Spreadsheet: vkaminski__40690__Amod2
Sheet: CFMODEL

99 | 0 | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
100 | 1 |  |  |  |  |  |  |  | *Except for Overview |  |  |  |  |  |  |  |  | Year 10 |  |  |  |  | Year 15 |  |  |  |  | Year 20 |  |  |  | False
6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
Clampett Oil Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
SCENARIO: |  | BASE |  | ($ in | Thousands | )
TRANSACTION OVERVIEW: |  |  |  |  |  | TRANSACTION DATE:
TRANSACTION FUNDS FLOW: |  |  |  |  |  |  |  |  |  | PROFORMA CAPITALIZATION: |  |  |  |  |  | Proforma |  | Proforma
 |  |  | Rate:
 |  |  |  |  |  | Acquisition/Distribution/Expenditure
 |  |  |  |  |  |  |  |  |  | Total Debt
 |  |  |  |  |  |  |  |  |  | Common Equity
 |  |  |  |  |  |  |  |  |  | Total Equity
 |  |  |  |  |  |  |  |  |  | Total Capitalization
 |  |  |  |  |  |  |  |  | 5yr CAGR
*Implied Interest Rate
SELECTED OPERATING DATA:
Revenues
Revenue Growth
Gross Margin
EBDIT
EBDIT Margin
Adj. EBDIT [Adjusted for VPP]
EBIT
Adj. EBIT [Adjusted for VPP]
Capital Expenditures
Working | Operating Cash Required (Days)
Capital: | Accounts Receivable Days
 | Inventory Turnover (x)
 | Accounts Payable Days
SELECTED FINANCIAL DATA:
Adjusted Interest  [Cash Interest + Implied PP Interest]
Scheduled Sr Prin. Pymnts [Sr Debt + Implied PP Amortization] |  |  |  |  | 0 | 0 | 0
Scheduled Total Principal Payments |  |  |  |  | 0 | 0 | 0
Revolver Commitment
Cash Balances
[NAME] (included in Senior Debt)
Adjusted Senior Debt  [Senior Debt + Deferred Revenues]
Subordinated Debt
Preferred Stock
Common Equity
SELECTED FINANCIAL RATIOS:
[NAME] (Adj EBDIT/Adj. Int+Tot Prin+Cap [NAME])
Interest Coverage  (Adj. EBIT / Adj. Interest)
[NAME]. Ratio [(EBDIT-Cap Ex)/Adj Interest]
Adj. Senior Debt / (Subordinated Debt + Equity)
(Adj. Senior Debt + Subordinated Debt) / Equity
Adj. Sr Debt to [NAME] [Adj. Sr Debt / (Total Debt + Equity)]
Total Debt to Capitalization [Total Debt / (Total Debt + Equity)]
Debt to Adjusted Cash Flow [Total Debt / (EBDIT-Cap Ex)]
Current Ratio
VALUATION STATISTICS:
Multiple of EBDIT
Corporate Value [EBDIT * Multiple]
Market Equity Value [Corp. Value - Debt & Pref Stk + Ex Cash]
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
INCOME STATEMENT:
Revenues
Cost of Revenues
Gross Profits
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
EBDIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
Depreciation and Depletion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
Amortization - Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
Amortization   -  ESOP Contributions/Dividends
Subtotal - Depreciation, Depletion, Amortization
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
EBIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
Other Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | False
Interest Income
Financing Fees
Total Other Income
Interest Expense:
Existing Senior and Sub Debt
Total Interest Expense
Income b/f Taxes and [NAME]
Gain on Sale of Assets
Income b/f Taxes
Income Taxes
Net Income
Preferred Dividends
Net Income Available to Common
Common Dividends
SOURCES AND USES:
SOURCES:
Depreciation & Amortization
Contribution from ESOP
Deferred Income Taxes
Non-Cash Interest and Dividends
Net Proceeds from Sale of Assets
Total Sources
USES:
Total Capital Expenditures
Change in Adjusted W/C
Amortization of Deferred Revenue
Decrease in
Decrease in
Decrease in
Decrease in
Decrease in
Decrease in
Dividends/Treasury Stock Acquisition/Preferred Stock Redemption
Total Uses
EXCESS/(DEFICIT)
FINANCED BY:
Total Scheduled Financing
Increase/(Decrease) in Bank Revolver |  |  |  |  |  |  | 0
