Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - American Standard Energy Corp. | v211466_8ka.htm |
| EX-99.2 - EX-99.2 - American Standard Energy Corp. | v211466_ex99-2.htm |
| EX-99.1 - EX-99.1 - American Standard Energy Corp. | v211466_ex99-1.htm |
<Mook
Project ASEC 1209>
A
Look Back Report of
Oil
and Gas Reserves
To
the Interests (Acquired in 2010) of
American
Standard Energy Corporation
In
Selected Leases
Located
in North Dakota
Effective
December 31, 2009
For
Disclosure to the
Securities
and Exchange Commission
Mook
Project ASEC 1209
Prepared
for
American
Standard Energy Corp.
January
27, 2011
1
<Mook
Project ASEC 1209>
|
BRYANT M. MOOK, B.SC., M.ENG.
|
 |
|
PETROLEUM ENGINEER AND GEOLOGIST
|
|
|
12926 KING
CIRCLE
|
|
|
HOUSTON, TEXAS 77429-2936
|
|
|
TELE: +1 (713) 623-1158 • MOBILE: +1 (281) 253-2464
|
|
|
NEW YORK, NY TEL: +1 (212) 518-7752
|
|
|
LONDON, UK TEL: +44 (0) 20 7993 8268
|
January
28, 2011
|
Scott
Mahoney, CFA
|
|
|
Managing
Partner
|
|
|
Catalyst
Corporate Solutions
|
|
|
Subject:
|
A
Look Back Report
|
|
Oil
and Gas Reserves
|
|
|
To
the Interests (Acquired in 2010) of
|
|
|
American
Standard Energy Corporation
|
|
|
In
Selected Leases
|
|
|
Located
in North Dakota
|
|
|
Effective
December 31, 2009
|
|
|
For
Disclosure to the
|
|
|
Securities
and Exchange Commission
|
|
|
Mook
Project ASEC 1209
|
|
Bryant M.
Mook Petroleum Engineering and Geological Advisor (Mook) has performed an
engineering evaluation to estimate proved developed producing (PDP) reserves and
future net revenue from oil and gas properties to the subject
interests. This evaluation was requested by Mr. Scott Mahoney as an
officer of both the operator, ASEC Operating LLC (ASEC), and the interest owner,
Geronimo and American Standard Energy Corp., (ASEC). Projections of
the reserves and the future net revenue to the evaluated interests are based on
economic parameters and operating conditions considered applicable as of
December 31, 2009 and are pursuant to the financial reporting requirements of
the Securities and Exchange Commission (SEC). This evaluation, in
combination with other documents and data is being used by ASEC for financial
purposes. Following is a summary of the results of the evaluation
effective December 31, 2009:
|
Proved
Developed
|
||||||||||||||||
|
Net
Reserves to the
|
Proved
Developed
|
Non-Producing
|
Proved
|
|||||||||||||
|
Evaluated
Interests:
|
Producing
(PDP)
|
(PDNP)
|
Undeveloped
(PUD)
|
Total
Proved
|
||||||||||||
|
Oil/Condensate
(MBO)
|
10.3 | 0.0 | 0.0 | 10.3 | ||||||||||||
|
Gas
(MMCF)
|
3.5 | 0.0 | 0.0 | 3.5 | ||||||||||||
|
Future
Net Revenue, M$
|
||||||||||||||||
|
Undiscounted
|
$ | 403.8 | $ | 0.0 | $ | 0.0 | $ | 403.8 | ||||||||
|
Discounted,
NPV 10%
|
$ | 242.9 | $ | 0.0 | $ | 0.0 | $ | 242.9 | ||||||||
2
<Mook
Project ASEC 1209>
The
attached definitions describe all categories of reserves and the discussion
describes and includes the information for this evaluation.
It has
been a pleasure to serve ASEC by preparing this engineering
evaluation. I will retain all related data and ancillary information
in my files and will be available for review at your convenience.
Yours
truly,
Attachments
3
<Mook
Project ASEC 1209>
CONTENTS
DEFINITIONS
OF RESERVES
DISCUSSION
Introduction
Data
Sources
Method of
Reserves Determination
Oil
Pricing
Gas
Pricing
Pricing
Statement
Operating
Expenses
Production
and Ad Valorem Taxes
Investments
Salvage
and Property Abandonment
SUMMARIES
Reserves
Category:
Proved
Developed: PDP
Proved
Developed Nonproducing: PDNP
Economic
Recap
4
<Mook
Project ASEC 1209>
DEFINITIONS
OF OIL AND GAS RESERVES1
Developed
oil and gas reserves
Developed
oil and gas reserves are reserves of any category that can be expected to be
recovered:
|
(i)
|
Through
existing wells with existing equipment and operating methods or in which
the cost of the required equipment is relatively minor compared to the
cost of a new well; and
|
|
(ii)
|
Through
installed extraction equipment and infrastructure operational at the time
of the reserves estimate if the extraction is by means not involving a
well.
|
Undeveloped
oil and gas reserves
Undeveloped
oil and gas reserves are reserves of any category that are expected to be
recovered from new wells on undrilled acreage, or from existing wells where a
relatively major expenditure is required for recompletion.
|
(i)
|
Reserves
on undrilled acreage shall be limited to those directly offsetting
development spacing areas that are reasonably certain of production when
drilled, unless evidence using reliable technology exists that establishes
reasonable certainty of economic producibility at greater
distances.
|
|
(ii)
|
Undrilled
locations can be classified as having undeveloped reserves only if a
development plan has been adopted indicating that they are scheduled to be
drilled within five years, unless the specific circumstances, justify a
longer time.
|
|
(iii)
|
Under
no circumstances shall estimates for undeveloped reserves be attributable
to any acreage for which an application of fluid injection or other
improved recovery technique is contemplated, unless such techniques have
been proved effective by actual projects in the same reservoir or an
analogous reservoir, or by other evidence using reliable technology
establishing reasonable
certainty.
|
Proved
oil and gas reserves 2
Proved
oil and gas reserves are those quantities of oil and gas, which, by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be economically producible - from a given date forward from known
reservoirs, and under existing economic conditions, operating methods, and
government regulations - prior to the time at which contracts providing the
right to operate expire, unless evidence indicates that renewal is reasonably
certain, regardless of whether deterministic or probabilistic methods are used
for the estimation. The project to extract the hydrocarbons must have commenced
or the operator must be reasonably certain that it will commence the project
within a reasonable time.
(i) The
area of the reservoir considered as proved includes:
(A) The
area identified by drilling and limited by fluid contacts, if any,
and
(B)
Adjacent undrilled portions of the reservoir that can, with reasonable
certainty, be judged to be continuous with it and to contain economically
producible oil or gas based on available geoscience and engineering
data.
(ii) In
the absence of data on fluid contacts, proved quantities in a reservoir are
limited by the lowest known hydrocarbons (LKH) as seen in a well penetration
unless geoscience, engineering: or performance data and reliable technology
establishes a lower contact with reasonable certainty.
5
<Mook
Project ASEC 1209>
(iii)
Where direct observation from well penetrations has defined a highest known oil
(HKO) elevation and the potential exists for an associated gas cap, proved oil
reserves may be assigned in the structurally higher portions of the reservoir
only if geoscience, engineering, or performance data and reliable technology
establish the higher contact with reasonable certainty.
(iv)
Reserves which can be produced economically through application of improved
recovery techniques (including, but not limited to, fluid injection) are
included in the proved classification when:
(A)
Successful testing by a pilot project in an area of the reservoir with
properties no more favorable than in the reservoir as a whole, the operation of
an installed program in the reservoir or an analogous reservoir, or other
evidence using reliable technology establishes the reasonable certainty of the
engineering analysis on which the project or program was based; and
(B) The
project has been approved for development by all necessary parties and entities,
including government entities.
(v)
Existing economic conditions include prices and costs at which economic
producibility from a reservoir is to be determined. The price shall
be the average price during the 12-month period prior to the ending date of the
period covered by the report, determined as an unweighted arithmetic average of
the first-date-of-the- month price for each month within such period, unless
prices are defined by contractual arrangements, excluding escalations based upon
future conditions.
Probable
reserves
Probable
reserves are those additional reserves that are less certain to be recovered
than proved reserves but which, together with proved reserves, are as likely as
not to be recovered.
(i) When
deterministic methods are used, it is as likely as not that actual remaining
quantities recovered will exceed the sum of estimated proved plus probable
reserves. When probabilistic methods are used, there should be at
least a 50% probability that the actual quantities recovered will equal or
exceed the proved plus probable reserves estimates.
(ii)
Probable reserves may be assigned to areas of a reservoir adjacent to proved
reserves where data control or interpretations of available data are less
certain, even if the interpreted reservoir continuity of structure or
productivity does not meet the reasonable certainty
criterion. Probable reserves may be assigned to areas that are
structurally higher than the proved area if these areas are in communication
with the proved reservoir.
(iii)
Probable reserves estimates also include potential incremental quantities
associated with a greater percentage recovery of the hydrocarbons in place than
assumed for proves reserves.
(iv) See
also paragraphs (iv) and (vi) below in Possible reserves.
Possible
reserves
Possible
reserves are those additional reserves that are less certain to be recovered
than probable reserves.
(i) When
deterministic methods are used, the total quantities ultimately recovered from a
project have a low probability of exceeding proved plus probable plus possible
reserves. When probabilistic methods are used, there should be at
least a 10% probability that the total quantities ultimately recovered will
equal or exceed the proved plus probable plus possible reserves
estimates.
(ii)
Possible reserves may be assigned to areas of a reservoir adjacent to probable
reserves where data control and interpretations of available data are
progressively less certain. Frequently, this will be in areas where
geoscience and engineering data are unable to define clearly the area and
vertical limits of commercial production from the reservoir by a defined
project.
6
<Mook
Project ASEC 1209>
(iii)
Possible reserves also include incremental quantities associated with a greater
percentage recovery of the hydrocarbons in place than the recovery quantities
assumed for probable reserves.
(iv) The
proved plus probable and proved plus probable plus possible reserves estimates
must be based on reasonable alternative technical and commercial interpretations
within the reservoir or subject project that are clearly documented, including
comparisons to results in successful similar projects.
(v)
Possible reserves may be assigned where geoscience and engineering data identify
directly adjacent portions of a reservoir within the same accumulation that may
be separated from proved areas by faults with displacement less than
formation
thickness or other geological discontinuities and that have not been penetrated
by a well bore, and the registrant believes that such adjacent portions are in
communication with the known (proved) reservoir. Possible reserves
may be assigned to areas that are structurally higher or lower than the proved
area if these areas are in communication with the proved reservoir.
(vi)
Pursuant to paragraph (iii) in the previous Proved oil and gas reserves section,
where direct observation has defined a highest known oil (HKO) elevation and the
potential exists of an associated gas cap, proved oil reserves should be
assigned in the structurally higher portions of the reservoir above the HKO only
if the higher contact can be established with reasonable certainty through
reliable technology. Portions of the reservoir that do not meet this
reasonable certainty criterion may be assigned as probable and possible oil or
gas based on reservoir fluid properties and pressure gradient
interpretations.
