Exhibit 99.1

 

 

Reserves and Economic Evaluation

 

Adena

Amherst

NE Colorado & Nebraska

Kansas & Texas

 

Effective January 1, 2014

 

Prepared for 

Enerjex Resources

March 2014

MHA Petroleum Consultants LLC

 

 

March 7, 2014

 

Mr. Robert Watson Jr.

President and CEO

Enerjex Resources

4040 Broadway, Suite 508

San Antonio, Texas 78209

 

Dear Mr. Watson:

 

At your request, MHA Petroleum Consultants LLC (MHA) has prepared an estimate of the reserves and income attributable to certain leasehold interests of Enerjex Resources as of January 1, 2014. Areas covered in this report include the Adena area of Colorado, Amherst area of Colorado, various leases in Kansas and Texas, and interests in NE Colorado and Nebraska. The total for all areas combined is shown below. Table 1 summarizes the results by area.

 

Enerjex Resources

Proved Plus Probable Plus Possible Reserves

Estimated Net Reserve and Income Data

As of January 1, 2014

 

		Net Remaining Reserves
Reserve Category		Oil MBBL				Gas MMCF				NGL MBBL				Future Net Income M$				Direct Operating Expense & Taxes M$				Equity Investment M$				Undisc. Net Cash Flow M$				Discounted Net Cash Flow @ 10% M$
PDP			2,676.8				686.2				26.5				237,282.3				74,861.1				0.0				16,2421.3				62,733.3
PNP			464.5				3,171.0				14.2				49,241.2				17,133.0				3,675.6				2,8432.5				11,500.9
PUD			1,303.2				4,059.9				0.0				127,441.7				30,936.6				12,350.8				8,4127.4				32,169.0
Infrastructure Costs			0.0				0.0				0.0				0.0				0.0				3,991.5				-3,991.5				-3,991.5
Total Proved			4,444.5				7,917.2				40.6				413,965.2				122,957.7				20,017.9				270,989.6				102,411.8
PRB			518.8				16,170.7				10.7				103,366.6				24,641.2				15,838.5				62,886.9				21,380.7
POS			1,517.0				39,897.9				6.5				276,465.0				71,922.1				35,868.9				168,674.0				60,404.3
Total			6,480.3				63,958.8				57.8				793,796.9				219,521.1				71,725.3				502,550.6				184,196.8

Numbers in the above table may not exactly match economic output due to rounding.

 

730 17TH Street, Suite 410

Denver, Colorado 80202 USA

Telephone: 303-277-0270

Fax: 303-277-0267

 

 

The future net revenue was based on net hydrocarbon volume sold multiplied by anticipated price. Expenses include severance and ad valorem taxes, and the normal cost of operating the wells. Future net cash flow is future net revenue minus expenses and any development costs. The future net cash flow has not been adjusted for outstanding loans, which may exist, nor does it include any adjustments for cash on hand or undistributed income.

 

Reserve Estimates

 

Proved reserves were assigned according to SEC definitions. Probable and possible reserves were assigned on the basis of the Petroleum Resources Management System definitions. Explanations for both are included with this letter. These definitions are generally accepted as standard in the U.S. oil and gas industry, and this report follows these guidelines for categorizing reserves.

 

Reserves were assigned by decline analysis, volumetric calculations, and offset well analogy. Reserve categories were also based upon seismic data, structural position and offset producing wells, if applicable.

 

Included in this report are all the production plots for the producing wells and the individual economic runs for all wells and locations. Summary economics and a one line table are also included.

 

Prices and Costs

 

For the Adena and Amherst areas, oil and gas prices are based on actual received prices. For all other areas, oil and gas prices are based on the average 2013 SEC (Jan-Dec) listing and adjusted for quality (differential).

 

Operating costs were obtained from Enerjex Resources and held constant for the life of the properties. MHA reviewed the operating costs and consider them realistic. Capital costs associated with new wells and/or workovers were included in the economics if the expenditures were scheduled beyond January 1, 2014.

 

Statement of Risk

 

The accuracy of reserve and economic evaluations is always subject to uncertainty. The magnitude of this uncertainty is generally proportional to the quantity and quality of data available for analysis. As a well matures and new information becomes available, revisions may be required which may either increase or decrease the previous reserve assignments. Sometimes these revisions may result not only in a significant change to the reserves and value assigned to a property, but also may impact the total company reserve and economic status. The reserves and forecasts contained in this report were based upon a technical analysis of the available data using accepted engineering principles. However, they must be accepted with the understanding that further information and future reservoir performance subsequent to the date of the estimate may justify their revision. It is MHA’s opinion that the estimated proven reserves and other reserve information as specified in this report are reasonable, and have been prepared in accordance with generally accepted petroleum engineering and evaluation principles. Notwithstanding the aforementioned opinion, MHA makes no warranties concerning the data and interpretations of such data. In no event shall MHA be liable for any special or consequential damages arising from Enerjex Resources’ use of MHA’s interpretation, reports, or services produced as a result of its work for Enerjex Resources.

