1

Barclays Presentation
September 2014
AthlonEnergy.com
NYSE: ATHL
2 2

This presentation and the oral statements made in connection therewith may contain forward looking statements within the meaning of the securities laws. Any forward looking
statements involve risks, uncertainties and assumptions. You should not place undue reliance on these forward looking statements. Although we believe that our plans, intentions and
expectations reflected in or suggested by the forward looking statements are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved when
anticipated or at all. Forward looking statements include, without limitation, information concerning rates of return, horizontal drilling results, operational efficiencies, inventory life,
hedging activities, our business strategy, estimated reserves, cash flows and liquidity, financial strategy, budget, projections and future operating results, and plans and objectives of
management or our sponsors. These statements often include words such as could, should, believe, anticipate, intend, estimate, expect, may, continue, predict,
plan, potential, project, forecast and similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry and
our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances as of the date hereof. We
assume no obligation to and do not intend to update any forward looking statements included herein. You should understand that these statements are not guarantees of future
performance or results. Actual results could differ materially from those described in any forward looking statements contained herein as a result of a variety of factors, including
commodity price volatility, uncertainties about our estimated reserves, cash flows and access to capital, risks associated with negative developments in the capital markets, failure to
realize expected value creation from property acquisitions, uncertainties about our ability to replace reserves and economically develop our current reserves, drilling and operational
results, potential financial losses from our hedging activities, environmental risks, regulatory changes, the timing of development expenditures, and other known and unknown risks and
uncertainties, many of which are beyond our control.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking
statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

The SEC generally permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are reserve estimates that geological and engineering data
demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions and certain probable and possible
reserves that meet the SECs definitions for such terms. In this communication, the Company may use the terms unproved reserves, 3P reserves, resource potential and reserve
potential. Unproved reserves, 3P reserves, resource potential and reserve potential refer to the Company's internal estimates of hydrocarbon quantities that may be
potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. These hydrocarbon quantities may not constitute reserves within the
meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or SEC rules. Actual quantities that may be ultimately recovered from the Company's
interests may differ substantially. Factors affecting ultimate recovery include the scope of the Companys ongoing drilling program, which will be directly affected by the availability of
capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors,
and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of unproved reserves may change significantly as development of the
Companys core assets provide additional data. In addition, the Companys production forecasts and expectations for future periods are dependent upon many assumptions, including
estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or
drilling cost increases.

This presentation contains guidance regarding our estimated future production, capital expenditures, expenses and other matters. This guidance is based on certain assumptions and
analyses made by the Company and is affected by such factors as market demand for oil and natural gas, commodity price volatility and the Companys actual drilling program, which
will be directly affected by the availability of capital, drilling and production costs, developmental drilling tests and results, commodity prices, availability of drilling services and
equipment, lease expirations, transportation constraints, regulatory approvals, field spacing rules and actual drilling results. This guidance is speculative by its nature and, accordingly, is
subject to great risk of not being actually realized by the Company. For additional information, we refer you to the Companys most recent Form 10-K and 10-Q filed with the SEC.

This presentation has been prepared by the Company and includes market data and other statistical information from sources believed by it to be reliable, including independent
industry publications, government publications or other published independent sources. Some data are also based on the Companys good faith estimates, which are derived from its
review of internal sources as well as the independent sources described above. Although the Company believes these sources are reliable, it has not independently verified the
information and cannot guarantee its accuracy and completeness.
Forward Looking Statements
3
Midland Basin Map Key Highlights
Assets Detail
28 MBoe/d production (June Pro Forma)
(2)
173 MMBoe Proved reserves
(3)
99% operated, 95% avg WI, and 73% avg NRI
TP Reserves: 58% oil; 23% NGL; 19% natural gas
168,000 gross (140,000 net) acres
Midland, Martin & Other 66,000 net acres
Howard 57,500 net acres
Glasscock 16,500 net acres
Added ~42,000 net acres since August IPO
>1.4 Billion BOE 3P reserves and Growing
Drilling
Inventory
(Pro Forma)
5,875 gross vertical drilling locations
~1,850 gross horizontal drilling locations
Effective exposure to 11 stacked productive intervals

