EXHIBIT 99
 
 
 
 LaRoche Petroleum Consultants, Ltd.




---



##### 



Net Reserves
    
    
    Future Net Cash Flow ($)Oil & NGL
    
    
    Gas
    
    
    
    
    
    
    Present WorthCategory
    
    (Barrels)
    
    
    (Mcf)
    
    
    Total
    
    
    at 10%Proved Developed Producing
    
    
    33,382
    
    
    
    25,901
    
    
    $
    617,132
    
    
    $
    537,508
      




---



##### 



LaRoche Petroleum Consultants, Ltd.




---



##### 



LaRoche Petroleum Consultants, Ltd.




---



##### 



Very truly yours,
LaRoche Petroleum Consultants, Ltd.State of Texas Registration
Number F-1360/s/ Joe A. Young
    [SEAL]Joe A. YoungLicensed Professional Engineer
State of Texas No. 62866 
 LaRoche Petroleum Consultants, Ltd.




---



##### 



GROSS OIL
    
    GROSS GAS
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    TOTAL NETEND
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRICE
    
    PRICE
    
    PRICE
    
    SALES
    
    SALES
    
    SALESMO-YEAR
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    $/BBL
    
    $/MCF
    
    $/BBL
    
    M$
    
    M$
    
    M$12-2011
    
    
    18.000
    
    
    
    143.901
    
    
    
    3.339
    
    
    
    3.703
    
    
    
    1.225
    
    
    
    75.139
    
    
    
    4.388
    
    
    
    52.467
    
    
    
    250.884
    
    
    
    16.248
    
    
    
    331.41312-2012
    
    
    14.536
    
    
    
    99.609
    
    
    
    3.059
    
    
    
    3.306
    
    
    
    1.126
    
    
    
    75.135
    
    
    
    4.378
    
    
    
    52.570
    
    
    
    229.846
    
    
    
    14.472
    
    
    
    303.53112-2013
    
    
    10.868
    
    
    
    77.976
    
    
    
    2.792
    
    
    
    2.998
    
    
    
    1.039
    
    
    
    75.135
    
    
    
    4.372
    
    
    
    52.629
    
    
    
    209.769
    
    
    
    13.105
    
    
    
    277.54012-2014
    
    
    9.274
    
    
    
    64.835
    
    
    
    2.552
    
    
    
    2.737
    
    
    
    0.959
    
    
    
    75.134
    
    
    
    4.369
    
    
    
    52.668
    
    
    
    191.754
    
    
    
    11.958
    
    
    
    254.23512-2015
    
    
    8.354
    
    
    
    55.391
    
    
    
    2.348
    
    
    
    2.508
    
    
    
    0.887
    
    
    
    75.130
    
    
    
    4.367
    
    
    
    52.697
    
    
    
    176.380
    
    
    
    10.953
    
    
    
    234.05112-2016
    
    
    7.539
    
    
    
    47.595
    
    
    
    2.160
    
    
    
    2.301
    
    
    
    0.820
    
    
    
    75.126
    
    
    
    4.365
    
    
    
    52.722
    
    
    
    162.254
    
    
    
    10.043
    
    
    
    215.50512-2017
    
    
    6.807
    
    
    
    40.931
    
    
    
    1.987
    
    
    
    2.112
    
    
    
    0.758
    
    
    
    75.123
    
    
    
    4.363
    
    
    
    52.746
    
    
    
    149.269
    
    
    
    9.214
    
    
    
    198.44812-2018
    
    
    6.151
    
    
    
    35.231
    
    
    
    1.828
    
    
    
    1.939
    
    
    
    0.701
    
    
    
    75.119
    
    
    
    4.362
    
    
    
    52.768
    
    
    
    137.332
    
    
    
    8.458
    
    
    
    182.76012-2019
    
    
    4.647
    
    
    
    16.072
    
    
    
    1.653
    
    
    
    1.720
    
    
    
    0.644
    
    
    
    75.113
    
    
    
    4.349
    
    
    
    52.886
    
    
    
    124.176
    
    
    
    7.481
    
    
    
    165.69912-2020
    
    
    2.368
    
    
    
    4.635
    
    
    
    1.443
    
    
    
    1.545
    
    
    
    0.593
    
    
    
    75.108
    
    
    
    4.339
    
    
    
    52.968
    
    
    
    108.398
    
    
    
    6.704
    
    
    
    146.50612-2021
    
    
    1.777
    
    
    
    2.253
    
    
    
    1.108
    
    
    
    0.959
    
    
    
    0.258
    
    
    
    75.486
    
    
    
    4.298
    
    
    
    51.895
    
    
    
    83.601
    
    
    
    4.121
    
    
    
    101.11212-2022
    
    
    0.138
    
    
    
    0.164
    
    
    
    0.087
    
    
    
    0.073
    
    
    
    0.018
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    6.535
    
    
    
    0.313
    
    
    
    7.79612-202312-202412-2025S TOT
    
    
    90.460
    
    
    
    588.594
    
    
    
    24.355
    
    
    
    25.901
    
    
    
    9.027
    
    
    
    75.146
    
    
    
    4.366
    
    
    
    52.657
    
    
    
    1830.198
    
    
    
    113.070
    
    
    
    2418.596AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    90.460
    
    
    
    588.594
    
    
    
    24.355
    
    
    
    25.901
    
    
    
    9.027
    
    
    
    75.146
    
    
    
    4.366
    
    
    
    52.657
    
    
    
    1830.198
    
    
    
    113.070
    
    
    
    2418.596
 AD VALOREM
    
    
    PRODUCTION
    
    
    DIRECT OPER
    
    
    INTEREST
    
    
    CAPITAL
    
    
    EQUITY
    
    
    FUTURE NET
    
    
    CUMULATIVE
    
    
    10% CUM DISCEND
    
    TAX
    
    
    TAX
    
    
    EXPENSE
    
    
    PAID
    
    
    REPAYMENT
    
    
    INVESTMENT
    
    
    CASH FLOW
    
    
    CASH FLOW
    
    
    CASH FLOWMO-YEAR
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    10.982
    
    
    
    17.631
    
    
    
    131.049
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    11.680
    
    
    
    160.071
    
    
    
    160.071
    
    
    
    152.07812-2012
    
    
    10.058
    
    
    
    16.145
    
    
    
    131.011
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.016
    
    
    
    146.301
    
    
    
    306.372
    
    
    
    278.88912-2013
    
    
    9.197
    
    
    
    14.774
    
    
    
    129.933
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.125
    
    
    
    122.511
    
    
    
    428.883
    
    
    
    375.42712-2014
    
    
    8.424
    
    
    
    13.545
    
    
    
    129.005
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    103.261
    
    
    
    532.144
    
    
    
    449.39812-2015
    
    
    7.755
    
    
    
    12.474
    
    
    
    129.005
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    84.817
    
    
    
    616.960
    
    
    
    504.63312-2016
    
    
    7.141
    
    
    
    11.490
    
    
    
    129.005
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    67.869
    
    
    
    684.830
    
    
    
    544.81412-2017
    
    
    6.575
    
    
    
    10.585
    
    
    
    129.005
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    52.284
    
    
    
    737.114
    
    
    
    572.95312-2018
    
    
    6.055
    
    
    
