Eagle River Energy Advisors, LLC has been exclusively retained by Lime Rock Resources (“Seller”) to divest certain non-operated working interest assets and associated development rights in the Williston Basin of Dunn, McKenzie & Billings Counties of North Dakota.

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Teaser & CA with Exhibit

Significant Producing Assets in the Core Williston Basin
• ~17,500 net acres non-operated leasehold in the Core Williston Basin
• ~400 existing wells in Dunn, McKenzie & Billings Counties
• ~2,640 Boe/d net production (6-mn avg; Jun-20)
− 74% Oil / 16% Gas / 10% NGL
• ~$19.6MM TTM operating cash flow from existing wells (Jun-20)
• Non-operated interest in the Petro-Hunt Little Knife Gas Plant with
~$1.7MM additional TTM operating cash flow (Jun-20)
• > 84% avg 8/8ths NRI provide high-margin drilling

Stable & Diversified Position
• Diversified across 144 DSUs in three counties in North Dakota
• Position under multiple leading Basin operators: Continental, XTO, Marathon, Hess, Petro-Hunt and many others
• Flat production since 2017 as a result of ~30 wells drilled / year
• ~$12 / BOE avg lifting cost provides positive cash flow at low commodity price environments

Optimal Portfolio of Production with Upside Development
• High-quality undeveloped inventory remaining in the Core of the Basin
− Operators developing core areas during economic downturn as demonstrated by 59 wells drilled on Seller’s position in 2019-2020
− 3 drilling rigs currently on Seller’s acreage with COP (2) & WPX
• Substantial production base with sizeable undeveloped inventory provides ideal mixture of PDP reserves vs. upside
− <3 avg PDP wells / DSU with >50% of DSUs only having one well
• ~89 near-term locations either drilled or on confidential status and awaiting first sales with ~10 additional active permits

 

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