Athlon Pro Forma Overview
Market
Summary
(8/29/14)
Ticker:
Share Price:
Diluted Share Count
Market Capitalization:
Enterprise Value
(1)
:
ATHL
$46.56
99.4mm
$4,628mm
$5,916mm
(1) Enterprise value = Market capitalization plus net debt.
(2) June production pro forma for August announced acquisitions.
(3) 12/31/13 reserves pro forma for year-to-date acquisitions.
Athlon Acreage
Athlon Field Office (Midland)
Midland Basin
Athlon Headquarters (Ft. Worth)
4
Install Optimal
Field Infrastructure
High-Quality
Assets
The best acquisition
companies are the best
development companies!
Reduce costs, increase ROR,
maximize cash flows!
Attention to costs and maximizing
EUR are key for low-risk prolific
inventory!
Maintain financial flexibility
through strength for future
opportunities!
Athlon Strategy Intense Focus on Rate of Return
Maximize EURs
Reduce D&C
Costs
Ample Liquidity
& Hedges
Maximize
ROR
$1.4 Billion YTD
Acquisitions
(1) 2013 drillbit finding and development cost. (2) 2Q14 liquidity pro forma august announced acquisitions. (3) 2Q14 LOE / Boe.
$8.86 / Boe
F&D Cost
(1)
$700 million
Liquidity
(2)
$6.35 LOE/BOE
(3)
5
11,429 BEAT!!
12,960
13,092 BEAT!!
14,689 14,621 BEAT!!
16,987 16,909
4,992
21,901
18,105
BEAT!!
24,500
1,531
1,597
Weather Impact
2,366
3Q13E
Pre-IPO
3Q13A 4Q13E
Pre-IPO
4Q13A 1Q14E
Pre-IPO
1Q14A 2Q14E
Pre-IPO
2Q14A 2014E
Pre-IPO
2014E
Guidance
6,395 -
6,895
25,000
Delivering the Goods out of the Gate
2Q14 Exceeding ExpectationsAGAIN! Horizontal Program Bolting to the Front of the Pack
Consolidating the Midland Basin Protecting Future with Financial Discipline
3Q13 4Q13 2014E
(2)
Exceeded consensus estimated production by ~1,400 BOE/d
Single well outperformance translates into consistent production beats
Reduced direct LOE 7% sequentially to record low of $6.35 / BOE
Acquisitions fully-funded with equity and debt issuances
~$700 million in pro-forma liquidity
(1)








First 8 horizontal wells > 90% ROR at $90 oil in aggregate
First 8 horizontal wells outperforming average type curve by >70%
Ramping up to 4 horizontal rigs in 2014 and 6 horizontal rigs in 2015
Added ~42K high-quality net acres since IPO



100% operated with high WI and NRI

More accretive acquisitions with low drilling commitments
1Q14
(2) (2) (2)
(1) Pro Forma for acquisitions announced August 2014.
(2) As presented to research analysts June 2013.
Oil hedges in place to protect rig commitments
2Q14
(2)
I
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G
u
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A
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!

6
Building on Success: YTD High-Quality Acquisitions
Athlon Acreage
Athlon Field Office (Midland)
Midland Basin
Athlon Headquarters (Ft. Worth)
Midland Basin Map

Acquired 36,000 net acres concentrated in Martin, Midland,
Upton, Glasscock and Andrews Counties
Largely privately-negotiated with nine separate parties

Over 380 MMBOE of total estimated net reserve potential
~1,250 gross high EUR vertical locations
- ~450 gross 80-acre and 40-acre locations
- ~800 gross 20-acre locations
~680 gross identified potential horizontal locations:
- Wolfcamp A, B & D, Lower & Middle Spraberry, &
Clearfork

High working interest / high NRI
Properties require minimal drilling commitments to hold acreage
- Accomplished through reallocation of existing 8 rig fleet
Accelerate to 4 horizontal rigs by early fourth quarter
Large, contiguous acreage blocks adjacent to existing operations

$1.35 billion all-cash aggregate purchase price
Net production of approximately 8.5 MBOE/d
Net proved reserves of approximately 46 MMBOE
Accretive to Cash Flow and Earnings Per Share and NAV
Exposure Across Entire Northern Midland Basin
High Quality Inventory and Huge Upside
Applying Operational Expertise with Scale
Immediately Accretive
7
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014E 3Q 2014E 4Q 2014E
P
r
o
d
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,

B
O
E
P
D
Acquired Production Organic Production Guidance Range
Low-Risk, High-Growth Oil Company
167% Growth 73% Growth
2011 2012 2013 2014
(1) High-end of 2014 guidance released in August 2014.
(2) June production pro forma for August announced acquisitions.
105% Growth
(1)
Capital Allocation
22 MBoe/d
$700mm $399mm $257mm $89mm Capital Budget:
21%
43%
36%
6%
85%
9%
2%
98%
10%
90%
Required Vt to HBP Discretionary Vt Horizontal
28 MBoe/d
(June PF)
(2)
8
0
20
40
60
80
100
120
140
160
180
Initial Two
Acquisitions
Production Extensions &
Discoveries
Total YE
2011
Acquisitions Production Extensions &
Discoveries
Total YE
2012
Acquisitions Production Extensions &
Discoveries
Total YE
2013
Acquisitions Pro Forma
2013
36
41
86
82 82
37
127
83
37
(1)
10 10
7
(3)
35
45
1
(4)
45
90
46
90
P
r
o
v
e
d