 

Enerjex Resources March 7, 2014 Page 2

 

 

It was a pleasure performing this work for Enerjex Resources. Should you have any questions, please call.

 

Sincerely,

 

/s/ Leslie S. O’Connor

Leslie S. O’Connor

Managing Partner

 

/s/ Rhonda G. Gathers, P.E.

Rhonda G. Gathers, P.E.

Senior Reservoir Engineer

 

Enerjex Resources March 7, 2014 Page 3

 

 

ENERJEX RESOURCES

Effective Janurary 1, 2014

ADENA, AMHERST, NE COLORADO & NEBRASKA and KANSAS & TEXAS

Reserve and Economic Summary

 

		Net Oil MBBLS				Net Gas MMCF				Net NGL MBBLS				Net Revenue M$				Direct Operating Expense & Taxes M$				Equity Investment M$				BFIT Net Cashflow M$				Disc. Net Cashflow @10% M$
ADENA
PDP			861.0				533.8				26.5				78,627.4				31,335.3				0.0				47,292.1				18,043.8
PNP			464.5				3,140.6				14.2				49,131.7				17,074.1				3,645.6				28,412.0				11,486.7
PUD			0.0				854.5				0.0				2,008.0				264.5				375.0				1,368.5				78.4
TOTAL PROVED			1,325.4				4,528.9				40.6				129,767.2				48,674.0				4,020.6				77,072.6				29,608.9
PRB			362.0				188.6				10.7				32,977.7				12,022.5				3,508.3				17,446.9				5,945.2
POS			1,377.2				115.4				6.5				123,625.8				45,756.9				7,668.8				70,200.1				28,191.0
TOTAL			3,064.6				4,832.9				57.8				286,370.7				106,453.4				15,197.8				164,719.6				63,745.1
AMHERST
PDP			0.0				152.4				0.0				548.6				62.4				0.0				486.3				332.5
PNP			0.0				30.4				0.0				109.5				58.9				30.0				20.5				14.2
PUD			0.0				3,205.4				0.0				11,539.6				1,936.4				1,920.0				7,683.2				2,731.5
TOTAL PROVED			0.0				3,388.2				0.0				12,197.7				2,057.6				1,950.0				8,190.0				3,078.2
PRB			0.0				4,738.0				0.0				17,056.9				2,865.9				2,880.0				11,311.1				3,968.9
POS			0.0				5,704.7				0.0				20,536.9				3,462.2				3,600.0				13,474.6				4,616.8
TOTAL			0.0				13,831.0				0.0				49,791.5				8,385.7				8,430.0				32,975.7				11,663.9
NE CO & NE
INFRASTRUCTURE COSTS			0.0				0.0				0.0				0.0				0.0				3,991.5				-3,991.5				-3,991.5
PRB			0.0				11,244.1				0.0				39,657.9				6,183.6				6,618.0				26,856.3				9,275.4
POS			0.0				34,077.8				0.0				120,192.5				19,038.6				22,080.0				79,073.9				26,535.3
TOTAL			0.0				45,321.9				0.0				159,850.4				25,222.2				32,689.5				101,938.7				31,819.2
KS & TX
PDP			1,815.8				0.0				0.0				158,106.3				43,463.4				0.0				114,642.9				44,357.1
PNP			0.0				0.0				0.0				0.0				0.0				0.0				0.0				0.0
PUD			1,303.2				0.0				0.0				113,894.1				28,762.7				10,055.8				75,075.6				29,359.1
TOTAL PROVED			3,119.0				0.0				0.0				272,000.4				72,226.1				10,055.8				189,718.5				73,716.2
PRB			156.8				0.0				0.0				13,674.1				3,569.2				2,832.2				7,272.7				2,191.2
POS			139.8				0.0				0.0				12,109.8				3,664.4				2,520.0				5,925.4				1,061.2
TOTAL			3,415.7				0.0				0.0				297,784.3				79,459.7				15,408.0				202,916.6				76,968.6
ALL AREAS
PDP			2,676.8				686.2				26.5				237,282.3				74,861.1				0.0				162,421.3				62,733.3
PNP			464.5				3,171.0				14.2				49,241.2				17,133.0				3,675.6				28,432.5				11,500.9
PUD			1,303.2				4,059.9				0.0				127,441.7				30,963.6				12,350.8				84,127.4				32,169.0
INFRASTRUCTURE COSTS			0.0				0.0				0.0				0.0				0.0				3,991.5				-3,991.5				-3,991.5
TOTAL PROVED			4,444.5				7,917.2				40.6				413,965.2				122,957.7				20,017.9				270,989.6				102,411.8
PRB			518.8				16,170.7				10.7				103,366.6				24,641.2				15,838.5				62,886.9				21,380.7
POS			1,517.0				39,897.9				6.5				276,465.0				71,922.1				35,868.9				168,674.0				60,404.3
TOTAL			6,480.3				63,985.8				57.8				793,796.9				219,521.1				71,725.3				502,550.6				184,196.8

