----

|         |                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In May, the Company’s semi-annual redetermination resulted in a borrowing base of $1.7 billion under its revolving credit facility with elected commitments remaining at $1.7 billion, resulting in total liquidity, as of April 30, 2020, of approximately $1.0 billion. |
|         |                                                                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net cash from operating activities of approximately $266 million and adjusted cash flows from operations, a non-U.S. GAAP metric defined below, of approximately $210 million. Both figures include approximately $20 million of general and administrative expense (“G&A”) related to SRC deal costs. |
|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Oil and gas capital investments of approximately $260 million. |
|         |                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Approximately $50 million of free cash flow deficit, a non-U.S. GAAP metric defined below as net cash flows from operating activities, before changes in working capital, less oil and gas capital investments.  Free cash flow deficit for the quarter includes approximately $20 million of SRC deal costs. |
|         |                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Total production of 16.8 million barrels of oil equivalent (“MMBoe”) or approximately 185,000 Boe per day and oil production of 5.9 million barrels (“MMBbls”) or nearly 65,000 Bbls per day. |

----

|         |                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Anticipated oil and gas capital investments between $500 and $600 million, representing a decrease of approximately 50 percent compared to PDC’s initial guidance provided in February 2020. |
|         |                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Anticipate generating more than $125 million of free cash flow, a non-U.S. GAAP metric defined as net cash flows from operating activities, before changes in working capital, less oil and gas capital investments. |
|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Anticipated total production of 170,000 to 180,000 Boe per day with expected oil production averaging between 60,000 and 65,000 Bbls per day. |
|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | Approximately $135 million to $140 million of G&A, including cash and non-cash stock-based compensation, but excluding SRC deal costs. |

----

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |
|                                                            | Low |   | High |
| Production (MBoe/d)                                             | 170 |   | 180 |
| Capital Investments (millions)                                  | $ | 500 |  |   | $ | 600 |  |
|                                                            |   |   |   |
| Operating Expenses                                              |
| LOE (millions)                                                  | $ | 180 |  |   | $ | 200 |  |
| TGP ($/Boe)                                                     | $ | 0.85 |  |   | $ | 1.00 |  |
| Production taxes (% of Crude oil, natural gas & NGLs sales) | 6.5 | % |   | 7.5 | % |
| G&A (millions)                                              | $ | 135 |  |   | $ | 140 |  |