Increase/(Decrease) in Deficit Revolver |  |  |  |  |  |  | 0
Decrease/(Increase) in Excess Cash
Total Financing
AVAILABLE CASH:
Beginning Cash
Operating Increase/(Decrease) |  |  |  |  |  |  | 0
Excess Increase/(Decrease)
 |  |  |  |  |  |  | 0
 |  |  |  |  |  |  | 0
 |  |  |  |  |  |  | 0
Ending Cash
BALANCE SHEET:
Total Intangibles
Proof
CAPITALIZATION:
Deficit Revolver: |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition) |  |  |  |  | 0
 |  | Repayment |  |  |  |  | 0
 |  | Ending Balance
 |  | Interest Rate
 |  | Beginning Balance
 |  | (Scheduled Additions)
 |  | ([NAME]. Base or Commitment Additions) |  |  |  |  | 0
 |  | Scheduled Repayment |  |  |  |  | 0
 |  | Bor. Base or [NAME] |  |  |  |  | 0
 |  | Excess Cash Flow Recapture
 |  | Ending Balance
 |  | Interest Rate
 |  | Borrowing Base/Commitment Level
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Scheduled Repayment
 |  | Excess Cash Flow Recapture
 |  | Ending Balance
 |  | Interest Rate
 |  | Avg. Balance (For Interest Calc Only)
 |  | Interest Rate
 |  | Beginning Balance
 |  | (Addition)
 |  | Repayment
 |  | Ending Balance
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Repayment
 |  | Ending Balance
 |  | Interest Rate
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Repayment
 |  | Ending Balance
 |  | Interest Rate
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Repayment
 |  | Ending Balance
 |  | Interest Rate
CAPITALIZATION (Continued):
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Repayment
 |  | Excess Cash Flow Recapture
 |  | Ending Balance
 |  | Interest Rate
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Repayment
 |  | Ending Balance
 |  | Interest Rate
 |  | Beginning Balance |  |  |  |  | 0
 |  | (Addition)
 |  | Repayment |  |  |  |  | 0
 |  | Ending Balance
 |  | Dividend Yield
 |  | Short-term | Beginning Balance
 |  |  | (Addition) |  |  |  | 0
 |  |  | Repayment
 |  |  | Ending Balance
 |  |  | Interest Rate
 |  | Long-term | Beginning Balance |  |  |  | 0
 |  |  | (Addition) |  |  |  | 0
 |  |  | Repayment
 |  |  | Ending Balance
 |  |  | Interest Rate
 |  | Beginning Balance
 |  | (Addition) |  |  |  |  | 0
 |  | Repayment
 |  | Ending Balance
 |  | Interest Rate
 |  | Beginning Balance
 |  | (Addition) |  |  |  |  | 0
 |  | Redemption
 |  | Ending Balance
 |  | Dividend Yield
TRANSACTION ASSUMPTIONS:
Transaction Date: |  | 1999-06-30 00:00:00
Transaction Date Adjustment:
 | Fraction: |  | Pre Transaction Revenues
 | Months: |  | and Expenses, and
 | Fraction: |  | Post Transaction Revenues
 | Months: |  | and Expenses in fiscal
 |  | Fiscal Year End: |  | 1999-12-31 00:00:00
Transaction Funds Flow |  |  |  |  |  |  |  |  | Subsequent Fundings
 |  |  |  | Transaction |  |  | Transaction
 | Sources: |  |  | Totals |  |  | Date |  |  |  |  |  |  |  |  |  |  |  | Proof
 | Revolving Loan |  |  | 0 |  |  | 0
 | Term Loan |  |  | 0 |  |  | 0
 | Production Payment |  |  | 0 |  |  | 0
 | ESOP Notes |  |  | 0 |  |  | 0
 | Placement 1 |  |  | 0 |  |  | 0
 | Placement 2 |  |  | 0 |  |  | 0
 | Sr Sub Notes |  |  | 0 |  |  | 0
 | Jr. Sub Notes |  |  | 0
 | Preferred Stock |  |  | 0 |  |  | 0
 | Common Stock |  |  | 0 |  |  | 0
 | Cash on Hand |  |  | 0
 | Sources
 | Uses:
 | Capital Exp.: |  |  | 0 |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  | 0
 |  | PP&E |  | 0 | 0 |  | 0
 |  | Land |  | 0
 | Dividend/Distribution |  |  | 0 |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Treasury Stock Acquisition |  |  | 0
 | Transaction Fees
 | Refinance Existing Sr Debt |  |  | 0
 | Refinance Existing Sub Debt |  |  | 0
