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Risk Hydrocarbon Recovery Price DecksGeological POS 100% IP Rate 1,000 MCFD Oil Manual OilMechanical POS 100% Final Rate 900 MCFD Gas Manual Gas

Total POS 100% Yield 0 bbl/mmcf Cond Manual CondReserves 345 MMCF

Interests Producing Life #VALUE! years Project Name Install L.P. Comp@ Monte ChristoProduction (+MC&OE) 100% Decline Rate #VALUE! per year Product Type GasOPEX 100% Prod End Date #VALUE! <> Discount Date Nov 2008Capital Expenditures 100% Escalation Date Nov 2008Abandonment Liability 100% Economic Results (10.5% Discount Rate) Initial Production Date Nov 2008NRI 87% EV Success FailOPEX 850 $/day NPV ($M) #VALUE! #VALUE! #VALUE! Reserves (Gross) EV SuccessGas Offset 0.49 $/MCF CapEx ($M) #VALUE! #VALUE! #VALUE! Gas (MMCF) 345 345Cond Offset 4.20 $/bbl DPI #VALUE! #VALUE! #VALUE! Cond (MBO) 0 0

Total (MBOEG) 58 58

Date Description Production/OPEX NPV Wedge ($M) #VALUE!0 Jan 2008 Drilling Tangible #VALUE! #VALUE! #VALUE! Maintenance Capital 0.50 $/BOEG0 Jan 2008 Drilling Intangible #VALUE! #VALUE! #VALUE! Overhead Expense 0.113 $/BOEG0 Jan 2008 Drilling Tangible (Completion) #VALUE! #VALUE! #VALUE! Maint Cap Disc B/T Inv #VALUE! $M0 Jan 2008 Drilling Intangible (Completion) #VALUE! #VALUE! #VALUE!0 Jan 2008 Workover Tangible #VALUE! #VALUE! #VALUE! Full Wedge Info for Promote Analysis ($M)0 Jan 2008 Workover Intangible #VALUE! #VALUE! #VALUE! Production/Opex NPV Wedge #VALUE!0 Jan 2008 G&A Wells #VALUE! #VALUE! #VALUE! Success Capital NPV Wedge #VALUE!

60 Jan 2008 Facilities Tangible #VALUE! #VALUE! #VALUE! Failure Capital NPV Wedge #VALUE!0 Jan 2008 G&A Facility #VALUE! #VALUE! #VALUE! Success Captial Disc B/T Inv #VALUE!0 Jan 2008 Incremental Abandonment #VALUE! #VALUE! #VALUE! Failure Capital Disc B/T Inv #VALUE!0 Jan 2008 Dry Hole Cost #VALUE! #VALUE! #VALUE! Success Maint Cap Disc B/T Inv #VALUE!

60 Initial Gas Price $/Mcf 6Discount Rate

10.5% Exponential Decline, Constant Yield, 2% Cost Inflation, 16-2/3% Royalty, 38% Income Tax Questions? (Beta Version!)

Disc:10% CapEx does not include ABN or MC costs. DPI = 1 + NPV / Discounted B/T Inv (excl ABN)

Nominal Cost ($M)

CVX Cost ($M)

NPV Impact ($M)

Disc B/T Inv ($M)

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Promote Analysis Economic Summary Background Calculations Background CalculationsPartner Partner Base NPV Added Prom NPV Suc Case Fail Case EV Case Suc Case Fail Case EV Case Prod/Opex Suc Cap Fail Cap EV Cap Suc Disc Fail Disc EV Disc Crossover POS at Minimum Series

POS Cap% Prod% NPV (CVX) by Promote Add/Base NPV NPV NPV DPI DPI DPI NPV (Suc) NPV NPV NPV BT Inv BT Inv BT Inv POS NPVd=1 Terms (x:1) Title### 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 500% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #N/A 100 for 505% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 50

10% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5015% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5020% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5025% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5030% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5035% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5040% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5045% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5050% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5055% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5060% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5065% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5070% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5075% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5080% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5085% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5090% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 5095% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 50

100% 100% 50% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #N/A #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100 for 50### 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 400% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #N/A 80 for 405% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 40

10% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4015% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4020% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4025% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4030% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4035% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4040% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4045% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4050% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4055% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4060% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4065% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4070% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4075% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4080% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4085% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4090% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 4095% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 40

100% 80% 40% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 80 for 40### 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 600% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #N/A 90 for 605% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 60

10% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6015% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6020% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6025% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6030% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6035% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6040% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6045% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6050% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6055% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6060% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6065% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 60

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POS Cap% Prod% NPV (CVX) by Promote Add/Base NPV NPV NPV DPI DPI DPI NPV (Suc) NPV NPV NPV BT Inv BT Inv BT Inv POS NPVd=1 Terms (x:1) Title70% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6075% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6080% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6085% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6090% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 6095% 90% 60% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 60





100% 90% 30% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 90 for 300% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #N/A 100% CVX5% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX

10% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX15% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX20% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX25% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX30% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX35% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX

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POS Cap% Prod% NPV (CVX) by Promote Add/Base NPV NPV NPV DPI DPI DPI NPV (Suc) NPV NPV NPV BT Inv BT Inv BT Inv POS NPVd=1 Terms (x:1) Title40% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX45% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX50% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX55% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX60% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX65% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX70% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX75% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX80% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX85% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX90% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX95% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX

100% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ### ### ### #VALUE! #VALUE! ### #VALUE! ### #VALUE! 100% CVX

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%1 to 1

2 to 1

3 to 1

4 to 1

5 to 1

Minimum Promotion Terms to Enhance NPV

POS (%)

Pro

mo

tio

n T

erm

s

Value Destruction

Value Creation

Install L.P. Comp@ Monte Christo

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%0

2

4

6

8

10

12

NPV Comparison between Promotions and 100% CVX

100% CVX

100 for 50

80 for 40

90 for 60

60 for 40

90 for 30

POS (%)

NPV($M)


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%0

2

4

6

8

10

12

NPV Added by a Promotion (versus 100% CVX)

100 for 50

80 for 40

90 for 60

60 for 40

90 for 30

POS (%)

DNPV( )$M


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

NPV% Added by a Promotion (versus 100% CVX)

100 for 50

80 for 40

90 for 60

60 for 40

90 for 30

POS (%)

DNPVNPV


Oil Manual OilGas Manual Gas User-Entered Price Deck

Cond Manual Cond Manual Oila Manual Oil Manual Gas

Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) Year Oil ($/bbl) Gas ($/MCF)2005 60.00 6.00 60.00 2005 60.00 6.002006 60.00 6.00 60.00 2006 60.00 6.002007 60.00 6.00 60.00 2007 60.00 6.002008 60.00 6.00 60.00 2008 60.00 6.002009 60.00 6.00 60.00 2009 60.00 6.002010 60.00 6.00 60.00 2010 60.00 6.002011 60.00 6.00 60.00 2011 60.00 6.002012 60.00 6.00 60.00 2012 60.00 6.002013 60.00 6.00 60.00 2013 60.00 6.002014 60.00 6.00 60.00 2014 60.00 6.002015 60.00 6.00 60.00 2015 60.00 6.002016 60.00 6.00 60.00 2016 60.00 6.002017 60.00 6.00 60.00 2017 60.00 6.002018 60.00 6.00 60.00 2018 60.00 6.002019 60.00 6.00 60.00 2019 60.00 6.002020 60.00 6.00 60.00 2020 60.00 6.002021 60.00 6.00 60.00 2021 60.00 6.002022 60.00 6.00 60.00 2022 60.00 6.002023 60.00 6.00 60.00 2023 60.00 6.002024 60.00 6.00 60.00 2024 60.00 6.002025 60.00 6.00 60.00 2025 60.00 6.002026 60.00 6.00 60.00 2026 60.00 6.002027 60.00 6.00 60.00 2027 60.00 6.002028 60.00 6.00 60.00 2028 60.00 6.002029 60.00 6.00 60.00 2029 60.00 6.002030 60.00 6.00 60.00 2030 60.00 6.002031 60.00 6.00 60.00 2031 60.00 6.002032 60.00 6.00 60.00 2032 60.00 6.002033 60.00 6.00 60.00 2033 60.00 6.002034 60.00 6.00 60.00 2034 60.00 6.002035 60.00 6.00 60.00 2035 60.00 6.002036 60.00 6.00 60.00 2036 60.00 6.002037 60.00 6.00 60.00 2037 60.00 6.002038 60.00 6.00 60.00 2038 60.00 6.002039 60.00 6.00 60.00 2039 60.00 6.002040 60.00 6.00 60.00 2040 60.00 6.002041 60.00 6.00 60.00 2041 60.00 6.002042 60.00 6.00 60.00 2042 60.00 6.002043 60.00 6.00 60.00 2043 60.00 6.002044 60.00 6.00 60.00 2044 60.00 6.002045 60.00 6.00 60.00 2045 60.00 6.002046 60.00 6.00 60.00 2046 60.00 6.002047 60.00 6.00 60.00 2047 60.00 6.002048 60.00 6.00 60.00 2048 60.00 6.002049 60.00 6.00 60.00 2049 60.00 6.002050 60.00 6.00 60.00 2050 60.00 6.00

2051 60.00 6.00 60.00 2051 60.00 6.002052 60.00 6.00 60.00 2052 60.00 6.002053 60.00 6.00 60.00 2053 60.00 6.002054 60.00 6.00 60.00 2054 60.00 6.00

List of Price DecksDeck# Oil Gas Condensate

1 Manual Oil Manual Gas Manual Cond2 WTI 2006.SPHenry Hub 200 WTI - Cond 2006.SPlan3 WTI 2006.SPHenry Hub 200 WTI - Cond 2006.SPlan High4 WTI 2006.SPHenry Hub 200 WTI - Cond 2006.SPlan Low5 WTI $55/STB Henry Hub $8/ WTI - Cond $55/STB Flat6 WTI 2006-08 Henry Hub 200 WTI - Cond 2006-08.Bplan7 WTI 2005-07 Henry Hub 200 WTI - Cond 2005-07Mod.MidTrend8 WTI 2005 - 2 Henry Hub 2005WTI - Cond 2005 - 2007 BPlan9 WTI 2003 Lo Henry Hub 200 WTI - Cond 2003 Long Range Plan