1These
definitions are from 17CFR 210.4-10 (Federal Register Dated January 14, 2009).
2 Bryant
M. Mook Petroleum Engineering and Geological Advisor separates proved developed
reserves into proved developed producing and proved developed nonproducing
reserves. This is to identify proved developed producing reserves as
those to be recovered from actively producing wells; proved developed
nonproducing reserves as those to be recovered from wells or intervals within
wells, which are completed but shut in waiting on equipment or pipeline
connections, or wells where a relatively minor expenditure is required for
recompletion to another zone.
7
<Mook
Project ASEC 1209>
DISCUSSION
INTRODUCTION
Bryant M.
Mook Petroleum Engineering and Geological Advisor (Mook) has performed an
engineering evaluation to estimate proved developed producing (PDP) reserves and
future net revenue from oil and gas properties to the interests (acquired in
2010) of American Standard Energy Corporation (ASEC). This evaluation
was requested by Mr. Scott Mahoney as an officer of both the operator, ASEC
Operating LLC (ASEC). The results of the evaluation are summarized in
the cover letter and are presented by year in the reserve category
summaries.
The
individual projections of lease reserves and economics prepared to produce this
report include data that describe the production forecasts and associated
evaluation parameters such as interests, taxes, product prices, operating costs,
investments, salvage values, and abandonment costs.
Projections
of the reserves and future net revenue to the evaluated interests were based on
economic parameters and operating conditions considered applicable as of
December 31, 2009 and are pursuant to the financial reporting requirements of
the Securities and Exchange Commission (SEC). This evaluation, in
conjunction with other documents and data, is being used by ASEC for financial
purposes. This evaluation was prepared for ASEC to present the
December 31, 2009 reserves and economics for properties acquired in 2010 in
accordance with the procedures of the SEC.
Net
income to the evaluated interests is the future net revenue after consideration
of royalty revenue payable to others, taxes, operating expenses, investments;
salvage values, abandonment costs, and net profit interests, as
applicable. The future net revenue is before federal income tax and
excludes consideration of any encumbrances against the properties if such
exist.
The “as
of” dates included in the economic runs represents the approximate date of first
production and there is normally a two to three month delay before production is
available from state reporting agencies.
The
future net revenue values presented in the Lease Reserves and Economics section
of this report and summarized in the cover letter were based on projections of
oil and gas production as of the December 31, 2009 production
figure. It was assumed there would be no significant delay between
the date of oil and gas production and the receipt of the associated revenue for
this production. Gas production trends have been assumed a function
of well productivity and not of market conditions.
Oil and
gas reserves were evaluated for only the PDP category since the PDNP wells are
either not producing or have just commenced production and reserves would be
difficult to calculate accurately. Additionally, there are four wells
included in the PDP category that have had no economic projection made since
they have either one month or one partial month of production and hence reserves
would be difficult to calculate accurately. Proved undeveloped (PUD)
categories were not evaluated but may exist on these properties. In
preparing this evaluation, no attempt has been made to quantify the element of
uncertainty associated with the PDP category. The attached
Definitions describe all categories of reserves.
- 1
-
<Mook
Project ASEC 1209>
Oil
reserves are expressed in thousands of United States (U.S.) barrels (MBBL) of 42
U.S. gallons. Gas volumes are expressed in millions of cubic feet
(MMCF) at 60° degrees Fahrenheit and at the legal pressure base that prevails in
the state in which the reserves are located. No adjustment of the
individual gas volumes to a common pressure base has been made.
The
future net revenue was discounted at an annual rate of 10.00
percent. Future net revenue was also discounted at various secondary
rates and is displayed as totals only. The 10.00 percent rate was
included in accordance with the reporting requirements of the SEC. The future
net revenue was discounted monthly at the midpoint of the
month. Capital costs were discounted at the time they
occurred. No opinion is expressed by Mook in this report as to a fair
market value of the evaluated properties.
This
report includes only those costs and revenues that are considered by ASEC to be
directly attributable to individual leases and areas. There could be
other revenues, overhead costs, or other costs associated with ASEC that are not
included in this report. Such additional costs and revenues are
outside the scope of this report. This report is not a financial
statement for ASEC and should not be used as the sole basis for any transaction
concerning ASEC or the evaluated properties.
The
reserves projections in this evaluation are based on the use of the available
data and accepted industry-engineering methods. Changes in any
operational or economic parameters or production characteristics of the
evaluated properties after the effective date could increase or decrease their
reserves. Unforeseen changes in market demand or allowables set by various
regulatory agencies could also cause actual production rates to vary from those
projected. Mook reserves the right to alter any of the reserves
projections and the associated economics included in this evaluation in any
future evaluations based on additional data that may be acquired.
Bryant M.
Mook Petroleum Engineering and Geological Advisor is an independent consulting
firm and does not own any interests in the oil and gas properties covered by
this report. No employee, officer, or director of Mook is an
employee, officer, or director of or ASEC. Neither the employment of
nor the compensation received by Mook is contingent upon the values assigned to
the properties covered by this report.
DATA
SOURCES
All data
utilized in the preparation of this report with respect to interests,
reversionary status, gas contract terms, operating expenses, investments,
salvage values, abandonment costs, net profit interests, well information, and
current operating conditions, as applicable, were provided by
ASEC. Production data through December 31, 2009 were utilized on the
evaluated properties from public sources. No data after December 31,
2009 has been utilized. All data have been reviewed for
reasonableness and, unless obvious errors were detected, have been accepted as
correct. It should be emphasized that revisions to the projections of
reserves and economics included in this report may be required if the provided
data are revised for any reason. No inspection of the properties was made since
this was not considered within the scope of this evaluation. No
investigation was made of any environmental liabilities that might apply to the
evaluated properties, and no costs are included for any possible related
expenses.
- 2
-
<Mook
Project ASEC 1209>
METHOD
OF RESERVES DETERMINATION
The
estimates of reserves contained in this report were determined by accepted
industry methods and in accordance with the attached Definitions of Oil and Gas
Reserves. Methods utilized in this report include extrapolation of historical
production trends and analogy to similar properties.
Where
sufficient production history and other data were available, reserves for
producing properties were determined by extrapolation of historical production
trends. Analogy to similar properties was used in some cases for
those producing properties, which lacked sufficient production history and other
data to yield a definitive estimate of reserves. Reserves projections
based on analogy are subject to change due to subsequent changes in the
analogous properties or subsequent production from the evaluated
properties.
OIL
PRICING
The price
of $52.93 per barrel of West Texas Intermediate oil was used as the effective
date-based oil price. This price is the average of January 2009
through December 2009 first-of-the-month NYMEX spot oil prices less the per
barrel price differential. This price adjustment was used to account
for any difference between the base NYMEX oil price and the actual received oil
price were calculated for the January 2009 through December 2009
period by Mook. Prices were held constant for the life of the
properties.
GAS
PRICING
The price
of $3.66 per million British thermal units (MMBTU) for Henry Hub gas was used as
the effective date-based gas price. This price is the average of
January 2009 through December 2009 first of the month NYMEX spot gas
prices. No price adjustments were used to account for any difference
between the base NYMEX oil price and the actual received oil price were
calculated for the January 2009 through December 2009 period by
Mook. These prices were held constant for the life of the
properties.
PRICING
STATEMENT
It should
be emphasized that with the current economic uncertainties, fluctuation in
market conditions could significantly change the economics of the properties
included in this report.
- 3
-
<Mook
Project ASEC 1209>
OPERATING
EXPENSES
Operating
costs were provided by ASEC for the twelve-month period January 2009 through
December 2009. All available data for each property were used to
determine average recurring expenses that are billable to the working interest
owners on a cost per MCFG or BO basis. In certain cases where Lease
Operating Expenses (LOE) were not available or were judged anomalous due to poor
production history, $6.00 per barrel of oil was used to calculate LOE and was
based on an average of surrounding productive leases. Lease operating
expenses were held constant for the life of the properties.
PRODUCTION
AND AD VALOREM TAXES
State
production taxes have been deducted at the published rates as
appropriate. Average county ad valorem taxes were deducted in the
calculations.
INVESTMENTS
Capital
costs were provided by ASEC for these PDP properties.
SALVAGE
AND PROPERTY ABANDONMENT
Neither
salvage values nor abandonment costs were provided by ASEC to be included in
this evaluation. Plugging and Abandonment (P&A) costs will be
offset by estimated salvage values, hence, net P&A costs are not
material.
- 4
-
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
*Data
Report*
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-
|
||
|
2010_Baaken_2009.mdb
|
||
|
ID:
ND3306100819BAKKEN
|
|
Lease
ID:
|
ND3306100819B
AKKEN
|
Major
Phase:
|
OIL
|
API
#:
|
33061008190000
|
Status:
|
ACT
|
|
Lease
Name:
|
RS-BRADY
|
|
Well
Name:
|
###-##-####H-1
|
|
Field
Name:
|
ROSS
|
|
Formation
Name:
|
|
|
Operator:
|
HESS
CORPORATION
|
|
Title
1:
|
|
|
Title
2:
|
|
|
Export
Code 1:
|
|
|
Export
Code 2:
|
|
|
Export
Code 3:
|
|
County:
|
MOUNTRAIL
|
ST:
|
ND
|
|
Project
Start Date:
|
1/2010
|
Ending
Month:
|
12
|
Disc.
Rate %
|
10
|
||||
|
Reserves
Factor:
|
100
|
Cash
Flow Factor:
|
100
|
Gas
Shrink%
|
0
|
Gas
Shrink (MCF/M)
|
0
|
|
Severance
Tax Exempt:
|
#
Months:
|
0
|
Limited
By P/O:
|
No
|
||||||
|
Oil
|
Gas
|
PP
|
||||||||
|
Ad
Valorem Tax:
|
3.0%
|
7.0%
|
.00
$/BBL
|
.0%
|
.09
$/MCF
|
.0%
|
.00
$/BBL
|
|||
|
Tax:
|
Tax:
|
Tax:
|
||||||||
|
Initial
Oil Price Adj.:
|
0.00
$/BBL
|
Max
Price:
|
120.00
$/BBL
|
Plant
Price:
|
.00
% Oil Price
|
|
Oil
Price:
|
56.60
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Oil
Price:
|
0.00
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Oil
Price:
|
0.00
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Initial
Gas Price Adj.:
|
0.00
$/MCF
|
Max
Price:
|
12.00
$/MCF
|
BTU
|
1000
|
|
Gas
Price:
|
3.66
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Gas
Price:
|
0.00
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Gas
Price:
|
0.00
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Op
Exp $/W/M:
|
0
Esc
|
0.0
%
|
For
|
30.00
Years
|
Esc
|
0.0
%
|
For
|
0.00
Years
|
|
|
Op
Exp $/M:
|
0
Esc
|
0.0
%
|
For
|
30.00
Years
|
Months
Delay 0
|
||||
|
Op
Exp $/BBL:
|
9.91 Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Op
Exp $/MCF:
|
1.65 Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Op
Exp $/B Wat:
|
0.00
Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Mgmt
Fee $/M:
|
0
Esc
|
0.0
%
|
%
NLP 0.00
|
||||||
|
WI%
|
NRI%
O
|
NRI%
G
|
Mths
|
AMT
|
|
0.6671
|
0.5403
|
0.5403
|
360
|
0.00
|
|
100.0000
|
0.0000
|
0.0000
|
0
|
0.00
|
|
Investments
- Gross
|
Lease
Hold M$
|
0.000
|
Net
Salvage M$
|
0.000
|
||
|
Escalation:
|
0.0
%
|
For
|
30.00
Years
|
|||
|
Date
|
Tang
M$
|
Intan
M$
|
Risk
%
|
Fed
Tax Data
|
||
|
11/
2008
|
6,192.880
|
0.000
|
100.0
|
Rate
%
|
34.00
|
|
|
Depr.
|
Decl.
