Document:

ex_353819.htm

Exhibit 10.5

 

Issuance Resolution

Corporate Resolution Authorizing the Issuance

Of New Shares of Stock for

 

Alpha Energy, Inc

"Company" COMMON CLASS OF STOCK

 

RESOLVED that Securities Transfer Corporation, stock transfer agent for the Company's class of stock, as described above, is authorized to issue the shares described below and increase the outstanding shares on the books of the Company; and

 

FURTHER RESOLVED that the shares covered by this issuance resolution are fully paid and non-assessable.

 

Increasing the Number of Shares Outstanding by 361,678 shares.

Please check one- deliver a certificate [_X_], or hold in book entry [__]. for the name and address listed below.

 

Please check one- The holder(s) is [_X_], is not [__], an affiliate of the company as defined by the Securities Act of 1933. 

 

Issuance Type (please check one):      New lssuance:     X                Conversion/Exercise:             

 

Instructions (please type)

 

	
			Registered Name and

			Address

				Tax ID#	Number of Shares	
			Restricted or Free

			Trading

			
	
			John F. Lepin

			4162 Meyerwood Dr

			Houston, TX 77025

				###-##-####	361,678	Rule 144 Restricted

 

 

Cost Basis:         Price Per Share $1.00_               Issuance Date: 1/15/2022

We the undersigned, qualified officers of the Company, do hereby indemnify Securities Transfer Corporation and their employees against any and all actions taken by the Company, and certify that this is a true copy of resolution, set forth and adopted on the below date, and that the said resolution has not been in any way rescinded, annulled, or revoked but the same is still in full force, and effect.

 

 

 

 

 

	X	
			 /s/ John Lepin

				
			 

				January 15, 2022	
			 

			
	 	
			Director/Officer’s Signature

				
			 

				
			Date 

				
			 

			
	 	
			John Lepin

				
			 

				
			 

				
			 

			
	 	
			 

				
			 

				
			 

				
			 

			
	X	
			/s/ Robert J. Flynn, Jr. 

				
			 

				
			January 15, 2022 

				
			 

			
	 	
			Director’s Signature

				
			 

				
			Date

				
			 

			
	 	Robert J. Flynn, Jr.	 	 	 
	 	 	 	 	 
	X	 	 	January 15, 2022	 
	 	Director’s Signature	 	Date	 
	 	Lacie Kellogg	 	 	 
	 	 	 	 	 
	X	 	 	January 15, 2022	 
	 	Director’s Signature	 	Date	 
	 	Richard M. Nummi	 	 	 

 

 

 

DocuSign Envelope 10: EC5585A9-99E5-486E-BA67-130675895090

 

	X	/s/ John Lepin	 	January 15, 2022	 
	 	Director/Officer’s Signature	 	
			Date 

				 
	 	John Lepin	 	 	 
	 	 	 	 	 
	 	 	 	January 15, 2022	 
	 	Director’s Signature	 	Date	 
	 	Robert J. Flynn, Jr.	 	 	 
	 	 	 	 	 
	 	/s/ Lacie Kellogg	 	January 15, 2022	 
	 	Director’s Signature	 	Date	 
	 	Lacie Kellogg	 	 	 
	 	 	 	 	 
	 	/s/ Richard M. Nummi	 	January 15, 2022	 
	 	Director’s Signature	 	Date	 
	 	Richard M. Nummi	 	 	 

 

 

 

DocuSign Envelope ID: 9C900D62-DA02-4880-B915-26D187720915

 

 

SUBSCRIPTION AGREEMENT

 

Alpha Energy, Inc.

4162 Meyerwood Dr.

Houston, TX 77025

 

Gentlemen and Ladies:

 

The undersigned desires to invest in Alpha Energy, Inc. (the "Company") on the terms and conditions described in this subscription agreement dated December 31, 2021 (the "Subscription Agreement"). Under this Subscription Agreement, the Company is offering to subscribers to purchase up to 1,300,000 shares of the Company's restricted common stock (par value $0.001 per share) for the purchase price of $1.00 per share.

 

	 	
			1.

				
			Subscription

			

 

Subject to and in accordance with the terms and conditions of this Subscription Agreement, the undersigned hereby offers to purchase 361,678 shares of the Company's restricted common stock (the "Shares") for a total purchase price of $361,678, paid by Accrued Officer Salary per the General Ledger of the Company. The undersigned hereby delivers to the Company the full purchase price for the subscription for the Shares in the form of release of liability for CFO salary accrued through December 31, 2021. The undersigned understands and agrees that this Subscription Agreement constitutes the binding obligation of the undersigned to deliver the full purchase price to the Company for the portion of the subscription accepted by the Company. The undersigned will be notified by the Company whether, and to what extent, the undersigned's subscription has been accepted.

 

The Company reserves the right in its sole discretion to reject all or part of any subscription. If a subscription is not accepted in whole for any other reason, the subscription amount that was not accepted will be returned to the undersigned without interest. The undersigned understands and agrees that this subscription is irrevocable.

 

The subscription period for the Shares vvill terminate upon the earliest to occur of (a) January 10, 2022, or such other date as the Company in its sole discretion may select, or (b) receipt and acceptance by the Company of subscriptions for the sale of all the securities offered. The funds from this offering may be utilized by the Company in the manner it sees fit. The Shares are being offered and sold, and this subscription is being made, pursuant to the terms and conditions set forth in this Subscription Agreement. The common stock comprising the Shares shall not be deemed issued to or owned by the undersigned until the Company has delivered to the undersigned notice of acceptance of this Subscription Agreement.

 

 

 

1

 

DocuSign Envelope ID: 9C900D62-DA02-4880-B915-26D187720915

 

 

	 	
			2.

				
			Representations And Warranties of The Undersigned

			

 

The undersigned hereby represents and warrants to, and agrees with, the Company as follows:

	 	
			a.

				
			(i)  the undersigned can bear the economic risk of losing the undersigned's entire investment in the Shares;

			

(ii) the undersigned is acquiring the Shares for investment purposes only and the Shares must be held by the undersigned without sale, transfer, or other disposition for an indefinite period unless the transfer of the Shares subsequently are, registered under the U.S. federal securities laws or unless exemptions from registration are available;

(iii) the undersigned's overall commitments to investments that are not readily marketable is not disproportionate to the undersigned's net worth and the undersigned's investment in the Shares will not cause such overall commitments to become excessive;

(iv) the undersigned's financial condition is such that the undersigned is under no present or contemplated future need to dispose of any portion of the Shares to satisfy any existing or contemplated undertaking, need, or indebtedness;

(v) the undersigned has adequate means of providing for the undersigned's current needs and personal contingencies and has no need for liquidity in the undersigned's investment in the Shares;

(vi) the undersigned has sufficient knowledge and experience in business and financial matters to evaluate and has evaluated the merits and risks of this investment; and.

(viii) the undersigned understands that oil and gas ventures carry additional risks unique to the oil and gas industry and that the undersigned has had the opportunity to review the attached offering with qualified energy experts and has been afforded the opportunity to inquire therein.

	 	
			b.

				
			The address set forth below on the signature page of this Subscription Agreement is the undersigned's true and correct residence, and the undersigned has no present intention of becoming a resident of any other state or jurisdiction.

			
	 	
			c.

				
			The undersigned is an "accredited investor" as that term is defined in Rule 501 of Regulation D, as promulgated under the Securities Act of 1933, as amended (the "Securities Act"), because the undersigned meets one of the following criteria (IF THE UNDERSIGNED IS NOT AN "ACCREDITED INVESTOR", PLACE AN "X" IN THE FOLLOWING BLANK: X ):

			

	 	
			(i)

				
			An individual with a net worth, individually or jointly with the undersigned's spouse, of $1,000,000; or

			
	 	
			(ii)

				
			An individual with income in excess of $200,000 in each of the two most recent years, or joint income with the undersigned's spouse in excess of $600,000 in each of those years, and the undersigned has a reasonable expectation of reaching the same income level in the current year; or

			
	 	
			(iii)

				
			An individual who is an officer or director of the Company; or

			
	 	
			(iv)

				
			A corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $3,000,000; or

			

 

 

2

 

DocuSign Envelope ID: 9C900D62-DA02-4880-B915-26D187720915

 

 

	 	
			(v)

				
			A trust with total assets in excess of $3,000,000 not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D, as promulgated under the Securities Act; or

			
	 	
			(vi)

				
			An entity in which all of the equity owners are accredited investors.

			

	 	
			(d)

				
			The undersigned confirms that all documents, records and books pertaining to an investment in the Shares that have been requested by the undersigned have been made available or delivered to the undersigned. Without limiting the foregoing, the undersigned has (i) had the opportunity to discuss the acquisition of the Shares with the Company, and (ii) obtained or been given access to all information concerning the Company that the undersigned has requested. As a result of its review of the Company, including the review of the materials provided to the undersigned, the undersigned understands, among other things, the following: the Company has limited financial resources, and has never operated at a profit; and the Company may not in the future, receive additional investment funds, and the Company will not be able to implement its business plan without additional investment funds. The undersigned further represents the undersigned is cognizant of the operations, financial condition and capitalization of the Company, and has available full information concerning the Company's affairs to evaluate the merits and risks of the investment in the Shares.

			
	 	
			(e)

				
			The undersigned has had the opportunity to ask questions of, and receive answers from, the Company concerning the terms of an investment in the Shares and to receive additional information necessary to verify the accuracy of the information delivered to the undersigned.

			
	 	
			(f)

				
			The undersigned understands that the Shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws in reliance on an exemption for private offerings and no U.S. federal or state agency has made any finding or determination as to the fairness of this investment or any recommendation or endorsement of the offering of the Shares.

			
	 	(g)	
			The Shares for which the undersigned hereby subscribes for are being and will be acquired solely for the undersigned's own account, for investment, and is not being purchased with a view to or for the resale, distribution, subdivision, or fractionalization thereof; the undersigned has no agreement or arrangement for any such resale, distribution, subdivision, or fractionalization thereof.

			
	 	
			(h)

				
			The undersigned acknowledges that, in making the decision to purchase the Shares, it has relied solely upon independent investigations made by the undersigned.

			
	 	
			(i)

				
			The undersigned has the full right, power, and authority to enter this Subscription Agreement and to carry out and consummate the transactions herein. This Subscription Agreement constitutes the legal, valid, and binding obligation of the undersigned.

			
	 	
			(j)

				
			The undersigned represents that an investment in the Shares is a suitable investment for the undersigned.

			
	 	
			(k)

				
			The undersigned is not associated with or an affiliate of any member firm of the National Association of Securities Dealers, Inc.

			

	 	
			(l)

				
			The undersigned acknowledges and is aware that the following legend will be imprinted on the certificates representing the Shares subscribed to by the undersigned:

			
	 	 	
			THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER FEDERAL OR STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, OR OTHERWISE DISPOSED OF UNLESS SO REGISTERED OR QUALIFIED OR UNLESS AN EXEMPTION EXISTS, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED BY AN OPINION OF COUNSEL TO THE REGISTERED HOLDER (WHICH OPINION AND COUNSEL SHALL BOTH BE SATISFACTORY TO THE COMPANY).

			

 

 

3

 

DocuSign Envelope ID: 9C900D62-DA02-4880-B915-26D187720915

 

 

	 	
			(m)

				
			The undersigned acknowledges and is aware of the following, in addition to other infmmation included in the information provided to the undersigned:

			

	 	
			(i)

				
			The Shares are a speculative investment and involve a high degree of risk of loss by the undersigned of the undersigned's total investment.

			
	 	(ii)	
			There are substantial restrictions on the transferability of the Shares. The Shares cannot be transferred, pledged, hypothecated, sold, or otherwise disposed of unless it is registered under the Securities Act, or an exemption from such registration is available and established to the satisfaction of the Company; investors in the Company have no right to require that any transfer of the Shares be registered under the Securities Act and the Company is under no obligation to register the Share; there is a limited public market for the Company's common stock; and accordingly, the undersigned may have to hold the Shares indefinitely; and it may not bepossible for the undersigned to liquidate the undersigned's investment in the Company.

			

	 	
			(n)

				
			The undersigned understands and agrees that the Company is relying upon the accuracy, completeness, and truth of the undersigned's representations, warranties, agreements, and certifications contained in this Subscription Agreement, in determining the undersigned's suitability as an investor in the Company and in establishing compliance with federal and state securities laws. The undersigned understands that any incomplete, inaccurate, or untruthful response, or the breach of the undersigned's representations, warranties, agreements, or certifications, may result in the undersigned or the Company, or both, being in violation of federal or state securities laws, and any person, including the Company, who suffers damage as a result may have a claim against the undersigned for damages. The undersigned also acknowledges that the undersigned is indemnifying the Company and others for these and other losses in accordance with Section 3 of this Subscription Agreement.

			

The foregoing representations and warranties are true and accurate as of the date hereof and shall survive the delivery of the subscription amount and the completed Subscription Agreement.

 

	 	
			3.

				
			Indemnification

			

 

The undersigned acknowledges that the undersigned understands the meaning and legal consequences of the representations, warranties, agreements, and certifications contained above, and the undersigned hereby agrees to indemnify and hold harmless each of the Company, its managers, officers, directors, representatives, and agents from and against any and all loss, damage, or liability due to or arising out of a breach of any representation, warranty, agreement, or certification, or the inaccuracy of any statement, of the undersigned contained in this Subscription Agreement or any other document submitted by the undersigned in connection with the undersigned's subscription for the Shares. The foregoing notwithstanding, nothing in this Subscription Agreement, including the representations, warranties, agreements, and certifications contained above, shall be deemed to constitute a waiver of any rights that the undersigned may have under the Securities Act and other federal and state securities laws

 

 

4

 

DocuSign Envelope ID: 9C900D62-DA02-4880-B915-26D187720915

 

 

	 	
			4.

				
			Miscellaneous

			

 

	 	
			(a)

				
			This Subscription Agreement may be executed in one or more counterparts all of which taken together shall constitute a single instrument.

			

	 	
			(b)

				
			This Subscription Agreement shall be governed and construed as binding upon the parties hereto, and their respective successors, and no other person shall have any right or obligation hereunder. This subscription for the purchase of the Shares is in-evocable and may not be assigned by the undersigned. Subject to the foregoing, this Subscription Agreement is binding upon and inures to the benefit of the heirs, executors, administrators, legal representatives, and successors of the undersigned.

			
	 	
			(c)

				
			ThisSubscription Agreement constitutes the entire agreement between the undersigned and the Company with respect to the subject matter of this Subscription Agreement and supersedes all prior and contemporaneous agreements between the undersigned and the Company with respect to the subject matter of this Subscription Agreement.

			
	 	
			(d)

				
			This Subscription Agreement will be construed and enforced in accordance with and governed by the laws of the State of Colorado, except for matters arising under the Act, without reference to principles of conflicts of law.

			

 

 
With such full understandings and acknowledgements, the undersigned does hereby affirm the undersigned's subscription for the purchase of the Shares being offered by the Company as described herein. The undersigned does further acknowledge the undersigned's understandingsof all the terms and provisions of this Subscription Agreement and agrees to be bound by all of the terms and conditions of this Subscription Agreement.

 

 

 

 

 

 

PAYMENT INSTRUCTIONS FOR THIS SUBSCRIPTION AGREEMENT FOLLOW THE SIGNATURE PAGES

 

 

 

5

 

DocuSign Envelope ID: 9C900D62-DA02-4880-B915-26D187720915

 

 

SIGNATURE PAGE FOR INDIVIDUALS

 

Please complete the following:

 

Date: December 31, 2021

 

	John Lepin	 
	Exact Name in Which Title is to be Held	 

 

	 	 	 
	Signature	 	Signature of Co-Owner
	 	 	 
	John Lepin	 	 
	Print Name 	 	Print Name of Co-Owner
	 	 	 
	###-##-####	 	 
	Social Security Number	 	Social Security Number
	 	 	 
	4162 Meyerwood Dr.	 	 
	Address	 	 
	 	 	 
	Houston, TX 77025	 	 
	City/State/ZIP Code/Country	 	 
	 	 	 
	713-231-4235	 	jlepin@msn.com
	Telephone Number	 	Email Address
	 	 	 

 

                                                 

 

*If the Shares are to be held in joint tenancy or as tenants in common, both persons must sign above and please indicate the manner in which the Shares are to be held:

 

☐ Tenants in Common             ☐ Joint Tenants

 

This subscription is accepted by Alpha Energy, Inc. on this 31st day of December 2021.

 

 

	
			 

				
			ALPHA ENERGY, INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			 

				
			 Lacie Kellogg, Corporate Secretary and Director

				
			 

			

 

 

6

 

DocuSign Envelope ID: 9C900D62-DA02-4880-B915-26D187720915

 

PAYMENT INSTRUCTIONS

 

 

 

If by Wire:

 

	Bank	:	Amegy Bank
	 	 	
			1717 W. Loop S.

			Houston, TX. 77027

			
	 	 	 
	ABA Routing No.	:	113011258
	 	 	 
	For Further Credit To	:	Alpha Energy, Inc.
	 	 	 
	Account No.	:	5795799005

 

 

 

 

PLEASE SIGN, SCAN AND EMAIL THE SUBSCRIPTION AGREEMENT TO

jlepin@alpba-energy.us

 

 

 

7ex_353649.htm

Exhibit 10.7

 

LIQUID GOLD TECHNOLOGIES CORPORATION

AND AFFILIATES

 

 

 

 

 

 

 

 

Evaluation of the selected leases in

Lincoln and Logan Counties, OK

Reserves and Valuations

as of Jan 1st, 2022

 

 

Prepared for:

 

Alpha Energy Inc.

 

 

Prepared by:

 

Liquid Gold Technologies

and affiliates

 

 

Feb 15th, 2022

 

 

 

 

February 15, 2022 Alpha Energy Inc.

 

Re: Certified SEC Reserves and Valuation Report for Alpha Energy Inc. for selected leases in Lincoln and Logan Counties, Oklahoma

 

At the request of Alpha Energy Inc.(Alpha ), Liquid Gold Technologies, lnc. (LGT) has conducted a review of Alpha's oil and gas reserves, valuation data and reports as pertains to procedures and methodologies used as described by Alpha as Alpha's proved reserves, future production and the discounted future net income as of January 1, 2022 regarding properties known as Alpha's Logan 1 and Rogue Projects, otherwise known as the Alpha leases in Lincoln and Logan Counties, OK Oil & Gas lease interest and wells, based upon the statements of Alpha, without independent verification, used in Alpha's supplied data to LGT regarding Alpha's interests in the field and wells. LGT has used LGT's interpretations of Alpha's supplied data and the SEC's definition and disclosure guidelines of the United States Securities and Exchange Commission (SEC) contained in Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register (SEC regulations). LGT's Reserves and Valuation Report dated February 15, 2022 is presented here based upon Alpha's and the firm's statements and supplied data. LGT prepared this report for public disclosure by Alpha in filings made with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. The estimated reserves shown herein represent LGT's estimated net reserves attributable to the leasehold and royalty interests in certain properties as represented to be under contract to be purchased by Alpha effective as of January 1, 2022, in addition to the State of Oklahoma lease acquired by Alpha in December 2021 . The Alpha supplied reports and data reviewed by LGT were used by LGT, without audit, to produce the reserves determinations of such property and wells and otherwise known as the properties ("Properties").

 

Interests

 

The report and properties referred to herein and produced by LGT represent, as per Alpha supplied data, various percent of Alpha 's anticipated working and net revenue interest. The properties are located in NW/4 Section 36, T16N-R2E in Lincoln County and SE/4 Section 1, S/2 Section 2 ,and E/2 & W/2 SW/4 Section 11 in T17N-R3W in Logan County, OK. . Based on Alpha’s reports, their net revenue interest ownership is on average approximately 75.62%, with a range of 81.25% to 72.39% representing the net revenue interest across the 880 gross leased acres in Logan County and 160 leased acres in Lincoln County, OK. The total net proved oil and natural gas hydrocarbons reserves is estimated within this acreage based on these anticipated ownership percentages as of January 1, 2022. The leased acreage location, areas, and shapes was provided by Alpha, without audit, and used in the analysis of the estimated reserves.

 

 

 

 

Expenses

 

The anticipated capital expenditures or lease operating expenses (LOE) associated with the development of the lease acreage and the extraction of the oil and gas resource was from Authorization for Expenditure (AFE) information provided by Alpha. The LOE for each vertical well is projected to be $750 per month per well and $2,500 per month per horizontal well, once each well is brought online.

 

On the property, there are five (5) wells are currently active and should undergo a modest workover (clear out sand, provide acid treatment if needed) at an estimated capital cost of $15,000 per well. The cost of initiating behind-the-pipe production of the Redfork, Cleveland, Hunton, Carmichael, and lower Mississippian formations in selected wells is anticipated to also be $15,000 per well. There is not expected to be any comingling of production in these wells since they are inactive, though plugs should be employed as necessary. There are also eighteen inactive wells that should be brought online with a similar modest workover. These wells produced exclusively out of the Miss Lime and their initial production is anticipated to be profitable.

 

There is solid potential for the development of horizontal and vertical proven undeveloped wells on Logan I. The capital expenditures to drill and complete new proven, undeveloped (PUDs) verticals wells is $600,000 per new well. The capital expenditures to drill and complete undeveloped (PUDs) horizontal wells range from $2,700,000 to $3,150,000 per new well depending on lateral length.

 

Pricing

 

As of January 1, 2022, LGT has used the trailing-twelve-month (TTM) January 1, 2022 Cushing, Oklahoma WTI oil price average and the Henry Hub January 1, 2022 TTM natural gas price average. The pricing used by LGT were held constant throughout the life of the properties. A detailed table in the appendix summarizes the TTM NYMEX WTI oil price average used by LGT.

