Document:

Exhibit

Exhibit 10.16

FIRST AMENDMENT 
OF 
HANESBRANDS INC.
EXECUTIVE DEFERRED COMPENSATION PLAN
(As Amended and Restated Effective November 1, 2013)
WHEREAS, Hanesbrands Inc. (the “Company”) maintains the Hanesbrands Inc. Executive Deferred Compensation Plan (as Amended and Restated Effective November 1, 2013) (the “Plan”); and
WHEREAS, amendment of the Plan is now considered desirable;
NOW, THEREFORE, in exercise of the power reserved to the Company by Section 8 of the Plan, and by the power delegated to the Hanesbrands Inc. Employee Benefits Administrative Committee (the “Committee”) by resolutions of the Board of Directors of the Company, the Plan is hereby amended in the following particulars, effective as of November 1, 2013:
1.By substituting the following for subparagraphs 2.4(a) through (d) of the Plan:
“(a)    the Participant’s spouse (either opposite-sex or same-sex); or
(b)    the Participant’s estate.”
2.    By substituting the following for the second sentence of subsection 5.1(b) of the Plan: 
“If a Participant’s Deferral is payable in installment payments, then the Participant’s Deferral shall be paid in substantially equal annual installments commencing in the month following the initial Balance Calculation Date and continuing annually in that same month over the period elected by the Participant in the Deferral Election; provided that, if the Participant’s installments commenced before November 1, 2013, then the remaining installment payments shall be made as of each subsequent January 1st (based on the preceding December 31st Deferral Account balance) over the period elected by the Participant in the Deferral Election.”
3.    By substituting the following for the first sentence of Section 6.4 of the Plan: 
“No benefit payable at any time under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, or other legal process, or encumbrance of any kind, except (a) as provided for under the sections of a Company plan or agreement that state the Company’s authority to demand repayment of amounts owed to the Company pursuant to those sections, (b) as required for purposes of withholding of any tax under the laws of the United States or any state or locality, or (c) pursuant to a domestic relations order that meets the requirements of Section 414(p)(1)(B) of the Code as determined by the Committee.”

***
IN WITNESS WHEREOF, the Committee has caused this amendment to be executed by its duly authorized representative this 10th day of December, 2014.
HANESBRANDS INC. EMPLOYEE BENEFITS ADMINISTRATIVE COMMITTEE 

By: /s/ Virginia A. Piekarski
Administrative Committee Representative

- 2 -Exhibit

Exhibit 10.17

SECOND AMENDMENT 
OF 
HANESBRANDS INC.
EXECUTIVE DEFERRED COMPENSATION PLAN
(As Amended and Restated Effective November 1, 2013)
WHEREAS, Hanesbrands Inc. (the “Company”) maintains the Hanesbrands Inc. Executive Deferred Compensation Plan (as Amended and Restated Effective November 1, 2013) (the “Plan”); and
WHEREAS, the Plan was previously amended and further amendment of the Plan is now considered desirable;
NOW, THEREFORE, in exercise of the power reserved to the Company by Section 8 of the Plan, and by the power delegated to the Hanesbrands Inc. Employee Benefits Administrative Committee (the “Committee”) by resolutions of the Board of Directors of the Company, the Plan is hereby amended, effective March 1, 2019, by substituting the following for Section 4.3 of the Plan:
“4.3    Investment Elections and Changes.  A Participant may elect from among the Investment Funds for the notional investment of his Deferral Account from time to time in accordance with procedures established by the Committee and subject to the following:  
		
	(a)
	Except as provided in subsection (b) below with respect to Long-Term Incentive Payments, if the Participant fails to make an investment election with respect to a Deferral, the Deferral shall be deemed to be invested in the Investment Fund identified by the Committee.

		
	(b)
	Any Deferral attributable to a Long-Term Incentive Payment in the form of common stock, restricted or otherwise, shall automatically be deemed to be invested in the Stock Equivalent Account; provided that all or a portion of any such vested Deferral may, prior to March 1, 2019, be transferred to another Investment Fund at the election of the Participant during the election period specified by the Committee. 

		
	(c)
	Effective March 1, 2019, all deemed investments in the Stock Equivalent Account shall be irrevocable.  On and after said date, a Participant may elect to transfer all or a part of his notional interest in an Investment Fund to the Stock Equivalent Account or to one or more of the other available Investment Funds but no transfers out of the Stock Equivalent Account shall be permitted.  All investment transfers shall be made in accordance with procedures established by the Committee.”

IN WITNESS WHEREOF, the Committee has caused this amendment to be executed by its duly authorized representative this 30th day of January, 2019.

HANESBRANDS INC. EMPLOYEE BENEFITS ADMINISTRATIVE COMMITTEE 

By: /s/ Virginia A. Piekarski
Administrative Committee Representative
 

    

- 2 -Exhibit

Exhibit 10.23

SECOND AMENDMENT 
OF 
HANESBRANDS INC.
NON-EMPLOYEE DIRECTOR DEFERRED COMPENSATION PLAN
(As Amended and Restated December 9, 2008)
WHEREAS, Hanesbrands Inc. (the “Corporation”) maintains the Hanesbrands Inc. Non-Employee Director Deferred Compensation Plan (as Amended and Restated December 9, 2008) (the “Plan”); and
WHEREAS, the Plan has previously been amended and further amendment of the Plan is now considered desirable;
NOW, THEREFORE, in exercise of the power reserved to the Corporation by Section 17 of the Plan, and by the power delegated to the Compensation Committee of the Board of Directors of the Corporation (the “Committee”) by resolutions of the Board of Directors of the Corporation, the Plan is hereby amended, effective March 1, 2019, by substituting the following for subsection 8(a) of the Plan:  
		
	“(a)
	Investment Elections.  A Non-Employee Director may elect from among the Investment Funds for the notional investment of his Deferral Account from time to time in accordance with procedures established by the Committee and subject to the following:  

		
	(i) 
	With respect to Cash Retainer payments, if the Non-Employee Director fails to make an investment election with respect to a Deferral, the Deferral shall be deemed to be invested in the Investment Fund identified by the Committee.

		
	(ii)
	All Equity Retainer payments that are deferred at the election of the Non-Employee Director and all awards that are deferred automatically as described in section 5 above shall be deemed to be invested in the Stock Equivalent Account; provided that all or a portion of any such payments and vested awards may, prior to March 1, 2019, be transferred to another Investment Fund at the election of the Non-Employee Director during the election period specified by the Committee. 

		
	(iii)
	Effective March 1, 2019, all deemed investments in the Stock Equivalent Account shall be irrevocable.  On and after said date, a Non-Employee Director may elect to transfer all or a part of his notional interest in an Investment Fund to the Stock Equivalent Account or to one or more of the other available Investment Funds but no transfers out of the Stock Equivalent Account shall be permitted.  All investment transfers shall be made in accordance with procedures established by the Committee.”

IN WITNESS WHEREOF, the Committee has caused this amendment to be executed by its duly authorized representative this 29th day of January, 2019.
COMPENSATION COMMITTEE OF THE 
BOARD OF DIRECTORS OF HANESBRANDS INC. 

