved reserves, when based on deterministic methods, 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.” RYDER SCOTT COMPANY PETROLEUM CONSULTANTS 

 

 Rivercrest Royalties, LLC February 27,   2017 Page 4 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. Rivercrest’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, 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. The estimates   of proved reserves presented herein were based upon a detailed study of the   properties in which Rivercrest owns a royalty interest subject to the   assumption previously stated; 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 Securities and Exchange Commission’s 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 individually or in combination by   the reserve evaluator in the process of estimating the quantities of   reserves. Reserve evaluators 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 RYDER   SCOTT COMPANY PETROLEUM CONSULTANTS 

 

 Rivercrest Royalties, LLC February 27,   2017 Page 5 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. The proved reserves for the   properties included herein were estimated by performance methods or analogy.   One hundred percent of the proved producing reserves attributable to   producing wells and/or reservoirs were estimated by performance methods. These   performance methods include decline curve analysis which utilized   extrapolations of historical production and pressure data available through   December 2016 in those cases where such data were and considered to be   definitive. The data utilized in this analysis were furnished to Ryder Scott   by Rivercrest and were considered sufficient for the purpose thereof. One   hundred percent of the proved developed non-producing and undeveloped   reserves included herein were estimated by analogy. The data utilized from the   analogues were considered sufficient for the purpose thereof. 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. Rivercrest 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   Rivercrest 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, development plans,   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 furnished by Rivercrest. 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 the United States   Securities and Exchange Commission (SEC) Modernization of Oil and Gas   Reporting; Final Rule, including all RYDER SCOTT COMPANY PETROLEUM   CONSULTANTS 

 

 Rivercrest Royalties, LLC February 27,   2017 Page 6 references to Regulation S-X and Regulation S-K, referred to   herein collectively as the “SEC Regulations.” 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 Rivercrest. Wells or locations   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 delays due to   weather, 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 “as of date” of 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. Rivercrest furnished us with the above   mentioned average prices in effect on December 31, 2016. 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, local conditions, and/or distance from market, referred to herein as   “differentials.” The differentials used in the preparation of this report   were furnished to us by Rivercrest. The differentials furnished to us were   accepted as factual data and reviewed by us for their reasonableness;   however, we have not conducted an independent verification of the data used   by Rivercrest to determine these differentials RYDER SCOTT COMPANY PETROLEUM   CONSULTANTS 

 

 Rivercrest Royalties, LLC February 27,   2017 Page 7 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 Average Benchmark Prices Average Proved Realized Prices North   America United States Oil/Condensate WTI Cushing $42.75/BBL $36.69/BBL Plant   Products WTI Cushing $42.75/BBL $14.80/BBL Gas Henry Hub $2.49/MMBTU $1.91/MCF   The effects of derivative instruments designated as price hedges of oil and   gas quantities are not reflected in our individual property evaluations. Costs   Estimated operating costs for the leases and wells in this report were   furnished by Rivercrest and are based on the operating expense reports of the   operators of the properties and include only those costs directly applicable   to the leases or wells. Because these are not working interests, no operating   costs are included for Rivercrest’s interests, but are considered in   estimates to accurately reflect economic lives of each entity. The operating   costs furnished to us were accepted as factual data and reviewed by us for   their reasonableness; however, we have not conducted an independent   verification of the operating cost data used by Rivercrest. 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 not incorporated into these cash flows since Rivercrest does not   own working interests. Typical development costs were considered when   reviewing the estimates of undeveloped inventory which includes new   development in basins with a historical record of continuous development and   used similarly as the operating costs in determining these are economically   recoverable reserves. The proved developed non-producing and undeveloped   reserves in this report have been incorporated herein in accordance with   Rivercrest’s estimates of the operator’s expectations to develop these   reserves as of December 31, 2016. Development activities are subject to   specific operator and partner AFE processes, Joint Operating Agreement (JOA)   requirements or other administrative approvals external to Rivercrest.   Additionally, Rivercrest has informed us that they are not aware of any   legal, regulatory, or political obstacles that would significantly alter   their estimates of development plans. While these plans could change from   those under existing economic conditions as of December 31, 2016, such   changes were, in accordance with rules adopted by the SEC, omitted from   consideration in making this evaluation. Current costs used by Rivercrest   were held constant throughout the life of the properties. RYDER SCOTT COMPANY   PETROLEUM CONSULTANTS 

 

 Rivercrest Royalties, LLC February 27,   2017 Page 8 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 since 1937.   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 privately-owned or 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. 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 Rivercrest. Neither we nor any of our employees have any financial   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. We   have provided Rivercrest with a digital version of the original signed copy   of this report letter. In the event there are any differences between the   digital version included in filings made by Rivercrest and the original   signed report letter, the original signed report letter shall control and   supersede the digital version. RYDER SCOTT COMPANY PETROLEUM CONSULTANTS 

 

 Rivercrest Royalties, LLC February 27,   2017 Page 9 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-1580 Scott J. Wilson,   P.E., MBA Colorado License No. 36112 Senior Vice President SJW (DCR)/pl RYDER   SCOTT COMPANY PETROLEUM CONSULTANTS 

 

 Professional Qualifications of Primary   Technical Person The conclusions presented in this report are the result of   technical analysis conducted by teams of geoscientists and engineers from   Ryder Scott Company, L.P. Mr. Scott James Wilson was the primary   technical person responsible for the estimate of the reserves, future   production, and income presented herein. 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.   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,   Texas, 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, one chapter in Marine and Petroleum   Geology and two in SPEE monograph 4, which was published in 2016. He is the   primary inventor on four 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 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 additional hours of formalized external training   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 30 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. RYDER SCOTT COMPANY PETROLEUM CONSULTANTS 

 

 3(752/(80 5(6(59(6 '(),1,7,216 PREAMBLE $V   $GDSWHG )URP: 58/( 4-10(D) RI 5(*8/$7,21 6-; 3$57 210 81,7(' 67$7(6   6(&85,7,(6 $1' (;&+$1*( &200,66,21 (6(&) 2Q -DQXDU\ 14, 2009,   WKH 8QLWHG 6WDWHV 6HFXULWLHV DQG ([FKDQJH &RPPLVVLRQ (6(&) SXEOLVKHG   WKH 30RGHUQL]DWLRQ RI 2LO DQG *DV 5HSRUWLQJ; )LQDO 5XOH ́ LQ WKH )HGHUDO   5HJLVWHU RI 1DWLRQDO $UFKLYHV DQG 5HFRUGV $GPLQLVWUDWLRQ (1$5$). 7KH   30RGHUQL]DWLRQ RI 2LO DQG *DV 5HSRUWLQJ; )LQDO 5XOH ́ LQFOXGHV UHYLVLRQV DQG   DGGLWLRQV WR WKH GHILQLWLRQ VHFWLRQ LQ 5XOH 4-10 RI 5HJXODWLRQ 6-;, UHYLVLRQV   DQG DGGLWLRQV WR WKH RLO DQG JDV UHSRUWLQJ UHTXLUHPHQWV LQ 5HJXODWLRQ 6-.,   DQG DPHQGV DQG FRGLILHV ,QGXVWU\ *XLGH 2 LQ 5HJXODWLRQ 6-.. 7KH   30RGHUQL]DWLRQ RI 2LO DQG *DV 5HSRUWLQJ; )LQDO 5XOH ́, LQFOXGLQJ DOO   UHIHUHQFHV WR 5HJXODWLRQ 6-; DQG 5HJXODWLRQ 6-., VKDOO EH UHIHUUHG WR KHUHLQ   FROOHFWLYHO\ DV WKH 36(& UHJXODWLRQV ́. 7KH 6(& UHJXODWLRQV WDNH   HIIHFW IRU DOO ILOLQJV PDGH ZLWK WKH 8QLWHG 6WDWHV 6HFXULWLHV DQG ([FKDQJH   &RPPLVVLRQ DV RI 'HFHPEHU 31, 2009, RU DIWHU -DQXDU\ 1, 2010. 5HIHUHQFH   VKRXOG EH PDGH WR WKH IXOO WH[W XQGHU 7LWOH 17, &RGH RI )HGHUDO   5HJXODWLRQV, 5HJXODWLRQ 6-; 3DUW 210, 5XOH 4-10(D) IRU WKH FRPSOHWH   GHILQLWLRQV (GLUHFW SDVVDJHV H[FHUSWHG LQ SDUW RU ZKROO\ IURP WKH DIRUHPHQWLRQHG   6(& GRFXPHQW DUH GHQRWHG LQ LWDOLFV KHUHLQ). 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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†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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 (SEC) 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 for 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 (direct   passages excerpted in part or wholly from the aforementioned SEC document are   denoted in italics herein). 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. 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. 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 SEC. 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 SEC unless   such information is required to be disclosed in the document by foreign or   state law as noted in §229.1202 Instruction to Item 1202. Reserves estimates   will generally be revised only 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, natural gas 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. Reserves may be   attributed to either conventional or unconventional petroleum accumulations.   Petroleum accumulations are considered as either conventional or   unconventional based on the nature of their in-place characteristics,   extraction method applied, or degree of processing prior to sale. RYDER SCOTT   COMPANY PETROLEUM CONSULTANTS 