 

 

 

 

The product prices which were used by LGT to determine the future gross revenue for each property were not adjusted for gravity, quality, local conditions, gathering and transportation fees, operational efficiency, or distance from market, referred to as the "differentials."

 

The average realized prices shown in the table below were determined by LGT before production taxes. LGT's estimate of the total oil and gas prices for the Central Oklahoma area are shown. The data shown is presented in accordance with SEC disclosure requirements.

 

 

	
			Geographic

			Area

				
			Date

				
			Product

				
			Average Realized

			Prices

			
	
			Henry Hub

			TTM Average

				
			TTM average January 1, 2022

				
			Gas

				
			3.708/MBTU

			
	
			NYMEX WTI

			TTM Average

				
			TTM average January 1, 2022

				
			Oil

				
			$65.27/Bbl.

			

 

 

Reserves

 

LGT's estimated reserves and future net income amounts, based upon Alpha 's supplied data, are related to hydrocarbon prices. Alpha has informed LGT that in preparation of their supplied data they have supplied LGT with accurate data. As of January 5, 2022, LGT has used the January 1, 2022 trailing- twelve-month (TTM) oil prices average based on Cushing, Oklahoma WTI prices. As of January 5, 2022, LGT has used the January 1, 2022 TTM natural gas prices based on Henry Hub natural gas prices average. Actual future prices may vary significantly from these contracted prices, therefore, volumes of reserves actually recovered, and the amounts of income actually received may differ significantly from the estimated quantities and values presented in this report. A summary of the report’s findings are as follows:

 

SEC PARAMETERS

Estimated PV10

160 leased acres and 880 gross leased acres, more or less Lincoln and Logan Counties, OK, respectively

As of January1, 2022, Proven and Probable

 

	 	
			Producing

				
			Non-Producing

				
			Behind Pipe

				
			Undeveloped Drilled

				
			Total Proved

			
	
			Proven Net Reserves

				
			PDP

				
			PDNP

				
			PBP

				
			PUD

				
			PROVEN

			
	
			Gas- M CF

				
			316,200

				
			132,950

				
			378,630

				
			0

				
			827,780

			
	
			Oil/Condensate- Bbl.

				
			46,980

				
			20,460

				
			25,150

				
			0

				
			92,590

			
	
			SEC PV- 10% ( BOE) ( $)

				
			$2,712,410

				
			$815,540

				
			$1,893,580

				
			0

				
			$5,421,530

			
	
			TOTAL PV- 10% VALUATION

				
			$5,421,530

				 	 	 	 
	
			Probable Net Reserves

				 	 	 	 	
			PROBABLE

			
	
			Gas- MCF

				
			0

				
			0

				
			9,120

				
			3,696,150

				
			3,705,270

			
	
			Oil/Condensate- Bbl.

				
			0

				
			0

				
			11,930

				
			1,154,890

				
			1,166,820

			
	
			SEC PV- 10% ( BOE) ( $)

				
			0

				
			0

				
			$476,070

				
			$42,972,400

				
			$43,448,470

			
	
			TOTAL PROB PV- 10%

			VALUATION

				
			$43,448,470

				 	 	 	 
	
			TOTAL PROVEN + PROB

			PV-10% VALUATION

				
			$48,870,000

				 	 	 	 

 

The BOE factor in the table above is based on January 2022 TTM oil and gas prices average. Liquid hydrocarbons are expressed in standard 42- gallon barrels. All gas volumes are reported on as "as-sold basis" expressed in thousands of cubic feet (MCF) at the official temperature and pressure bases of the areas in which the gas reserves are located. In the report, discounted future net income data are expressed as U.S. dollars ($).

 

 

 

 

Reserves included in this Report

 

The productive formation found within on the Logan property includes formations such as the Viola, Miss Lime, Carmichael, Redfork, Cleveland, Hunton, and the Wilcox, with the vast majority of wells producing from the Miss Lime. The breakdown of the wells consists of five (5) active producing wells and six (6) inactive wells. Of the five active wells, all five are producing from the upper-mid Miss Lime, and one is producing from both the Viola dolomite and Miss Lime formations. Four of these producing wells are scheduled for a simple workover in order to stimulate additional production since these four wells presently have low recovery (<10%) rates of original- oil-in-place (OOIP).

 

Of the six inactive wells, all six can be brought on-line with a modest workover effort and expense. These wells almost exclusively produced from the Miss Lime. While some of these wells may prove to be noncommercial or marginally profitable, the distributed risk across all six wells is anticipated to be clearly profitable. In addition, three (3) inactive wells were identified with proven production behind-the-pipe (bypass). These wells, with simple perforation and acid treatment, would be sufficient to stimulate production.

 

 

Categories of Reserves

 

In LGT's opinion, and using the Alpha supplied statements and data, this report is of the procedures and methodologies used to determine the proved reserves conforms to the definitions as set forth in the Securities and Exchange Commission's Regulations Part 210.4- 10(a). An abridged version of the SEC reserves definitions from 210.4-10(a) entitled "Petroleum Reserves Definitions" is included as an attachment to this report.

 

The various proved reserve status categories are defined under the attachment entitled "Petroleum Reserves Definitions" in this report. The proved developed non-producing reserves included in this report consist of shut-in and behind pipe categories and Proved Undeveloped reserves are projected from wells remaining to be drilled with reasonable certainty to by likely to produce similar volumes of oil and gas reserves given the identical economic conditions that exist.

 

Reserves are "estimated remaining quantities of oil and gas and related substances anticipated to be producible, as of a given date, after completion of development projects to known accumulations." All reserve estimates involve an assessment of the uncertainty relating to the likelihood that the actual remaining quantities recovered will be greater or less that the estimated quantities determined as of the date the estimate is made. The uncertainty depends chiefly on the number of reliable statements and data supplied by Alpha and the geologic and engineering data available at the time of the estimate. Alpha 's statements and data were taken as accurate without detailed audit of the statements and data supplied. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves. Reserves may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. At Alpha 's request, only proved reserves attributable to the properties were reviewed.

 

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

 

 

 

 

Proved reserve estimates will generally be revised only as additional geologic or engineering data become available or as economic conditions change. For proved reserves, the SEC states that "as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to the reserves with time, reasonably certain estimated resources are much more likely to increase or remain constant than to decrease" given the statements and data available and taken as accurate. Moreover, estimates of proved reserves may be revised because of future operations, effects of regulation by governmental agencies or geopolitical or economic change and risks. Therefore, any proved reserves are estimates only and should not be construed as being exact quantities, and if recovered, the revenues there from, and the actual costs related thereto, could be more or less than the estimated amounts.

 

Data, Methodology, Procedure, and Assumptions

 

The estimation of reserves involves two distinct determinations. The first determination results in the estimation of the quantities of recoverable oil and gas and the second determination results in the estimation of the uncertainty associated with those estimated quantities in accordance with definitions set forth by the Securities and Exchange Commission Regulations Part 210.4- 10(a). The process of estimating the quantities of recoverable oil and gas reserves relies on the use of certain generally accepted analytical procedures. These analytical procedures fall into three broad categories or methods: (1) performance-based methods; (2) volumetric-based methods; and (3) analogy. These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves.

 

Reserve evaluators must select the method or combination of methods which in their professional judgment is most appropriate given the nature and amount or reliable geoscience and engineering data available at the time of the estimate, the established or anticipated performance characteristics of the reservoir being evaluated and the stage of development or producing maturity of the property.

 

 

 

 

In many cases, the analysis of the available geoscience and engineering data and the subsequent interpretation of this data may indicate a range of possible outcomes in an estimate, irrespective of the method selected by the evaluator. When a range in the quantity of reserves is identified, the evaluator must determine the uncertainty associated with the incremental quantities of the reserves. If the reserve quantities are estimated using the deterministic incremental method, the uncertainty for each discrete incremental quantity of the reserves is addressed by the reserve category assigned by the evaluator.

 

Therefore, it is the categorization of reserve quantities as proved, probable and/or possible that addresses the inherent uncertainty in the estimated quantities reported. For proved reserves, the SEC defines uncertainty wherein the "quantities actually recovered are much more likely than not to be achieved." This report refers only to estimates of proven reserves and their valuation as of January 1, 2022. The SEC states that "probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are likely as not to be recovered." The SEC states that "possible reserves are those additional reserves that are less certain to be recovered than probable reserves and the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves." All quantities of reserves within the same reserve category must meet the SEC definitions as noted above.

 

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

 

The proved reserves for the properties as reviewed and estimated by LGT, based upon data supplied by Alpha without audit, include but are not limited to performance methods, the volumetric method, analogy, or a combination of methods. The performance methods used by LGT include, but may not be limited to, decline curve analysis that utilized extrapolations of historical production and pressure data available through January 1, 2022 in those cases where such data were considered to be definitive. The statements and data supplied by Alpha were furnished to LGT by Alpha and were considered factual and sufficient for the purpose without audit. The volumetric method, analogy, or a combination of methods determined other proved reserves.

 

 

 

 

100 percent of the proved developed non-producing and the proved un- developed reserves that were reviewed were estimated by LGT by the analogy and volumetric method. The data utilized from the analogies and volumetric data were considered sufficient for the purpose.

 

As stated previously, proved reserves must be anticipated to be producible from a given date forward based upon economic conditions including prices and costs at which producibility from a reservoir is determined. LGT has taken certain of Alpha 's primary statements of their economic data as factual without audit and certain of Alpha 's other data as factual without audit. The ratio of the TTMs for oil and gas were used to calculate the BOE factor utilized. The BOE factor was calculated to be 20.48.The effect of derivative instruments designated as price hedges of oil and gas quantities are not reflected in Alpha 's individual property evaluations since derivatives are not used by Alpha.

 

LGT's forecasts for future production rates are based upon historical performance from wells in the region. Where no production decline trends have been established by LGT due to the limited historical production records from wells on the properties, surrounding similar wells historical production records have been used and extrapolated to wells of the property. An estimated rate of decline was then applied by LGT to depletion of the reserves or thirty (30) years, whichever occurs first.

 

Test data and other related information were used by LGT to estimate the anticipated initial production rates from wells or locations that are not currently producing. For reserves not yet on production, sales were estimated to commence at an anticipated date furnished by Alpha . Wells or locations that are not currently producing may or may not start producing earlier or later than anticipated by Alpha estimates due to unforeseen factors causing such changes. Such factors may include further interpretation, delays due to weather, the availability of Alpha , the sequence of drilling, completing and/or recompleting wells and/or constraints set by regulatory bodies or other changes.

 

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

 

 

 

 

Operations that generate Alpha ’s income may vary and be subject to various levels of governmental controls and regulations. These controls and regulations may include, but not be limited to, matters relating to land tenure and leasing, the legal requirement to produce hydrocarbons, drilling and production practices, environmental protection, marketing and pricing policies, royalties, various taxes, and levies including income tax which may be subject to change from time to time. Such changes in governmental regulations and policies may cause volumes of proved reserves and amounts of income to differ significantly from the estimated quantities.

 

The estimation of proved reserves is based upon Alpha 's supplied statements and data and Alpha 's stated interests owned by Alpha ; however, LGT has not made any field or leases or land title examination of the properties. No consideration was given to potential environmental liabilities that may exist nor were any costs included for potential liabilities to restore and clean up damages, if any, caused by past or future operating practices. All reserves were estimated based on single unit spacing from productive wells and contiguous productive formations based on geological and engineering data.

 

 

Alpha has informed LGT that Alpha have furnished LGT with all of the material accounts, records, geological and engineering data, reports and other statements and data in their possession required for this investigation. LGT has not confirmed this by audit of Alpha files. In performing LGT's review of Alpha 's forecast of future prices, production and income, LGT has relied upon Alpha 's statements and data furnished to LGT by Alpha as accurate without independent verification with respect to use of proper and accurate economics, property interests owned by Alpha , production and well tests from examined wells, product prices, any geological and engineering data supplied by Alpha . LGT reviewed such data for its reasonableness; however, LGT has not conducted an independent verification of the statements or data furnished by Alpha . LGT considers the statements and data furnished to LGT by Alpha to be appropriate for the purpose of this review of Alpha 's property interest. In summary, LGT considers the assumptions, data, methods, and analytical procedures used by Alpha and reviewed by LGT to be appropriate for the purpose hereof, and LGT has used all such methods and procedures that LGT considers necessary and appropriate under the circumstances to render LGT's conclusions as stated.

 

 

 

 

Opinion

 

 

Based on LGT's review, including LGT's statements and data, technical processes and methodologies stated and/or used by LGT, it is LGT's opinion that the overall procedures and methodologies utilized in preparing LGT's estimates of the proved reserves, future production and discounted future net income as of January 1, 2022 to comply with current SEC regulations and that the overall proved reserves, future production and discounted future net income for the reviewed properties as estimated by LGT are, in the aggregate, reasonable within established SEC guidelines.

 

Standards of Independence and Professional Qualifications

 

LGT is an independent petroleum geological, geophysical, and engineering consulting firm that has been providing petroleum-consulting services and qualified reserves evaluations and certified reserves and valuation reports for clients throughout the world for over thirty years. LGT is an employee-owned incorporated firm and maintains offices in Dallas, Texas U.S.A. LGT has numerous extensively experienced and licensed engineers and geoscientists as our consulting staff.

 

No single client or job represents a material portion of LGT’s annual revenue. LGT employees do not serve as an officer or director of any publicly traded oil and gas company and LGT is separate and independent from the operating and investment decision- making process of our clients. LGT does not own interests in any of our client's properties. This allows LGT to bring the highest level of independence and objectivity to each engagement for our services.

 

LGT and its affiliate consultants actively participates in industry-related professional societies and organizations and has been performing reserves evaluations according to SEC regulation and requirements for over twenty-five years for major oil and gas corporations as well as mid-sized and small independent oil and gas companies worldwide.

 

LGT and its affiliate engineers and geoscientists are required to receive the appropriate professional accreditation in the form of registered or certified professional engineer's license or a registered or certified professional geoscientist's credentials from an appropriate governmental authority or from the recognized self-regulating professional organizations and to maintain such credentials in active up to date status.

 

LGT is independent with respect to Alpha. Neither LGT nor any of LGT's employees have any interest in the subject properties, and neither the employment to do these services nor the compensation to perform such services is contingent upon LGT's reviews or estimates of reserves for any properties or client.

 

 

 

 

The results of this report, presented herein, are based upon technical review and analysis by teams of consulting geoscientists and engineers for LGT. The professional qualifications of the undersigned, the technical person primarily responsible for overseeing, reviewing, and approving the review of the reserve information discussed in this report, are included as an attachment to this letter.

 

 

Terms of Usage

 

LGT has provided Alpha with a digital version and a signed copy of this reserves and valuation report. In the event there are any differences between the digital version and this signed copy and medallioned report, this signed report shall control and supersede the digital version.

 

The data and work papers used in the preparation and report are available for examination by authorized parties in LGT’s offices at an arranged time and date. Please contact LGT if we can be of further service.

 

 

Respectfully,

LGT

 

 

This

 

Space

 

Left

 

Blank

 

Intentionally

 

 

 

 

Additional tables

 

Table 1: PUD Project Information date 1-January-2022.

Table II: PUD Summary of Hyperbolic Decline dated 1-January-2022. Table Ill: PUD Reserve Economic Proforma Report dated 1-January-2022. Table IV: PDNP Project Information date 1-January-2022.

Table V: PDNP Reserve Economic Proforma Report dated 1-January-2022.

Table VI: Proven Behind-Pipe Project Information dated 1-January-2022.

Table VII: Proven Behind-Pipe Reserve Economic Proforma Report dated 1-January- 2022.

Table VIII: PDP Project Information dates 1-January-2022.

Table IX: PDP Reserve Economic Proforma Report dates 1-January-2022.

Table X: Probable Behind-Pipe Reserve Economic Proforma Report dated 1-January- 2022.

Table XI: Probable Undeveloped Reserve Economic Proforma Report dated 1-January- 2022.

Appendix: TTM Average of Oil and Gas Prices

 

 

 

 

Professional Qualifications of Primary Technical Persons

 

Dr. Robert Miles

 

Dr. Robert Miles received his B.S. with distinction from the US Naval Academy, and M.S. and PhD degrees in Material Physics from the California Institute of Technology (Caltech).

 

He presently is the Chief Executive Officer and President of Liquid Gold Technologies. Dr. Miles was previously an employee of Hunt Oil and Sevin Rosen Funds (SRF), where he led Hunt Oil’s efforts in the evaluation of all technological advancements in the areas of oil and gas exploration and reservoir development. He has worked through the years with SRF and an exploration firm to study the efficacy and opportunities of a range of reconnaissance and exploration technologies and the opportunities utilizing advanced signal processing.

 

Previously, he was a partner at Koch Industries, where he led successful startups in areas of exploration and reconnaissance technologies, and advanced materials. He also served as a manager at McKinsey & Company, consulting for several Fortune 500 energy companies on operations, risk management, and capital efficiency. Prior to McKinsey, he worked at Jet Propulsion Labs in Pasadena, California on Remote Sensing algorithms and measurements for characterizing material characteristics. He also did research at IBM Research Labs in Yorktown Heights, New York on material analysis and characterization.

 

Among his achievements are:

 

	
			●

				
			Invention of the QuickLook process, which involves the mathematical “stacking” of numerous disparate geological and geophysical datasets with different geostatistical characteristics.

			
	
			●

				
			Co-led or led discovery of many new fields in both nationally and internationally including selected areas in United States and South America.

			

 

Joseph Rochefort

 

Joseph Rochefort received his M.S. in Geology from Texas Tech University, and his B.S. in Geophysics and Geology from Texas Christian University. He is a certified Petroleum Geologist, certified Petroleum Geophysicist, and SEC Recognized Reservoir Analyst.

 

 

 

 

He is presently a consultant for LGT and performs a wide variety of E&P services including field development, certified SEC reserves reports, reservoir modeling, FTC M&A oversight reports, drilling and prospect analysis, sedimentary, and carbonate structural and diagenetic field exploration and developments, well operations and log analysis for and with various U.S. and International entities and clients.

 

He has previously worked at Mobil and Exxon as an Exploration Geologist and in their global corporate New Exploration and Production Ventures Division.

 

Among his achievements are:

 

	
			●

				
			Multiple industry and public SEC reserves analyses and reservoir evaluations for majors, independents, and for various governmental entities.

			
	
			●

				
			Recognition as an Expert Oil and Gas Industry Witness.

			
	
			●

				
			Acquisition of exploration and production interests of over 43,000 acres interest in 4 U.S. basins with subsequent direction of drilling discoveries of four fields and further drilling development of 8 producing fields with market valuation of $ 2.2 Billion.

			
	
			●

				
			Development, supervision, and successful completion of acquisition, development, operations, drilling, Mergers & Acquisition projects, ranging in CapEx from $5 Million to $200 million.

			

 

 

 

 

PETROLEUM RESERVES DEFINITIONS

 

As Adapted From:

 

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

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC) PREAMBLE

 

 

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

 

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. All reserves estimates involve an assessment of the uncertainty relating the likelihood that the actual remaining quantities recovered will be greater or less than the estimated quantities determined as of the date the estimate is made. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. Under SEC regulations as of January 31, 2009, or after January 1, 2010, a company may optionally disclose estimated quantities of probable or possible oil and gas reserves in documents publicly filed with the SEC. The SEC regulations continue to prohibit disclosure of estimates of oil and gas resources other than reserves and any estimated values of such resources in any document publicly filed with the SEC unless such information is required to be disclosed in the document by foreign or state law as noted in 229.1202 Instruction to item 1202.

 

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

 

Reserves may be attributed to either natural energy or improved recovery methods. Improved recovery methods include all methods for supplementing natural energy or altering natural forces in the reservoir to increase ultimate recovery. Examples of such methods are pressure maintenance, natural gas cycling, waterflooding, thermal methods, chemical and/or biological methods, and the use of miscible and immiscible displacement fluids as well as other methods.

 

 

 

 

Reserves may be attributed to either conventional or unconventional petroleum accumulations.

 

Petroleum accumulations are considered as to be either conventional or unconventional based on the nature of their in-place characteristics, extraction method applied, or degree of processing prior to sale. Examples of unconventional petroleum accumulations include coalbed or coal seam methane (CBM/CSM), basin-centered gas, shale gas, gas hydrates, natural bitumen and oil shale deposits. These unconventional accumulations may require specialized extraction technology and/or significant processing prior to sale.

 

Reserves do not include quantities of petroleum being held in inventory.

 

Because of the differences in uncertainty, caution should be exercised when aggregating quantities of petroleum from different reserves categories.

 

RESERVES (SEC DEFINITIONS)

 

The Securities and Exchange Commission Regulation S-X 210.4-10(a)(26) defines reserves as follows:

 

Reserves. Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal Alpha to produce or a

 

revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

 

Note to paragraph (a)(26): Reserves should not be assigned to adjacent rese1Voirs Isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Rese1Ves should not be assigned to areas that are clearly separated from known accumulation by a non-productive rese1Voir (i.e., absence of reservoir, structurally lowreservoir, or negative test results). Such areas may contain prospective resources (potentially recoverable resources fromundiscovered accumulations).