 | Refinance Existing Pref Stk |  |  | 0
 | Working Capital |  |  | 0
 | Uses
 |  | Proof:
TRANSACTION FEES: |  |  |  |  | Tax Life | Accounting
 |  | % |  | $ | (Yrs) | Treatment
Transaction Advisory Fee |  |  |  | 0 | NA |  | Expensed:
Other Fees and Expenses |  |  |  | 0 | NA |  | Capitalized:
Upfront Placement Fees: |  |  |  |  |  |  | Amortization:
 |  | 0 |  |  | 7
 |  | 0 |  |  | 7
 |  | 0 |  |  | 7
 |  | 0 |  |  | 8
 |  | 0 |  |  | 10
 |  | 0 |  |  | 10
 |  | 0 |  |  | 10
 |  | 0 |  |  | 10
 |  | 0 |  |  | NA
 |  | 0 |  |  | NA
*(As % of Commitment) |  | Total |  |  |  | Total
HISTORICAL AND OPENING BALANCE SHEETS:
ASSETS: |  |  |  |  |  |  |  |  |  | Add | Subtract |  |  |  | Operating Cash
Cash and Marketable Securities |  |  |  | 0 | 0 | 0 |  | 0
Accounts Receivable |  |  |  | 0 | 0 | 0 |  | 0 |  |  |  |  |  |  | 0
Inventories |  |  |  | 0 | 0 | 0 |  | 0
Other Current Assets |  |  |  | 0 | 0 | 0 |  | 0
Total Current Assets
Intangibles |  |  |  | 0 | 0 | 0 |  | 0
Goodwill |  |  |  | 0 | 0 | 0 |  | 0
Transaction Fees |  |  |  | 0 | 0 | 0
Gross PP&E |  |  |  | 0 | 0 | 0 |  | 0
Accumulated Depreciation |  |  |  | 0 | 0 | 0 |  | 0
Net PP&E
Deferred Income Taxes |  |  |  | 0 | 0 | 0 |  | 0
Other Assets |  |  |  | 0 | 0 | 0 |  | 0
Total Assets
LIABILITIES & EQUITY:
Accounts Payable |  |  |  | 0 | 0 | 0 |  | 0 |  |  |  |  |  |  | Total |  | Long-term
Accrued Liabilities |  |  |  | 0 | 0 | 0 |  | 0 |  |  |  |  |  |  | Capitalization |  | Capitalization
Other Payables |  |  |  | 0 | 0 | 0 |  | 0 |  |  |  |  |  |  | $ | % | $ | %
Current Maturities |  |  |  | 0 | 0 | 0 |  | 0 |  | 0 | 0
Short-term Debt |  |  |  | 0 | 0 | 0 |  | 0 |  |  | 0
Total Current Liabilities
Senior Debt |  |  |  |  | 0 | 0 |  | 0
Subordinated Debt |  |  |  |  | 0 | 0 |  | 0
Deferred Taxes |  |  |  |  | 0 | 0 |  | 0
Commitments and Contingencies |  |  |  |  | 0 | 0 |  | 0
Other Liabilities |  |  |  |  | 0 | 0 |  | 0
Total Long-term Liabilities
Total Liabilities
 |  |  |  | 0 | 0 | 0 |  | 0
 |  |  |  | 0 | 0 | 0 |  | 0 |  |  | 0
Paid in Capital |  |  |  | 0 | 0 | 0 |  | 0 |  |  | 0
ESOP Equity
Treasury Stock |  |  |  | 0 | 0 | 0 |  | 0
[NAME] |  |  |  | 0 | 0 | 0 |  | 0
Preferred and Common Dividends |  |  |  | 0 | 0 | 0 |  | 0
Contra Account |  |  |  | 0 | 0 | 0 |  | 0
Total Stockholders' Equity
Total Liabilities & Equity
Proof
ADJUSTED WORKING CAPITAL INPUT:
ADJ. WORKING CAPITAL ANALYSIS
Operating Cash Balance
Adjusted W/C Balance:
Change in Adjusted W/C
Changes in Other Asset/Liability Accounts:
Increase/(Decrease) in Other Liabilities |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Increase/(Decrease) in Other Assets |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
BORROWING BASE ASSUMPTIONS:
Bank Revolver Usage Related to Borrowing Base? |  |  |  |  |  | YES
Advance Rates: |  |  |  |  |  | 0.4
 |  |  |  |  |  | 0
 |  |  |  |  | PV10 value | 0.75
Borrowing Base/Commitment Level: |  |  |  | 0 | 0 | 0 | 0
SCHEDULED DEBT AND STOCK
[NAME] AND ADDITIONS:
 |  |  |  |  |  | Repayment |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Scheduled Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Commitment |  | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000
 |  |  |  |  |  | Excess Cash Flow Recapture: |  | 1
 |  |  |  |  |  | Repayment |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Scheduled Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Excess Cash Flow Recapture: |  | 0.75
W/C Line | (Seasonal) |  |  |  |  | ([NAME]. Balance for Interest Calc Only) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Repayment
 |  |  |  |  |  | (Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Gas Volumes:
