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Reserve & Econ. Rpt. -- RESERVE & ECONOMIC REPORT -- FRE?.~ED BY ........ WDS CO~B ~kME CATEGORY - School Tax WELL k/OR LEZ~E .... gAL. DATE 20-Dec-94 ~.A.TB .... FIELD OR RESERVOIR - BAPJ~ET'~ SHALE EFFECTIVE DATE JA~-95 OPE~)~ - N98 ............................................................. HU~ OPERATINC REVEN~JE ........... NET OPERATTNG --- GROSS PROD.- .... ~ET PROD --- PRICE PRICE OIL GZS T~ DIR& I~DIR SU ~ ADV Y~OIL-BBLS GAS-RCF OIL-BBLS GkS-RCF OYL-$ GAS-$ REV~E-$ R~E-$ R~E-$ O~ EXP-$ ~ ~SP-$ EX~NE~IA5 DECLINE 1995 0 547501 0 438000 $0.00 $~.25 $0 $985,501 $985,501 $24,000 $15,2~6 $39,226 1996 0 ~1964~ O 415716 0.~ 2.43 0 1,010,189 1,010,t89 24,480 15,607 40,087 1997 0 467680 O 374144 0.~ 2.62 0 9gl,904 981,904 24,970 15,170 40,!40 1998 0 420912 0 ~6730 0.00 2.~3 0 954,410 954,~D 25,469 t4,746 40,~15 1999 6 39~821 O )03057 0.00 3.06 0 927,687 927,687 2~97~ 14,333 40,311 2000 0 ~40939 0 272751 0.00 3.31 0 901,712 901,712 26,498 13,931 40~429 2OOl 0 30~845 0 24547~ 0.00 3.57 0 876,465 ~'/6,465 ~7,0Z~ 13,54k 2002 O 276161 O 920929 0.00 3.~6 0 ~51,92d ~51,924 27,568 13,162 40,731 2003 O 248545 0 1~3~ 0.~ 4.1~ 0 R~R,071 g2g,071 28,120 12,794 ~0,914 2004 0 22~691 0 k7~953 O.00 4.D 0 ~04,~ ~04,gg4 2~,692 t2,435 41,11~ 2005 0 201322 0 t~105~ O.O0 4.~6 0 7~2,~50 7~2,350 29,256 12,087 41,343 2006 0 1~1190 O 144952 O.O0 5.00 0 724,760 724,760 29,841 11,198 41,039 S-TOT 0 4113251 O 9290601 W. W~. 0 10,629,~60 10,~29,8~ 321,R90 164,231 486,12t REM. 0 13959~5 0 1108772 AVG. lUG. 0 5,543,$59 5,543,~59 651,744 85,653 737,396 ~kt 0 549921d 0 4~9997~ ~0.O0 $9.~ 0 l~,l~,TD 16,17~,719 973,~34 249,~4 1,223,51~ ~AL PRIN. <L~. OPR ~ F~ ........ P~S~T ~ PROFILE ...... ~s~ On ~d-Year Disco~Linq 1996 $970,101 0 0.0 0.0 970,mi 616,576 970,101 5 8,561,472 45 1997 ~941,764 0 0.0 0.0 941,764 1,M5~,140 941,764 ~ 6,77~,041 50 995,7~7 199~ $914,19~ 0 0.0 0.O 9~4,~96 2,472,~36 91d,196 10 5,884,126 55 803,108 1999 $~g7,376 O 0.0 0.0 gg~,376 3,359,712 ~7,376 i2 5,160,~9~ 60 ~5,534 2000 ~R61,2R~ 0.0 0.0 g61,293 4,~20,995 ~61,~83 15 4,304,781 