10 WTI 2002-Ja Henry Hub 200 WTI - Cond 2002-Jan11 Deck 11 Oil Deck 11 Gas Deck 11 Cond12 Deck 12 Oil Deck 12 Gas Deck 12 Cond13 Deck 13 Oil Deck 13 Gas Deck 13 Cond14 Deck 14 Oil Deck 14 Gas Deck 14 Cond15 Deck 15 Oil Deck 15 Gas Deck 15 Cond

User-Entered Price DeckManual Cond WTI 2006.SPlanaWTI 2006.SPlan Henry Hub 2006.SPlan WTI - Cond 2006.SPlan WTI 2006.SPlan Higha

Cond ($/bbl) Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) Year60.00 2006 55.00 8.00 55.00 200660.00 2007 55.00 8.00 55.00 200760.00 2008 55.00 8.00 55.00 200860.00 2009 55.00 8.00 55.00 200960.00 2010 55.00 7.31 55.00 201060.00 2011 55.20 6.62 55.20 201160.00 2012 56.30 6.76 56.30 201260.00 2013 57.40 6.89 57.40 201360.00 2014 58.60 7.03 58.60 201460.00 2015 59.80 7.17 59.80 201560.00 2016 60.90 7.31 60.90 201660.00 2017 62.20 7.46 62.20 201760.00 2018 63.40 7.61 63.40 201860.00 2019 64.70 7.76 64.70 201960.00 2020 66.00 7.92 66.00 202060.00 2021 67.30 8.08 67.30 202160.00 2022 68.60 8.24 68.60 202260.00 2023 70.00 8.40 70.00 202360.00 2024 71.40 8.57 71.40 202460.00 2025 72.80 8.74 72.80 202560.00 2026 74.30 8.92 74.30 202660.00 2027 75.80 9.09 75.80 202760.00 2028 77.30 9.28 77.30 202860.00 2029 78.80 9.46 78.80 202960.00 2030 80.40 9.65 80.40 203060.00 2031 80.40 9.65 80.40 203160.00 2032 80.40 9.65 80.40 203260.00 2033 80.40 9.65 80.40 203360.00 2034 80.40 9.65 80.40 203460.00 2035 80.40 9.65 80.40 203560.00 2036 80.40 9.65 80.40 203660.00 2037 80.40 9.65 80.40 203760.00 2038 80.40 9.65 80.40 203860.00 2039 80.40 9.65 80.40 203960.00 2040 80.40 9.65 80.40 204060.00 2041 80.40 9.65 80.40 204160.00 2042 80.40 9.65 80.40 204260.00 2043 80.40 9.65 80.40 204360.00 2044 80.40 9.65 80.40 204460.00 2045 80.40 9.65 80.40 204560.00 2046 80.40 9.65 80.40 204660.00 2047 80.40 9.65 80.40 204760.00 2048 80.40 9.65 80.40 204860.00 2049 80.40 9.65 80.40 204960.00 2050 80.40 9.65 80.40 205060.00 2051 80.40 9.65 80.40 2051

60.00 2052 80.40 9.65 80.40 205260.00 2053 80.40 9.65 80.40 205360.00 2054 80.40 9.65 80.40 205460.00 2055 80.40 9.65 80.40 2055

WTI 2006.SPlan High Henry Hub 2006.SPlan High WTI - Cond 2006.SPlan High WTI 2006.SPlan LowaWTI 2006.SPlan Low Henry Hub 2006.SPlan Low WTI - Cond 2006.SPlan Low

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl)75.00 10.00 75.00 2006 35.00 6.00 35.0079.10 10.00 79.10 2007 38.30 6.00 38.3079.60 10.00 79.60 2008 38.00 6.00 38.0080.10 10.00 80.10 2009 37.70 6.00 37.7081.20 9.47 81.20 2010 37.90 5.41 37.9082.80 8.83 82.80 2011 38.60 5.52 38.6084.50 9.01 84.50 2012 39.40 5.63 39.4086.20 9.19 86.20 2013 40.20 5.74 40.2087.90 9.37 87.90 2014 41.00 5.86 41.0089.60 9.56 89.60 2015 41.80 5.98 41.8091.40 9.75 91.40 2016 42.70 6.09 42.7093.30 9.95 93.30 2017 43.50 6.22 43.5095.10 10.15 95.10 2018 44.40 6.34 44.4097.00 10.35 97.00 2019 45.30 6.47 45.3099.00 10.56 99.00 2020 46.20 6.60 46.20

