February 24, 2020 Covering the Week of February 14 to February 20, 2020

Week in Review Key Industry Indicators

 Lilis Energy announced the sale of certain Delaware Basin
Current Week's %
acreage for $24.9 million to an undisclosed buyer Indicator
Value Change Change Direction

Prompt Oil Price ($/bbl) $53.78 $2.36 4.6% 

Prompt Gas Price ($/mmbtu) $1.92 $0.09 5.1% 
Wkly Trans. Value ($mm) $25 $2 8% 
Wkly Trans. Count 2 1 100% 
US Rig Count 791 1 0.1% 
US Oil Prod'n (mmbbl/d) 13.0 -- --
US Gas Prod'n (bcf/d)(1) 116.9 -- --
US Oil Storage (mmbbl) 442.9 0.4 0.1% 
US Gas Storage (tcf) 2.3 (0.2) (6.1%) 

Quarterly Deal Activity

Asset Corporate Number of Transactions $64.3
$40 500
$35 $31.6 450

Number of Transactions
Transaction Value ($bn)

400
$30
$24.1 350
$25 $21.2 $21.9 $20.8 300
$19.5
$20 $15.8 $17.0 $17.0 250
$9.9 200
$15 $10.7 $10.7
$9.1 $9.2 150
$8.0 $8.2
$10 $4.9 100
$5 $2.2 $1.7 $0.5 50
-- --
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
% Oil 61% 83% 74% 79% 39% 52% 62% 71% 93% 24% 68% 82% 91% 64% 46% 93% 51% 95% 74% 80% 19%

All references to last week in the comments below are through Thursday

Commodities  Oil ended last week up. Crude oil reached its peak as the DOE inventory numbers were released, but the
market faded rather quickly. Overall U.S. crude oil stocks were higher by only 415 mbpd. In other news,
BP’s platform in the North Sea remained shut due to power issues according to Bloomberg News. This
platform feeds crude oil into the Forties pipeline system and production is around 41 mbpd. The near-
term contract closed up $2.36, or 4.6%, at $53.78

 Gas ended last week up. Following moderately bullish gas inventories, spot prices dropped as equities
rallied and finished on the low end of expectations. Storage came in at 2,343 bcf, 151 bcf below the
previous week and against expectations of a 147 bcf draw. The weather forecast in the next week shifted
cooler than normal, moderating the colder-than-normal weather forecast for most of the United States
over the next week. The near-term contract closed up $0.09, or 5.1%, at $1.92

Equity  S&P E&P(2) underperformed last week (1.3)% vs. SPX(2) 1.4%
 The U.S. equity indexes mainly finished down last week. Consumer discretionary and materials finished
Markets up. Real estate, industrials, healthcare, consumer staples, tech, and financials all finished down

Debt  8 issuers priced 10 tranches for approximately $6.4 billion in proceeds last week
 U.S. high yield funds reported an outflow of $40 million
Markets  ETFs reported an outflow of $388 million, while mutual funds reported an inflow of $348 million
 High yield index yield was 5.21%; high yield energy index yield was 9.10%

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA, PLS
1 Note: Current quarter’s data is through the week covered by this issue.
1. EIA U.S. natural gas gross withdrawals and production reported monthly as of Nov 2019.
2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index.
 February 24, 2020

The 10 Most Recent Asset Transactions Over $20 Million

Ann'd Proved Prod.
Date Buyer Seller Area Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)

14-Feb-20 Undisclosed Buyer Lilis Energy Inc Permian 1,185 net acres in Delaware Basin $25 n.a. n.a. $21,013

12-Feb-20 Laredo Petroleum Inc Undisclosed Seller Permian 1,100 net acres in Midland Basin $23 n.a. n.a. $20,455

04-Feb-20 Alpine Energy Capital Approach Resources Permian 113,000 net acres in Midland Basin $193 $1.07 $20,522 $1,704

24-Jan-20 KeyBank EdgeMarc Energy Holdings Marcellus/Utica 32,217 net acres in Pennsylvania $70 $0.53 $4,806 $2,163

09-Jan-20 Kimbell Royalty Partners Springbok Energy Partners Multi-Region 2,160 net royalty acres across the U.S. $175 n.a. $69,088 nmf

31-Dec-19 BCE-Mach III LLC Alta Mesa Resources Mid-Continent 128,000 net acres in STACK $232 $3.36 $6,610 $1,813

22-Dec-19 Navitas Petroleum LP Denbury Resources Other 50% WI in conventional Texas assets $50 $13.51 $47,619 n.a.