R
e
s
e
r
v
e
s

(
M
M
B
o
e
)
46
86
127
173
Organic Growth in Proved Reserves
(1) Includes revisions.
(1) (1)
Replaced 11x
production via
Drillbit
Replaced 14x
production via
Drillbit
Drillbit F&D
$8.66 / Boe
Drillbit F&D
$7.87 / Boe
52%
Organic
48%
Acquired
Drillbit F&D
$8.85 / Boe
Replaced 10x
production via
Drillbit
(1)
9
1 mile = 5,280
Full-Field Development Pattern Maximizes Recovery
(1) Source: NuTech Energy Alliance Midland Basin Wolfcamp Study estimated OOIP 100-270 MMBO/sec for Wolfcamp A through Wolfcamp D intervals. OOIP does not include estimates for Clearfork, Spraberry, Leonard,
Dean, Canyon, Strawn, Atoka or Miss intervals. Equivalent conversion assumes GOR 1000 SCF/BBL, FVF 1.5 RB/STB, 2-Stream to 3-Stream step-up 10%, 6 MCF = 1 BO.
(2) Based on an average of peer Wolfcamp type curves.
(3) Source: Society of Petroleum Engineers.

Clearfork

Upper Spraberry

Middle Spraberry

Lower Spraberry

Dean

Wolfcamp A

Wolfcamp B

Wolfcamp C

Wolfcamp D

Strawn
Atoka
Mississippian
Initial
Focus

= 20 Acre Location
= 40 Acre Location
Map View of Microseismic Events
(3)
Reserve Potential per 960 Acres (1-1/2 Sections)
(1)
Verti cal 40s Verti cal 20s
Hori zontal
Wol fcamp
Total
Wel l s - 24 24 12 60
Wel l EUR MBOE 149 149 650
Reserve
Potenti al
MMBOE 3.6 3.6 7.8 15
OOI P
(1)
MMBOE
% Recovery % 1 - 2.8% 1 - 2.8% 2.2 - 6% 4.3 - 11.5%
130 - 350
(2)
10
Midland,
Martin & Other Howard Glasscock Average
Depth (ft)
(2)
11,300 9,900 10,150 10,268
D&C Cost ($MM) $2.2 $1.9 $1.8 $1.9
Estimated EUR (MBOE)
(2)(3)
236 154 140 168
IP-30 day (BOEPD) 186 132 125 142
% Oil 47% 58% 61% 55%
Well Level F&D ($ / BOE)
(4)
$12.07 $15.91 $16.89 $14.92
Targeted ROR (%)
(3)(5)
53% 36% 32% 39%
Average WI 99% 94% 97% 96%
Average NRI 75% 73% 76% 75%
Total Gross Locations 2,056 3,083 736 5,875
Vertical Wolfberry Economics and Inventory
(1) ROR sensitivity assumes $4.00 natural gas, except for SEC case.
(2) For proved undeveloped (PUD) locations drilledthrough deeper producing zones (Strawn, Atoka, Mississippian).
(3) Estimated EUR and targeted ROR based on average PUD type curve by area as estimated by Cawley & Gillespie as of 12/31/13.
(4) Net well cost / Net EUR.
(5) ROR Based on YE 2013 benchmark SEC Price Deck of $96.78 / $3.67.
(6) Based on weighted average of PUD locations.
(7) Pro Forma for 2014 acquisitions.
(8) Includes 100 MMBoe of PUD reserves. Based on net locations multipliedby Cawley Gillespie PUD type curve from 12/31/13 reserve report.
16%
23%
30%
36%
39%
49%
23%
32%
43%
53%
59%
77%
14%
20%
27%
32%
35%
44%
17%
24%
33%
39%
42%
55%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
$70.00 $80.00 $90.00 $96.78 / $3.67 $100.00 $110.00
($ / Bbl WTI Oil)
(1)
ROR Sensitivity (%)
Type Well Assumptions
(6)
Midland
Average
Howard
Glasscock
SEC Case