 

 

SUMMARY ECONOMICS

 

 

ENERJEX RESOURCES 2014 EVALUATION ALL PROPERTIES ALL RESERVE CATEGORIES

DATE          : 03/06/2014 TIME           : 12:26:49 DBS             : CLASSIC SETTINGS  : SETDATA SCENARIO : MHA14

 

RESERVES AND ECONOMICS

 

AS OF DATE: 01/2014

 

END				GROSS				GROSS				GROSS				NET				NET				NET				NET OIL				NET GAS				NET NGL				TOTAL
MO-YEAR				OIL				GAS				NGL				OIL				GAS				NGL				PRICE				PRICE				PRICE				NET SALES
				MBBLS				MMCF				MBBLS				MBBLS				MMCF				MBBLS				$/BBL				$/MCF				$/BBL				M$
	12-2014				335.505				1511.222				4.630				235.362				732.580				3.828				88.082				3.380				18.730				23279.191
	12-2015				493.181				5453.596				6.312				355.240				4200.298				5.214				88.256				3.515				18.730				46215.129
	12-2016				549.958				6511.360				4.445				398.372				5202.571				3.667				88.351				3.522				18.730				53591.105
	12-2017				559.831				5346.006				3.769				408.662				4300.632				3.107				88.435				3.522				18.730				51345.938
	12-2018				525.421				5118.966				3.101				383.477				4125.246				2.558				88.422				3.417				18.730				48051.906
	12-2019				485.590				4576.504				2.697				353.977				3699.236				2.224				88.390				3.420				18.730				43982.711
	12-2020				450.539				4151.818				2.412				328.081				3362.986				1.989				88.360				3.430				18.730				40560.078
	12-2021				412.396				3812.010				2.196				299.243				3096.953				1.811				88.310				3.439				18.730				37110.355
	12-2022				378.685				3542.515				2.022				273.813				2880.378				1.668				88.261				3.448				18.730				34130.348
	12-2023				352.542				3315.945				1.882				254.445				2699.838				1.552				88.228				3.457				18.730				31811.787
	12-2024				329.511				3126.021				1.760				237.562				2546.934				1.452				88.204				3.465				18.730				29807.051
	12-2025				330.045				3075.295				3.641				239.333				2469.243				2.905				88.309				3.445				18.730				29695.408
	12-2026				296.515				2858.148				2.599				214.433				2307.789				2.091				88.252				3.475				18.730				26981.924
	12-2027				276.623				2720.578				2.227				199.794				2203.248				1.799				88.221				3.483				18.730				25334.729
	12-2028				259.816				2578.565				1.995				187.509				2092.714				1.614				88.198				3.490				18.730				23872.115
	S TOT				6036.160				57698.543				45.688				4369.302				45920.641				37.480				88.303				3.468				18.730				545769.750
	AFTER				2926.431				22201.252				25.094				2110.962				18065.121				20.364				88.240				3.397				18.730				248027.109
	TOTAL				8962.591				79899.789				70.782				6480.264				63985.762				57.844				88.283				3.448				18.730				793796.875

 

END				NET				NET				NET				AD VALOREM				SEVERANCE				DIRECT OPER				EQUITY				FUTURE NET				CUMULATIVE				CUM. DISC.
MO-YEAR				OIL SALES				GAS SALES				NGL SALES				TAX				TAX				EXPENSE				INVESTMENT				CASHFLOW				CASHFLOW				CASHFLOW
				M$				M$				M$				M$				M$				M$				M$				M$				M$				10% M$
	12-2014				20731.195				2476.288				71.706				148.713				766.389				5806.213				44084.266				-27526.385				-27526.385				-26560.195
	12-2015				31352.180				14765.284				97.666				612.282				1565.137				9219.365				19796.275				15022.069				-12504.315				-13628.014
	12-2016				35196.449				18325.969				68.689				677.620				1953.924				10756.488				4130.611				36072.469				23568.152				14778.024
	12-2017				36139.883				15147.879				58.191				571.134				2025.806				11001.703				1328.550				36418.754				59986.902				40876.039
	12-2018				33907.707				14096.293				47.903				503.920				1934.400				10432.265				894.870				34286.449				94273.352				63209.777
	12-2019				31287.848				12653.204				41.663				456.198				1737.925				9668.256				0.000				32120.344				126393.695				82246.258
	12-2020				28989.221				11533.608				37.256				419.833				1570.520				8997.063				0.000				29572.662				155966.359				98178.133
	12-2021				26426.143				10650.306				33.919				390.772				1384.186				8336.088				0.000				26999.318				182965.656				111403.484
	12-2022				24166.885				9932.227				31.233				366.832				1224.590				7756.432				0.000				24782.490				207748.156				122437.469
	12-2023				22449.254				9333.466				29.070				346.498				1110.647				7288.400				0.000				23066.242				230814.406				131773.047
	12-2024				20953.932				8825.930				27.192				328.358				1018.169				6872.091				1040.680				20547.752				251362.141				139348.484
	12-2025				21135.271				8505.717				54.405				311.411				1101.030				6728.551				0.000				21554.404				272916.531				146563.438
	12-2026				18924.238				8018.521				39.173				297.443				951.096				6193.409				0.000				19539.975				292456.500				152505.203
	12-2027				17626.107				7674.931				33.691				285.487				868.000				5850.393				0.000				18330.857				310787.375				157572.172
	12-2028				16537.916				7303.958				30.235				272.233				800.253				5539.861				0.000				17259.764				328047.125				161909.328
	S TOT				385824.188				159243.562				701.993				5988.732				20012.072				120446.578				71275.258				328047.125				328047.125				161909.328
	AFTER				186270.953				61374.719				381.420				2383.319				9140.078				61550.273				450.000				174503.453				502550.562				184196.812
	TOTAL				572095.188				220618.281				1083.413				8372.051				29152.150				181996.844				71725.258				502550.594				502550.562				184196.812

