Bid Date: August 14, 2019 | Effective Date: July 01, 2019

EXECUTIVE SUMMARY

Eagle River Energy Advisors, LLC has been exclusively retained by Cody Exploration, LLC ("Seller") to divest certain operable working interest assets and associated development rights in the Williston Basin of Roosevelt County, Montana.

PROPERTY DESCRIPTION

Operable Leasehold in the Bakken Play

  •  ~7,145 net acres of contiguous, operable leasehold
  •  Ownership across ~13 potential DSUs (1280-acre spacing)
  •  2 year average primary term expiration (option to extend for an additional 2 years on all leases
  • Analogous Reservoir Quality to Recent Offset Development

    •  Comparable Bakken reservoir quality to offsetting Kraken wells with average pay thickness of 30+ ft with 7-10% porosity
    •  Recent Kraken Bakken development employs high intensity fracs demonstrating reservoir deliverability
      •  Kraken completing offset wells using high rate, plug and perf, 1,500 lbs/ft proppant across 60 stages
      •  Peak production uplift as high as 3x compared to parent wells

    Significant Resource Potential

    •  Substantial upside with ~62 future drilling locations quantified in the Middle Bakken Formation across ~13 DSUs
    • Economic Middle Bakken potential with EURs of 520 MBoe (87% Oil) and ~32% IRR from $7.0MM estimated D&C cost
    •  Two (2) rig-years of potential drilling inventory
    •  ~10,800 MBoe / $15.8MM PV-20 Bakken reserves (62 locations)
    •  Additional resource potential in the Three Forks Formation

Agent Details

Asim Baloch

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