Midland Basin
Clear Fork
Upper Spraberry
Middle Spraberry
Lower Spraberry
Dean
Wolfcamp A
Wolfcamp B
Wolfcamp C
Wolfcamp D (Cline)
Strawn
Atoka
Mississippian
(7) (7)
11 11
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Prolific Vertical Results Across Athlons Acreage
17
18
19
22
23
27
28
26
2
1
3
4
5
6
7
8
9
10
11
12
13
14 15
16
17
18
22
24
27
28
30
26
24 Hr IP 30-Day IP
Well Name County Boed Boed
Bigony 48 #1 Howard 704 572
King 13 #1 Howard 905 681
Thomas 8 #5 Howard 488 235
Strickland 19 #2 Howard 525 297
Hurt 21 #1 Howard 542 316
Tubb 34 #2 Howard 548 397
Jost 25 #4 Glasscock 631 464
E.D. Books 13 #3 Glasscock 450 277
Wilkinson 31 #7 Glasscock 290 233
Tarzan Standef er 9 #2 Martin 380 269
Woody 36 #7 Martin 249 230
Powell #19 (20 AC) Midland 306 265
Windham 2B #6 Midland 523 368
TXL S 29-2 #3 Midland 447 331
RAB Davidson E #15 (20 AC) Midland 356 289
Davidson 46C #7 Upton 375 288
Pre-IPO Top Performing Vertical Wells
Midland Basin
Acquired Acreage YTD 2014
Athlon Field Office (Midland)
30
24
25
19
25
29
Recently Added
23
Two discretionary vertical rigs targeting highest ROR projects!
Athlon Acreage (YE2013)
20
20
24 Hr IP 30-Day IP
Well Name County Boed Boed
Newton 16 #1 Howard 508 246
Hughes 20 #1 Howard 592 460
King 13 #3 Howard 786 672
Nix 9A-2 Howard 825 696
Ward 17B #3 Howard 1,526 --
Half man 42 #1 Glasscock 920 641
Lawson 22 #3 Glasscock 441 338
Tom Ranch 41 #4 Glasscock 435 311
Lawson 14B #2 Glasscock 494 389
Welch 48 #1 Martin 437 314
Robinson 34 #2 Midland 394 290
Davidson 24 #7 Midland 314 253
Davidson 26 #6 Midland 366 276
Windham 36 #3 Midland 437 308
21
29
21
12
100
1000
0 60 120 180 240 300 360
Midland,
Martin & Other Howard Glasscock Company Total
91 91
307 307
197 160 74 431
267 179 78 524
4 27 64 95
223 103 68 394
High-Growth Horizontal Potential
Midland Basin
Clear Fork
Upper Spraberry
Middle Spraberry
Lower Spraberry
Dean
Wolfcamp A
Wolfcamp B
Wolfcamp C
Wolfcamp D
(Cline)
Strawn
Atoka
Mississippian
(1) Pro forma 2014 acquisitions.
Midland Basin
Athlon acreage
Athlon Field Office
(Midland)
HZ rig currently drilling Contracted HZ rig
Total Horizontal
1,089 469 284 1,842
Gross Locations
(1)
Athlon 1
st
8 Horizontal Well Outperformance
TC +25%
TC +50%
1500
1Q15
Average of ATHL 1
st
8 Hz Wells
Average of 1
st
8 Hz Type Curves
Upside to Average Type Curve
6 Hz Rigs by 2Q15
D
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>70% Outperformance =
Additional Resource Potential
2Q15: TBD
4Q14
13

Well County
Targeted
Zone
24-hr IP
rate
(BOE/d)
30-day IP
rate
(BOE/d)
Lateral
Length
% Oil
1. TX N 7-3 #5H Midland Wolfcamp B 1,661 1,200 4,588 77%
2. Davidson 27C #12H Midland Wolfcamp B 2,078 1,717 7,426 69%
3. Wilkinson 31 #8H Glasscock Wolfcamp A 1,734 1,562 7,132 69%
4. Lawson #2703H Glasscock Wolfcamp A 1,069 983 7,618 76%
5. Abel 18 #3H Howard Wolfcamp A 1,364 1,063 7,822 85%
6. Williams 17 #3H Howard Wolfcamp A 1,415 1,234 7,688 84%
7. Tubb 39 #5H Howard Wolfcamp A 2,351 1,594 6,705 77%
Successful Horizontal Delineation Completed!!!
Midland Basin Horizontal Activity
Athlon Acreage
Athlon Field Office (Midland)
Midland Basin
Industry Horizontal Well
First 7 Wells Average >90%
(1)
ROR at $90 oil
7
5
6
2
1
3
4