 |  |  |  |  |  | Oil Volumes:
 |  |  |  |  |  |  | Discounted Gas Price ($/Mmbtu): | 0
 |  |  |  |  |  |  | Discounted Oil Price ($/Bbl): | 0
 |  |  |  |  |  | Repayment
 |  |  |  |  |  | (Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Repayment |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Scheduled Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  | % of CF for Repayment of Principal & Interest: | 0 |  | Cash Flow Available
 |  |  |  |  |  | Interest (To input Interest Rate, see Debt Items)
 |  |  |  |  |  | Repayment
 |  |  | % of Type 2 Capital Expenditures Financed: | 0 |  | (Additions)
 |  |  | *Input Cash Flow may be changed to reflect transaction.
 |  |  |  |  |  | Repayment |  | 0 |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Scheduled Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Interest Deferral: (YES or NO) |  | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO
 |  |  |  |  |  | Interest Deferral Tax Deductible: (YES or NO) |  | YES
 |  |  |  |  |  | Interest Rate Deferred
 |  |  |  |  |  | Amount Deferred (Accrued Semi-annually)
 |  |  |  |  |  | Excess Cash Flow Recapture: |  | 0.75
 |  |  |  |  |  | Repayment |  | 0 |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Scheduled Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Interest Deferral: (YES or NO) |  | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO
 |  |  |  |  |  | Interest Deferral Tax Deductible: (YES or NO) |  | YES
 |  |  |  |  |  | Interest Rate Deferred
 |  |  |  |  |  | Amount Deferred (Accrued Semi-annually)
 |  |  |  |  |  | Redemptions |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Issues) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | Dividend Deferral: (YES or NO) |  | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO | NO
 |  |  |  |  |  | Dividend Yield Deferred
 |  |  |  |  |  | Amount Deferred (Accrued Quarterly)
 |  |  |  |  |  | Treasury Stock Purchases |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Issues) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Existing Sr Debt |  |  |  |  | Short-term | Repayment |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  | Long-term | Repayment |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Gas Balancing |  |  |  |  |  | Repayment |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Additions) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Existing Preferred Stock |  |  |  |  |  | Redemptions |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  | (Issues) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
INTEREST RATES, COUPON RATES AND
DIVIDEND YIELDS: |  |  |  | $ | $ | $ | $ | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | %
Hist Interest Exp/Existing Sr Debt |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Hist Interest Exp/Existing Sub Debt |  |  |  | 0 | 0 | 0 | 0 | 0
Hist Pref Div'ds/Existing Pref Stk Yld |  |  |  | 0 | 0 | 0 | 0 | 0.06
Hist Common Div'ds |  |  |  | 0 | 0 | 0 | 0
[NAME] |  |  |  |  |  |  |  | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09
 |  |  |  |  |  |  |  | 0.09
 |  |  |  |  |  |  |  | 0
Commitment Fee on Unused Portion of Bank Revolver |  |  |  |  |  |  |  | 0
Annual Administration Fee |  |  |  |  |  |  |  | 0 | 0
 |  |  |  |  |  |  |  | 0
 |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  |  |  | 0
 |  |  |  |  |  |  |  | 0
 |  |  |  |  |  |  |  | 0
 |  |  |  |  |  |  |  | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06
Dividend [NAME] |  |  |  |  |  |  |  | 0
Interest Income
Interest Earned on Cash Balances? |  |  |  | YES