 

		OIL				GAS
GROSS WELLS			211.0				364.0
GROSS ULT., MB & MMF			13367.410				84191.266
GROSS CUM., MB & MMF			4404.819				4291.468
GROSS RES., MB & MMF			8962.590				79899.789
NET RES., MB & MMF			6480.265				63985.777
NET REVENUE, M$			572095.250				220618.297
INITIAL PRICE, $			88.635				3.380
INITIAL N.I., PCT.			76.890				51.637

 

						P.W. %				P.W., M$
LIFE, YRS.			50.00				5.00				284197.125
DISCOUNT %			10.00				9.00				199389.875
UNDISCOUNTED PAYOUT, YRS.			2.35				10.00				184196.781
DISCOUNTED PAYOUT, YRS.			2.48				12.00				158570.422
UNDISCOUNTED NET/INVEST.			8.01				14.00				137861.734
DISCOUNTED NET/INVEST.			3.85				20.00				94649.844
RATE -OF-RETURN, PCT.			85.86				40.00				33890.621
INITIAL W.I., PCT.			92.001				60.00				12220.071
							80.00				1894.321
							100.00				-3802.774

 

 

ENERJEX RESOURCES 2014 EVALUATION ALL PROPERTIES TOTAL PROVED

DATE          : 03/06/2014 TIME           : 12:35:19 DBS              : CLASSIC SETTINGS   : SETDATA SCENARIO  : MHA14

 

RESERVES AND ECONOMICS

 

AS OF DATE: 01/2014

 

END				GROSS				GROSS				GROSS				NET				NET				NET				NET OIL				NET GAS				NET NGL				TOTAL
MO-YEAR				OIL				GAS				NGL				OIL				GAS				NGL				PRICE				PRICE				PRICE				NET SALES
				MBBLS				MMCF				MBBLS				MBBLS				MMCF				MBBLS				$/BBL				$/MCF				$/BBL				M$
	12-2014				308.047				803.217				3.867				213.290				145.277				3.200				87.935				2.902				18.730				19237.148
	12-2015				373.139				929.190				4.768				261.115				431.239				3.953				87.919				3.320				18.730				24462.828
	12-2016				365.197				662.793				3.296				256.105				326.276				2.733				87.943				3.342				18.730				23664.061
	12-2017				344.406				511.396				2.654				241.691				270.575				2.201				87.924				3.348				18.730				22197.488
	12-2018				324.182				899.976				2.267				227.590				607.647				1.879				87.901				2.735				18.730				21702.615
	12-2019				306.137				781.776				2.002				215.021				535.086				1.659				87.883				2.741				18.730				20394.633
	12-2020				289.752				673.401				1.807				203.613				462.417				1.497				87.867				2.764				18.730				19197.250
	12-2021				274.735				581.477				1.656				193.159				402.979				1.372				87.854				2.791				18.730				18120.256
	12-2022				260.878				513.163				1.532				183.511				354.090				1.269				87.841				2.822				18.730				17142.967
	12-2023				248.007				454.171				1.431				174.549				313.236				1.185				87.830				2.855				18.730				16247.053
	12-2024				235.382				406.681				1.342				165.760				279.064				1.111				87.820				2.889				18.730				15384.198
	12-2025				228.684				451.101				2.052				161.037				286.347				1.591				87.898				2.840				18.730				14997.864
	12-2026				210.234				354.863				1.601				148.206				223.005				1.269				87.862				2.960				18.730				13705.596
	12-2027				199.218				316.515				1.419				140.525				200.384				1.134				87.845				3.005				18.730				12967.836
	12-2028				189.503				285.409				1.295				133.751				181.911				1.039				87.832				3.048				18.730				12321.480
	S TOT				4157.501				8625.128				32.989				2918.921				5019.535				27.092				87.883				2.931				18.730				271743.250
	AFTER				2157.048				3982.676				16.809				1525.533				2897.631				13.553				87.913				2.711				18.730				142221.984
	TOTAL				6314.549				12607.804				49.798				4444.454				7917.166				40.646				87.893				2.850				18.730				413965.250