----

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |
|                        |   | Three Months Ended March 31, |
|                        |   | 2020 |   | 2019 |   | Percent Change |
|                        |   |   |   |   |   |   |
| Crude oil (MBbls)           |   |   |   |   |   |   |
| Wattenberg Field            |   | 4,926 |  |   | 3,571 |  |   | 37.9 |  % |
| Delaware Basin              |   | 963 |  |   | 954 |  |   | 0.9 |  % |
| Total                       |   | 5,889 |  |   | 4,525 |  |   | 30.1 |  % |
|                        |   |   |   |   |   |   |
| Weighted-average price      |   | $ | 42.32 |  |   | $ | 51.06 |  |   | (17.1 | )% |
|                        |   |   |   |   |   |   |
|  Natural gas (MMcf)    |   |   |   |   |   |   |
| Wattenberg Field            |   | 35,057 |  |   | 20,961 |  |   | 67.2 |  % |
| Delaware Basin              |   | 6,290 |  |   | 4,690 |  |   | 34.1 |  % |
| Total                       |   | 41,347 |  |   | 25,651 |  |   | 61.2 |  % |
|                        |   |   |   |   |   |   |
| Weighted-average price      |   | $ | 0.96 |  |   | $ | 2.05 |  |   | (53.2 | )% |
|                        |   |   |   |   |   |   |
| NGLs (MBbls)                |   |   |   |   |   |   |
| Wattenberg Field            |   | 3,346 |  |   | 1,901 |  |   | 76.0 |  % |
| Delaware Basin              |   | 719 |  |   | 514 |  |   | 39.9 |  % |
| Total                       |   | 4,065 |  |   | 2,415 |  |   | 68.3 |  % |
|                        |   |   |   |   |   |   |
| Weighted-average price      |   | $ | 7.78 |  |   | $ | 15.55 |  |   | (50.0 | )% |
|                        |   |   |   |   |   |   |
| Crude oil equivalent (MBoe) |   |   |   |   |   |   |
| Wattenberg Field            |   | 14,115 |  |   | 8,965 |  |   | 57.4 |  % |
| Delaware Basin              |   | 2,730 |  |   | 2,250 |  |   | 21.3 |  % |
| Total                       |   | 16,845 |  |   | 11,215 |  |   | 50.2 |  % |
|                        |   |   |   |   |   |   |
| Weighted-average price      |   | $ | 19.02 |  |   | $ | 28.63 |  |   | (33.6 | )% |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |
|                                              |   | Three Months Ended March 31, |
|                                              |   | 2020 |   | 2019 |
|                                              |   |   |   |   |
| Lease operating expenses                          |   | $ | 49.5 |  |   | $ | 35.2 |  |
| Production taxes                                  |   | 18.5 |  |   | 22.2 |  |
| Transportation, gathering and processing expenses |   | 13.5 |  |   | 11.4 |  |
| Total                                             |   | $ | 81.5 |  |   | $ | 68.8 |  |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |
|                                                      |   | Three Months Ended March 31, |
|                                                      |   | 2020 |   | 2019 |
|                                                      |   |   |   |   |
| Lease operating expenses per Boe                          |   | $ | 2.94 |  |   | $ | 3.14 |  |
| Production taxes per Boe                                  |   | 1.10 |  |   | 1.98 |  |
| Transportation, gathering and processing expenses per Boe |   | 0.80 |  |   | 1.02 |  |
| Total per Boe                                             |   | $ | 4.84 |  |   | $ | 6.14 |  |