 

PROVED RESERVES (SEC DEFINITIONS)

 

Securities and Exchange Commission Regulation S-X 210.4-10(a)(22) defines proved oil and gas reserves as follows:

 

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

 

 

 

 

PETROLEUMRESERVES DEFINITI ONS

Page18

 

	
			(i)

				
			The area of the reservoir considered as proved includes:

			

 

	 	
			(A)

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

			

 

	 	
			(B)

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

			

 

	
			(ii)

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

			

 

	
			(iii)

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

			

 

	
			(iv)

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

			

 

	 	
			(A)

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

			

 

	 	
			(B)

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

			

 

	
			(v)

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

			

 

 

 

 

RESERVES STATUS DEFINITIONS AND

GUIDELINES

 

As Adapted From:

 

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

 

UNITED STATES SECURITIES AND EXCHANGE

COMMISSION (sec)

 

 

And

 

PETROLEUM RESOURCES MANAGEMENT

SYSTEM (SPE-PRMS)

 

 

Sponsored and Approved by:

 

SOCIETY OF PETROLEUM

ENGINEERS (SPE) WORLD

PETROLEUM COUNCIL (WPC)

 

AMERICAN ASSOCIATION OF PETROLEUM

GEOLOGISTS (AAPG) SOCIETY OF PETROLEUM

EVALUATION ENGINEERS (SPEE)

 

 

Reserves status categories define the development and producing status of wells and reservoirs. Reference should be made to Title 17, Code of Federal Regulations, Regulation S-X Part 210, Rule 4-10(a) and SPE-PRMS as the following reserves status definitions are based on excerpts from the Alpha documents (direct passages excerpted from the aforementioned SEC and SPE-PRMS documents are denoted in italics herein).

 

DEVELOPED RESERVES ( SEC DEFINITIONS)

 

Securities and Exchange Commission Regulations S-X 210.4-10(a)(6) defines developed oil and gas reserves as follows:

 

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

 

	
			(i)

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

			

 

	
			(ii)

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

			

 

Developed Producing (SPE-PRMS Definitions)

 

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

 

 

 

 

Developed Producing Reserves

 

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

 

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

 

Developed Non-Producing (PDNP)

 

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

 

Shut-in

 

Shut-in Reserves are expected to be recovered from:

 

	 	
			(1)

				
			completion intervals which are open at the time of the estimate, but which have not started producing;

			
	 	
			(2)

				
			wells which were shut-in for market conditions or pipeline connections; or

			
	 	
			(3)

				
			wells not capable of production for mechanical reasons.

			

 

Behind-Pipe

 

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

 

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

 

UNDEVELOPED RESERVES (SEC DEFINITIONS)

 

Securities and Exchange Commission Regulation S-X 210.4-10(a)(31) defines undeveloped oil and gas reserves as follows:

 

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

 

	
			(i)

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

			

 

	
			(ii)

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

			

 

	
			(iii)

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

			

 

 

 

 

Table I: PDNP Project Information date 1-January-2022.

 

	
			BASIC PROJECT INFORMATION

			
	
			Description

				
			Units

				
			Value

			
	
			Evaluation date

				 	
			January 2022

			
	
			Prepared by

				 	
			Dr. Robert Miles

			
	
			Interest owner

				 	
			Alpha Energy Inc.

			
	
			Well &/or Lease name

				 	
			Various leased areas

			
	
			Field &/or Reservoir name

				 	
			Lawrie West

			
	
			County

				 	
			Logan

			
	
			State

				 	
			OK

			
	
			Operator name

				 	
			Alpha Energy Texas Operating

			LLC

			
	
			Project name

				 	
			Logan I and Rogue

			
	
			Reserve category

				 	
			Proven

			
	
			Effective month & year

				 	
			January 2022

			
	
			Selected discount rate

				
			%

				
			10%

			
	
			ECONOMIC AND INVESTMENT DATA

			
	
			Net Revenue Interest (avg)

				
			%

				
			77.2

			
	
			Total acreage

				
			acres

				
			880

			
	
			PRICING DATA

			
	
			Oil price

				
			$/Bbl.

				
			65.27

			
	
			Oil price Esc and start date

				 	
			0

			
	
			Gas price

				
			$/MCF

				
			3.708

			
	
			Gas price Esc and start date

				 	
			0

			

 

The expected production from the six (6) reworked wells in Logan I and two reworked wells in Rogue along with their decline parameters were determined through information provided by Alpha. The Logan I wells produced from the upper and lower Miss Lime while the Rogue wells produced from the Hunton formation. Decline curve analysis was performed on the PDNP wells using PhDwin software and curve fitting algorithms. Average recoverable reserves are estimated to be on average 2,901 barrels of oil and about 17,023 MCF per PDNP well, with an initial production of roughly three barrels of oil per day. Based on information from Alpha, LGT assumed a remaining lifetime of both restarted and reworked wells to be four and a half (4.5) years, afterward they will become uneconomic.

 

 

 

 

Table II: PDNP Reserve Economic Proforma Report dated 1-January-2022.

 

 

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 11-21 - 3508323817
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.09	 	 	 
	Cum Gas (MlVIcl) :	0.59	 	 	 

 

	
			 

				Ye	
			Gross

			Oil

				 	
			Gross

			Gas

				 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	
			(MMcl)

				 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.96	 	 	6.20	 	 	0.75	 	 	 	4.84	 	 	 	65.27	 	 	 	3.71	 	 	 	48.67	 	 	 	17.96	 	 	 	0.00	 
	
			2023

				 	 	0.68	 	 	4.42	 	 	0.53	 	 	 	3.45	 	 	 	65.27	 	 	 	3.71	 	 	 	34.65	 	 	 	12.81	 	 	 	0.00	 
	
			2024

				 	 	0.47	 	 	3.05	 	 	0.37	 	 	 	2.38	 	 	 	65.27	 	 	 	3.71	 	 	 	23.90	 	 	 	8.84	 	 	 	0.00	 
	
			2025

				 	 	0.35	 	 	2.24	 	 	0.27	 	 	 	1.75	 	 	 	65.27	 	 	 	3.71	 	 	 	17.58	 	 	 	6.47	 	 	 	0.00	 
	
			2026

				 	 	0.26	 	 	1.71	 	 	0.20	 	 	 	1.33	 	 	 	65.27	 	 	 	3.71	 	 	 	13.35	 	 	 	4.94	 	 	 	0.00	 
	
			2027

				 	 	0.21	 	 	1.35	 	 	0.16	 	 	 	1.05	 	 	 	65.27	 	 	 	3.71	 	 	 	10.55	 	 	 	3.90	 	 	 	0.00	 
	
			2028

				 	 	0.17	 	 	1.09	 	 	0.13	 	 	 	0.85	 	 	 	65.27	 	 	 	3.71	 	 	 	8.56	 	 	 	3.15	 	 	 	0.00	 
	
			2029

				 	 	0.05	 	 	0.32	 	 	0.04	 	 	 	0.25	 	 	 	65.27	 	 	 	3.71	 	 	 	2.50	 	 	 	0.92	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	3.14	 	 	 	20.38	 	 	 	2.45	 	 	 	15.91	 	 	 	65.27	 	 	 	3.71	 	 	 	159.76	 	 	 	58.99	 	 	 	0.00	 
	
			Ult

				 	 	3.23	 	 	 	20.97	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 
	
			2022

				 	 	1.00	 	 	 	4.73	 	 	 	0.93	 	 	 	15.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	36.97	 	 	 	35.08	 
	
			2023

				 	 	1.00	 	 	 	3.37	 	 	 	0.66	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	34.42	 	 	 	65.06	 
	
			2024

				 	 	1.00	 	 	 	2.32	 	 	 	0.46	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	20.96	 	 	 	81.65	 
	
			2025

				 	 	1.00	 	 	 	1.71	 	 	 	0.34	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	13.01	 	 	 	91.00	 
	
			2026

				 	 	1.00	 	 	 	1.30	 	 	 	0.26	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	7.74	 	 	 	96.07	 
	
			2027

				 	 	1.00	 	 	 	1.03	 	 	 	0.20	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4.22	 	 	 	98.58	 
	
			2028

				 	 	1.00	 	 	 	0.83	 	 	 	0.16	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1.72	 	 	 	99.51	 
	
			2029

				 	 	1.00	 	 	 	0.24	 	 	 	0.05	 	 	 	0.00	 	 	 	0.00	 	 	 	2.93	 	 	 	0.00	 	 	 	0.00	 	 	 	0.20	 	 	 	99.61	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	15.53	 	 	 	3.06	 	 	 	15.00	 	 	 	0.00	 	 	 	65.93	 	 	 	0.00	 	 	 	0.00	 	 	 	119.22	 	 	 	99.61	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			4/30/2029

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	Initial Rate:	87.85	bbl/month	 	Revenue Int :	0.78071875	PW	 5.00% : 	108.49
	Abandonment:	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.54	PW	8.00% :	10297
	
			Initial Decline :

				
			39.64

				
			%year

				
			b = 0.498

				
			ROinvestment (disc/undisc) :

				
			7.85 I 8.95

				
			PW

				
			10.00% :

				
			99.61

			
	
			Beg Ratio:

				
			6.498

				 	 	
			Years to Payout:

				
			0.28

				
			PW

				
			12.00% :

				
			96.48

			
	
			End Ratio:

				
			6.500

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			9217

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			85.84

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 11-6 - 3508323707
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

  

	
			 

				Ye	
			Gross

			Oil

				 	
			Gross

			Gas

				 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	
			(MMcl)

				 	
			(Mbbl) 

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.83	 	 	5.40	 	 	0.65	 	 	 	4.21	 	 	 	65.27	 	 	 	3.71	 	 	 	42.31	 	 	 	15.61	 	 	 	0.00	 
	
			2023

				 	 	0.76	 	 	4.91	 	 	0.59	 	 	 	3.83	 	 	 	65.27	 	 	 	3.71	 	 	 	38.44	 	 	 	14.21	 	 	 	0.00	 
	
			2024

				 	 	0.51	 	 	3.33	 	 	0.40	 	 	 	2.60	 	 	 	65.27	 	 	 	3.71	 	 	 	26.07	 	 	 	9.63	 	 	 	0.00	 
	
			2025

				 	 	0.37	 	 	2.41	 	 	0.29	 	 	 	1.88	 	 	 	65.27	 	 	 	3.71	 	 	 	18.89	 	 	 	6.96	 	 	 	0.00	 
	
			2026

				 	 	0.28	 	 	1.82	 	 	0.22	 	 	 	1.42	 	 	 	65.27	 	 	 	3.71	 	 	 	14.25	 	 	 	5.26	 	 	 	0.00	 
	
			2027

				 	 	0.22	 	 	1.43	 	 	0.17	 	 	 	1.11	 	 	 	65.27	 	 	 	3.71	 	 	 	11.10	 	 	 	4.12	 	 	 	0.00	 
	
			2028

				 	 	0.18	 	 	1.15	 	 	0.14	 	 	 	0.89	 	 	 	65.27	 	 	 	3.71	 	 	 	9.01	 	 	 	3.31	 	 	 	0.00	 
	
			2029

				 	 	0.09	 	 	0.57	 	 	0.07	 	 	 	0.44	 	 	 	65.27	 	 	 	3.71	 	 	 	4.48	 	 	 	1.65	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	3.23	 	 	 	21.01	 	 	 	2.52	 	 	 	16.38	 	 	 	65.27	 	 	 	3.71	 	 	 	164.54	 	 	 	60.75	 	 	 	0.00	 
	
			Ult

				 	 	3.23	 	 	 	21.01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 
	
			2022

				 	 	1.00	 	 	 	4.11	 	 	 	0.81	 	 	 	15.00	 	 	 	0.00	 	 	 	7.50	 	 	 	0.00	 	 	 	0.00	 	 	 	30.50	 	 	 	28.88	 
	
			2023

				 	 	1.00	 	 	 	3.74	 	 	 	0.74	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	39.17	 	 	 	62.99	 
	
			2024

				 	 	1.00	 	 	 	2.53	 	 	 	0.50	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	23.66	 	 	 	81.72	 
	
			2025

				 	 	1.00	 	 	 	1.84	 	 	 	0.36	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	14.65	 	 	 	92.26	 
	
			2026

				 	 	1.00	 	 	 	1.39	 	 	 	0.27	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	8.86	 	 	 	98.06	 
	
			2027

				 	 	1.00	 	 	 	1.08	 	 	 	0.21	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4.93	 	 	 	100.99	 
	
			2028

				 	 	1.00	 	 	 	0.87	 	 	 	0.17	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2.28	 	 	 	102.22	 
	
			2029

				 	 	1.00	 	 	 	0.44	 	 	 	0.09	 	 	 	0.00	 	 	 	0.00	 	 	 	5.17	 	 	 	0.00	 	 	 	0.00	 	 	 	0.44	 	 	 	102.45	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	16.00	 	 	 	3.15	 	 	 	15.00	 	 	 	0.00	 	 	 	66.67	 	 	 	0.00	 	 	 	0.00	 	 	 	124.48	 	 	 	10245	 

 

	
			Major Phase :

				 Oil	 	 	
			Abandonment Date :

				
			7/31/2029

				 	 	 
	
			Perfs:

				 0 - 0	 	 	
			Working fut:

				1.00000000	
			Present Worth Profile (M$)

			
	
			Initial Rate:

				 	
			bbl/month

				 	
			Revenue Int :

				0.78000000	 PW	 5.00% :	 11239
	Abandonment:	 12.00	bbl/month	 	 Disc. fuitial fuvest. (M$):	 14.19	PW	8.00% :	106.20
	Initial Decline :	40.30	%  year	 b = 0.498	ROinvestment (disc/undisc) :	8.22 I 9.30	PW	10.00% :	10245
	
			Beg Ratio:

				6.498	 	 	
			Years to Payout:

				
			 

			0.43	
			PW

				
			12.00% :

				98.95
	
			End Ratio:

				 6.500	 	 	
			Internal ROR (%):

				>1000	
			PW

				
			15.00% :

				94.14
	
			 

				 	 	 	
			 

				
			 

				
			PW

				
			20.00% :

				87.12

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 2-28 - 3508323868
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			 

				Ye	
			Gross

			Oil

				 	
			Gross

			Gas

				 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	
			(MMcl) 

				 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.83	 	 	5.40	 	 	0.65	 	 	 	4.21	 	 	 	65.27	 	 	 	3.71	 	 	 	42.31	 	 	 	15.61	 	 	 	0.00	 
	
			2023

				 	 	0.76	 	 	4.91	 	 	0.59	 	 	 	3.83	 	 	 	65.27	 	 	 	3.71	 	 	 	38.44	 	 	 	14.21	 	 	 	0.00	 
	
			2024

				 	 	0.51	 	 	3.33	 	 	0.40	 	 	 	2.60	 	 	 	65.27	 	 	 	3.71	 	 	 	26.07	 	 	 	9.63	 	 	 	0.00	 
	
			2025

				 	 	0.37	 	 	2.41	 	 	0.29	 	 	 	1.88	 	 	 	65.27	 	 	 	3.71	 	 	 	18.89	 	 	 	6.96	 	 	 	0.00	 
	
			2026

				 	 	0.28	 	 	1.82	 	 	0.22	 	 	 	1.42	 	 	 	65.27	 	 	 	3.71	 	 	 	14.25	 	 	 	5.26	 	 	 	0.00	 
	
			2027

				 	 	0.22	 	 	1.43	 	 	0.17	 	 	 	1.11	 	 	 	65.27	 	 	 	3.71	 	 	 	11.10	 	 	 	4.12	 	 	 	0.00	 
	
			2028

				 	 	0.18	 	 	1.15	 	 	0.14	 	 	 	0.89	 	 	 	65.27	 	 	 	3.71	 	 	 	9.01	 	 	 	3.31	 	 	 	0.00	 
	
			2029

				 	 	0.09	 	 	0.57	 	 	0.07	 	 	 	0.44	 	 	 	65.27	 	 	 	3.71	 	 	 	4.48	 	 	 	1.65	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	3.23	 	 	 	21.01	 	 	 	2.52	 	 	 	16.38	 	 	 	65.27	 	 	 	3.71	 	 	 	164.54	 	 	 	60.75	 	 	 	0.00	 
	
			Ult

				 	 	3.23	 	 	 	21.01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 
	
			2022

				 	 	1.00	 	 	 	4.11	 	 	 	0.81	 	 	 	15.00	 	 	 	0.00	 	 	 	7.50	 	 	 	0.00	 	 	 	0.00	 	 	 	30.50	 	 	 	28.88	 
	
			2023

				 	 	1.00	 	 	 	3.74	 	 	 	0.74	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	39.17	 	 	 	62.99	 
	
			2024

				 	 	1.00	 	 	 	2.53	 	 	 	0.50	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	23.66	 	 	 	81.72	 
	
			2025

				 	 	1.00	 	 	 	1.84	 	 	 	0.36	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	14.65	 	 	 	92.26	 
	
			2026

				 	 	1.00	 	 	 	1.39	 	 	 	0.27	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	8.86	 	 	 	98.06	 
	
			2027

				 	 	1.00	 	 	 	1.08	 	 	 	0.21	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4.93	 	 	 	100.99	 
	
			2028

				 	 	1.00	 	 	 	0.87	 	 	 	0.17	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2.28	 	 	 	102.22	 
	
			2029

				 	 	1.00	 	 	 	0.44	 	 	 	0.09	 	 	 	0.00	 	 	 	0.00	 	 	 	5.17	 	 	 	0.00	 	 	 	0.00	 	 	 	0.44	 	 	 	102.45	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	16.00	 	 	 	3.15	 	 	 	15.00	 	 	 	0.00	 	 	 	66.67	 	 	 	0.00	 	 	 	0.00	 	 	 	124.48	 	 	 	10245	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			7/31/2029

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	
			Initial Rate:

				91.97	
			bbl/month

				
			 

				
			Revenue Int :

				
			0.78000000

				
			                  

			
	Abdandonment:	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.19	PW	5.00% :	11239
	
			Initial Decline :

				
			40.30

				
			%year

				
			b = 0.498

				
			ROinvestment (disc/undisc) :

				
			8.22 I 9.30

				
			PW

				
			10.00% :

				
			10245

			
	
			Beg Ratio:

				
			6.498

				 	 	
			Years to Payout:

				
			0.43

				
			PW

				
			12.00% :

				
			98.95

			
	
			End Ratio:

				
			6.500

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			94.14

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			87.12

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 2-4 - 3508323696
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			 

				Ye	
			Gross

			Oil

				 	
			Gross

			Gas

				 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	
			(MMcl)

				 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.75	 	 	4.86	 	 	0.59	 	 	 	3.81	 	 	 	65.27	 	 	 	3.71	 	 	 	38.30	 	 	 	14.14	 	 	 	0.00	 
	
			2023

				 	 	0.78	 	 	5.09	 	 	0.61	 	 	 	3.99	 	 	 	65.27	 	 	 	3.71	 	 	 	40.07	 	 	 	14.81	 	 	 	0.00	 
	
			2024

				 	 	0.53	 	 	3.43	 	 	0.41	 	 	 	2.69	 	 	 	65.27	 	 	 	3.71	 	 	 	27.02	 	 	 	9.97	 	 	 	0.00	 
	
			2025

				 	 	0.38	 	 	2.47	 	 	0.30	 	 	 	1.93	 	 	 	65.27	 	 	 	3.71	 	 	 	19.45	 	 	 	7.17	 	 	 	0.00	 
	
			2026

				 	 	0.29	 	 	1.86	 	 	0.22	 	 	 	1.46	 	 	 	65.27	 	 	 	3.71	 	 	 	14.64	 	 	 	5.41	 	 	 	0.00	 
	
			2027

				 	 	0.22	 	 	1.45	 	 	0.17	 	 	 	1.14	 	 	 	65.27	 	 	 	3.71	 	 	 	11.41	 	 	 	4.22	 	 	 	0.00	 
	
			2028

				 	 	0.18	 	 	1.17	 	 	0.14	 	 	 	0.91	 	 	 	65.27	 	 	 	3.71	 	 	 	9.21	 	 	 	3.39	 	 	 	0.00	 
	
			2029

				 	 	0.11	 	 	0.73	 	 	0.09	 	 	 	0.57	 	 	 	65.27	 	 	 	3.71	 	 	 	5.78	 	 	 	2.13	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	3.24	 	 	 	21.06	 	 	 	2.54	 	 	 	16.52	 	 	 	65.27	 	 	 	3.71	 	 	 	165.87	 	 	 	61.24	 	 	 	0.00	 
	
			Ult

				 	 	3.24	 	 	 	21.06	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 	 	(Ml)	 
	
			2022

				 	 	1.00	 	 	 	3.72	 	 	 	0.73	 	 	 	15.00	 	 	 	0.00	 	 	 	6.75	 	 	 	0.00	 	 	 	0.00	 	 	 	26.23	 	 	 	24.79	 
	
			2023

				 	 	1.00	 	 	 	3.90	 	 	 	0.77	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	41.21	 	 	 	60.69	 
	
			2024

				 	 	1.00	 	 	 	2.63	 	 	 	0.52	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	24.84	 	 	 	80.35	 
	
			2025

				 	 	1.00	 	 	 	1.89	 	 	 	0.37	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15.36	 	 	 	91.39	 
	
			2026

				 	 	1.00	 	 	 	1.42	 	 	 	0.28	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9.34	 	 	 	97.50	 
	
			2027

				 	 	1.00	 	 	 	1.11	 	 	 	0.22	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	5.31	 	 	 	100.66	 
	
			2028

				 	 	1.00	 	 	 	0.89	 	 	 	0.18	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2.53	 	 	 	102.03	 
	
			2029

				 	 	1.00	 	 	 	0.56	 	 	 	0.11	 	 	 	0.00	 	 	 	0.00	 	 	 	6.66	 	 	 	0.00	 	 	 	0.00	 	 	 	0.58	 	 	 	102.32	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	16.13	 	 	 	3.18	 	 	 	15.00	 	 	 	0.00	 	 	 	67.41	 	 	 	0.00	 	 	 	0.00	 	 	 	125.40	 	 	 	10232	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			9/30/2029