20-Dec-19 Undisclosed Buyer Riviera Operating LLC Ark-La-Tex 75,873 net acres in East Texas $34 $1.02 $7,281 $448

19-Dec-19 Undisclosed Buyer Gulfport Energy Corp Marcellus/Utica Non-op Utica assets $29 n.a. n.a. n.a.

17-Dec-19 Banpu Public Co Ltd Devon Energy Barnett 300,000 net acres in Barnett $770 $1.15 $7,739 $2,567
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

(2) (2) (2)

LTM By Commodity LTM By Region LTM By Buyer Type

Other Permian
Other
29% 20%
Rockies (ex. 27%
Oil Bakken) Public
51% 6% Company
Gas 45%
49% Bakken Private
4% 10%
Gulf of Mexico PE / PE-
8% Mid-Con Appalachia
Backed
15% 7%
18%
Ark-La-Tex
5%
Eagle Ford
6%

A&D Valuation Trends(3) Deal Activity – YTD ($bn)(4)

$60 Sales Value /
R/P Proved Reserves
(15:1)
Sales Price / Proved Reserves

$50 (ratio) ($ / boe) ($ / mcfe)

$19.3
8x $16.93 $1.13
$40 10x $14.90 $0.99
$8.8
($/boe @ 15:1)

15x $10.81 $0.72

20x $7.84 $0.52
$30
$2.9 $5.1
$20 y = 28.295e-0.064x -- $0.7
R² = 0.2924 $10.5 $0.5
$0.0
$5.1 $0.1 $0.0
$10 $2.9
$0.6 $0.5
2016 2017 2018 2019 2020
-- Deal
-- 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Count 107 243 192 35 18
R/P Asset Corporate

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, PLS
2 1. Represents total enterprise value. 2. Calculated as percentage of total LTM transaction count (number of transactions, not dollar value).
3. 68 transactions from January 2015 to 2019 with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1
(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.
4. Year-to-date data is through this week’s date for each respective year.
 February 24, 2020

Select Significant Deals on the Market

Bakken
3 Deals
Appalachia
4 Deals

Rockies
9 Deals

Mid-Con
7 Deals

Permian Ark-La-Tex
9 Deals 2 Deals

Other Eagle Ford

4 Deals 7 Deals

M&A&D Headlines Industry Headlines

 Lilis Energy Divests Permian Acreage for $25 Million  U.S. Oil Export Story Has Really Just Started

 EIA: U.S. Natural Gas Production and Exports to

Continue Increasing in Most Scenarios

 BNEF: The 2010s Were a Decade of U.S. Energy

Transformation and Economic Growth

 Texas Oil Production Expected to Rise Monthly in

2020

 Dominion Raises the Bar on Its Own Goal, Now

Pledges Net Zero Emissions by 2050

(Click headline to link to the full article)

Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes
3 no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.
Source of Select Significant Deals on the Market: BMO Transaction Database
Source of Headlines: Press releases
 February 24, 2020

Commodity Prices
WTI OIL (HISTORICAL / FORECAST)

$80
NYMEX WTI Futures as of 20-Feb-20 Close ($/bbl) NYME
$70 (1)
Period Current Last Wk. 6 Mo. Ago 1 Yr. Ago

$60 12 Mo. Strip $53.69 $52.02 $54.48 $58.80

2020 $53.82 $52.05 $53.30 $58.29
($/bbl)

$50 2021 $52.46 $51.41 $51.32 $56.61

2022 $51.65 $50.79 $50.68 $55.40
$40
Link to Detailed Link to Detailed 2023 $51.55 $50.71 $51.02 $54.79
$30 Historical Graph Futures Data 2024 $51.77 $50.89 $51.97 $54.56

$20
Feb-19 Aug-19 Feb-20 Aug-20 Feb-21

HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)

$5
NYMEX Gas Futures as of 20-Feb-20 Close ($/mmbtu)
Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago
$4
Link to Detailed Link to Detailed 12 Mo. Strip $2.18 $2.15 $2.35 $2.83
($/mmbtu)

Historical Graph Futures Data 2020 $2.11 $2.07 $2.39 $2.73

$3 2021 $2.34 $2.36 $2.42 $2.64
2022 $2.38 $2.42 $2.46 $2.65
$2 2023 $2.43 $2.45 $2.54 $2.71
2024 $2.45 $2.47 $2.62 $2.80