By: /s/ Ann E. Ziegler
Compensation Committee Representative

 

- 2 -ex_134302.htm

 

Exhibit 10.1

 

Cawley, Gillespie & Associates, Inc.

petroleum consultants

 

	
			13640 BRIARWICK DRIVE, SUITE 100

			AUSTIN, TEXAS 78729-1707

			512-249-7000

				
			306 WEST SEVENTH STREET, SUITE 302

			FORT WORTH, TEXAS 76102-4905

			817- 336-2461

			www.cgaus.com

				
			1000 LOUISIANA STREET, SUITE 1900

			HOUSTON, TEXAS 77002-5017

			713-651-9944

			

 

 

February 11, 2019

 

 

Mr. Haim Tsuff - CEO

Isramco, Inc

2425 West Loop South, Suite 810

Houston, Texas 77027

 

	 	
			Re:     Evaluation Summary - Strip Price

			Isramco Resources, LLC Interests

			Isramco Energy, LLC Interests

			Jay Petroleum, L.L.C. Interests

			Certain Properties in Various States

			As of December 31, 2018

			

 

 

Dear Mr. Tsuff:

 

As requested, we are submitting our estimates of proved developed producing reserves and forecasts of economics attributable to the above captioned partnerships in certain properties located in various states. The results of this evaluation are presented in the accompanying tabulations, with a composite summary presented below:

 

	 	 	 	
			Isramco Resources

				 	
			Isramco Energy

				 	
			Jay Petroleum

			
	 	 	 	
			Proved

				 	
			Proved

				 	
			Proved

			
	 	 	 	
			Developed

				 	
			Developed

				 	
			Developed

			
	 	 	 	
			Producing

				 	
			Producing

				 	
			Producing

			
	
			Net Reserves

				 	 	 	 	 	 
	 	
			Oil

				
			- Mbbl

				
			1,115.2

				 	
			562.7

				 	
			54.8

			
	 	
			Gas

				
			- MMcf

				
			4,045.0

				 	
			4,012.8

				 	
			345.3

			
	 	
			NGL

				
			- Mbbl

				
			0.0

				 	
			377.8

				 	
			11.3

			
	
			Net Revenue

				 	 	 	 	 	 
	 	
			Oil

				
			- M$

				
			55,927.2

				 	
			26,755.2

				 	
			2,642.0

			
	 	
			Gas

				
			- M$

				
			14,697.5

				 	
			9,601.0

				 	
			1,037.3

			
	 	
			NGL

				
			- M$

				
			0.0

				 	
			8,473.3

				 	
			237.0

			
	 	
			Other

				
			- M$

				
			0.0

				 	
			0.0

				 	
			0.0

			
	
			Severance Taxes

				
			- M$

				
			4,032.0

				 	
			2,658.2

				 	
			245.3

			
	
			Ad Valorem Taxes

				
			- M$

				
			2,065.7

				 	
			1,739.1

				 	
			169.5

			
	
			Operating Expenses

				
			- M$

				
			33,315.2

				 	
			22,195.2

				 	
			1,448.0

			
	
			Workover Expenses

				
			- M$

				
			0.0

				 	
			0.0

				 	
			0.0

			
	
			3rd Party COPAS

				
			- M$

				
			0.0

				 	
			0.0

				 	
			0.0

			
	
			Other Deductions

				
			- M$

				
			0.0

				 	
			0.0

				 	
			0.0

			
	
			Investments

				
			- M$

				
			0.0

				 	
			0.0

				 	
			0.0

			
	
			Net Operating Income (BFIT)

				
			- M$

				
			31,211.7

				 	
			18,237.2

				 	
			2,053.4

			
	 	
			Discounted @ 10% 

				
			- M$

				
			14,521.2

				 	
			9,560.5

				 	
			1,092.9

			

 

 

 

 

February 1, 2019

Page 2

 

 

The discounted cash flow value shown above should not be construed to represent an estimate of the fair market value by Cawley, Gillespie & Associates, Inc. (“CG&A”)

 

Presentation

This report is divided into three partnership sections. Within each partnership tab there is a Proved Developed Producing (“PDP”) grand total Table I summary. The Table I presents composite reserve estimates and economic forecasts for the PDP reserve category. The data presented in each Table I is explained in page 1 of the Appendix. The methods employed in estimating reserves are described in page 2 of the Appendix. For a more detailed explanation of the report layout, please refer to the Table of Contents following this letter.

 

Hydrocarbon Pricing

As requested for the Forward Strip scenario, oil and gas prices were adjusted to the following index prices.

 

	Year	
			WTI

			Oil Price 

			$/BBL

				
			HH

			Gas Price

			$/MMBTU

			
	2019	47.56	2.869
	2020	48.86	2.673
	2021	50.77	2.601
	2022	51.84	2.860
	2023	52.48	2.860
	2024	52.34	2.860

     

Oil and gas prices were held flat thereafter at $52.34 per BBL and $2.860 per MMBTU, respectively. Adjustments to oil and gas prices were forecast based upon 2017-2018 historical data and were applied by property. Adjustments may include treating costs, transportation charges and/or crude quality and gravity corrections. Shrinkage factors were applied to each property against net gas volumes.

 

Expenses and Taxes

Direct lease operating expenses were forecast based upon 2017-2018 historical expenses. Investments were applied going forward as provided by your office. Expenses were held constant for the life of the properties. Severance tax values were determined by applying normal state severance tax rates. Ad valorem tax rates were forecast as provided by your office.

 

Miscellaneous

An on-site field inspection of the properties has not been performed nor has the mechanical operation or condition of the wells and their related facilities been examined, nor have the wells been tested by Cawley, Gillespie & Associates, Inc. Possible environmental liability related to the properties has not been investigated nor considered. The cost of plugging and the salvage value of equipment at abandonment have not been included except as noted above.

 

The reserves and economics are predicated on regulatory agency classifications, rules, policies, laws, taxes and royalties in effect on the effective date, except as noted herein. The possible effects of changes in legislation or other Federal or State restrictive actions have not been considered. All reserve estimates represent our best judgment based on data available at the time of preparation, and assumptions as to future economic and regulatory conditions. It should be realized that the reserves actually recovered, the revenue derived therefrom and the actual cost incurred could be more or less than the estimated amounts.

 

 

 

 

February 1, 2019

Page 3

 

The reserve estimates and forecasts were based upon interpretations of data furnished by your office and available from our files. Ownership information was furnished by your office and economic factors such as liquid and gas prices, price differentials and expenses were furnished by your office and were accepted as furnished. To some extent, information from public records was used to check and/or supplement these data. The basic engineering and geological data were utilized subject to third party reservations and qualifications. Nothing has come to our attention, however, that would cause us to believe that we are not justified in relying on such data.

 

This report was prepared for the exclusive use of Naphtha Israel Petroleum Corp., LTD, J.O.E.L Jerusalem Oil Exploration LTD and Equital LTD. The undersigned hereby consents that this report shall be attached to an Israeli public filling of the above mentioned companies with respect to the oil and gas reserves of Isramco Resources, LLC, Isramco Energy, LLC and Jay Petroleum, L.L.C. as of the year ended December 31, 2018. Third parties should not rely on it without the written consent of the above and Cawley, Gillespie & Associates, Inc. Our work papers and related data are available for inspection and review by authorized, interested parties.

 

 

	 	
			Yours very truly,

			 

			CAWLEY, GILLESPIE & ASSOCIATES, INC.

			Texas Registered Engineering Firm F-693

				 
	 	
			

			W. Todd Brooker, P.E.

			President

				
	 	
			

			Agustin Presas Jr.

			   Vice President

				 

 

 

 

 

 

 

Table of Contents

Isramco Resources, LLC Interests

Isramco Energy, LLC Interests

Jay Petroleum, L.L.C. Interests

As of December 31, 2018

Report Letter

Table of Contents

 

ISRAMCO RESOURCES, LLC INTERESTS TAB

●     Table I - PDP

 

ISRAMCO ENERGY, LLC INTERESTS TAB

●     Table I - PDP

 

JAY PETROLEUM, L.L.C. INTERESTS TAB

●     Table I - PDP

 

Appendix Tab

 

●     Page 1 - Explanatory Comments for Summary Tables

●     Page 2 - Methods Employed in the Estimation of Reserves

 

 

 

 

 

Table I - PDP

Composite Reserve Estimates and Economic Forecasts

Isramco Resources, LLC Interests

Certain Oil & Gas Assets in Various States

Proved Developed Producing Reserves

As of December 31, 2018

 

 

	
			(1)

				
			(2)

				
			(3)

				
			(4)

				
			(5)

				
			(6)

				
			(7)

				
			(8)

				
			(9)

				
			(10)

			
	
			END

			MO-YEAR

				
			Gross Oil

			Production

			MBBLS

				
			Gross Gas

			Production

			MMCF

				
			Gross NGL

			Production

			MBBLS

				
			Net Oil

			Production

			MBBLS

				
			Net Gas

			Sales

			MMCF

				
			Net NGL

			Production

			MBBLS

				
			Avg Oil

			Price

			$/BBL

				
			Avg Gas

			Price

			$/MCF

				
			Avg NGL

			Price

			$/BBL

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2018

				
			5862.4

				
			11769.2

				
			0.0

				
			119.969

				
			512.666

				
			0.000

				
			56.254

				
			2.963

				
			0.000

			
	