Bal
|
|||||
|
Depr.Life
|
7
|
|||||
|
Oil
Units
|
Prod
Start Date
|
GOR
|
No.Wells
|
Start
ID
|
|
Monthly
|
11/
2008
|
0.0
|
1
|
|
Type
|
N
|
Initial
|
Final
|
Decline
|
Time
|
Cum
|
Comments
|
|
HYP
|
0.7
|
5,966.9
|
39.9
|
74.770
|
386
|
129.389
|
|
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
|
Gas
Units
|
Prod
Start Date
|
YLD
|
No.Wells
|
Start
ID
|
Plant
Yld B/MM
|
|
Monthly
|
11/
2008
|
0.0
|
0
|
0.00
|
|
Type
|
N
|
Initial
|
Final
|
Decline
|
Time
|
Cum
|
|
|
HYP
|
0.9
|
2,549.0
|
114.9
|
40.400
|
386
|
154.498
|
|
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
Page
1
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
As
of 1 / 2010
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-2010_Baaken_2009.mdb
|
||
|
ID:
ND3306100819BAKKEN
|
|
Date
|
No.
Wells
|
Gross
Oil
(Mbbl)
|
Gross
Gas
(MMcf)
|
Net
Oil
(Mbbl)
|
Net
Gas
(MMcf)
|
Oil
Price
$/Bbl
|
Gas
Price
$/Mcf
|
Oil
Net.Rev
(M$)
|
Gas
Net.Rev
(M$)
|
Other
Net.Rev
(M$)
|
Total
Net.Rev
(M$)
|
|
12/2010
|
1.0
|
17.945
|
16.114
|
0.097
|
0.087
|
56.60
|
3.66
|
5.488
|
0.319
|
0.0
|
5.807
|
|
12/2011
|
1.0
|
11.268
|
12.376
|
0.061
|
0.067
|
56.60
|
3.66
|
3.446
|
0.245
|
0.0
|
3.691
|
|
12/2012
|
1.0
|
7.948
|
10.005
|
0.043
|
0.054
|
56.60
|
3.66
|
2.431
|
0.198
|
0.0
|
2.629
|
|
12/2013
|
1.0
|
6.009
|
8.371
|
0.032
|
0.045
|
56.60
|
3.66
|
1.838
|
0.166
|
0.0
|
2.003
|
|
12/2014
|
1.0
|
4.757
|
7.179
|
0.026
|
0.039
|
56.60
|
3.66
|
1.455
|
0.142
|
0.0
|
1.597
|
|
12/2015
|
1.0
|
3.893
|
6.274
|
0.021
|
0.034
|
56.60
|
3.66
|
1.190
|
0.124
|
0.0
|
1.315
|
|
12/2016
|
1.0
|
3.265
|
5.563
|
0.018
|
0.030
|
56.60
|
3.66
|
0.999
|
0.110
|
0.0
|
1.109
|
|
12/2017
|
1.0
|
2.792
|
4.991
|
0.015
|
0.027
|
56.60
|
3.66
|
0.854
|
0.099
|
0.0
|
0.953
|
|
12/2018
|
1.0
|
2.425
|
4.522
|
0.013
|
0.024
|
56.60
|
3.66
|
0.742
|
0.089
|
0.0
|
0.831
|
|
12/2019
|
1.0
|
2.133
|
4.130
|
0.012
|
0.022
|
56.60
|
3.66
|
0.652
|
0.082
|
0.0
|
0.734
|
|
12/2020
|
1.0
|
1.896
|
3.798
|
0.010
|
0.021
|
56.60
|
3.66
|
0.580
|
0.075
|
0.0
|
0.655
|
|
12/2021
|
1.0
|
1.701
|
3.513
|
0.009
|
0.019
|
56.60
|
3.66
|
0.520
|
0.069
|
0.0
|
0.590
|
|
12/2022
|
1.0
|
1.538
|
3.266
|
0.008
|
0.018
|
56.60
|
3.66
|
0.470
|
0.065
|
0.0
|
0.535
|
|
12/2023
|
1.0
|
1.399
|
3.050
|
0.008
|
0.016
|
56.60
|
3.66
|
0.428
|
0.060
|
0.0
|
0.488
|
|
12/2024
|
1.0
|
1.281
|
2.860
|
0.007
|
0.015
|
56.60
|
3.66
|
0.392
|
0.057
|
0.0
|
0.448
|
|
12/2025
|
1.0
|
1.178
|
2.691
|
0.006
|
0.015
|
56.60
|
3.66
|
0.360
|
0.053
|
0.0
|
0.414
|
|
12/2026
|
1.0
|
1.089
|
2.540
|
0.006
|
0.014
|
56.60
|
3.66
|
0.333
|
0.050
|
0.0
|
0.383
|
|
12/2027
|
1.0
|
1.011
|
2.405
|
0.005
|
0.013
|
56.60
|
3.66
|
0.309
|
0.048
|
0.0
|
0.357
|
|
Rem.
|
8.277
|
21.618
|
0.045
|
0.117
|
56.60
|
3.66
|
2.531
|
0.428
|
0.0
|
2.959
|
|
|
Total
|
81.807
|
125.266
|
0.442
|
0.677
|
56.60
|
3.66
|
25.019
|
2.477
|
0.0
|
27.496
|
|
Date
|
AdValorem
&
Prod Tax
(M$)
|
Operating
Expenses
(M$)
|
Total
Expenses
(M$)
|
Operational
Cash
Flow
(M$)
|
Tangible
(M$)
|
Intangible
(M$)
|
Leasehld
(M$)
|
Cash
Flow
(M$)
|
Cumulative
Cash
Flow
(M$)
|
10.0
Cum
Disc.
C.F.
(M$)
|
|
12/2010
|
0.555
|
1.364
|
1.918
|
3.889
|
0.00
|
0.00
|
0.00
|
3.889
|
3.889
|
3.710
|
|
12/2011
|
0.351
|
0.881
|
1.232
|
2.459
|
0.00
|
0.00
|
0.00
|
2.459
|
6.348
|
5.840
|
|
12/2012
|
0.249
|
0.636
|
0.884
|
1.744
|
0.00
|
0.00
|
0.00
|
1.744
|
8.092
|
7.213
|
|
12/2013
|
0.189
|
0.489
|
0.678
|
1.325
|
0.00
|
0.00
|
0.00
|
1.325
|
9.417
|
8.161
|
|
12/2014
|
0.150
|
0.393
|
0.544
|
1.053
|
0.00
|
0.00
|
0.00
|
1.053
|
10.470
|
8.845
|
|
12/2015
|
0.123
|
0.326
|
0.450
|
0.865
|
0.00
|
0.00
|
0.00
|
0.865
|
11.335
|
9.356
|
|
12/2016
|
0.104
|
0.277
|
0.381
|
0.728
|
0.00
|
0.00
|
0.00
|
0.728
|
12.063
|
9.747
|
|
12/2017
|
0.089
|
0.240
|
0.328
|
0.624
|
0.00
|
0.00
|
0.00
|
0.624
|
12.687
|
10.052
|
|
12/2018
|
0.077
|
0.210
|
0.288
|
0.544
|
0.00
|
0.00
|
0.00
|
0.544
|
13.231
|
10.293
|
|
12/2019
|
0.068
|
0.186
|
0.255
|
0.479
|
0.00
|
0.00
|
0.00
|
0.479
|
13.710
|
10.486
|
|
12/2020
|
0.061
|
0.167
|
0.228
|
0.427
|
0.00
|
0.00
|
0.00
|
0.427
|
14.137
|
10.643
|
|
12/2021
|
0.055
|
0.151
|
0.206
|
0.384
|
0.00
|
0.00
|
0.00
|
0.384
|
14.521
|
10.771
|
|
12/2022
|
0.050
|
0.138
|
0.187
|
0.348
|
0.00
|
0.00
|
0.00
|
0.348
|
14.869
|
10.876
|
|
12/2023
|
0.045
|
0.126
|
0.171
|
0.317
|
0.00
|
0.00
|
0.00
|
0.317
|
15.186
|
10.963
|
|
12/2024
|
0.041
|
0.116
|
0.158
|
0.291
|
0.00
|
0.00
|
0.00
|
0.291
|
15.476
|
11.036
|
|
12/2025
|
0.038
|
0.108
|
0.146
|
0.268
|
0.00
|
0.00
|
0.00
|
0.268
|
15.744
|
11.097
|
|
12/2026
|
0.035
|
0.100
|
0.135
|
0.248
|
0.00
|
0.00
|
0.00
|
0.248
|
15.992
|
11.148
|
|
12/2027
|
0.033
|
0.093
|
0.126
|
0.231
|
0.00
|
0.00
|
0.00
|
0.231
|
16.223
|
11.192
|
|
Rem.
|
0.271
|
0.785
|
1.056
|
1.903
|
0.00
|
0.00
|
0.00
|
1.903
|
1.903
|
0.216
|
|
Total
|
2.584
|
6.787
|
9.370
|
18.126
|
0.00
|
0.00
|
0.00
|
18.126
|
18.126
|
11.408
|
|
Interests
|
(%)
|
Reversion
|
Oil
|
Gas
|
Present
Worth Profile
|
|||||||
|
Profitability
Indicators
|
Points(Yrs)
|
MBBLS
|
MMCF
|
(%)
|
(M$)
|
|||||||
|
Payout
(Yrs)
|
0.00
|
Initial
W.I.
|
0.6671
|
30.00
|
Prior
|
45.2
|
20.5
|
5.0
|
13.787
|
|||
|
Discounted
Payout (Yrs)
|
0.00
|
Final
W.I.
|
0.6671
|
Proj.
|
81.8
|
125.3
|
10.0
|
11.408
|
||||
|
DCF
Rate of Return (%)
|
100.00
|
Initial
NRI Oil
|
0.5403
|
Ult.
|
127.0
|
145.7
|
15.0
|
9.901
|
||||
|
Income/Investment
|
0.00
|
Final
NRI Oil
|
0.5403
|
20.0
|
8.848
|
|||||||
|
Disc
Income/Disc Inv.
|
0.00
|
Initial
NRI Gas
|
0.5403
|
25.0
|
8.061
|
|||||||
|
Project
Life (Yrs)
|
29.92
|
Final
NRI Gas
|
0.5403
|
30.0
|
7.445
|
|||||||
|
40.0
|
6.533
|
|||||||||||
|
RS-BRADY
|
MOUNTRAIL
|
50.0
|
5.881
|
|||||||||
|
###-##-####H-1
|
ND
|
60.0
|
5.388
|
|||||||||
|
ROSS
|
HESS
CORPORATION
|
80.0
|
4.683
|
|||||||||
|
100.0
|
4.198
|
|||||||||||
Page
2
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
*Data
Report*
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-
|
||
|
2010_Baaken_2009.mdb
|
||
|
ID:
ND3302500864BAKKEN
|
|
Lease
ID:
|
ND3302500864B
AKKEN
|
Major
Phase:
|
OIL
|
API
#:
|
33025008640000
|
Status:
|
ACT
|
|
Lease
Name:
|
LAZY
DE
|
|
Well
Name:
|
#24-7H
|
|
Field
Name:
|
BAILEY
|
|
Formation
Name:
|
BAKKEN
|
|
Operator:
|
MARATHON
OIL COMPANY
|
|
Title
1:
|
|
|
Title
2:
|
|
|
Export
Code 1:
|
|
|
Export
Code 2:
|
|
|
Export
Code 3:
|
|
County:
|
DUNN
|
ST:
|
ND
|
|
Project
Start Date:
|
1/2010
|
Ending
Month:
|
12
|
Disc.