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	Initial Rate:	91.92	bbl/month	 	Revenue Int :	0.78401800	PW	5.00%  :	11272
	Abandonment:	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.08	PW	 8.00% :	106.25
	
			Initial Decline :

				
			40.30

				
			%year

				
			b = 0.498

				
			ROinvestment (disc/undisc) :

				
			8.27 I 9.36

				
			PW

				
			10.00% :

				
			10232

			
	
			Beg Ratio:

				
			6.498

				 	 	
			Years to Payout:

				
			0.51

				
			PW

				
			12.00% :

				
			98.68

			
	
			End Ratio:

				
			6.333

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			93.66

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			86.36

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 2-19 -  3508323812
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	 	Ye	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.75	 	 	 	4.86	 	 	 	0.59	 	 	 	3.81	 	 	 	65.27	 	 	 	3.71	 	 	 	38.30	 	 	 	14.14	 	 	 	0.00	 
	
			2023

				 	 	0.78	 	 	 	5.09	 	 	 	0.61	 	 	 	3.99	 	 	 	65.27	 	 	 	3.71	 	 	 	40.07	 	 	 	14.81	 	 	 	0.00	 
	
			2024

				 	 	0.53	 	 	 	3.43	 	 	 	0.41	 	 	 	2.69	 	 	 	65.27	 	 	 	3.71	 	 	 	27.02	 	 	 	9.97	 	 	 	0.00	 
	
			2025

				 	 	0.38	 	 	 	2.47	 	 	 	0.30	 	 	 	1.93	 	 	 	65.27	 	 	 	3.71	 	 	 	19.45	 	 	 	7.17	 	 	 	0.00	 
	
			2026

				 	 	0.29	 	 	 	1.86	 	 	 	0.22	 	 	 	1.46	 	 	 	65.27	 	 	 	3.71	 	 	 	14.64	 	 	 	5.41	 	 	 	0.00	 
	
			2027

				 	 	0.22	 	 	 	1.45	 	 	 	0.17	 	 	 	1.14	 	 	 	65.27	 	 	 	3.71	 	 	 	11.41	 	 	 	4.22	 	 	 	0.00	 
	
			2028

				 	 	0.18	 	 	 	1.17	 	 	 	0.14	 	 	 	0.91	 	 	 	65.27	 	 	 	3.71	 	 	 	9.21	 	 	 	3.39	 	 	 	0.00	 
	
			2029

				 	 	0.11	 	 	 	0.73	 	 	 	0.09	 	 	 	0.57	 	 	 	65.27	 	 	 	3.71	 	 	 	5.78	 	 	 	2.13	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	3.24	 	 	 	21.06	 	 	 	2.54	 	 	 	16.52	 	 	 	65.27	 	 	 	3.71	 	 	 	165.87	 	 	 	61.24	 	 	 	0.00	 
	
			Ult

				 	 	3.24	 	 	 	21.06	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			2022

				 	 	1.00	 	 	 	3.72	 	 	 	0.73	 	 	 	15.00	 	 	 	0.00	 	 	 	6.75	 	 	 	0.00	 	 	 	0.00	 	 	 	26.23	 	 	 	24.79	 
	
			2023

				 	 	1.00	 	 	 	3.90	 	 	 	0.77	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	41.21	 	 	 	60.69	 
	
			2024

				 	 	1.00	 	 	 	2.63	 	 	 	0.52	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	24.84	 	 	 	80.35	 
	
			2025

				 	 	1.00	 	 	 	1.89	 	 	 	0.37	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15.36	 	 	 	91.39	 
	
			2026

				 	 	1.00	 	 	 	1.42	 	 	 	0.28	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9.34	 	 	 	97.50	 
	
			2027

				 	 	1.00	 	 	 	1.11	 	 	 	0.22	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	5.31	 	 	 	100.66	 
	
			2028

				 	 	1.00	 	 	 	0.89	 	 	 	0.18	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2.53	 	 	 	102.03	 
	
			2029

				 	 	1.00	 	 	 	0.56	 	 	 	0.11	 	 	 	0.00	 	 	 	0.00	 	 	 	6.66	 	 	 	0.00	 	 	 	0.00	 	 	 	0.58	 	 	 	102.32	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	16.13	 	 	 	3.18	 	 	 	15.00	 	 	 	0.00	 	 	 	67.41	 	 	 	0.00	 	 	 	0.00	 	 	 	125.40	 	 	 	10232	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			9/30/2029

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	Initial Rate:	91.92	bbl/month	 	Revenue Int :	0.78401800	PW	5.00% : 	11272
	Abandonment:	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.08	PW	8.00%	106.25
	
			Initial Decline :

				
			40.30

				
			%year

				
			b = 0.498

				
			ROinvestment (disc/undisc) :

				
			8.27 I 9.36

				
			PW

				
			10.00% :

				
			10232

			
	
			Beg Ratio:

				
			6.498

				 	 	
			Years to Payout:

				
			0.51

				
			PW

				
			12.00% :

				
			98.68

			
	
			End Ratio:

				
			6.333

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			93.66

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			86.36

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 1-31 -  3508323973
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			 

				Ye	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.67	 	 	 	4.34	 	 	 	0.52	 	 	 	3.39	 	 	 	65.27	 	 	 	3.71	 	 	 	34.01	 	 	 	12.56	 	 	 	0.00	 
	
			2023

				 	 	0.81	 	 	 	5.28	 	 	 	0.63	 	 	 	4.12	 	 	 	65.27	 	 	 	3.71	 	 	 	41.39	 	 	 	15.28	 	 	 	0.00	 
	
			2024

				 	 	0.54	 	 	 	3.53	 	 	 	0.42	 	 	 	2.76	 	 	 	65.27	 	 	 	3.71	 	 	 	27.70	 	 	 	10.22	 	 	 	0.00	 
	
			2025

				 	 	0.39	 	 	 	2.53	 	 	 	0.30	 	 	 	1.97	 	 	 	65.27	 	 	 	3.71	 	 	 	19.80	 	 	 	7.32	 	 	 	0.00	 
	
			2026

				 	 	0.29	 	 	 	1.90	 	 	 	0.23	 	 	 	1.48	 	 	 	65.27	 	 	 	3.71	 	 	 	14.92	 	 	 	5.50	 	 	 	0.00	 
	
			2027

				 	 	0.23	 	 	 	1.48	 	 	 	0.18	 	 	 	1.16	 	 	 	65.27	 	 	 	3.71	 	 	 	11.56	 	 	 	4.28	 	 	 	0.00	 
	
			2028

				 	 	0.18	 	 	 	1.19	 	 	 	0.14	 	 	 	0.93	 	 	 	65.27	 	 	 	3.71	 	 	 	9.32	 	 	 	3.43	 	 	 	0.00	 
	
			2029

				 	 	0.12	 	 	 	0.75	 	 	 	0.09	 	 	 	0.58	 	 	 	65.27	 	 	 	3.71	 	 	 	5.85	 	 	 	2.15	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	3.23	 	 	 	21.01	 	 	 	2.52	 	 	 	16.39	 	 	 	65.27	 	 	 	3.71	 	 	 	164.54	 	 	 	60.76	 	 	 	0.00	 
	
			Ult

				 	 	3.23	 	 	 	21.01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	3.31	 	 	 	0.65	 	 	 	15.00	 	 	 	0.00	 	 	 	6.00	 	 	 	0.00	 	 	 	0.00	 	 	 	21.61	 	 	 	20.41	 
	
			2023

				 	 	1.00	 	 	 	4.02	 	 	 	0.79	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	42.86	 	 	 	57.74	 
	
			2024

				 	 	1.00	 	 	 	2.69	 	 	 	0.53	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	25.69	 	 	 	78.07	 
	
			2025

				 	 	1.00	 	 	 	1.93	 	 	 	0.38	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15.82	 	 	 	89.45	 
	
			2026

				 	 	1.00	 	 	 	1.45	 	 	 	0.29	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9.68	 	 	 	95.79	 
	
			2027

				 	 	1.00	 	 	 	1.12	 	 	 	0.22	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	5.49	 	 	 	99.06	 
	
			2028

				 	 	1.00	 	 	 	0.91	 	 	 	0.18	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2.66	 	 	 	100.50	 
	
			2029

				 	 	1.00	 	 	 	0.57	 	 	 	0.11	 	 	 	0.00	 	 	 	0.00	 	 	 	6.66	 	 	 	0.00	 	 	 	0.00	 	 	 	0.67	 	 	 	100.84	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	16.00	 	 	 	3.15	 	 	 	15.00	 	 	 	0.00	 	 	 	66.66	 	 	 	0.00	 	 	 	0.00	 	 	 	124.49	 	 	 	100.84	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			9/30/2029

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	 Initial Rate:	91.96	bbl/month	 	Revenue Int :	0.78000000	PW	5.00% : 	111.49
	 Abandonment: 	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	13.97	PW	8.00%  :	104.86
	
			Initial Decline :

				
			40.30

				
			%year

				
			b = 0.498

				
			ROinvestment (disc/undisc) :

				
			8.22 I 9.30

				
			PW

				
			10.00% :

				
			100.84

			
	
			Beg Ratio:

				
			6.500

				 	 	
			Years to Payout:

				
			0.59

				
			PW

				
			12.00% :

				
			97.11

			
	
			End Ratio:

				
			6.500

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			91.98

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			84.52

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Orr-2 - 3508122917
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Hunton
	 	 	 	Co., State :	Lincoln, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			 

				Ye	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.18	 	 	 	1.15	 	 	 	0.14	 	 	 	0.93	 	 	 	65.27	 	 	 	3.71	 	 	 	9.33	 	 	 	3.45	 	 	 	0.00	 
	
			2023

				 	 	0.81	 	 	 	5.28	 	 	 	0.66	 	 	 	4.29	 	 	 	65.27	 	 	 	3.71	 	 	 	43.11	 	 	 	15.92	 	 	 	0.00	 
	
			2024

				 	 	0.54	 	 	 	3.53	 	 	 	0.44	 	 	 	2.87	 	 	 	65.27	 	 	 	3.71	 	 	 	28.85	 	 	 	10.65	 	 	 	0.00	 
	
			2025

				 	 	0.39	 	 	 	2.53	 	 	 	0.32	 	 	 	2.06	 	 	 	65.27	 	 	 	3.71	 	 	 	20.63	 	 	 	7.63	 	 	 	0.00	 
	
			2026

				 	 	0.29	 	 	 	1.90	 	 	 	0.24	 	 	 	1.55	 	 	 	65.27	 	 	 	3.71	 	 	 	15.54	 	 	 	5.73	 	 	 	0.00	 
	
			2027

				 	 	0.23	 	 	 	1.48	 	 	 	0.18	 	 	 	1.20	 	 	 	65.27	 	 	 	3.71	 	 	 	12.04	 	 	 	4.46	 	 	 	0.00	 
	
			2028

				 	 	0.18	 	 	 	1.19	 	 	 	0.15	 	 	 	0.96	 	 	 	65.27	 	 	 	3.71	 	 	 	9.70	 	 	 	3.57	 	 	 	0.00	 
	
			2029

				 	 	0.14	 	 	 	0.90	 	 	 	0.11	 	 	 	0.73	 	 	 	65.27	 	 	 	3.71	 	 	 	7.37	 	 	 	2.70	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	2.76	 	 	 	17.96	 	 	 	2.25	 	 	 	14.59	 	 	 	65.27	 	 	 	3.71	 	 	 	146.58	 	 	 	54.11	 	 	 	0.00	 
	
			Ult

				 	 	2.76	 	 	 	17.96	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	0.91	 	 	 	0.18	 	 	 	15.00	 	 	 	0.00	 	 	 	1.50	 	 	 	0.00	 	 	 	0.00	 	 	 	-4.80	 	 	 	-4.62	 
	
			2023

				 	 	1.00	 	 	 	4.19	 	 	 	0.83	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	45.02	 	 	 	34.59	 
	
			2024

				 	 	1.00	 	 	 	2.80	 	 	 	0.55	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	27.14	 	 	 	56.06	 
	
			2025

				 	 	1.00	 	 	 	2.01	 	 	 	0.40	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	16.85	 	 	 	68.19	 
	
			2026

				 	 	1.00	 	 	 	1.51	 	 	 	0.30	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	10.46	 	 	 	75.03	 
	
			2027

				 	 	1.00	 	 	 	1.17	 	 	 	0.23	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	6.10	 	 	 	78.66	 
	
			2028

				 	 	1.00	 	 	 	0.94	 	 	 	0.19	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3.15	 	 	 	80.36	 
	
			2029

				 	 	1.00	 	 	 	0.72	 	 	 	0.14	 	 	 	0.00	 	 	 	0.00	 	 	 	8.25	 	 	 	0.00	 	 	 	0.00	 	 	 	0.96	 	 	 	80.84	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	14.25	 	 	 	2.81	 	 	 	15.00	 	 	 	0.00	 	 	 	63.75	 	 	 	0.00	 	 	 	0.00	 	 	 	104.88	 	 	 	80.84	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			11/30/2029

				 	 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	Initial Rate:	90.00	bbl/month	 	Revenue Int :	0.81250000	PW	5.00% :	91.61
	Abandonment: 	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	13.97	PW	8.00%  :	84.89
	
			Initial Decline :

				
			40.30

				
			%year

				
			b = 0.499

				
			ROinvestment (disc/undisc) :

				
			6.79 /7.99

				
			PW

				
			10.00% :

				
			80.84

			
	
			Beg Ratio:

				
			6.500

				 	 	
			Years to Payout:

				
			1.09

				
			PW

				
			12.00% :

				
			77.10

			
	
			End Ratio:

				
			6.250

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			71.99

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			64.60

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Orr-3 - 3508123498
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Hunton
	 	 	 	Co., State :	Lincoln, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			 

				Ye	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.18	 	 	 	1.15	 	 	 	0.14	 	 	 	0.93	 	 	 	65.27	 	 	 	3.71	 	 	 	9.33	 	 	 	3.45	 	 	 	0.00	 
	
			2023

				 	 	0.81	 	 	 	5.28	 	 	 	0.66	 	 	 	4.29	 	 	 	65.27	 	 	 	3.71	 	 	 	43.11	 	 	 	15.92	 	 	 	0.00	 
	
			2024

				 	 	0.54	 	 	 	3.53	 	 	 	0.44	 	 	 	2.87	 	 	 	65.27	 	 	 	3.71	 	 	 	28.85	 	 	 	10.65	 	 	 	0.00	 
	
			2025

				 	 	0.39	 	 	 	2.53	 	 	 	0.32	 	 	 	2.06	 	 	 	65.27	 	 	 	3.71	 	 	 	20.63	 	 	 	7.63	 	 	 	0.00	 
	
			2026

				 	 	0.29	 	 	 	1.90	 	 	 	0.24	 	 	 	1.55	 	 	 	65.27	 	 	 	3.71	 	 	 	15.54	 	 	 	5.73	 	 	 	0.00	 
	
			2027

				 	 	0.23	 	 	 	1.48	 	 	 	0.18	 	 	 	1.20	 	 	 	65.27	 	 	 	3.71	 	 	 	12.04	 	 	 	4.46	 	 	 	0.00	 
	
			2028

				 	 	0.18	 	 	 	1.19	 	 	 	0.15	 	 	 	0.96	 	 	 	65.27	 	 	 	3.71	 	 	 	9.70	 	 	 	3.57	 	 	 	0.00	 
	
			2029

				 	 	0.14	 	 	 	0.90	 	 	 	0.11	 	 	 	0.73	 	 	 	65.27	 	 	 	3.71	 	 	 	7.37	 	 	 	2.70	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	2.76	 	 	 	17.96	 	 	 	2.25	 	 	 	14.59	 	 	 	65.27	 	 	 	3.71	 	 	 	146.58	 	 	 	54.11	 	 	 	0.00	 
	
			Ult

				 	 	2.76	 	 	 	17.96	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	0.91	 	 	 	0.18	 	 	 	15.00	 	 	 	0.00	 	 	 	1.50	 	 	 	0.00	 	 	 	0.00	 	 	 	-4.80	 	 	 	-4.62	 
	
			2023

				 	 	1.00	 	 	 	4.19	 	 	 	0.83	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	45.02	 	 	 	34.59	 
	
			2024

				 	 	1.00	 	 	 	2.80	 	 	 	0.55	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	27.14	 	 	 	56.06	 
	
			2025

				 	 	1.00	 	 	 	2.01	 	 	 	0.40	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	16.85	 	 	 	68.19	 
	
			2026

				 	 	1.00	 	 	 	1.51	 	 	 	0.30	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	10.46	 	 	 	75.03	 
	
			2027

				 	 	1.00	 	 	 	1.17	 	 	 	0.23	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	6.10	 	 	 	78.66	 
	
			2028

				 	 	1.00	 	 	 	0.94	 	 	 	0.19	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3.15	 	 	 	80.36	 
	
			2029

				 	 	1.00	 	 	 	0.72	 	 	 	0.14	 	 	 	0.00	 	 	 	0.00	 	 	 	8.25	 	 	 	0.00	 	 	 	0.00	 	 	 	0.96	 	 	 	80.84	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	14.25	 	 	 	2.81	 	 	 	15.00	 	 	 	0.00	 	 	 	63.75	 	 	 	0.00	 	 	 	0.00	 	 	 	104.88	 	 	 	80.84	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			11/30/2029

				 	 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	 Initial Rate:	90.00	bbl/month	 	Revenue Int :	0.81250000	PW	5.00% :	91.61
	 Abandonment:	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	13.97	PW	8.00%  :	84.89
	
			Initial Decline :

				
			40.30

				
			%year

				
			b = 0.499

				
			ROinvestment (disc/undisc) :

				
			6.79 /7.99

				
			PW

				
			10.00% :

				
			80.84

			
	
			Beg Ratio:

				
			6.500

				 	 	
			Years to Payout:

				
			1.09

				
			PW

				
			12.00% :

				
			77.10

			
	
			End Ratio:

				
			6.250

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			71.99

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			64.60

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022 3:31:27PM 	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Wilson lH - 3508123728 
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Non-Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Hunton
	 	 	 	Co., State :	Lincoln, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	 	 	
			Gross

				 	 	
			Gross

				 	 	
			Net

				 	 	
			Net

				 	 	
			Oil

				 	 	
			Gas

				 	 	
			Oil

				 	 	Gas	 	 	
			Mlsc.

				 
	 	 	
			Oil

				 	 	
			Gas

				 	 	
			Oil

				 	 	
			Gas

				 	 	
			Price

				 	 	
			Price

				 	 	
			Revenue

				 	 	Revenue	 	 	
			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	(Ml)	 	 	
			(Ml)

				 
	
			2022

				 	 	0.18	 	 	 	1.15	 	 	 	0.07	 	 	 	0.47	 	 	 	65.27	 	 	 	3.71	 	 	 	4.67	 	 	 	1.73	 	 	 	0.00	 
	
			2023

				 	 	0.81	 	 	 	5.28	 	 	 	0.33	 	 	 	2.15	 	 	 	65.27	 	 	 	3.71	 	 	 	21.56	 	 	 	7.96	 	 	 	0.00	 
	
			2024

				 	 	0.54	 	 	 	3.53	 	 	 	0.22	 	 	 	1.44	 	 	 	65.27	 	 	 	3.71	 	 	 	14.42	 	 	 	5.32	 	 	 	0.00	 
	
			2025

				 	 	0.39	 	 	 	2.53	 	 	 	0.16	 	 	 	1.03	 	 	 	65.27	 	 	 	3.71	 	 	 	10.31	 	 	 	3.81	 	 	 	0.00	 
	
			2026

				 	 	0.23	 	 	 	1.47	 	 	 	0.09	 	 	 	0.60	 	 	 	65.27	 	 	 	3.71	 	 	 	6.02	 	 	 	2.22	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	2.15	 	 	 	13.97	 	 	 	0.87	 	 	 	5.67	 	 	 	65.27	 	 	 	3.71	 	 	 	56.98	 	 	 	21.04	 	 	 	0.00	 
	
			Ult

				 	 	2.15	 	 	 	13.97	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	0.45	 	 	 	0.09	 	 	 	0.00	 	 	 	0.00	 	 	 	0.75	 	 	 	0.00	 	 	 	0.00	 	 	 	5.10	 	 	 	4.67	 
	
			2023

				 	 	1.00	 	 	 	2.10	 	 	 	0.41	 	 	 	0.00	 	 	 	0.00	 	 	 	4.50	 	 	 	0.00	 	 	 	0.00	 	 	 	22.51	 	 	 	24.28	 
	
			2024

				 	 	1.00	 	 	 	1.40	 	 	 	0.28	 	 	 	0.00	 	 	 	0.00	 	 	 	4.50	 	 	 	0.00	 	 	 	0.00	 	 	 	13.57	 	 	 	35.02	 
	
			2025

				 	 	1.00	 	 	 	1.00	 	 	 	0.20	 	 	 	0.00	 	 	 	0.00	 	 	 	4.50	 	 	 	0.00	 	 	 	0.00	 	 	 	8.43	 	 	 	41.08	 
	
			2026

				 	 	1.00	 	 	 	0.58	 	 	 	0.12	 	 	 	0.00	 	 	 	0.00	 	 	 	3.33	 	 	 	0.00	 	 	 	0.00	 	 	 	4.21	 	 	 	43.86	 

 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	5.54	 	 	 	1.09	 	 	 	0.00	 	 	 	0.00	 	 	 	17.58	 	 	 	0.00	 	 	 	0.00	 	 	 	53.81	 	 	 	43.86	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			9/30/2026

				 	 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			0.50000000

				
			Present Worth Profile (M$)

			
	 Initial Rate:	90.00	bbl/month	 	Revenue Int :	0.40625000	PW	5.00% :	48.41
	 Abandonment:	23.00	bbl/month	 	Disc. fuitial fuvest. (M$):	0.00	PW	8.00% :	45.59
	
			Initial Decline :

				
			40.30

				
			%year

				
			b = 0.499

				
			ROinvestment (disc/undisc) :

				
			0.00 I 0.00

				
			PW

				
			10.00% :

				
			43.86

			
	
			Beg Ratio:

				
			6.500

				 	 	
			Years to Payout:

				
			0.00

				
			PW

				
			12.00% :

				
			4224

			
	
			End Ratio:

				
			6.478

				 	 	
			Internal ROR (%):

				
			0.00

				
			PW

				
			15.00% :

				
			40.00

			

 

TRC Eco Detailed.rpt

 

 

 

 

Table III: Proven Behind-Pipe Project Information date 1-January-2022.