Tubb 39 #5H (Howard) 24-hr IP 2,351 Boe/d
30-day IP 1,594 Boe/d, 73% oil
Williams 17 #3H (Howard) 24-hr IP 1,415 Boe/d
30-day IP 1,234 Boe/d, 82% oil
Horizontal wells to-date have vastly outperformed type
curves by an average of >70%
Successful Conclusion to Evaluation Phase
(1) Using actual capital which includes start up and science cost.
14
Superior Execution & Experienced Team Result in Top-Tier Wells
-80
-60
-40
-20
0
20
40
60
80
0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 7000 7500 8000
H
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D
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Lateral Length
Best Rock
Brittleness Porosity
Organic Content Permeability
Oil Shows
100% in zone - Athlon well
362 BOE/D 24-hr IP per 1,000
~50% in zone - Offset well
100 BOE/D 24-hr IP per 1,000
3D Frac Design Model Radioactive Tracer Evaluation Log
2.
1.
3.
4. 5.
1. Apply vertical expertise to target
organic rich, brittle rock
2. Drill entire lateral within defined
target interval
3. Create extensive fracture clusters
with high conductivity proppant
design across entire lateral
4. Optimize frac design using
diagnostic evaluation
5. Evaluate well performance to
enhance results
Athlon well Athlon target zone Offset well
15
0
50
100
150
200
250
300
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Average 147 Boe/d
$1.14 mm
Operator F Operator D
$1.19 mm
Bolting to the Front of the Pack
Wolfcamp 30-Day IP Per 1,000 of Lateral by Operator (Boe/d)
3
0
-
d
a
y

I
P

P
e
r

1
,
0
0
0

o
f

L
a
t
e
r
a
l

(
B
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e
/
d
)

D&C Per 1,000
Lateral ($mm)
$1.71 mm
Operator A
$1.14mm
Operator C
$0.99 mm
Operator E Operator H
$0.95 mm $1.64mm
Operator I Operator G
$1.05 mm
Operator B
NA
West-side Wolfcamp
East-side Wolfcamp
8 wells
3 wells
Source: Texas Railroad Commission and company presentations.
Note: Operators include: APA, CPE, EGN, Element, FANG, LPI, PE, PXD, REN, RSPP, SM, WTI.
5 wells
$1.13 mm
1
2
3
7
8
NA
Operator J
NA
Operator K
$1.17 mm
Operator L
3 wells
2 wells
9 wells
15 wells
7 wells
2 wells
3 wells
1 well
19 wells
2 wells
Well County
30-day IP rate
(BOE/d)
Lateral
Length
% Oil
TXL N 7-3 #5H Midland 1,200 4,588 77%
Tubb 39 #5H Howard 1,594 6,705 77%
Davidson 27C #12H Midland 1,717 7,426 69%
Wilkinson 31 #8H Glasscock 1,562 7,132 69%
Davidson 37B #8H Midland 1,680 7,744 76%
Williams 17 #3H Howard 1,234 7,688 84%
Abel 18 #3H Howard 1,063 7,822 85%
Lawson #2703H Glasscock 983 7,618 76%
1
2
3
5
6
7
6
Avg Type Curve ROR: 36%
Avg Actual ROR: >90%
ATHL 1
st
8 Hz Wells
ATHL Avg 199 Boe/d
35% Outperformance to Industry
4
4
8
5
16
100
1000
0 60 120 180 240 300 360
Currently Operating 1 Dedicated Pegasus Horizontal Rig
2 Dedicated Pegasus Horizontal Rigs by 1Q 2015
Midland Pegasus Wolfcamp Type Curve and Economics
D & C Cost ($MM) $8.5
EUR (MBOE) 3 stream 880
30-Day IP (Boe/d)
910
% Oil
68%
PV-10 ($MM)
$10.8
2014E Drill Wells
8
Medium Lateral (7,500 ft.)

ROR Sensitivity: (EUR vs. D&C Cost)

7,500 Type Curve (Boe/d)

Days
D
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P
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(
B
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/
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)

Note: Assumes 75% NRI. Production plots normalized for operational down time.
2500
880 MBoe

Athlon Well
Zone
Peak 24-
hr IP
Peak
30-d IP
Lateral
Length
% oil
TXL N 7-3 #5H WC B 1,661 1,200 4,588 77%
Davidson 27C #12H WC B 2,078 1,717 7,426 69%
Davidson 37B #8H WC B 2,425 1,680 7,744 76%
TXL: Short Lateral
1100 MBoe
1300 MBoe
MBOE 880 1,000 1,100 1,200 1,300
$7.5 100% 136% 174% 220% 275%
$8.0 85% 114% 145% 182% 226%
$8.5 73% 97% 123% 153% 190%
$9.0 63% 84% 106% 131% 161%
$9.5 55% 73% 92% 113% 139%
D
&
C