    9.752
    
    
    
    129.005
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    37.948
    
    
    
    775.062
    
    
    
    591.52012-2019
    
    
    5.490
    
    
    
    8.851
    
    
    
    126.542
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.739
    
    
    
    23.078
    
    
    
    798.140
    
    
    
    601.79612-2020
    
    
    4.852
    
    
    
    7.866
    
    
    
    120.406
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    13.382
    
    
    
    811.522
    
    
    
    607.20712-2021
    
    
    3.358
    
    
    
    5.176
    
    
    
    88.423
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    46.720
    
    
    
    -42.564
    
    
    
    768.958
    
    
    
    590.72212-2022
    
    
    0.259
    
    
    
    0.396
    
    
    
    7.126
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    151.840
    
    
    
    -151.826
    
    
    
    617.132
    
    
    
    537.50812-202312-202412-2025S TOT
    
    
    80.147
    
    
    
    128.685
    
    
    
    1379.514
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    213.120
    
    
    
    617.132
    
    
    
    617.132
    
    
    
    537.508AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    617.132
    
    
    
    537.508TOTAL
    
    
    80.147
    
    
    
    128.685
    
    
    
    1379.514
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    213.120
    
    
    
    617.132
    
    
    
    617.132
    
    
    
    537.508
 OIL
    
    
    GAS
    
    
    
    
    
    
    
    
    P.W. %
    
    
    P.W., M$GROSS WELLS
    
    
    24.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    11.08
    
    
    
    5.00
    
    
    
    580.498GROSS ULT., MB & MMF
    
    
    639.544
    
    
    
    4278.199
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    537.508GROSS CUM., MB & MMF
    
    
    549.084
    
    
    
    3689.604
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.07
    
    
    
    15.00
    
    
    
    495.245GROSS RES., MB & MMF
    
    
    90.460
    
    
    
    588.594
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.07
    
    
    
    20.00
    
    
    
    456.418NET RES., MB & MMF
    
    
    24.355
    
    
    
    25.901
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    3.90
    
    
    
    25.00
    
    
    
    421.803NET REVENUE, M$
    
    
    1830.198
    
    
    
    113.070
    
    
    DISCOUNTED NET/INVEST.
    
    
    7.36
    
    
    
    30.00
    
    
    
    391.343INITIAL
PRICE, $
    
    
    75.431
    
    
    
    4.730
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    341.294INITIAL N.I., PCT.
    
    
    10.847
    
    
    
    2.718
    
    
    INITIAL W.I., PCT.
    
    
    15.880
    
    
    
    60.00
    
    
    
    272.40680.00
    
    
    
    228.453100.00
    
    
    
    198.276
  LaRoche Petroleum Consultants, Ltd.




---



##### 



Gross Reserves
    
    
    Net Reserves
    
    
    Net RevenueNet Adval,
    
    
    Net Prod
    
    
    Net
    
    
    Net Undis
    
    
    Net DiscLEASE
    
    STATE
    
    COUNTY
    
    Oil, Bbls
    
    
    Gas, MCF
    
    
    Oil, Bbls
    
    
    Gas, MCF
    
    
    NGL, Bbls
    
    
    Oil, $
    
    
    Gas, $
    
    
    NGL, $
    
    
    Total, $
    
    
    Net Opex, $
    
    
    $
    
    
    Tax, $
    
    
    Capex, $
    
    
    Cash Flow, $
    
    
    Cash Flow, $BLOXSOM 2
    
    TX
    
    LIBERTY
    
    
    1,205
    
    
    
    11,366
    
    
    
    1
    
    
    
    5
    
    
    
    0
    
    
    
    42
    
    
    
    29
    
    
    
    0
    
    
    
    71
    
    
    
    53
    
    
    
    2
    
    
    
    4
    
    
    
    16
    
    
    
    -5
    
    
    
    -4BURNETT R - 47
    
    TX
    
    HUTCHINSON
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    11,680
    
    
    
    -11,680
    
    
    
    -11,680BURNETT U LEASE
    
    TX
    
    HUTCHINSON
    
    
    6,823
    
    
    
    34,117
    
    
    
    3,736
    
    
    
    7,845
    
    
    
    4,875
    
    
    
    273,497
    
    
    
    34,705
    
    
    
    262,927
    
    
    
    571,129
    
    
    
    351,818
    
    
    
    18,766
    
    
    
    34,958
    
    
    
    46,720
    
    
    
    118,866
    
    
    
    107,376LIBERTY FARMS UNIT 2
    
    TX
    
    LIBERTY
    
    
    12,215
    
    
    
    507,339
    
    
    
    63
    
    
    
    2,175
    
    
    
    149
    
    
    
    4,909
    
    
    
    10,195
    
    
    
    5,674
    
    
    
    20,778
    
    
    
    7,914
    
    
    
    678
    
    
    
    1,417
    
    
    
    176
    
    
    
    10,593
    
    
    
    8,747MCLAUGHLIN LEASE
    
    TX
    
    MOORE
    
    
    30,170
    
    
    
    35,773
    
    
    
    18,857
    
    
    
    15,875
    
    
    
    4,002
    
    
    
    1,424,266
    
    
    
    68,141
    
    
    
    206,728
    
    
    
    1,699,136
    
    
    
    947,793
    
    
    
    56,445
    
    
    
    86,416
    
    
    
    151,840
    
    
    
    456,641
    
    
    
    398,563SAND HILL FARM C-2
    
    TX
    
    LEON
    
    
    4,727
    
    
    
    0
    
    
    
    27
    
    
    
    0
    
    
    
    0
    
    
    
    2,009
    
    
    
    0
    
    
    
    0
    
    
    
    2,009
    
    
    
    1,443
    
    
    
    67
    
    
    
    93
    
    
    
    188
    
    
    
    218
    
    
    
    223SAND HILL FARM C-3
    
    TX
    
    LEON
    
    
    33,404
    
    
    
    0
    
    
    
    1,587
    
    
    
    0
    
    
    
    0
    
    
    
    119,130
    
    
    
    0
    
    
    
    0
    
    
    
    119,130
    
    
    
    67,010
    
    
    
    3,977
    
    
    
    5,504
    
    
    
    1,563
    
    
    
    41,077
    
    
    
    32,865STEEN 1S
    
    TX
    
    ARCHER
    
    
    1,915
    
    
    
    0
    
    
    
    85
    
    
    
    0
    
    
    
    0
    
    
    
    6,346
    
    
    
    0
    
    
    
    0
    
    
    
    6,346
    
    
    
    3,482
    
    
    
    212
    
    
    
    293
    
    
    
    938
    
    
    
    1,421
    
    
    
    1,418TOTAL PROVED DEVELOPED PRODUCING
    
    
    90,460
    
    
    
    588,594
    
    
    
    24,355
    
    
    
    25,901
    
    
    
    9,027
    
    
    
    1,830,198
    
    
    
    113,070
    
    
    
    475,328
    
    
    
    2,418,597
    
    
    
    1,379,513
    
    
    
    80,147
    
    
    
    128,685
    
    
    
    213,120
    
    
    
    617,132
    
    
    