 

END				NET				NET				NET				AD VALOREM				SEVERANCE				DIRECT OPER				EQUITY				FUTURE NET				CUMULATIVE				CUM. DISC.
MO-YEAR				OIL SALES				GAS SALES				NGL SALES				TAX				TAX				EXPENSE				INVESTMENT				CASHFLOW				CASHFLOW				CASHFLOW
				M$				M$				M$				M$				M$				M$				M$				M$				M$				10% M$
	12-2014				18755.674				421.545				59.927				109.007				544.657				5210.488				16863.707				-3490.715				-3490.715				-3646.264
	12-2015				22956.973				1431.815				74.041				188.344				643.910				6348.468				1199.047				16083.058				12592.344				10304.402
	12-2016				22522.570				1090.301				51.189				160.248				650.143				6331.038				900.388				15622.246				28214.590				22613.811
	12-2017				21250.297				905.969				41.224				142.199				597.817				5979.799				75.000				15402.670				43617.262				33659.559
	12-2018				20005.471				1661.948				35.198				128.956				618.667				5642.028				75.000				15237.964				58855.223				43588.504
	12-2019				18896.701				1466.854				31.075				118.981				565.351				5319.329				0.000				14390.972				73246.195				52115.719
	12-2020				17890.916				1278.291				28.042				111.054				516.398				5026.040				0.000				13543.758				86789.953				59411.176
	12-2021				16969.682				1124.881				25.695				104.462				473.644				4759.106				0.000				12783.044				99572.992				65670.758
	12-2022				16119.894				999.308				23.764				98.875				435.971				4512.915				0.000				12095.206				111668.203				71055.008
	12-2023				15330.676				894.175				22.202				93.903				402.501				4284.586				0.000				11466.062				123134.266				75695.094
	12-2024				14557.136				806.248				20.816				88.865				372.349				4062.852				454.742				10405.390				133539.656				79530.008
	12-2025				14154.714				813.344				29.805				83.262				405.593				3893.487				0.000				10615.520				144155.172				83083.711
	12-2026				13021.722				660.101				23.773				79.236				347.833				3594.856				0.000				9683.668				153838.828				86028.094
	12-2027				12344.350				602.249				21.236				76.082				317.688				3408.455				0.000				9165.613				163004.453				88561.484
	12-2028				11747.532				554.495				19.453				73.142				293.329				3241.661				0.000				8713.348				171717.797				90750.875
	S TOT				256524.312				14711.522				507.440				1656.616				7185.851				71615.109				19567.885				171717.797				171717.797				90750.875
	AFTER				134113.453				7854.655				253.856				782.227				4114.112				37603.801				450.000				99271.844				270989.625				102411.781
	TOTAL				390637.750				22566.176				761.295				2438.844				11299.963				109218.914				20017.885				270989.625				270989.625				102411.781

 

		OIL				GAS
GROSS WELLS			108.0				215.0
GROSS ULT., MB & MMF			10719.368				16899.268
GROSS CUM., MB & MMF			4404.819				4291.468
GROSS RES., MB & MMF			6314.548				12607.801
NET RES., MB & MMF			4444.454				7917.165
NET REVENUE, M$			390637.750				22566.176
INITIAL PRICE, $			88.161				2.958
INITIAL N.I., PCT.			76.890				19.456

 

						P.W. %				P.W., M$
LIFE, YRS.			50.00				5.00				153314.688
DISCOUNT %			10.00				9.00				110037.188
UNDISCOUNTED PAYOUT, YRS.			1.22				10.00				102411.750
DISCOUNTED PAYOUT, YRS.			1.26				12.00				89622.516
UNDISCOUNTED NET/INVEST.			14.54				14.00				79343.297
DISCOUNTED NET/INVEST.			6.57				20.00				57987.367
RATE -OF-RETURN, PCT.			100.00				40.00				27677.961
INITIAL W.I., PCT.			83.501				60.00				16304.589
							80.00				10478.713
							100.00				6986.769

 

 

ENERJEX RESOURCES 2014 EVALUATION ALL PROPERTIES PROVED DEVELOPED PRODUCING

DATE         : 03/06/2014 TIME          : 12:26:36 DBS             : CLASSIC SETTINGS  : SETDATA SCENARIO : MHA14

 

RESERVES AND ECONOMICS

 

AS OF DATE: 01/2014

 