$1
Feb-19 Aug-19 Feb-20 Aug-20 Feb-21

NGL PRICING(2)

NGL as % of WTI
65%
Historical Prices as of 20-Feb-20 Close ($/gal)
NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago
55%
Ethane $0.15 $0.13 $0.16 $0.31
% of WTI

Propane $0.44 $0.38 $0.38 $0.71

45%
Butane $0.65 $0.57 $0.38 $0.86
Iso-butane $0.67 $0.64 $0.56 $0.93
35% Pentane+ $1.13 $1.07 $1.02 $1.20

25%
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

Source: BMO Commodity Products Group, Bloomberg, FactSet

4 1. Future prices are calendar year average unless stated otherwise.
2. Assumes typical Gulf Coast barrel composition.
 February 24, 2020

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 20-FEB-20
EMS
Legend
$45.99
Clearbrook
Price
($7.79)
$53.03
Diff.
($0.75)
$59.31
$5.53
East Coast
U.S. (Brent)
Cushing
$53.78

Midland St. James

Midland Sweet-
(LLS)
Sour Spread $54.89
$0.34 $1.11 $57.16
$3.38

NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 20-FEB-20

Legend Sumas
$1.32 AECO
$1.60 ($0.60)
Price
($0.32)
Diff. Transco

$1.66
CIG Chicago ($0.26)
$2.63 Northern $1.52 $1.81 Dominion
$0.71 California ($0.40) ($0.11)
Panhandle $1.61
$1.52 ($0.31)
$1.46
($0.40)
($0.46)
$1.70
($0.22) El Paso - SJ

Southern ($0.21)
Waha
California ($2.13)

HSC $1.89
($0.03) Henry Hub
$1.92

Source: BMO Commodity Products Group, Bloomberg

5 Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.
 February 24, 2020

Permian Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 409  1 408 Oil Differential $1.20  $0.55 $0.65

Permitting Activity 129  (90) 219 Gas Differential ($2.01)  ($0.11) ($1.90)

RIG COUNT DIFFERENTIALS

$6.00 Midland Waha $1.60
H V+D % of Total Rigs
500 60%
400 50% $0.00 $0.00

$ / mmbtu
40%

$ / bbl
300
30% -$6.00 -$1.60
200
20%
100 -$12.00 -$3.20
10%
-- 0% -$18.00 -$4.80
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D
1,256 4,500 Oil Gas 4,449 17,000
1,207
1,065 1,050
966 4,000 15,000
903 784 852
753 745 796
598 3,500 13,000

mmcf/d
529
mbbl/d

3,000 11,000
15,831
2,500 9,000

2,000 7,000
Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
1,500 5,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
14-Feb-20 Undisclosed Buyer Lilis Energy Inc 1,185 net acres in Delaware Basin $25 n.a. n.a. $21,013
12-Feb-20 Laredo Petroleum Inc Undisclosed Seller 1,100 net acres in Midland Basin $23 n.a. n.a. $20,455
04-Feb-20 Alpine Energy Capital Approach Resources 113,000 net acres in Midland Basin $193 $1.07 $20,522 $1,704
09-Dec-19 Laredo Petroleum Inc Undisclosed Seller 4,475 net acres in Midland Basin $65 n.a. $46,429 $14,525
05-Nov-19 Laredo Petroleum Inc Cordero Energy 7,360 net acres in Permian $130 n.a. n.a. $17,697
Mean $87 $1.07 $33,475 $15,079
Median $65 $1.07 $33,475 $17,697
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$200,000 $85,855 $80,000
$24,791
$150,000 $60,000
$100,000 $40,000
$ / acre
$ / boe/d

$50,000 $20,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20

# Deals 1 2 6 9 5 7 11 9 9 6 1 0 7 2 5 4 1 2 4 4 1 # Deals 1 2 8 8 6 6 12 13 15 7 2 2 7 2 5 4 1 2 0 4 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
6 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 February 24, 2020

Eagle Ford Snapshot

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 81 -- 81 Oil Differential $3.30  $0.15 $3.15

Permitting Activity 41  20 21 Gas Differential ($0.02) -- ($0.02)