    537,508




---



##### 



GROSS OIL
    
    
    GROSS GAS
    
    
    NET OIL
    
    
    NET GAS
    
    
    NET NGL
    
    
    NET OIL
    
    
    NET GAS
    
    
    NET NGL
    
    
    NET OIL
    
    
    NET GAS
    
    
    TOTAL NETEND
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRICE
    
    
    PRICE
    
    
    PRICE
    
    
    SALES
    
    
    SALES
    
    
    SALESMO-YEAR
    
    MBBLS
    
    
    MMCF
    
    
    MBBLS
    
    
    MMCF
    
    
    MBBLS
    
    
    $/BBL
    
    
    $/MCF
    
    
    $/BBL
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    1.057
    
    
    
    9.972
    
    
    
    0.000
    
    
    
    0.005
    
    
    
    0.000
    
    
    
    74.140
    
    
    
    5.387
    
    
    
    0.000
    
    
    
    0.037
    
    
    
    0.025
    
    
    
    0.06212-2012
    
    
    0.148
    
    
    
    1.394
    
    
    
    0.000
    
    
    
    0.001
    
    
    
    0.000
    
    
    
    74.140
    
    
    
    5.387
    
    
    
    0.000
    
    
    
    0.005
    
    
    
    0.004
    
    
    
    0.00912-201312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT
    
    
    1.205
    
    
    
    11.366
    
    
    
    0.001
    
    
    
    0.005
    
    
    
    0.000
    
    
    
    74.140
    
    
    
    5.387
    
    
    
    0.000
    
    
    
    0.042
    
    
    
    0.029
    
    
    
    0.071AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    1.205
    
    
    
    11.366
    
    
    
    0.001
    
    
    
    0.005
    
    
    
    0.000
    
    
    
    74.140
    
    
    
    5.387
    
    
    
    0.000
    
    
    
    0.042
    
    
    
    0.029
    
    
    
    0.071
 AD VALOREM
    
    
    PRODUCTION
    
    
    DIRECT OPER
    
    
    INTEREST
    
    
    CAPITAL
    
    
    EQUITY
    
    
    FUTURE NET
    
    
    CUMULATIVE
    
    
    10% CUM DISCEND
    
    TAX
    
    
    TAX
    
    
    EXPENSE
    
    
    PAID
    
    
    REPAYMENT
    
    
    INVESTMENT
    
    
    CASH FLOW
    
    
    CASH FLOW
    
    
    CASH FLOWMO-YEAR
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    0.002
    
    
    
    0.004
    
    
    
    0.046
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.011
    
    
    
    0.011
    
    
    
    0.01012-2012
    
    
    0.000
    
    
    
    0.001
    
    
    
    0.008
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.016
    
    
    
    -0.015
    
    
    
    -0.005
    
    
    
    -0.00412-201312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT
    
    
    0.002
    
    
    
    0.004
    
    
    
    0.053
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.016
    
    
    
    -0.005
    
    
    
    -0.005
    
    
    
    -0.004AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    -0.005
    
    
    
    -0.004TOTAL
    
    
    0.002
    
    
    
    0.004
    
    
    
    0.053
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.016
    
    
    
    -0.005
    
    
    
    -0.005
    
    
    
    -0.004
 OIL
    
    
    GAS
    
    
    
    
    
    
    
    
    P.W. %
    
    
    P.W., M$GROSS WELLS
    
    
    1.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    1.17
    
    
    
    5.00
    
    
    
    -0.004GROSS ULT., MB & MMF
    
    
    11.768
    
    
    
    133.403
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    -0.004GROSS CUM., MB & MMF
    
    
    10.563
    
    
    
    122.037
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    -0.003GROSS RES., MB & MMF
    
    
    1.205
    
    
    
    11.366
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    20.00
    
    
    
    -0.003NET RES., MB & MMF
    
    
    0.001
    
    
    
    0.005
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    0.69
    
    
    
    25.00
    
    
    
    -0.003NET REVENUE, MS
    
    
    0.042
    
    
    
    0.029
    
    
    DISCOUNTED NET/INVEST.
    
    
    0.73
    
    
    
    30.00
    
    
    
    -0.002INITIAL PRICE, $
    
    
    74.140
    
    
    
    5.387
    
    
    RATE-OF-RETURN, PCT.
    
    
    0.00
    
    
    
    40.00
    
    
    
    -0.002INITIAL N.I., PCT.
    
    
    0.047
    
    
    
    0.047
    
    
    INITIAL W.I., PCT.
    
    
    0.063
    
    
    
    60.00
    
    
    
    -0.00180.00
    
    
    
    0.000100.00
    
    
    
    0.000
  LaRoche Petroleum Consultants, Ltd.




---



##### 



GROSS OIL
    
    GROSS GAS
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    TOTAL NETEND
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRICE
    
    PRICE
    
    PRICE
    
    SALES
    
    SALES
    
    SALESMO-YEAR
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    $/BBL
    
    $/MCF
    
    $/BBL
    
    M$
    
    M$
    
    M$12-2011
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.00012-201212-201312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
 AD VALOREM
    
    PRODUCTION
    
    DIRECT OPER
    
    INTEREST
    
    CAPITAL
    
    EQUITY
    
    FUTURE NET
    
    CUMULATIVE
    
    10% CUM DISCEND
    
    TAX
    
    TAX
    
    EXPENSE
    
    PAID
    
    REPAYMENT
    
    INVESTMENT
    
    CASH FLOW
    
    CASH FLOW
    
    CASH FLOWMO-YEAR
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$12-2011
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    11.680
    
    
    
    -11.680
    
    
    
    -11.680
    
    
    
    -11.68012-201212-201312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    11.680
    
    
    
    -11.680
    
    
    
    -11.680
    
    
    
    -11.680AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    -11.680
    
    
    
    -11.680TOTAL
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    11.680
    
    
    
    -11.680
    
    
    
    -11.680
    
    
    
    -11.680
 OIL
    
    GAS
    
    
    
    
    
    
    
    
    
    P.W. %
    
    P.W., M$GROSS WELLS
    
    
    1.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    0.08
    
    
    
    5.00
    
    
    
    -11.680GROSS ULT., MB & MMF
    
    
    0.000
    
    
    
    608.635
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    -11.680GROSS CUM., MB & MMF
    
    
    0.000
    
    
    
    608.635
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.08
    
    
    
    15.00
    
    
    
    -11.680GROSS RES., MB & MMF
    
    
    0.000
    
    
    
    0.000
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.08
    
    
    
    20.00
    
    
    
    -11.680NET RES., MB & MMF
    
    
    0.000
    
    
    
    0.000
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    0.00
    
    
    
    25.00
    
    
    
    -11.680NET REVENUE, M$
    
    
    0.000
    
    
    
    0.000
    
    
    DISCOUNTED NET/INVEST.
    
    
    0.00
    
    
    
    30.00
    
    
    
    -11.680INITIAL
PRICE, $
    
    
    0.000
    
    
    
    0.000
    
    
    RATE-OF-RETURN, PCT.
    
    
    0.00
    
    
    
    40.00
    
    
    
    -11.680INITIAL N.I., PCT.
    
    
    0.000
    
    
    
    0.000
    
    
    INITIAL W.I., PCT.
    
    
    0.000
    
    
    
    60.00
    
    
    
    -11.68080.00
    
    
    
    -11.680100.00
    
    
    
    -11.680
  LaRoche
Petroleum Consultants, Ltd.