Rate %
|
10
|
||||
|
Reserves
Factor:
|
100
|
Cash
Flow Factor:
|
100
|
Gas
Shrink%
|
0
|
Gas
Shrink (MCF/M)
|
0
|
|
Severance
Tax Exempt:
|
#
Months:
|
0
|
Limited
By P/O:
|
No
|
||||||
|
Oil
|
Gas
|
PP
|
||||||||
|
Ad
Valorem Tax:
|
3.0%
|
7.0%
|
.00
$/BBL
|
.0%
|
.09
$/MCF
|
.0%
|
.00
$/BBL
|
|||
|
Tax:
|
Tax:
|
Tax:
|
||||||||
|
Initial
Oil Price Adj.:
|
0.00
$/BBL
|
Max
Price:
|
120.00
$/BBL
|
Plant
Price:
|
.00
% Oil Price
|
|
Oil
Price:
|
54.40 $/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Oil
Price:
|
0.00
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Oil
Price:
|
0.00
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Initial
Gas Price Adj.:
|
0.00
$/MCF
|
Max
Price:
|
12.00
$/MCF
|
BTU
|
1000
|
|
Gas
Price:
|
3.66
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Gas
Price:
|
0.00
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Gas
Price:
|
0.00
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Op
Exp $/W/M:
|
0
Esc
|
0.0
%
|
For
|
30.00
Years
|
Esc
|
0.0
%
|
For
|
0.00
Years
|
|
|
Op
Exp $/M:
|
0
Esc
|
0.0
%
|
For
|
30.00
Years
|
Months
Delay 0
|
||||
|
Op
Exp $/BBL:
|
6.00
Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Op
Exp $/MCF:
|
0.00
Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Op
Exp $/B Wat:
|
0.00
Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Mgmt
Fee $/M:
|
0
Esc
|
0.0
%
|
%
NLP 0.00
|
||||||
|
WI%
|
NRI%
O
|
NRI%
G
|
Mths
|
AMT
|
|
4.1976
|
3.2322
|
3.2322
|
360
|
0.00
|
|
100.0000
|
0.0000
|
0.0000
|
0
|
0.00
|
|
Investments
- Gross
|
Lease
Hold M$
|
0.000
|
Net
Salvage M$
|
0.000
|
||
|
Escalation:
|
0.0
%
|
For
|
30.00
Years
|
|||
|
Date
|
Tang
M$
|
Intan
M$
|
Risk
%
|
Fed
Tax Data
|
||
|
8/
2009
|
5,756.180
|
0.000
|
100.0
|
Rate
%
|
34.00
|
|
|
Depr.
|
Decl.
Bal
|
|||||
|
Depr.Life
|
7
|
|||||
|
Oil
Units
|
Prod
Start Date
|
GOR
|
No.Wells
|
Start
ID
|
|
Monthly
|
8/
2009
|
0.0
|
1
|
|
Type
|
N
|
Initial
|
Final
|
Decline
|
Time
|
Cum
|
Comments
|
|
HYP
|
1.0
|
8,831.5
|
62.8
|
97.690
|
377
|
118.139
|
|
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
|
Gas
Units
|
Prod
Start Date
|
YLD
|
No.Wells
|
Start
ID
|
Plant
Yld B/MM
|
|
Monthly
|
8/
2009
|
0.0
|
0
|
0.00
|
|
Type
|
N
|
Initial
|
Final
|
Decline
|
Time
|
Cum
|
|
|
HYP
|
0.7
|
3,278.6
|
10.4
|
90.300
|
377
|
43.123
|
|
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
Page
3
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
As
of 1 / 2010
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-2010_Baaken_2009.mdb
|
||
|
ID:
ND3302500864BAKKEN
|
|
Date
|
No.
Wells
|
Gross
Oil
(Mbbl)
|
Gross
Gas
(MMcf)
|
Net
Oil
(Mbbl)
|
Net
Gas
(MMcf)
|
Oil
Price
$/Bbl
|
Gas
Price
$/Mcf
|
Oil
Net.Rev
(M$)
|
Gas
Net.Rev
(M$)
|
Other
Net.Rev
(M$)
|
Total
Net.Rev
(M$)
|
|
12/2010
|
1.0
|
22.456
|
10.743
|
0.726
|
0.347
|
54.40
|
3.66
|
39.484
|
1.271
|
0.0
|
40.755
|
|
12/2011
|
1.0
|
11.370
|
4.928
|
0.368
|
0.159
|
54.40
|
3.66
|
19.992
|
0.583
|
0.0
|
20.575
|
|
12/2012
|
1.0
|
7.672
|
3.005
|
0.248
|
0.097
|
54.40
|
3.66
|
13.489
|
0.356
|
0.0
|
13.845
|
|
12/2013
|
1.0
|
5.797
|
2.087
|
0.187
|
0.067
|
54.40
|
3.66
|
10.193
|
0.247
|
0.0
|
10.440
|
|
12/2014
|
1.0
|
4.661
|
1.562
|
0.151
|
0.050
|
54.40
|
3.66
|
8.195
|
0.185
|
0.0
|
8.380
|
|
12/2015
|
1.0
|
3.898
|
1.228
|
0.126
|
0.040
|
54.40
|
3.66
|
6.853
|
0.145
|
0.0
|
6.999
|
|
12/2016
|
1.0
|
3.350
|
1.000
|
0.108
|
0.032
|
54.40
|
3.66
|
5.890
|
0.118
|
0.0
|
6.008
|
|
12/2017
|
1.0
|
2.937
|
0.835
|
0.095
|
0.027
|
54.40
|
3.66
|
5.164
|
0.099
|
0.0
|
5.263
|
|
12/2018
|
1.0
|
2.615
|
0.712
|
0.085
|
0.023
|
54.40
|
3.66
|
4.597
|
0.084
|
0.0
|
4.681
|
|
12/2019
|
1.0
|
2.356
|
0.617
|
0.076
|
0.020
|
54.40
|
3.66
|
4.143
|
0.073
|
0.0
|
4.216
|
|
12/2020
|
1.0
|
2.144
|
0.542
|
0.069
|
0.018
|
54.40
|
3.66
|
3.770
|
0.064
|
0.0
|
3.834
|
|
12/2021
|
1.0
|
1.967
|
0.481
|
0.064
|
0.016
|
54.40
|
3.66
|
3.459
|
0.057
|
0.0
|
3.516
|
|
12/2022
|
1.0
|
1.817
|
0.431
|
0.059
|
0.014
|
54.40
|
3.66
|
3.195
|
0.051
|
0.0
|
3.246
|
|
12/2023
|
1.0
|
1.688
|
0.389
|
0.055
|
0.013
|
54.40
|
3.66
|
2.969
|
0.046
|
0.0
|
3.015
|
|
12/2024
|
1.0
|
1.577
|
0.353
|
0.051
|
0.011
|
54.40
|
3.66
|
2.772
|
0.042
|
0.0
|
2.814
|
|
12/2025
|
1.0
|
1.479
|
0.323
|
0.048
|
0.010
|
54.40
|
3.66
|
2.600
|
0.038
|
0.0
|
2.639
|
|
12/2026
|
1.0
|
1.393
|
0.297
|
0.045
|
0.010
|
54.40
|
3.66
|
2.449
|
0.035
|
0.0
|
2.484
|
|
12/2027
|
1.0
|
1.316
|
0.274
|
0.043
|
0.009
|
54.40
|
3.66
|
2.313
|
0.032
|
0.0
|
2.346
|
|
Rem.
|
11.791
|
2.203
|
0.381
|
0.071
|
54.40
|
3.66
|
20.732
|
0.261
|
0.0
|
20.992
|
|
|
Total
|
92.283
|
32.009
|
2.983
|
1.035
|
54.40
|
3.66
|
162.261
|
3.787
|
0.0
|
166.047
|
|
Date
|
AdValorem
&
Prod Tax
(M$)
|
Operating
Expenses
(M$)
|
Total
Expenses
(M$)
|
Operational
Cash
Flow
(M$)
|
Tangible
(M$)
|
Intangible
(M$)
|
Leasehld
(M$)
|
Cash
Flow
(M$)
|
Cumulative
Cash
Flow
(M$)
|
10.0
Cum
Disc.
C.F.