Hist Int Income/Int on Cash Balances |  |  |  | 0 | 184.623 | 134.18 | 40.479 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05
HISTORICAL AND PROFORMA NON-OPERATING ASSUMPTIONS:
FYE:
Revenues:
Revenues (from operating sheet)
Deferred Revenues from Production Payment:
Total Revenue
Annual Revenue Growth Rate
Amortization:
Amortization   -  Pre-Transaction Goodwill |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Amortization   -  Transaction Goodwill
Amortization   -  Transaction Fees
Amortization   -  Intangibles (from operating sheet)
Amortization   -  ESOP Contributions/Dividends
Total Amortization Expense
Other Income:
Other Income (excluding interest income) |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
ASSET SALES
Gross Sale Price |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Gross Book Value of Assets Sold |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Accumulated Depreciation - Book |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Net Book Value of Assets Sold
Pretax Gain/(Loss) - Book |  |  |  | 0 | 0 | 0 | 0
Change in Book Depreciation  Expense Associated with Assets Sold |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Net Tax Value - Regular Tax* |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Pretax Gain/(Loss) - Tax
Change in Tax Depreciation Expense Associated with Assets Sold |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Net Tax Value Tax - AMT* |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Pretax Gain/(Loss) - AMT
Change in Tax Depreciation Expense Associated with Assets Sold
*Default to Book Gain/(Loss)
ESOP ITEMS:
Salaries (% of Net Sales) |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Eligible Salaries (% of Salaries) |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Rule 415 - 25% of Eligible Salaries
Coupon on ESOP Equity |  |  |  |  |  |  |  | 0
ESOP Equity Dividends
Available ESOP Contribution
Actual ESOP Contributions for ESOP Notes Repayment |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
ESOP Equity Dividends Paid post [NAME] Notes Repayment |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
TAX ASSUMPTIONS:
 |  |  |  | $ | $ | $ | $ | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | % | %
Historical Book Taxes |  |  |  | 0 | 260 | 0 | 0
Federal Income Tax Rate |  |  |  |  |  |  |  | 0.34
State Income Tax Rate |  |  |  |  |  |  |  | 0
Alternative Minimum Tax (AMT) Rate |  |  |  |  |  |  |  | 0.2
Beginning Balance NOLs: |  |  |  | Book: | 14000
 |  |  |  | Regular Tax: | 8000
 |  |  |  | AMT: | 2000
Beginning Balance AMT Tax Credit |  |  |  |  | 11000
IDC Tax Credit as a % of Oil & Gas Capital Expenditures |  |  |  |  |  |  |  | 0.7
INCOME TAX CALCULATION:
REGULAR IRS TAXES:
Income before Taxes
Add Back: | Amortization of Goodwill
 | Book Depreciation
 | Book Depletion
 | Book Loss/(Gain) on Asset Sales
 | Tax Implied Revenues
Deduct: | Tax Depreciation (Regular)
 | Tax Depletion
 | Tax Loss/(Gain) on Asset Sales (Regular)
 | Book Deferred Revenues from Production Payments
 | Production Payment Implied Interest
Taxable Income before NOL
Beginning NOL Balance
NOL (Addition)
NOL Used
Ending NOL Balance
Taxable Income After NOL
State Taxes @
Federal Taxes @
Regular Taxes before AMT Tax Credit
BOOK TAXES:
Add Back:  Amortization of Goodwill
Taxable Book Income before NOL
Beginning NOL Balance
NOL (Addition)
NOL Used
Ending NOL Balance
Taxable Book Income After NOL
State Taxes @
Federal Taxes @
Book Taxes
INCOME TAX CALCULATION CONTINUED:
ALTERNATIVE MINIMUM TAX
Taxable Income
Add Back: | Book Depreciation
Deduct: | Tax Depreciation (AMT) (default to tax depreciation)
AMT Income w/o IDC