100.90 10.77 100.90 2021 47.10 6.73 47.10103.00 10.98 103.00 2022 48.05 6.86 48.05105.00 11.20 105.00 2023 49.00 7.00 49.00107.10 11.43 107.10 2024 50.00 7.14 50.00109.30 11.65 109.30 2025 51.00 7.28 51.00111.40 11.89 111.40 2026 52.00 7.43 52.00113.70 12.13 113.70 2027 53.05 7.58 53.05115.90 12.37 115.90 2028 54.10 7.73 54.10118.30 12.62 118.30 2029 55.20 7.88 55.20120.60 12.87 120.60 2030 56.30 8.04 56.30120.60 12.87 120.60 2031 56.30 8.04 56.30120.60 12.87 120.60 2032 56.30 8.04 56.30120.60 12.87 120.60 2033 56.30 8.04 56.30120.60 12.87 120.60 2034 56.30 8.04 56.30120.60 12.87 120.60 2035 56.30 8.04 56.30120.60 12.87 120.60 2036 56.30 8.04 56.30120.60 12.87 120.60 2037 56.30 8.04 56.30120.60 12.87 120.60 2038 56.30 8.04 56.30120.60 12.87 120.60 2039 56.30 8.04 56.30120.60 12.87 120.60 2040 56.30 8.04 56.30120.60 12.87 120.60 2041 56.30 8.04 56.30120.60 12.87 120.60 2042 56.30 8.04 56.30120.60 12.87 120.60 2043 56.30 8.04 56.30120.60 12.87 120.60 2044 56.30 8.04 56.30120.60 12.87 120.60 2045 56.30 8.04 56.30120.60 12.87 120.60 2046 56.30 8.04 56.30120.60 12.87 120.60 2047 56.30 8.04 56.30120.60 12.87 120.60 2048 56.30 8.04 56.30120.60 12.87 120.60 2049 56.30 8.04 56.30120.60 12.87 120.60 2050 56.30 8.04 56.30120.60 12.87 120.60 2051 56.30 8.04 56.30

120.60 12.87 120.60 2052 56.30 8.04 56.30120.60 12.87 120.60 2053 56.30 8.04 56.30120.60 12.87 120.60 2054 56.30 8.04 56.30120.60 12.87 120.60 2055 56.30 8.04 56.30

WTI $55/STB FlataWTI $55/STB Flat Henry Hub $8/MCF Flat WTI - Cond $55/STB Flat WTI 2006-08.BplanaWTI 2006-08.Bplan

Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) Year Oil ($/bbl)2005 55.00 8.00 55.00 2005 50.002006 55.00 8.00 55.00 2006 44.002007 55.00 8.00 55.00 2007 40.002008 55.00 8.00 55.00 2008 37.002009 55.00 8.00 55.00 2009 37.902010 55.00 8.00 55.00 2010 38.602011 55.00 8.00 55.00 2011 39.402012 55.00 8.00 55.00 2012 40.202013 55.00 8.00 55.00 2013 41.002014 55.00 8.00 55.00 2014 41.802015 55.00 8.00 55.00 2015 42.702016 55.00 8.00 55.00 2016 43.502017 55.00 8.00 55.00 2017 44.402018 55.00 8.00 55.00 2018 45.302019 55.00 8.00 55.00 2019 46.202020 55.00 8.00 55.00 2020 47.102021 55.00 8.00 55.00 2021 48.002022 55.00 8.00 55.00 2022 49.002023 55.00 8.00 55.00 2023 50.002024 55.00 8.00 55.00 2024 51.002025 55.00 8.00 55.00 2025 52.002026 55.00 8.00 55.00 2026 53.002027 55.00 8.00 55.00 2027 54.102028 55.00 8.00 55.00 2028 55.202029 55.00 8.00 55.00 2029 56.302030 55.00 8.00 55.00 2030 57.402031 55.00 8.00 55.00 2031 58.602032 55.00 8.00 55.00 2032 59.702033 55.00 8.00 55.00 2033 60.902034 55.00 8.00 55.00 2034 62.202035 55.00 8.00 55.00 2035 63.402036 55.00 8.00 55.00 2036 64.702037 55.00 8.00 55.00 2037 66.002038 55.00 8.00 55.00 2038 67.302039 55.00 8.00 55.00 2039 68.602040 55.00 8.00 55.00 2040 68.602041 55.00 8.00 55.00 2041 68.602042 55.00 8.00 55.00 2042 68.602043 55.00 8.00 55.00 2043 68.602044 55.00 8.00 55.00 2044 68.602045 55.00 8.00 55.00 2045 68.602046 55.00 8.00 55.00 2046 68.602047 55.00 8.00 55.00 2047 68.602048 55.00 8.00 55.00 2048 68.602049 55.00 8.00 55.00 2049 68.602050 55.00 8.00 55.00 2050 68.60

2051 55.00 8.00 55.00 2051 68.602052 55.00 8.00 55.00 2052 68.602053 55.00 8.00 55.00 2053 68.602054 55.00 8.00 55.00 2054 68.60

Henry Hub 2006-08.Bplan WTI - Cond 2006-08.Bplan WTI 2005-07Mod.MidTrendaWTI 2005-07Mod.MidTrend Henry Hub 2005-07Mod.MidTrend WTI - Cond 2005-07Mod.MidTrend WTI 2005 - 2007 BPlana