 

 PETROLEUM RESERVES DEFINITIONS Page 2 Examples   of unconventional petroleum accumulations include coalbed or coalseam methane   (CBM/CSM), basin-centered gas, shale gas, gas hydrates, natural bitumen and   oil shale deposits. These unconventional accumulations may require   specialized extraction technology and/or significant processing prior to   sale. Reserves do not include quantities of petroleum being held in   inventory. Because of the differences in uncertainty, caution should be   exercised when aggregating quantities of petroleum from different reserves   categories. RESERVES (SEC DEFINITIONS) Securities and Exchange Commission   Regulation S-X §210.4-10(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 (Le. 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 §210.4-10(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. (0 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. RYDER SCOTT COMPANY PETROLEUM CONSULTANTS 

 

 PETROLEUM RESERVES DEFINITIONS Page 3 PROVED   RESERVES (SEC DEFINITIONS) CONTINUED (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. (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. RYDER SCOTT COMPANY PETROLEUM   CONSULTANTS 

 

 PETROLEUM 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. Reference should be made to Title 17, Code of   Federal Regulations, Regulation S-X Part 210, Rule 4-10(a) and   the SPE-PRMS as the following reserves status definitions are based on   excerpts from the original documents (direct passages excerpted from the   aforementioned SEC and SPE-PRMS documents are denoted in italics herein). DEVELOPED   RESERVES (SEC DEFINITIONS) Securities and Exchange Commission Regulation S-X   §210.4-10(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: (0 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. RYDER SCOTT COMPANY PETROLEUM CONSULTANTS 

 

 PETROLEUM RESERVES STATUS DEFINITIONS AND   GUIDELINES Page 2 Developed Non-Producing Developed Non-Producing   Reserves include shut-in and behind-pipe reserves. 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 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   §210.4-10(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. RYDER SCOTT COMPANY PETROLEUM CONSULTANTS Table 1 SEC   PARAMETERS ESTIMATEDNETRESERVESANDINCOME   ATTRIBUTABLETOCERTAINROYALTYINTERESTS RIVERCRESTROYALTIES,LLC ASOFDECEMBER   31,2016 TOTALPROVEDSUMMARY REVENUE INTERESTS PRODUCT PRICES DISCOUNTED INITIA   L FINAL REMARKS EXPENSE Oil/ INTEREST Condensate Plant Oil/Cond. Plt. Prod. Gas   FUTURE NET INCOME - M$ Products Gas $/BBL $/BBL $/MCF COMPOUNDED MONTHLY 2.00   35806.4 5.00 27121.5 8.00 21746.7 10.00 19197.3 20.00 12129.6 ESTIMATED 8/8   THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES Number Oil/Cond. Plant   Prod. Gas Oil/Cond. Plant Prod. Sales Gas Oil/Cond. Plant Prod. Gas Period of   Wells MBarrels MBarrels MMCF MBarrels MBarrels MMCF $/BBL $/BBL $/MCF 12-17   13014.55244.88430.3365104.842.7 15.2417.7 36.2813.551.85 12-1813106.51429.18075.9353872.447.115.6422.435.9513.71   1.87 12-1913178.49069.18081.7 369108.649.115.8442.335.9013.841.88 12-2013292.47568.68753.9446948.7   52.216.6515.635.8414.001.92 12-2113308.45088.68131.4402655.151.316.0479.035.9214.141.91   12-2213274.41825.6 7138.5345859.646.214.0418.136.0314.251.91 12-2313231.38955.36314.2304491.940.7   12.1367.636.2014.331.90 12-2413150.36751.7 5724.9274542.937.110.7 332.136.3214.37   1.90 12-2513055.35048.55247.9250088.235.09.8303.636.4514.431.90 12-2612846.33754.94851.1230035.934.08.9279.536.6314.461.90   12-27 12800.33299.7 4501.9212339.334.18.2257.436.8614.51 1.91 12-2812776.32259.04198.2197351.633.4   7.6240.537.0014.581.91 12-2912733.30144.23911.6182794.830.7 7.0222.836.97   14.651.91 12-3012577.28099.7 3643.9169170.528.26.6207.036.9414.741.92 12-3112521.26336.03398.9156821.826.06.1192.836.9214.82   1.92 0.584874.990404.34261185.8588.0170.25098.636.3314.181.90 Sub-Total   Remainder Total Future 0.357503.637690.81436394.0298.264.62041.537.3916.42 1.96   0.942378.5128095.15697580.0886.1234.8 7140.236.6914.801.91 i ma t e 7219438.6128095.119509473.3   6277060.10.013811893.2 U lt Cumulative PRODUCTION From From Plant Prod. Gas Other   Total Oil/Cond. Plant Prod. Gas TAXES-M$ Period From Oil/Cond. S u b - T o t   a l Remainder Total Future COMPANY FUTURE GROSS REVENUE (FGR) - M$ PRODUCTION   TAXES -M$ FGR AFTER 12-17 1551.1206.2 12-181691.7 12-201869.7 12-221664.8199.8   12-251275.6140.7 12-27 1257.7 12-301043.396.7 12-31961.890.4370.7 771.90.02529.298.610.347.7   2372.6 213.8 789.60.02695.1110.111.149.22524.6 12-191764.4219.1833.60.02817.1114.911.852.12638.3   232.0987.7 0.03089.4123.212.861.52891.9 12-211844.0225.9914.20.02984.0120.012.7   57.22794.1 796.90.02661.5107.111.250.12493.2 12-231473.2172.8699.00.02345.093.99.544.02197.7   12-241349.0154.5630.60.02134.185.18.539.7 2000.9 576.40.01992.7 79.5 7.7 36.31869.2   12-261244.4129.0531.10.01904.5 76.4 7.033.51787.6 118.8491.10.01867.7 75.56.531.7   1754.0 12-281236.4110.8459.00.01806.3 73.26.129.7 1697.2 12-291133.4103.2426.00.01662.667.45.7   27.61561.9 397.20.01537.262.25.325.81443.8 0.01422.957.55.024.11336.3 32509.7   21360.42414.09675.00.033449.41344.6131.2610.131363.5   11149.31060.93994.80.016205.0639.664.5268.415232.4 3474.913669.80.049654.41984.3195.7   878.546595.9 Period Operating Costs S u b - T o t a l Remain de r Total   Future 

 