----

----

----

|                                                                                                 |
|-------------------------------------------------------------------------------------------------|
|                                                                                                 |  |  |  |  |  |  |  |  |
| Cash Flows from Operations to Adjusted Cash Flows from Operations and Free Cash Flow (Deficit)  |
|                                                                                            |   | Three Months Ended March 31, |
|                                                                                            |   | 2020 |   | 2019 |
| Cash flows from operations to adjusted cash flows from operations and free cash flow (deficit): |   |   |   |   |
| Net cash from operating activities                                                              |   | $ | 266.3 |  |   | $ | 157.1 |  |
| Changes in assets and liabilities                                                               |   | (56.5 | ) |   | 35.4 |  |
| Adjusted cash flows from operations                                                             |   | 209.8 |  |   | 192.5 |  |
| Capital expenditures for development of crude oil and natural gas properties                    |   | (190.8 | ) |   | (242.2 | ) |
| Change in accounts payable related to capital expenditures                                      |   | (70.0 | ) |   | (39.7 | ) |
| Free cash flow (deficit)                                                                        |   | $ | (51.0 | ) |   | $ | (89.4 | ) |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |
| Net Loss to Adjusted Net Income (Loss) and Adjusted Earnings Per Share, Diluted |
|                                                                            |   | Three Months Ended March 31, |
|                                                                            |   | 2020 |   | 2019 |
| Net loss to adjusted net income (loss):                                         |   |   |   |   |
| Net loss                                                                        |   | $ | (465.0 | ) |   | $ | (120.2 | ) |
| (Gain) loss on commodity derivative instruments                                 |   | (434.7 | ) |   | 190.1 |  |
| Net settlements on commodity derivative instruments                             |   | 45.8 |  |   | (8.5 | ) |
| Tax effect of above adjustments                                                 |   | 94.3 |  |   | (43.4 | ) |
| Adjusted net income (loss)                                                      |   | $ | (759.6 | ) |   | $ | 18.0 |  |
|                                                                            |   |   |   |   |
| Earnings per share, diluted                                                     |   | $ | (4.94 | ) |   | $ | (1.82 | ) |
| (Gain) loss on commodity derivative instruments                                 |   | (4.62 | ) |   | 2.87 |  |
| Net settlements on commodity derivative instruments                             |   | 0.49 |  |   | (0.13 | ) |
| Tax effect of above adjustments                                                 |   | 1.00 |  |   | (0.65 | ) |
| Adjusted earnings per share, diluted                                            |   | $ | (8.07 | ) |   | $ | 0.27 |  |
| Weighted-average diluted shares outstanding                                     |   | 94.1 |  |   | 66.3 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
| Adjusted EBITDAX                                    |
|                                                |   | Three Months Ended March 31, |
|                                                |   | 2020 |   | 2019 |
| Net loss to adjusted EBITDAX:                       |   |   |   |   |
| Net loss                                            |   | $ | (465.0 | ) |   | $ | (120.2 | ) |
| (Gain) loss on commodity derivative instruments     |   | (434.7 | ) |   | 190.1 |  |
| Net settlements on commodity derivative instruments |   | 45.8 |  |   | (8.5 | ) |
| Non-cash stock-based compensation                   |   | 5.7 |  |   | 4.7 |  |