Gas ($/MCF) Cond ($/bbl) Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl)6.50 50.00 2005 44.00 6.50 44.006.75 44.00 2006 37.00 6.00 37.006.00 40.00 2007 30.00 5.00 30.005.50 37.00 2008 27.00 5.05 27.005.40 37.90 2009 26.90 4.85 26.905.50 38.60 2010 27.70 4.65 27.705.65 39.40 2011 28.50 4.70 28.505.75 40.20 2012 29.40 4.80 29.405.85 41.00 2013 30.20 4.85 30.206.00 41.80 2014 31.10 4.95 31.106.10 42.70 2015 32.00 5.00 32.006.20 43.50 2016 32.90 5.10 32.906.35 44.40 2017 33.90 5.15 33.906.45 45.30 2018 34.80 5.25 34.806.60 46.20 2019 35.80 5.30 35.806.75 47.10 2020 36.80 5.40 36.806.85 48.00 2021 37.40 5.50 37.407.00 49.00 2022 37.90 5.60 37.907.15 50.00 2023 38.50 5.60 38.507.30 51.00 2024 39.10 5.70 39.107.45 52.00 2025 39.60 5.80 39.607.60 53.00 2026 40.20 5.90 40.207.70 54.10 2027 40.80 6.00 40.807.90 55.20 2028 41.50 6.10 41.508.00 56.30 2029 42.10 6.20 42.108.20 57.40 2030 42.70 6.30 42.708.40 58.60 2031 43.30 6.40 43.308.50 59.70 2032 44.00 6.40 44.008.70 60.90 2033 44.70 6.50 44.708.90 62.20 2034 45.30 6.60 45.309.10 63.40 2035 45.30 6.60 45.309.20 64.70 2036 45.30 6.60 45.309.40 66.00 2037 45.30 6.60 45.309.60 67.30 2038 45.30 6.60 45.309.80 68.60 2039 45.30 6.60 45.309.80 68.60 2040 45.30 6.60 45.309.80 68.60 2041 45.30 6.60 45.309.80 68.60 2042 45.30 6.60 45.309.80 68.60 2043 45.30 6.60 45.309.80 68.60 2044 45.30 6.60 45.309.80 68.60 2045 45.30 6.60 45.309.80 68.60 2046 45.30 6.60 45.309.80 68.60 2047 45.30 6.60 45.309.80 68.60 2048 45.30 6.60 45.309.80 68.60 2049 45.30 6.60 45.309.80 68.60 2050 45.30 6.60 45.30

9.80 68.60 2051 45.30 6.60 45.309.80 68.60 2052 45.30 6.60 45.309.80 68.60 2053 45.30 6.60 45.309.80 68.60 2054 45.30 6.60 45.30

WTI 2005 - 2007 BPlanaWTI 2005 - 2007 BPlan Henry Hub 2005 - 2007 BPlan WTI - Cond 2005 - 2007 BPlan WTI 2003 Long Range PlanaWTI 2003 Long Range Plan Henry Hub 2003 Long Range Plan

Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) Year Oil ($/bbl) Gas ($/MCF)2005 27.00 5.00 27.00 2005 22.00 4.002006 27.00 5.00 27.00 2006 22.00 4.002007 27.00 5.00 27.00 2007 22.70 4.062008 27.00 5.05 27.00 2008 23.20 4.142009 26.90 4.85 26.90 2009 23.60 3.942010 27.70 4.65 27.70 2010 24.10 4.022011 28.50 4.70 28.50 2011 24.60 4.102012 29.40 4.80 29.40 2012 25.10 4.182013 30.20 4.85 30.20 2013 25.60 4.272014 31.10 4.95 31.10 2014 26.10 4.352015 32.00 5.00 32.00 2015 26.60 4.442016 32.90 5.10 32.90 2016 27.20 4.532017 33.90 5.15 33.90 2017 27.70 4.622018 34.80 5.25 34.80 2018 28.30 4.712019 35.80 5.30 35.80 2019 28.80 4.802020 36.80 5.40 36.80 2020 29.40 4.902021 37.80 5.50 37.80 2021 29.99 5.002022 38.90 5.60 38.90 2022 30.59 5.102023 40.00 5.60 40.00 2023 31.20 5.202024 41.20 5.70 41.20 2024 31.82 5.302025 42.30 5.80 42.30 2025 32.46 5.412026 43.50 5.90 43.50 2026 33.11 5.522027 44.80 6.00 44.80 2027 33.77 5.632028 46.10 6.10 46.10 2028 34.45 5.742029 47.40 6.20 47.40 2029 35.14 5.862030 48.70 6.30 48.70 2030 35.84 5.972031 50.10 6.40 50.10 2031 36.56 6.092032 51.50 6.40 51.50 2032 37.29 6.212033 53.00 6.50 53.00 2033 38.03 6.342034 54.50 6.60 54.50 2034 38.79 6.472035 54.50 6.60 54.50 2035 39.57 6.592036 54.50 6.60 54.50 2036 40.36 6.732037 54.50 6.60 54.50 2037 40.36 6.732038 54.50 6.60 54.50 2038 40.36 6.732039 54.50 6.60 54.50 2039 40.36 6.732040 54.50 6.60 54.50 2040 40.36 6.732041 54.50 6.60 54.50 2041 40.36 6.732042 54.50 6.60 54.50 2042 40.36 6.732043 54.50 6.60 54.50 2043 40.36 6.732044 54.50 6.60 54.50 2044 40.36 6.732045 54.50 6.60 54.50 2045 40.36 6.732046 54.50 6.60 54.50 2046 40.36 6.732047 54.50 6.60 54.50 2047 40.36 6.732048 54.50 6.60 54.50 2048 40.36 6.732049 54.50 6.60 54.50 2049 40.36 6.732050 54.50 6.60 54.50 2050 40.36 6.73