65 547,635 2OO1 $g35,896 0.0 0.0 835,896 5,056,~90 835,896 1S 3,646,71~ 70 445,4d5 ~002 $811,194 6.0 0.0 ~11,194 5,R~,6f14 811,194 20 3,287,981 75 355,989 2003 $$R$,158 0.6 0.0 797,15R 6,655,242 787,158 25 2,58g,144 80 276,997 2004 $7~3,768 0.0 0.0 763,76~ ?,419,010 ~63,7g~ 30 2,0R0,964 85 206,709 2~B $741,~7 0.0 0.0 7dl,OO? 8,160,017 741,007 35 1,69g,~10 90 ld3,V36 2006 $6~3,721 0.0 0.0 683,721 g,E43,T3g 6~3,~21 BEFORE Tkt S-~O~ 10,14~,?~8 1,300,~0 0.0 0.0 ~,~43,73g ~,~43,73~ 10,143,738 ~ ~ 1st Y~R ..... 12 REM. 4,806,463 0 0.0 0.0 4,806,463 4,806,463 4,806,463 E~ LIFE ~TtL 14,950,20t 1,300,000 0.0 0.0 13,g50,201 13,650,201 14,950,201 NPV ~ SELE~ ~TE- 10.0{ ~5,E~4,126 NET ~RR/I~EST NE~ ~S~/~R ..... $/~E $2.95 ULZ OIL RR~V/~RE .... ~ 0 l~ ~R ~T~ - Rid-Y~ RE~ ~RE/~E --- $~E $33.98 UL~ OIL RE~V/kCRE-FZ-- ~ 0 $ P~ N~ ~tT P~D OIL E~ ~TE --- BBL/DkY 0.0 ~T G~ RE~V/ACRE-FT-- ~CF ~9 ~/R OIL RES ....... ~L 0 INI~ ~ROD ~i-- ~/DtY 1600 FI{IL {.I. - ............. { lOO.OOOOO NEZ OIL ~ig ........ DECLI~ ~TE ....... % I0.0 INIT~L REU~ I~. - .... % 80.00000 RET ~g R~ ........ EX~Z - N .......... 0.0 ~INAL REVENUE INT. - ..... % SO.O0000 ULT OIL RE~V ..... ~L P~D. RISK P~OR ---- { 1~.00 ~G & EQUIP RISK FA~R- ~ 100.00 ULT g~ RR~V ...... N~ 5,499,214 LSEHOLD ~SK FAC~R -- { 1~.00 I~ nlSK F~C~n ~ lO0.O0 " -- RESERVE & ECONOMIC REPORT -- PREPARED DY ........ WDS (k~B NkME CATEGORY ~ City TaX n~T~-REST O~ER ..... :~ES~R FILE N~E ~B CO~TY --- b~LLkS WELb ~/oR LEAME .... ~kL~ D~TE 20~C-94 ~k~E .... ~X .......................................................... NET OPE~.TING REVUE ........... N~ OPE~TING EXPENSES .... Y~m OIL-BBLS GAS-MCF OIL-~LS ~A9-NCF OIL-$ g~-$ R~E~E-$ RE~E-$ REVE~E-$ OPR EXP-$ & T~SP-$ E~ENSES-$ E~NENTIAL DECLINE 199S 0 547501 0 4)g000 ~0.00 $2.25 $0 $9~5,501 $985,501 $24,000 $6,598 $30,598 199~ 0 519644 0 415719 0.~ 2.4~ 0 1,OlO, 1R9 1,010,199 ~,~gO 6,76t 31,2~3 1999 0 4~6~1~ 0 336736 0.00 2.R~ 0 954,410 954,410 25,~69 6,390 31,959 1999 0 ~7~21 0 ~0305~ 0.00 3.06 0 927,~R7 927,6~7 25,97g 6,211 32,189 20~ 0 340939 0 272751 0.00 ~.31 0 901,712 901,712 26,498 6,037 32,535 2001 0 ~06~45 0 ~454% 0.00 3.57 0 R76,465 R76,465 27,02~ 5,gg~ 32,896 2002 0 276161 0 220929 0.00 3.Rtl 0 851,924 951,9~4 27,5~8 5,704 33,272 2003 0 2~S545 0 198936 0.