(
$
m
m
)
MBOE 880 1,000 1,100 1,200 1,300
$7.5 $11.8 $14.2 $16.3 $18.3 $20.4
$8.0 $11.3 $13.7 $15.8 $17.8 $19.9
$8.5 $10.8 $13.2 $15.3 $17.3 $19.4
$9.0 $10.3 $12.7 $14.8 $16.8 $18.9
$9.5 $9.8 $12.2 $14.3 $16.3 $18.4
D
&
C

(
$
m
m
)
$90 WTI oil / $4 gas $90 WTI oil / $4 gas
3rd Athlon Pegasus Well
17
100
1000
0 60 120 180 240 300 360
MBOE 720 800 900 1,000 1,100
$7.5 $10.2 $12.1 $14.4 $16.7 $19.0
$8.0 $9.7 $11.6 $13.9 $16.2 $18.5
$8.5 $9.2 $11.1 $13.4 $15.7 $18.0
$9.0 $8.7 $10.6 $12.9 $15.2 $17.5
$9.5 $8.2 $10.1 $12.4 $14.7 $17.0
D
&
C

(
$
m
m
)
MBOE 720 800 900 1,000 1,100
$7.5 91% 121% 167% 227% 305%
$8.0 76% 101% 137% 184% 245%
$8.5 65% 85% 115% 153% 201%
$9.0 56% 73% 98% 129% 168%
$9.5 48% 63% 84% 110% 143%
D
&
C

(
$
m
m
)
Martin Wolfcamp Type Curve and Economics
D & C Cost ($MM) $8.5
EUR (MBOE) 3 stream 720
30-Day IP (Boe/d)
880
% Oil
77%
PV-10 ($MM)
$9.2
2014E Drill Wells
7
Medium Lateral (7,500 ft.)

ROR Sensitivity: (EUR vs. D&C Cost)

7,500 Oil Type Curve (BO/d)

Days
D
a
i
l
y

P
r
o
d
u
c
t
i
o
n

(
B
O
/
d
)

Note: Assumes 75% NRI.
1200
PXD
RSPP
FANG
Area Map with Industry Activity

PXD: Scharbauer Ranch #201H
Wolfcamp D (Cline)
24-hr IP: 1,509 boe/d
30-day IP 662 boe/d
PXD: Scharbauer Ranch #202H
Wolfcamp B
24-hr IP: 979 boe/d
30-day IP 783 boe/d

Athlon Well
Zone
Peak 24-
hr IP
Peak 30-
day IP
Lateral
Length
% oil
DFK #5H WC B TBD TBD 7,772 TBD
ATHL: DFK #5H
Wolfcamp B
720 MBoe
Currently Operating 1 Dedicated Martin County
Horizontal Rig Drilling Wolfcamp B wells

$90 WTI oil / $4 gas $90 WTI oil / $4 gas
18
MBOE 675 750 800 900 1,000
$6.9 65% 80% 92% 119% 149%
$7.4 55% 68% 78% 100% 126%
$7.9 48% 59% 67% 86% 108%
$8.4 41% 51% 58% 75% 93%
$8.9 36% 45% 51% 65% 81%
D
&
C

(
$
m
m
)
MBOE 675 750 800 900 1,000
$6.9 $8.6 $10.2 $11.2 $13.4 $15.5
$7.4 $8.1 $9.7 $10.7 $12.9 $15.0
$7.9 $7.6 $9.2 $10.2 $12.4 $14.5
$8.4 $7.1 $8.7 $9.7 $11.9 $14.0
$8.9 $6.6 $8.2 $9.2 $11.4 $13.5
D
&
C

(
$
m
m
)
100
1000
0 60 120 180 240 300 360
Currently Operating 1 Dedicated Martin Horizontal Rig
Martin Spraberry Preliminary Results and Economics
ROR Sensitivity: (EUR vs. D&C Cost)

7,500 Type Curve (BO/d)

Days
D
a
i
l
y

P
r
o
d
u
c
t
i
o
n

(
B
O
/
d
)