(M$)
|
|
12/2010
|
3.934
|
5.656
|
9.590
|
31.165
|
0.00
|
0.00
|
0.00
|
31.165
|
31.165
|
29.825
|
|
12/2011
|
1.989
|
2.864
|
4.853
|
15.723
|
0.00
|
0.00
|
0.00
|
15.723
|
46.888
|
43.456
|
|
12/2012
|
1.340
|
1.932
|
3.272
|
10.573
|
0.00
|
0.00
|
0.00
|
10.573
|
57.461
|
51.778
|
|
12/2013
|
1.011
|
1.460
|
2.471
|
7.969
|
0.00
|
0.00
|
0.00
|
7.969
|
65.429
|
57.477
|
|
12/2014
|
0.812
|
1.174
|
1.986
|
6.394
|
0.00
|
0.00
|
0.00
|
6.394
|
71.823
|
61.632
|
|
12/2015
|
0.679
|
0.982
|
1.660
|
5.338
|
0.00
|
0.00
|
0.00
|
5.338
|
77.161
|
64.785
|
|
12/2016
|
0.583
|
0.844
|
1.427
|
4.581
|
0.00
|
0.00
|
0.00
|
4.581
|
81.742
|
67.245
|
|
12/2017
|
0.511
|
0.740
|
1.251
|
4.012
|
0.00
|
0.00
|
0.00
|
4.012
|
85.754
|
69.203
|
|
12/2018
|
0.455
|
0.658
|
1.113
|
3.568
|
0.00
|
0.00
|
0.00
|
3.568
|
89.323
|
70.786
|
|
12/2019
|
0.410
|
0.593
|
1.003
|
3.213
|
0.00
|
0.00
|
0.00
|
3.213
|
92.535
|
72.081
|
|
12/2020
|
0.373
|
0.540
|
0.913
|
2.922
|
0.00
|
0.00
|
0.00
|
2.922
|
95.457
|
73.152
|
|
12/2021
|
0.342
|
0.495
|
0.837
|
2.679
|
0.00
|
0.00
|
0.00
|
2.679
|
98.136
|
74.045
|
|
12/2022
|
0.316
|
0.458
|
0.773
|
2.473
|
0.00
|
0.00
|
0.00
|
2.473
|
100.608
|
74.794
|
|
12/2023
|
0.293
|
0.425
|
0.718
|
2.296
|
0.00
|
0.00
|
0.00
|
2.296
|
102.905
|
75.426
|
|
12/2024
|
0.274
|
0.397
|
0.671
|
2.143
|
0.00
|
0.00
|
0.00
|
2.143
|
105.048
|
75.962
|
|
12/2025
|
0.257
|
0.372
|
0.629
|
2.010
|
0.00
|
0.00
|
0.00
|
2.010
|
107.058
|
76.420
|
|
12/2026
|
0.242
|
0.351
|
0.592
|
1.891
|
0.00
|
0.00
|
0.00
|
1.891
|
108.949
|
76.811
|
|
12/2027
|
0.228
|
0.331
|
0.560
|
1.786
|
0.00
|
0.00
|
0.00
|
1.786
|
110.735
|
77.147
|
|
Rem.
|
2.044
|
2.970
|
5.013
|
15.979
|
0.00
|
0.00
|
0.00
|
15.979
|
15.979
|
1.791
|
|
Total
|
16.091
|
23.242
|
39.333
|
126.714
|
0.00
|
0.00
|
0.00
|
126.714
|
126.714
|
78.938
|
|
Interests
|
(%)
|
Reversion
|
Oil
|
Gas
|
Present
Worth Profile
|
|||||||
|
Profitability
Indicators
|
Points(Yrs)
|
MBBLS
|
MMCF
|
(%)
|
(M$)
|
|||||||
|
Payout
(Yrs)
|
0.00
|
Initial
W.I.
|
4.1976
|
30.00
|
Prior
|
25.1
|
10.8
|
5.0
|
95.379
|
|||
|
Discounted
Payout (Yrs)
|
0.00
|
Final
W.I.
|
4.1976
|
Proj.
|
92.3
|
32.0
|
10.0
|
78.938
|
||||
|
DCF
Rate of Return (%)
|
100.00
|
Initial
NRI Oil
|
3.2322
|
Ult.
|
117.4
|
42.8
|
15.0
|
68.846
|
||||
|
Income/Investment
|
0.00
|
Final
NRI Oil
|
3.2322
|
20.0
|
61.928
|
|||||||
|
Disc
Income/Disc Inv.
|
0.00
|
Initial
NRI Gas
|
3.2322
|
25.0
|
56.815
|
|||||||
|
Project
Life (Yrs)
|
29.92
|
Final
NRI Gas
|
3.2322
|
30.0
|
52.837
|
|||||||
|
40.0
|
46.960
|
|||||||||||
|
LAZY
DE
|
DUNN
|
50.0
|
42.758
|
|||||||||
|
#24-7H
|
ND
|
60.0
|
39.564
|
|||||||||
|
BAILEY
|
MARATHON
OIL COMPANY
|
80.0
|
34.963
|
|||||||||
|
100.0
|
31.760
|
|||||||||||
Page
4
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
*
Data Report *
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-2010_Baaken_2009.mdb
|
||
|
ID:
ND3306101054BAKKEN
|
|
Lease
ID:
|
ND3306101054B
AKKEN
|
Major
Phase:
|
OIL
|
API
#:
|
33061010540000
|
Status:
|
ACT
|
|||
|
Lease
Name:
|
BURKE
|
|||||||||
|
Well
Name:
|
27-7H
|
|||||||||
|
Field
Name:
|
STANLEY
|
|||||||||
|
Formation
Name:
|
BAKKEN
|
|||||||||
|
Operator:
|
EOG
RESOURCES, INC.
|
|||||||||
|
Title
1:
|
||||||||||
|
Title
2:
|
||||||||||
|
Export
Code 1:
|
||||||||||
|
Export
Code 2:
|
||||||||||
|
Export
Code 3:
|
||||||||||
|
County:
|
MOUNTRAIL
|
ST:
|
ND
|
|||||||
|
Project
Start Date:
|
1/2010
|
Ending
Month:
|
12
|
Disc.
Rate %
|
10
|
|||||||
|
Reserves
Factor:
|
100
|
Cash
Flow Factor:
|
100
|
Gas
Shrink%
|
0
|
Gas
Shrink (MCF/M)
|
0
|
|||||
|
Severance
Tax Exempt:
|
#
Months:
|
0
|
Limited
By P/O:
|
No
|
||||||||
|
Ad
Valorem Tax:
|
3.0%
|
Oil
|
7.0%
|
.00
$/BBL
|
Gas
|
.0%
|
.09
$/MCF
|
PP
|
.0%
|
.00
$/BBL
|
||
|
Tax:
|
Tax:
|
Tax:
|
||||||||||
|
Initial
Oil Price Adj.:
|
0.00
$/BBL
|
Max
Price:
|
120.00
$/BBL
|
Plant
Price:
|
.00
% Oil Price
|
|||||
|
Oil
Price:
|
49.60
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|||
|
Oil
Price:
|
0.00
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|||
|
Oil
Price:
|
0.00
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|||
|
Initial
Gas Price Adj.:
|
0.00
$/MCF
|
Max
Price:
|
12.00
$/MCF
|
BTU
|
1000
|
||||
|
Gas
Price:
|
3.66
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
||
|
Gas
Price:
|
0.00
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
||
|
Gas
Price:
|
0.00
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
||
|
Op
Exp $/W/M:
|
0
|
Esc
|
0.0
%
|
For
|
30.00
Years
|
Esc
|
0.0
%
|
For
|
0.00
Years
|
||||||
|
Op
Exp $/M:
|
0
|
Esc
|
0.0
%
|
For
|
30.00
Years
|
Months
Delay 0
|
|||||||||
|
Op
Exp $/BBL:
|
4.92
|
Esc
|
0.0
%
|
For
|
30.00
Years
|
||||||||||
|
Op
Exp $/MCF:
|
0.82
|
Esc
|
0.0
%
|
For
|
30.00
Years
|
||||||||||
|
Op
Exp $/B Wat:
|
0.00
|
Esc
|
0.0
%
|
For
|
30.00
Years
|
||||||||||
|
Mgmt
Fee $/M:
|
0
|
Esc
|
0.0
%
|
%
NLP
|
0.00
|
||||||||||
|
WI%
|
NRI%
O
|
NRI%
G
|
Mths
|
AMT
|
|
2.2546
|
1.7586
|
1.7586
|
360
|
0.00
|
|
100.0000
|
0.0000
|
0.0000
|
0
|
0.00
|
|
Investments
- Gross
|
Lease
Hold M$
|
0.000
|
Net
Salvage M$ 0.000
|
||||||||
|
Escalation:
|
0.0
%
|
For
|
30.00
Years
|
||||||||
|
Date
|
Tang
M$
|
Intan
M$
|
Risk
%
|
Fed
Tax Data
|
|||||||
|
1/
2009
|
4,802.787
|
0.000
|
100.0
|
Rate
%
|
34.00
|
||||||
|
Depr.
|
Decl.
Bal
|
||||||||||
|
Depr.Life
|
7
|
||||||||||
|
Oil
Units
|
Prod
Start Date
|
GOR
|
No.Wells
|
Start
ID
|
||||||||
|
Monthly
|
11/
2009
|
0.0
|
1
|
|||||||||
|
Type
|
N
|
Initial
|
Final
|
Decline
|
Time
|
Cum
|
Comments
|
|||||
|
HYP
|
1.4
|
8,999.0
|
230.4
|
96.000
|
369
|
230.249
|
||||||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
|||||||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
|||||||
|
Gas
Units
|
Prod
Start Date
|
YLD
|
No.Wells
|
Start
ID
|
Plant
Yld B/MM
|
|||||||||
|
Monthly
|
11/
2009
|
0.0
|
0
|
0.00
|
||||||||||
|
Type
|
N
|
Initial
|
Final
|
Decline
|
Time
|
Cum
|
||||||||
|
HYP
|
1.4
|
2,827.0
|
92.1
|
91.000
|
369
|
89.481
|
||||||||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
|||||||||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
|||||||||
Page
5
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
As
of 1 / 2010
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-2010_Baaken_2009.mdb
|
||
|
ID:
ND3306101054BAKKEN
|
|
Date
|
No.
Wells
|
Gross
Oil
(Mbbl)
|
Gross
Gas
(MMcf)
|
Net
Oil
(Mbbl)
|
Net
Gas
(MMcf)
|
Oil
Price
$/Bbl
|
Gas
Price
$/Mcf
|
Oil
Net.Rev
(M$)
|
Gas
Net.Rev
(M$)
|
Other
Net.Rev
(M$)
|
Total
Net.Rev
(M$)
|
|
12/2010
|
1.0
|
39.174
|
14.564
|
0.689
|
0.256
|
49.60
|
3.66
|
34.169
|
0.937
|
0.0
|
35.107
|
|
12/2011
|
1.0
|
20.999
|
8.169
|
0.369
|
0.144
|
49.60
|
3.66
|
18.317
|
0.526
|
0.0
|
18.842
|
|
12/2012
|
1.0
|
15.283
|
6.008
|
0.269
|
0.106
|
49.60
|
3.66
|
13.331
|
0.387
|
0.0
|
13.717
|
|
12/2013
|
1.0
|
12.293
|
4.856
|
0.216
|
0.085
|
49.60
|
3.66
|
10.722
|
0.313
|
0.0
|
11.035
|
|
12/2014
|
1.0
|
10.410
|
4.124
|
0.183
|
0.073
|
49.60
|
3.66
|
9.080
|
0.265
|
0.0
|
9.345
|
|
12/2015
|
1.0
|
9.099
|
3.612
|
0.160
|
0.064
|
49.60
|
3.66
|
7.937
|
0.232
|
0.0
|
8.169
|
|
12/2016
|
1.0
|
8.126
|
3.230
|
0.143
|
0.057
|
49.60
|
3.66
|
7.088
|
0.208
|
0.0
|
7.295
|
|
12/2017
|
1.0
|
7.370
|
2.932
|
0.130
|
0.052
|
49.60
|
3.66
|
6.429
|
0.189
|
0.0
|
6.617
|
|
12/2018
|
1.0
|
6.764
|
2.693
|
0.119
|
0.047
|
49.60
|
3.66
|
5.900
|
0.173
|
0.0
|
6.073
|
|
12/2019
|
1.0
|
6.265
|
2.496
|
0.110
|
0.044
|
49.60
|
3.66
|
5.465
|
0.161
|
0.0
|
5.625
|
|
12/2020
|
1.0
|
5.846
|
2.330
|
0.103
|
0.041
|
49.60
|
3.66
|
5.100
|
0.150
|
0.0
|
5.250
|
|
12/2021
|
1.0
|
5.489
|
2.189
|
0.097
|
0.038
|
49.60
|
3.66
|
4.788
|
0.141
|
0.0
|
4.929
|
|
12/2022
|
1.0
|
5.180
|
2.066
|
0.091
|
0.036
|
49.60
|
3.66
|
4.519
|
0.133
|
0.0
|
4.652
|
|
12/2023
|
1.0
|
4.910
|
1.959
|
0.086
|
0.034
|
49.60
|
3.66
|
4.283
|
0.126
|
0.0
|
4.409
|
|
12/2024
|
1.0
|
4.671
|
1.864
|
0.082
|
0.033
|
49.60
|
3.66
|
4.075
|
0.120
|
0.0
|
4.195
|
|
12/2025
|
1.0
|
4.459
|
1.780
|
0.078
|
0.031
|
49.60
|
3.66
|
3.889
|
0.115
|
0.0
|
4.004
|
|
12/2026
|
1.0
|
4.268
|
1.704
|
0.075
|
0.030
|
49.60
|
3.66
|
3.723
|
0.110
|
0.0
|
3.832
|
|
12/2027
|
1.0
|
4.096
|
1.636
|
0.072
|
0.029
|
49.60
|
3.66
|
3.573
|
0.105
|
0.0
|
3.678
|
|
Rem.