Add:  IDC (see below)
Preliminary AMT Income w/IDC
AMTI Adjustment % |  |  |  |  |  |  |  | -0.4
AMTI Adjustment
AMT Income w/IDC
Allowable IDC
AMTI before NOL
Beginning NOL Balance
NOL (Addition)
NOL Used (90% Limitation)
Ending NOL Balance
AMT Taxable Income after NOL
AMT Tax Rate
AMT Taxes
AMT Tax Credit Calculation:
 | Beginning AMT Credit Balance
 | AMT Credit (Addition)
 | AMT Credit Used
 | Ending AMT Credit Balance
 | AMT Credit Used
Regular Taxes after AMT Tax Credit
Cash Taxes Paid (greater of AMT Taxes or Regular Taxes)
Book Taxes
Deferred Income Taxes
IDC Limitations
 | Total Oil & Gas Capital Expenditures
 | % Allocation to Intangible Drilling Costs
 | IDC
 | Excess IDC % |  |  |  |  |  |  | 0.9
 | Excess IDC
 | Gross Margin from Oil & Gas Activities
 | Limitation |  |  |  |  |  |  | 0.65
 | IDC Under Limitation
 | IDC Preference
Production Payment Tax Calculations
Weighted Average Market Price Curves |  |  |  |  |  |  | Gas Forward Price Curve  ($/Mmbtu):
for Production Payments* |  |  |  |  |  |  | Oil Forward Price Curve  ($/Bbl):
*For tax purposes.  Default to Oil & Gas Reserves Forward Price Curves for Class A Reserves
Implied PP Gas Revenues
Implied PP Oil Revenues
Implied PP Revenues
T-bill rate @ inception |  | 0.054 |  |  | Imputed Interest Expense - Gas
Intererst rate on VPP |  |  |  |  | Imputed Interest Expense - Oil
 |  |  |  |  | Interest Expense - Total
 | Tax PP Amortization: |  |  |  | Beginning Balance
 |  |  |  |  | Payment
 |  |  |  |  | Interest Payments
 |  |  |  |  | Amortization
 |  |  |  |  | Forgiveness of debt
 |  |  |  |  | Ending Balance
 | Implied Amortization (memo only) |  |  |  | Implied Interest Rate: | 0.105874512724854
 |  |  |  |  | Beginning Balance
 |  |  |  |  | Payment
 |  |  |  |  | Interest Payments
 |  |  |  |  | Amortization
 |  |  |  |  | Ending Balance
RETURNS ANALYSIS:
Equity Allocation: |  | Equity |  | IRR | IRR | IRR |  | Terminal Value: |  |  | Year 3 | Year 4 | Year 5 |  | Terminal Value (PV10): |  |  | Year 3 | Year 4 | Year 5
 |  | Allocation |  |  |  |  |  | Adj EBDIT (in Yr as Noted) |  |  |  |  |  |  | PV10
 |  | 0 |  |  |  |  |  | Multiple: |  |  | 6.176864495787006 | 6.017948750170344 | 5.925887867165827 |  | Multiple: |  |  | 1.25 | 1.25 | 1.25
 |  | 0 |  |  |  |  |  | Corporate Terminal Value: |  |  |  |  |  |  | Corporate Terminal Value:
 |  | 0 |  |  |  |  |  | Less: |  |  |  |  |  |  | Less:
 |  | 0 |  |  |  |  |  | Total Debt & Pref Stock |  |  |  |  |  |  | Total Debt & Pref Stock
 |  |  |  |  |  |  |  | Plus: |  |  |  |  |  |  | Plus:
 |  |  |  |  |  |  |  | Excess Cash |  |  |  |  |  |  | Working Capital
 |  |  |  |  |  |  |  | Common Equity Terminal Value: |  |  |  |  |  |  | Common Equity Terminal Value:
 |  |  |  |  |  |  |  | Staged Exit? | no | % Exit: | 1 | 1 | 1 |  | Exit % |  |  | 1 | 1 | 1
 |  |  |  |  |  |  |  | Net Common Equity Terminal Value: |  |  |  |  |  |  | Net Common Equity Terminal Value:
DEFAULT/LIQUIDATION CALCULATION
 |  |  |  |  |  |  |  |  | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10
 |  |  |  |  |  | Deficit Revolver Balance
 |  |  |  |  |  | PV 10 Value
 |  |  |  |  |  | Discount |  | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95
 |  |  |  |  |  | Adjusted PV10
 |  |  |  |  |  | Less:  Debt & Preferred Stock
 |  |  |  |  |  | Add:  Working Capital |  |  |  |  |  |  |  |  |  |  |  |  | Total
 |  |  |  |  |  | ECT Share
Utilize liquidation value? (Y/N) |  |  | Y |  |  | Liquidation Value to Common
 |  |  |  | Rf |  |  |  |  | 0.051 | 0.0523 | 0.0594 | 0.0636 | 0.0647 | 0.065 | 0.06547
 |  |  |  | LIQUIDATION VALUES ACCRUED TO EXIT |  |  |  | Year 1 def.