1100
675 MBoe

Athlon Well
Zone
Peak 24-
hr IP
Peak 30-
day IP
Lateral
Length
% oil
DFK #2H LS 1,279 1,076 7,922 73%
800 MBoe
1000 MBoe
$90 WTI oil / $4 gas $90 WTI oil / $4 gas
Note: Assumes 75% NRI. Plots are 3-day moving averages. Production plots normalized for operational down time.
ATHL: DFK #2H
Lower Spraberry
PXD: Scharbauer Ranch #501H
Lower Spraberry
19
100
1000
0 60 120 180 240 300 360
MBOE 625 700 800 900 1,000
$7.0 $8.0 $9.8 $12.0 $14.2 $16.5
$7.5 $7.5 $9.3 $11.5 $13.7 $16.0
$8.0 $7.0 $8.8 $11.0 $13.2 $15.5
$8.5 $6.5 $8.3 $10.5 $12.7 $15.0
$9.0 $6.0 $7.8 $10.0 $12.2 $14.5
D
&
C

(
$
m
m
)
MBOE 625 700 800 900 1,000
$7.0 60% 77% 104% 138% 179%
$7.5 51% 65% 88% 115% 149%
$8.0 44% 56% 75% 98% 126%
$8.5 38% 49% 65% 84% 108%
$9.0 33% 43% 57% 74% 94%
D
&
C

(
$
m
m
)
Operating 1 Dedicated Howard County Horizontal Rig beginning 4Q14
Howard County Wolfcamp Type Curve and Economics
D & C Cost ($MM) $8.0
EUR (MBOE) 3 stream 625
30-Day IP (Boe/d)
600
% Oil
77%
PV-10 ($MM)
$7.0
2014E Drill Wells
6
Medium Lateral (7,500 ft.)

ROR Sensitivity: (EUR vs. D&C Cost)

7,500 Oil Type Curve (BO/d)

Days
D
a
i
l
y

P
r
o
d
u
c
t
i
o
n

(
B
O
/
d
)

Note: Assumes 75% NRI. Plots are 3-day moving averages. Production plots normalized for operational down time. Element production data furnished as courtesy to Athlon by Element Operating.
1800

Well
Zone
Peak
24-hr IP
Peak 30-
day IP
Lateral
Length
% oil Operator
Tubb 39 #5H WC A 2,351 1,594 6,705 77% Athlon
Williams 17 #3H WC A 1,415 1,234 7,688 84% Athlon
Garrett-Reed Unit 37-48 #4H WC A 1,247 1,084 ~7,500 85% Element
Gardner Unit 1510 #2H WC A 927 772 7,283 86% Element
Abel 18 #3H WC A 1,364 1,063 7,822 85% Athlon
SFH Unit 23#1H WC A 1,086 715 7,268 84% Element
625 MBoe
800 MBoe
1000 MBoe
Latest Element Well
2nd Athlon Well
$90 WTI oil / $4 gas $90 WTI oil / $4 gas
3rd Athlon Well
1,000 shorter than previous ATHL Howard wells
20
100
1000
0 60 120 180 240 300 360
Glasscock County Wolfcamp Type Curve and Economics
D & C Cost ($MM) $8.0
EUR (MBOE) 3 stream 625
30-Day IP (Boe/d)
625
% Oil
67%
PV-10 ($MM)
$5.8
2014E Drill Wells
9
Medium Lateral (7,500 ft.)

ROR Sensitivity: (EUR vs. D&C Cost)

7,500 Type Curve (Boe/d)

Days
D
a
i
l
y

P
r
o
d
u
c
t
i
o
n

(
B
o
e
/
d
)

Note: Assumes 75% NRI. Production plots normalized for operational down time.
2000

Athlon Well
Zone
Peak
24-hr IP
Peak 30-
day IP
Lateral
Length
% oil
Wilkinson 31 #8H WC A 1,734 1,562 7,132 69%
Lawson #2703H WC A 1,069 983 7,618 76%
625 MBoe
800 MBoe
1000 MBoe
MBOE 625 700 800 900 1,000
$7.0 50% 64% 86% 112% 144%
$7.5 42% 54% 72% 94% 121%
$8.0 37% 47% 62% 81% 103%
$8.5 32% 41% 54% 70% 88%
$9.0 28% 36% 47% 61% 77%
D
&
C

(
$
m
m
)
MBOE 625 700 800 900 1,000
$7.0 $6.9 $8.5 $10.5 $12.5 $14.6
$7.5 $6.4 $8.0 $10.0 $12.0 $14.1
$8.0 $5.9 $7.5 $9.5 $11.5 $13.6
$8.5 $5.4 $7.0 $9.0 $11.0 $13.1
$9.0 $4.9 $6.5 $8.5 $10.5 $12.6
D
&
C