|
39.635
|
15.840
|
0.697
|
0.279
|
49.60
|
3.66
|
34.571
|
1.020
|
0.0
|
35.591
|
|
|
Total
|
214.338
|
84.054
|
3.769
|
1.478
|
49.60
|
3.66
|
186.955
|
5.410
|
0.0
|
192.365
|
|
Date
|
AdValorem
&
Prod Tax
(M$)
|
Operating
Expenses
(M$)
|
Total
Expenses
(M$)
|
Operational
Cash
Flow
(M$)
|
Tangible
(M$)
|
Intangible
(M$)
|
Leasehld
(M$)
|
Cash
Flow
(M$)
|
Cumulative
Cash
Flow
(M$)
|
10.0
Cum
Disc.
C.F.
(M$)
|
|
12/2010
|
3.396
|
4.615
|
8.011
|
27.096
|
0.00
|
0.00
|
0.00
|
27.096
|
27.096
|
25.932
|
|
12/2011
|
1.822
|
2.480
|
4.302
|
14.540
|
0.00
|
0.00
|
0.00
|
14.540
|
41.636
|
38.529
|
|
12/2012
|
1.326
|
1.806
|
3.132
|
10.585
|
0.00
|
0.00
|
0.00
|
10.585
|
52.221
|
46.857
|
|
12/2013
|
1.067
|
1.453
|
2.520
|
8.515
|
0.00
|
0.00
|
0.00
|
8.515
|
60.736
|
52.943
|
|
12/2014
|
0.903
|
1.231
|
2.134
|
7.211
|
0.00
|
0.00
|
0.00
|
7.211
|
67.947
|
57.628
|
|
12/2015
|
0.790
|
1.076
|
1.866
|
6.303
|
0.00
|
0.00
|
0.00
|
6.303
|
74.251
|
61.350
|
|
12/2016
|
0.705
|
0.961
|
1.666
|
5.629
|
0.00
|
0.00
|
0.00
|
5.629
|
79.880
|
64.371
|
|
12/2017
|
0.640
|
0.872
|
1.511
|
5.106
|
0.00
|
0.00
|
0.00
|
5.106
|
84.986
|
66.862
|
|
12/2018
|
0.587
|
0.800
|
1.387
|
4.686
|
0.00
|
0.00
|
0.00
|
4.686
|
89.672
|
68.941
|
|
12/2019
|
0.544
|
0.741
|
1.285
|
4.341
|
0.00
|
0.00
|
0.00
|
4.341
|
94.012
|
70.690
|
|
12/2020
|
0.507
|
0.692
|
1.199
|
4.051
|
0.00
|
0.00
|
0.00
|
4.051
|
98.063
|
72.175
|
|
12/2021
|
0.476
|
0.649
|
1.126
|
3.803
|
0.00
|
0.00
|
0.00
|
3.803
|
101.866
|
73.442
|
|
12/2022
|
0.450
|
0.613
|
1.062
|
3.589
|
0.00
|
0.00
|
0.00
|
3.589
|
105.455
|
74.529
|
|
12/2023
|
0.426
|
0.581
|
1.007
|
3.402
|
0.00
|
0.00
|
0.00
|
3.402
|
108.857
|
75.465
|
|
12/2024
|
0.405
|
0.553
|
0.958
|
3.237
|
0.00
|
0.00
|
0.00
|
3.237
|
112.094
|
76.275
|
|
12/2025
|
0.387
|
0.528
|
0.914
|
3.089
|
0.00
|
0.00
|
0.00
|
3.089
|
115.183
|
76.978
|
|
12/2026
|
0.370
|
0.505
|
0.875
|
2.957
|
0.00
|
0.00
|
0.00
|
2.957
|
118.140
|
77.590
|
|
12/2027
|
0.355
|
0.485
|
0.840
|
2.838
|
0.00
|
0.00
|
0.00
|
2.838
|
120.978
|
78.123
|
|
Rem.
|
3.440
|
4.689
|
8.129
|
27.462
|
0.00
|
0.00
|
0.00
|
27.462
|
27.462
|
3.039
|
|
Total
|
18.596
|
25.329
|
43.926
|
148.440
|
0.00
|
0.00
|
0.00
|
148.440
|
148.440
|
81.162
|
|
Interests
|
(%)
|
Reversion
|
Oil
|
Gas
|
Present
Worth Profile
|
|||||||
|
Profitability
Indicators
|
Points(Yrs)
|
MBBLS
|
MMCF
|
(%)
|
(M$)
|
|||||||
|
Payout
(Yrs)
|
0.00
|
Initial
W.I.
|
2.2546
|
30.00
|
Prior
|
14.4
|
4.9
|
5.0
|
103.216
|
|||
|
Discounted
Payout (Yrs)
|
0.00
|
Final
W.I.
|
2.2546
|
Proj.
|
214.3
|
84.1
|
10.0
|
81.162
|
||||
|
DCF
Rate of Return (%)
|
100.00
|
Initial
NRI Oil
|
1.7586
|
Ult.
|
228.7
|
89.0
|
15.0
|
68.474
|
||||
|
Income/Investment
|
0.00
|
Final
NRI Oil
|
1.7586
|
20.0
|
60.219
|
|||||||
|
Disc
Income/Disc Inv.
|
0.00
|
Initial
NRI Gas
|
1.7586
|
25.0
|
54.361
|
|||||||
|
Project
Life (Yrs)
|
29.92
|
Final
NRI Gas
|
1.7586
|
30.0
|
49.945
|
|||||||
|
40.0
|
43.642
|
|||||||||||
|
BURKE
|
MOUNTRAIL
|
50.0
|
39.288
|
|||||||||
|
27-7H
|
ND
|
60.0
|
36.057
|
|||||||||
|
STANLEY
|
EOG
RESOURCES, INC.
|
80.0
|
31.519
|
|||||||||
|
100.0
|
28.435
|
|||||||||||
Page
6
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
*Data
Report*
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-2010_Baaken_2009.mdb
|
||
|
ID:
ND3306100974BAKKEN
|
|
Lease
ID:
|
ND3306100974B
AKKEN
|
Major
Phase:
|
OIL
|
API
#:
|
33061009740000
|
Status:
|
ACT
|
|
Lease
Name:
|
BURKE
|
|
Well
Name:
|
17-23H
|
|
Field
Name:
|
STANLEY
|
|
Formation
Name:
|
BAKKEN
|
|
Operator:
|
EOG
RESOURCES, INC.
|
|
Title
1:
|
|
|
Title
2:
|
|
|
Export
Code 1:
|
|
|
Export
Code 2:
|
|
|
Export
Code 3:
|
|
County:
|
MOUNTRAIL
|
ST:
|
ND
|
|
Project
Start Date:
|
1/2010
|
Ending
Month:
|
12
|
Disc.
Rate %
|
10
|
||||
|
Reserves
Factor:
|
100
|
Cash
Flow Factor:
|
100
|
Gas
Shrink%
|
0
|
Gas
Shrink (MCF/M)
|
0
|
|
Severance
Tax Exempt:
|
#
Months:
|
0
|
Limited
By P/O:
|
No
|
||||||
|
Ad
Valorem Tax:
|
3.0%
|
Oil
|
7.0%
|
.00
$/BBL
|
Gas
|
.0%
|
.09
$/MCF
|
PP
|
.0%
|
.00
$/BBL
|
|
Tax:
|
Tax:
|
Tax:
|
||||||||
|
Initial
Oil Price Adj.:
|
0.00
$/BBL
|
Max
Price:
|
120.00
$/BBL
|
Plant
Price:
|
.00
% Oil Price
|
|
Oil
Price:
|
48.70
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Oil
Price:
|
0.00
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Oil
Price:
|
0.00
$/BBL
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Initial
Gas Price Adj.:
|
0.00
$/MCF
|
Max
Price:
|
12.00
$/MCF
|
BTU
|
1000
|
|
Gas
Price:
|
3.66
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Gas
Price:
|
0.00
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Gas
Price:
|
0.00
$/MCF
|
Esc%
|
0.0
|
Esc$
|
0.00
|
Months
|
360
|
|
Op
Exp $/W/M:
|
0
Esc
|
0.0
%
|
For
|
30.00
Years
|
Esc
|
0.0
%
|
For
|
0.00
Years
|
|
|
Op
Exp $/M:
|
0
Esc
|
0.0
%
|
For
|
30.00
Years
|
Months
Delay 0
|
||||
|
Op
Exp $/BBL:
|
6.00
Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Op
Exp $/MCF:
|
0.00
Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Op
Exp $/B Wat:
|
0.00
Esc
|
0.0
%
|
For
|
30.00
Years
|
|||||
|
Mgmt
Fee $/M:
|
0
Esc
|
0.0
%
|
%
NLP 0.00
|
||||||
|
WI%
|
NRI%
O
|
NRI%
G
|
Mths
|
AMT
|
|
7.9981
|
6.0785
|
6.0785
|
360
|
0.00
|
|
100.0000
|
0.0000
|
0.0000
|
0
|
0.00
|
|
Investments
- Gross
|
Lease
Hold M$
|
0.000
|
Net
Salvage M$
|
0.000
|
||
|
Escalation:
|
0.0
%
|
For
|
30.00
Years
|
|||
|
Date
|
Tang
M$
|
Intan
M$
|
Risk
%
|
Fed
Tax Data
|
||
|
10/
2009
|
5,197.900
|
0.000
|
100.0
|
Rate
%
|
34.00
|
|
|
Depr.
|
Decl.
