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Disclaimer: This report, its data and opinions are provided as is and as available and are provided for
general informational and educational purposes only. This report, its data and opinions are not intended to
be a personalized recommendation to buy, hold or sell investments. The report, data and opinions do not
take into account the particular investment objectives, financial situations or needs of individual clients.
Clients should consider whether any advice or recommendation in this research is suitable for their
particular circumstances and, if appropriate, seek professional advice. This is not a solicitation to buy or
sell securities, commodities, options, futures or other derivatives and should not be construed as an
endorsement or recommendation to invest in any such instruments. Prices and information contained in
this report have been obtained from sources, both internal and external, that we consider to be reliable,
but Parity Energy, Inc. has not verified this information and makes no representation or warranty express
or implied as to the completeness, accuracy or correctness of this report or the data and opinions
contained herein. No implied warranty of merchantability or fitness for a particular purpose shall apply.
The price and value of investments referred to in this research may fluctuate rapidly and past
performance is not a guide to future performance. Any statements that are non-factual in nature constitute
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incurred or suffered which are claimed to result from this report or the data or opinions contained herein.
Crude Oil
3.18
8.01
11.35
13.65
15.71
17.55
19.13
20.52
21.64
22.69
23.87
24.62
25.20
25.81
26.26
26.78
27.23
27.63
J12
K12
M12
N12
Q12
U12
V12
X12
Z12
F13
G13
H13
J13
K13
M13
N13
Q13
U13
25.3%
27.9%
30.0%
30.3%
30.2%
30.5%
30.4%
30.3%
30.2%
30.0%
30.0%
29.7%
29.3%
28.9%
28.6%
28.3%
28.0%
27.7%
Months
K12
M12
N12
Q12
U12
V12
X12
Z12
F13
G13
H13
J13
K13
M13
N13
Q13
U13
V13
Crude CSO's
0.19
0.29
0.44
0.47
0.58
0.60
0.65
0.74
0.70
0.61
0.68
0.70
0.76
0.78
0.81
0.83
0.85
0.86
Month
J12
K12
M12
N12
Q12
U12
V12
X12
Z12
F13
G13
H13
J13
K13
M13
N13
Q13
U13
0.2131
0.3325
0.4088
0.4826
0.5497
0.6254
0.7050
0.7516
0.7748
0.8180
0.8406
0.8663
0.8447
0.8587
0.8843
0.9059
0.9434
0.9812
Natural Gas
50.3%
48.1%
44.8%
43.1%
42.8%
43.7%
44.7%
41.6%
36.3%
34.9%
33.9%
33.8%
32.0%
30.9%
30.2%
29.7%
29.9%
30.2%
May '12
Jul '12
Dec '12
Dec '13
Strike
100 P
101 P
103 P
105 P
106.5 P
107 C
110 C
112 C
115 C
120 C
90 P
100 P
145 C
150 C
135 C
85 P
95 P
100 P
120 C
95 P
Settle
0.17
0.23
0.47
0.91
1.49
1.32
0.42
0.21
0.10
0.05
0.31
1.51
0.16
0.12
0.99
3.32
5.69
7.30
5.97
10.49
change
-0.09
-0.13
-0.23
-0.36
-0.44
-0.04
-0.06
-0.03
-0.02
-0.01
-0.08
-0.24
0.02
0.01
0.03
-0.10
-0.14
-0.17
0.05
-0.24
Parity Value
0.17
0.23
0.46
0.92
1.49
1.32
0.42
0.21
0.09
0.04
0.31
1.50
0.17
0.15
0.98
3.31
5.71
7.33
6.02
10.49
change
-0.10
-0.14
-0.24
-0.35
-0.44
-0.04
-0.06
-0.04
-0.04
-0.02
-0.10
-0.27
0.01
0.01
0.04
-0.13
-0.15
-0.16
0.13
-0.24
Parity Vol
31.7%
30.4%
28.2%
26.4%
25.3%
25.1%
25.5%
27.4%
31.7%
39.1%
34.3%
29.9%
46.1%
49.2%
33.3%
35.8%
33.3%
32.0%
28.9%
28.2%
change
-0.4
-0.8
-1.4
-1.7
-1.9
-1.9
-1.8
-1.4
-1.2
-1.2
-1.1
-1.2
0.4
0.6
0.2
-0.2
-0.1
0.0
0.0
0.0
Parity Delta
-5.2
-7.7
-16.2
-30.9
-47.1
46.7
16.0
6.3
2.2
0.6
-4.6
-22.7
0.8
0.6
5.4
-16.0
-26.2
-32.8
32.2
-32.7
Volume
3462
2087
1858
7276
1507
2763
4542
1845
4686
4409
1593
4006
4024
2021
3010
2200
1730
3253
2134
2000
Dec '12
Dec '13
Strike
80 P
85 P
90 P
95 P
100 P
120 C
140 C
60 P
80 P
85 P
90 P
95 P
100 P
110 C
120 C
125 C
Settle
0.28
0.52
0.95
1.65
2.77
1.72
0.46
0.52
2.45
3.32
4.39
5.69
7.30
9.90
5.97
4.63
change
-0.07
-0.10
-0.13
-0.18
-0.24
0.00
0.03
-0.02
-0.08
-0.10
-0.12
-0.14
-0.17
0.13
0.05
0.04
Parity Value
0.31
0.54
0.94
1.63
2.76
1.73
0.47
0.54
2.44
3.31
4.38
5.71
7.33
9.97
6.02
4.67
change
-0.05
-0.09
-0.15
-0.22
-0.27
0.00
0.04
-0.03
-0.12
-0.13
-0.14
-0.15
-0.16
0.19
0.13
0.12
Parity Vol
39.9%
37.4%
35.3%
33.4%
31.8%
30.2%
37.6%
42.5%
37.2%
35.8%
34.5%
33.3%
32.0%
30.0%
28.9%
28.8%
change
-0.6
-0.7
-0.8
-0.9
-0.8
-0.4
0.6
-0.3
-0.3
-0.2
-0.2
-0.1
0.0
0.0
0.0
0.0
Parity Delta
-2.8
-5.5
-9.9
-17.1
-27.7
15.0
2.4
-3.1
-12.2
-16.0
-20.7
-26.2
-32.8
50.3
32.2
24.3
Strike OI
37308
36217
32578
31634
35353
25978
30804
26180
62062
26918
38876
24994
67783
28875
39213
25512
130 C
3.60
0.02
3.66
0.11
29.0%
0.1
18.0
37611
150 C
1.58
-0.01
1.65
0.09
31.4%
0.3
5.8
52420
100 P
12.51
-0.29
12.54
-0.22
27.3%
0.1
-39.0
25937