DENVER, CO, UNITED STATES, April 19, 2021 / — Eagle River Energy Advisors,
LLC (“Eagle River”) has been exclusively retained by Mallard Exploration (“Seller”) to solicit
partnerships for a 50%-75% proportionate share of certain operated producing, drilled
uncompleted, and/or development working interest assets in the DJ Basin of rural Weld County,

The package includes a combination of JV opportunities whereby a partner may choose to invest
in (i) PDP, (ii) a 2021 DUC completion program, and/or (iii) a 2021-2022 development program.
Key attributes associated with these assets include 7,200 BOEPD Net Production from the PDP,
$82MM in completion capital relating to 21 DUCs currently being completed and $287MM in
drilling and completion capital relating to 56 Niobrara wells across 8 DSUs that are drill ready
with IRRs of >90% @ $5.9MM D&C.

The assets are located in the northeast extension of the Wattenberg Field in rural Weld County of
the DJ Basin of Colorado, which is characterized by a less restrictive regulatory climate given its
distance from the more densely populated areas of the front range. Importantly, Mallard’s
assets were relatively unaffected by the recent 2,000 ft. setback rules instituted by the Colorado
Oil and Gas Conservation Commission. Per a study conducted by Rystad Energy, Mallard
Exploration has 276 approved new drill permits outside the 2,000 ft. setback window, which is
more than any other DJ Basin operator.

Mallard Exploration is run by a high-quality management team that has established a significant
track record of success through extensive experience operating across the DJ Basin with
Extraction Oil & Gas and Anadarko Petroleum Company dating back to 2006. Mallard has been a
pioneer in developing the northeast extension of Wattenberg Field through the implementation
of its geologic model and innovative drilling and completion designs. Mallard’s Niobrara wells
vastly outperform those of other offset operators and have delivered some of the highest rates
of return in the entire DJ Basin due to the team’s ability to consistently drill and complete wells
under AFE cost.

“Our team is pleased to serve another client with a high-quality asset in the DJ Basin. The
Rockies (and the DJ Basin in particular) remain a focus area for our team at Eagle River given our
technical expertise and track record of success. We believe this rural location within Weld
County, Colorado will continue to garner a strong level of investor and operator interest given its
more favorable regulatory environment. With impressive well performance from the prolific
Niobrara formation and well costs currently less than $6MM (two-mile laterals), the drilling
economics at $50+ oil are very compelling.”

Bids for the Acquisition Opportunities in the rural DJ Basin with Mallard Exploration referenced
in this press release are due May 19th, 2021.

About Eagle River Energy Advisors
Eagle River is an industry leading A&D advisory firm focused exclusively on the North American
oil and gas sector. We specialize in middle market transactions ranging from $5MM – $300MM.
Based in Denver, Eagle River has a team of industry professionals with diverse backgrounds in
finance, land, business development, engineering, and geology.
Learn more at:

Mallory Weaver (Marketing Director)
Eagle River Energy Advisors
+1 720-726-6093

This press release can be viewed online at:
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