 

	
			BASIC PROJECT INFORMATION

			
	
			Description

				
			Units

				
			Value

			
	
			Evaluation date

				 	
			January 2022

			
	
			Prepared by

				 	
			Dr. Robert Miles

			
	
			Interest owner

				 	
			Alpha Energy Inc.

			
	
			Well &/or Lease name

				 	
			Various leased areas

			
	
			Field &/or Reservoir name

				 	
			Lawrie West

			
	
			County

				 	
			Logan

			
	
			State

				 	
			OK

			
	
			Operator name

				 	
			Alpha Energy Texas Operating

			LLC

			
	
			Project name

				 	
			Logan I

			
	
			Reserve category

				 	
			Proven

			
	
			Effective month & year

				 	
			January 2022

			
	
			Selected discount rate

				
			%

				
			10%

			
	
			ECONOMIC AND INVESTMENT DATA

			
	
			Net Revenue Interest (avg)

				
			%

				
			76.58

			
	
			Total acreage

				
			acres

				
			880

			
	
			PRICING DATA

			
	
			Oil price

				
			$/Bbl.

				
			65.27

			
	
			Oil price Esc and start date

				 	
			0

			
	
			Gas price

				
			$/MCF

				
			3.708

			
	
			Gas price Esc and start date

				 	
			0

			

 

 

The expected production from the three (3) behind-pipe wells along with their decline parameters were determined through information provided by Alpha. Decline curve analysis was performed on the PDNP wells using PhDwin software and curve fitting algorithms. Recoverable reserves came from the Carmichael, Redfork, Cleveland, Hunton, and the lower Miss Lime. The Redfork and the Miss Lime were estimated to produce EURs of 33,000 and 34,000 bo, respectively. The Carmichael is projected to produce about 450,000 MCF of gas but little oil. Based on information from Alpha, LGT assumed a remaining lifetime of both restarted and reworked wells to be ten (10) years.

 

 

 

 

Table IV: Proven Behind-Pipe Reserve Economic Proforma Report dated 1-January-2022.

 

 

 

 

 

 

	Date: 02/26/2022  1:59:llPM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 11-34 - 3508323882
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Behind Pipe
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	FIRSTLIBERTYENERGYillC
	Archive Set :	defrn.1lt	 	Reservoir :	Cannichael
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			 

				Ye	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.02	 	 	 	102.14	 	 	 	0.77	 	 	 	77.28	 	 	 	65.27	 	 	 	3.71	 	 	 	50.37	 	 	 	286.55	 	 	 	0.00	 
	
			2023

				 	 	1.01	 	 	 	100.82	 	 	 	0.76	 	 	 	76.28	 	 	 	65.27	 	 	 	3.71	 	 	 	49.63	 	 	 	282.86	 	 	 	0.00	 
	
			2024

				 	 	0.66	 	 	 	66.50	 	 	 	0.50	 	 	 	50.32	 	 	 	65.27	 	 	 	3.71	 	 	 	32.74	 	 	 	186.57	 	 	 	0.00	 
	
			2025

				 	 	0.47	 	 	 	47.15	 	 	 	0.36	 	 	 	35.68	 	 	 	65.27	 	 	 	3.71	 	 	 	23.26	 	 	 	132.29	 	 	 	0.00	 
	
			2026

				 	 	0.35	 	 	 	35.18	 	 	 	0.27	 	 	 	26.62	 	 	 	65.27	 	 	 	3.71	 	 	 	17.33	 	 	 	98.69	 	 	 	0.00	 
	
			2027

				 	 	0.27	 	 	 	27.25	 	 	 	0.21	 	 	 	20.62	 	 	 	65.27	 	 	 	3.71	 	 	 	13.38	 	 	 	76.45	 	 	 	0.00	 
	
			2028

				 	 	0.22	 	 	 	21.73	 	 	 	0.16	 	 	 	16.44	 	 	 	65.27	 	 	 	3.71	 	 	 	10.77	 	 	 	60.97	 	 	 	0.00	 
	
			2029

				 	 	0.18	 	 	 	17.73	 	 	 	0.13	 	 	 	13.42	 	 	 	65.27	 	 	 	3.71	 	 	 	8.74	 	 	 	49.75	 	 	 	0.00	 
	
			2030

				 	 	0.15	 	 	 	14.75	 	 	 	0.11	 	 	 	11.16	 	 	 	65.27	 	 	 	3.71	 	 	 	7.26	 	 	 	41.38	 	 	 	0.00	 
	
			2031

				 	 	0.13	 	 	 	12.46	 	 	 	0.09	 	 	 	9.42	 	 	 	65.27	 	 	 	3.71	 	 	 	6.17	 	 	 	34.95	 	 	 	0.00	 
	
			2032

				 	 	0.05	 	 	 	4.64	 	 	 	0.03	 	 	 	3.51	 	 	 	65.27	 	 	 	3.71	 	 	 	2.22	 	 	 	13.01	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	4.49	 	 	 	450.35	 	 	 	3.40	 	 	 	340.74	 	 	 	65.27	 	 	 	3.71	 	 	 	221.88	 	 	 	1,263.46	 	 	 	0.00	 
	
			Ult

				 	 	4.49	 	 	 	450.35	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	23.92	 	 	 	4.72	 	 	 	14.47	 	 	 	0.00	 	 	 	5.79	 	 	 	0.00	 	 	 	0.00	 	 	 	288.02	 	 	 	270.40	 
	
			2023

				 	 	1.00	 	 	 	23.60	 	 	 	4.65	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	295.55	 	 	 	527.69	 
	
			2024

				 	 	1.00	 	 	 	15.57	 	 	 	3.07	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	191.99	 	 	 	679.50	 
	
			2025

				 	 	1.00	 	 	 	11.04	 	 	 	2.18	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	133.65	 	 	 	775.54	 
	
			2026

				 	 	1.00	 	 	 	8.24	 	 	 	1.62	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	97.48	 	 	 	839.20	 
	
			2027

				 	 	1.00	 	 	 	6.38	 	 	 	1.26	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	73.51	 	 	 	882.84	 
	
			2028

				 	 	1.00	 	 	 	5.09	 	 	 	1.00	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	56.95	 	 	 	913.56	 
	
			2029

				 	 	1.00	 	 	 	4.15	 	 	 	0.82	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	44.84	 	 	 	935.55	 
	
			2030

				 	 	1.00	 	 	 	3.45	 	 	 	0.68	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	35.82	 	 	 	951.52	 
	
			2031

				 	 	1.00	 	 	 	2.92	 	 	 	0.58	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	28.94	 	 	 	963.25	 
	
			2032

				 	 	1.00	 	 	 	1.08	 	 	 	0.21	 	 	 	0.00	 	 	 	0.00	 	 	 	3.57	 	 	 	0.00	 	 	 	0.00	 	 	 	10.36	 	 	 	967.17	 

 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	105.45	 	 	 	20.79	 	 	 	14.47	 	 	 	0.00	 	 	 	87.53	 	 	 	0.00	 	 	 	0.00	 	 	 	1,257.10	 	 	 	967.17	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			5/31/2032

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			0.96496259

				
			Present Worth Profile (M$)

			
	Initial Rate:	0.00	bbl/month	 	Revenue Int :	0.75661135	PW	5.00% :	 1,092.70
	 Abandonment:	9.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.14	PW	8.00% :	1,013.59
	
			Initial Decline :

				
			0.00

				
			%year

				
			b = 0.000

				
			ROinvestment (disc/undisc) :

				
			69.41 / 87.85

				
			PW

				
			10.00% :

				
			967.17

			
	
			Beg Ratio:

				
			0.000

				 	 	
			Years to Payout:

				
			0.36

				
			PW

				
			12.00% :

				
			925.02

			
	
			End Ratio:

				
			100.444

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			868.66

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			789.53

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022  1:59:llPM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 11-18 - 3508323799
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Behind Pipe
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	REDLINE ENERGY LLC
	Archive Set :	defrn.1lt	 	Reservoir :	Cleveland
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			 

				Ye	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.92	 	 	 	5.59	 	 	 	1.50	 	 	 	4.37	 	 	 	65.27	 	 	 	3.71	 	 	 	97.69	 	 	 	16.19	 	 	 	0.00	 
	
			2023

				 	 	2.61	 	 	 	7.62	 	 	 	2.04	 	 	 	5.95	 	 	 	65.27	 	 	 	3.71	 	 	 	133.15	 	 	 	22.06	 	 	 	0.00	 
	
			2024

				 	 	1.70	 	 	 	4.95	 	 	 	1.33	 	 	 	3.87	 	 	 	65.27	 	 	 	3.71	 	 	 	86.53	 	 	 	14.33	 	 	 	0.00	 
	
			2025

				 	 	1.19	 	 	 	3.47	 	 	 	0.93	 	 	 	2.71	 	 	 	65.27	 	 	 	3.71	 	 	 	60.79	 	 	 	10.06	 	 	 	0.00	 
	
			2026

				 	 	0.88	 	 	 	2.57	 	 	 	0.69	 	 	 	2.01	 	 	 	65.27	 	 	 	3.71	 	 	 	44.94	 	 	 	7.45	 	 	 	0.00	 
	
			2027

				 	 	0.68	 	 	 	1.98	 	 	 	0.53	 	 	 	1.55	 	 	 	65.27	 	 	 	3.71	 	 	 	34.70	 	 	 	5.74	 	 	 	0.00	 
	
			2028

				 	 	0.54	 	 	 	1.57	 	 	 	0.42	 	 	 	1.23	 	 	 	65.27	 	 	 	3.71	 	 	 	27.52	 	 	 	4.56	 	 	 	0.00	 
	
			2029

				 	 	0.44	 	 	 	1.28	 	 	 	0.34	 	 	 	1.00	 	 	 	65.27	 	 	 	3.71	 	 	 	22.32	 	 	 	3.71	 	 	 	0.00	 
	
			2030

				 	 	0.36	 	 	 	1.06	 	 	 	0.28	 	 	 	0.83	 	 	 	65.27	 	 	 	3.71	 	 	 	18.50	 	 	 	3.07	 	 	 	0.00	 
	
			2031

				 	 	0.31	 	 	 	0.89	 	 	 	0.24	 	 	 	0.70	 	 	 	65.27	 	 	 	3.71	 	 	 	15.64	 	 	 	2.59	 	 	 	0.00	 
	
			2032

				 	 	0.16	 	 	 	0.46	 	 	 	0.12	 	 	 	0.36	 	 	 	65.27	 	 	 	3.71	 	 	 	8.00	 	 	 	1.33	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	10.79	 	 	 	31.46	 	 	 	8.42	 	 	 	24.56	 	 	 	65.27	 	 	 	3.71	 	 	 	549.78	 	 	 	91.09	 	 	 	0.00	 
	
			Ult

				 	 	10.79	 	 	 	31.46	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	8.09	 	 	 	1.59	 	 	 	15.00	 	 	 	0.00	 	 	 	4.50	 	 	 	0.00	 	 	 	0.00	 	 	 	84.69	 	 	 	78.52	 
	
			2023

				 	 	1.00	 	 	 	11.02	 	 	 	2.17	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	133.02	 	 	 	194.36	 
	
			2024

				 	 	1.00	 	 	 	7.16	 	 	 	1.41	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	83.28	 	 	 	260.23	 
	
			2025

				 	 	1.00	 	 	 	5.03	 	 	 	0.99	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	55.83	 	 	 	300.36	 
	
			2026

				 	 	1.00	 	 	 	3.72	 	 	 	0.73	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	38.94	 	 	 	325.80	 
	
			2027

				 	 	1.00	 	 	 	2.87	 	 	 	0.57	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	28.00	 	 	 	342.43	 
	
			2028

				 	 	1.00	 	 	 	2.28	 	 	 	0.45	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	20.35	 	 	 	353.42	 
	
			2029

				 	 	1.00	 	 	 	1.85	 	 	 	0.36	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	14.82	 	 	 	360.69	 
	
			2030

				 	 	1.00	 	 	 	1.53	 	 	 	0.30	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	10.74	 	 	 	365.48	 
	
			2031

				 	 	1.00	 	 	 	1.29	 	 	 	0.26	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	7.68	 	 	 	368.59	 
	
			2032

				 	 	1.00	 	 	 	0.66	 	 	 	0.13	 	 	 	0.00	 	 	 	0.00	 	 	 	5.19	 	 	 	0.00	 	 	 	0.00	 	 	 	3.34	 	 	 	369.85	 

 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	45.51	 	 	 	8.97	 	 	 	15.00	 	 	 	0.00	 	 	 	90.69	 	 	 	0.00	 	 	 	0.00	 	 	 	480.69	 	 	 	369.85	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			7/31/2032

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	Initial Rate:	0.00	bbl/month	 	Revenue Int :	0.78071875	PW	5.00% :	 418.24
	 Abandonment:	22.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.42	PW	8.00% :	387.82
	
			Initial Decline :

				
			0.00

				
			%year

				
			b = 0.000

				
			ROinvestment (disc/undisc) :

				
			26.65 /33.05

				
			PW

				
			10.00% :

				
			369.85

			
	
			Beg Ratio:

				
			0.000

				 	 	
			Years to Payout:

				
			0.56

				
			PW

				
			12.00% :

				
			353.45

			
	
			End Ratio:

				
			2.864

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			331.40

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			300.20

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022  1:59:llPM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 11-18 - 3508323799
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Behind Pipe
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	REDLINE ENERGY LLC
	Archive Set :	defrn.1lt	 	Reservoir :	Cleveland
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	(Mbbl)	 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	2.59	 	 	 	2.59	 	 	 	2.02	 	 	 	2.02	 	 	 	65.27	 	 	 	3.71	 	 	 	131.82	 	 	 	7.49	 	 	 	0.00	 
	
			2023

				 	 	4.31	 	 	 	4.31	 	 	 	3.36	 	 	 	3.36	 	 	 	65.27	 	 	 	3.71	 	 	 	219.49	 	 	 	12.47	 	 	 	0.00	 
	
			2024

				 	 	2.78	 	 	 	2.78	 	 	 	2.17	 	 	 	2.17	 	 	 	65.27	 	 	 	3.71	 	 	 	141.45	 	 	 	8.04	 	 	 	0.00	 
	
			2025

				 	 	1.94	 	 	 	1.94	 	 	 	1.51	 	 	 	1.51	 	 	 	65.27	 	 	 	3.71	 	 	 	98.66	 	 	 	5.61	 	 	 	0.00	 
	
			2026

				 	 	1.43	 	 	 	1.43	 	 	 	1.12	 	 	 	1.12	 	 	 	65.27	 	 	 	3.71	 	 	 	72.84	 	 	 	4.14	 	 	 	0.00	 
	
			2027

				 	 	1.10	 	 	 	1.10	 	 	 	0.86	 	 	 	0.86	 	 	 	65.27	 	 	 	3.71	 	 	 	55.88	 	 	 	3.17	 	 	 	0.00	 
	
			2028

				 	 	0.87	 	 	 	0.87	 	 	 	0.68	 	 	 	0.68	 	 	 	65.27	 	 	 	3.71	 	 	 	44.37	 	 	 	2.52	 	 	 	0.00	 
	
			2029

				 	 	0.70	 	 	 	0.70	 	 	 	0.55	 	 	 	0.55	 	 	 	65.27	 	 	 	3.71	 	 	 	35.86	 	 	 	2.04	 	 	 	0.00	 
	
			2030

				 	 	0.59	 	 	 	0.59	 	 	 	0.46	 	 	 	0.46	 	 	 	65.27	 	 	 	3.71	 	 	 	29.85	 	 	 	1.70	 	 	 	0.00	 
	
			2031

				 	 	0.49	 	 	 	0.49	 	 	 	0.38	 	 	 	0.38	 	 	 	65.27	 	 	 	3.71	 	 	 	25.11	 	 	 	1.43	 	 	 	0.00	 
	
			2032

				 	 	0.29	 	 	 	0.29	 	 	 	0.22	 	 	 	0.22	 	 	 	65.27	 	 	 	3.71	 	 	 	14.67	 	 	 	0.83	 	 	 	0.00	 

 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	17.08	 	 	 	17.08	 	 	 	13.33	 	 	 	13.33	 	 	 	65.27	 	 	 	3.71	 	 	 	870.00	 	 	 	49.42	 	 	 	0.00	 
	
			Ult

				 	 	17.08	 	 	 	17.08	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	9.89	 	 	 	1.95	 	 	 	15.00	 	 	 	0.00	 	 	 	3.75	 	 	 	0.00	 	 	 	0.00	 	 	 	108.72	 	 	 	100.53	 
	
			2023

				 	 	1.00	 	 	 	16.47	 	 	 	3.25	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	203.24	 	 	 	277.51	 
	
			2024

				 	 	1.00	 	 	 	10.62	 	 	 	2.09	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	127.78	 	 	 	378.57	 
	
			2025

				 	 	1.00	 	 	 	7.40	 	 	 	1.46	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	86.41	 	 	 	440.67	 
	
			2026

				 	 	1.00	 	 	 	5.47	 	 	 	1.08	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	61.43	 	 	 	480.80	 
	
			2027

				 	 	1.00	 	 	 	4.19	 	 	 	0.83	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	45.03	 	 	 	507.54	 
	
			2028

				 	 	1.00	 	 	 	3.33	 	 	 	0.66	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	33.90	 	 	 	525.83	 
	
			2029

				 	 	1.00	 	 	 	2.69	 	 	 	0.53	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	25.68	 	 	 	538.43	 
	
			2030

				 	 	1.00	 	 	 	2.24	 	 	 	0.44	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	19.86	 	 	 	547.29	 
	
			2031

				 	 	1.00	 	 	 	1.88	 	 	 	0.37	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15.28	 	 	 	553.48	 
	
			2032

				 	 	1.00	 	 	 	1.10	 	 	 	0.22	 	 	 	0.00	 	 	 	0.00	 	 	 	5.94	 	 	 	0.00	 	 	 	0.00	 	 	 	8.24	 	 	 	556.56	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	65.29	 	 	 	12.87	 	 	 	15.00	 	 	 	0.00	 	 	 	90.69	 	 	 	0.00	 	 	 	0.00	 	 	 	735.57	 	 	 	556.56	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			8/31/2032

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	 Initial Rate:	0.00	bbl/month	 	Revenue Int :	0.78040180	PW  	5.00% :	634.21
	 Abandonment:	34.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.31	PW	8.00% :	585.30
	
			Initial Decline :

				
			0.00

				
			%year

				
			b = 0.000

				
			ROinvestment (disc/undisc) :

				
			39.90 I 50.04

				
			PW

				
			10.00% :

				
			556.56

			
	
			Beg Ratio:

				
			0.000

				 	 	
			Years to Payout:

				
			0.63

				
			PW

				
			12.00% :

				
			530.45

			
	
			End Ratio:

				
			1.000

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			495.49

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			446.34

			

 

TRC Eco Detailed.rpt

 

 

 

 

Table V: PDP Project Information date 1-January-2022.

 

	
			BASIC PROJECT INFORMATION

			
	
			Description

				
			Units

				
			Value

			
	
			Evaluation date

				 	
			January 2022

			
	
			Prepared by

				 	
			Dr. Robert Miles

			
	
			Interest owner

				 	
			Alpha Energy Inc.

			
	
			Well &/or Lease name

				 	
			Various leased areas

			
	
			Field &/or Reservoir name

				 	
			Lawrie West

			
	
			County

				 	
			Logan

			
	
			State

				 	
			OK

			
	
			Operator name

				 	
			Alpha Energy Texas Operating LLC

			
	
			Project name

				 	
			Logan I

			
	
			Reserve category

				 	
			Proven

			
	
			Effective month & year

				 	
			January 2022

			
	
			Selected discount rate

				
			%

				
			10%

			
	
			ECONOMIC AND INVESTMENT DATA

			
	
			Net Revenue Interest (avg)

				
			%

				
			76.04

			
	
			Total acreage

				
			acres

				
			880

			
	
			PRICING DATA

			
	
			Oil price

				
			$/Bbl.

				
			65.27

			
	
			Oil price Esc and start date

				 	
			0

			
	
			Gas price

				
			$/MCF

				
			3.708

			
	
			Gas price Esc and start date

				 	
			0

			

 

The expected production from the five (5) active wells along with their decline parameters were determined through information provided by Alpha. Decline curve analysis was performed on the PDNP wells using PhDwin software and curve fitting algorithms. Recoverable reserves came from the upper and lower Miss Lime. The Coral 22-11 produced from both the Miss Lime and the Viola. OOIP and recovery estimates were made for each well to determine the recovery factor and determine remaining reserves to recover. Four out of the five wells had substantial remaining reserves and showed a range of about 5-15% total recovery of OOIP. Since these wells were likely not properly produced/ periodically shut-in over the last 18 months, these four wells should be simulated using a simple workover (clear out sand, little acid treatment).