END				GROSS				GROSS				GROSS				NET				NET				NET				NET OIL				NET GAS				NET NGL				TOTAL
MO-YEAR				OIL				GAS				NGL				OIL				GAS				NGL				PRICE				PRICE				PRICE				NET SALES
				MBBLS				MMCF				MBBLS				MBBLS				MMCF				MBBLS				$/BBL				$/MCF				S/BBL				M$
	12-2014				222.740				740.384				3.337				150.110				95.339				2.760				87.899				2.666				18.730				13500.458
	12-2015				214.187				485.302				2.689				144.488				70.563				2.228				87.833				2.582				18.730				12914.646
	12-2016				199.702				328.516				2.126				135.110				52.785				1.762				87.813				2.523				18.730				12030.632
	12-2017				187.273				231.433				1.779				127.022				41.029				1.474				87.803				2.441				18.730				11280.726
	12-2018				176.150				174.707				1.550				119.771				33.524				1.284				87.798				2.365				18.730				10619.008
	12-2019				166.142				143.103				1.386				113.220				29.224				1.148				87.796				2.333				18.730				10029.984
	12-2020				156.986				123.460				1.263				107.205				26.223				1.045				87.797				2.314				18.730				9492.489
	12-2021				148.537				103.998				1.166				101.635				23.632				0.965				87.799				2.283				18.730				8995.457
	12-2022				140.683				95.815				1.084				96.442				21.917				0.897				87.802				2.280				18.730				8534.533
	12-2023				133.329				86.957				1.017				91.562				20.401				0.842				87.806				2.269				18.730				8101.743
	12-2024				126.216				81.420				0.956				86.856				19.159				0.791				87.809				2.268				18.730				7685.018
	12-2025				119.609				75.894				0.899				82.460				17.973				0.744				87.813				2.265				18.730				7295.763
	12-2026				113.566				68.223				0.845				78.406				16.716				0.699				87.819				2.251				18.730				6936.244
	12-2027				107.809				63.177				0.794				74.534				15.658				0.657				87.824				2.246				18.730				6593.370
	12-2028				102.388				58.838				0.747				70.885				14.688				0.618				87.829				2.243				18.730				6270.324
	S TOT				2315.316				2861.227				21.637				1579.705				498.832				17.913				87.818				2.442				18.730				140280.406
	AFTER				1559.549				531.038				10.354				1097.083				187.401				8.568				87.909				2.125				18.730				97001.984
	TOTAL				3874.865				3392.265				31.991				2676.789				686.233				26.481				87.855				2.355				18.730				237282.391

 

END				NET				NET				NET				AD VALOREM				SEVERANCE				DIRECT OPER				EQUITY				FUTURE NET				CUMULATIVE				CUM. DISC.
MO-YEAR				OIL SALES				GAS SALES				NGL SALES				TAX				TAX				EXPENSE				INVESTMENT				CASHFLOW				CASHFLOW				CASHFLOW
				M$				M$				M$				M$				M$				M$				M$				M$				M$				@ 10% M$
	12-2014				13194.564				254.199				51.693				75.541				400.998				3769.837				3991.500				5262.579				5262.579				4825.657
	12-2015				12690.744				182.178				41.723				66.219				363.024				3627.642				0.000				8857.760				14120.339				12510.976
	12-2016				11864.437				133.187				33.007				57.556				334.781				3396.902				0.000				8241.393				22361.732				1901,0.982
	12-2017				11152.957				100.158				27.610				51.214				312.432				3193.042				0.000				7724.034				30085.766				24548.900
	12-2018				10515.682				79.284				24.042				46.382				293.584				3008.531				0.000				7270.509				37356.277				29287.619
	12-2019				9940.300				68.187				21.497				42.772				277.131				2843.387				0.000				6866.694				44222.969				33356.199
	12-2020				9412.224				60.685				19.579				39.818				262.394				2691.256				0.000				6499.021				50721.988				36856.816
	12-2021				8923.429				53.957				18.070				37.227				248.970				2550.087				0.000				6159.172				56881.160				39872.746
	12-2022				8467.759				49.977				16.797				35.064				236.622				2418.296				0.000				5844.551				62725.711				42474.441
	12-2023				8039.682				46.296				15.765				33.079				225.135				2294.488				0.000				5549.040				68274.750				44720.004
	12-2024				7626.746				43.452				14.819				31.115				214.190				2175.043				0.000				5264.669				73539.422				46656.848
	12-2025				7241.119				40.713				13.930				29.405				203.834				2063.407				0.000				4999.117				78538.547				48328.766
	12-2026				6885.521				37.628				13.094				28.001				194.086				1960.745				0.000				4753.410				83291.953				49773.977
	12-2027				6545.887				35.174				12.309				26.700				184.812				1862.722				0.000				4519.137				87811.086				51023.055
	12-2028				6225.804				32.950				11.570				25.453				175.994				1770.456				0.000				4298.421				92109.516				52103.117
	S TOT				138726.859				1218.024				335.507				625.546				3927.986				39625.836				3991.500				92109.516				92109.516				52103.117
	AFTER				96443.188				398.284				160.480				418.520				2882.918				27380.248				0.000				66320.266				158429.781				58741.844
	TOTAL				235170.047				1616.307				495.987				1044.065				6810.904				67006.086				3991.500				158429.781				158429.781				58741.844