RIG COUNT DIFFERENTIALS

H V+D % of Total Rigs $10.00 MEH HSC $0.50

300 20% $8.00 $0.40
$6.00 $0.30

$ / mmbtu
15%
200 $4.00 $0.20

$ / bbl
10% $2.00 $0.10
$0.00 $0.00
100
5% -$2.00 -$0.10
-$4.00 -$0.20
-- 0% -$6.00 -$0.30
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D Oil Gas
1,800 8,000
472
401 7,462
353 351 1,600 7,500
301

mmcf/d
222 221 205 204
mbbl/d

173 201 192 1,400 7,000

86
1,200 1,406 6,500

Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20

1,000 6,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

Ann'd Proved Prod.
Date Buyer Seller Asset Description Value (1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre) (2)
12-Nov-19 Kimbell Royalty Partners Buckhorn Resources 400 net royalty acres in Eagle Ford $32 n.a. $117,752 nmf
07-Nov-19 Repsol Equinor 100% ow nership in former Eagle Ford JV $325 n.a. $9,559 $7,476
06-Nov-19 Marathon Rocky Creek & Delago 18,000 net acres in Eagle Ford $185 n.a. $26,429 $10,278
17-Jul-19 Undisclosed Buyer Sundance Energy 6,100 net acres in Dimmit County $30 n.a. $28,069 $4,836
19-Nov-18 Lonestar Resources Inc Sabine Oil & Gas Corp 2,706 net acres in Eagle Ford $39 $2.98 $48,375 $14,302
Mean $122 $2.98 $46,037 $9,223
Median $39 $2.98 $28,069 $8,877
Blue = BM O provided t ransact ion advisory services Green = BM O provided acquisit ion f inancing or relat ed services
Purple = BM O provided bot h t ransact ion advisory services and acquisit ion f inancing or relat ed services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$150,000 $60,000
$66,216 $50,000
$100,000 $40,000 $8,045
$30,000
$ / boe/d

$ / acre

$50,000 $20,000
$10,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 1 1 3 1 2 2 2 4 4 3 1 2 7 2 0 3 0 0 1 3 # Deals 0 1 2 1 2 2 0 4 2 3 1 2 4 2 1 3 0 0 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
7 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 February 24, 2020

Ark-La-Tex Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 42  1 41 Oil Differential $3.35  ($0.40) $3.75

Permitting Activity 6 -- 6 Gas Differential -- -- --

RIG COUNT DIFFERENTIALS

$10.00 LLS Henry Hub $10.00

H V+D % of Total Rigs
80 20%
$8.00 $8.00

$ / mmbtu
60 15%
$6.00 $6.00

$ / bbl
40 10%
$4.00 $4.00
20 5% $2.00 $2.00
-- 0% -- --
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D
120 Oil Gas 14,000
215 12,370
198 110 12,500
132 141
113 116 116 100 119
100 11,000

mmcf/d
mbbl/d

86 72 65 90 9,500
25 80 8,000

70 78 6,500
Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
60 5,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)
20-Dec-19 Undisclosed Buyer Riviera Operating LLC 75,873 net acres in East Texas $34 $0.17 $1,213 $448
29-Jul-19 Osaka Gas Sabine Oil & Gas Corp 175,000 net acres in East TX $610 n.a. $2,905 $9,136
19-Dec-18 Comstock Shelby Shale LLC 6,023 net acres in Haynesville $21 n.a. n.a. $3,404
19-Nov-18 Aethon III QEP Resources Inc 49,700 net acres in Haynesville $735 $0.77 $2,475 $14,789
05-Sep-18 Viking Energy Group Multiple Sellers Texas and Louisiana assets $100 n.a. n.a. n.a.
Mean $300 $0.47 $2,198 $6,944
Median $100 $0.47 $2,475 $6,270
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$12,000 $20,000
$10,000 $3,983 $15,000
$8,000
$10,000 $3,180
$6,000
$ / acre
$ / mcfe/d

$4,000 $5,000
$2,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 0 0 5 1 1 3 2 3 0 2 2 0 1 1 2 1 0 1 1 1 # Deals 0 0 3 1 1 2 1 3 0 1 2 0 1 1 1 1 0 1 1 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
8 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, and 2019.
 February 24, 2020

Appalachia Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 49 -- 49 Oil Differential $5.53  $0.61 $4.92

Permitting Activity 8  (10) 18 Gas Differential ($0.17)  ($0.07) ($0.10)