 

Based on information from Alpha, LGT assumed a remaining lifetime of the four reworked wells to be ten (10) years. The remaining PDP well should have economic production for the next two years only.

 

 

 

 

Table VI: PDP Reserve Economic Proforma Report dated 1-January-2022.

 

 

 

 

 

 

 

	Date: 02/26/2022  2:01:13PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 11-18 - 3508323799
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	8.53	 	 	 	55.69	 	 	 	6.66	 	 	 	43.48	 	 	 	65.27	 	 	 	3.71	 	 	 	434.65	 	 	 	161.23	 	 	 	0.00	 
	
			2023

				 	 	7.63	 	 	 	49.80	 	 	 	5.95	 	 	 	38.88	 	 	 	65.27	 	 	 	3.71	 	 	 	388.60	 	 	 	144.17	 	 	 	0.00	 
	
			2024

				 	 	5.21	 	 	 	34.02	 	 	 	4.07	 	 	 	26.56	 	 	 	65.27	 	 	 	3.71	 	 	 	265.49	 	 	 	98.49	 	 	 	0.00	 
	
			2025

				 	 	3.61	 	 	 	23.57	 	 	 	2.82	 	 	 	18.40	 	 	 	65.27	 	 	 	3.71	 	 	 	184.01	 	 	 	68.24	 	 	 	0.00	 
	
			2026

				 	 	2.53	 	 	 	16.55	 	 	 	1.98	 	 	 	12.92	 	 	 	65.27	 	 	 	3.71	 	 	 	129.13	 	 	 	47.90	 	 	 	0.00	 
	
			2027

				 	 	1.80	 	 	 	11.76	 	 	 	1.40	 	 	 	9.18	 	 	 	65.27	 	 	 	3.71	 	 	 	91.67	 	 	 	34.03	 	 	 	0.00	 
	
			2028

				 	 	1.30	 	 	 	8.45	 	 	 	1.01	 	 	 	6.60	 	 	 	65.27	 	 	 	3.71	 	 	 	65.99	 	 	 	24.46	 	 	 	0.00	 
	
			2029

				 	 	0.94	 	 	 	6.14	 	 	 	0.73	 	 	 	4.79	 	 	 	65.27	 	 	 	3.71	 	 	 	47.85	 	 	 	17.76	 	 	 	0.00	 
	
			2030

				 	 	0.69	 	 	 	4.50	 	 	 	0.54	 	 	 	3.51	 	 	 	65.27	 	 	 	3.71	 	 	 	35.11	 	 	 	13.02	 	 	 	0.00	 
	
			2031

				 	 	0.51	 	 	 	3.33	 	 	 	0.40	 	 	 	2.60	 	 	 	65.27	 	 	 	3.71	 	 	 	26.04	 	 	 	9.65	 	 	 	0.00	 
	
			2032

				 	 	0.38	 	 	 	2.51	 	 	 	0.30	 	 	 	1.96	 	 	 	65.27	 	 	 	3.71	 	 	 	19.53	 	 	 	7.25	 	 	 	0.00	 
	
			2033

				 	 	0.29	 	 	 	1.88	 	 	 	0.23	 	 	 	1.47	 	 	 	65.27	 	 	 	3.71	 	 	 	14.69	 	 	 	5.45	 	 	 	0.00	 
	
			2034

				 	 	0.22	 	 	 	1.43	 	 	 	0.17	 	 	 	1.12	 	 	 	65.27	 	 	 	3.71	 	 	 	11.17	 	 	 	4.14	 	 	 	0.00	 
	
			2035

				 	 	0.17	 	 	 	1.10	 	 	 	0.13	 	 	 	0.86	 	 	 	65.27	 	 	 	3.71	 	 	 	8.56	 	 	 	3.18	 	 	 	0.00	 
	
			2036

				 	 	0.02	 	 	 	0.16	 	 	 	0.02	 	 	 	0.12	 	 	 	65.27	 	 	 	3.71	 	 	 	1.24	 	 	 	0.46	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	33.83	 	 	 	220.88	 	 	 	26.41	 	 	 	172.45	 	 	 	65.27	 	 	 	3.71	 	 	 	1,723.73	 	 	 	639.43	 	 	 	0.00	 
	
			Ult

				 	 	33.83	 	 	 	220.88	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	42.31	 	 	 	8.34	 	 	 	15.00	 	 	 	0.00	 	 	 	6.75	 	 	 	0.00	 	 	 	0.00	 	 	 	523.47	 	 	 	494.55	 
	
			2023

				 	 	1.00	 	 	 	37.83	 	 	 	7.46	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	478.48	 	 	 	910.83	 
	
			2024

				 	 	1.00	 	 	 	25.84	 	 	 	5.10	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	324.04	 	 	 	1,167.06	 
	
			2025

				 	 	1.00	 	 	 	17.91	 	 	 	3.53	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	221.80	 	 	 	1,326.49	 
	
			2026

				 	 	1.00	 	 	 	12.57	 	 	 	2.48	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	152.98	 	 	 	1,426.46	 
	
			2027

				 	 	1.00	 	 	 	8.93	 	 	 	1.76	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	106.02	 	 	 	1,489.44	 
	
			2028

				 	 	1.00	 	 	 	6.42	 	 	 	1.27	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	73.76	 	 	 	1,529.27	 
	
			2029

				 	 	1.00	 	 	 	4.66	 	 	 	0.92	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	51.03	 	 	 	1,554.32	 
	
			2030

				 	 	1.00	 	 	 	3.42	 	 	 	0.67	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	35.04	 	 	 	1,569.97	 
	
			2031

				 	 	1.00	 	 	 	2.53	 	 	 	0.50	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	23.65	 	 	 	1,579.57	 
	
			2032

				 	 	1.00	 	 	 	1.90	 	 	 	0.37	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15.51	 	 	 	1,585.29	 
	
			2033

				 	 	1.00	 	 	 	1.43	 	 	 	0.28	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9.43	 	 	 	1,588.45	 
	
			2034

				 	 	1.00	 	 	 	1.09	 	 	 	0.21	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	5.02	 	 	 	1,589.99	 
	
			2035

				 	 	1.00	 	 	 	0.83	 	 	 	0.16	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1.74	 	 	 	1,590.47	 
	
			2036

				 	 	1.00	 	 	 	0.12	 	 	 	0.02	 	 	 	0.00	 	 	 	0.00	 	 	 	1.51	 	 	 	0.00	 	 	 	0.00	 	 	 	0.05	 	 	 	1,590.49	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	167.80	 	 	 	33.08	 	 	 	15.00	 	 	 	0.00	 	 	 	125.26	 	 	 	0.00	 	 	 	0.00	 	 	 	2,022.02	 	 	 	1,590.49	 

                             

	 Major Phase :	Oil	 	 	Abandonment Date :	3/2/2036	 	 	 
	 Perfs:	0 - 0	 	 	Working fut: 	1.00000000	Present Worth Profile (M$)
	 Initial Rate:	1,037.70	bbl/month	 	Revenue Int : 	0.78071875	PW	5.00% :	1,778.50
	 Abandonment:	11.73	bbl/month	 	Disc. fuitial fuvest. (M$):	14.77	PW	8.00% :	1,660.27
	
			Initial Decline :

				
			33.55

				
			%year

				
			b = 0.102

				
			ROinvestment (disc/undisc) :

				
			108.68 I 135.80

				
			PW

				
			10.00% :

				
			1,590.49

			
	
			Beg Ratio:

				
			6.530

				 	 	
			Years to Payout:

				
			0.26

				
			PW

				
			12.00% :

				
			1,526.85

			
	
			End Ratio:

				
			6.530

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			1,441.29

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			1,320.16

			

             

TRC Eco Detailed.rpt

    

 

 

 

	Date: 02/26/2022  2:01:13PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	 Coral 22-11 - 3508323867
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	MissNiola
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	(Mbbl)	 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	2.84	 	 	 	19.19	 	 	 	2.08	 	 	 	14.03	 	 	 	65.27	 	 	 	3.71	 	 	 	135.64	 	 	 	52.04	 	 	 	0.00	 
	
			2023

				 	 	2.69	 	 	 	18.17	 	 	 	1.97	 	 	 	13.29	 	 	 	65.27	 	 	 	3.71	 	 	 	128.53	 	 	 	49.27	 	 	 	0.00	 
	
			2024

				 	 	1.84	 	 	 	12.41	 	 	 	1.35	 	 	 	9.08	 	 	 	65.27	 	 	 	3.71	 	 	 	87.87	 	 	 	33.66	 	 	 	0.00	 
	
			2025

				 	 	1.27	 	 	 	8.60	 	 	 	0.93	 	 	 	6.29	 	 	 	65.27	 	 	 	3.71	 	 	 	60.81	 	 	 	23.32	 	 	 	0.00	 
	
			2026

				 	 	0.89	 	 	 	6.04	 	 	 	0.65	 	 	 	4.41	 	 	 	65.27	 	 	 	3.71	 	 	 	42.67	 	 	 	16.37	 	 	 	0.00	 
	
			2027

				 	 	0.64	 	 	 	4.29	 	 	 	0.47	 	 	 	3.14	 	 	 	65.27	 	 	 	3.71	 	 	 	30.36	 	 	 	11.63	 	 	 	0.00	 
	
			2028

				 	 	0.46	 	 	 	3.08	 	 	 	0.33	 	 	 	2.25	 	 	 	65.27	 	 	 	3.71	 	 	 	21.76	 	 	 	8.36	 	 	 	0.00	 
	
			2029

				 	 	0.33	 	 	 	2.24	 	 	 	0.24	 	 	 	1.64	 	 	 	65.27	 	 	 	3.71	 	 	 	15.80	 	 	 	6.07	 	 	 	0.00	 
	
			2030

				 	 	0.24	 	 	 	1.64	 	 	 	0.18	 	 	 	1.20	 	 	 	65.27	 	 	 	3.71	 	 	 	11.60	 	 	 	4.46	 	 	 	0.00	 
	
			2031

				 	 	0.18	 	 	 	1.22	 	 	 	0.13	 	 	 	0.89	 	 	 	65.27	 	 	 	3.71	 	 	 	8.59	 	 	 	3.30	 	 	 	0.00	 
	
			2032

				 	 	0.05	 	 	 	0.33	 	 	 	0.04	 	 	 	0.24	 	 	 	65.27	 	 	 	3.71	 	 	 	2.34	 	 	 	0.90	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	11.44	 	 	 	77.22	 	 	 	8.36	 	 	 	56.46	 	 	 	65.27	 	 	 	3.71	 	 	 	545.97	 	 	 	209.37	 	 	 	0.00	 
	
			Ult

				 	 	11.44	 	 	 	77.22	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	13.33	 	 	 	2.63	 	 	 	14.06	 	 	 	0.00	 	 	 	6.33	 	 	 	0.00	 	 	 	0.00	 	 	 	151.34	 	 	 	142.34	 
	
			2023

				 	 	1.00	 	 	 	12.63	 	 	 	2.49	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	154.25	 	 	 	276.56	 
	
			2024

				 	 	1.00	 	 	 	8.63	 	 	 	1.70	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	102.76	 	 	 	357.82	 
	
			2025

				 	 	1.00	 	 	 	5.97	 	 	 	1.18	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	68.53	 	 	 	407.09	 
	
			2026

				 	 	1.00	 	 	 	4.19	 	 	 	0.83	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	45.58	 	 	 	436.89	 
	
			2027

				 	 	1.00	 	 	 	2.98	 	 	 	0.59	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	29.98	 	 	 	454.71	 
	
			2028

				 	 	1.00	 	 	 	2.14	 	 	 	0.42	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	19.12	 	 	 	465.05	 
	
			2029

				 	 	1.00	 	 	 	1.55	 	 	 	0.31	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	11.57	 	 	 	470.74	 
	
			2030

				 	 	1.00	 	 	 	1.14	 	 	 	0.22	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	6.25	 	 	 	473.54	 
	
			2031

				 	 	1.00	 	 	 	0.84	 	 	 	0.17	 	 	 	0.00	 	 	 	0.00	 	 	 	8.44	 	 	 	0.00	 	 	 	0.00	 	 	 	2.44	 	 	 	474.53	 
	
			2032

				 	 	1.00	 	 	 	0.23	 	 	 	0.05	 	 	 	0.00	 	 	 	0.00	 	 	 	2.77	 	 	 	0.00	 	 	 	0.00	 	 	 	0.19	 	 	 	474.61	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	53.63	 	 	 	10.57	 	 	 	14.06	 	 	 	0.00	 	 	 	85.03	 	 	 	0.00	 	 	 	0.00	 	 	 	592.03	 	 	 	474.61	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			4/30/2032

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			0.93750000

				
			Present Worth Profile (M$)

			
	 Initial Rate:	360.00	bbl/month	 	Revenue Int :	0.73125000	PW	5.00% :	 526.73
	 Abandonment:	12.00 	bbl/month	 	Disc. fuitial fuvest. (M$):	13.85	PW	8.00% : 	494.13
	
			Initial Decline :

				
			33.24

				
			%year

				
			b = 0.093

				
			ROinvestment (disc/undisc) :

				
			35.27 I 43.10

				
			PW

				
			10.00% :

				
			474.61

			
	
			Beg Ratio:

				
			6.750

				 	 	
			Years to Payout:

				
			0.30

				
			PW

				
			12.00% :

				
			456.63

			
	
			End Ratio:

				
			6.667

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			43218

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			397.03

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022  2:01:13PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 11-14 - 3508323796
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	 	Ye	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	2.20	 	 	 	14.45	 	 	 	1.67	 	 	 	10.93	 	 	 	65.27	 	 	 	3.71	 	 	 	108.84	 	 	 	40.55	 	 	 	0.00	 
	
			2023

				 	 	2.09	 	 	 	13.68	 	 	 	1.58	 	 	 	10.35	 	 	 	65.27	 	 	 	3.71	 	 	 	102.97	 	 	 	38.39	 	 	 	0.00	 
	
			2024

				 	 	1.43	 	 	 	9.35	 	 	 	1.08	 	 	 	7.07	 	 	 	65.27	 	 	 	3.71	 	 	 	70.47	 	 	 	26.23	 	 	 	0.00	 
	
			2025

				 	 	0.99	 	 	 	6.48	 	 	 	0.75	 	 	 	4.90	 	 	 	65.27	 	 	 	3.71	 	 	 	48.84	 	 	 	18.17	 	 	 	0.00	 
	
			2026

				 	 	0.69	 	 	 	4.55	 	 	 	0.52	 	 	 	3.44	 	 	 	65.27	 	 	 	3.71	 	 	 	34.17	 	 	 	12.76	 	 	 	0.00	 
	
			2027

				 	 	0.49	 	 	 	3.23	 	 	 	0.37	 	 	 	2.44	 	 	 	65.27	 	 	 	3.71	 	 	 	24.30	 	 	 	9.06	 	 	 	0.00	 
	
			2028

				 	 	0.35	 	 	 	2.32	 	 	 	0.27	 	 	 	1.76	 	 	 	65.27	 	 	 	3.71	 	 	 	17.43	 	 	 	6.51	 	 	 	0.00	 
	
			2029

				 	 	0.26	 	 	 	1.68	 	 	 	0.19	 	 	 	1.27	 	 	 	65.27	 	 	 	3.71	 	 	 	12.64	 	 	 	4.72	 	 	 	0.00	 
	
			2030

				 	 	0.19	 	 	 	1.24	 	 	 	0.14	 	 	 	0.94	 	 	 	65.27	 	 	 	3.71	 	 	 	9.33	 	 	 	3.47	 	 	 	0.00	 
	
			2031

				 	 	0.08	 	 	 	0.49	 	 	 	0.06	 	 	 	0.37	 	 	 	65.27	 	 	 	3.71	 	 	 	3.70	 	 	 	1.38	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	8.76	 	 	 	57.47	 	 	 	6.63	 	 	 	43.48	 	 	 	65.27	 	 	 	3.71	 	 	 	432.70	 	 	 	161.24	 	 	 	0.00	 
	
			Ult

				 	 	8.76	 	 	 	57.47	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	10.61	 	 	 	2.09	 	 	 	14.46	 	 	 	0.00	 	 	 	6.51	 	 	 	0.00	 	 	 	0.00	 	 	 	115.72	 	 	 	108.69	 
	
			2023

				 	 	1.00	 	 	 	10.04	 	 	 	1.98	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	120.66	 	 	 	213.69	 
	
			2024

				 	 	1.00	 	 	 	6.87	 	 	 	1.35	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	79.80	 	 	 	276.80	 
	
			2025

				 	 	1.00	 	 	 	4.76	 	 	 	0.94	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	52.64	 	 	 	314.65	 
	
			2026

				 	 	1.00	 	 	 	3.33	 	 	 	0.66	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	34.26	 	 	 	337.06	 
	
			2027

				 	 	1.00	 	 	 	2.37	 	 	 	0.47	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	21.85	 	 	 	350.05	 
	
			2028

				 	 	1.00	 	 	 	1.70	 	 	 	0.34	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	13.23	 	 	 	357.20	 
	
			2029

				 	 	1.00	 	 	 	1.23	 	 	 	0.24	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	7.21	 	 	 	360.75	 
	
			2030

				 	 	1.00	 	 	 	0.91	 	 	 	0.18	 	 	 	0.00	 	 	 	0.00	 	 	 	8.68	 	 	 	0.00	 	 	 	0.00	 	 	 	3.04	 	 	 	362.12	 
	
			2031

				 	 	1.00	 	 	 	0.36	 	 	 	0.07	 	 	 	0.00	 	 	 	0.00	 	 	 	4.26	 	 	 	0.00	 	 	 	0.00	 	 	 	0.39	 	 	 	362.28	 

 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	42.17	 	 	 	8.32	 	 	 	14.46	 	 	 	0.00	 	 	 	80.18	 	 	 	0.00	 	 	 	0.00	 	 	 	448.82	 	 	 	36228	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			6/30/2031

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			0.96406250

				
			Present Worth Profile (M$)

			
	Initial Rate:	279.00	bbl/month	 	Revenue Int :	0.75661135	PW	 5.00% :	400.90
	Abandonment:	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.24	PW	8.00% :	376.78
	
			Initial Decline :

				
			33.55

				
			%year

				
			b = 0.101

				
			ROinvestment (disc/undisc) :

				
			26.44 / 32.04

				
			PW

				
			10.00% :

				
			36228

			
	
			Beg Ratio:

				
			6.559

				 	 	
			Years to Payout:

				
			0.32

				
			PW

				
			12.00% :

				
			348.88

			
	
			End Ratio:

				
			6.417

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			330.60

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			304.19

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022  2:01:13PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 2-20 - 350832381
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.90	 	 	 	12.32	 	 	 	1.37	 	 	 	8.92	 	 	 	65.27	 	 	 	3.71	 	 	 	89.59	 	 	 	33.07	 	 	 	0.00	 
	
			2023

				 	 	1.80	 	 	 	11.67	 	 	 	1.30	 	 	 	8.44	 	 	 	65.27	 	 	 	3.71	 	 	 	84.86	 	 	 	31.31	 	 	 	0.00	 
	
			2024

				 	 	1.23	 	 	 	7.97	 	 	 	0.89	 	 	 	5.77	 	 	 	65.27	 	 	 	3.71	 	 	 	57.93	 	 	 	21.39	 	 	 	0.00	 
	
			2025

				 	 	0.85	 	 	 	5.52	 	 	 	0.61	 	 	 	4.00	 	 	 	65.27	 	 	 	3.71	 	 	 	40.12	 	 	 	14.82	 	 	 	0.00	 
	
			2026

				 	 	0.60	 	 	 	3.88	 	 	 	0.43	 	 	 	2.81	 	 	 	65.27	 	 	 	3.71	 	 	 	28.16	 	 	 	10.40	 	 	 	0.00	 
	
			2027

				 	 	0.43	 	 	 	2.75	 	 	 	0.31	 	 	 	1.99	 	 	 	65.27	 	 	 	3.71	 	 	 	20.13	 	 	 	7.39	 	 	 	0.00	 
	
			2028

				 	 	0.31	 	 	 	1.98	 	 	 	0.22	 	 	 	1.43	 	 	 	65.27	 	 	 	3.71	 	 	 	14.41	 	 	 	5.31	 	 	 	0.00	 
	
			2029

				 	 	0.22	 	 	 	1.44	 	 	 	0.16	 	 	 	1.04	 	 	 	65.27	 	 	 	3.71	 	 	 	10.49	 	 	 	3.86	 	 	 	0.00	 
	
			2030

				 	 	0.15	 	 	 	0.98	 	 	 	0.11	 	 	 	0.71	 	 	 	65.27	 	 	 	3.71	 	 	 	7.09	 	 	 	2.63	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	7.47	 	 	 	48.50	 	 	 	5.40	 	 	 	35.11	 	 	 	65.27	 	 	 	3.71	 	 	 	352.78	 	 	 	130.19	 	 	 	0.00	 
	
			Ult

				 	 	7.47	 	 	 	48.50	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	8.71	 	 	 	1.72	 	 	 	13.92	 	 	 	0.00	 	 	 	6.26	 	 	 	0.00	 	 	 	0.00	 	 	 	92.05	 	 	 	86.36	 
	
			2023

				 	 	1.00	 	 	 	8.25	 	 	 	1.63	 	 	 	0.00	 	 	 	0.00	 	 	 	8.35	 	 	 	0.00	 	 	 	0.00	 	 	 	97.95	 	 	 	171.59	 
	
			2024

				 	 	1.00	 	 	 	5.63	 	 	 	1.11	 	 	 	0.00	 	 	 	0.00	 	 	 	8.35	 	 	 	0.00	 	 	 	0.00	 	 	 	64.23	 	 	 	222.39	 
	
			2025

				 	 	1.00	 	 	 	3.90	 	 	 	0.77	 	 	 	0.00	 	 	 	0.00	 	 	 	8.35	 	 	 	0.00	 	 	 	0.00	 	 	 	41.91	 	 	 	252.53	 
	
			2026

				 	 	1.00	 	 	 	2.74	 	 	 	0.54	 	 	 	0.00	 	 	 	0.00	 	 	 	8.35	 	 	 	0.00	 	 	 	0.00	 	 	 	26.93	 	 	 	270.15	 
	
			2027

				 	 	1.00	 	 	 	1.95	 	 	 	0.39	 	 	 	0.00	 	 	 	0.00	 	 	 	8.35	 	 	 	0.00	 	 	 	0.00	 	 	 	16.83	 	 	 	280.16	 
	
			2028

				 	 	1.00	 	 	 	1.40	 	 	 	0.28	 	 	 	0.00	 	 	 	0.00	 	 	 	8.35	 	 	 	0.00	 	 	 	0.00	 	 	 	9.69	 	 	 	285.40	 
	
			2029

				 	 	1.00	 	 	 	1.02	 	 	 	0.20	 	 	 	0.00	 	 	 	0.00	 	 	 	8.35	 	 	 	0.00	 	 	 	0.00	 	 	 	4.78	 	 	 	287.76	 
	
			2030

				 	 	1.00	 	 	 	0.69	 	 	 	0.14	 	 	 	0.00	 	 	 	0.00	 	 	 	7.66	 	 	 	0.00	 	 	 	0.00	 	 	 	1.23	 	 	 	288.31	 

 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	34.29	 	 	 	6.76	 	 	 	13.92	 	 	 	0.00	 	 	 	72.39	 	 	 	0.00	 	 	 	0.00	 	 	 	355.60	 	 	 	288.31	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			11/30/2030

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			0.92812500

				
			Present Worth Profile (M$)

			
	 Initial Rate:	240.00	bbl/month	 	Revenue Int :	0.72393750	PW	5.00% :	 318.45
	 Abandonment:	12.00	bbl/month	 	Disc. fuitial fuvest. (M$):	13.71	PW	8.00% :	299.65
	
			Initial Decline :

				
			33.24

				
			%year

				
			b = 0.095

				
			ROinvestment (disc/undisc) :

				
			22.03 I 26.54

				
			PW

				
			10.00% :

				
			288.31

			
	
			Beg Ratio:

				
			6.500

				 	 	
			Years to Payout:

				
			0.33

				
			PW

				
			12.00% :

				
			277.82

			
	
			End Ratio:

				
			6.500

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			263.46

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			24266

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022  2:01:13PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 2-9 - 3508323713
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	 	 	
			Gross

				 	 	
			Gross

				 	 	
			Net

				 	 	
			Net

				 	 	
			Oil

				 	 	
			Gas

				 	 	
			Oil

				 	 	
			Gas

				 	 	
			Mlsc.