---



##### 



GROSS OIL
    
    GROSS GAS
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    TOTAL NETEND
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRICE
    
    PRICE
    
    PRICE
    
    SALES
    
    SALES
    
    SALESMO YEAR
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    $/BBL
    
    $/MCF
    
    $/BBL
    
    M$
    
    M$
    
    M$12-2011
    
    
    0.920
    
    
    
    4.602
    
    
    
    0.504
    
    
    
    1.058
    
    
    
    0.658
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    36.892
    
    
    
    4.681
    
    
    
    77.04012-2012
    
    
    0.856
    
    
    
    4.280
    
    
    
    0.469
    
    
    
    0.984
    
    
    
    0.612
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    34.310
    
    
    
    4.354
    
    
    
    71.64812-2013
    
    
    0.796
    
    
    
    3.980
    
    
    
    0.436
    
    
    
    0.915
    
    
    
    0.569
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    31.908
    
    
    
    4.049
    
    
    
    66.63212-2014
    
    
    0.740
    
    
    
    3.702
    
    
    
    0.405
    
    
    
    0.851
    
    
    
    0.529
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    29.675
    
    
    
    3.766
    
    
    
    61.96812-2015
    
    
    0.689
    
    
    
    3.443
    
    
    
    0.377
    
    
    
    0.792
    
    
    
    0.492
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    27.597
    
    
    
    3.502
    
    
    
    57.63012-2016
    
    
    0.640
    
    
    
    3.202
    
    
    
    0.351
    
    
    
    0.736
    
    
    
    0.457
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    25.666
    
    
    
    3.257
    
    
    
    53.59612-2017
    
    
    0.595
    
    
    
    2.977
    
    
    
    0.326
    
    
    
    0.685
    
    
    
    0.425
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    23.869
    
    
    
    3.029
    
    
    
    49.84412-2018
    
    
    0.554
    
    
    
    2.769
    
    
    
    0.303
    
    
    
    0.637
    
    
    
    0.396
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    22.198
    
    
    
    2.817
    
    
    
    46.35512-2019
    
    
    0.515
    
    
    
    2.575
    
    
    
    0.282
    
    
    
    0.592
    
    
    
    0.368
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    20.644
    
    
    
    2.620
    
    
    
    43.11012-2020
    
    
    0.479
    
    
    
    2.395
    
    
    
    0.262
    
    
    
    0.551
    
    
    
    0.342
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    19.199
    
    
    
    2.436
    
    
    
    40.09312-2021
    
    
    0.038
    
    
    
    0.192
    
    
    
    0.021
    
    
    
    0.044
    
    
    
    0.027
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    1.538
    
    
    
    0.195
    
    
    
    3.21212-202212-202312-202412-2025S TOT
    
    
    6.823
    
    
    
    34.117
    
    
    
    3.736
    
    
    
    7.845
    
    
    
    4.875
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    273.496
    
    
    
    34.705
    
    
    
    571.129AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    6.823
    
    
    
    34.117
    
    
    
    3.736
    
    
    
    7.845
    
    
    
    4.875
    
    
    
    73.210
    
    
    
    4.424
    
    
    
    53.932
    
    
    
    273.496
    
    
    
    34.705
    
    
    
    571.129
 AD VALOREM
    
    PRODUCTION
    
    DIRECT OPER
    
    INTEREST
    
    CAPITAL
    
    EQUITY
    
    FUTURE NET
    
    CUMULATIVE
    
    10% CUM DISCEND
    
    TAX
    
    TAX
    
    EXPENSE
    
    PAID
    
    REPAYMENT
    
    INVESTMENT
    
    CASH FLOW
    
    CASH FLOW
    
    CASH FLOWMO YEAR
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$12-2011
    
    
    2.531
    
    
    
    4.716
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    34.902
    
    
    
    34.902
    
    
    
    33.27812-2012
    
    
    2.354
    
    
    
    4.385
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    30.017
    
    
    
    64.919
    
    
    
    59.29612-2013
    
    
    2.189
    
    
    
    4.078
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    25.473
    
    
    
    90.393
    
    
    
    79.36912-2014
    
    
    2.036
    
    
    
    3.793
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    21.248
    
    
    
    111.640
    
    
    
    94.59012-2015
    
    
    1.894
    
    
    
    3.527
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    17.318
    
    
    
    128.958
    
    
    
    105.86812-2016
    
    
    1.761
    
    
    
    3.281
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    13.663
    
    
    
    142.622
    
    
    
    113.95712-2017
    
    
    1.638
    
    
    
    3.051
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    10.265
    
    
    
    152.886
    
    
    
    119.48112-2018
    
    
    1.523
    
    
    
    2.837
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    7.104
    
    
    
    159.990
    
    
    
    122.95712-2019
    
    
    1.417
    
    
    
    2.639
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4.164
    
    
    
    164.154
    
    
    
    124.80912-2020
    
    
    1.317
    
    
    
    2.454
    
    
    
    34.891
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.430
    
    
    
    165.584
    
    
    
    125.38712-2021
    
    
    0.106
    
    
    
    0.197
    
    
    
    2.908
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    46.720
    
    
    
    -46.718
    
    
    
    118.866
    
    
    
    107.37612-202212-202312-202412-2025S TOT
    
    
    18.766
    
    
    
    34.958
    
    
    
    351.818
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    46.720
    
    
    
    118.866
    
    
    
    118.866
    
    
    
    107.376AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    118.866
    
    
    
    107.376TOTAL
    
    
    18.766
    
    
    
    34.958
    
    
    
    351.818
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    46.720
    
    
    
    118.866
    
    
    
    118.866
    
    
    
    107.376
 OIL
    
    GAS
    
    
    
    
    
    P.W. %
    
    P.W., M$GROSS WELLS
    
    
    5.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    10.08
    
    
    
    5.00
    
    
    
    114.143GROSS ULT., MB & MMF
    
    
    46.337
    
    
    
    401.034
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    107.376GROSS CUM., MB & MMF
    
    
    39.514
    
    
    
    366.918
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    100.173GROSS RES., MB & MMF
    
    
    6.823
    
    
    
    34.117
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    20.00
    
    
    
    93.246NET RES. MB & MMF
    
    
    3.736
    
    
    
    7.845
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    3.54
    
    
    
    25.00
    
    
    
    86.877NET REVENUE. M $
    
    
    273.496
    
    
    
    34,705
    
    
    DISCOUNTED NET/INVEST.
    
    
    6.96
    
    
    
    30.00
    
    
    
    81.146INITIAL PRICE, $
    
    
    73.210
    
    
    
    4.424
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    71.508INITIAL N.I., PCT.
    
    
    54.750
    
    
    
    54.750
    
    
    INITIAL W.I., PCT.
    