			12-2019

				
			4725.3

				
			8146.0

				
			0.0

				
			100.872

				
			401.307

				
			0.000

				
			53.069

				
			2.953

				
			0.000

			
	
			12-2020

				
			4117.2

				
			6481.9

				
			0.0

				
			83.334

				
			333.587

				
			0.000

				
			50.561

				
			2.960

				
			0.000

			
	
			12-2021

				
			3673.2

				
			5097.7

				
			0.0

				
			55.172

				
			264.007

				
			0.000

				
			48.315

				
			2.989

				
			0.000

			
	
			12-2022

				
			3348.4

				
			4471.0

				
			0.0

				
			50.288

				
			242.883

				
			0.000

				
			47.730

				
			3.015

				
			0.000

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2023

				
			1474.6

				
			2968.4

				
			0.0

				
			44.953

				
			225.982

				
			0.000

				
			47.970

				
			3.052

				
			0.000

			
	
			12-2024

				
			1043.3

				
			2458.5

				
			0.0

				
			41.315

				
			204.529

				
			0.000

				
			48.067

				
			3.036

				
			0.000

			
	
			12-2025

				
			948.0

				
			2193.9

				
			0.0

				
			37.244

				
			178.848

				
			0.000

				
			48.092

				
			3.032

				
			0.000

			
	
			12-2026

				
			874.1

				
			1996.3

				
			0.0

				
			34.392

				
			165.089

				
			0.000

				
			48.122

				
			3.036

				
			0.000

			
	
			12-2027

				
			806.8

				
			1815.0

				
			0.0

				
			31.888

				
			153.196

				
			0.000

				
			48.167

				
			3.036

				
			0.000

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2028

				
			708.6

				
			1621.3

				
			0.0

				
			29.729

				
			139.255

				
			0.000

				
			48.182

				
			3.039

				
			0.000

			
	
			12-2029

				
			632.4

				
			1479.8

				
			0.0

				
			28.133

				
			132.374

				
			0.000

				
			48.180

				
			3.040

				
			0.000

			
	
			12-2030

				
			589.6

				
			1377.0

				
			0.0

				
			26.541

				
			124.826

				
			0.000

				
			48.207

				
			3.035

				
			0.000

			
	
			12-2031

				
			550.2

				
			1276.1

				
			0.0

				
			25.279

				
			116.483

				
			0.000

				
			48.218

				
			3.041

				
			0.000

			
	
			12-2032

				
			511.8

				
			1173.6

				
			0.0

				
			23.911

				
			103.886

				
			0.000

				
			48.242

				
			3.063

				
			0.000

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2033

				
			434.3

				
			1022.9

				
			0.0

				
			22.720

				
			98.770

				
			0.000

				
			48.249

				
			3.061

				
			0.000

			
	
			12-2034

				
			320.1

				
			788.0

				
			0.0

				
			21.529

				
			93.532

				
			0.000

				
			48.255

				
			3.052

				
			0.000

			
	
			12-2035

				
			301.1

				
			732.4

				
			0.0

				
			20.583

				
			87.059

				
			0.000

				
			48.262

				
			3.053

				
			0.000

			
	
			12-2036

				
			281.0

				
			662.2

				
			0.0

				
			19.289

				
			77.244

				
			0.000

				
			48.292

				
			3.093

				
			0.000

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			   S Tot

				
			31202.5

				
			57531.3

				
			0.0

				
			817.140

				
			3655.523

				
			0.000

				
			50.182

				
			3.010

				
			0.000

			
	
			   After

				
			3550.7

				
			6530.1

				
			0.0

				
			232.422

				
			724.932

				
			0.000

				
			48.510

				
			3.217

				
			0.000

			
	
			   Total

				
			34753.2

				
			64061.4

				
			0.0

				
			1049.562

				
			4380.456

				
			0.000

				
			49.811

				
			3.044

				
			0.000

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			Cum

				
			251625.8

				
			903028.4

				
			0.0

				 	 	 	 	 	 
	
			Ult

				
			281132.4

				
			957145.6

				
			0.0

				 	 	 	 	 	 

 

 

 

 

 

	 	 	 	 	 	 	 	 	 	 
	
			   (11)

				
			(12)

				
			(13)

				
			(14)

				
			(15)

				
			(16)

				
			(17)

				
			(18)

				
			(19)

				
			(20)

			
	
			END

			MO-YEAR

				
			Oil

			Revenue

			M$

				
			Gas

			Revenue

			M$

				
			NGL

			Revenue

			M$

				
			Hedge

			Revenue

			M$

				
			Other

			Revenue

			M$

				
			Total

			Revenue

			M$

				
			Production

			Taxes

			M$

				
			Ad Valorem

			Taxes

			M$

				
			$/BOE6

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2019

				
			5319.088

				
			1585.439

				
			0.000

				
			0.000

				
			0.002

				
			6904.529

				
			388.018

				
			203.527

				
			24.119

			
	
			12-2020

				
			4480.074

				
			1106.636

				
			0.000

				
			0.000

				
			0.001

				
			5586.710

				
			311.507

				
			166.138

				
			18.284

			
	
			12-2021

				
			4323.819

				
			993.665

				
			0.000

				
			0.000

				
			0.000

				
			5317.484

				
			295.247

				
			158.417

				
			19.362

			
	
			12-2022

				
			3843.444

				
			913.821

				
			0.000

				
			0.000

				
			-0.001

				
			4757.265

				
			266.496

				
			140.422

				
			18.995

			
	
			12-2023

				
			3431.244

				
			809.097

				
			0.000

				
			0.000

				
			-0.001

				
			4240.340

				
			239.331

				
			124.641

				
			18.744

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2024

				
			2395.534

				
			720.874

				
			0.000

				
			0.000

				
			0.000

				
			3116.408

				
			183.689

				
			88.306

				
			13.715

			
	
			12-2025

				
			2254.746

				
			663.892

				
			0.000

				
			0.000

				
			0.000

				
			2918.638

				
			171.780

				
			83.134

				
			14.280

			
	
			12-2026

				
			2114.748

				
			621.327

				
			0.000

				
			0.000

				
			0.000

				
			2736.074

				
			161.073

				
			78.054

				
			14.845

			
	
			12-2027

				
			1966.892

				
			555.614

				
			0.000

				
			0.000

				
			-0.001

				
			2522.505

				
			147.521

				
			72.375

				
			15.170

			
	
			12-2028

				
			1834.613

				
			490.623

				
			0.000

				
			0.000

				
			0.000

				
			2325.235

				
			135.622

				
			66.907

				
			15.382

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2029

				
			1655.126

				
			444.769

				
			0.000

				
			0.000

				
			0.000

				
			2099.895

				
			123.091

				
			60.502

				
			14.957

			
	
			12-2030

				
			1514.292

				
			412.831

				
			0.000

				
			0.000

				
			-0.001

				
			1927.122

				
			113.478

				
			55.405

				
			14.813

			
	
			12-2031

				
			1388.385

				
			387.995

				
			0.000

				
			0.000

				
			0.000

				
			1776.380

				
			105.166

				
			50.840

				
			14.695

			
	
			12-2032

				
			1325.021

				
			369.333

				
			0.000

				
			0.000

				
			0.000

				
			1694.354

				
			100.232

				
			48.550

				
			15.331

			
	
			12-2033

				
			1254.858

				
			350.394

				
			0.000

				
			0.000

				
			0.000

				
			1605.252

				
			94.927

				
			46.151

				
			15.823

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2034

				
			1159.604

				
			329.592

				
			0.000

				
			0.000

				
			0.000

				
			1489.196

				
			87.517

				
			43.083

				
			15.892

			
	
			12-2035

				
			1100.117

				
			313.500

				
			0.000

				
			0.000

				
			0.000

				
			1413.617

				
			83.019

				
			40.944

				
			16.448

			
	