				 
	 	 	
			Oil

				 	 	
			Gas

				 	 	
			Oil

				 	 	
			Gas

				 	 	
			Price

				 	 	
			Price

				 	 	
			Revenue

				 	 	
			Revenue

				 	 	
			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.08	 	 	 	3.55	 	 	 	0.06	 	 	 	2.77	 	 	 	65.27	 	 	 	3.71	 	 	 	4.02	 	 	 	10.27	 	 	 	0.00	 
	
			2023

				 	 	0.08	 	 	 	3.85	 	 	 	0.06	 	 	 	3.00	 	 	 	65.27	 	 	 	3.71	 	 	 	3.82	 	 	 	11.14	 	 	 	0.00	 
	
			2024

				 	 	0.05	 	 	 	3.07	 	 	 	0.04	 	 	 	2.40	 	 	 	65.27	 	 	 	3.71	 	 	 	2.75	 	 	 	8.89	 	 	 	0.00	 
	
			2025

				 	 	0.01	 	 	 	0.67	 	 	 	0.01	 	 	 	0.52	 	 	 	65.27	 	 	 	3.71	 	 	 	0.61	 	 	 	1.94	 	 	 	0.00	 

 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	0.22	 	 	 	11.14	 	 	 	0.17	 	 	 	8.69	 	 	 	65.27	 	 	 	3.71	 	 	 	11.21	 	 	 	32.23	 	 	 	0.00	 
	
			Ult

				 	 	0.22	 	 	 	11.14	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	1.01	 	 	 	0.20	 	 	 	15.00	 	 	 	0.00	 	 	 	6.75	 	 	 	0.00	 	 	 	0.00	 	 	 	-8.67	 	 	 	-8.79	 
	
			2023

				 	 	1.00	 	 	 	1.06	 	 	 	0.21	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4.68	 	 	 	-4.70	 
	
			2024

				 	 	1.00	 	 	 	0.83	 	 	 	0.16	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1.65	 	 	 	-3.39	 
	
			2025

				 	 	1.00	 	 	 	0.18	 	 	 	0.04	 	 	 	0.00	 	 	 	0.00	 	 	 	2.19	 	 	 	0.00	 	 	 	0.00	 	 	 	0.14	 	 	 	-3.28	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	3.08	 	 	 	0.61	 	 	 	15.00	 	 	 	0.00	 	 	 	26.94	 	 	 	0.00	 	 	 	0.00	 	 	 	-2.20	 	 	 	-3.28	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			3/31/2025

				 	 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	
			Initial Rate:

				10.00	
			bbl/month

				
			 

				
			Revenue Int :

				
			0.78040180

				
			PW         

				5.00% :	
			-277

			
	
			Abandonment:

				
			4.00

				
			bbl/month

				 	
			Disc. fuitial fuvest. (M$):

				
			14.77

				
			PW

				
			8.00% :

				
			-3.09

			
	
			Initial Decline :

				
			33.01

				
			%year

				
			b = 0.231

				
			ROinvestment (disc/undisc) :

				
			0.78 /0.85

				
			PW

				
			10.00% :

				
			-3.28

			
	
			Beg Ratio:

				
			42.000

				 	 	
			Years to Payout:

				
			0.00

				
			PW

				
			12.00% :

				
			-3.47

			
	
			End Ratio:

				
			55.000

				 	 	
			Internal ROR (%):

				
			<O

				
			PW

				
			15.00% :

				
			-3.73

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			-4.12

			

 

TRC Eco Detailed.rpt

 

 

 

 

Table VII: Probable Behind Pipe Reserve Economic Proforma Report dated 1-January-2022.

 

 

 

 

 

 

 

	Date: 02/26/2022  2:01:13PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	Coral 2-9 - 3508323713
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Proved Producing
	Partner:	All Cases	All Cases	Field :	La1⁄2Tie West
	Case Type:	LEASE CASE	 	Operator:	ALPHAENERGY1EXAS OPERATIJ',JG
	Archive Set :	defrn.1lt	 	Reservoir :	Miss
	 	 	 	Co., State :	Logan, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.46	 	 	 	1.11	 	 	 	1.14	 	 	 	0.87	 	 	 	65.27	 	 	 	3.71	 	 	 	74.16	 	 	 	3.22	 	 	 	0.00	 
	
			2023

				 	 	4.19	 	 	 	3.20	 	 	 	3.27	 	 	 	2.50	 	 	 	65.27	 	 	 	3.71	 	 	 	213.58	 	 	 	9.27	 	 	 	0.00	 
	
			2024

				 	 	2.66	 	 	 	2.03	 	 	 	2.07	 	 	 	1.58	 	 	 	65.27	 	 	 	3.71	 	 	 	135.24	 	 	 	5.87	 	 	 	0.00	 
	
			2025

				 	 	1.84	 	 	 	1.40	 	 	 	1.43	 	 	 	1.09	 	 	 	65.27	 	 	 	3.71	 	 	 	93.47	 	 	 	4.05	 	 	 	0.00	 
	
			2026

				 	 	1.34	 	 	 	1.03	 	 	 	1.05	 	 	 	0.80	 	 	 	65.27	 	 	 	3.71	 	 	 	68.26	 	 	 	2.97	 	 	 	0.00	 
	
			2027

				 	 	1.03	 	 	 	0.78	 	 	 	0.80	 	 	 	0.61	 	 	 	65.27	 	 	 	3.71	 	 	 	52.26	 	 	 	2.27	 	 	 	0.00	 
	
			2028

				 	 	0.81	 	 	 	0.62	 	 	 	0.63	 	 	 	0.48	 	 	 	65.27	 	 	 	3.71	 	 	 	41.16	 	 	 	1.79	 	 	 	0.00	 
	
			2029

				 	 	0.66	 	 	 	0.50	 	 	 	0.51	 	 	 	0.39	 	 	 	65.27	 	 	 	3.71	 	 	 	33.36	 	 	 	1.45	 	 	 	0.00	 
	
			2030

				 	 	0.54	 	 	 	0.41	 	 	 	0.42	 	 	 	0.32	 	 	 	65.27	 	 	 	3.71	 	 	 	27.51	 	 	 	1.20	 	 	 	0.00	 
	
			2031

				 	 	0.45	 	 	 	0.35	 	 	 	0.35	 	 	 	0.27	 	 	 	65.27	 	 	 	3.71	 	 	 	23.02	 	 	 	1.00	 	 	 	0.00	 
	
			2032

				 	 	0.33	 	 	 	0.25	 	 	 	0.25	 	 	 	0.19	 	 	 	65.27	 	 	 	3.71	 	 	 	16.55	 	 	 	0.72	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	15.29	 	 	 	11.68	 	 	 	11.93	 	 	 	9.12	 	 	 	65.27	 	 	 	3.71	 	 	 	778.57	 	 	 	33.81	 	 	 	0.00	 
	
			Ult

				 	 	15.29	 	 	 	11.68	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	Ye	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	5.50	 	 	 	1.08	 	 	 	15.00	 	 	 	0.00	 	 	 	2.25	 	 	 	0.00	 	 	 	0.00	 	 	 	53.56	 	 	 	49.02	 
	
			2023

				 	 	1.00	 	 	 	15.82	 	 	 	3.12	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	194.91	 	 	 	218.77	 
	
			2024

				 	 	1.00	 	 	 	10.02	 	 	 	1.98	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	120.11	 	 	 	313.78	 
	
			2025

				 	 	1.00	 	 	 	6.93	 	 	 	1.37	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	80.23	 	 	 	371.46	 
	
			2026

				 	 	1.00	 	 	 	5.06	 	 	 	1.00	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	56.17	 	 	 	408.15	 
	
			2027

				 	 	1.00	 	 	 	3.87	 	 	 	0.76	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	40.89	 	 	 	432.43	 
	
			2028

				 	 	1.00	 	 	 	3.05	 	 	 	0.60	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	30.29	 	 	 	448.78	 
	
			2029

				 	 	1.00	 	 	 	2.47	 	 	 	0.49	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	22.85	 	 	 	460.00	 
	
			2030

				 	 	1.00	 	 	 	2.04	 	 	 	0.40	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	17.26	 	 	 	467.69	 
	
			2031

				 	 	1.00	 	 	 	1.71	 	 	 	0.34	 	 	 	0.00	 	 	 	0.00	 	 	 	9.00	 	 	 	0.00	 	 	 	0.00	 	 	 	12.98	 	 	 	472.96	 
	
			2032

				 	 	1.00	 	 	 	1.23	 	 	 	0.24	 	 	 	0.00	 	 	 	0.00	 	 	 	7.43	 	 	 	0.00	 	 	 	0.00	 	 	 	8.37	 	 	 	476.07	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	57.69	 	 	 	11.37	 	 	 	15.00	 	 	 	0.00	 	 	 	90.68	 	 	 	0.00	 	 	 	0.00	 	 	 	637.64	 	 	 	476.07	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			10/31/2032

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	 Initial Rate:	0.00	bbl/month	 	Revenue Int :	0.78040180	PW	 5.00% :	 546.11
	 Abandonment:	31.00	bbl/month	 	Disc. fuitial fuvest. (M$):	14.08	PW	 8.00% :	501.99
	
			Initial Decline :

				
			0.00

				
			%year

				
			b = 0.000

				
			ROinvestment (disc/undisc) :

				
			34.82 / 43.51

				
			PW

				
			10.00% :

				
			476.07

			
	
			Beg Ratio:

				
			0.000

				 	 	
			Years to Payout:

				
			0.80

				
			PW

				
			12.00% :

				
			45253

			
	
			End Ratio:

				
			0.742

				 	 	
			Internal ROR (%):

				
			>1000

				
			PW

				
			15.00% :

				
			421.03

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			376.81

			

 

	
			TRC Eco Detailed.rpt

			

 

 

 

 

Table VIII: Probable Undeveloped Project Information date 1-January-2022.

 

	
			BASIC PROJECT INFORMATION

			
	
			Description

				
			Units

				
			Value

			
	
			Evaluation date

				 	
			January 2022

			
	
			Prepared by

				 	
			Dr. Robert Miles

			
	
			Interest owner

				 	
			Alpha Energy Inc.

			
	
			Well &/or Lease name

				 	
			Various leased areas

			
	
			Field &/or Reservoir name

				 	
			Lawrie West

			
	
			County

				 	
			Logan

			
	
			State

				 	
			OK

			
	
			Operator name

				 	
			Alpha Energy Texas Operating LLC

			
	
			Project name

				 	
			Logan I

			
	
			Reserve category

				 	
			Probable Undeveloped

			
	
			Effective month & year

				 	
			January 2022

			
	
			Selected discount rate

				
			%

				
			10%

			
	
			ECONOMIC AND INVESTMENT DATA

			
	
			Net Revenue Interest (avg)

				
			%

				
			75

			
	
			Total acreage

				
			acres

				
			880

			
	
			PRICING DATA

			
	
			Oil price

				
			$/Bbl.

				
			65.27

			
	
			Oil price Esc and start date

				 	
			0

			
	
			Gas price

				
			$/MCF

				
			3.708

			
	
			Gas price Esc and start date

				 	
			0

			

 

The expected production from the four (4) horizontal Woodford wells along with their decline parameters were determined through information provided by Alpha. Decline curve analysis was performed on the nearest local offset Dennis 3-1 well using PhDwin software and curve fitting algorithms. Recovery factor used to estimate reserves was a conservative 8%, though more recent generations of completions, using much higher propellant injection pressures for fracking, suggest it could be up to 12-14%. While two zones are present in the Woodford and represent potential completion targets in the Woodford, only one zone was assumed to be completed for production.

 

 

 

 

Table IX: Probable Undeveloped Reserve Economic Proforma Report dated 1-January-2022.

 

 

 

 

 

 

 

	Date: 02/26/2022  2:04:47PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	1117N3W-1-1117N3W-1
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Probable Undeveloped
	Partner:	All Cases	All Cases	Field :	LAWRIE WEST
	Case Type:	LEASE CASE	 	Operator:	 
	Archive Set :	defrn.1lt	 	Reservoir :	Woodford
	 	 	 	Co., State :	 LOGAN, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	17.02	 	 	 	43.20	 	 	 	13.28	 	 	 	33.69	 	 	 	65.27	 	 	 	3.71	 	 	 	866.50	 	 	 	124.94	 	 	 	0.00	 
	
			2023

				 	 	81.22	 	 	 	231.01	 	 	 	63.35	 	 	 	180.18	 	 	 	65.27	 	 	 	3.71	 	 	 	4,134.86	 	 	 	668.12	 	 	 	0.00	 
	
			2024

				 	 	58.35	 	 	 	189.65	 	 	 	45.51	 	 	 	147.92	 	 	 	65.27	 	 	 	3.71	 	 	 	2,970.53	 	 	 	548.50	 	 	 	0.00	 
	
			2025

				 	 	44.96	 	 	 	156.28	 	 	 	35.07	 	 	 	121.90	 	 	 	65.27	 	 	 	3.71	 	 	 	2,288.74	 	 	 	452.01	 	 	 	0.00	 
	
			2026

				 	 	36.24	 	 	 	129.27	 	 	 	28.27	 	 	 	100.83	 	 	 	65.27	 	 	 	3.71	 	 	 	1,845.20	 	 	 	373.88	 	 	 	0.00	 
	
			2027

				 	 	30.17	 	 	 	107.30	 	 	 	23.53	 	 	 	83.69	 	 	 	65.27	 	 	 	3.71	 	 	 	1,535.77	 	 	 	310.34	 	 	 	0.00	 
	
			2028

				 	 	25.71	 	 	 	89.37	 	 	 	20.05	 	 	 	69.71	 	 	 	65.27	 	 	 	3.71	 	 	 	1,308.81	 	 	 	258.48	 	 	 	0.00	 
	
			2029

				 	 	22.31	 	 	 	74.68	 	 	 	17.40	 	 	 	58.25	 	 	 	65.27	 	 	 	3.71	 	 	 	1,135.87	 	 	 	216.00	 	 	 	0.00	 
	
			2030

				 	 	19.65	 	 	 	62.60	 	 	 	15.32	 	 	 	48.83	 	 	 	65.27	 	 	 	3.71	 	 	 	1,000.14	 	 	 	181.06	 	 	 	0.00	 
	
			2031

				 	 	17.50	 	 	 	52.64	 	 	 	13.65	 	 	 	41.06	 	 	 	65.27	 	 	 	3.71	 	 	 	891.09	 	 	 	152.24	 	 	 	0.00	 
	
			2032

				 	 	14.50	 	 	 	40.97	 	 	 	11.31	 	 	 	31.96	 	 	 	65.27	 	 	 	3.71	 	 	 	737.95	 	 	 	118.51	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	367.61	 	 	 	1,176.97	 	 	 	286.74	 	 	 	918.03	 	 	 	65.27	 	 	 	3.71	 	 	 	18,715.45	 	 	 	3,404.07	 	 	 	0.00	 
	
			Ult

				 	 	367.61	 	 	 	1,176.97	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	70.40	 	 	 	13.88	 	 	 	3,150.00	 	 	 	0.00	 	 	 	5.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-2,247.85	 	 	 	-2,125.42	 
	
			2023

				 	 	1.00	 	 	 	341.05	 	 	 	67.24	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4,364.69	 	 	 	1,670.66	 
	
			2024

				 	 	1.00	 	 	 	249.88	 	 	 	49.27	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,189.88	 	 	 	4,190.82	 
	
			2025

				 	 	1.00	 	 	 	194.61	 	 	 	38.37	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,477.76	 	 	 	5,969.83	 
	
			2026

				 	 	1.00	 	 	 	157.57	 	 	 	31.07	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,000.44	 	 	 	7,275.32	 
	
			2027

				 	 	1.00	 	 	 	131.09	 	 	 	25.85	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,659.17	 	 	 	8,259.55	 
	
			2028

				 	 	1.00	 	 	 	111.29	 	 	 	21.94	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,404.06	 	 	 	9,016.49	 
	
			2029

				 	 	1.00	 	 	 	95.99	 	 	 	18.93	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,206.94	 	 	 	9,607.98	 
	
			2030

				 	 	1.00	 	 	 	83.87	 	 	 	16.54	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,050.79	 	 	 	10,076.11	 
	
			2031

				 	 	1.00	 	 	 	74.09	 	 	 	14.61	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	924.64	 	 	 	10,450.59	 
	
			2032

				 	 	1.00	 	 	 	60.82	 	 	 	11.99	 	 	 	0.00	 	 	 	0.00	 	 	 	27.46	 	 	 	0.00	 	 	 	0.00	 	 	 	756.19	 	 	 	10,729.99	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	1,570.66	 	 	 	309.67	 	 	 	3,150.00	 	 	 	0.00	 	 	 	302.46	 	 	 	0.00	 	 	 	0.00	 	 	 	16,786.72	 	 	 	10,729.99	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			11/30/2032

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	
			 

				 	
			 

				
			 

				
			 

				
			 

				
			               

			
	
			 

			
	Initial Rate:	0.00	bbl/month	 	Revenue Int :	0.78000000	PW	5.00% :	   13,266.46
	Abandonment:	1,263.00	bbl/month	 	Disc. fuitial fuvest. (M$):	2,952.23	PW	8.00% :	11,651.25
	
			Initial Decline :

				
			0.00

				
			%year

				
			b = 0.000

				
			ROinvestment (disc/undisc) :

				
			4.63 / 6.33

				
			PW

				
			10.00% :

				
			10,729.99

			
	
			Beg Ratio:

				
			0.000

				 	 	
			Years to Payout:

				
			1.47

				
			PW

				
			12.00% :

				
			9,911.86

			
	
			End Ratio:

				
			2.747

				 	 	
			Internal ROR (%):

				
			210.38

				
			PW

				
			15.00% :

				
			8,846.53

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			7,410.68

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022  2:04:47PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	1117N3W-2-1117N3W-2
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Probable Undeveloped
	Partner:	All Cases	All Cases	Field :	LAWRIE WEST
	Case Type:	LEASE CASE	 	Operator:	 
	Archive Set :	defrn.1lt	 	Reservoir :	Woodford
	 	 	 	Co., State :	 LOGAN, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	16.78	 	 	 	42.60	 	 	 	13.09	 	 	 	33.23	 	 	 	65.27	 	 	 	3.71	 	 	 	854.48	 	 	 	123.22	 	 	 	0.00	 
	
			2023

				 	 	80.10	 	 	 	227.82	 	 	 	62.48	 	 	 	177.70	 	 	 	65.27	 	 	 	3.71	 	 	 	4,077.84	 	 	 	658.92	 	 	 	0.00	 
	