    
    73.000
    
    
    
    60.00
    
    
    
    57.87280.00
    
    
    
    49.003100.00
    
    
    
    42.8631
  LaRoche Petroleum Consultants, Ltd.




---



##### 



GROSS OIL
    
    
    GROSS GAS
    
    
    NET OIL
    
    
    NET GAS
    
    
    NET NGL
    
    
    NET OIL
    
    
    NET GAS
    
    
    NET NGL
    
    
    NET OIL
    
    
    NET GAS
    
    
    TOTAL NETEND
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRICE
    
    
    PRICE
    
    
    PRICE
    
    
    SALES
    
    
    SALES
    
    
    SALESMO-YEAR
    
    MBBLS
    
    
    MMCF
    
    
    MBBLS
    
    
    MMCF
    
    
    MBBLS
    
    
    $/BBL
    
    
    $/MCF
    
    
    $/BBL
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    3.039
    
    
    
    124.582
    
    
    
    0.016
    
    
    
    0.534
    
    
    
    0.037
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    1.221
    
    
    
    2.503
    
    
    
    5.11812-2012
    
    
    2.163
    
    
    
    89.570
    
    
    
    0.011
    
    
    
    0.384
    
    
    
    0.026
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    0.869
    
    
    
    1.800
    
    
    
    3.67112-2013
    
    
    1.680
    
    
    
    69.979
    
    
    
    0.009
    
    
    
    0.300
    
    
    
    0.021
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    0.675
    
    
    
    1.406
    
    
    
    2.86412-2014
    
    
    1.374
    
    
    
    57.439
    
    
    
    0.007
    
    
    
    0.246
    
    
    
    0.017
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    0.552
    
    
    
    1.154
    
    
    
    2.34912-2015
    
    
    1.160
    
    
    
    48.549
    
    
    
    0.006
    
    
    
    0.208
    
    
    
    0.014
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    0.466
    
    
    
    0.976
    
    
    
    1.98512-2016
    
    
    0.986
    
    
    
    41.266
    
    
    
    0.005
    
    
    
    0.177
    
    
    
    0.012
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    0.396
    
    
    
    0.829
    
    
    
    1.68712-2017
    
    
    0.838
    
    
    
    35.076
    
    
    
    0.004
    
    
    
    0.150
    
    
    
    0.010
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    0.337
    
    
    
    0.705
    
    
    
    1.43412-2018
    
    
    0.712
    
    
    
    29.815
    
    
    
    0.004
    
    
    
    0.128
    
    
    
    0.009
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    0.286
    
    
    
    0.599
    
    
    
    1.21912-2019
    
    
    0.264
    
    
    
    11.062
    
    
    
    0.001
    
    
    
    0.047
    
    
    
    0.003
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    0.106
    
    
    
    0.222
    
    
    
    0.45212-202012-202112-202212-202312-202412-2025S TOT
    
    
    12.215
    
    
    
    507.339
    
    
    
    0.063
    
    
    
    2.175
    
    
    
    0.149
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    4.909
    
    
    
    10.195
    
    
    
    20.778AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    12.215
    
    
    
    507.339
    
    
    
    0.063
    
    
    
    2.175
    
    
    
    0.149
    
    
    
    77.790
    
    
    
    4.687
    
    
    
    37.980
    
    
    
    4.909
    
    
    
    10.195
    
    
    
    20.778
 AD VALOREM
    
    
    PRODUCTION
    
    
    DIRECT OPER
    
    
    INTEREST
    
    
    CAPITAL
    
    
    EQUITY
    
    
    FUTURE NET
    
    
    CUMULATIVE
    
    
    10% CUM DISCEND
    
    TAX
    
    
    TAX
    
    
    EXPENSE
    
    
    PAID
    
    
    REPAYMENT
    
    
    INVESTMENT
    
    
    CASH FLOW
    
    
    CASH FLOW
    
    
    CASH FLOWMO-YEAR
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    0.167
    
    
    
    0.349
    
    
    
    0.940
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3.662
    
    
    
    3.662
    
    
    
    3.49212-2012
    
    
    0.120
    
    
    
    0.250
    
    
    
    0.940
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2.360
    
    
    
    6.023
    
    
    
    5.53812-2013
    
    
    0.093
    
    
    
    0.195
    
    
    
    0.940
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.635
    
    
    
    7.658
    
    
    
    6.82612-2014
    
    
    0.077
    
    
    
    0.160
    
    
    
    0.940
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.172
    
    
    
    8.829
    
    
    
    7.66512-2015
    
    
    0.065
    
    
    
    0.135
    
    
    
    0.940
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.844
    
    
    
    9.673
    
    
    
    8.21512-2016
    
    
    0.055
    
    
    
    0.115
    
    
    
    0.940
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.576
    
    
    
    10.250
    
    
    
    8.55612-2017
    
    
    0.047
    
    
    
    0.098
    
    
    
    0.940
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.349
    
    
    
    10.599
    
    
    
    8.74412-2018
    
    
    0.040
    
    
    
    0.083
    
    
    
    0.940
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.156
    
    
    
    10.754
    
    
    
    8.82012-2019
    
    
    0.015
    
    
    
    0.031
    
    
    
    0.392
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.176
    
    
    
    -0.162
    
    
    
    10.593
    
    
    
    8.74712-202012-202112-202212-202312-202412-2025S TOT
    
    
    0.678
    
    
    
    1.417
    
    
    
    7.914
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.176
    
    
    
    10.593
    
    
    
    10.593
    
    
    
    8.747AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    10.593
    
    
    
    8.747TOTAL
    
    
    0.678
    
    
    
    1.417
    
    
    
    7.914
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.176
    
    
    
    10.593
    
    
    
    10.593
    
    
    
    8.747
 OIL
    
    
    GAS
    
    
    
    
    
    
    
    
    
    
    P.W. %
    
    
    P.W., MSGROSS WELLS
    
    
    1.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    8.42
    
    
    
    5.00
    
    
    
    9.576GROSS ULT., MB & MMF
    
    
    95.286
    
    
    
    2449.214
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    8.747GROSS CUM., MB & MMF
    
    
    83.071
    
    
    
    1941.875
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    8.062CROSS RES., MB & MMF
    
    
    12.215
    
    
    
    507.339
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    20.00
    
    
    
    7.488NET RES., MB & MMF
    
    
    0.063
    
    
    
    2.175
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    61.02
    
    
    
    25.00
    
    
    
    7.001NET REVENUE, M$
    
    
    4.909
    
    
    
    10.195
    
    
    DISCOUNTED NET/INVEST.
    
    
    110.68
    
    
    
    30.00
    
    
    
    6.583INITIAL PRICE, $
    
    
    77.790
    
    
    
    4.687
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    5.904INITIAL N.I., PCT.
    
    
    0.517
    
    
    
    0.517
    
    
    INITIAL W.I., PCT.
    