RIG COUNT DIFFERENTIALS

H V+D % of Total Rigs $15.00 Brent Dominion $3.00

150 20%
$10.00 $2.00

$ / mmbtu
15% $5.00 $1.00
100

$ / bbl
10% $0.00 $0.00
50 -$5.00 -$1.00
5%
-$10.00 -$2.00
-- 0% -$15.00 -$3.00
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D Oil Gas
160 31,646 35,000
419
382 384
335 348
276 303 295 140 30,000
259 232

mmcf/d
188
mbbl/d

150 120 25,000

74
100 20,000
146
Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
80 15,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)
24-Jan-20 KeyBank EdgeMarc Energy Holdings 32,217 net acres in Pennsylvania $70 $0.09 $801 $2,163
19-Dec-19 Undisclosed Buyer Gulfport Energy Corp Non-op Utica assets $29 n.a. n.a. n.a.
21-Oct-19 Heritage Resources Inc Range Resources Southwest Applachia ORRIs $150 n.a. $15,337 nmf
24-Jul-19 Diversified Gas & Oil EdgeMarc Energy Holdings 12,730 net acres in Ohio Utica $50 $0.32 $769 $3,928
19-Jul-19 Multiple Range Resources Corp Southwest Applachia ORRIs $600 n.a. $15,790 nmf
Mean $180 $0.20 $8,174 $3,045
Median $70 $0.20 $8,069 $3,045
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$30,000 $12,000
$25,000 $5,207 $10,000
$20,000 $8,000
$15,000 $6,000 $564
$ / acre
$ / mcfe/d

$10,000 $4,000
$5,000 $2,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20

# Deals 0 1 0 0 1 2 2 3 2 5 1 4 3 4 3 1 1 0 2 1 1 # Deals 0 1 0 0 1 2 2 4 2 4 1 3 1 3 2 0 0 0 0 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
9 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, 2018, and 2019.
 February 24, 2020

Bakken Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 53 -- 53 Oil Differential ($0.75)  $0.65 ($1.40)

Permitting Activity 14  (7) 21 Gas Differential ($0.27) -- ($0.27)

RIG COUNT DIFFERENTIALS

H V+D % of Total Rigs $10.00 Clearbrook CIG $0.50
200 20%

150 15%

$ / mmbtu
$0.00 $0.00

$ / bbl
100 10%
-$10.00 -$0.50
50 5%

-- 0%
-$20.00 -$1.00
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D Oil Gas 1,446
1,500 3,300
157
144 138 145 144 154 138 1,400 3,000
114 110
1,300 2,700
83

mmcf/d
80 79
mbbl/d

1,200 3,013 2,400

41
1,100 2,100

1,000 1,800
Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
900 1,500
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
22-Apr-19 Northern Oil and Gas Flywheel Energy LLC 18,000 net acres in Williston Basin $310 n.a. $47,014 $17,238
31-Jul-18 Northern Oil and Gas W Energy Partners 10,600 net acres in Williston Basin $288 n.a. $42,708 $27,196
18-Jul-18 Northern Oil and Gas Pivotal Petroleum Partners LP Producing assets in Williston Basin $152 n.a. $37,032 n.a.
12-Jul-18 PetroShale Inc Slawson Exploration Co 1,981 net acres in Williston Basin $55 $6.04 $100,000 $27,764
06-Jul-18 Energy Resources 12 LP Bruin E&P Partners LLC 2.8% non-operated WI in Bakken assets $83 n.a. n.a. n.a.
Mean $178 $6.04 $56,688 $24,066
Median $152 $6.04 $44,861 $27,196
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$80,000 $25,000
$60,000 $45,752 $20,000
$15,000
$40,000
$ / boe/d

$1,751
$ / acre

$10,000
$20,000 $5,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 0 1 1 4 0 2 3 3 0 1 3 3 0 6 3 0 0 1 0 0 # Deals 0 0 1 2 0 0 2 3 1 0 3 2 0 5 2 0 0 1 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
10 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 February 24, 2020

Rockies (excl. Bakken) Snapshot

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 47  (3) 50 Oil Differential ($0.75)  $0.65 ($1.40)

Permitting Activity 19  (18) 37 Gas Differential ($0.27) -- ($0.27)