| Interest expense, net                               |   | 24.2 |  |   | 17.0 |  |
| Income tax benefit                                  |   | (7.7 | ) |   | (37.4 | ) |
| Impairment of properties and equipment              |   | 881.1 |  |   | 7.9 |  |
| Exploration, geologic and geophysical expense       |   | 0.1 |  |   | 2.6 |  |
| Depreciation, depletion and amortization            |   | 176.2 |  |   | 151.4 |  |
| Accretion of asset retirement obligations           |   | 2.6 |  |   | 1.6 |  |
| Gain on sale of properties and equipment            |   | (0.2 | ) |   | (0.4 | ) |
| Adjusted EBITDAX                                    |   | $ | 228.1 |  |   | $ | 208.8 |  |
|                                                |   |   |   |   |
| Cash from operating activities to adjusted EBITDAX: |   |   |   |   |
| Net cash from operating activities                  |   | $ | 266.3 |  |   | $ | 157.1 |  |
| Interest expense, net                               |   | 24.2 |  |   | 17.0 |  |
| Amortization of debt discount and issuance costs    |   | (3.6 | ) |   | (3.3 | ) |
| Exploration, geologic and geophysical expense       |   | 0.1 |  |   | 2.6 |  |
| Other                                               |   | (2.4 | ) |   | — |  |
| Changes in assets and liabilities                   |   | (56.5 | ) |   | 35.4 |  |
| Adjusted EBITDAX                                    |   | $ | 228.1 |  |   | $ | 208.8 |  |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |
|                                              |   | Three Months Ended March 31, |
|                                              |   | 2020 |   | 2019 |
| Revenues                                          |   |   |   |   |
| Crude oil, natural gas and NGLs sales             |   | $ | 320,315 |  |   | $ | 321,099 |  |
| Commodity price risk management gain (loss), net  |   | 434,698 |  |   | (190,074 | ) |
| Other income                                      |   | 2,017 |  |   | 3,475 |  |
| Total revenues                                    |   | 757,030 |  |   | 134,500 |  |
| Costs, expenses and other                         |   |   |   |   |
| Lease operating expenses                          |   | 49,534 |  |   | 35,221 |  |
| Production taxes                                  |   | 18,470 |  |   | 22,168 |  |
| Transportation, gathering and processing expenses |   | 13,496 |  |   | 11,424 |  |
| Exploration, geologic and geophysical expense     |   | 136 |  |   | 2,643 |  |
| General and administrative expense                |   | 62,165 |  |   | 39,598 |  |
| Depreciation, depletion and amortization          |   | 176,157 |  |   | 151,422 |  |
| Accretion of asset retirement obligations         |   | 2,620 |  |   | 1,584 |  |
| Impairment of properties and equipment            |   | 881,074 |  |   | 7,875 |  |
| Gain on sale of properties and equipment          |   | (179 | ) |   | (369 | ) |
| Other expenses                                    |   | 2,144 |  |   | 3,554 |  |
| Total costs, expenses and other                   |   | 1,205,617 |  |   | 275,120 |  |
| Loss from operations                              |   | (448,587 | ) |   | (140,620 | ) |
| Interest expense, net                             |   | (24,173 | ) |   | (16,968 | ) |
| Loss before income taxes                          |   | (472,760 | ) |   | (157,588 | ) |
| Income tax benefit                                |   | 7,745 |  |   | 37,412 |  |
| Net loss                                          |   | $ | (465,015 | ) |   | $ | (120,176 | ) |
|                                              |   |   |   |   |
| Earnings per share:                               |   |   |   |   |
| Basic                                             |   | $ | (4.94 | ) |   | $ | (1.82 | ) |
| Diluted                                           |   | $ | (4.94 | ) |   | $ | (1.82 | ) |
|                                              |   |   |   |   |
| Weighted-average common shares outstanding:       |   |   |   |   |
| Basic                                             |   | 94,077 |  |   | 66,182 |  |
| Diluted                                           |   | 94,077 |  |   | 66,182 |  |