 |  |  |  |  |  |  |  | Year 2 def.
 |  |  |  |  |  |  |  | Year 3 def.
 |  |  |  |  |  |  |  | Year 4 def.
 |  |  |  |  |  |  |  | Year 5 def.
 |  |  |  |  |  |  |  | Year 6 def.
 |  |  |  |  |  |  |  | Year 7 def.
 |  |  |  | LIQUIDATION CASH RECD AT EXIT - GROSS
 |  |  |  | SHARE TO ECT
 |  |  |  | LIQUIDATION CASH RECD AT EXIT - NET
TERMINAL VALUE CALCULATION - 100% EXIT EACH YEAR
 |  |  |  |  | Terminal Value: |  |  |  | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7
 |  |  |  |  | Adj EBDIT (in Yr as Noted)
 |  |  |  |  | Multiple (from model) |  |  |  | 6.469184011146461 | 6.330959138475524 | 6.176864495787006 | 6.017948750170344 | 5.925887867165827 | 5.878029505555814 | 5.867687375260359
 |  |  |  |  | Corporate Terminal Value:
 |  |  |  |  | Less:
 |  |  |  |  | Total Debt & Pref Stock
 |  |  |  |  | Plus:
 |  |  |  |  | Excess Cash
 |  |  |  |  | Common Equity Terminal Value:
 |  |  |  |  | Share to ECT
 |  |  |  |  | Net Common Equity Terminal Value:
 |  |  |  |  | Total Cashflows if 100%
 |  |  |  |  | exit at indicated time |  |  | -95000
iNVESTMENT CASH FLOWS
 |  |  |  |  |  |  |  | Through:
 |  |  |  |  |  | Cash Flows
 |  |  |  |  |  |  |  | Through: |  |  |  | 00:00:00
 |  |  |  |  |  | Cash Flows
 |  |  |  |  |  |  |  | Through:
 |  |  |  |  |  | Cash Flows
SENSITIVITY ANALYSES:
 |  |  |  | YEAR 3: |  |  | Return Sensitivities |  |  |  |  | YEAR 5: |  |  | Return Sensitivities
 |  |  |  |  | Multiple: |  |  |  |  |  |  |  | Multiple:
 |  |  |  |  |  |  | 6 |  |  |  |  |  |  |  | 6
 |  |  | Equity | 0.8 | -0.3468451155349613 | -0.3468451205641032 | -0.3468451205641032 | -0.3468451205641032 | -0.3468451205641032 |  | Equity | 0.327 | 0.078570631146431 | 0.06712950170040131 | 0.078570631146431 | 0.08940688073635103 | 0.09970502257347105
 |  |  | Allocation: |  | -0.3329997655004263 | -0.3329997655004263 | -0.3329997655004263 | -0.3329997655004263 | -0.3329997655004263 |  | Allocation: |  | 0.05594517886638642 | 0.06980063021183014 | 0.0827706962823868 | 0.09497207105159758 | 0.1064991772174835
 |  |  |  |  | -0.3197699841111898 | -0.3197699841111898 | -0.3197699841111898 | -0.3197699841111898 | -0.3197699841111898 |  |  |  | 0.05688304603099822 | 0.07243708074092867 | 0.08688682615756992 | 0.1003926932811737 | 0.1130815923213959
 |  |  |  |  | -0.3070971969515085 | -0.3070971969515085 | -0.3070971969515085 | -0.3070971969515085 | -0.3070971969515085 |  |  |  | 0.05781653821468354 | 0.07503984868526459 | 0.09092266261577607 | 0.1056768357753754 | 0.119466358423233
 |  |  |  |  | -0.294931048899889 | -0.294931048899889 | -0.294931048899889 | -0.294931048899889 | -0.294931048899889 |  |  |  | 0.05874570310115815 | 0.07760986387729649 | 0.09488160312175749 | 0.1108318865299225 | 0.125666218996048
DISCOUNTED CASHFLOW VALUATION ANALYSIS:
OPERATING CASH FLOWS:
EBIT (Operating Profit)
Less:  Cash Taxes before Interest Tax Shield
After Tax EBIT (After Tax Operating Profit)
Plus: | Depreciation & Depletion
 | Amortization & ESOP Contributions
 | Implied Production Payment Interest
Less: | Increase/(Decrease) in Adjusted W/C
 | Capital Expenditures
Cash Flow From Operations After Tax (Unlevered Cash Flow) |  |  |  |  |  |  | 0