 DEDUCTIONS - M$ FUTURE NET INCOME BEFORE   INCOME TAXES-M$ Ad Valorem Development Undiscounted Discounted Taxes Costs Other   Total Annual Cumulative @ 10.00 % 12-17 0.0 12-180.0 12-190.0 12-220.0 12-27 12-300.047.7   70.80.00.0 70.82301.82301.82195.3 75.40.00.0 75.42449.24751.02123.7 79.60.00.0   79.62558.7 7309.7 2016.1 12-200.088.80.00.088.82803.110112.82009.1 12-210.085.60.00.085.62708.512821.31765.2   76.80.00.0 76.82416.315237.7 1432.8 12-230.068.50.00.068.52129.217366.91147.3   12-240.062.90.00.062.91938.019304.9949.2   12-250.059.30.00.059.31809.921114.8805.7 12-260.057.40.00.057.41730.222845.0 700.1   0.057.40.00.057.41696.624541.6623.9 12-280.056.20.00.056.21641.126182.7 549.0   12-290.051.60.00.051.61510.327693.0459.3 0.00.047.7 1396.229089.2 386.0 12-310.044.10.00.044.11292.230381.3324.8   0.0982.10.00.0982.130381.330381.317487.4 0.00.0525.7 14706.7 45088.1 1709.9 0.01507.80.00.01507.845088.145088.1   19197.3 These data are part of a Ryder Scott report and are subject to the   conditions in the text of the report. These data were generated using the   ARIES Program. Table 2 SEC PARAMETERS ESTIMATEDNETRESERVESANDINCOME   ATTRIBUTABLETOCERTAINROYALTYINTERESTS RIVERCRESTROYALTIES,LLC ASOFDECEMBER   31,2016 PROVEDDEVELOPEDPRODUCIN REVENUE INTERESTS PRODUCT PRICES DISCOUNTED EXPENSE   Oil/ INTEREST Condensate INITIA L FINAL REMARKS Plant Oil/Cond. Plt. Prod. Gas   FUTURE NET INCOME - M$ Products Gas $/BBL $/BBL $/MCF COMPOUNDED MONTHLY 2.00   20154.9 5.00 15702.6 8.00 12895.1 10.00 11546.5 20.00 7732.6 ESTIMATED 8/8   THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES Number Oil/Cond. Plant   Prod. Gas Oil/Cond. Plant Prod. Sales Gas Oil/Cond. Plant Prod. Gas Period of   Wells MBarrels MBarrels MMCF MBarrels MBarrels MMCF $/BBL $/BBL $/MCF 12-1712914.54382.88057.6352566.737.613.8390.236.2313.371.83   12-1812852.49277.87151.1316370.9 32.712.0347.736.3613.41 1.84 12-19   12772.45612.86487.2287611.229.310.6312.9 36.4313.351.84 12-2012731.42584.9 5959.6264862.126.7   9.6286.336.4713.371.84 12-2112647.39964.85510.5244683.224.68.7261.636.49 13.401.84   12-2212597.37647.05124.9 227705.822.88.0240.736.5113.431.85 12-2312555.35552.64781.5212405.821.27.4221.436.5313.471.85   12-2412474.33594.44472.1198803.719.66.8206.036.5213.49 1.85   12-2512380.31772.04182.7185587.818.36.3191.736.5313.541.85   12-2612172.29944.33920.6173659.617.05.8177.836.5213.531.86   12-2712127.28362.23668.9 161721.815.65.4163.036.49 13.541.87   12-2812103.26882.23445.0151546.814.65.0152.536.5013.581.88 12-29   12062.25478.33231.8141721.213.64.6141.636.49 13.61 1.88 12-3011909.24046.83027.3132210.112.84.3131.9   36.5013.671.89 12-3111856.22805.02839.0123626.212.04.0123.136.5113.71 1.89 Sub-Total   0.527907.9 71859.83175083.0318.4112.23348.436.4513.461.85 Remainder 0.333700.033158.71222938.5138.737.61183.137.1514.431.94   Total Future 0.861607.9 105018.54398021.6457.0149.84531.536.6613.71 1.87 Cumulative   6276244.50.013789979.6 U lt i ma t e 7137852.4105018.518188001.3 COMPANY   FUTURE GROSS REVENUE (FGR) - M$ PRODUCTION TAXES -M$ FGR AFTER PRODUCTION   TAXES-M$ Period From Oil/Cond. Plant Prod. Gas Other From From Total Oil/Cond.   Plant Prod. Gas 12-171364.0184.0715.50.02263.588.68.743.82122.5 12-181188.6160.4638.70.01987.776.77.539.01864.5   12-19 1067.7141.6575.40.01784.768.76.535.01674.6 12-20 973.9 128.2527.40.01629.562.65.9   32.01529.0 12-21897.1117.0482.40.01496.557.75.429.31404.1 12-22831.3107.5444.50.01383.253.54.9   26.9 1297.9 12-23773.3 99.2409.20.01281.749.74.524.81202.7 12-24715.1 91.7381.10.01188.045.84.223.01115.0   12-25667.085.2355.30.01107.642.63.9 21.51039.5 12-26621.378.8330.50.01030.739.73.620.0   967.3 12-27569.472.6305.20.0 947.336.63.319.1888.2 12-28531.867.8286.00.0885.634.23.117.9   830.4 12-29 498.063.0266.20.0827.332.02.9 16.7775.7 12-30467.9 58.9 249.20.0776.030.02.715.6727.7   12-31438.054.9 233.30.0726.228.12.614.6681.0 S u b - T o t a l 11604.41511.06200.00.019315.4746.469.7379.118120.1   Remainder 5151.3542.72293.50.07987.5311.227.4146.17502.8 Total Future 16755.82053.78493.50.027302.9   1057.6 97.2525.225622.9 DEDUCTIONS - M$ FUTURE NET INCOME BEFORE INCOME   TAXES-M$ Period Operating Costs Ad Valorem Taxes Development Costs Other Total   Undiscounted Discounted @ 10.00 % Annual Cumulative 12-170.063.20.00.063.22059.32059.31966.5   12-180.056.10.00.056.11808.43867.71569.5 12-19 0.050.70.00.050.71623.85491.51281.0   12-200.046.50.00.046.51482.56974.01063.1 12-210.042.9 0.00.042.9 1361.38335.2   887.4 12-220.039.70.00.039.71258.2 9593.4745.6 12-230.036.9 0.00.036.9 1165.9   10759.3628.1 12-240.034.20.00.034.21080.711840.0529.3 12-250.031.9 0.00.031.9   1007.612847.6448.6 12-260.029.80.00.029.8 937.513785.1 379.5 12-270.027.40.00.027.4860.814645.9   316.8 12-280.025.70.00.025.7804.715450.6269.1 12-29 0.024.00.00.024.0751.716202.3228.6   12-300.022.60.00.022.6705.116907.4194.9 12-310.021.20.00.021.2659.717567.1 165.8   S u b - T o t a l 0.0553.00.00.0553.017567.117567.1 10673.7 Remain de r 0.0248.60.00.0248.67254.224821.3872.8   Total Future 0.0801.60.00.0801.624821.324821.311546.5 These data are part of   a Ryder Scott report and are subject to the conditions in the text of the   report. 

 

 10.00% 366.4 20.00% 225.3 E S T IM A T E D 8   / 8 T H S P R O D U C T IO N C O M P A N Y N E T P R O D U C T I O N A V E R   A G E P R IC E S N u m b e r O il/ C o n d . P l a n t P ro d . G as O il /C   o n d . P l an t P r o d . S al e s G a s O il /C o n d . P l an t P r od . G   a s P e rio d o f W e ll s M B a rr e ls M B a rr e ls M M C F M B a rr e ls   M B a r re ls M M C F $ / B B L $ /B B L $ / M C F 12-17 4. 1.4 3.8 391.4 0.0   0.0 0.8 38.92 9.24 0.86 12-18 16. 91.5 17.3 2101.1 1.4 0.0 4.1 32.16 11.02 1.37   12-19 16. 96.7 16.3 2002.3 1.5 0.0 4.6 32.15 11.82 1.51 12-20 18. 181.1 14.6   1847.8 3.1 0.0 6.6 32.48 12.65 1.65 12-21 18. 122.6 12.4 1545.6 2.2 0.0 4.5   33.20 12.25 1.61 12-22 18. 96.4 10.8 1342.5 1.7 0.0 3.6 33.25 12.11 1.59   12-23 17. 81.2 9.5 1188.0 1.4 0.0 3.1 33.26 12.03 1.57 12-24 17. 70.6 8.7   1093.7 1.3 0.0 2.7 33.25 11.97 1.56 12-25 16. 62.6 7.9 996.9 1.1 0.0 2.5   33.20 11.94 1.56 12-26 14. 56.8 6.4 826.1 1.0 0.0 2.2 33.19 11.96 1.56 12-27   14. 52.1 5.8 755.9 0.9 0.0 2.1 33.17 11.94 1.56 12-28 14. 48.2 5.5 708.5 0.9   0.0 1.9 33.16 11.93 1.55 12-29 14. 44.8 4.9 639.6 0.8 0.0 1.7 33.15 12.18   1.60 12-30 12. 40.9 4.1 544.8 0.7 0.0 1.4 33.14 12.93 1.72 12-31 10. 36.7 3.1   437.0 0.7 0.0 1.2 33.14 13.53 1.81 Su b - T o t a l 0. 1083.8 131.1 16421.4   18.8 0.3 43.0 32.92 12.00 1.56 Re m a i n d e r 0. 383.6 7.2 2021.6 6.8 0.1   12.0 32.54 13.92 1.84 To t a l F u t u r e 0. 1467.4 138.3 18443.0 25.6 0.4   55.0 32.82 12.36 1.62 Cu m u l a t i v e 815.7 0.0 21914.1 Ult i m a t e   2283.1 138.3 40357.1 PRODUCTION TAXES -M$FGR AFTER C O M P A N Y F U T U R E   G R O S S R E V E N U E ( F G R ) - M $ PRODUCTION TAXES-M$ P e ri od O il/ C   o n d . P la n t P r o d. G a s O t h er T ot a l O il /C o n d . P la n t P   r o d . G a s 12-17 0.3 0.1 0.7 0.0 1.1 0.0 0.0 0.0 1.0 12-18 46.0 0.3 5.7   0.0 52.0 5.2 0.0 0.3 46.5 12-19 49.6 0.4 7.0 0.0 56.9 5.7 0.0 0.3 50.9 12-20   100.7 0.6 10.9 0.0 112.2 11.1 0.0 0.6 100.6 12-21 73.0 0.4 7.2 0.0 80.6 7.4   0.0 0.4 72.9 12-22 57.4 0.3 5.7 0.0 63.5 5.8 0.0 0.3 57.4 12-23 48.2 0.3 4.9   0.0 53.3 4.9 0.0 0.2 48.2 12-24 41.8 0.2 4.3 0.0 46.3 4.2 0.0 0.2 41.9 12-25   36.9 0.2 3.8 0.0 41.0 3.8 0.0 0.2 37.1 12-26 33.4 0.2 3.5 0.0 37.1 3.4 0.0   0.2 33.5 12-27 30.6 0.2 3.2 0.0 34.0 3.1 0.0 0.2 30.7 12-28 28.3 0.2 3.0 0.0   31.4 2.9 0.0 0.2 28.3 12-29 26.2 0.1 2.7 0.0 29.0 2.7 0.0 0.2 26.2 12-30 24.3   0.1 2.4 0.0 26.8 2.5 0.0 0.1 24.2 12-31 22.6 0.1 2.1 0.0 24.8 2.3 0.0 0.1   22.4 Su b - T o t a l 619.4 3.7 67.0 0.0 690.2 65.0 0.0 3.4 621.8 Re m a i n   d e r 221.2 1.0 22.1 0.0 244.3 24.2 0.0 1.2 218.9 To t a l F u t u r e 840.5   4.7 89.1 0.0 934.4 89.2 0.0 4.6 840.6 D E D U C T I O N S - M $ F U T U R E N   E T IN C O M E B E F O R E IN C O M E T A X E S - M $ O p e ra t in g A d V a   lo re m D e ve l op m en t U n d is c o u nt e d D i sc o u n te d P e ri od   C o s ts T a x e s C o s ts O th e r T o t a l A n nu a l C u m u l at iv e @   10.00 % 12-17 0.0 0.0 0.0 0.0 0.0 1.0 1.0 0.9 12-18 0.0 1.8 0.0 0.0 1.8 44.7   45.7 39.0 12-19 0.0 2.0 0.0 0.0 2.0 48.9 94.6 38.1 12-20 0.0 3.9 0.0 0.0 3.9   96.7 191.3 69.5 12-21 0.0 2.7 0.0 0.0 2.7 70.1 261.4 45.8 12-22 0.0 2.1 0.0   0.0 2.1 55.2 316.7 32.8 12-23 0.0 1.8 0.0 0.0 1.8 46.4 363.1 25.0 12-24 0.0   1.5 0.0 0.0 1.5 40.3 403.4 19.8 12-25 0.0 1.4 0.0 0.0 1.4 35.7 439.1 15.9   12-26 0.0 1.2 0.0 0.0 1.2 32.3 471.4 13.1 12-27 0.0 1.1 0.0 0.0 1.1 29.6   501.0 10.9 12-28 0.0 1.1 0.0 0.0 1.1 27.3 528.3 9.1 12-29 0.0 1.0 0.0 0.0 1.0   25.2 553.5 7.7 12-30 0.0 0.9 0.0 0.0 0.9 23.3 576.8 6.4 12-31 0.0 0.8 0.0 0.0   0.8 21.5 598.3 5.4 Su b - T o t a l 0.0 23.5 0.0 0.0 23.5 598.3 598.3 339.4   Re m a i n d e r 0.0 8.5 0.0 0.0 8.5 210.4 808.7 27.0 