(
$
m
m
)
Currently Operating 1 Dedicated Glasscock County Horizontal Rig

$90 WTI oil / $4 gas $90 WTI oil / $4 gas
21
Horizontal Program Evolution

Targeting organic rich horizontal intervals
Optimizing high pump rates and tight cluster
spacing to maximize frac effectiveness
Customizing high proppant concentrations in
slickwater/hybrid fracs

Current location count includes 4 horizontal
laterals per section
Designing spacing pattern to accommodate at
least 5 horizontal laterals per section
Industry developing up to 10 hz / section
Enhancing Well Performance Downspacing

Ramping fleet from 3 6 HZ rigs by 2Q15
- Recently contracted two newbuilds with
walking packages
Initiate pad drilling program in 2015
Stacked lateral development using offset pads

Drilling new zones de-risked by Industry:
Pad Drilling Drilling Additional Zones
Area ATHL Current New Zones Timing
Martin WC-B Spraberry 2015
Midland WC-B WC-A 2015
Howard WC-A WC-B 2015
Glasscock WC-A WC-B, WC-C 2015
Maximize
ROR
22
761
1,437
0
200
400
600
800
1,000
1,200
1,400
1,600
Proved
Developed
Midland, Martin
& Other
Howard Glasscock Total Vertical &
PD
Midland, Martin
& Other
Howard Glasscock Total
Total Reserve Potential >1.4 Billion BOE and GROWING
No Horizontal PUDs Booked to date
2,056 3,083 736 1,089 469 284 7,717 Gross Locations
Vertical Upside = 4x Proved Reserves

Horizontal Upside = 4x Proved Reserves

5,875 Gross Vertical Locations 1,842 Gross Horizontal Locations
Average Gross VT EUR per Well (MBOE)
Midland, Martin
& Other Area
Howard
Area
Glasscock
Area
236 154 140
Average Gross HZ WC EUR
(1)
per Well (MBOE)
Midland
Pegasus
Area
Martin
Area
Howard
Area
Glasscock
Area
880 720 625 625
R
e
s
e
r
v
e

P
o
t
e
n
t
i
a
l

(
M
M
B
o
e
)

>1.4 Bn
(1) 7,500 EUR shown. Reserve potential includes EURs adjusted for lateral length.
>750
23
Strong Balance Sheet & Increased Guidance
Pro Forma Capitalization Production Hedged


(1) Pro forma for acquisitions announced August 2014.
(2) Proved Reserves as of 12/31/13, pro forma YTD announced acquisitions.
(2)
(1)
B
O
P
D

N
Y
M
E
X


W
T
I

O
i
l

(
$
/
B
b
l
)


8,950
9,950
10,960
12,800 12,800
11,800 11,800
2,500 2,500
$92.71 $92.52 $92.31 $92.12 $92.12
$93.69 $93.69
$92.35 $92.35
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
$100.00
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Total Volume (BOPD) 2Q14 Production Weighted Avg Price
($ in millions)
Pro Forma
June 30, 2014
Cash $0.0
Credit Agreement 138.6
2021 Senior Unsecured Notes 500.0
2022 Senior Unsecured Notes 650.0
Total Debt $1,288.6
Total Equity 1,248.0
Total Capitalization $2,536.6
Borrowing Base $837.5
Liquidity $698.9
Net Debt / Total Capitalization 51%
Net Debt / LQA EBITDA 2.6x
Net Debt / Proved Reserves ($ / boe) $7.45
(1)
Company Guidance
Low Midpoint High
3Q14E Producti on (Boe/d) 26,500 27,000 27,500
2014E Producti on (Boe/d) 24,500 24,750 25,000
2014E Di rect LOE ($ / Boe) $6.25 $6.38 $6.50
2014E Devel opment Capex ($MM) $700
24

5,875 gross vertical locations
Maintaining current 8 vertical rig fleet through 2014
~1,850 gross potential horizontal locations
Accelerating to a 6 horizontal rig fleet by 2Q15

140,000 net acres across the most prolific counties in the Basin
28 MBoe/d production (June Pro Forma)
(1)
173 MMBoe pro forma proved reserves (zero horizontal PUDs)
Building Future Success by Capitalizing on Historical Success
Top-tier Operator with Exposure Across the Entire Northern Midland Basin
Deep Inventory of Premier Assets with Proven Management Team

Successfully consolidating the Midland Basin through accretive acquisitions
Enhancing both near-term and long-term growth trajectory
>1.4 Billion BOE pro forma 3P reserves and GROWING
Nearly 100% operated with high WI and NRI
Scaling Up Oil Manufacturing in the Permian
Formula for Success
Huge Resource Potential + Operational Expertise =
Long-Term Value for ATHL Shareholders
(1) June production pro forma for August announced acquisitions.