			12-2036

				
			1050.822

				
			298.788

				
			0.000

				
			0.000

				
			0.000

				
			1349.609

				
			79.205

				
			39.137

				
			17.155

			
	
			12-2037

				
			1006.593

				
			282.845

				
			0.000

				
			0.000

				
			0.000

				
			1289.438

				
			75.556

				
			37.505

				
			17.964

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			   S Tot

				
			43419.012

				
			11651.036

				
			0.000

				
			0.000

				
			-0.002

				
			55070.047

				
			3162.475

				
			1604.040

				
			17.685

			
	
			   After

				
			12508.216

				
			3046.423

				
			0.000

				
			0.000

				
			0.000

				
			15554.636

				
			869.570

				
			461.694

				
			22.174

			
	
			   Total

				
			55927.227

				
			14697.459

				
			0.000

				
			0.000

				
			-0.002

				
			70624.688

				
			4032.045

				
			2065.734

				
			18.618

			

 

 

 

 

 

	
			(21)

				
			(22)

				
			(23)

				
			(24)

				
			(25)

				
			(26)

				
			(27)

				
			(28)

				
			(29)

				
			(30)

				
			(31)

			
	
			 

				
			Operating

				
			Wells

				
			Workover

				
			3rd Party

				
			Other

				 	
			Future Net

				
			Cumulative

				
			Cum. Disc.

			
	END	
			Expense

				
			Gross

				
			Net

				
			Expense

				
			COPAS

				
			Deductions

				
			Investment

				
			Cash Flow

				
			Cash Flow

				
			Cash Flow

			
	
			MO-YEAR

				
			M$

				
			Count

				
			M$

				
			M$

				
			M$

				
			M$

				
			M$

				
			M$

				
			M$

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			12-2019

				
			4556.339

				
			1980.

				
			233.7

				
			0.000

				
			0.000

				
			0.002

				
			0.000

				
			1756.644

				
			1756.644

				
			1679.898

			
	
			12-2020

				
			2689.664

				
			1764.

				
			171.1

				
			0.000

				
			0.000

				
			-0.001

				
			0.000

				
			2419.398

				
			4176.043

				
			3780.044

			
	
			12-2021

				
			2647.152

				
			1748.

				
			168.0

				
			0.000

				
			0.000

				
			-0.001

				
			0.000

				
			2216.670

				
			6392.713

				
			5529.215

			
	
			12-2022

				
			2237.704

				
			1738.

				
			164.7

				
			0.000

				
			0.000

				
			-0.001

				
			0.000

				
			2112.643

				
			8505.356

				
			7044.562

			
	
			12-2023

				
			1949.214

				
			1668.

				
			128.9

				
			0.000

				
			0.000

				
			0.001

				
			0.000

				
			1927.155

				
			10432.511

				
			8301.144

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			12-2024

				
			1106.720

				
			560.

				
			52.1

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1737.693

				
			12170.204

				
			9331.020

			
	
			12-2025

				
			1077.244

				
			550.

				
			49.7

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1586.480

				
			13756.684

				
			10185.825

			
	
			12-2026

				
			1048.652

				
			537.

				
			49.0

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1448.296

				
			15204.980

				
			10895.208

			
	
			12-2027

				
			976.244

				
			502.

				
			46.4

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1326.366

				
			16531.346

				
			11485.798

			
	
			12-2028

				
			906.080

				
			372.

				
			45.4

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1216.625

				
			17747.973

				
			11978.268

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			12-2029

				
			797.424

				
			362.

				
			42.3

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1118.878

				
			18866.850

				
			12389.989

			
	
			12-2030

				
			726.925

				
			355.

				
			38.7

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1031.314

				
			19898.164

				
			12734.986

			
	
			12-2031

				
			665.639

				
			343.

				
			37.0

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			954.734

				
			20852.898

				
			13025.319

			
	
			12-2032

				
			661.437

				
			340.

				
			37.0

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			884.134

				
			21737.031

				
			13269.744

			
	
			12-2033

				
			646.819

				
			335.

				
			36.7

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			817.355

				
			22554.389

				
			13475.169

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			12-2034

				
			604.208

				
			324.

				
			34.2

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			754.389

				
			23308.775

				
			13647.534

			
	
			12-2035

				
			593.723

				
			312.

				
			32.9

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			695.932

				
			24004.707

				
			13792.088

			
	
			12-2036

				
			590.684

				
			303.

				
			32.5

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			640.584

				
			24645.293

				
			13913.052

			
	
			12-2037

				
			588.356

				
			302.

				
			32.5

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			588.022

				
			25233.314

				
			14013.999

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			   S Tot

				
			25070.22914

				
			395.

				
			1432.7

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			25233.314

				
			25233.314

				
			14013.999

			
	
			   After

				
			8244.988

				
			7860.

				
			503.3

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			5978.384

				
			31211.703

				
			14521.246

			
	
			   Total

				
			33315.21522

				
			255.

				
			1936.0

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			31211.697

				
			31211.703

				
			14521.246

			

 

 

 

 

 

Table I – PDP

Composite Reserve Estimates and Economic Forecasts

Isramco Energy, LLC Interests

Certain Oil & Gas Assets in NM and TX

Proved Developed Producing Reserves

As of December 31, 2018

 

 

	
			(1)

				
			(2)

				
			(3)

				
			(4)

				
			(5)

				
			(6)

				
			(7)

				
			(8)

				
			(9)

				
			(10)

			
	
			END

			MO-YEAR

				
			Gross Oil 

			Production 

			MBBLS

				
			Gross Gas 

			Production

			MMCF

				
			Gross NGL 

			Production

			MBBLS

				
			Net Oil 

			Production

			MBBLS

				
			Net Gas 

			Sales

			MMCF

				
			Net NGL 

			Production

			MBBLS

				
			Avg Oil 

			Price

			$/BBL

				
			Avg Gas 

			Price

			$/MCF

				
			Avg NGL 

			Price

			$/BBL

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2019

				
			1221.6

				
			3937.9

				
			175.7

				
			56.263

				
			558.525

				
			49.199

				
			41.184

				
			2.343

				
			21.846

			
	
			12-2020

				
			985.4

				
			2239.5

				
			130.8

				
			43.706

				
			373.015

				
			33.564

				
			45.344

				
			2.242

				
			21.756

			
	
			12-2021

				
			832.8

				
			1980.8

				
			112.4

				
			39.236

				
			340.283

				
			30.412

				
			47.256

				
			2.181

				
			22.476

			
	
			12-2022

				
			720.8

				
			1803.5

				
			98.8

				
			35.898

				
			316.664

				
			27.934

				
			48.315

				
			2.399

				
			23.040

			
	
			12-2023

				
			564.2

				
			1631.0

				
			87.0

				
			32.375

				
			289.697

				
			24.960

				
			48.930

				
			2.405

				
			23.379

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2024

				
			174.1

				
			1485.9

				
			77.0

				
			27.297

				
			265.439

				
			22.003

				
			48.781

				
			2.407

				
			23.126

			
	
			12-2025

				
			153.7

				
			1368.6

				
			69.5

				
			25.394

				
			247.036

				
			20.153

				
			48.782

				
			2.407

				
			22.960

			
	
			12-2026

				
			140.1

				
			1221.5

				
			63.1

				
			23.776

				
			225.633

				
			18.562

				
			48.780

				
			2.402

				
			22.983

			
	
			12-2027

				
			129.6

				
			1110.0

				
			54.7

				
			22.432

				
			211.109

				
			16.712

				
			48.774

				
			2.403

				
			23.132

			
	
			12-2028

				
			113.5

				
			1005.7

				
			47.5

				
			20.668

				
			181.838

				
			15.168

				
			48.759

				
			2.383

				
			23.180

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2029

				
			103.8

				
			828.0

				
			39.4

				
			18.013

				
			97.357

				
			10.852

				
			48.642

				
			2.546

				
			21.866

			
	
			12-2030

				
			96.0

				
			766.6

				
			36.2

				
			17.093

				
			89.909

				
			9.865

				
			48.641

				
			2.554

				
			21.763

			
	