----

|                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                              |  |  |  |  |  |  |  |  |
|                                                                                                                                                         |   | March 31, 2020 |   | December 31, 2019 |
| Assets                                                                                                                                                       |   |   |   |   |
| Current assets:                                                                                                                                              |   |   |   |   |
| Cash and cash equivalents                                                                                                                                    |   | $ | 61,244 |  |   | $ | 963 |  |
| Accounts receivable, net                                                                                                                                     |   | 270,012 |  |   | 266,354 |  |
| Fair value of derivatives                                                                                                                                    |   | 379,355 |  |   | 28,078 |  |
| Prepaid expenses and other current assets                                                                                                                    |   | 9,800 |  |   | 8,635 |  |
| Total current assets                                                                                                                                         |   | 720,411 |  |   | 304,030 |  |
| Properties and equipment, net                                                                                                                                |   | 5,034,494 |  |   | 4,095,202 |  |
| Fair value of derivatives                                                                                                                                    |   | 58,094 |  |   | 3,746 |  |
| Other assets                                                                                                                                                 |   | 66,792 |  |   | 45,702 |  |
| Total Assets                                                                                                                                                 |   | $ | 5,879,791 |  |   | $ | 4,448,680 |  |
|                                                                                                                                                         |   |   |   |   |
| Liabilities and Stockholders' Equity                                                                                                                         |   |   |   |   |
| Liabilities                                                                                                                                                  |   |   |   |   |
| Current liabilities:                                                                                                                                         |   |   |   |   |
| Accounts payable                                                                                                                                             |   | $ | 223,277 |  |   | $ | 98,934 |  |
| Production tax liability                                                                                                                                     |   | 121,615 |  |   | 76,236 |  |
| Fair value of derivatives                                                                                                                                    |   | 11,620 |  |   | 2,921 |  |
| Funds held for distribution                                                                                                                                  |   | 165,247 |  |   | 98,393 |  |
| Accrued interest payable                                                                                                                                     |   | 20,349 |  |   | 14,284 |  |
| Other accrued expenses                                                                                                                                       |   | 75,333 |  |   | 70,462 |  |
| Total current liabilities                                                                                                                                    |   | 617,441 |  |   | 361,230 |  |
| Long-term debt                                                                                                                                               |   | 1,896,324 |  |   | 1,177,226 |  |
| Deferred income taxes                                                                                                                                        |   | — |  |   | 195,841 |  |
| Asset retirement obligations                                                                                                                                 |   | 138,654 |  |   | 95,051 |  |
| Fair value of derivatives                                                                                                                                    |   | 14,030 |  |   | 692 |  |
| Other liabilities                                                                                                                                            |   | 353,378 |  |   | 283,133 |  |
| Total liabilities                                                                                                                                            |   | 3,019,827 |  |   | 2,113,173 |  |
|                                                                                                                                                         |   |   |   |   |
| Stockholders' equity                                                                                                                                         |   |   |   |   |
| Common shares - par value $0.01 per share, 150,000,000 authorized, 99,438,122 and 61,652,412 issued as of March 31, 2020 and December 31, 2019, respectively |   | 994 |  |   | 617 |  |
| Additional paid-in capital                                                                                                                                   |   | 3,372,711 |  |   | 2,384,309 |  |
| Retained deficit                                                                                                                                             |   | (512,960 | ) |   | (47,945 | ) |
| Treasury shares - at cost, 20,493 and 34,922 as of March 31, 2020 and December 31, 2019, respectively                                                        |   | (781 | ) |   | (1,474 | ) |
| Total stockholders' equity                                                                                                                                   |   | 2,859,964 |  |   | 2,335,507 |  |
| Total Liabilities and Stockholders' Equity                                                                                                                   |   | $ | 5,879,791 |  |   | $ | 4,448,680 |  |
|                                                                                                                                                         |   |   |   |   |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |
|                                                                                          |   | Three Months Ended March 31, |
|                                                                                          |   | 2020 |   | 2019 |
| Cash flows from operating activities:                                                         |   |   |   |   |
| Net loss                                                                                      |   | $ | (465,015 | ) |   | $ | (120,176 | ) |
| Adjustments to net loss to reconcile to net cash from operating activities:                   |   |   |   |   |
| Net change in fair value of unsettled commodity derivatives                                   |   | (388,875 | ) |   | 181,622 |  |
| Depreciation, depletion and amortization                                                      |   | 176,157 |  |   | 151,422 |  |
| Impairment of properties and equipment                                                        |   | 881,074 |  |   | 7,875 |  |
| Accretion of asset retirement obligations                                                     |   | 2,620 |  |   | 1,584 |  |
| Non-cash stock-based compensation                                                             |   | 5,672 |  |   | 4,683 |  |
| Gain on sale of properties and equipment                                                      |   | (179 | ) |   | (369 | ) |
| Amortization of debt discount, premium and issuance costs                                     |   | 3,640 |  |   | 3,349 |  |
| Deferred income taxes                                                                         |   | (6,331 | ) |   | (37,487 | ) |
| Other                                                                                         |   | 1,011 |  |   | 21 |  |
| Changes in assets and liabilities                                                             |   | 56,507 |  |   | (35,424 | ) |
| Net cash from operating activities                                                            |   | 266,281 |  |   | 157,100 |  |
| Cash flows from investing activities:                                                         |   |   |   |   |
| Capital expenditures for development of crude oil and natural gas properties                  |   | (190,768 | ) |   | (242,187 | ) |
| Capital expenditures for other properties and equipment                                       |   | (455 | ) |   | (4,826 | ) |
| Acquisition of crude oil and natural gas properties                                           |   | (139,812 | ) |   | — |  |
| Proceeds from sale of properties and equipment                                                |   | 793 |  |   | 102 |  |
| Proceeds from divestitures                                                                    |   | 62 |  |   | — |  |
| Net cash from investing activities                                                            |   | (330,180 | ) |   | (246,911 | ) |
| Cash flows from financing activities:                                                         |   |   |   |   |
| Proceeds from revolving credit facility                                                       |   | 917,000 |  |   | 432,000 |  |
| Repayment of revolving credit facility                                                        |   | (304,000 | ) |   | (340,500 | ) |
| Payment of debt issuance costs                                                                |   | (4,666 | ) |   | — |  |
| Purchase of treasury shares                                                                   |   | (23,819 | ) |   | — |  |
| Purchase of treasury shares for employee stock-based compensation tax withholding obligations |   | (7,693 | ) |   | (1,460 | ) |
| Redemption of senior notes                                                                    |   | (452,153 | ) |   | — |  |
| Principal payments under financing lease obligations                                          |   | (489 | ) |   | (494 | ) |
| Other                                                                                         |   | — |  |   | (21 | ) |
| Net cash from financing activities                                                            |   | 124,180 |  |   | 89,525 |  |
| Net change in cash, cash equivalents and restricted cash                                      |   | 60,281 |  |   | (286 | ) |
| Cash, cash equivalents and restricted cash, beginning of period                               |   | 963 |  |   | 9,399 |  |
| Cash, cash equivalents and restricted cash, end of period                                     |   | $ | 61,244 |  |   | $ | 9,113 |  |