    
    0.706
    
    
    
    60.00
    
    
    
    4.95680.00
    
    
    
    4.324100.00
    
    
    
    3.871
  LaRoche Petroleum Consultants, Ltd.




---



##### 



GROSS OIL
    
    GROSS GAS
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    TOTAL NETEND
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRICE
    
    PRICE
    
    PRICE
    
    SALES
    
    SALES
    
    SALESMO-YEAR
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    $/BBL
    
    $/MCF
    
    $/BBL
    
    M$
    
    M$
    
    M$12-2011
    
    
    4.002
    
    
    
    4. 745
    
    
    
    2. 501
    
    
    
    2.106
    
    
    
    0.531
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    188.917
    
    
    
    9. 038
    
    
    
    225.37612-2012
    
    
    3.682
    
    
    
    4.365
    
    
    
    2.301
    
    
    
    1.937
    
    
    
    0.488
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    173.803
    
    
    
    8.315
    
    
    
    207.34612-2013
    
    
    3.387
    
    
    
    4.016
    
    
    
    2.117
    
    
    
    1.782
    
    
    
    0.449
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    159.899
    
    
    
    7.650
    
    
    
    190.75812-2014
    
    
    3.116
    
    
    
    3.695
    
    
    
    1.948
    
    
    
    1.640
    
    
    
    0.413
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    147.107
    
    
    
    7.038
    
    
    
    175.49712-2015
    
    
    2.867
    
    
    
    3.399
    
    
    
    1.792
    
    
    
    1.508
    
    
    
    0.380
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.6S3
    
    
    
    135.339
    
    
    
    6.475
    
    
    
    161.45812-2016
    
    
    2.637
    
    
    
    3.127
    
    
    
    1.649
    
    
    
    1.388
    
    
    
    0.350
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    124.512
    
    
    
    5.957
    
    
    
    148.54112-2017
    
    
    2.426
    
    
    
    2.877
    
    
    
    1.517
    
    
    
    1.277
    
    
    
    0.322
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    114.551
    
    
    
    5.480
    
    
    
    136.65812-2018
    
    
    2.232
    
    
    
    2.647
    
    
    
    1.395
    
    
    
    1.175
    
    
    
    0.296
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    105.387
    
    
    
    5.042
    
    
    
    125.72512-2019
    
    
    2.054
    
    
    
    2.435
    
    
    
    1.284
    
    
    
    1.081
    
    
    
    0.272
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    96.956
    
    
    
    4.639
    
    
    
    115.66712-2020
    
    
    1.889
    
    
    
    2.240
    
    
    
    1.181
    
    
    
    0.994
    
    
    
    0.251
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    89.199
    
    
    
    4.268
    
    
    
    106.41412-2021
    
    
    1.738
    
    
    
    2.061
    
    
    
    1.086
    
    
    
    0.915
    
    
    
    0.231
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    82.063
    
    
    
    3.926
    
    
    
    97.90112-2022
    
    
    0.138
    
    
    
    0.164
    
    
    
    0.087
    
    
    
    0.073
    
    
    
    0.018
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    6.535
    
    
    
    0.313
    
    
    
    7.79612-202312-202412-2025S TOT
    
    
    30.170
    
    
    
    35.773
    
    
    
    18.857
    
    
    
    15.875
    
    
    
    4.002
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    1424.266
    
    
    
    68.141
    
    
    
    1699.135AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    30.170
    
    
    
    35.773
    
    
    
    18.857
    
    
    
    15.875
    
    
    
    4.002
    
    
    
    75.530
    
    
    
    4.292
    
    
    
    51.653
    
    
    
    1424.266
    
    
    
    68.141
    
    
    
    1699.135
 AD VALOREM
    
    PRODUCTION
    
    DIRECT OPER
    
    INTEREST
    
    CAPITAL
    
    EQUITY
    
    FUTURE NET
    
    CUMULATIVE
    
    10% CUM DISCEND
    
    TAX
    
    TAX
    
    EXPENSE
    
    PAID
    
    REPAYMENT
    
    INVESTMENT
    
    CASH FLOW
    
    CASH FLOW
    
    CASH FLOWMO-YEAR
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$12-2011
    
    
    7.487
    
    
    
    11.462
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    120.911
    
    
    
    120.911
    
    
    
    115.28412-2012
    
    
    6.888
    
    
    
    10.545
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    104.397
    
    
    
    225.308
    
    
    
    205.77412-2013
    
    
    6.337
    
    
    
    9.702
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    89.204
    
    
    
    314.512
    
    
    
    276.06612-2014
    
    
    5.830
    
    
    
    8.926
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.227
    
    
    
    389.739
    
    
    
    329.95412-2015
    
    
    5.364
    
    
    
    8.212
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    62.367
    
    
    
    452.106
    
    
    
    370.57012-2016
    
    
    4.935
    
    
    
    7.555
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    50.537
    
    
    
    502.643
    
    
    
    400.48912-2017
    
    
    4.540
    
    
    
    6.950
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    39.653
    
    
    
    542.296
    
    
    
    421.83012-2018
    
    
    4.177
    
    
    
    6.394
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    29.639
    
    
    
    571.935
    
    
    
    436.33212-2019
    
    
    3.842
    
    
    
    5.883
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    20.427
    
    
    
    592.362
    
    
    
    445.41712-2020
    
    
    3.535
    
    
    
    5.412
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    11.951
    
    
    
    604.313
    
    
    
    450.25012-2021
    
    
    3.252
    
    
    
    4.979
    
    
    
    85.515
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4.154
    
    
    
    608.467
    
    
    
    451.77712-2022
    
    
    0.259
    
    
    
    0.396
    
    
    
    7.126
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    151.840
    
    
    
    -151.826
    
    
    
    456.641
    
    
    
    398.56312-202312-202412-2025S TOT
    
    
    56.445
    
    
    
    86.416
    
    
    
    947.793
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    151.840
    
    
    
    456.641
    
    
    
    456.641
    
    
    
    398.563AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    456.641
    
    
    
    398.563TOTAL
    
    
    56.445
    
    
    
    86.416
    
    
    
    947.793
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    151.840
    
    
    
    456.641
    
    
    
    456.641
    
    
    
    398.563
 OIL
    
    GAS
    
    
    
    
    
    
    
    
    
    P.W. %
    
    P.W., M$GROSS WELLS
    
    
    13.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    11.08
    
    
    
    5.00
    
    
    
    430.284GROSS ULT., MB & MMF
    
    
    410.287
    
    
    
    685.828
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    398.563GROSS CUM., MB & MMF
    
    
    380.117
    
    
    
    650.056
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    367.202GROSS RES., MB & MMF
    
    
    30.170
    
    
    
    35.773
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    20.00
    
    
    
    338.384NET RES., MB & MMF
    
    
    18.857
    
    
    
    15.875
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    4.01
    
    
    
    25 00
    
    
    
    312.734NET REVENUE. M$
    
    
    1424.266
    
    
    
    68.141
    
    
    DISCOUNTED NET/INVEST.
    
    
    8.49
    
    
    
    30.00
    
    
    
    290.219INITIAL PRICE, $
    
    
    75.530
    
    
    
    4.292
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    253.366INITIAL N.I., PCT.
    
    
    62.503
    
    
    
    62.503
    
    
    INITIAL W.I., PCT.
    