 

 These data were generated using the ARIES   Program. Table 3 SEC PARAMETERS ESTIMATEDNETRESERVESANDINCOME   ATTRIBUTABLETOCERTAINROYALTYINTERESTS RIVERCRESTROYALTIES,LLC ASOFDECEMBER   31,2016 PROVEDNON-PRODUCIN REVENUE INTERESTS PRODUCT PRICES DISCOUNTED EXPENSE   Oil/ Plant Oil/Cond. Plt. Prod. Gas INTEREST Condensate Products Gas $/BBL $/BBL   $/MCF FUTURE NET INCOME - M$ COMPOUNDED MONTHLY INITIA L 2.00 660.7 FINAL 5.00   512.3 REMARKS 8.00 414.6 10.00 366.4 20.00 225.3 Number Period of Wells ESTIMATED   8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES Oil/Cond. MBarrels Plant   Prod. Gas MBarrels MMCF Oil/Cond. MBarrels Plant Prod. MBarrels Sales Gas   MMCF Oil/Cond. Plant Prod. Gas $/BBL $/BBL $/MCF 12-174.1.43.8391.40.00.00.838.929.240.86   12-1816.91.5 17.32101.11.40.04.132.1611.02 1.37 12-1916.96.716.32002.31.5 0.04.632.15   11.82 1.51 12-2018.181.114.61847.83.10.06.632.4812.65 1.65 12-2118.122.612.41545.62.20.04.5   33.2012.25 1.61 12-2218.96.410.81342.5 1.70.03.633.25 12.11 1.59 12-2317.81.29.5   1188.01.40.03.133.2612.031.57 12-2417.70.68.71093.71.30.02.733.25 11.971.56 12-25   16.62.67.9996.91.10.02.5 33.2011.941.56 12-2614. 56.86.4826.11.00.02.233.1911.961.56   12-2714. 52.1 5.8755.90.90.02.133.1711.941.56 12-2814.48.2 5.5 708.5 0.90.01.933.1611.931.55   12-2914.44.84.9639.60.80.01.733.15 12.181.60 12-3012.40.94.1 544.80.70.01.433.1412.931.72   12-3110.36.73.1437.00.70.01.233.1413.531.81 Sub-Total 0.1083.8131.116421.418.80.343.032.9212.001.56   Remainder 0.383.67.22021.66.80.112.032.5413.92 1.84 Total Future 0.1467.4138.318443.025.60.4   55.032.8212.361.62 Cumulative 815.70.021914.1 U lt i ma t e 2283.1138.340357.1   COMPANY FUTURE GROSS REVENUE (FGR) - M$ PRODUCTION TAXES -M$ FGR AFTER PRODUCTION   TAXES-M$ Period From Oil/Cond. Plant Prod. Gas Other From From Total Oil/Cond.   Plant Prod. Gas 12-170.30.10.70.01.10.00.00.01.0 12-1846.00.3 5.70.0 52.0 5.20.00.346.5   12-1949.60.47.00.0 56.9 5.70.00.3 50.9 12-20100.70.610.90.0112.211.10.00.6100.6   12-2173.00.47.20.080.67.40.00.472.9 12-22 57.40.3 5.70.063.5 5.80.00.3 57.4 12-2348.20.34.90.0   53.34.90.00.248.2 12-2441.80.24.30.046.34.20.00.241.9 12-25 36.90.23.80.041.03.80.00.237.1   12-2633.40.23.5 0.037.13.40.00.233.5 12-2730.60.23.20.034.03.10.00.230.7 12-2828.30.23.00.031.42.90.00.228.3   12-2926.20.12.70.029.02.70.00.226.2 12-3024.30.12.40.026.82.5 0.00.124.2 12-3122.60.12.10.024.82.30.00.122.4   S u b - T o t a l 619.43.767.00.0690.265.00.03.4621.8 Remainder 221.21.022.10.0244.324.20.01.2218.9   Total Future 840.5 4.789.10.0934.489.20.04.6840.6 DEDUCTIONS - M$ FUTURE NET   INCOME BEFORE INCOME TAXES-M$ Period Operating Costs Ad Valorem Taxes Development   Costs Other Total Undiscounted Discounted @ 10.00 % Annual Cumulative 12-170.00.00.00.00.01.01.00.9   12-180.01.80.00.01.844.745.739.0 12-190.02.00.00.02.048.994.638.1 12-200.03.90.00.03.996.7191.369.5   12-210.02.70.00.02.770.1261.445.8 12-220.02.10.00.02.1 55.2316.732.8 12-230.01.80.00.01.846.4363.1   25.0 12-240.01.5 0.00.01.5 40.3403.419.8 12-25 0.01.40.00.01.435.7439.1 15.9 12-260.01.20.00.01.232.3471.413.1   12-270.01.10.00.01.129.6 501.010.9 12-280.01.10.00.01.127.3 528.39.1 12-290.01.00.00.01.025.2   553.5 7.7 12-300.00.90.00.00.923.3 576.86.4 12-310.00.80.00.00.821.5 598.3 5.4   S u b - T o t a l 0.023.5 0.00.023.5 598.3 598.3339.4 Remain de r 0.08.5 0.00.08.5   210.4808.727.0 Total Future 0.032.00.00.032.0808.7808.7366.4 These data are   part of a Ryder Scott report and are subject to the conditions in the text of   the report. These data were generated using the ARIES Program. Table 4 SEC   PARAMETERS ESTIMATEDNETRESERVESANDINCOME   ATTRIBUTABLETOCERTAINROYALTYINTERESTS RIVERCRESTROYALTIES,LLC ASOFDECEMBER   31,2016 PROVEDUNDEVELOPED REVENUE INTERESTS PRODUCT PRICES DISCOUNTED EXPENSE   Oil/ INTEREST Condensate INITIA L FINAL REMARKS Plant Oil/Cond. Plt. Prod. Gas   FUTURE NET INCOME - M$ Products Gas $/BBL $/BBL $/MCF COMPOUNDED MONTHLY 2.00   14990.9 5.00 10906.6 8.00 8437.0 10.00 7284.4 20.00 4171.7 ESTIMATED 8/8 THS   PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES Number Oil/Cond. Plant Prod.   Gas Oil/Cond. Plant Prod. Sales Gas Oil/Cond. Plant Prod. Gas Period of Wells   MBarrels MBarrels MMCF MBarrels MBarrels MMCF $/BBL $/BBL $/MCF 12-1796. 860.5368.912146.75.11.426.8   36.6715.252.08 12-18 238.2059.7907.535400.312.93.670.635.3314.752.06 12-19390.3359.61578.279495.118.35.2124.935.3614.862.01   12-20543.4802.62779.7180238.722.46.9222.735.5514.88 2.02   12-21643.5001.32608.4156426.324.57.2213.035.6015.051.99 12-22659.4082.22002.8   116811.221.76.0173.8 35.7515.361.99   12-23659.3321.51523.290898.118.14.7143.136.0515.691.99 12-24659.3086.71244.174645.616.33.9123.436.3115.91   1.99 12-25659.3213.91057.263503.515.63.4109.536.6016.08 1.98 12-26659.3753.8 924.155550.316.03.199.536.9516.241.98   12-27659.4885.4 827.249861.517.62.8 92.437.38 16.38 1.98 12-28   659.5328.6747.8 45096.218.02.6 86.137.5916.51 1.98 12-29657.4621.2674.940433.916.22.479.537.5516.661.98   12-30656.4012.1612.536415.514.72.273.737.5216.81 1.98 12-31655.3494.3556.8   32758.613.42.168.537.48 