----

----

----

|         |                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the COVID-19 pandemic, including its effects on commodity prices, downstream capacity, employee health and safety, business continuity and regulatory matters; |
|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | changes in global production volumes and demand, including economic conditions that might impact demand and prices for the products we produce; |
|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | geopolitical factors, such as events that may reduce or increase production from particular oil-producing regions and/or from members of the Organization of Petroleum Exporting Countries; |
|         |                                                                                                                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | volatility of commodity prices for crude oil, natural gas and natural gas liquids ("NGLs") and the risk of an extended period of depressed prices, including risks relating to decreased revenue, income and cash flow, writedowns and impairments and capital availability; |
|         |                                           |
|---------|-------------------------------------------|
| • | volatility and widening of differentials; |
|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | reductions in the borrowing base under our revolving credit facility; |
|         |                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | impact of governmental policies and/or regulations, including changes in environmental and other laws, the interpretation and enforcement of those laws and regulations, liabilities arising thereunder and the costs to comply with those laws and regulations; |
|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | impact of recent regulatory developments in Colorado with respect to additional permit scrutiny; |
|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | declines in the value of our crude oil, natural gas and NGLs properties resulting in impairments; |
|         |                                          |
|---------|------------------------------------------|
| • | changes in estimates of proved reserves; |
|         |                                                                |
|---------|----------------------------------------------------------------|
| • | inaccuracy of reserve estimates and expected production rates; |
|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | potential for production decline rates from our wells being greater than expected; |
|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | timing and extent of our success in discovering, acquiring, developing and producing reserves; |
|         |                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | availability and cost of sufficient pipeline, gathering and other transportation facilities and related infrastructure to process and transport our production and the impact of these facilities and regional capacity on the prices we receive for our production; |
|         |                                                     |
|---------|-----------------------------------------------------|
| • | timing and receipt of necessary regulatory permits; |
|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | risks incidental to the drilling and operation of crude oil and natural gas wells; |

----

|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | difficulties in integrating our operations as a result of any significant acquisitions, including the merger with SRC Energy Inc. ("SRC"), or acreage exchanges; |
|         |                                             |
|---------|---------------------------------------------|
| • | increases or changes in costs and expenses; |
|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | limitations in the availability of supplies, materials, contractors and services that may delay the drilling or completion of our wells; |
|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | potential losses of acreage due to lease expirations or otherwise; |
|         |                                                       |
|---------|-------------------------------------------------------|
| • | future cash flows, liquidity and financial condition; |
|         |                                              |
|---------|----------------------------------------------|
| • | competition within the oil and gas industry; |
|         |                                   |
|---------|-----------------------------------|
| • | availability and cost of capital; |
|         |                                                           |
|---------|-----------------------------------------------------------|
| • | our success in marketing crude oil, natural gas and NGLs; |
|         |                                                            |
|---------|------------------------------------------------------------|
| • | effect of crude oil and natural gas derivative activities; |
|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | impact to our operations, personnel retention, strategy, stock price and expenses caused by the actions of activist shareholders; |
|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | impact of environmental events, governmental and other third-party responses to such events and our ability to insure adequately against such events; |
|         |                                      |
|---------|--------------------------------------|
| • | cost of pending or future litigation |
|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | effect that acquisitions we may pursue have on our capital requirements; |
|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | our ability to retain or attract senior management and key technical employees; and |
|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | success of strategic plans, expectations and objectives for our future operations. |

----