			12-2031

				
			89.2

				
			710.7

				
			33.1

				
			16.154

				
			80.301

				
			8.715

				
			48.635

				
			2.505

				
			21.584

			
	
			12-2032

				
			72.9

				
			610.8

				
			24.2

				
			15.206

				
			70.585

				
			8.052

				
			48.628

				
			2.427

				
			21.653

			
	
			12-2033

				
			57.8

				
			479.2

				
			14.1

				
			14.103

				
			59.987

				
			6.590

				
			48.605

				
			2.447

				
			22.031

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2034

				
			54.4

				
			446.5

				
			12.8

				
			13.364

				
			55.889

				
			6.038

				
			48.603

				
			2.455

				
			22.223

			
	
			12-2035

				
			51.2

				
			380.9

				
			12.2

				
			12.720

				
			52.856

				
			5.768

				
			48.603

				
			2.463

				
			22.224

			
	
			12-2036

				
			48.7

				
			344.3

				
			11.5

				
			12.125

				
			46.477

				
			5.452

				
			48.603

				
			2.548

				
			22.167

			
	
			12-2037

				
			46.0

				
			299.8

				
			9.7

				
			11.450

				
			38.486

				
			4.672

				
			48.588

				
			2.630

				
			22.003

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			   S Tot

				
			5655.7

				
			22651.2

				
			1109.8

				
			457.273

				
			3601.085

				
			324.671

				
			47.313

				
			2.372

				
			22.477

			
	
			   After

				
			372.7

				
			2637.5

				
			82.3

				
			105.401

				
			411.721

				
			53.088

				
			48.577

				
			2.569

				
			22.145

			
	
			   Total

				
			6028.4

				
			25288.6

				
			1192.1

				
			562.674

				
			4012.807

				
			377.759

				
			47.550

				
			2.393

				
			22.431

			
	 	 	 	 	 	 	 	 	 	 
	
			Cum

				
			67450.0

				
			1337052.9

				
			0.0

				 	 	 	 	 	 
	
			Ult

				
			73478.4

				
			1362341.5

				
			1192.1

				 	 	 	 	 	 

 

 

 

 

 

	 	 	 	 	 	 	 	 	 	 
	
			(11)

				
			(12)

				
			(13)

				
			(14)

				
			(15)

				
			(16)

				
			(17)

				
			(18)

				
			(19)

				
			(20)

			
	
			END 

			MO-YEAR

				
			Oil

			Revenue

			M$

				
			Gas

			Revenue

			M$

				
			NGL

			Revenue

			M$

				
			Hedge

			Revenue

			M$

				
			Other

			Revenue

			M$

				
			Total

			Revenue

			M$

				
			Production

			Taxes

			M$

				
			Ad Valorem

			Taxes

			M$

				
			$/BOE6

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2019

				
			2317.136

				
			1308.476

				
			1074.792

				
			0.000

				
			0.001

				
			4700.404

				
			290.862

				
			176.183

				
			15.975

			
	
			12-2020

				
			1981.811

				
			836.164

				
			730.210

				
			0.000

				
			0.001

				
			3548.186

				
			213.734

				
			135.911

				
			11.759

			
	
			12-2021

				
			1854.114

				
			742.246

				
			683.541

				
			0.000

				
			0.000

				
			3279.900

				
			197.158

				
			126.224

				
			12.250

			
	
			12-2022

				
			1734.394

				
			759.741

				
			643.602

				
			0.000

				
			0.000

				
			3137.738

				
			189.928

				
			120.956

				
			12.900

			
	
			12-2023

				
			1584.107

				
			696.800

				
			583.536

				
			0.000

				
			0.000

				
			2864.444

				
			173.564

				
			110.918

				
			13.228

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2024

				
			1331.573

				
			638.983

				
			508.854

				
			0.000

				
			0.000

				
			2479.410

				
			151.753

				
			96.208

				
			12.609

			
	
			12-2025

				
			1238.804

				
			594.727

				
			462.695

				
			0.000

				
			0.000

				
			2296.226

				
			140.486

				
			89.179

				
			13.016

			
	
			12-2026

				
			1159.794

				
			542.052

				
			426.619

				
			0.000

				
			0.000

				
			2128.465

				
			129.988

				
			82.744

				
			13.519

			
	
			12-2027

				
			1094.089

				
			507.199

				
			386.593

				
			0.000

				
			0.000

				
			1987.880

				
			121.153

				
			77.338

				
			14.073

			
	
			12-2028

				
			1007.735

				
			433.287

				
			351.603

				
			0.000

				
			0.000

				
			1792.626

				
			108.667

				
			69.754

				
			14.400

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2029

				
			876.191

				
			247.859

				
			237.291

				
			0.000

				
			0.000

				
			1361.342

				
			79.178

				
			53.280

				
			13.614

			
	
			12-2030

				
			831.415

				
			229.612

				
			214.694

				
			0.000

				
			0.000

				
			1275.722

				
			73.892

				
			49.992

				
			14.193

			
	
			12-2031

				
			785.666

				
			201.190

				
			188.098

				
			0.000

				
			0.000

				
			1174.954

				
			67.545

				
			46.125

				
			14.540

			
	
			12-2032

				
			739.459

				
			171.331

				
			174.347

				
			0.000

				
			0.000

				
			1085.138

				
			61.959

				
			42.595

				
			15.077

			
	
			12-2033

				
			685.476

				
			146.778

				
			145.193

				
			0.000

				
			0.000

				
			977.446

				
			55.239

				
			38.379

				
			15.472

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			12-2034

				
			649.544

				
			137.215

				
			134.176

				
			0.000

				
			0.000

				
			920.934

				
			51.956

				
			36.182

				
			16.139

			
	
			12-2035

				
			618.228

				
			130.160

				
			128.181

				
			0.000

				
			0.000

				
			876.569

				
			49.454

				
			34.443

				
			16.939

			
	
			12-2036

				
			589.282

				
			118.424

				
			120.858

				
			0.000

				
			0.000

				
			828.564

				
			46.614

				
			32.574

				
			18.014

			
	
			12-2037

				
			556.332

				
			101.236

				
			102.791

				
			0.000

				
			0.000

				
			760.360

				
			42.379

				
			29.957

				
			18.876

			
	
			 

				 	 	 	 	 	 	 	 	 
	
			   S Tot

				
			21635.152

				
			8543.479

				
			7297.675

				
			0.000

				
			0.001

				
			37476.305

				
			2245.509

				
			1448.941

				
			13.911

			
	
			   After

				
			5120.043

				
			1057.543

				
			1175.653

				
			0.000

				
			0.000

				
			7353.237

				
			412.661

				
			290.114

				
			21.814

			
	
			   Total

				
			26755.195

				
			9601.022

				
			8473.329

				
			0.000

				
			0.001

				
			44829.539

				
			2658.170

				
			1739.055

				
			15.027

			
	 	 	 	 	 	 	 	 	 	 

 

 

 

 

 

	
			(21)

				
			(22)

				
			(23)

				
			(24)

				
			(25)

				
			(26)

				
			(27)

				
			(28)

				
			(29)

				
			(30)

				
			(31)

			
	 	
			Operating

				
			Wells

				
			Workover

				
			3rd Party

				
			Other

				 	
			Future Net

				
			Cumulative

				
			Cum. Disc.

			
	
			END

				
			Expense

				
			Gross

				
			Net

				
			Expense

				
			COPAS

				
			Deductions

				
			Investment

				
			Cash Flow

				
			Cash Flow

				
			Cash Flow

			
	
			MO-YEAR

				
			M$

				
			Count

				
			M$

				
			M$

				
			M$

				
			M$

				
			M$

				
			M$

				
			M$

			
	 	 	 	 	 	 	 	 	 	 	 
	
			12-2020

				
			1501.546

				
			252.

				
			99.3

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1696.995

				
			3033.582

				
			2751.180

			
	
			12-2021

				
			1417.526

				
			227.

				
			79.8

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1538.992

				
			4572.574

				
			3965.681

			
	
			12-2022

				
			1378.155

				
			219.

				
			77.9

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1448.698

				
			6021.272

				
			5004.926

			
	
			12-2023

				
			1281.549

				
			211.