16.971.98 Sub-Total 0.55883.218413.41069681.7250.8 57.61707.336.4315.602.00   Remainder 0.23420.04525.0211433.4152.726.9 846.537.8319.21 1.98 Total Future   0.79303.222938.31281115.1403.5 84.62553.736.9616.751.99 Cumulative 0.00.00.0 U   lt i ma t e 79303.222938.31281115.3 COMPANY FUTURE GROSS REVENUE (FGR) - M$ PRODUCTION   TAXES -M$ FGR AFTER PRODUCTION TAXES-M$ Period From Oil/Cond. Plant Prod. Gas   Other From From Total Oil/Cond. Plant Prod. Gas 12-17186.8 22.155.70.0264.610.01.63.9249.1   12-18 457.153.1145.20.0655.428.23.610.0613.6 12-19647.177.1251.20.0975.440.65.316.7912.8   12-20795.1103.2449.30.01347.749.56.928.91262.4 12-21 873.9108.5424.60.01406.954.8   7.327.61317.2 12-22776.192.0346.70.01214.8 47.8 6.322.91137.9 12-23651.773.4285.00.01010.039.35.019.0946.7   12-24592.162.6245.20.0 899.8 35.14.316.4 844.1 12-25571.655.3217.20.0 844.233.13.8   14.6792.6 12-26589.750.0197.00.0 836.733.23.413.3786.8 12-27657.746.1182.70.0   886.535.8 3.212.4 835.1 12-28 676.342.9170.10.0 889.336.23.011.6 838.5 12-29609.140.0157.10.0   806.232.72.8 10.8 760.0 12-30551.137.6145.60.0734.429.72.610.0692.0 12-31501.235.5135.30.0672.027.12.59.4633.0   S u b - T o t a l 9136.6 899.33407.90.013443.8 533.261.4227.612621.6 Remainder   5776.8 517.21679.20.07973.2304.337.1121.17510.8 Total Future 14913.41416.55087.10.021417.1   837.598.5348.720132.4 DEDUCTIONS - M$ FUTURE NET INCOME BEFORE INCOME   TAXES-M$ Period Operating Costs Ad Valorem Taxes Development Costs Other Total   Undiscounted Discounted @ 10.00 % Annual Cumulative 12-170.07.50.00.07.5241.6241.6227.8   12-18 0.017.50.00.017.5596.1 837.6515.2 12-190.026.8 0.00.026.8 886.01723.6697.0   12-200.038.40.00.038.41224.02947.6 876.5 12-210.040.10.00.040.11277.14224.7 832.0   12-220.035.00.00.035.01102.95327.6654.4 12-230.029.8 0.00.029.8 916.96244.5494.2   12-240.027.10.00.027.1 817.07061.4400.1 12-250.026.00.00.026.0766.77828.1 341.2   12-260.026.40.00.026.4760.4 8588.5307.5 12-270.028.8 0.00.028.8 806.29394.7296.3   12-28 0.029.40.00.029.4 809.110203.8 270.7 12-290.026.60.00.026.6733.410937.2   223.1 12-300.024.20.00.024.2667.8 11605.0184.6 12-310.022.10.00.022.1610.912215.9153.5   S u b - T o t a l 0.0405.70.00.0405.712215.912215.96474.3 Remain de r 0.0268.60.00.0268.67242.219458.1   810.1 Total Future 0.0674.30.00.0674.319458.119458.1 7284.4 These data are   part of a Ryder Scott report and are subject to the conditions in the text of   the report. These data were generated using the ARIES Program. Table 1 A) RYDER   SCOTT COMPANY PETROLEUM CONSULTANTS TRH FIRM LI( NO. F-i580 TOTAL PROVED   SUMMARY SEC PARAMETERS ESTIMATED NET RESERVES AND INCOME ATTRIBUTABLE TO   CERTAIN ROYALTY INTERESTS RIVERCREST ROYALTIES, LLC AS OF DECEMBER 31, 2016 REVENUE   INTERESTS PRODUCT PRICES DISCOUNTED EXPENSE Oil/ Plant Oil/Cond. Plt. Prod. Gas   INTEREST Condensate Products Gas $/BBL $/BBL $/MCF FUTURE NET INCOME - M$ COMPOUNDED MONTHLY INITIAL 2.00% 35806.4 FINAL 5.00% 27121.5 REMARKS 8.00% 21746.7   10.00% 19197.3 20.00% 12129.6 Number Period of Wells ESTIMATED 8/8 THS   PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES Oil/Cond. MBarrels Plant   Prod MBarrels Gas MMCF Oil/Cond. MBarrels Plant Prod MBarrels Sales Gas MMCF Oil/Cond.   $/BBL Plant Prod $/BBL Gas $/MCF 12-17 13014. 55244.8 8430.3 365104.8 42.7 15.2   417.7 36.28 13.55 1.85 12-18 13106. 51429.1 8075.9 353872.4 47.1 15.6 422.4 35.95   13.71 1.87 12-19 13178. 49069.1 8081.7 369108.6 49.1 15.8 442.3 35.90 13.84 1.88   12-20 13292. 47568.6 8753.9 446948.7 52.2 16.6 515.6 35.84 14.00 1.92 12-21 13308.   45088.6 8131.4 402655.1 51.3 16.0 479.0 35.92 14.14 1.91 12-22 13274. 41825.6   7138.5 345859.6 46.2 14.0 418.1 36.03 14.25 1.91 12-23 13231. 38955.3 6314.2 304491.9   40.7 12.1 367.6 36.20 14.33 1.90 12-24 13150. 36751.7 5724.9 274542.9 37.1 10.7   332.1 36.32 14.37 1.90 12-25 13055. 35048.5 5247.9 250088.2 35.0 9.8 303.6 36.45   14.43 1.90 12-26 12846. 33754.9 4851.1 230035.9 34.0 8.9 279.5 36.63 14.46 1.90   12-27 12800. 33299.7 4501.9 212339.3 34.1 8.2 257.4 36.86 14.51 1.91 12-28 12776.   32259.0 4198.2 197351.6 33.4 7.6 240.5 37.00 14.58 1.91 12-29 12733. 30144.2 3911.6   182794.8 30.7 7.0 222.8 36.97 14.65 1.91 12-30 12577. 28099.7 3643.9 169170.5   28.2 6.6 207.0 36.94 14.74 1.92 12-31 12521. 26336.0 3398.9 156821.8 26.0 6.1   192.8 36.92 14.82 1.92 Sub-Total O. 584874.9 90404.3 4261185.8 588.0 170.2 5098.6   36.33 14.18 1.90 Remainder 0. 357503.6 37690.8 1436394.0 298.2 64.6 2041.5 37.39   16.42 1.96 Total Future 0. 