RIG COUNT DIFFERENTIALS

H V+D % of Total Rigs $10.00 Clearbrook CIG $0.50
150 20%

15%

$ / mmbtu
100 $0.00 $0.00

$ / bbl
10%
50 -$10.00 -$0.50
5%

-- 0% -$20.00 -$1.00
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D
1,000 Oil Gas 15,500
494 940
402 434 900 15,000
328 306
286 327 296

mmcf/d
213 217 800 14,500
mbbl/d

164 168
88 700 14,000

600 13,500
13,744
Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
500 13,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value (1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre) (2)
09-Dec-19 YTEF Drilling Capital LLC Baysw ater E&P LLC DJ Basin JV $125 n.a. n.a. n.a.
03-Sep-19 Undisclosed Buyer Crescent Point 224,000 net undeveloped acres in Uinta $525 n.a. $32,051 $2,344
14-Feb-19 Undisclosed Buyer Harvest Oil & Gas Corp San Juan Basin assets $43 $1.57 $10,835 n.a.
31-Jan-19 Undisclosed Buyer Extraction Oil & Gas 5,000 net acres in Pow der River $22 n.a. n.a. $4,480
01-Oct-18 DJR Energy LLC Encana 182,000 net acres in San Juan Basin $480 n.a. $88,889 $2,637
Mean $239 $1.57 $43,925 $3,154
Median $125 $1.57 $32,051 $2,637
Blue = BM O provided t ransact ion advisory services Green = BM O provided acquisit ion f inancing or relat ed services
Purple = BM O provided bot h t ransact ion advisory services and acquisit ion f inancing or relat ed services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$120,000 $20,000
$100,000 $36,255
$15,000
$80,000
$60,000 $10,000 $2,380
$ / acre
$ / boe/d

$40,000
$5,000
$20,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 2 0 4 4 1 6 2 0 1 6 3 9 3 1 3 1 1 0 2 0 # Deals 0 0 3 3 0 1 1 0 1 0 1 5 2 0 2 1 0 0 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
11 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 February 24, 2020

Mid-Continent Snapshot
Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 55  1 54 Oil Differential -- -- --

Permitting Activity 35  (14) 49 Gas Differential ($0.39)  ($0.03) ($0.37)

RIG COUNT DIFFERENTIALS

$0.25 Cushing Panhandle $0.25
H V+D % of Total Rigs
400 20%
$0.00 $0.00

$ / mmbtu
300 15%
-$0.25 -$0.25

$ / bbl
200 10%
-$0.50 -$0.50
100 5%
-$0.75 -$0.75
-- 0% -$1.00 -$1.00
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH GROSS PRODUCTION
H V+D
435 850 Oil Gas 813 18,000
389 369
339 349 325 348 341 334 800 16,800
298 284 271

mmcf/d
750 15,600
mbbl/d

139
700 14,400

650 13,200
14,193
Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
600 12,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value(1) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre)(2)
31-Dec-19 BCE-Mach III LLC Alta Mesa Resources 128,000 net acres in STACK $232 $3.36 $6,610 $1,813
10-Dec-19 Dow Devon Energy STACK Basin JV $100 n.a. n.a. n.a.
27-Sep-19 Contango White Star Petroleum LLC 314,800 net acres in Mid-Con $133 $1.57 $8,833 $421
12-Sep-19 Contango Will Energy Corporation TX Panhandle, W. Anadarko, and N.LA $23 n.a. $16,429 $144
28-Aug-19 Scout Energy Partners Riviera Resources Inc Hugoton Basin assets $295 $2.30 $17,020 $295
Mean $157 $2.41 $12,223 $668
Median $133 $2.30 $12,631 $358
Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services
Purple = BMO provided both transaction advisory services and acquisition financing or related services

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

$200,000 $20,000
$150,000 $15,000
$100,000 $18,809 $10,000 $4,284
$ / boe/d

$ / acre

$50,000 $5,000
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 1 4 1 3 1 6 3 1 4 2 4 5 2 2 5 4 2 0 4 3 # Deals 1 3 1 2 0 3 3 2 4 1 2 1 0 0 0 1 0 0 0 0

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
12 Note: Current quarter’s data is through the week covered by this issue.
1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.
3. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018 & 2019.
 February 24, 2020

Gulf of Mexico Snapshot

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 22  (1) 23 Oil Differential $3.35  ($0.40) $3.75

Permitting Activity 9 -- 9 Gas Differential -- -- --

RIG COUNT DIFFERENTIALS

Deep Water Shelf % of Total Rigs LLS Henry Hub
$10.00 $10.00
40 20%
$8.00 $8.00
30 15%