				
			73.6

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1298.413

				
			7319.685

				
			5851.648

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			12-2024

				
			1082.304

				
			116.

				
			67.8

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1149.146

				
			8468.831

				
			6532.821

			
	
			12-2025

				
			1036.907

				
			109.

				
			63.7

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1029.654

				
			9498.485

				
			7087.674

			
	
			12-2026

				
			992.948

				
			101.

				
			61.1

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			922.784

				
			10421.270

				
			7539.733

			
	
			12-2027

				
			963.722

				
			97.

				
			58.6

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			825.667

				
			11246.938

				
			7907.450

			
	
			12-2028

				
			875.987

				
			93.

				
			56.6

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			738.218

				
			11985.156

				
			8206.332

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			12-2029

				
			562.156

				
			63.

				
			29.4

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			666.727

				
			12651.883

				
			8451.698

			
	
			12-2030

				
			546.292

				
			62.

				
			29.4

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			605.546

				
			13257.429

				
			8654.292

			
	
			12-2031

				
			511.848

				
			53.

				
			22.1

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			549.436

				
			13806.865

				
			8821.402

			
	
			12-2032

				
			485.544

				
			51.

				
			21.2

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			495.040

				
			14301.905

				
			8958.307

			
	
			12-2033

				
			439.155

				
			47.

				
			20.9

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			444.673

				
			14746.578

				
			9070.080

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			12-2034

				
			429.344

				
			44.

				
			19.0

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			403.452

				
			15150.030

				
			9162.275

			
	
			12-2035

				
			428.190

				
			42.

				
			18.9

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			364.483

				
			15514.513

				
			9237.996

			
	
			12-2036

				
			421.784

				
			41.

				
			18.9

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			327.592

				
			15842.105

				
			9299.868

			
	
			12-2037

				
			394.516

				
			39.

				
			17.7

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			293.508

				
			16135.613

				
			9350.264

			
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			   S Tot

				
			17646.246

				
			2251.

				
			1012.4

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			16135.613

				
			16135.613

				
			9350.264

			
	
			   After

				
			4548.920

				
			461.

				
			248.2

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			2101.545

				
			18237.154

				
			9560.454

			
	
			   Total

				
			22195.166

				
			2712.

				
			1260.6

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			18237.158

				
			18237.154

				
			9560.454

			

 

 

 

 

 

Table I - PDP

Composite Reserve Estimates and Economic Forecasts

Jay Petroleum, L.L.C. Interests

Certain Oil & Gas Assets in Various States

Proved Developed Producing Reserves

As of December 31, 2018

 

 

	
			(1)

				
			(2)

				
			(3)

				
			(4)

				
			(5)

				
			(6)

				
			(7)

				
			(8)

				
			(9)

				
			(10)

			
	
			END 

			MO-YEAR

				
			Gross Oil 

			Production

			MBBLS

				
			Gross Gas 

			Production

			MMCF

				
			Gross NGL 

			Production

			MBBLS

				
			Net Oil 

			Production

			MBBLS

				
			Net Gas 

			Sales

			MMCF

				
			Net NGL 

			Production

			MBBLS

				
			Avg Oil 

			Price

			$/BBL

				
			Avg Gas 

			Price

			$/MCF

				
			Avg NGL 

			Price

			$/BBL

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2019

				
			807.7

				
			14166.7

				
			76.7

				
			8.118

				
			54.500

				
			2.387

				
			44.996

				
			2.849

				
			18.251

			
	
			12-2020

				
			710.6

				
			12800.2

				
			60.1

				
			5.474

				
			32.698

				
			1.452

				
			46.388

				
			2.768

				
			19.274

			
	
			12-2021

				
			640.8

				
			11708.2

				
			51.8

				
			4.879

				
			28.978

				
			1.162

				
			48.207

				
			2.724

				
			20.231

			
	
			12-2022

				
			579.2

				
			10725.5

				
			45.3

				
			4.169

				
			25.361

				
			0.869

				
			49.049

				
			3.049

				
			21.113

			
	
			12-2023

				
			528.4

				
			9846.7

				
			41.3

				
			3.799

				
			23.156

				
			0.773

				
			49.630

				
			3.061

				
			21.458

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2024

				
			482.4

				
			9040.4

				
			37.9

				
			3.327

				
			20.568

				
			0.706

				
			49.603

				
			3.039

				
			21.418

			
	
			12-2025

				
			433.8

				
			8265.1

				
			30.5

				
			2.492

				
			17.074

				
			0.432

				
			49.436

				
			3.085

				
			22.718

			
	
			12-2026

				
			399.1

				
			7578.3

				
			28.1

				
			2.318

				
			14.960

				
			0.400

				
			49.431

				
			3.096

				
			22.692

			
	
			12-2027

				
			367.4

				
			6962.3

				
			25.9

				
			2.162

				
			13.541

				
			0.371

				
			49.434

				
			3.104

				
			22.663

			
	
			12-2028

				
			338.2

				
			6407.7

				
			23.8

				
			2.020

				
			12.640

				
			0.344

				
			49.442

				
			3.109

				
			22.633

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2029

				
			311.4

				
			5897.0

				
			22.0

				
			1.887

				
			11.080

				
			0.320

				
			49.449

				
			3.090

				
			22.602

			
	
			12-2030

				
			286.0

				
			5426.6

				
			20.1

				
			1.733

				
			9.848

				
			0.289

				
			49.401

				
			3.082

				
			22.654

			
	
			12-2031

				
			260.4

				
			4989.3

				
			17.8

				
			1.469

				
			9.055

				
			0.232

				
			49.090

				
			3.114

				
			23.127

			
	
			12-2032

				
			239.6

				
			4589.8

				
			16.4

				
			1.371

				
			8.255

				
			0.216

				
			49.101

				
			3.130

				
			23.091

			
	
			12-2033

				
			218.1

				
			4215.1

				
			14.5

				
			1.156

				
			7.420

				
			0.169

				
			48.746

				
			3.173

				
			23.732

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2034

				
			199.4

				
			3878.3

				
			13.1

				
			1.010

				
			6.923

				
			0.147

				
			48.636

				
			3.192

				
			23.996

			
	
			12-2035

				
			182.8

				
			3570.4

				
			12.1

				
			0.808

				
			6.517

				
			0.136

				
			48.760

				
			3.200

				
			23.951

			
	
			12-2036

				
			168.3

				
			3287.1

				
			11.1

				
			0.754

				
			6.137

				
			0.126

				
			48.784

				
			3.208

				
			23.905

			
	
			12-2037

				
			154.9

				
			3026.3

				
			10.2

				
			0.704

				
			5.780

				
			0.117

				
			48.808

				
			3.216

				
			23.858

			
	 	 	 	 	 	 	 	 	 	 
	
			S Tot

				
			7308.5

				
			136381.1

				
			558.6

				
			49.651

				
			314.492

				
			10.648

				
			48.164

				
			2.986

				
			20.748

			
	
			After

				
			1605.7

				
			31345.7

				
			98.3

				
			5.190

				
			30.813

				
			0.609

				
			48.282

				
			3.188

				
			26.308

			
	
			Total

				
			8914.2

				
			167726.8

				
			656.9

				
			54.841

				
			345.305

				
			11.258

				
			48.175

				
			3.004

				
			21.049

			
	 	 	 	 	 	 	 	 	 	 
	
			Cum

				
			32363.5

				
			559240.9

				
			0.0

				 	 	 	 	 	 
	
			Ult

				
			41712.0

				
			707163.9

				
			538.6

				 	 	 	 	 	 

 

 

 

 

 

	 	 	 	 	 	 	 	 	 	 
	
			(11)

				
			(12)

				
			(13)

				
			(14)

				
			(15)

				
			(16)

				
			(17)

				
			(18)

				
			(19)

				
			(20)

			
	