Bal
|
|||||
|
Depr.Life
|
7
|
|||||
|
Oil
Units
|
Prod
Start Date
|
GOR
|
No.Wells
|
Start
ID
|
|
Monthly
|
7/
2009
|
0.0
|
1
|
|
Type
|
N
|
Initial
|
Final
|
Decline
|
Time
|
Cum
|
Comments
|
|
HYP
|
0.9
|
3,951.1
|
30.7
|
91.840
|
378
|
66.168
|
|
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
|
Gas
Units
|
Prod
Start Date
|
YLD
|
No.Wells
|
Start
ID
|
Plant
Yld B/MM
|
|
Monthly
|
7/
2009
|
0.0
|
0
|
0.00
|
|
Type
|
N
|
Initial
|
Final
|
Decline
|
Time
|
Cum
|
|
|
HYP
|
0.5
|
999.9
|
0.6
|
90.870
|
378
|
9.300
|
|
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
||
|
0.0
|
0.0
|
0.0
|
0.000
|
0
|
0.000
|
Page
7
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
As
of 1 / 2010
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-2010_Baaken_2009.mdb
|
||
|
ID:
ND3306100974BAKKEN
|
|
Date
|
No.
Wells
|
Gross Oil
(Mbbl)
|
Gross Gas
(MMcf)
|
Net Oil
(Mbbl)
|
Net Gas
(MMcf)
|
Oil
Price
$/Bbl
|
Gas
Price
$/Mcf
|
Oil Net.Rev
(M$)
|
Gas Net.Rev
(M$)
|
Other
Net.Rev
(M$)
|
Total
Net.Rev (M$)
|
|
12/2010
|
1.0
|
12.499
|
2.550
|
0.760
|
0.155
|
48.70
|
3.66
|
36.999
|
0.567
|
0.0
|
37.566
|
|
12/2011
|
1.0
|
6.635
|
1.002
|
0.403
|
0.061
|
48.70
|
3.66
|
19.640
|
0.223
|
0.0
|
19.863
|
|
12/2012
|
1.0
|
4.468
|
0.535
|
0.272
|
0.033
|
48.70
|
3.66
|
13.227
|
0.119
|
0.0
|
13.346
|
|
12/2013
|
1.0
|
3.344
|
0.333
|
0.203
|
0.020
|
48.70
|
3.66
|
9.900
|
0.074
|
0.0
|
9.974
|
|
12/2014
|
1.0
|
2.660
|
0.227
|
0.162
|
0.014
|
48.70
|
3.66
|
7.873
|
0.051
|
0.0
|
7.923
|
|
12/2015
|
1.0
|
2.200
|
0.165
|
0.134
|
0.010
|
48.70
|
3.66
|
6.513
|
0.037
|
0.0
|
6.549
|
|
12/2016
|
1.0
|
1.871
|
0.125
|
0.114
|
0.008
|
48.70
|
3.66
|
5.540
|
0.028
|
0.0
|
5.567
|
|
12/2017
|
1.0
|
1.625
|
0.098
|
0.099
|
0.006
|
48.70
|
3.66
|
4.810
|
0.022
|
0.0
|
4.832
|
|
12/2018
|
1.0
|
1.434
|
0.079
|
0.087
|
0.005
|
48.70
|
3.66
|
4.244
|
0.018
|
0.0
|
4.262
|
|
12/2019
|
1.0
|
1.281
|
0.065
|
0.078
|
0.004
|
48.70
|
3.66
|
3.792
|
0.014
|
0.0
|
3.807
|
|
12/2020
|
1.0
|
1.157
|
0.055
|
0.070
|
0.003
|
48.70
|
3.66
|
3.424
|
0.012
|
0.0
|
3.436
|
|
12/2021
|
1.0
|
1.053
|
0.046
|
0.064
|
0.003
|
48.70
|
3.66
|
3.119
|
0.010
|
0.0
|
3.129
|
|
12/2022
|
1.0
|
0.966
|
0.040
|
0.059
|
0.002
|
48.70
|
3.66
|
2.861
|
0.009
|
0.0
|
2.870
|
|
12/2023
|
1.0
|
0.892
|
0.035
|
0.054
|
0.002
|
48.70
|
3.66
|
2.641
|
0.008
|
0.0
|
2.649
|
|
12/2024
|
1.0
|
0.828
|
0.030
|
0.050
|
0.002
|
48.70
|
3.66
|
2.451
|
0.007
|
0.0
|
2.458
|
|
12/2025
|
1.0
|
0.772
|
0.027
|
0.047
|
0.002
|
48.70
|
3.66
|
2.285
|
0.006
|
0.0
|
2.291
|
|
12/2026
|
1.0
|
0.723
|
0.024
|
0.044
|
0.001
|
48.70
|
3.66
|
2.140
|
0.005
|
0.0
|
2.145
|
|
12/2027
|
1.0
|
0.679
|
0.021
|
0.041
|
0.001
|
48.70
|
3.66
|
2.011
|
0.005
|
0.0
|
2.016
|
|
Rem.
|
6.336
|
0.158
|
0.360
|
0.009
|
48.70
|
3.66
|
17.551
|
0.033
|
0.0
|
17.584
|
|
|
Total
|
51.423
|
5.617
|
3.101
|
0.341
|
48.70
|
3.66
|
151.019
|
1.248
|
0.0
|
152.267
|
|
Date
|
AdValorem
&
Prod Tax
(M$)
|
Operating
Expenses
(M$)
|
Total
Expenses
(M$)
|
Operational
Cash
Flow
(M$)
|
Tangible
(M$)
|
Intangible
(M$)
|
Leasehld
(M$)
|
Cash
Flow
(M$)
|
Cumulative
Cash
Flow
(M$)
|
10.0
Cum
Disc.
C.F.
(M$)
|
|
12/2010
|
3.653
|
5.998
|
9.651
|
27.915
|
0.00
|
0.00
|
0.00
|
27.915
|
27.915
|
26.694
|
|
12/2011
|
1.935
|
3.184
|
5.119
|
14.744
|
0.00
|
0.00
|
0.00
|
14.744
|
42.660
|
39.476
|
|
12/2012
|
1.301
|
2.144
|
3.446
|
9.900
|
0.00
|
0.00
|
0.00
|
9.900
|
52.560
|
47.269
|
|
12/2013
|
0.973
|
1.605
|
2.578
|
7.396
|
0.00
|
0.00
|
0.00
|
7.396
|
59.956
|
52.559
|
|
12/2014
|
0.773
|
1.276
|
2.050
|
5.874
|
0.00
|
0.00
|
0.00
|
5.874
|
65.829
|
56.376
|
|
12/2015
|
0.640
|
1.056
|
1.695
|
4.854
|
0.00
|
0.00
|
0.00
|
4.854
|
70.683
|
59.244
|
|
12/2016
|
0.544
|
0.898
|
1.442
|
4.126
|
0.00
|
0.00
|
0.00
|
4.126
|
74.809
|
61.459
|
|
12/2017
|
0.472
|
0.780
|
1.252
|
3.580
|
0.00
|
0.00
|
0.00
|
3.580
|
78.389
|
63.206
|
|
12/2018
|
0.416
|
0.688
|
1.104
|
3.157
|
0.00
|
0.00
|
0.00
|
3.157
|
81.546
|
64.607
|
|
12/2019
|
0.372
|
0.615
|
0.987
|
2.820
|
0.00
|
0.00
|
0.00
|
2.820
|
84.367
|
65.744
|
|
12/2020
|
0.336
|
0.555
|
0.891
|
2.545
|
0.00
|
0.00
|
0.00
|
2.545
|
86.912
|
66.677
|
|
12/2021
|
0.306
|
0.506
|
0.811
|
2.317
|
0.00
|
0.00
|
0.00
|
2.317
|
89.229
|
67.449
|
|
12/2022
|
0.281
|
0.464
|
0.744
|
2.125
|
0.00
|
0.00
|
0.00
|
2.125
|
91.355
|
68.093
|
|
12/2023
|
0.259
|
0.428
|
0.687
|
1.961
|
0.00
|
0.00
|
0.00
|
1.961
|
93.316
|
68.633
|
|
12/2024
|
0.240
|
0.397
|
0.638
|
1.820
|
0.00
|
0.00
|
0.00
|
1.820
|
95.136
|
69.089
|
|
12/2025
|
0.224
|
0.370
|
0.595
|
1.697
|
0.00
|
0.00
|
0.00
|
1.697
|
96.833
|
69.475
|
|
12/2026
|
0.210
|
0.347
|
0.557
|
1.588
|
0.00
|
0.00
|
0.00
|
1.588
|
98.422
|
69.803
|
|
12/2027
|
0.197
|
0.326
|
0.523
|
1.493
|
0.00
|
0.00
|
0.00
|
1.493
|
99.914
|
70.084
|
|
Rem.
|
1.720
|
5.287
|
7.007
|
10.577
|
0.00
|
0.00
|
0.00
|
10.577
|
10.577
|
1.325
|
|
Total
|
14.852
|
26.923
|
41.776
|
110.492
|
0.00
|
0.00
|
0.00
|
110.492
|
110.492
|
71.409
|
|
Interests
|
(%)
|
Reversion
|
Oil
|
Gas
|
Present
Worth Profile
|
|||||||
|
Profitability
Indicators
|
Points(Yrs)
|
MBBLS
|
MMCF
|
(%)
|
(M$)
|
|||||||
|
Payout
(Yrs)
|
0.00
|
Initial
W.I.
|
7.9981
|
30.00
|
Prior
|
10.3
|
2.6
|
5.0
|
85.404
|
|||
|
Discounted
Payout (Yrs)
|
0.00
|
Final
W.I.
|
100.0000
|
Proj.
|
51.4
|
5.6
|
10.0
|
71.409
|
||||
|
DCF
Rate of Return (%)
|
100.00
|
Initial
NRI Oil
|
6.0785
|
Ult.
|
61.7
|
8.2
|
15.0
|
62.528
|
||||
|
Income/Investment
|
0.00
|
Final
NRI Oil
|
0.0000
|
20.0
|
56.329
|
|||||||
|
Disc
Income/Disc Inv.
|
0.00
|
Initial
NRI Gas
|
6.0785
|
25.0
|
51.701
|
|||||||
|
Project
Life (Yrs)
|
30.00
|
Final
NRI Gas
|
0.0000
|
30.0
|
48.076
|
|||||||
|
40.0
|
42.693
|
|||||||||||
|
BURKE
|
MOUNTRAIL
|
50.0
|
38.828
|
|||||||||
|
17-23H
|
ND
|
60.0
|
35.883
|
|||||||||
|
STANLEY
|
EOG
RESOURCES, INC.
|
80.0
|
31.634
|
|||||||||
|
100.0
|
28.675
|
|||||||||||
Page
8
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
As
of 1 / 2010
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-2010_Baaken_2009.mdb
|
||
|
*Summary*
|
||
|
Sum
Name: SUMFILE
|
|
Date
|
No.