 

		OIL				GAS
GROSS WELLS			58.0				190.0
GROSS ULT., MB & MMF			8272.768				6751.290
GROSS CUM., MB & MMF			4397.903				3359.025
GROSS RES., MB & MMF			3874.865				3392.265
NET RES., MB & MMF			2676.789				686.233
NET REVENUE, M$			235170.031				1616.307
INITIAL PRICE, $			88.022				3.600
INITIAL N.I., PCT.			72.315				13.834

 

						P.W. %				P.W., M$
LIFE, YRS.			50.00				5.00				86607.672
DISCOUNT %			10.00				9.00				62792.258
UNDISCOUNTED PAYOUT, YRS.			0.43				10.00				58741.832
DISCOUNTED PAYOUT, YRS.			0.45				12.00				52033.809
UNDISCOUNTED NET/INVEST.			40.69				14.00				46709.176
DISCOUNTED NET/INVEST.			15.72				20.00				35772.266
RATE-OF-RETURN, PCT.			100.00				40.00				20162.312
INITIAL W.I., PCT.			72.070				60.00				14033.258
							80.00				10728.006
							100.00				8645.847

 

 

ENERJEX RESOURCES 2014 EVALUATION ALL PROPERTIES PROVED DEVELOPED NON PRODUCING

DATE         : 03/06/2014 TIME          : 12:26:37 DBS             : CLASSIC SETTINGS  : SETDATA SCENARIO : MHA14

 

RESERVES AND ECONOMICS

 

AS OF DATE: 01/2014

 

END				GROSS				GROSS				GROSS				NET				NET				NET				NET OIL				NET GAS				NET NGL				TOTAL
MO-YEAR				OIL				GAS				NGL				OIL				GAS				NGL				PRICE				PRICE				PRICE				NET SALES
				MBBLS				MMCF				MBBLS				MBBLS				MMCF				MBBLS				$/BBL				$/MCF				$/BBL				M$
	12-2014				23.072				23.634				0.530				18.297				17.216				0.440				89.510				2.878				18.730				1695.530
	12-2015				43.244				57.447				2.079				34.222				38.094				1.725				89.510				2.319				18.730				3183.881
	12-2016				50.409				34.213				1.170				39.543				23.012				0.971				89.510				2.407				18.730				3613.054
	12-2017				45.768				25.771				0.876				35.848				17.359				0.727				89.510				2.416				18.730				3264.287
	12-2018				40.373				500.726				0.718				31.606				386.686				0.596				89.510				2.348				18.730				3748.103
	12-2019				35.852				435.329				0.616				28.061				336.121				0.511				89.510				2.343				18.730				3308.935
	12-2020				31.964				362.729				0.544				25.017				279.920				0.452				89.510				2.340				18.730				2902.762
	12-2021				28.576				303.079				0.490				22.367				233.766				0.407				89.510				2.339				18.730				2556.532
	12-2022				25.601				253.441				0.448				20.042				195.351				0.372				89.510				2.338				18.730				2257.685
	12-2023				22.974				212.107				0.414				17.989				163.359				0.344				89.510				2.337				18.730				1998.437
	12-2024				20.642				177.672				0.386				16.169				136.706				0.320				89.510				2.336				18.730				1772.549
	12-2025				29.081				234.140				1.153				21.824				150.618				0.848				89.510				2.315				18.730				2318.008
	12-2026				22.243				151.298				0.756				16.927				93.314				0.570				89.510				2.312				18.730				1741.598
	12-2027				19.110				123.078				0.625				14.611				75.991				0.477				89.510				2.311				18.730				1492.371
	12-2028				16.853				100.859				0.548				12.916				62.286				0.421				89.510				2.308				18.730				1307.760
	S TOT				455.763				2995.524				11.353				355.439				2209.799				9.180				89.510				2.342				18.730				37161.492
	AFTER				142.574				1280.015				6.454				109.019				961.213				4.985				89.510				2.318				18.730				12079.659
	TOTAL				598.337				4275.539				17.807				464.457				3171.012				14.165				89.510				2.334				18.730				49241.152

 