$ / mmbtu
$6.00 $6.00

$ / bbl
20 10%
$4.00 $4.00
10 5%
$2.00 $2.00
-- 0% -- --
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-15 Jul-16 Jan-18 Jul-19
PERMITTING ACTIVITY BY MONTH(1) GROSS PRODUCTION
33
31 2,200 Oil Gas 4,500
29 28 1,928
26 26 27 28
24
22 22 22 2,000 4,000

16

mmcf/d
1,800 3,500
mbbl/d

1,600 3,000

1,400 2,500
2,982
Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
1,200 2,000
Jan-15 Oct-15 Jul-16 Apr-17 Jan-18 Oct-18 Jul-19
TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)
Ann'd Proved Prod.
Date Buyer Seller Asset Description Value (2) Multiple Multiple Net Acres
($mm) ($/boe) ($/boe/d) ($/acre) (3)
12-Dec-19 W&T Offshore ConocoPhillips Deepw ater GOM assets $20 $4.88 $8,696 n.a.
10-Dec-19 Talos Energy Multiple GOM assets and exploration prospects $640 $14.71 $33,684 n.a.
27-Jun-19 W&T Offshore ExxonMobil Mobile Bay assets $200 $2.70 $10,101 n.a.
13-May-19 Equinor Shell 22.45% WI in Caesar-Tonga Field $965 n.a. $60,313 n.a.
23-Apr-19 Murphy LLOG Bluew ater LLC Mississippi Canyon & Green Canyon $1,375 $20.83 $36,184 n.a.
Mean $640 $10.78 $29,796 n.a.
Median $640 $9.79 $33,684 n.a.
Blue = BM O provided t ransact ion advisory services Green = BM O provided acquisit ion f inancing or relat ed services
Purple = BM O provided bot h t ransact ion advisory services and acquisit ion f inancing or relat ed services

TRANSACTION PRODUCTION MULTIPLES(4) TRANSACTION PROVED RESERVE MULTIPLES(4)

$60,000 $30,696 $40 $15.86
$45,000 $30
$30,000 $20
$ / boe/d

$ / boe

$15,000 $10
-- --
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19

# Deals 0 0 1 1 0 0 2 0 0 0 0 1 2 2 2 1 1 3 0 2 0 0 1 0 0 0 2 1 0 0 0 1 2 1 0 1 1 2 0 2
# Deals
Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS
13 Note: Current quarter’s data is through the week covered by this issue.
1. Permits include directional and unidentified drilling permits. 2. Represents total enterprise value. Excludes transactions with deal value <$20 million.
3. $/acre multiple not adjusted for value associated with production.
4. Red line denotes average since 01-Jan-18. Calculated as the weighted average of each quarter’s transactions.
 February 24, 2020

Click event to open

Upcoming Industry Events

February 2020 August 2020

Feb 26 SPE A&D Symposium Aug 12-13 Summer NAPE
Aug 16-19 Enercom Oil & Gas Conference
Aug 18 Houston Producers Forum Luncheon
March 2020 Aug 21 ADAM-Houston Monthly Luncheon
Mar 2 Energy Capital Conference
Mar 3-5 IADC/SPE International Drilling Conference
Mar 4 Women in Energy Luncheon
September 2020
Mar 5 178th OPEC Meeting
Sep 9 IPAA Leaders in Industry Luncheon
Mar 9-13 Houston CERA Week
Sep 9-11 DUG Eagle Ford (San Antonio)
Mar 24 Houston Producers Forum Luncheon
Sep 15 Houston Producers Forum Luncheon
Mar 20 ADAM-Houston Monthly Luncheon
Sep 18 ADAM-Houston Monthly Luncheon

April 2020
Apr 6-8 DUG Permian (Fort Worth) October 2020
Apr 15 SPE Business Development Meeting Oct 12-15 API Storage Tank Conference & EXPO
Apr 17 ADAM-Houston Monthly Luncheon Oct 14 IPAA Leaders in Industry Luncheon
Apr 20-21 OGIS New York Oct 14-15 OilComm Conference & Exposition
Apr 21 Houston Producers Forum Luncheon Oct 16 ADAM-Houston Monthly Luncheon
Apr 27-28 Mineral & Royalty Conference Oct 20 Houston Producers Forum Luncheon
Oct 27-28 A&D Strategies and Opportunities Conference