2051 54.50 6.60 54.50 2051 40.36 6.732052 54.50 6.60 54.50 2052 40.36 6.732053 54.50 6.60 54.50 2053 40.36 6.732054 54.50 6.60 54.50 2054 40.36 6.73

WTI - Cond 2003 Long Range Plan WTI 2002-JanaWTI 2002-Jan Henry Hub 2002-2004 Bplan WTI - Cond 2002-Jan Deck 11 Oila

Cond ($/bbl) Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) Year22.00 2005 21.00 3.80 21.00 200022.00 2006 21.40 3.85 21.40 200122.70 2007 21.90 3.95 21.90 200223.20 2008 22.30 4.00 22.30 200323.60 2009 22.70 4.10 22.70 200424.10 2010 23.20 4.15 23.20 200524.60 2011 23.70 4.25 23.70 200625.10 2012 24.10 4.35 24.10 200725.60 2013 24.60 4.45 24.60 200826.10 2014 25.10 4.55 25.10 200926.60 2015 25.60 4.60 25.60 201027.20 2016 26.10 4.70 26.10 201127.70 2017 26.60 4.80 26.60 201228.30 2018 27.20 4.90 27.20 201328.80 2019 27.70 5.00 27.70 201429.40 2020 28.30 5.10 28.30 201529.99 2021 28.80 5.20 28.80 201630.59 2022 29.40 5.30 29.40 201731.20 2023 30.00 5.40 30.00 201831.82 2024 30.60 5.50 30.60 201932.46 2025 31.20 5.65 31.20 202033.11 2026 31.80 5.75 31.80 202133.77 2027 32.50 5.85 32.50 202234.45 2028 33.10 5.95 33.10 202335.14 2029 33.80 6.10 33.80 202435.84 2030 34.50 6.20 34.50 202536.56 2031 35.20 6.35 35.20 202637.29 2032 35.90 6.45 35.90 202738.03 2033 36.60 6.60 36.60 202838.79 2034 37.30 6.75 37.30 202939.57 2035 38.00 5.40 38.00 203040.36 2036 38.76 5.50 38.76 203140.36 2037 39.53 5.61 39.53 203240.36 2038 40.32 5.73 40.32 203340.36 2039 41.13 5.84 41.13 203440.36 2040 41.95 5.96 41.95 203540.36 2041 42.79 6.08 42.79 203640.36 2042 43.65 6.20 43.65 203740.36 2043 44.52 6.32 44.52 203840.36 2044 45.41 6.45 45.41 203940.36 2045 45.41 6.45 45.41 204040.36 2046 45.41 6.45 45.41 204140.36 2047 45.41 6.45 45.41 204240.36 2048 45.41 6.45 45.41 204340.36 2049 45.41 6.45 45.41 204440.36 2050 45.41 6.45 45.41 2045

40.36 2051 45.41 6.45 45.41 204640.36 2052 45.41 6.45 45.41 204740.36 2053 45.41 6.45 45.41 204840.36 2054 45.41 6.45 45.41 2049

Deck 11 Oil Deck 11 Gas Deck 11 Cond Deck 12 OilaDeck 12 Oil Deck 12 Gas Deck 12 Cond

Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl)50.00 6.50 50.00 2000 50.00 6.50 50.0044.00 6.75 44.00 2001 44.00 6.75 44.0040.00 6.00 40.00 2002 40.00 6.00 40.0037.00 5.50 37.00 2003 37.00 5.50 37.0037.90 5.40 37.90 2004 37.90 5.40 37.9038.60 5.50 38.60 2005 38.60 5.50 38.6039.40 5.65 39.40 2006 39.40 5.65 39.4040.20 5.75 40.20 2007 40.20 5.75 40.2041.00 5.85 41.00 2008 41.00 5.85 41.0041.80 6.00 41.80 2009 41.80 6.00 41.8042.70 6.10 42.70 2010 42.70 6.10 42.7043.50 6.20 43.50 2011 43.50 6.20 43.5044.40 6.35 44.40 2012 44.40 6.35 44.4045.30 6.45 45.30 2013 45.30 6.45 45.3046.20 6.60 46.20 2014 46.20 6.60 46.2047.10 6.75 47.10 2015 47.10 6.75 47.1048.00 6.85 48.00 2016 48.00 6.85 48.0049.00 7.00 49.00 2017 49.00 7.00 49.0050.00 7.15 50.00 2018 50.00 7.15 50.0051.00 7.30 51.00 2019 51.00 7.30 51.0052.00 7.45 52.00 2020 52.00 7.45 52.0053.00 7.60 53.00 2021 53.00 7.60 53.0054.10 7.70 54.10 2022 54.10 7.70 54.1055.20 7.90 55.20 2023 55.20 7.90 55.2056.30 8.00 56.30 2024 56.30 8.00 56.3057.40 8.20 57.40 2025 57.40 8.20 57.4058.60 8.40 58.60 2026 58.60 8.40 58.6059.70 8.50 59.70 2027 59.70 8.50 59.7060.90 8.70 60.90 2028 60.90 8.70 60.9062.20 8.90 62.20 2029 62.20 8.90 62.2063.40 9.10 63.40 2030 63.40 9.10 63.4064.70 9.20 64.70 2031 64.70 9.20 64.7066.00 9.40 66.00 2032 66.00 9.40 66.0067.30 9.60 67.30 2033 67.30 9.60 67.3068.60 9.80 68.60 2034 68.60 9.80 68.6068.60 9.80 68.60 2035 68.60 9.80 68.6068.60 9.80 68.60 2036 68.60 9.80 68.6068.60 9.80 68.60 2037 68.60 9.80 68.6068.60 9.80 68.60 2038 68.60 9.80 68.6068.60 9.80 68.60 2039 68.60 9.80 68.6068.60 9.80 68.60 2040 68.60 9.80 68.6068.60 9.80 68.60 2041 68.60 9.80 68.6068.60 9.80 68.60 2042 68.60 9.80 68.6068.60 9.80 68.60 2043 68.60 9.80 68.6068.60 9.80 68.60 2044 68.60 9.80 68.6068.60 9.80 68.60 2045 68.60 9.80 68.60

68.60 9.80 68.60 2046 68.60 9.80 68.6068.60 9.80 68.60 2047 68.60 9.80 68.6068.60 9.80 68.60 2048 68.60 9.80 68.6068.60 9.80 68.60 2049 68.60 9.80 68.60

Deck 13 OilaDeck 13 Oil Deck 13 Gas Deck 13 Cond Deck 14 OilaDeck 14 Oil

Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl) Year Oil ($/bbl)2000 50.00 6.50 50.00 2000 50.002001 44.00 6.75 44.00 2001 44.002002 40.00 6.00 40.00 2002 40.002003 37.00 5.50 37.00 2003 37.002004 37.90 5.40 37.90 2004 37.902005 38.60 5.50 38.60 2005 38.602006 39.40 5.65 39.40 2006 39.402007 40.20 5.75 40.20 2007 40.202008 41.00 5.85 41.00 2008 41.002009 41.80 6.00 41.80 2009 41.802010 42.70 6.10 42.70 2010 42.702011 43.50 6.20 43.50 2011 43.502012 44.40 6.35 44.40 2012 44.402013 45.30 6.45 45.30 2013 45.302014 46.20 6.60 46.20 2014 46.202015 47.10 6.75 47.10 2015 47.102016 48.00 6.85 48.00 2016 48.002017 49.00 7.00 49.00 2017 49.002018 50.00 7.15 50.00 2018 50.002019 51.00 7.30 51.00 2019 51.002020 52.00 7.45 52.00 2020 52.002021 53.00 7.60 53.00 2021 53.002022 54.10 7.70 54.10 2022 54.102023 55.20 7.90 55.20 2023 55.202024 56.30 8.00 56.30 2024 56.302025 57.40 8.20 57.40 2025 57.402026 58.60 8.40 58.60 2026 58.602027 59.70 8.50 59.70 2027 59.702028 60.90 8.70 60.90 2028 60.902029 62.20 8.90 62.20 2029 62.202030 63.40 9.10 63.40 2030 63.402031 64.70 9.20 64.70 2031 64.702032 66.00 9.40 66.00 2032 66.002033 67.30 9.60 67.30 2033 67.302034 68.60 9.80 68.60 2034 68.602035 68.60 9.80 68.60 2035 68.602036 68.60 9.80 68.60 2036 68.602037 68.60 9.80 68.60 2037 68.602038 68.60 9.80 68.60 2038 68.602039 68.60 9.80 68.60 2039 68.602040 68.60 9.80 68.60 2040 68.602041 68.60 9.80 68.60 2041 68.602042 68.60 9.80 68.60 2042 68.602043 68.60 9.80 68.60 2043 68.602044 68.60 9.80 68.60 2044 68.602045 68.60 9.80 68.60 2045 68.60

2046 68.60 9.80 68.60 2046 68.602047 68.60 9.80 68.60 2047 68.602048 68.60 9.80 68.60 2048 68.602049 68.60 9.80 68.60 2049 68.60