~ 4.16 0 S28,071 828,071 28,120 5,544 33,664 QO0~ 0 ~91 0 1~g05~ 0.00 ~.50 0 86~,~6 ~0~,886 28,682 5,~89 N,071 ~$0~ 0 ~01~ 0 t~IOgR 0.00 4.R~ 0 7R~,350 782,350 29,25~ 5.238 2006 0 181190 0 1~&952 0.00 g. O0 0 724,760 724,760 29,g4i &,gL2 ~-fgT 0 4113251 0 3290601 WT. ~, 0 10,629,R60 10,629,R60 3~1,890 71,167 393,057 ~1. 0 1395965 O 110~772 XVG. iV8. 0 5,543,859 5,543,~59 651,744 3?,llH 69~,~60 ~iL 0 549921d 0 43993~3 $O.O0 $3.d8 0 16,173,719 16,i73,T19 973,624 lOg,~g3 1,0~1,917 ~OAL PRIH. CLX. OPR C~H F~ ........ P~S~T ~RZH PROFZ~ ...... OPR~TING C~IT~ ~T. PA~ C~ F~ ~ F~ AFT~ D~T DISC HPV DISC NPV ~sed On Mid-Y~ Dtscoun%ing 1995 $954,903 ~1,~00,000 0.0 0.0 ($345,097) ($245,097) $954,903 2 11,29d,0~ 40 ~1,424,519 1~96 ~97R,945 0 0.0 0.0 97g,945 633,~49 979,945 5 R,65~,399 4~ 1,1~3,546 1997 $950,360 0 0.0 0.0 950,~60 1,584,209 950,360 8 6,R50,889 50 986,459 199~ $922,552 0 0.0 0.0 922,552 2,506,760 922,552 10 5,950,B17 95 1999 $~95,49R 0 0.0 0.0 895,49~ 3,402,25~ 895,498 12 5,219,964 60 2~0 $869,178 0.0 0.0 g~9,17R 4,271,436 g69,17~ 15 4,356,~33 g~ 564,500 2~1 $$43,5~9 0.0 0.0 R43,5~9 5,115,005 R43,569 lg 2,692,124 70 461,375 ~2 $818,652 0.0 O.O glg,652 5,972,~57 818,d52 20 3,~30,OdR 75 )71,101 2~3 ~794,407 0.0 0.0 ~9d,40~ 6,$~,065 79d,40~ ~5 2,~23,953 ~0 2004 ~770,~15 0.0 0.0 770,815 ?,498,~g0 770,815 30 2,111,~9~ NB 2005 ~747,85d 0.0 0.0 747,85~ ~,~46,736 ?47,956 35 t,~622 90 2~6 $690,066 0.0 0.0 690,066 8,936,803 690,066 BEFO~ ~IX S-~ t0~236,803 1,300,0~ 0.0 0.0 8,936,803 8,936,803 10,23H,803 ~E IN 1s% YE~ ..... 12 R~. 4,854,999 0 0.0 0.0 4,854,999 4,~54,999 4,854,999 E~ LIFE ......... Y~REk~ER ~AL 15,091,802 1,3~,~0 0.0 0.0 13,791,~02 13,791,~02 15,091,802 ~ ~ SELEC~ ~TE- 10.0% SB,gBO,517 NE~ IN~E/I~EST ...... 11.61 NE~ ~T/~R ..... $/~R $2.95 ~T O~L ~R~V/X~E .... BBL 0 ~ mTR RR~ - Nid-V~ NET R~/~E --- $/~E $31.35 DL~ ~ RECOV/ACRE .... ~F iV,ta5 PAYOO~ ............ Y~ N~ IN~E/~E --- $/~E $34.30 ULT OIL RE~V/A~E-F~-- ~ 0 ~ P~ N~ I~ PROD ~ OIL E~ ~TE --- BBL/DAY 0.0 ULT G~ ~V/ACRE-FT-- ~F ~9 R/~ 015 RE~ ....... ~L 0 G~S E~ ~TE --- NC~/Dk~ 74.5 ~ITIL ~.I. - ........... { 100.0~0 ~/~ ~E ~S ....... ~CF H,49~,~4 INIT P~D ~TE-- ~CF/DAY 1500 FIN~ W.I. - ............. % ~00.00000 ~T OIL ~S ........ ~ 0 DECLINE ~T~ ......... % 10.0 ~ITkL R~UE INT. - .... % 80.00000 ~T ~ RE~ ........ ~ 4,~99,)73 EX~N~T - N .......... 0.0 FINAL REV~UE I~T. - ..... % RO.O0000 ULT O~ RE~V ...... ~ 0 PROD. R~SK FACTOR .... % 100.00 T~ ~ RQU~P RISK F~.~OR- % ~00.00 ULT O~ ~V ...... ~CF -- RESERVE & ECONOMIC REPORT -- PREPARED BY ........ mS C(3{4B }{ARE CATEGORY - County 'Tax ~ELL 4/OR L~HE .... ~AL. DATE 20-~c-94 STATE .... FIELD OR RES~VOIR - B~ETT S~LR EFFECTIVE DiTR J1~-95 OPE~TOR - ~S ............................................................. NE~ OP~TING RFV~R ........... NET OP~TIRG EXPOSES .... --- G~$$ PROD.- .... NET PROD --- PRICE PRICE OIL Ob3 T~).L DIE & I~IR S~; ~D'J T~iL YD.R OIL-BBLS G~-RCF O[L-~LS GtS-~CF OIL-$ G~-$ ~EV~UE-~ R~R-$ RE~E-$ OPE EXP-$ ~ T~SP-$ RXP~SR~-$ 1995 0 547501 0 43~600 $0.00 ~2.25 ~0 $9~5,501 $9~5,50! ~24,0~ $4,52~ 1996 0 519644 0 415716 0.00 2.43 0 1,010,1~9 1,010,189 24,4~0 4.652 29,132 1997 0 467480 0 374144 0.00 2.62 0 981,904 981,904 24,970 4 S21 29,491 1998 0 420912 0 334720 O.OO }.~2 0 954,4t0 954,410 25,469 4.39B 1999 0 378821 0 30305? 0.00 3.06 0 927,687 927,d87 25,978 4 ~72 30,250 2000 0 340939 0 2727~1 0.00 3.31 0 901,~1~ 901,~13 26,498 4.~52 2001 0 306845 0 245476 0.00 3.57 0 876,465 876,465 27,028 4 036 2002 0 2761~1 0 ~0929 0.00 3.86 0 ~51,924 951,924 ~9,~8 3.92~ 31,491 2003 0 248545 0 19~836 0.00 4.16 0 R2R,071 ~2~,07I 2S,120 ~,~12 ~,92~ 2004 0 223691 0 17R95~ 0.00 4.50 0 ~04,~86 ~04,R~ ~8,6~ ~,706 ~2, 2005 0 201322 0 16105~ 0.00 4.86 0 ?R2,~50 "7R2,350 29,2~ ~,~03 2~ 0 1~1190 0 144952 0.00 5.~ 0 724,760 724,740 29,~41 3,337 S-~ 0 4113251 0 3290~01 ~. ~. 0 ~0,629, R60 10,~29,~0 321,R90 4~,94~ R~. 0 1385965 0 1108772 AVG. AVG. 0 5,543,~59 5,~43,R59 ~51,744 25,62~ ~77,272 T~AL 0 5499216 0 d39937~ $0.~ $3.