    
    73.000
    
    
    
    60.00
    
    
    
    202.99480.00
    
    
    
    171.094100.00
    
    
    
    149.302
  LaRoche
Petroleum Consultants, Ltd.




---



##### 



GROSS OIL
    
    
    GROSS GAS
    
    
    NET OIL
    
    
    NET GAS
    
    
    NET NGL
    
    
    NET OIL
    
    
    NET GAS
    
    
    NET NGL
    
    
    NET OIL
    
    
    NET GAS
    
    
    TOTAL NETEND
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRICE
    
    
    PRICE
    
    
    PRICE
    
    
    SALES
    
    
    SALES
    
    
    SALESMO-YEAR
    
    MBBLS
    
    
    MMCF
    
    
    MBBLS
    
    
    MMCF
    
    
    MBBLS
    
    
    $/BBL
    
    
    $/MCF
    
    
    $/BBL
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    2.543
    
    
    
    0.000
    
    
    
    0.014
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.081
    
    
    
    0.000
    
    
    
    1.08112-2012
    
    
    2.034
    
    
    
    0.000
    
    
    
    0.012
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.864
    
    
    
    0.000
    
    
    
    0.86412-2013
    
    
    0.150
    
    
    
    0.000
    
    
    
    0.001
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.064
    
    
    
    0.000
    
    
    
    0.06412-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT
    
    
    4.727
    
    
    
    0.000
    
    
    
    0.027
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2.009
    
    
    
    0.000
    
    
    
    2.009AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    4.727
    
    
    
    0.000
    
    
    
    0.027
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2.009
    
    
    
    0.000
    
    
    
    2.009
 AD VALOREM
    
    
    PRODUCTION
    
    
    DIRECT OPER
    
    
    INTEREST
    
    
    CAPITAL
    
    
    EQUITY
    
    
    FUTURE NET
    
    
    CUMULATIVE
    
    
    10% CUM DISCEND
    
    TAX
    
    
    TAX
    
    
    EXPENSE
    
    
    PAID
    
    
    REPAYMENT
    
    
    INVESTMENT
    
    
    CASH FLOW
    
    
    CASH FLOW
    
    
    CASH FLOWMO-YEAR
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    0.036
    
    
    
    0.050
    
    
    
    0.693
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.302
    
    
    
    0.302
    
    
    
    0.28812-2012
    
    
    0.029
    
    
    
    0.040
    
    
    
    0.693
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.103
    
    
    
    0.405
    
    
    
    0.37712-2013
    
    
    0.002
    
    
    
    0.003
    
    
    
    0.058
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0. 188
    
    
    
    -0.187
    
    
    
    0.218
    
    
    
    0.22312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT
    
    
    0.067
    
    
    
    0.093
    
    
    
    1.443
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.188
    
    
    
    0.218
    
    
    
    0.218
    
    
    
    0.223AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.218
    
    
    
    0.223TOTAL
    
    
    0.067
    
    
    
    0.093
    
    
    
    1.443
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.188
    
    
    
    0.218
    
    
    
    0.218
    
    
    
    0.223
 OIL
    
    
    GAS
    
    
    
    
    
    
    
    
    P.W. %
    
    
    P.W., M$GROSS WELLS
    
    
    1.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    2.08
    
    
    
    5.00
    
    
    
    0.221GROSS ULT., MB & MMF
    
    
    23.171
    
    
    
    0.084
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    0.223GROSS CUM., MB & MMF
    
    
    18.443
    
    
    
    0.084
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    0.224GROSS RES., MB & MMF
    
    
    4.727
    
    
    
    0.000
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    20.00
    
    
    
    0.224NET RES., MB & MMF
    
    
    0.027
    
    
    
    0.000
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    2.16
    
    
    
    25.00
    
    
    
    0.224NET REVENUE, MS
    
    
    2.009
    
    
    
    0.000
    
    
    DISCOUNTED NET/INVEST.
    
    
    2.44
    
    
    
    30.00
    
    
    
    0.224INITIAL
PRICE, $
    
    
    74.550
    
    
    
    0.000
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    0.222INITIAL N.I., PCT.
    
    
    0.570
    
    
    
    0.000
    
    
    INITIAL W.I., PCT.
    
    
    0.750
    
    
    
    60.00
    
    
    
    0.21780.00
    
    
    
    0.210100.00
    
    
    
    0.203
  LaRoche
Petroleum Consultants, Ltd.




---



##### 



CROSS OIL
    
    
    CROSS CAS
    
    
    NET OIL
    
    
    NET GAS
    
    
    NET NGL
    
    
    NET OIL
    
    
    NET GAS
    
    
    NET NGL
    
    
    NET OIL
    
    
    NET GAS
    
    
    TOTAL NETEND
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRODUCTION
    
    
    PRICE
    
    
    PRICE
    
    
    PRICE
    
    
    SALES
    
    
    SALES
    
    
    SALESMO-YEAR
    
    MBBLS
    
    
    MMCF
    
    
    MBBLS
    
    
    MMCF
    
    
    MBBLS
    
    
    $/BBL
    
    
    $/MCF
    
    
    $/BBL
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    5.547
    
    
    
    0.000
    
    
    
    0.263
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    19.781
    
    
    
    0.000
    
    
    
    19.78112-2012
    
    
    4.992
    
    
    
    0.000
    
    
    
    0.237
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    17.803
    
    
    
    0.000
    
    
    
    17.80312-2013
    
    
    4.493
    
    
    
    0.000
    
    
    
    0.213
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    16.023
    
    
    
    0.000
    
    
    
    16.02312-2014
    
    
    4.044
    
    
    
    0.000
    
    
    
    0.192
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    14.420
    
    
    
    0.000
    
    
    
    14.42012-2015
    
    
    3.639
    
    
    
    0.000
    
    
    
    0.173
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    12.978
    
    
    
    0.000
    
    
    
    12.97812-2016
    
    
    3.275
    
    
    
    0.000
    
    
    
    0.156
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    11.681
    
    
    
    0.000
    
    
    
    11.68112-2017
    
    
    2.948
    
    
    
    0.000
    
    
    
    0.140
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    10.513
    
    
    
    0.000
    
    
    
    10.51312-2018
    
    
    2.653
    
    
    
    0.000
    
    
    
    0.126
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    9.461
    
    
    
    0.000
    
    
    
    9.46112-2019
    
    
    1.814
    
    
    
    0.000
    
    
    
    0.086
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6.470
    
    
    
    0.000
    
    
    
    6.47012-202012-202112-202212-202312-202412-2025S TOT
    
    
    33.404
    
    
    
    0.000
    
    
    
    1.587
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    119.130
    
    
    
    0.000
    
    
    
    119.130AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    33.404
    
    
    
    0.000
    
    
    
    1.587
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    75.080
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    119.130
    
    
    
    0.000
    
    
    
    119.130
 AD VALOREM
    
    
    PRODUCTION
    
    
    DIRECT OPER
    
    
    INTEREST
    
    
    CAPITAL
    
    
    EQUITY
    
    
    FUTURE NET
    
    
    CUMULATIVE
    
    
    10% CUM DISCEND
    
    TAX
    
    
    TAX
    
    
    EXPENSE
    
    
    PAID
    
    
    REPAYMENT
    
    
    INVESTMENT
    
    
    CASH FLOW
    
    
    CASH FLOW
    
    
    CASH FLOWMO-YEAR
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$
    
    
    M$12-2011
    
    
    0.660
    
    
    
    0.914
    
    
    
    7.658
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    10.549
    
    
    
    10.549
    
    
    
    10.05812-2012
    
    
    0.594
    
    
    
    0.823
    
    
    
    7.658
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    8.728
    
    
    
    19.277
    
    
    
    17.62312-2013
    
    
    0.535
    
    
    
    0.740
    
    
    
    7.658
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    7.089
    
    
    
    26.366
    
    
    
    23.20912-2014
    
    
    0.481
    
    
    
    0.666
    
    
    
    7.658
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    5.615
    
    
    
