Spreadsheet: vkaminski__40690__Amod2
Sheet: GC

 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Year 20
Acquistions Calculation
 | Debt/Total Capitalization
 | Target Debt/Total Capitalization |  |  |  |  |  |  | 0.6
 | Target Debt/Equity
 | Available debt financing |  |  | % of PV10 | 0.5 |  |  | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000 | 10000
 | Cash flow before deficit financing
 | Multiple |  |  |  |  |  |  | 0.5
 | Adjusted Cash Flow
 | PV10
 | Debt/PV10
 | ACQUISITIONS LIMIT (MAXIMUM DEBT, CF)
 | $/BOE for Capital Expenditures (Finding & Development)
 | $/BOE |  |  |  |  |  | Base $ | 4.653
 | Distribution | Parameter 1 | Parameter 2 | Parameter 3 |  |  | Factor | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1
 | Normal |  |  |  |  |  | Simulated Value
 | Acquired Reserves - MBOE
 | Delay until production (0,1,or 2 years) |  |  | 0 |  |  | Acquired Reserves - MBOE
 |  |  |  |  |  |  | Production - MBOE (from profile)
 |  |  |  |  |  |  | % Allocation to oil | 0.7
 |  |  |  |  |  |  | % Allocation to gas
 |  |  |  |  |  |  | Oil production - Mbbls
 |  | BOE Conversion |  |  |  |  | Gas production - MMcf
OIL & GAS INCOME PROJECTIONS
Acquistion Reserves
Oil | [NAME] (MBbls)
 | Risk Factor |  |  |  |  |  |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1
 | Risked Oil Volumes
 | Oil Pricing Scenario from EP page (1-5) |  |  |  |  | 5
 | Basis and other adjustments
 | Final Price - $/Bbl
Gas | Gas [NAME]
 | Risk Factor |  |  |  |  |  |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1
 | Risked Gas [NAME] |  | Distribution | Parameter1 | Parameter2 | Parameter3
 | Gas Btu Multiplier, BBtu/MMcf |  | Normal |  |  |  |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1
 | Gas [NAME]
 | Gas Pricing Scenario from EP page (1-5) ($/MMBtu) |  |  |  |  | 5
 | Basis and other adjustments
 | Final Price $/Mmbtu
Total Revenues
 | Production Costs:
 | Variable | Conversion |  |  |  |  | BOE:
 | Distribution | Normal |  | Base Variable per BOE |  |  | 3.822
 | Parameter 1 |  |  | Factor |  |  | 1
 | Parameter 2 |  |  | Simulated Amount
 | Parameter 3 |  |  | Escalation Scenario (1 - 3) |  |  | 3
 | Variable Production Cost
 | Ad Valorem and Production Taxes |  |  | Tax Rate (on revenues) |  |  | 0.092
 | Other fixed:
 | Distribution | Normal |  | Base Amount per Year |  |  | 0
 | Parameter 1 |  |  | Factor |  |  | 1
 | Parameter 2 |  |  | Simulated Amount
 | Parameter 3 |  |  | Escalation Scenario (1 - 3) |  |  | 3
 | Total Other Fixed
 | Other: |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Total Production Costs
 | Net Oil & Gas Income
DEPLETION ANALYSIS:
 | Net O&G Book Value as beginning of period |  |  |  |  |  |  | 0
 | Total O&G Capital Expenditures |  |  |  |  |  | 0
 |  |  | Conversion to BOE: |  |  | Bbls of Oil Equivalent:
 |  |  |  |  |  | Depletion Tax Basis ($):
 |  |  |  |  |  | Cumulative BOE Equivalent (BOE):
 |  |  |  |  |  | Depletion/BOE ($/BOE):
 |  |  |  |  |  | Depletion Allowance ($):
Expense Items
Cost of Sales - Other
Cost of Sales - Fixed
 | Distribution | Normal |  | Base Amount per Year |  |  | 0
 | Parameter 1 |  |  | Factor |  |  | 1
 | Parameter 2 |  |  | Simulated Amount
 | Parameter 3 |  |  | Escalation Scenario (1 - 3) |  |  | 1
 | Totals |  |  | 0 | 0 | 0 | 0
Cost of Sales - Variable (% Total Revenues)
 | Distribution | Normal |  | Base % Revenue |  |  | 0
 | Parameter 1 |  |  | Factor |  |  | 1
 | Parameter 2 |  |  | Simulated Amount
 | Parameter 3 |  |  | Escalation Scenario (1 - 3) |  |  | 1
 | Totals
Total Other Costs of Sales
Production costs (from above)
Total Cost of Sales
G&A Expenses
G&A Expenses - Fixed
 | Distribution | Normal |  | Base Amount per Year |  |  | 0
 | Parameter 1 |  |  | Factor |  |  | 1
 | Parameter 2 |  |  | Simulated Amount
 | Parameter 3 |  |  | Escalation Scenario (1 - 3) |  |  | 3
 | Totals
G&A Expenses - Variable (% Total Revenues)
 | Distribution | Normal |  | Base % Revenue |  |  | 0.3
 | Parameter 1 |  |  | Factor |  |  | 1
 | Parameter 2 |  |  | Simulated Amount
 | Parameter 3 |  |  | Escalation Scenario (1 - 3) |  |  | 1
 | Totals
G&A Expenses - Other |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total G&A Expenses
 |  |  |  |  | 1996 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 1997 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 1998 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 1999 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2000 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2001 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2002 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2003 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2004 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2005 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2006 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2007 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2008 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2009 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2010 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2011 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2012 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2013 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2014 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | 2015 Production
 |  |  |  |  |  | OIL
 |  |  |  |  |  | GAS
 |  |  |  |  | TOTAL    OIL
 |  |  |  |  | GAS
PV10/Return calculation
 |  |  | Acquistions in |  | 1996  Revenue
 |  |  |  |  | 1996 Exp.