Wells
|
Gross Oil
(Mbbl)
|
Gross Gas
(MMcf)
|
Net Oil
(Mbbl)
|
Net Gas
(MMcf)
|
Oil
Price
$/Bbl
|
Gas
Price
$/Mcf
|
Oil Net.Rev
(M$)
|
Gas Net.Rev
(M$)
|
Other
Net.Rev
(M$)
|
Total
Net.Rev (M$)
|
|
12/2010
|
4.0
|
92.074
|
43.972
|
2.271
|
0.845
|
51.13
|
3.66
|
116.141
|
3.094
|
0.0
|
119.235
|
|
12/2011
|
4.0
|
50.272
|
26.475
|
1.201
|
0.431
|
51.12
|
3.66
|
61.395
|
1.576
|
0.0
|
62.971
|
|
12/2012
|
4.0
|
35.371
|
19.554
|
0.831
|
0.289
|
51.10
|
3.66
|
42.477
|
1.059
|
0.0
|
43.537
|
|
12/2013
|
4.0
|
27.443
|
15.647
|
0.639
|
0.218
|
51.08
|
3.66
|
32.653
|
0.799
|
0.0
|
33.452
|
|
12/2014
|
4.0
|
22.487
|
13.093
|
0.521
|
0.176
|
51.05
|
3.66
|
26.603
|
0.643
|
0.0
|
27.246
|
|
12/2015
|
4.0
|
19.089
|
11.278
|
0.441
|
0.147
|
51.03
|
3.66
|
22.493
|
0.538
|
0.0
|
23.032
|
|
12/2016
|
4.0
|
16.612
|
9.918
|
0.383
|
0.127
|
51.01
|
3.66
|
19.515
|
0.464
|
0.0
|
19.979
|
|
12/2017
|
4.0
|
14.724
|
8.857
|
0.338
|
0.112
|
51.00
|
3.66
|
17.256
|
0.408
|
0.0
|
17.664
|
|
12/2018
|
4.0
|
13.237
|
8.006
|
0.304
|
0.100
|
50.98
|
3.66
|
15.483
|
0.365
|
0.0
|
15.847
|
|
12/2019
|
4.0
|
12.036
|
7.308
|
0.276
|
0.090
|
50.96
|
3.66
|
14.052
|
0.330
|
0.0
|
14.382
|
|
12/2020
|
4.0
|
11.044
|
6.724
|
0.253
|
0.082
|
50.95
|
3.66
|
12.874
|
0.301
|
0.0
|
13.175
|
|
12/2021
|
4.0
|
10.211
|
6.229
|
0.233
|
0.076
|
50.94
|
3.66
|
11.886
|
0.278
|
0.0
|
12.163
|
|
12/2022
|
4.0
|
9.502
|
5.803
|
0.217
|
0.070
|
50.92
|
3.66
|
11.045
|
0.257
|
0.0
|
11.302
|
|
12/2023
|
4.0
|
8.890
|
5.433
|
0.203
|
0.066
|
50.91
|
3.66
|
10.320
|
0.240
|
0.0
|
10.561
|
|
12/2024
|
4.0
|
8.357
|
5.108
|
0.190
|
0.062
|
50.90
|
3.66
|
9.690
|
0.225
|
0.0
|
9.915
|
|
12/2025
|
4.0
|
7.888
|
4.821
|
0.180
|
0.058
|
50.89
|
3.66
|
9.135
|
0.212
|
0.0
|
9.347
|
|
12/2026
|
4.0
|
7.473
|
4.566
|
0.170
|
0.055
|
50.88
|
3.66
|
8.644
|
0.200
|
0.0
|
8.845
|
|
12/2027
|
4.0
|
7.102
|
4.336
|
0.161
|
0.052
|
50.87
|
3.66
|
8.206
|
0.190
|
0.0
|
8.396
|
|
Rem.
|
66.039
|
39.819
|
1.483
|
0.476
|
50.83
|
3.66
|
75.385
|
1.741
|
0.0
|
77.126
|
|
|
Total
|
439.850
|
246.947
|
10.295
|
3.531
|
51.02
|
3.66
|
525.254
|
12.922
|
0.0
|
538.176
|
|
Date
|
AdValorem
& Prod Tax
(M$)
|
Operating
Expenses
(M$)
|
Total
Expenses
(M$)
|
Operational
Cash Flow
(M$)
|
Tangible
(M$)
|
Intangible
(M$)
|
Leasehld
(M$)
|
Cash Flow
(M$)
|
Cumulative
Cash Flow
(M$)
|
10.0 Cum
Disc. C.F.
(M$)
|
|
12/2010
|
11.538
|
17.632
|
29.170
|
90.065
|
0.00
|
0.00
|
0.00
|
90.065
|
90.065
|
86.161
|
|
12/2011
|
6.096
|
9.409
|
15.505
|
47.466
|
0.00
|
0.00
|
0.00
|
47.466
|
137.531
|
127.301
|
|
12/2012
|
4.216
|
6.518
|
10.734
|
32.802
|
0.00
|
0.00
|
0.00
|
32.802
|
170.334
|
153.117
|
|
12/2013
|
3.240
|
5.008
|
8.248
|
25.204
|
0.00
|
0.00
|
0.00
|
25.204
|
195.538
|
171.140
|
|
12/2014
|
2.639
|
4.075
|
6.714
|
20.532
|
0.00
|
0.00
|
0.00
|
20.532
|
216.070
|
184.482
|
|
12/2015
|
2.231
|
3.440
|
5.671
|
17.360
|
0.00
|
0.00
|
0.00
|
17.360
|
233.430
|
194.735
|
|
12/2016
|
1.936
|
2.980
|
4.915
|
15.064
|
0.00
|
0.00
|
0.00
|
15.064
|
248.494
|
202.822
|
|
12/2017
|
1.712
|
2.631
|
4.342
|
13.322
|
0.00
|
0.00
|
0.00
|
13.322
|
261.816
|
209.323
|
|
12/2018
|
1.536
|
2.357
|
3.892
|
11.955
|
0.00
|
0.00
|
0.00
|
11.955
|
273.772
|
214.626
|
|
12/2019
|
1.394
|
2.136
|
3.529
|
10.853
|
0.00
|
0.00
|
0.00
|
10.853
|
284.624
|
219.001
|
|
12/2020
|
1.277
|
1.954
|
3.231
|
9.945
|
0.00
|
0.00
|
0.00
|
9.945
|
294.569
|
222.646
|
|
12/2021
|
1.179
|
1.801
|
2.980
|
9.183
|
0.00
|
0.00
|
0.00
|
9.183
|
303.752
|
225.706
|
|
12/2022
|
1.095
|
1.672
|
2.767
|
8.535
|
0.00
|
0.00
|
0.00
|
8.535
|
312.287
|
228.291
|
|
12/2023
|
1.023
|
1.560
|
2.584
|
7.977
|
0.00
|
0.00
|
0.00
|
7.977
|
320.264
|
230.487
|
|
12/2024
|
0.961
|
1.463
|
2.424
|
7.491
|
0.00
|
0.00
|
0.00
|
7.491
|
327.755
|
232.362
|
|
12/2025
|
0.906
|
1.378
|
2.284
|
7.064
|
0.00
|
0.00
|
0.00
|
7.064
|
334.818
|
233.970
|
|
12/2026
|
0.857
|
1.303
|
2.160
|
6.685
|
0.00
|
0.00
|
0.00
|
6.685
|
341.503
|
235.352
|
|
12/2027
|
0.814
|
1.235
|
2.049
|
6.347
|
0.00
|
0.00
|
0.00
|
6.347
|
347.850
|
236.546
|
|
Rem.
|
7.475
|
13.731
|
21.205
|
55.921
|
0.00
|
0.00
|
0.00
|
55.921
|
55.921
|
6.371
|
|
Total
|
52.123
|
82.281
|
134.405
|
403.771
|
0.00
|
0.00
|
0.00
|
403.771
|
403.771
|
242.917
|
|
Oil
|
Gas
|
Present
Worth Profile
|
||||||
|
Profitability
Indicators
|
MBBLS
|
MMCF
|
(%)
|
(M$)
|
||||
|
Payout
(Yrs)
|
0.00
|
Prior
|
94.9
|
38.8
|
5.0
|
297.786
|
||
|
Discounted
Payout (Yrs)
|
0.00
|
Proj.
|
439.9
|
246.9
|
10.0
|
242.917
|
||
|
DCF
Rate of Return (%)
|
100.00
|
Ult.
|
534.8
|
285.8
|
15.0
|
209.749
|
||
|
Income/Investment
|
0.00
|
20.0
|
187.324
|
|||||
|
Disc
Income/Disc Inv.
|
0.00
|
25.0
|
170.939
|
|||||
|
30.0
|
158.304
|
|||||||
|
40.0
|
139.827
|
|||||||
|
50.0
|
126.754
|
|||||||
|
60.0
|
116.891
|
|||||||
|
80.0
|
102.799
|
|||||||
|
100.0
|
93.068
|
|||||||
Page
9
|
ASEC
Baaken PDP 2009 YE Look Back
|
DATE:
01-28-2011
|
|
|
As
of 1 / 2010
|
TIME:
12:12:55
|
|
|
DB:
XOG_12-6-
|
||
|
*One
Line Summary*
|
||
|
2010_Baaken_2009.mdb
|
||
|
Sum
Name: SUMFILE
|
|
Lease
- Well / ID
|
Gross
Oil
|
Gross
Gas
|
Net
Oil
|
Net
Gas
|
Tot.
Rev.
|
Tot.
Exp.
|
Tot.
Capital
|
Cash
Flow
|
Disc
Cash
|
|
(MBbl)
|
(MMcf)
|
(MBbl)
|
(MMcf)
|
(M$)
|
(M$)
|
(M$)
|
(M$)
|
Flow
(M$)
|
|
|
BURKE
- 27-7H
|
|||||||||
|
ND3306101054BAKKEN
|
214.3
|
84.1
|
3.8
|
1.5
|
192.4
|
43.9
|
0.0
|
148.4
|
81.2
|
|
LAZY
DE - #24-7H
|
|||||||||
|
ND3302500864BAKKEN
|
92.3
|
32.0
|
3.0
|
1.0
|
166.0
|
39.3
|
0.0
|
126.7
|
78.9
|
|
BURKE
- 17-23H
|
|||||||||
|
ND3306100974BAKKEN
|
51.4
|
5.6
|
3.1
|
0.3
|
152.3
|
41.8
|
0.0
|
110.5
|
71.4
|
|
RS-BRADY
- ###-##-####H-1
|
|||||||||
|
ND3306100819BAKKEN
|
81.8
|
125.3
|
0.4
|
0.7
|
27.5
|
9.4
|
0.0
|
18.1
|
11.4
|
|
Total
|
439.9
|
246.9
|
10.3
|
3.5
|
538.2
|
134.4
|
0.0
|
403.8
|
242.9
|
Page
10