~ 0 16,173,~19 16,1v~,~19 97~,~34 74,4~ 1,04~,i11 ~UAL PEN. C~. OPR C~H F~ ........ mm~ m~TH PROFILE OPE~TING C~ITA5 ~. PA~ C~ F~ ~ FL~ A~gR D~T DISC ~V DI~ ~sed On Mid-Year Disso~tlng I995 $956,963 $i,300,000 0.0 0.0 ($343,037) ($343,037) $95~,9~3 2 11,322,083 40 ~1,4~0,~10 1996 $981,057 0 0.0 0.0 9R1,057 638,020 9~1,0B7 5 8,675,3d6 45 1,188,914 1997 $952,412 0 0.0 0.0 952,412 1,590,43~ 952,412 8 g,g~,7~7 ~0 991,3~9 1998 $924,547 0 0.0 0.0 924,547 2,514,979 924,547 10 5,966,968 55 82~,89~ 1999 $897,437 0 0.0 0.0 ~97,43~ ~,412,4~4 ~97,437 12 5,234,186 60 687,76I 2~0 $871,062 0.0 0~0 871,062 4,~83,4~8 871,062 15 4,~69,~4~ 95 2001 $945,401 0.0 0.0 R45,401 5,128,879 94~,401 18 3,702,978 70 DO2 $~20,433 0.0 0.0 820,433 5,949,~13 820,433 20 3,340,I1~ ~5 374,709 2003 $796,138 0.0 0.0 796,138 6,748,451 796,138 25 2,632,255 80 294,823 2004 $772,497 0.0 0~0 772,497 Q,517,948 772,49? . 30 2,1t9,283 85 223,739 2005 $749,492 0.0 0.0 749,492 8,267,440 749,4~2 35 1,~32,167 90 2006 $691,581 0.0 0.0 691,581 ~,959,021 691,581 BEFORE T~ 8U~Y S-TOT 10,259,021 1,300~ 0.0 0.0 8,959,021 8,959,021 10,259,021 MO~ ~ ls~ ~ .... ~. 4,866,587 0 0.0 0,0 4,R~g,SR7 4,866,~7 4,866,~87 E~ 5IF~ Y~REA~ER ~ 15,125,608 1,300,000 0.0 0.0 13,925,~08 13,825,608 15,125,~08 ~V ~ SELE~ ~TM- 10.0% $5,~,)68 MET I~ME/I~T ...... NE~ C~T~E ..... $/~E $2.95 ULT OIL RE--V/ACRE .... ~L 0 ~ ~TE RE~ - Mid-Yr 105.4% NET RET~/~E --- $/~E $31.43 ULT G~ RE,V/ACRE ---- MCF 17,185 PAYOUT ............ Y~ 1.35 NET I~E~E --- $/~E $34.38 UL~ OIL ~V/A~E-FT-- ~ 0 $ P~R NET ~IT PROD ~TE $1,083 OIL E~ ~TE -~ BBL/DAY 0.0 ULT G~ RE~V/A~E-~-- MCF 39 8/8 OIL ~S ....... BBL 0 G~ E~ ~TE --- MCF/DAY 74.5 ~IT~ W.I. - ............ % 1~.00000 8/8 ~AM RES ........ MCF 5,499,216 ~IT PDD ~WH-- MCF/DAY 15~ FINAL W.I. - ............. % t00.00000 NE~ OIL RES ...... BBL 0 D~LINE ~TE .- % 10.0 ~ITAL ~E~E I~. - .... % ~0.00~ ~ET ~ RES ....... ~CP 4,399,373 E~N~T - N ......... 0.0 FIN~ ~E~E INT. - ..... % 80,00000 ~} OIL RE~V ..... BBL P~D. ~ FAC~R .... % 100.00 T~G & ~U~ RISK F-~C~R- % 100.00 ULT G~ RE~V ----- MCF 5,499,216 ~OD ~SK FAC~R -- % 100,00 ~ RISK FA~ ......... % 100.00