Deck 14 Gas Deck 14 Cond Deck 15 OilaDeck 15 Oil Deck 15 Gas Deck 15 Cond

Gas ($/MCF) Cond ($/bbl) Year Oil ($/bbl) Gas ($/MCF) Cond ($/bbl)6.50 50.00 2000 50.00 6.50 50.006.75 44.00 2001 44.00 6.75 44.006.00 40.00 2002 40.00 6.00 40.005.50 37.00 2003 37.00 5.50 37.005.40 37.90 2004 37.90 5.40 37.905.50 38.60 2005 38.60 5.50 38.605.65 39.40 2006 39.40 5.65 39.405.75 40.20 2007 40.20 5.75 40.205.85 41.00 2008 41.00 5.85 41.006.00 41.80 2009 41.80 6.00 41.806.10 42.70 2010 42.70 6.10 42.706.20 43.50 2011 43.50 6.20 43.506.35 44.40 2012 44.40 6.35 44.406.45 45.30 2013 45.30 6.45 45.306.60 46.20 2014 46.20 6.60 46.206.75 47.10 2015 47.10 6.75 47.106.85 48.00 2016 48.00 6.85 48.007.00 49.00 2017 49.00 7.00 49.007.15 50.00 2018 50.00 7.15 50.007.30 51.00 2019 51.00 7.30 51.007.45 52.00 2020 52.00 7.45 52.007.60 53.00 2021 53.00 7.60 53.007.70 54.10 2022 54.10 7.70 54.107.90 55.20 2023 55.20 7.90 55.208.00 56.30 2024 56.30 8.00 56.308.20 57.40 2025 57.40 8.20 57.408.40 58.60 2026 58.60 8.40 58.608.50 59.70 2027 59.70 8.50 59.708.70 60.90 2028 60.90 8.70 60.908.90 62.20 2029 62.20 8.90 62.209.10 63.40 2030 63.40 9.10 63.409.20 64.70 2031 64.70 9.20 64.709.40 66.00 2032 66.00 9.40 66.009.60 67.30 2033 67.30 9.60 67.309.80 68.60 2034 68.60 9.80 68.609.80 68.60 2035 68.60 9.80 68.609.80 68.60 2036 68.60 9.80 68.609.80 68.60 2037 68.60 9.80 68.609.80 68.60 2038 68.60 9.80 68.609.80 68.60 2039 68.60 9.80 68.609.80 68.60 2040 68.60 9.80 68.609.80 68.60 2041 68.60 9.80 68.609.80 68.60 2042 68.60 9.80 68.609.80 68.60 2043 68.60 9.80 68.609.80 68.60 2044 68.60 9.80 68.609.80 68.60 2045 68.60 9.80 68.60

9.80 68.60 2046 68.60 9.80 68.609.80 68.60 2047 68.60 9.80 68.609.80 68.60 2048 68.60 9.80 68.609.80 68.60 2049 68.60 9.80 68.60

Does maintenance capital hit the opex interest or the production interest. Right now it is based upon production interestAlso, does overhead expense hit the production wedge or the opex interest. Right now it hits the production interest (it is simply added to offset)To replicate peep, mc gas offset is truncated at 2 decimal placesRight now, maintenance capital discounted investment is multiplied by production interestStuff starting in 2005 doesn't work exactly right, add in an esc year variable and set it equal to current year

Still need to adjust code for oil zones, and then update the oil calculation sheet.Create tool to select price decks.

Does maintenance capital hit the opex interest or the production interest. Right now it is based upon production interestAlso, does overhead expense hit the production wedge or the opex interest. Right now it hits the production interest (it is simply added to offset)

Stuff starting in 2005 doesn't work exactly right, add in an esc year variable and set it equal to current year

04/19/2023 document.xlsPOS

JOB TYPE

C1 - Coil Tbg-Wash out 70%C2 - Coil Tbg-Jet w/ N2 93%C3 - Coil Tbg-Acid / Stim 92%C4 - Fishing 83%C5 - Coil Tbg-TTGP 80%C7 - Coil Tbg-Cement packers 67%C8 - Coil Tbg-Velocity string 75%C9 - Coil Tbg-Other 80%C10 - Coil Tbg-Plugback with coil 78%E1 - Eline- TTPB (w/ vented basket plug) 85%E2 - Eline- TTBP (selective set up) 90%E3 - Eline- Add Perfs 89%E4 - Eline- Plastic / water shut-off 89%E5 - Eline-TT Screen 75%E6 - Eline- Other 87%E7 - Eline- Slickline EDT jobs 85%E8 - Eline- Eline TTGP 91%E-9 E/Line TTBP Downhole selective 88%M-1 - MRWO Single Completion 90%M-2 - MRWO Single Completion w/ Selective 90%O1 - Bullhead Stimulation 75%O2-Other Pumping jobs 75%O3 - Other 80%P1 - P&A 98%P2 - Diagnostics 93%P3 - Casing Remediation 92%P4 - TA for sidetrack 100%P5 - Repairs(SSV/TBG Leaks) 100%P6 - Casing Pressure 100%PE - Financial Items 100%PE - Reservior (PNL's, BHP's) 100%PE - Operation Support 100%

S-Snubbing 90%

'98, thru '02 % Success

Download - Excel Economics Spreadsheet

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