			END 

			MO-YEAR

				
			Oil

			Revenue

			M$

				
			Gas

			Revenue

			M$

				
			NGL

			Revenue

			M$

				
			Hedge

			Revenue

			M$

				
			Other

			Revenue

			M$

				
			Total

			Revenue

			M$

				
			Production

			Taxes

			M$

				
			Ad Valorem

			Taxes

			M$

				
			$/BOE6

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2019

				
			365.294

				
			155.255

				
			43.572

				
			0.000

				
			0.000

				
			564.122

				
			35.823

				
			21.715

				
			17.740

			
	
			12-2020

				
			253.951

				
			90.502

				
			27.994

				
			0.000

				
			0.000

				
			372.447

				
			23.216

				
			16.642

				
			10.663

			
	
			12-2021

				
			235.199

				
			78.950

				
			23.498

				
			0.000

				
			0.000

				
			337.648

				
			21.085

				
			15.209

				
			11.619

			
	
			12-2022

				
			204.495

				
			77.316

				
			18.344

				
			0.000

				
			0.000

				
			300.156

				
			18.834

				
			13.369

				
			11.575

			
	
			12-2023

				
			188.561

				
			70.869

				
			16.582

				
			0.000

				
			0.000

				
			276.013

				
			17.307

				
			12.330

				
			12.511

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2024

				
			165.019

				
			62.505

				
			15.126

				
			0.000

				
			0.000

				
			242.649

				
			15.240

				
			10.618

				
			12.775

			
	
			12-2025

				
			123.171

				
			52.665

				
			9.810

				
			0.000

				
			0.000

				
			185.646

				
			11.756

				
			7.759

				
			9.974

			
	
			12-2026

				
			114.603

				
			46.312

				
			9.078

				
			0.000

				
			0.000

				
			169.993

				
			10.740

				
			7.163

				
			10.551

			
	
			12-2027

				
			106.884

				
			42.031

				
			8.409

				
			0.000

				
			0.000

				
			157.325

				
			9.931

				
			6.655

				
			11.213

			
	
			12-2028

				
			99.853

				
			39.300

				
			7.792

				
			0.000

				
			0.000

				
			146.946

				
			9.279

				
			6.214

				
			12.012

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2029

				
			93.327

				
			34.236

				
			7.222

				
			0.000

				
			0.000

				
			134.785

				
			8.491

				
			5.806

				
			12.638

			
	
			12-2030

				
			85.609

				
			30.351

				
			6.549

				
			0.000

				
			0.000

				
			122.508

				
			7.700

				
			5.339

				
			13.024

			
	
			12-2031

				
			72.105

				
			28.198

				
			5.372

				
			0.000

				
			0.000

				
			105.674

				
			6.620

				
			4.569

				
			12.138

			
	
			12-2032

				
			67.308

				
			25.840

				
			4.978

				
			0.000

				
			0.000

				
			98.125

				
			6.142

				
			4.276

				
			12.842

			
	
			12-2033

				
			56.340

				
			23.549

				
			4.011

				
			0.000

				
			0.000

				
			83.900

				
			5.227

				
			3.655

				
			11.894

			
	 	 	 	 	 	 	 	 	 	 
	
			12-2034

				
			49.126

				
			22.097

				
			3.519

				
			0.000

				
			0.000

				
			74.742

				
			4.642

				
			3.232

				
			11.628

			
	
			12-2035

				
			39.398

				
			20.854

				
			3.260

				
			0.000

				
			0.000

				
			63.511

				
			3.890

				
			2.719

				
			10.208

			
	
			12-2036

				
			36.788

				
			19.685

				
			3.021

				
			0.000

				
			0.000

				
			59.494

				
			3.646

				
			2.541

				
			10.887

			
	
			12-2037

				
			34.366

				
			18.587

				
			2.799

				
			0.000

				
			0.000

				
			55.752

				
			3.419

				
			2.376

				
			11.606

			
	 	 	 	 	 	 	 	 	 	 
	
			S Tot

				
			2391.396

				
			939.102

				
			220.936

				
			0.000

				
			0.000

				
			3551.434

				
			222.987

				
			152.189

				
			12.670

			
	
			After

				
			250.578

				
			98.229

				
			16.030

				
			0.000

				
			0.000

				
			364.836

				
			22.325

				
			17.341

				
			6.267

			
	
			Total

				
			2641.974

				
			1037.330

				
			236.966

				
			0.000

				
			0.000

				
			3916.270

				
			245.312

				
			169.530

				
			12.096

			
	 	 	 	 	 	 	 	 	 	 

 

 

 

 

 

	
			(21)

				
			(22)

				
			(23)

				
			(24)

				
			(25)

				
			(26)

				
			(27)

				
			(28)

				
			(29)

				
			(30)

				
			(31)

			
	 	
			Operating

				
			Wells

				
			Workover

				
			3rd Party

				
			Other

				 	
			Future Net

				
			Cumulative

				
			Cum. Disc.

			
	
			END

				
			Expense

				
			Gross

				
			Net

				
			Expense

				
			COPAS

				
			Deductions

				
			Investment

				
			Cash Flow

				
			Cash Flow

				
			Cash Flow

			
	
			MO-YEAR

				
			M$

				
			Count

				
			M$

				
			M$

				
			M$

				
			M$

				
			M$

				
			M$

				 
	
			 

				 	 	 	 	 	 	 	 	 	 
	
			12-2019

				
			332.690

				
			124.

				
			9.6

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			173.893

				
			173.893

				
			166.362

			
	
			12-2020

				
			126.550

				
			103.

				
			3.0

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			206.038

				
			379.931

				
			345.280

			
	
			12-2021

				
			121.579

				
			102.

				
			2.9

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			179.775

				
			559.706

				
			487.181

			
	
			12-2022

				
			103.722

				
			102.

				
			2.9

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			164.230

				
			723.936

				
			605.009

			
	
			12-2023

				
			102.098

				
			101.

				
			2.8

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			144.277

				
			868.213

				
			699.108

			
	 	 	 	 	 	 	 	 	 	 	 
	
			12-2024

				
			92.154

				
			101.

				
			2.8

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			124.638

				
			992.851

				
			773.006

			
	
			12-2025

				
			56.034

				
			98.

				
			2.5

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			110.097

				
			1102.948

				
			832.335

			
	
			12-2026

				
			53.514

				
			98.

				
			2.5

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			98.576

				
			1201.524

				
			880.625

			
	
			12-2027

				
			52.254

				
			97.

				
			2.4

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			88.485

				
			1290.010

				
			920.032

			
	
			12-2028

				
			52.254

				
			97.

				
			2.4

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			79.198

				
			1369.208

				
			952.097

			
	 	 	 	 	 	 	 	 	 	 	 
	
			12-2029

				
			49.818

				
			97.

				
			2.4

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			70.671

				
			1439.878

				
			978.109

			
	
			12-2030

				
			46.394

				
			96.

				
			1.7

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			63.076

				
			1502.954

				
			999.214

			
	
			12-2031

				
			37.978

				
			95.

				
			1.6

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			56.508

				
			1559.462

				
			1016.403

			
	
			12-2032

				
			37.071

				
			95.

				
			1.6

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			50.636

				
			1610.099

				
			1030.405

			
	
			12-2033

				
			29.762

				
			94.

				
			1.5

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			45.256

				
			1655.354

				
			1041.781

			
	 	 	 	 	 	 	 	 	 	 	 
	
			12-2034

				
			26.271

				
			91.

				
			1.5

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			40.596

				
			1695.951

				
			1051.058

			
	
			12-2035

				
			20.239

				
			90.

				
			1.2

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			36.663

				
			1732.614

				
			1058.675

			
	
			12-2036

				
			20.239

				
			90.

				
			1.2

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			33.068

				
			1765.682

				
			1064.921

			
	
			12-2037

				
			20.239

				
			90.

				
			1.2

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			29.719

				
			1795.401

				
			1070.023

			
	 	 	 	 	 	 	 	 	 	 	 
	
			S Tot

				
			1380.858

				
			1861.

				
			47.6

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			1795.401

				
			1795.401

				
			1070.023

			
	
			After

				
			67.189

				
			2437.

				
			3.2

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			257.981

				
			2053.381

				
			1092.895

			
	
			Total

				
			1448.048

				
			4298.