942378.5 128095.1 5697580.0 886.1 234.8 7140.2 36.69   14.80 1.91 Cumulative 6277060.1 0.0 13811893.2 Ultimate 7219438.6 128095.1 19509473.3   COMPANY FUTURE GROSS REVENUE (FGR) - M$ PRODUCTION TAXES -ME FGR AFTER   PRODUCTION TAXES-MS Period From Oil/Cond. From Plant Prod. From Gas Other Total   Oil/Cond. Plant Prod. Gas 12-17 1551.1 206.2 771.9 0.0 2529.2 98.6 10.3 47.7 2372.6   12-18 1691.7 213.8 789.6 0.0 2695.1 110.1 11.1 49.2 2524.6 12-19 1764.4 219.1   833.6 0.0 2817.1 114.9 11.8 52.1 2638.3 12-20 1869.7 232.0 987.7 0.0 3089.4 123.2   12.8 61.5 2891.9 12-21 1844.0 225.9 914.2 0.0 2984.0 120.0 12.7 57.2 2794.1 12-22   1664.8 199.8 796.9 0.0 2661.5 107.1 11.2 50.1 2493.2 12-23 1473.2 172.8 699.0   0.0 2345.0 93.9 9.5 44.0 2197.7 12-24 1349.0 154.5 630.6 0.0 2134.1 85.1 8.5 39.7   2000.9 12-25 1275.6 140.7 576.4 0.0 1992.7 79.5 7.7 36.3 1869.2 12-26 1244.4 129.0   531.1 0.0 1904.5 76.4 7.0 33.5 1787.6 12-27 1257.7 118.8 491.1 0.0 1867.7 75.5   6.5 31.7 1754.0 12-28 1236.4 110.8 459.0 0.0 1806.3 73.2 6.1 29.7 1697.2 12-29   1133.4 103.2 426.0 0.0 1662.6 67.4 5.7 27.6 1561.9 12-30 1043.3 96.7 397.2 0.0   1537.2 62.2 5.3 25.8 1443.8 12-31 961.8 90.4 370.7 0.0 1422.9 57.5 5.0 24.1 1336.3   Sub-Total 21360.4 2414.0 9675.0 0.0 33449.4 1344.6 131.2 610.1 31363.5 Remainder   11149.3 1060.9 3994.8 0.0 16205.0 639.6 64.5 268.4 15232.4 Total Future 32509.7   3474.9 13669.8 0.0 49654.4 1984.3 195.7 878.5 46595.9 DEDUCTIONS - M$ FUTURE   NET INCOME BEFORE INCOME TAXES-M$ Period Operating Costs Ad Valorem Taxes Development   Costs Other Total Undiscounted Discounted @ 10.00 % Annual Cumulative 12-17 0.0   70.8 0.0 0.0 70.8 2301.8 2301.8 2195.3 12-18 0.0 75.4 0.0 0.0 75.4 2449.2 4751.0   2123.7 12-19 0.0 79.6 0.0 0.0 79.6 2558.7 7309.7 2016.1 12-20 0.0 88.8 0.0 0.0   88.8 2803.1 10112.8 2009.1 12-21 0.0 85.6 0.0 0.0 85.6 2708.5 12821.3 1765.2 12-22   0.0 76.8 0.0 0.0 76.8 2416.3 15237.7 1432.8 12-23 0.0 68.5 0.0 0.0 68.5 2129.2   17366.9 1147.3 12-24 0.0 62.9 0.0 0.0 62.9 1938.0 19304.9 949.2 12-25 0.0 59.3   0.0 0.0 59.3 1809.9 21114.8 805.7 12-26 0.0 57.4 0.0 0.0 57.4 1730.2 22845.0 700.1   12-27 0.0 57.4 0.0 0.0 57.4 1696.6 24541.6 623.9 12-28 0.0 56.2 0.0 0.0 56.2 1641.1   26182.7 549.0 12-29 0.0 51.6 0.0 0.0 51.6 1510.3 27693.0 459.3 12-30 0.0 47.7   0.0 0.0 47.7 1396.2 29089.2 386.0 12-31 0.0 44.1 0.0 0.0 44.1 1292.2 30381.3 324.8   Sub-Total 0.0 982.1 0.0 0.0 982.1 30381.3 30381.3 17487.4 Remainder 0.0 525.7   0.0 0.0 525.7 14706.7 45088.1 1709.9 Total Future 0.0 1507.8 0.0 0.0 1507.8 45088.1   45088.1 19197.3 These data are part of a Ryder Scott report and are subject   to the conditions in the text of the report. These data were generated using   the ARIES Program. Table 2 A) RYDER SCOTT COMPANY PETROLEUM CONSULTANTS TRH   FIRM LI( NO. F-i580 PROVED DEVELOPED PRODUCING SEC PARAMETERS ESTIMATED NET   RESERVES AND INCOME ATTRIBUTABLE TO CERTAIN ROYALTY INTERESTS RIVERCREST   ROYALTIES, LLC AS OF DECEMBER 31, 2016 REVENUE INTERESTS PRODUCT PRICES DISCOUNTED   EXPENSE Oil/ Plant Oil/Cond. Plt. Prod. Gas INTEREST Condensate Products Gas $/BBL   $/BBL $/MCF FUTURE NET INCOME - M$ COMPOUNDED MONTHLY INITIAL 2.00% 20154.9 FINAL   5.00% 15702.6 REMARKS 8.00% 12895.1 10.00% 11546.5 20.00% 7732.6 Number   Period of Wells ESTIMATED 8/8 THS PRODUCTION COMPANY NET PRODUCTION AVERAGE   PRICES Oil/Cond. MBarrels Plant Prod MBarrels Gas MMCF Oil/Cond. MBarrels Plant   Prod MBarrels Sales Gas MMCF Oil/Cond. $/BBL Plant Prod $/BBL Gas $/MCF 12-17   12914. 54382.8 8057.6 352566.7 37.6 13.8 390.2 36.23 13.37 1.83 12-18 12852. 49277.8   7151.1 316370.9 32.7 12.0 347.7 36.36 13.41 1.84 12-19 12772. 45612.8 6487.2 287611.2   29.3 10.6 312.9 36.43 13.35 1.84 12-20 12731. 42584.9 5959.6 264862.1 26.7 9.6   286.3 36.47 13.37 1.84 12-21 12647. 39964.8 5510.5 244683.2 24.6 8.7 261.6 36.49   13.40 1.84 12-22 12597. 37647.0 5124.9 227705.8 22.8 8.0 240.7 36.51 13.43 1.85   12-23 12555. 35552.6 4781.5 212405.8 21.2 7.4 221.4 36.53 13.47 1.85 12-24 12474.   33594.4 4472.1 198803.7 19.6 6.8 206.0 36.52 13.49 1.85 12-25 12380. 31772.0 4182.7   185587.8 18.3 6.3 191.7 36.53 13.54 1.85 12-26 12172. 29944.3 3920.6 173659.6   17.0 5.8 177.8 36.52 13.53 1.86 12-27 12127. 28362.2 3668.9 161721.8 15.6 5.4   163.0 36.49 13.54 1.87 12-28 12103. 26882.2 3445.0 151546.8 14.6 5.0 152.5 36.50   13.58 1.88 12-29 12062. 25478.3 3231.8 141721.2 13.6 4.6 141.6 36.49 13.61 1.88   12-30 11909. 24046.8 3027.3 132210.1 12.8 4.3 131.9 36.50 13.67 1.89 12-31 11856.   22805.0 2839.0 123626.2 12.0 4.0 123.1 36.51 13.71 1.89 Sub-Total O. 527907.9   71859.8 3175083.0 318.4 112.2 3348.4 36.45 13.46 1.85 Remainder O. 333700.0 33158.7   1222938.5 138.7 37.6 1183.1 37.15 14.43 1.94 Total Future O. 861607.9 105018.5   4398021.6 457.0 149.8 4531.5 36.66 13.71 1.87 Cumulative 6276244.5 0.0 13789979.6   Ultimate 7137852.4 105018.5 18188001.3 COMPANY FUTURE GROSS REVENUE (FGR) -   M$ PRODUCTION TAXES -ME FGR AFTER PRODUCTION TAXES-MS Period From Oil/Cond. From   Plant Prod. From Gas Other Total Oil/Cond. Plant Prod. Gas 12-17 1364.0 184.0   715.5 0.0 2263.5 88.6 8.7 43.8 2122.5 12-18 1188.6 160.4 638.7 0.0 1987.7 76.7   7.5 39.0 1864.5 12-19 1067.7 141.6 575.4 0.0 1784.7 68.7 6.5 35.0 1674.6 12-20   973.9 128.2 527.4 0.0 1629.5 62.6 5.9 32.0 1529.0 12-21 897.1 117.0 482.4 0.0   1496.5 57.7 5.4 29.3 1404.1 12-22 831.3 107.5 444.5 0.0 1383.2 53.5 4.9 26.9 1297.9   12-23 773.3 99.2 409.2 0.0 1281.7 49.7 4.5 24.8 1202.7 12-24 715.1 91.7 381.1   0.0 1188.0 45.8 4.2 23.0 1115.0 12-25 667.0 85.2 355.3 0.0 1107.6 42.6 3.9 21.5   1039.5 12-26 621.3 78.8 330.5 0.0 1030.7 39.7 3.6 20.0 967.3 12-27 569.4 72.6   305.2 0.0 947.3 36.6 3.3 19.1 888.2 12-28 531.8 67.8 286.0 