May 2020
May 15 ADAM-Houston Monthly Luncheon November 2020
May 19 Houston Producers Forum Luncheon Nov 3-4 Executive Oil Conference & Exhibition (Midland)
May 19-20 DUG Haynesville (Shreveport) Nov 11 IPAA Leaders in Industry Luncheon
May 20 SPE Business Development Meeting Nov 17 Houston Producers Forum Luncheon
Nov 17-19 DUG Midcontinent (Oklahoma City)
Nov 20 ADAM-Houston Monthly Luncheon
June 2020
Jun 9 179th OPEC Meeting
Jun 16 Houston Producers Forum Luncheon
Jun 16-18 DUG East (Pittsburgh)
December 2020
Dec 3 IPAA Texas Hold'Em Tournament
Jun 19 ADAM-Houston Monthly Luncheon
Dec 9 IPAA Leaders in Industry Luncheon
Jun 29-Jul 1 IPAA Annual Meeting
Dec 15 Houston Producers Forum Luncheon

July 2020 January 2021

Jul 21 Houston Producers Forum Luncheon Jan 13 IPAA Leaders in Industry Luncheon
Jul 20-22 SPE Unconventional Resources Technology Jan 15 ADAM-Houston Monthly Luncheon
Jan 19 Houston Producers Forum Luncheon

Note: Event features a speaker from BMO Houston’s A&D Group.

14 Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes
no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.
 February 24, 2020

Rig Count Summary

BMO uses updated basin outlines, and the resulting rig counts, to more accurately represent current basin knowledge. The data below reflect these changes
and is different than those shown by Baker Hughes. The totals are the same.

This Last Last

Week Change Week Year Williston
Total Rigs 791 1 790 1,047 53
Oil 679 1 678 853
--
Gas 110 -- 110 194
Miscellaneous 2 -- 2 --
Directional 45 (2) 47 68 Green River
18
Horizontal 714 1 713 916
8 Powder River Marcellus
Vertical 32 2 30 63 --
(1) Utica 38
Basin
11 --
Piceance
Permian 409 1 408 473 19
SCOOP/STACK/Merge 41 1 40 88 2 DJ-Niobrara --
(1)
Granite Wash 4 -- 4 10 (1)
Eagle Ford 81 -- 81 97
Haynesville 42 1 41 68 Granite Wash SCOOP/STACK/Merge
Marcellus 38 -- 38 62
Utica 11 -- 11 19 4 41
Williston 53 -- 53 57 -- 1
DJ-Niobrara 19 (1) 20 32
Green River 8 (1) 9 19
Haynesville
Permian
Powder River 18 -- 18 23 409 42
Piceance 2 (1) 3 5
1 1
Gulf Coast Onshore 5 -- 5 19
GOM 22 (1) 23 19
5
Alaska 12 3 9 13 Eagle Ford
Legend 81 -- Gulf Coast Onshore
Other 26 (1) 27 43
Mid-Con 10 -- 10 26 --
Rockies -- -- -- 3 Current 22 GOM
Western 14 (1) 15 12 Change (1)
Eastern 2 -- 2 2

Contacts
Jason Martinez Howard Barnwell Rob Priske Dan Schockling
MD & Head of U.S. A&D MD & Transactions Mgr. MD & Transactions Mgr. MD & Head of Commercial
713-546-9771 713-546-9767 713-546-9727 713-518-1223
jason.martinez@bmo.com howard.barnwell@bmo.com rob.priske@bmo.com dan.schockling@bmo.com
Michael Hackett Marian Yu Aaron Moeller Michelle Tankimovich
Vice President Associate Associate Analyst

Disclaimer
This material is prepared by the BMO Capital Markets’ Investment and Corporate Banking Department, for distribution to BMO Capital Markets’ clientele. It is not a product of
BMO Capital Markets’ Research Department. The views of the Investment and Corporate Banking Department may differ from those of the Research Department. No part of this
publication or its contents may be copied, downloaded, stored in a retrieval system, further transmitted, or otherwise reproduced, stored, disseminated, transferred or used, in any form or
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Bank of Montreal or its subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets.
The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital
Markets endeavors to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and
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objectives, should not be construed as advice designed to meet the particular investment needs of any investor. This material is for information purposes only and is not an offer to sell or
the solicitation of an offer to buy any security. BMO Capital Markets or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.
BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or in options, futures or
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sell securities of issuers discussed herein. All values in this document are in US$ unless otherwise specified.

Source of rig count stats: Baker Hughes

15