				
			50.8

				
			0.000

				
			0.000

				
			0.000

				
			0.000

				
			2053.381

				
			2053.381

				
			1092.895

			

 

 

 

 

 

APPENDIX

Explanatory Comments for Summary Tables

 

HEADINGS

Table I

Description of Table Information

Identity of Interest Evaluated

Property Description – Location

Reserve Classification and Development Status

Effective Date of Evaluation

 

	
			FORECAST

				 
	 	 
	
			(Columns)

				 
	 	 
	
			(1) (11) (21)

				
			Calendar or Fiscal years/months commencing on effective date.

			
	
			(2) (3) (4)

				
			Gross Production (8/8th) for the years/months which are economical. These are expressed as thousands of barrels (Mbbl) and millions of cubic feet (MMcf) of gas at standard conditions. Total future production, cumulative production to effective date, and ultimate recovery at the effective date are shown following the annual/monthly forecasts.

			
	
			(5) (6) (7)

				
			Net Production accruable to evaluated interest is calculated by multiplying the revenue interest times the gross production. These values take into account changes in interest and gas shrinkage.

			
	
			(8)

				
			Average (volume weighted) gross liquid price per barrel before deducting production-severance taxes.

			
	
			(9)

				
			Average (volume weighted) gross gas price per Mcf before deducting production-severance taxes.

			
	
			(10)

				
			Average (volume weighted) gross NGL price per barrel before deducting production-severance taxes.

			
	
			(12)

				
			Revenue derived from oil sales -- column (5) times column (8).

			
	
			(13)

				
			Revenue derived from gas sales -- column (6) times column (9).

			
	
			(14)

				
			Revenue derived from NGL sales -- column (7) times column (10).

			
	
			(15)

				
			Revenue derived from hedge positions.

			
	
			(16)

				
			Total Revenue – sum of column (12) through column (15).

			
	
			(17)

				
			Production-Severance taxes deducted from gross oil, gas and NGL revenue.

			
	
			(18)

				
			Revenue after taxes – column (16) less column (17).

			
	
			(19)

				
			Ad Valorem taxes.

			
	
			(20)

				
			$/BOE6 – is the total of column (22), column (25), column (26), and column (27) divided by Barrels of Oil Equivalent (“BOE”). BOE is net oil production column (5) plus net gas production column (6) converted to oil at six Mcf gas per one bbl oil plus net NGL production column (7) converted to oil at one bbl NGL per 0.65 bbls of oil.

			
	
			(22)

				
			Operating Expenses are direct operating expenses to the evaluated working interest and may include combined fixed rate administrative overhead charges for operated oil and gas producers known as COPAS.

			
	
			(23)

				
			Average gross wells.

			
	
			(24)

				
			Average net wells are gross wells times working interest.

			
	
			(25)

				
			Work-over Expenses are non-direct operating expenses and may include maintenance, well service, compressor, tubing, and pump repair.

			
	
			(26)

				
			3rd Party COPAS are combined fixed rate administrative overhead charges for non-operated oil and gas producers.

			
	
			(27)

				
			Other Deductions may include compression-gathering expenses, transportation costs and water disposal costs.

			
	
			(28)

				
			Investments, if any, include re-completions, future drilling costs, pumping units, etc. and may include either tangible or intangible or both, and the costs for plugging and the salvage value of equipment at abandonment may be shown as negative investments at end of life.

			
	
			(29) (30)

				
			Future Net Cash Flow is column (18) less the total of column (19), column (22), column (25), column (26), column (27) and column (28). The data in column (29) are accumulated in column (30). Federal income taxes have not been considered.

			
	
			(31)

				
			Cumulative Discounted Cash Flow is calculated by discounting monthly cash flows at the specified annual rates.

			

 

	
			MISCELLANEOUS

				 	 
	 	 	 
	
			DCF Profile

				
			•

				
			The cumulative cash flow discounted at six different interest rates are shown at the bottom of columns (30-31). Interest has been compounded monthly. The DCF’s for the “Without Hedge” case may be shown to the left of the main DCF profile.

			
	
			Life

				
			•

				
			The economic life of the appraised property is noted in the lower right-hand corner of the table.

			
	
			Footnotes

				
			•

				
			Comments regarding the evaluation may be shown in the lower left-hand footnotes.

			
	
			Price Deck

				
			•

				
			A table of oil and gas prices, price caps and escalation rates may be shown in the lower middle footnotes.

			

 

 

 

 

 

APPENDIX

 

Methods Employed in the Estimation of Reserves

 

The four methods customarily employed in the estimation of reserves are (1) production performance, (2) material balance, (3) volumetric and (4) analogy. Most estimates, although based primarily on one method, utilize other methods depending on the nature and extent of the data available and the characteristics of the reservoirs.

 

Basic information includes production, pressure, geological and laboratory data. However, a large variation exists in the quality, quantity and types of information available on individual properties. Operators are generally required by regulatory authorities to file monthly production reports and may be required to measure and report periodically such data as well pressures, gas-oil ratios, well tests, etc. As a general rule, an operator has complete discretion in obtaining and/or making available geological and engineering data. The resulting lack of uniformity in data renders impossible the application of identical methods to all properties, and may result in significant differences in the accuracy and reliability of estimates.

 

A brief discussion of each method, its basis, data requirements, applicability and generalization as to its relative degree of accuracy follows:

 

Production performance. This method employs graphical analyses of production data on the premise that all factors which have controlled the performance to date will continue to control and that historical trends can be extrapolated to predict future performance. The only information required is production history. Capacity production can usually be analyzed from graphs of rates versus time or cumulative production. This procedure is referred to as "decline curve" analysis. Both capacity and restricted production can, in some cases, be analyzed from graphs of producing rate relationships of the various production components. Reserve estimates obtained by this method are generally considered to have a relatively high degree of accuracy with the degree of accuracy increasing as production history accumulates.

 

Material balance. This method employs the analysis of the relationship of production and pressure performance on the premise that the reservoir volume and its initial hydrocarbon content are fixed and that this initial hydrocarbon volume and recoveries therefrom can be estimated by analyzing changes in pressure with respect to production relationships. This method requires reliable pressure and temperature data, production data, fluid analyses and knowledge of the nature of the reservoir. The material balance method is applicable to all reservoirs, but the time and expense required for its use is dependent on the nature of the reservoir and its fluids. Reserves for depletion type reservoirs can be estimated from graphs of pressures corrected for compressibility versus cumulative production, requiring only data that are usually available. Estimates for other reservoir types require extensive data and involve complex calculations most suited to computer models which makes this method generally applicable only to reservoirs where there is economic justification for its use. Reserve estimates obtained by this method are generally considered to have a degree of accuracy that is directly related to the complexity of the reservoir and the quality and quantity of data available.

 

Volumetric. This method employs analyses of physical measurements of rock and fluid properties to calculate the volume of hydrocarbons in-place. The data required are well information sufficient to determine reservoir subsurface datum, thickness, storage volume, fluid content and location. The volumetric method is most applicable to reservoirs which are not susceptible to analysis by production performance or material balance methods. These are most commonly newly developed and/or no-pressure depleting reservoirs. The amount of hydrocarbons in-place that can be recovered is not an integral part of the volumetric calculations but is an estimate inferred by other methods and a knowledge of the nature of the reservoir. Reserve estimates obtained by this method are generally considered to have a low degree of accuracy; but the degree of accuracy can be relatively high where rock quality and subsurface control is good and the nature of the reservoir is uncomplicated.

 

Analogy. This method, which employs experience and judgment to estimate reserves, is based on observations of similar situations and includes consideration of theoretical performance. The analogy method is a common approach used for “resource plays,” where an abundance of wells with similar production profiles facilitates the reliable estimation of future reserves with a relatively high degree of accuracy. The analogy method may also be applicable where the data are insufficient or so inconclusive that reliable reserve estimates cannot be made by other methods. Reserve estimates obtained in this manner are generally considered to have a relatively low degree of accuracy.

 

Much of the information used in the estimation of reserves is itself arrived at by the use of estimates. These estimates are subject to continuing change as additional information becomes available. Reserve estimates which presently appear to be correct may be found to contain substantial errors as time passes and new information is obtained about well and reservoir performance.

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