0.0 885.6 34.2 3.1   17.9 830.4 12-29 498.0 63.0 266.2 0.0 827.3 32.0 2.9 16.7 775.7 12-30 467.9 58.9   249.2 0.0 776.0 30.0 2.7 15.6 727.7 12-31 438.0 54.9 233.3 0.0 726.2 28.1 2.6   14.6 681.0 Sub-Total 11604.4 1511.0 6200.0 0.0 19315.4 746.4 69.7 379.1 18120.1   Remainder 5151.3 542.7 2293.5 0.0 7987.5 311.2 27.4 146.1 7502.8 Total Future   16755.8 2053.7 8493.5 0.0 27302.9 1057.6 97.2 525.2 25622.9 DEDUCTIONS - M$ FUTURE   NET INCOME BEFORE INCOME TAXES-M$ Period Operating Costs Ad Valorem Taxes Development   Costs Other Total Undiscounted Discounted @ 10.00 % Annual Cumulative 12-17 0.0   63.2 0.0 0.0 63.2 2059.3 2059.3 1966.5 12-18 0.0 56.1 0.0 0.0 56.1 1808.4 3867.7   1569.5 12-19 0.0 50.7 0.0 0.0 50.7 1623.8 5491.5 1281.0 12-20 0.0 46.5 0.0 0.0   46.5 1482.5 6974.0 1063.1 12-21 0.0 42.9 0.0 0.0 42.9 1361.3 8335.2 887.4 12-22   0.0 39.7 0.0 0.0 39.7 1258.2 9593.4 745.6 12-23 0.0 36.9 0.0 0.0 36.9 1165.9 10759.3   628.1 12-24 0.0 34.2 0.0 0.0 34.2 1080.7 11840.0 529.3 12-25 0.0 31.9 0.0 0.0   31.9 1007.6 12847.6 448.6 12-26 0.0 29.8 0.0 0.0 29.8 937.5 13785.1 379.5 12-27   0.0 27.4 0.0 0.0 27.4 860.8 14645.9 316.8 12-28 0.0 25.7 0.0 0.0 25.7 804.7 15450.6   269.1 12-29 0.0 24.0 0.0 0.0 24.0 751.7 16202.3 228.6 12-30 0.0 22.6 0.0 0.0 22.6   705.1 16907.4 194.9 12-31 0.0 21.2 0.0 0.0 21.2 659.7 17567.1 165.8 Sub-Total   0.0 553.0 0.0 0.0 553.0 17567.1 17567.1 10673.7 Remainder 0.0 248.6 0.0 0.0 248.6   7254.2 24821.3 872.8 Total Future 0.0 801.6 0.0 0.0 801.6 24821.3 24821.3 11546.5   These data are part of a Ryder Scott report and are subject to the conditions   in the text of the report. These data were generated using the ARIES Program.   Table 3 A) RYDER SCOTT COMPANY PETROLEUM CONSULTANTS TRH FIRM LI( NO. F-i580   PROVED NON-PRODUCING SEC PARAMETERS ESTIMATED NET RESERVES AND INCOME   ATTRIBUTABLE TO CERTAIN ROYALTY INTERESTS RIVERCREST ROYALTIES, LLC AS OF   DECEMBER 31, 2016 REVENUE INTERESTS PRODUCT PRICES DISCOUNTED EXPENSE Oil/ Plant   Oil/Cond. Plt. Prod. Gas INTEREST Condensate Products Gas 5/BBL 5/BBL $/MCF FUTURE   NET INCOME - M$ COMPOUNDED MONTHLY INITIAL 2.00% 660.7 FINAL 5.00% 512.3 REMARKS   8.00% 414.6 10.00% 366.4 20.00% 225.3 Number Period of Wells ESTIMATED 8/8   THS PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES Oil/Cond. MBarrels Plant   Prod MBarrels Gas MMCF Oil/Cond. MBarrels Plant Prod MBarrels Sales Gas MMCF Oil/Cond.   $/BBL Plant Prod $/BBL Gas $/MCF 12-17 4. 1.4 3.8 391.4 0.0 0.0 0.8 38.92 9.24   0.86 12-18 16. 91.5 17.3 2101.1 1.4 0.0 4.1 32.16 11.02 1.37 12-19 16. 96.7 16.3   2002.3 1.5 0.0 4.6 32.15 11.82 1.51 12-20 18. 181.1 14.6 1847.8 3.1 0.0 6.6 32.48   12.65 1.65 12-21 18. 122.6 12.4 1545.6 2.2 0.0 4.5 33.20 12.25 1.61 12-22 18.   96.4 10.8 1342.5 1.7 0.0 3.6 33.25 12.11 1.59 12-23 17. 81.2 9.5 1188.0 1.4 0.0   3.1 33.26 12.03 1.57 12-24 17. 70.6 8.7 1093.7 1.3 0.0 2.7 33.25 11.97 1.56 12-25   16. 62.6 7.9 996.9 1.1 0.0 2.5 33.20 11.94 1.56 12-26 14. 56.8 6.4 826.1 1.0 0.0   2.2 33.19 11.96 1.56 12-27 14. 52.1 5.8 755.9 0.9 0.0 2.1 33.17 11.94 1.56 12-28   14. 48.2 5.5 708.5 0.9 0.0 1.9 33.16 11.93 1.55 12-29 14. 44.8 4.9 639.6 0.8 0.0   1.7 33.15 12.18 1.60 12-30 12. 40.9 4.1 544.8 0.7 0.0 1.4 33.14 12.93 1.72 12-31   10. 36.7 3.1 437.0 0.7 0.0 1.2 33.14 13.53 1.81 Sub-Total O. 1083.8 131.1 16421.4   18.8 0.3 43.0 32.92 12.00 1.56 Remainder O. 383.6 7.2 2021.6 6.8 0.1 12.0 32.54   13.92 1.84 Total Future O. 1467.4 138.3 18443.0 25.6 0.4 55.0 32.82 12.36 1.62   Cumulative 815.7 0.0 21914.1 Ultimate 2283.1 138.3 40357.1 COMPANY FUTURE   GROSS REVENUE (FGR) - M$ PRODUCTION TAXES -ME FGR AFTER PRODUCTION TAXES-M$ Period   From Oil/Cond. From Plant Prod. From Gas Other Total Oil/Cond. Plant Prod. Gas   12-17 0.3 0.1 0.7 0.0 1.1 0.0 0.0 0.0 1.0 12-18 46.0 0.3 5.7 0.0 52.0 5.2 0.0   0.3 46.5 12-19 49.6 0.4 7.0 0.0 56.9 5.7 0.0 0.3 50.9 12-20 100.7 0.6 10.9 0.0   112.2 11.1 0.0 0.6 100.6 12-21 73.0 0.4 7.2 0.0 80.6 7.4 0.0 0.4 72.9 12-22 57.4   0.3 5.7 0.0 63.5 5.8 0.0 0.3 57.4 12-23 48.2 0.3 4.9 0.0 53.3 4.9 0.0 0.2 48.2   12-24 41.8 0.2 4.3 0.0 46.3 4.2 0.0 0.2 41.9 12-25 36.9 0.2 3.8 0.0 41.0 3.8 0.0   0.2 37.1 12-26 33.4 0.2 3.5 0.0 37.1 3.4 0.0 0.2 33.5 12-27 30.6 0.2 3.2 0.0 34.0   3.1 0.0 0.2 30.7 12-28 28.3 0.2 3.0 0.0 31.4 2.9 0.0 0.2 28.3 12-29 26.2 0.1 2.7   0.0 29.0 2.7 0.0 0.2 26.2 12-30 24.3 0.1 2.4 0.0 26.8 2.5 0.0 0.1 24.2 12-31 22.6   0.1 2.1 0.0 24.8 2.3 0.0 0.1 22.4 Sub-Total 619.4 3.7 67.0 0.0 690.2 65.0 0.0   3.4 621.8 Remainder 221.2 1.0 22.1 0.0 244.3 24.2 0.0 1.2 218.9 Total Future 840.5   4.7 89.1 0.0 934.4 89.2 0.0 4.6 840.6 DEDUCTIONS - M$ FUTURE NET INCOME   BEFORE INCOME TAXES-M$ Period Operating Costs Ad Valorem Taxes Development   Costs Other Total Undiscounted Discounted @ 10.00 % Annual Cumulative 12-17 0.0   0.0 0.0 0.0 0.0 1.0 1.0 0.9 12-18 0.0 1.8 0.0 0.0 1.8 44.7 45.7 39.0 12-19 0.0   2.0 0.0 0.0 2.0 48.9 94.6 38.1 12-20 0.0 3.9 0.0 0.0 3.9 96.7 191.3 69.5 12-21   0.0 2.7 0.0 0.0 2.7 70.1 261.4 45.8 12-22 0.0 2.1 0.0 0.0 2.1 55.2 316.7 32.8   12-23 0.0 1.8 0.0 0.0 1.8 46.4 363.1 25.0 12-24 0.0 1.5 0.0 0.0 1.5 40.3 403.4   