 |  |  |  |  | 1996 Capex
 |  |  |  |  | 1996 Cash Flow
 |  |  |  |  | IRR |  | 0.01
 |  |  | Acquistions in |  | 1997  Revenue
 |  |  |  |  | 1997 Exp.
 |  |  |  |  | 1997 Capex
 |  |  |  |  | 1997 Cash Flow
 |  |  |  |  | IRR
 |  |  | Acquistions in |  | 1998  Revenue
 |  |  |  |  | 1998 Exp.
 |  |  |  |  | 1998 Capex
 |  |  |  |  | 1998 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 1999  Revenue
 |  |  |  |  | 1999 Exp.
 |  |  |  |  | 1999 Capex
 |  |  |  |  | 1999 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2000  Revenue
 |  |  |  |  | 2000 Exp.
 |  |  |  |  | 2000 Capex
 |  |  |  |  | 2000 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2001  Revenue
 |  |  |  |  | 2001 Exp.
 |  |  |  |  | 2001 Capex
 |  |  |  |  | 2001 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2002  Revenue
 |  |  |  |  | 2002 Exp.
 |  |  |  |  | 2002 Capex
 |  |  |  |  | 2002 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2003  Revenue
 |  |  |  |  | 2003 Exp.
 |  |  |  |  | 2003 Capex
 |  |  |  |  | 2003 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2004  Revenue
 |  |  |  |  | 2004 Exp.
 |  |  |  |  | 2004 Capex
 |  |  |  |  | 2004 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2005  Revenue
 |  |  |  |  | 2005 Exp.
 |  |  |  |  | 2005 Capex
 |  |  |  |  | 2005 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2006  Revenue
 |  |  |  |  | 2006 Exp.
 |  |  |  |  | 2006 Capex
 |  |  |  |  | 2006 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2007  Revenue
 |  |  |  |  | 2007 Exp.
 |  |  |  |  | 2007 Capex
 |  |  |  |  | 2007 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2008  Revenue
 |  |  |  |  | 2008 Exp.
 |  |  |  |  | 2008 Capex
 |  |  |  |  | 2008 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2009 Revenue
 |  |  |  |  | 2009 Exp.
 |  |  |  |  | 2009 Capex
 |  |  |  |  | 2009 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2010  Revenue
 |  |  |  |  | 2010 Exp.
 |  |  |  |  | 2010 Capex
 |  |  |  |  | 2010 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2011  Revenue
 |  |  |  |  | 2011 Exp.
 |  |  |  |  | 2011 Capex
 |  |  |  |  | 2011 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2012  Revenue
 |  |  |  |  | 2012 Exp.
 |  |  |  |  | 2012 Capex
 |  |  |  |  | 2012 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2013  Revenue
 |  |  |  |  | 2013 Exp.
 |  |  |  |  | 2013 Capex
 |  |  |  |  | 2013 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2014  Revenue
 |  |  |  |  | 2014 Exp.
 |  |  |  |  | 2014 Capex
 |  |  |  |  | 2014 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2015  Revenue
 |  |  |  |  | 2015 Exp.
 |  |  |  |  | 2015 Capex
 |  |  |  |  | 2015 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | 2016  Revenue
 |  |  |  |  | 2016 Exp.
 |  |  |  |  | 2016 Capex
 |  |  |  |  | 2016 Cash Flow
 |  |  |  |  | IRR
 |  |  |  |  | Total
Data to Financing Sheet
 | Revenues (excluding deferred PP revenue)
 | Cost of Sales
 | Cash Expenses
 | Capital Expenditures - Total
 | Capital Expenditures - Financed by Debt
 | Capital Expenditures - Land
 | Capitalized Costs
 | Depreciation Expense - Book
 | Depreciation Expense - Tax
 | Depreciation Expense - AMT
 | Amortization of Intangibles - Book
 | Amortization of Intangibles - Tax
 | Oil & Gas Only Items
 | [NAME]. Exp. for Oil & Gas Reserves
 | [NAME]. Exp. for Oil & Gas Reserves - Class B only
 | Depletion - Book
 | Depletion - Tax
 | Class B Oil & Gas Income Before NPI
 | Production Payment Volumes - Gas
 | Production Payment [NAME]
Weighted Average Market Price Curves
for Production Payments*
*For tax purposes.  Default to Oil & Gas Reserves Forward Price Curves for Class A Reserves
Data from Financing Sheet
 |  |  |  | Fraction of year
 |  |  |  | Unit
 |  |  |  | Debt/Total Capitalization
 |  |  |  | Debt
 |  |  |  | Equity
 |  |  |  | Cash