    31.981
    
    
    
    27.23112-2015
    
    
    0.433
    
    
    
    0.600
    
    
    
    7.658
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    4.287
    
    
    
    36.268
    
    
    
    30.02312-2016
    
    
    0.390
    
    
    
    0.540
    
    
    
    7.658
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    3.093
    
    
    
    39.361
    
    
    
    31.85412-2017
    
    
    0.351
    
    
    
    0.486
    
    
    
    7.658
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2.018
    
    
    
    41.378
    
    
    
    32.94012-2018
    
    
    0.316
    
    
    
    0.437
    
    
    
    7.658
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.050
    
    
    
    42.428
    
    
    
    33.45412-2019
    
    
    0.216
    
    
    
    0.299
    
    
    
    5.744
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.562
    
    
    
    -1.351
    
    
    
    41.077
    
    
    
    32.86512-202012-202112-202212-202312-202412-2025S TOT
    
    
    3.977
    
    
    
    5.504
    
    
    
    67.010
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.562
    
    
    
    41.077
    
    
    
    41.077
    
    
    
    32.865AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    41.077
    
    
    
    32.865TOTAL
    
    
    3.977
    
    
    
    5.504
    
    
    
    67.010
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.562
    
    
    
    41.077
    
    
    
    41.077
    
    
    
    32.865
 OIL
    
    
    GAS
    
    
    
    
    
    
    
    
    
    
    P.W. %
    
    
    P.W., M$GROSS WELLS
    
    
    1.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    8.75
    
    
    
    5.00
    
    
    
    36.536GROSS ULT., MB & MMF
    
    
    45.265
    
    
    
    0.000
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    32.865GROSS CUM., MB & MMF
    
    
    11.860
    
    
    
    0.000
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    29.857CROSS RES., MB & MMF
    
    
    33.404
    
    
    
    0.000
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    20.00
    
    
    
    27.360NET RES., MB & MMF
    
    
    1.587
    
    
    
    0.000
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    27.29
    
    
    
    25.00
    
    
    
    25.263NET REVENUE, M$
    
    
    119.130
    
    
    
    0.000
    
    
    DISCOUNTED NET/INVEST.
    
    
    49.05
    
    
    
    30.00
    
    
    
    23.484INITIAL PRICE, $
    
    
    75.080
    
    
    
    0.000
    
    
    RATE-OF-RETURN,  PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    20.638INITIAL N.I., PCT.
    
    
    4.750
    
    
    
    0.000
    
    
    INITIAL W.I., PCT.
    
    
    6.250
    
    
    
    60.00
    
    
    
    16.77980.00
    
    
    
    14.300100.00
    
    
    
    12.577
  LaRoche
Petroleum Consultants, Ltd.




---



##### 



GROSS OIL
    
    GROSS GAS
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    NET NGL
    
    NET OIL
    
    NET GAS
    
    TOTAL NETEND
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRODUCTION
    
    PRICE
    
    PRICE
    
    PRICE
    
    SALES
    
    SALES
    
    SALESMO-YEAR
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    MMCF
    
    MBBLS
    
    $/BBL
    
    $/MCF
    
    $/BBL
    
    M$
    
    M$
    
    M$12-2011
    
    
    0.892
    
    
    
    0.000
    
    
    
    0.040
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2.955
    
    
    
    0.000
    
    
    
    2.95512-2012
    
    
    0.661
    
    
    
    0.000
    
    
    
    0.029
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    2.191
    
    
    
    0.000
    
    
    
    2.19112-2013
    
    
    0.362
    
    
    
    0.000
    
    
    
    0.016
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.200
    
    
    
    0.000
    
    
    
    1.20012-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT
    
    
    1.915
    
    
    
    0.000
    
    
    
    0.085
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6.346
    
    
    
    0.000
    
    
    
    6.346AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000TOTAL
    
    
    1.915
    
    
    
    0.000
    
    
    
    0.085
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    74.550
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    6.346
    
    
    
    0.000
    
    
    
    6.346
 AD VALOREM
    
    PRODUCTION
    
    DIRECT OPER
    
    INTEREST
    
    CAPITAL
    
    EQUITY
    
    FUTURE NET
    
    CUMULATIVE
    
    10% CUM DISCEND
    
    TAX
    
    TAX
    
    EXPENSE
    
    PAID
    
    REPAYMENT
    
    INVESTMENT
    
    CASH FLOW
    
    CASH FLOW
    
    CASH FLOWMO-YEAR
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$
    
    M$12-2011
    
    
    0.099
    
    
    
    0.137
    
    
    
    1.306
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.414
    
    
    
    1.414
    
    
    
    1.34812-2012
    
    
    0.073
    
    
    
    0.101
    
    
    
    1.306
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.711
    
    
    
    2.125
    
    
    
    1.96412-2013
    
    
    0.040
    
    
    
    0.055
    
    
    
    0.871
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.938
    
    
    
    -0.704
    
    
    
    1.421
    
    
    
    1.41812-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT
    
    
    0.212
    
    
    
    0.293
    
    
    
    3.482
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.938
    
    
    
    1.421
    
    
    
    1.421
    
    
    
    1.418AFTER
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    1.421
    
    
    
    1.418TOTAL
    
    
    0.212
    
    
    
    0.293
    
    
    
    3.482
    
    
    
    0.000
    
    
    
    0.000
    
    
    
    0.938
    
    
    
    1.421
    
    
    
    1.421
    
    
    
    1.418
 OIL
    
    GAS
    
    
    
    
    
    
    
    P.W. %
    
    P.W., M$GROSS WELLS
    
    
    1.0
    
    
    
    0.0
    
    
    LIFE, YRS.
    
    
    2.67
    
    
    
    5.00
    
    
    
    1.422GROSS ULT., MB & MMF
    
    
    7.431
    
    
    
    0.000
    
    
    DISCOUNT %
    
    
    10.00
    
    
    
    10.00
    
    
    
    1.418GROSS CUM., MB & MMF
    
    
    5.515
    
    
    
    0.000
    
    
    UNDISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    15.00
    
    
    
    1.410GROSS RES., MB & MMF
    
    
    1.915
    
    
    
    0.000
    
    
    DISCOUNTED PAYOUT, YRS.
    
    
    0.00
    
    
    
    20.00
    
    
    
    1.399NET RES., MB & MMF
    
    
    0.085
    
    
    
    0.000
    
    
    UNDISCOUNTED NET/INVEST.
    
    
    2.52
    
    
    
    25.00
    
    
    
    1.385NET REVENUE, M$
    
    
    6.346
    
    
    
    0.000
    
    
    DISCOUNTED NET/INVEST.
    
    
    2.94
    
    
    
    30.00
    
    
    
    1.370INITIAL PRICE, $
    
    
    74.550
    
    
    
    0.000
    
    
    RATE-OF-RETURN, PCT.
    
    
    100.00
    
    
    
    40.00
    
    
    
    1.337INITIAL N.I., PCT.
    
    
    4.444
    
    
    
    0.000
    
    
    INITIAL W.I., PCT.
    
    
    3.750
    
    
    
    60.00
    
    
    
    1.26980.00
    
    
    
    1.202100.00
    
    
    
    1.141
  LaRoche
Petroleum Consultants, Ltd.