19.8 12-25 0.0 1.4 0.0 0.0 1.4 35.7 439.1 15.9 12-26 0.0 1.2 0.0 0.0 1.2 32.3   471.4 13.1 12-27 0.0 1.1 0.0 0.0 1.1 29.6 501.0 10.9 12-28 0.0 1.1 0.0 0.0 1.1   27.3 528.3 9.1 12-29 0.0 1.0 0.0 0.0 1.0 25.2 553.5 7.7 12-30 0.0 0.9 0.0 0.0   0.9 23.3 576.8 6.4 12-31 0.0 0.8 0.0 0.0 0.8 21.5 598.3 5.4 Sub-Total 0.0 23.5   0.0 0.0 23.5 598.3 598.3 339.4 Remainder 0.0 8.5 0.0 0.0 8.5 210.4 808.7 27.0   Total Future 0.0 32.0 0.0 0.0 32.0 808.7 808.7 366.4 These data are part of a   Ryder Scott report and are subject to the conditions in the text of the   report. These data were generated using the ARIES Program. Table 4 A) RYDER   SCOTT COMPANY PETROLEUM CONSULTANTS TRH FIRM LI( NO. F-i580 PROVED   UNDEVELOPED SEC PARAMETERS ESTIMATED NET RESERVES AND INCOME ATTRIBUTABLE TO   CERTAIN ROYALTY INTERESTS RIVERCREST ROYALTIES, LLC AS OF DECEMBER 31, 2016 REVENUE   INTERESTS PRODUCT PRICES DISCOU NTED EXPENSE Oil/ Plant Oil/Cond. Plt. Prod. Gas   INTEREST Condensate Products Gas $/BBL $/BBL $/MCF FUTURE NET INCOME - M$ COMPOUNDED MONTHLY INITIAL 2.00% 14990.9 FINAL 5.00% 10906.6 REMARKS 8.00% 8437.0   10.00% 7284.4 20.00% 4171.7 Number Period of Wells ESTIMATED 8/8 THS   PRODUCTION COMPANY NET PRODUCTION AVERAGE PRICES Oil/Cond. MBarrels Plant   Prod MBarrels Gas MMCF Oil/Cond. MBarrels Plant Prod MBarrels Sales Gas MMCF Oil/Cond.   $/BBL Plant Prod $/BBL Gas $/MCF 12-17 96. 860.5 368.9 12146.7 5.1 1.4 26.8 36.67   15.25 2.08 12-18 238. 2059.7 907.5 35400.3 12.9 3.6 70.6 35.33 14.75 2.06 12-19   390. 3359.6 1578.2 79495.1 18.3 5.2 124.9 35.36 14.86 2.01 12-20 543. 4802.6 2779.7   180238.7 22.4 6.9 222.7 35.55 14.88 2.02 12-21 643. 5001.3 2608.4 156426.3 24.5   7.2 213.0 35.60 15.05 1.99 12-22 659. 4082.2 2002.8 116811.2 21.7 6.0 173.8 35.75   15.36 1.99 12-23 659. 3321.5 1523.2 90898.1 18.1 4.7 143.1 36.05 15.69 1.99 12-24   659. 3086.7 1244.1 74645.6 16.3 3.9 123.4 36.31 15.91 1.99 12-25 659. 3213.9 1057.2   63503.5 15.6 3.4 109.5 36.60 16.08 1.98 12-26 659. 3753.8 924.1 55550.3 16.0 3.1   99.5 36.95 16.24 1.98 12-27 659. 4885.4 827.2 49861.5 17.6 2.8 92.4 37.38 16.38   1.98 12-28 659. 5328.6 747.8 45096.2 18.0 2.6 86.1 37.59 16.51 1.98 12-29 657.   4621.2 674.9 40433.9 16.2 2.4 79.5 37.55 16.66 1.98 12-30 656. 4012.1 612.5 36415.5   14.7 2.2 73.7 37.52 16.81 1.98 12-31 655. 3494.3 556.8 32758.6 13.4 2.1 68.5 37.48   16.97 1.98 Sub-Total O. 55883.2 18413.4 1069681.7 250.8 57.6 1707.3 36.43 15.60   2.00 Remainder O. 23420.0 4525.0 211433.4 152.7 26.9 846.5 37.83 19.21 1.98 Total   Future O. 79303.2 22938.3 1281115.1 403.5 84.6 2553.7 36.96 16.75 1.99 Cumulative   0.0 0.0 0.0 Ultimate 79303.2 22938.3 1281115.3 COMPANY FUTURE GROSS REVENUE   (FGR) - M$ PRODUCTION TAXES -ME FGR AFTER PRODUCTION TAXES-MS Period From   Oil/Cond. From Plant Prod. From Gas Other Total Oil/Cond. Plant Prod. Gas 12-17   186.8 22.1 55.7 0.0 264.6 10.0 1.6 3.9 249.1 12-18 457.1 53.1 145.2 0.0 655.4   28.2 3.6 10.0 613.6 12-19 647.1 77.1 251.2 0.0 975.4 40.6 5.3 16.7 912.8 12-20   795.1 103.2 449.3 0.0 1347.7 49.5 6.9 28.9 1262.4 12-21 873.9 108.5 424.6 0.0   1406.9 54.8 7.3 27.6 1317.2 12-22 776.1 92.0 346.7 0.0 1214.8 47.8 6.3 22.9 1137.9   12-23 651.7 73.4 285.0 0.0 1010.0 39.3 5.0 19.0 946.7 12-24 592.1 62.6 245.2 0.0   899.8 35.1 4.3 16.4 844.1 12-25 571.6 55.3 217.2 0.0 844.2 33.1 3.8 14.6 792.6   12-26 589.7 50.0 197.0 0.0 836.7 33.2 3.4 13.3 786.8 12-27 657.7 46.1 182.7 0.0   886.5 35.8 3.2 12.4 835.1 12-28 676.3 42.9 170.1 0.0 889.3 36.2 3.0 11.6 838.5   12-29 609.1 40.0 157.1 0.0 806.2 32.7 2.8 10.8 760.0 12-30 551.1 37.6 145.6 0.0   734.4 29.7 2.6 10.0 692.0 12-31 501.2 35.5 135.3 0.0 672.0 27.1 2.5 9.4 633.0   Sub-Total 9136.6 899.3 3407.9 0.0 13443.8 533.2 61.4 227.6 12621.6 Remainder 5776.8   517.2 1679.2 0.0 7973.2 304.3 37.1 121.1 7510.8 Total Future 14913.4 1416.5 5087.1   0.0 21417.1 837.5 98.5 348.7 20132.4 DEDUCTIONS - M$ FUTURE NET INCOME BEFORE   INCOME TAXES-M$ Period Operating Costs Ad Valorem Taxes Development Costs Other   Total Undiscounted Discounted @ 10.00 % Annual Cumulative 12-17 0.0 7.5 0.0 0.0   7.5 241.6 241.6 227.8 12-18 0.0 17.5 0.0 0.0 17.5 596.1 837.6 515.2 12-19 0.0   26.8 0.0 0.0 26.8 886.0 1723.6 697.0 12-20 0.0 38.4 0.0 0.0 38.4 1224.0 2947.6   876.5 12-21 0.0 40.1 0.0 0.0 40.1 1277.1 4224.7 832.0 12-22 0.0 35.0 0.0 0.0 35.0   1102.9 5327.6 654.4 12-23 0.0 29.8 0.0 0.0 29.8 916.9 6244.5 494.2 12-24 0.0 27.1   0.0 0.0 27.1 817.0 7061.4 400.1 12-25 0.0 26.0 0.0 0.0 26.0 766.7 7828.1 341.2   12-26 0.0 26.4 0.0 0.0 26.4 760.4 8588.5 307.5 12-27 0.0 28.8 0.0 0.0 28.8 806.2   9394.7 296.3 12-28 0.0 29.4 0.0 0.0 29.4 809.1 10203.8 270.7 12-29 0.0 26.6 0.0   0.0 26.6 733.4 10937.2 223.1 12-30 0.0 24.2 0.0 0.0 24.2 667.8 11605.0 184.6 12-31   0.0 22.1 0.0 0.0 22.1 610.9 12215.9 153.5 Sub-Total 0.0 405.7 0.0 0.0 405.7 12215.9   12215.9 6474.3 Remainder 0.0 268.6 0.0 0.0 268.6 7242.2 19458.1 810.1 Total   Future 0.0 674.3 0.0 0.0 674.3 19458.1 19458.1 7284.4 These data are part of   a Ryder Scott report and are subject to the conditions in the text of the   report. These data were generated using the ARIES Program.