			2024

				 	 	57.54	 	 	 	187.03	 	 	 	44.88	 	 	 	145.89	 	 	 	65.27	 	 	 	3.71	 	 	 	2,929.35	 	 	 	540.94	 	 	 	0.00	 
	
			2025

				 	 	44.33	 	 	 	154.13	 	 	 	34.58	 	 	 	120.22	 	 	 	65.27	 	 	 	3.71	 	 	 	2,257.02	 	 	 	445.79	 	 	 	0.00	 
	
			2026

				 	 	35.74	 	 	 	127.49	 	 	 	27.88	 	 	 	99.44	 	 	 	65.27	 	 	 	3.71	 	 	 	1,819.60	 	 	 	368.72	 	 	 	0.00	 
	
			2027

				 	 	29.75	 	 	 	105.82	 	 	 	23.20	 	 	 	82.54	 	 	 	65.27	 	 	 	3.71	 	 	 	1,514.49	 	 	 	306.06	 	 	 	0.00	 
	
			2028

				 	 	25.35	 	 	 	88.14	 	 	 	19.77	 	 	 	68.75	 	 	 	65.27	 	 	 	3.71	 	 	 	1,290.63	 	 	 	254.92	 	 	 	0.00	 
	
			2029

				 	 	22.00	 	 	 	73.65	 	 	 	17.16	 	 	 	57.45	 	 	 	65.27	 	 	 	3.71	 	 	 	1,120.08	 	 	 	213.02	 	 	 	0.00	 
	
			2030

				 	 	19.38	 	 	 	61.74	 	 	 	15.11	 	 	 	48.16	 	 	 	65.27	 	 	 	3.71	 	 	 	986.39	 	 	 	178.57	 	 	 	0.00	 
	
			2031

				 	 	17.26	 	 	 	51.92	 	 	 	13.47	 	 	 	40.49	 	 	 	65.27	 	 	 	3.71	 	 	 	878.87	 	 	 	150.15	 	 	 	0.00	 
	
			2032

				 	 	14.30	 	 	 	40.41	 	 	 	11.15	 	 	 	31.52	 	 	 	65.27	 	 	 	3.71	 	 	 	727.77	 	 	 	116.87	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	362.53	 	 	 	1,160.75	 	 	 	28277	 	 	 	905.39	 	 	 	65.27	 	 	 	3.71	 	 	 	18,456.52	 	 	 	3,357.17	 	 	 	0.00	 
	
			Ult

				 	 	362.53	 	 	 	1,160.75	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	1.00	 	 	 	69.43	 	 	 	13.69	 	 	 	3,150.00	 	 	 	0.00	 	 	 	5.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-2,260.41	 	 	 	-2,127.33	 
	
			2023

				 	 	1.00	 	 	 	336.35	 	 	 	66.31	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4,304.09	 	 	 	1,616.05	 
	
			2024

				 	 	1.00	 	 	 	246.42	 	 	 	48.58	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,145.29	 	 	 	4,100.98	 
	
			2025

				 	 	1.00	 	 	 	191.92	 	 	 	37.84	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,443.05	 	 	 	5,855.06	 
	
			2026

				 	 	1.00	 	 	 	155.39	 	 	 	30.64	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,972.29	 	 	 	7,142.18	 
	
			2027

				 	 	1.00	 	 	 	129.27	 	 	 	25.49	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,635.79	 	 	 	8,112.54	 
	
			2028

				 	 	1.00	 	 	 	109.75	 	 	 	21.64	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,384.17	 	 	 	8,858.76	 
	
			2029

				 	 	1.00	 	 	 	94.66	 	 	 	18.66	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,189.78	 	 	 	9,441.83	 
	
			2030

				 	 	1.00	 	 	 	82.72	 	 	 	16.31	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,035.93	 	 	 	9,903.34	 
	
			2031

				 	 	1.00	 	 	 	73.07	 	 	 	14.41	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	911.55	 	 	 	10,272.51	 
	
			2032

				 	 	1.00	 	 	 	59.98	 	 	 	11.82	 	 	 	0.00	 	 	 	0.00	 	 	 	27.46	 	 	 	0.00	 	 	 	0.00	 	 	 	745.37	 	 	 	10,547.92	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	1,548.95	 	 	 	305.39	 	 	 	3,150.00	 	 	 	0.00	 	 	 	302.46	 	 	 	0.00	 	 	 	0.00	 	 	 	16,506.88	 	 	 	10,547.92	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			11/30/2032

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	 Initial Rate:	0.00	bbl/month	 	Revenue Int :	0.78000000	PW	 5.00% :	13,042.77
	 Abandonment:	 	bbl/month	 	Disc. fuitial fuvest. (M$):	2,942.63	PW	 8.00% :	11,453.93
	
			Initial Decline :

				
			0.00

				
			%year

				
			b = 0.000

				
			ROinvestment (disc/undisc) :

				
			4.58 / 6.24

				
			PW

				
			10.00% :

				
			10,547.92

			
	
			Beg Ratio:

				
			0.000

				 	 	
			Years to Payout:

				
			1.48

				
			PW

				
			12.00% :

				
			9,743.50

			
	
			End Ratio:

				
			2.746

				 	 	
			Internal ROR (%):

				
			221.24

				
			PW

				
			15.00% :

				
			8,696.30

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			7,285.49

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022  2:04:47PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	117N3W-3 - 117N3W-3
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Probable Undeveloped
	Partner:	All Cases	All Cases	Field :	LAWRIE WEST
	Case Type:	LEASE CASE	 	Operator:	 
	Archive Set :	defrn.1lt	 	Reservoir :	Woodford
	 	 	 	Co., State :	 LOGAN, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			2023

				 	 	95.96	 	 	 	264.48	 	 	 	74.85	 	 	 	206.29	 	 	 	65.27	 	 	 	3.71	 	 	 	4,885.58	 	 	 	764.93	 	 	 	0.00	 
	
			2024

				 	 	67.87	 	 	 	216.98	 	 	 	52.94	 	 	 	169.25	 	 	 	65.27	 	 	 	3.71	 	 	 	3,455.35	 	 	 	627.56	 	 	 	0.00	 
	
			2025

				 	 	51.80	 	 	 	178.70	 	 	 	40.40	 	 	 	139.39	 	 	 	65.27	 	 	 	3.71	 	 	 	2,637.17	 	 	 	516.85	 	 	 	0.00	 
	
			2026

				 	 	41.50	 	 	 	147.72	 	 	 	32.37	 	 	 	115.22	 	 	 	65.27	 	 	 	3.71	 	 	 	2,112.64	 	 	 	427.24	 	 	 	0.00	 
	
			2027

				 	 	34.38	 	 	 	122.55	 	 	 	26.81	 	 	 	95.59	 	 	 	65.27	 	 	 	3.71	 	 	 	1,750.15	 	 	 	354.43	 	 	 	0.00	 
	
			2028

				 	 	29.19	 	 	 	102.01	 	 	 	22.77	 	 	 	79.57	 	 	 	65.27	 	 	 	3.71	 	 	 	1,486.28	 	 	 	295.04	 	 	 	0.00	 
	
			2029

				 	 	25.27	 	 	 	85.20	 	 	 	19.71	 	 	 	66.45	 	 	 	65.27	 	 	 	3.71	 	 	 	1,286.41	 	 	 	246.41	 	 	 	0.00	 
	
			2030

				 	 	22.20	 	 	 	71.38	 	 	 	17.32	 	 	 	55.68	 	 	 	65.27	 	 	 	3.71	 	 	 	1,130.16	 	 	 	206.46	 	 	 	0.00	 
	
			2031

				 	 	19.74	 	 	 	59.99	 	 	 	15.40	 	 	 	46.79	 	 	 	65.27	 	 	 	3.71	 	 	 	1,005.08	 	 	 	173.51	 	 	 	0.00	 
	
			2032

				 	 	17.74	 	 	 	50.57	 	 	 	13.83	 	 	 	39.44	 	 	 	65.27	 	 	 	3.71	 	 	 	902.95	 	 	 	146.25	 	 	 	0.00	 
	
			2033

				 	 	1.40	 	 	 	3.84	 	 	 	1.09	 	 	 	3.00	 	 	 	65.27	 	 	 	3.71	 	 	 	71.22	 	 	 	11.11	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	407.05	 	 	 	1,303.41	 	 	 	317.50	 	 	 	1,016.66	 	 	 	65.27	 	 	 	3.71	 	 	 	20,723.01	 	 	 	3,769.78	 	 	 	0.00	 
	
			Ult

				 	 	407.05	 	 	 	1,303.41	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,150.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-3,150.00	 	 	 	-2,905.61	 
	
			2023

				 	 	1.00	 	 	 	401.23	 	 	 	79.11	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	5,140.17	 	 	 	1,565.55	 
	
			2024

				 	 	1.00	 	 	 	289.92	 	 	 	57.16	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,705.84	 	 	 	4,493.57	 
	
			2025

				 	 	1.00	 	 	 	223.96	 	 	 	44.16	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,855.90	 	 	 	6,544.18	 
	
			2026

				 	 	1.00	 	 	 	180.35	 	 	 	35.56	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,293.97	 	 	 	8,041.27	 
	
			2027

				 	 	1.00	 	 	 	149.44	 	 	 	29.46	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,895.68	 	 	 	9,165.82	 
	
			2028

				 	 	1.00	 	 	 	126.49	 	 	 	24.94	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,599.90	 	 	 	10,028.36	 
	
			2029

				 	 	1.00	 	 	 	108.84	 	 	 	21.46	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,372.51	 	 	 	10,700.99	 
	
			2030

				 	 	1.00	 	 	 	94.91	 	 	 	18.71	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,193.00	 	 	 	11,232.48	 
	
			2031

				 	 	1.00	 	 	 	83.69	 	 	 	16.50	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,048.39	 	 	 	11,657.08	 
	
			2032

				 	 	1.00	 	 	 	74.50	 	 	 	14.69	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	930.01	 	 	 	11,999.42	 
	
			2033

				 	 	1.00	 	 	 	5.85	 	 	 	1.15	 	 	 	0.00	 	 	 	0.00	 	 	 	2.50	 	 	 	0.00	 	 	 	0.00	 	 	 	72.83	 	 	 	12,024.84	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	1,739.19	 	 	 	342.90	 	 	 	3,150.00	 	 	 	0.00	 	 	 	302.50	 	 	 	0.00	 	 	 	0.00	 	 	 	18,958.21	 	 	 	12,024.84	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			1/31/2033

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	 fuitialRate:	0.00	bbl/month	 	Revenue Int :	0.78000000	PW	5.00% :	 14,919.63
	 Abandonment:	1,399.00	bbl/month	 	Disc. fuitial fuvest. (M$):	2,905.61	PW	8.00% :	13,074.56
	
			fuitial Decline :

				
			0.00

				
			%year

				
			b = 0.000

				
			ROinvestment (disc/undisc) :

				
			5.14 /7.02

				
			PW

				
			10.00% :

				
			12,024.84

			
	
			Beg Ratio:

				
			0.000

				 	 	
			Years to Payout:

				
			1.56

				
			PW

				
			12.00% :

				
			11,094.43

			
	
			End Ratio:

				
			2.746

				 	 	
			Internal ROR (%):

				
			251.78

				
			PW

				
			15.00% :

				
			9,885.74

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			8,262.45

			

 

TRC Eco Detailed.rpt

 

 

 

 

	Date: 02/26/2022  2:04:47PM	ECONOMIC PROJECTION	 	 
	 	 	As OfDate: 01/01/2022	Case:	117N3W-4 - 117N3W-4
	Project Name:	Logan I	Discount Rate(%) : 10.00	Reserve Cat. :	Probable Undeveloped
	Partner:	All Cases	All Cases	Field :	LAWRIE WEST
	Case Type:	LEASE CASE	 	Operator:	 
	Archive Set :	defrn.1lt	 	Reservoir :	Woodford
	 	 	 	Co., State :	 LOGAN, OK
	Cum Oil (Mbbl):	0.00	 	 	 
	Cum Gas (MlVIcl) :	0.00	 	 	 

 

	
			Ye

				 	
			Gross

			Oil

				 	 	
			Gross

			Gas

				 	 	
			Net

			Oil

				 	 	
			Net

			Gas

				 	 	
			Oil

			Price

				 	 	
			Gas

			Price

				 	 	
			Oil

			Revenue

				 	 	
			Gas

			Revenue

				 	 	
			Mlsc.

			Revenue

				 
	 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			(Mbbl)

				 	 	
			(MMcl)

				 	 	
			($/bbl)

				 	 	
			($!Mel)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			2023

				 	 	80.97	 	 	 	222.70	 	 	 	63.16	 	 	 	173.71	 	 	 	65.27	 	 	 	3.71	 	 	 	4,122.18	 	 	 	644.10	 	 	 	0.00	 
	
			2024

				 	 	57.27	 	 	 	182.71	 	 	 	44.67	 	 	 	142.51	 	 	 	65.27	 	 	 	3.71	 	 	 	2,915.50	 	 	 	528.43	 	 	 	0.00	 
	
			2025

				 	 	43.71	 	 	 	150.47	 	 	 	34.09	 	 	 	117.37	 	 	 	65.27	 	 	 	3.71	 	 	 	2,225.05	 	 	 	435.20	 	 	 	0.00	 
	
			2026

				 	 	35.01	 	 	 	124.39	 	 	 	27.31	 	 	 	97.02	 	 	 	65.27	 	 	 	3.71	 	 	 	1,782.43	 	 	 	359.76	 	 	 	0.00	 
	
			2027

				 	 	29.01	 	 	 	103.19	 	 	 	22.62	 	 	 	80.49	 	 	 	65.27	 	 	 	3.71	 	 	 	1,476.66	 	 	 	298.45	 	 	 	0.00	 
	
			2028

				 	 	24.63	 	 	 	85.90	 	 	 	19.21	 	 	 	67.00	 	 	 	65.27	 	 	 	3.71	 	 	 	1,254.03	 	 	 	248.43	 	 	 	0.00	 
	
			2029

				 	 	21.32	 	 	 	71.74	 	 	 	16.63	 	 	 	55.96	 	 	 	65.27	 	 	 	3.71	 	 	 	1,085.31	 	 	 	207.48	 	 	 	0.00	 
	
			2030

				 	 	18.73	 	 	 	60.11	 	 	 	14.61	 	 	 	46.88	 	 	 	65.27	 	 	 	3.71	 	 	 	953.61	 	 	 	173.84	 	 	 	0.00	 
	
			2031

				 	 	16.66	 	 	 	50.52	 	 	 	12.99	 	 	 	39.40	 	 	 	65.27	 	 	 	3.71	 	 	 	847.97	 	 	 	146.10	 	 	 	0.00	 
	
			2032

				 	 	14.96	 	 	 	42.58	 	 	 	11.67	 	 	 	33.21	 	 	 	65.27	 	 	 	3.71	 	 	 	761.83	 	 	 	123.15	 	 	 	0.00	 
	
			2033

				 	 	1.18	 	 	 	3.23	 	 	 	0.92	 	 	 	2.52	 	 	 	65.27	 	 	 	3.71	 	 	 	60.07	 	 	 	9.35	 	 	 	0.00	 

 

	
			R=

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	343.44	 	 	 	1,097.53	 	 	 	267.88	 	 	 	856.07	 	 	 	65.27	 	 	 	3.71	 	 	 	17,484.63	 	 	 	3,174.32	 	 	 	0.00	 
	
			Ult

				 	 	343.44	 	 	 	1,097.53	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	Ye	 	
			Well

			Count

				 	 	
			Net Tax

			Production

				 	 	
			Net Tax

			AdValorem

				 	 	
			N«

			Investment

				 	 	
			Net

			Lease Costs

				 	 	
			Net

			Well Costs

				 	 	
			Ollie,

			Costs

				 	 	
			Net

			Profits

				 	 	
			Annual

			Cash Flow

				 	 	
			Cum Disc.

			Cash Flow

				 
	 	 	 	 	 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 	 	
			(Ml)

				 
	
			2022

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,150.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-3,150.00	 	 	 	-2,896.16	 
	
			2023

				 	 	1.00	 	 	 	338.45	 	 	 	66.73	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4,331.11	 	 	 	871.26	 
	
			2024

				 	 	1.00	 	 	 	244.55	 	 	 	48.22	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,121.17	 	 	 	3,337.33	 
	
			2025

				 	 	1.00	 	 	 	188.90	 	 	 	37.24	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,404.11	 	 	 	5,063.55	 
	
			2026

				 	 	1.00	 	 	 	152.11	 	 	 	29.99	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,930.09	 	 	 	6,323.17	 
	
			2027

				 	 	1.00	 	 	 	126.05	 	 	 	24.85	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,594.21	 	 	 	7,268.90	 
	
			2028

				 	 	1.00	 	 	 	106.69	 	 	 	21.03	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,344.74	 	 	 	7,993.88	 
	
			2029

				 	 	1.00	 	 	 	91.80	 	 	 	18.10	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,152.90	 	 	 	8,558.88	 
	
			2030

				 	 	1.00	 	 	 	80.06	 	 	 	15.78	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,001.61	 	 	 	9,005.11	 
	
			2031

				 	 	1.00	 	 	 	70.59	 	 	 	13.92	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	879.56	 	 	 	9,361.34	 
	
			2032

				 	 	1.00	 	 	 	62.84	 	 	 	12.39	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	779.75	 	 	 	9,648.36	 
	
			2033

				 	 	1.00	 	 	 	4.93	 	 	 	0.97	 	 	 	0.00	 	 	 	0.00	 	 	 	2.50	 	 	 	0.00	 	 	 	0.00	 	 	 	61.03	 	 	 	9,669.66	 

 

	
			R=.

				 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	
			Total

				 	 	1,466.95	 	 	 	289.23	 	 	 	3,150.00	 	 	 	0.00	 	 	 	302.50	 	 	 	0.00	 	 	 	0.00	 	 	 	15,450.27	 	 	 	9,669.66	 

 

	
			Major Phase :

				
			Oil

				 	 	
			Abandonment Date :

				
			1/31/2033

				 
	
			Perfs:

				
			0 - 0

				 	 	
			Working fut:

				
			1.00000000

				
			Present Worth Profile (M$)

			
	 Initial Rate:	0.00	bbl/month	 	Revenue Int :	0.78000000	PW	5.00% :	12,080.63
	 Abandonment:	1,180.00	bbl/month	 	Disc. fuitial fuvest. (M$):	2,896.16	PW	8.00% :	10,543.39
	
			Initial Decline :

				
			0.00

				
			%year

				
			b = 0.000

				
			ROinvestment (disc/undisc) :

				
			4.34 / 5.90

				
			PW

				
			10.00% :

				
			9,669.66

			
	
			Beg Ratio:

				
			0.000

				 	 	
			Years to Payout:

				
			1.69

				
			PW

				
			12.00% :

				
			8,895.88

			
	
			End Ratio:

				
			2.741

				 	 	
			Internal ROR (%):

				
			200.60

				
			PW

				
			15.00% :

				
			7,891.73

			
	 	 	 	 	 	 	
			PW

				
			20.00% :

				
			6,545.57

			

 

 

 

 

APPENDIX:

 

TTM WTI Spot Oil Price and Henry Hub Natural Gas Price Averages (shown in yellow)

 

	
			INDEX

				
			SOURCE

				#	
			Jan

				 	
			 

			Feb

				 	
			 

			Mar

				 	
			 

			Apr

				 	
			 

			May

				 	
			 

			Jun

				 	
			 

			Jul

				 	
			 

			Aug

				 	
			 

			Sep

				 	
			 

			Oct

				 	
			 

			Nov

				 	
			 

			Dec

				 	
			 

			Jan

				 
	
			CRUDE OIL PRICES

				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			($/Barrel)

				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			WTI Posting

				
			Plains

				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Monthly Index

				 	 	48.29	 	 	55.61	 	 	59.14	 	 	58.12	 	 	61.54	 	 	67.89	 	 	69.30	 	 	64.19	 	 	67.87	 	 	77.62	 	 	74.57	 	 	67.97	 	 	79.16	 
	
			12-mo Avg

				#	 	35.56	 	 	36.26	 	 	38.93	 	 	42.55	 	 	45.58	 	 	48.33	 	 	51.00	 	 	53.13	 	 	55.78	 	 	59.25	 	 	62.32	 	 	64.34	 	 	66.92	 
	
			SEC - 1st Day 12-mo Avg

				#	 	35.00	 	 	35.17	 	 	36.49	 	 	39.92	 	 	43.57	 	 	46.26	 	 	49.21	 	 	52.02	 	 	54.17	 	 	57.26	 	 	61.29	 	 	63.04	 	 	65.27	 

 

	
			GAS PRICES ($/MMBTU)

				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Henry Hub

				
			Gas Daily

				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Monthly Index

				 	 	 	 	2.480	 	 	2.770	 	 	2.870	 	 	2.590	 	 	2.930	 	 	2.980	 	 	3.620	 	 	4.050	 	 	4.380	 	 	5.850	 	 	6.220	 	 	5.460	 	 	4.010	 
	
			12-mo Avg

				 	#	 	 	2.104	 	 	2.178	 	 	2.266	 	 	2.346	 	 	2.441	 	 	2.546	 	 	2.723	 	 	2.906	 	 	3.056	 	 	3.368	 	 	3.637	 	 	3.850	 	 	3.978	 
	
			SEC - 1st Day 12-mo Avg

				 	#	 	 	2.013	 	 	2.081	 	 	2.158	 	 	2.224	 	 	2.323	 	 	3.708	 	 	2.597	 	 	2.775	 	 	2.943	 	 	3.269	 	 	3.462	 	 	3.598	 	 	3.708

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]