 |  |  |  | Information for Risk Factors
 |  |  |  | Distribution | Parameter 1 | Parameter 2 | Parameter 3
Credit Risk Factor (default = 1) |  |  |  | Normal |  |  |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1
Sovereign Risk Factor (default =1) |  |  |  | Normal |  |  |  | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1
Credit and Sovereign Risk-Adjusted Cash Flow From Operations After Tax |  |  |  |  |  |  | 0
 |  |  |  | Perpetuity |  | Perpetuity |  | Adj EBDIT |  |  | VALUATION VARIABLES:
RESIDUAL VALUE: |  |  |  | Annuity |  | Growth |  | Multiple |  |  | Term (Horizon) |  |  |  |  | 10
Adjusted EBDIT |  |  |  |  |  |  |  |  |  |  | Investments (Excess Cash) Outstanding at Value Date
Operating Profit After Tax |  |  |  |  |  |  |  |  |  |  | [NAME] at Value Date
 |  |  |  |  |  |  |  |  |  |  | Number of Shares Outstanding at Value Date (000) |  |  |  |  | 0
Discount Rate (ATWACOC) |  |  |  |  |  |  |  |  |  |  | Perpetuity Growth Rate |  |  |  |  | 0.01
Perpetuity Growth Rate |  |  |  |  |  |  |  |  |  |  | EBDIT Multiple |  |  |  |  | 6
EBIT Multiple
Corporate Residual Value |  |  |  |  |  |  |  |  |  |  | DISCOUNT RATE:
 |  |  |  |  |  |  |  |  |  |  | Tax Rate |  |  |  |  | 0.35
 |  |  |  |  |  |  |  |  |  |  | Target Debt/Equity |  |  |  |  | 1
Discounted Operating Cash Flows |  |  |  |  |  |  |  |  |  |  | Target Debt/Capitalization
Discounted Terminal Value |  |  |  |  |  |  |  |  |  |  | Cost of Equity (unlevered)
Investments (Excess Cash) |  |  |  |  |  |  |  |  |  |  | Cost of Equity (levered)
Firm Value Today |  |  |  |  |  |  |  |  |  |  | Weighted Avg Cost of Debt |  |  |  |  | 0.075
 |  |  |  |  |  |  |  |  |  |  | Weighted Avg After Tax Cost of Debt
Debt Outstanding |  |  |  |  |  |  |  |  |  |  | A-T Weighted Average Cost of Capital (ATWACOC)
Equity Value
 |  |  |  |  |  |  |  |  |  |  | COST OF EQUITY (UNLEVERED):
 |  |  |  |  |  |  |  |  |  |  | Risk-Free Rate |  |  | 0.075 | 30-Year Treasury Bond
 |  |  |  |  |  |  |  |  |  |  | Beta |  |  | 2 | Company Specific (Unlevered)
 |  |  |  |  |  |  |  |  |  |  | Market Risk Premium |  |  | 0.04
Equity Value per Share |  |  |  |  |  |  |  |  |  |  | Cost of Equity
Data from Operating Sheet
 | Capital Expenditures - Land
 | Oil & Gas Related
 | Gas Forward Price Curve  ($/Mmbtu):
 | Oil Forward Price Curve  ($/Bbl):
Data to Operating Sheet
 |  |  |  | Fraction of current year
 |  |  |  | Unit
 |  |  |  | Net O&G Book Value as of beginning of period
 |  |  |  | Debt/Total Capitalization
 |  |  |  | Debt
 |  |  |  | Equity
 |  |  |  | Cash
COMMON-SIZED INCOME STATEMENT:
Subtotal - Depreciation, Depletion, Amortization
FASB CASH FLOW ANALYSIS
Cash Flow From Operating Activities:
 | Net Income
Add Back:
 | Deferred Revenues
 | Losses/(Gains)
Add/
(Subtract)
Change in:
Cash Flow From Investing Activities:
Cash Flow From Financing Activities:
 | Dividends Paid
 | Scheduled Debt and Preferred Stock Reductions
 | Proceeds of Debt & Stock Issues
 | Borrowing/(Repayment) under Bank Revolver
 | Borrowing/(Repayment) under Deficit Revolver
Net Increase/(Decrease) in Cash and Cash Equivalents