END				NET				NET				NET				AD VALOREM				SEVERANCE				DIRECT OPER				EQUITY				FUTURE NET				CUMULATIVE				CUM. DISC.
MO-YEAR				OIL SALES				GAS SALES				NGL SALES				TAX				TAX				EXPENSE				INVESTMENT				CASHFLOW				CASHFLOW				CASHFLOW
				M$				M$				M$				M$				M$				M$				M$				M$				M$				@ 10% M$
	12-2014				1637.750				49.546				8.234				2.380				137.563				482.072				2015.308				-941.793				-941.793				-925.373
	12-2015				3063.220				88.343				32.318				1.914				259.583				911.426				558.000				1452.957				511.165				342.934
	12-2016				3539.480				55.392				18.182				1.475				296.836				1140.235				422.580				1751.929				2263.094				1711.830
	12-2017				3208.736				41.938				13.614				1.137				268.620				1048.734				75.000				1870.796				4133.890				3056.108
	12-2018				2829.058				907.890				11.156				0.577				309.565				951.444				75.000				2411.518				6545.408				4625.590
	12-2019				2511.758				787.599				9.578				0.177				273.662				846.999				0.000				2188.097				8733.505				5922.917
	12-2020				2239.283				655.017				8.462				0.000				240.227				756.317				0.000				1906.218				10639.723				6950.338
	12-2021				2002.075				546.833				7.625				0.000				211.559				678.595				0.000				1666.378				12306.101				7766.820
	12-2022				1793.943				456.774				6.968				0.000				186.810				609.987				0.000				1460.889				13766.990				8417.532
	12-2023				1610.233				381.768				6.437				0.000				165.336				549.172				0.000				1283.929				15050.919				8937.422
	12-2024				1447.274				319.279				5.996				0.000				146.624				495.062				454.742				676.121				15727.040				9193.042
	12-2025				1953.423				348.710				15.875				0.000				191.077				567.790				0.000				1559.141				17286.182				9716.658
	12-2026				1515.159				215.760				10.678				0.000				143.666				456.837				0.000				1141.095				18427.275				10063.963
	12-2027				1307.813				175.631				8.927				0.000				123.126				400.580				0.000				968.666				19395.941				10331.904
	12-2028				1156.109				143.768				7.883				0.000				107.890				356.862				0.000				843.008				20238.949				10543.863
	S TOT				31815.314				5174.248				171.933				7.661				3062.143				10252.112				3600.630				20238.949				20238.949				10543.863
	AFTER				9758.275				2228.010				93.375				0.000				994.862				2816.247				75.000				8193,553				28432.500				11500.911
	TOTAL				41573.590				7402.258				265.308				7.661				4057.005				13068.359				3675.630				28432.504				28432.500				11500.911

 

		OIL				GAS
GROSS WELLS			17.0				16.0
GROSS ULT., MB & MMF			598.337				5207.982
GROSS CUM., MB & MMF			0.000				932.443
GROSS RES., MB & MMF			598.337				4275.539
NET RES., MB & MMF			464.457				3171.012
NET REVENUE, M$			41573.594				7402.258
INITIAL PRICE, $			89.510				2.348
INITIAL N.I., PCT.			79.303				85.410

 

						P.W. %				P.W., M$
LIFE, YRS.			50.00				5.00				16932.131
DISCOUNT %			10.0				9.0				12336.533
UNDISCOUNTED PAYOUT, YRS.			1.65				10.00				11500.911
DISCOUNTED PAYOUT, YRS.			1.73				12.00				10079.594
UNDISCOUNTED NET/INVEST.			8.74				14.00				8917.855
DISCOUNTED NET/INVEST.			4.80				20.00				6443.432
RATE -OF-RETURN, PCT.			100.00				40.00				2799.824
INITIAL W.I., PCT.			100.000				60.00				1434.790
							80.00				762.131
							100.00				377.515

 

 

ENERJEX RESOURCES 2014 EVALUATION ALL PROPERTIES PROVED UNDEVELOPED

DATE          : 03/06/2014 TIME           :12:26:38 DBS             : CLASSIC SETTINGS  : SETDATA SCENARIO : MHA14

 

RESERVES AND ECONOMICS

 

AS OF DATE: 01/2014

 

END				GROSS				GROSS				GROSS				NET				NET				NET				NET OIL				NET GAS				NET NGL				TOTAL
MO-YEAR				OIL				GAS				NGL				OIL				GAS				NGL				PRICE				PRICE				PRICE				NET SALES
				MBBLS				MMCF				MBBLS				MBBLS				MMCF				MBBLS				$/BBL				$/MCF				$/BBL				M$
	12-2014				62.236				39.200				0.000				44.883				32.722				0.000				87.412				3.600				0.000				4041.159
	12-2015				115.708				386.441				0.000				82.405				322.582				0.000				87.410				3.600				0.000				8364.302
	12-2016				115.087				300.064				0.000				81.453				250.478				0.000				87.396				3.600				0.000				8020.375
	12-2017				111.365				254.192				0.000				78.821				212.187				0.000				87.396				3.600				0.000				7652.476
	12-2018				107.658				224.543				0.000				76.213				187.437				0.000				87.396				3.600				0.000				7335.504
	12-2019				104.142				203.344				0.000				73.740				169.741				0.000				87.397				3.600				0.000				7055.713
	12-2020				100.802				187.211				0.000				71.391				156.275				0.000				87.398				3.600				0.000				6801.998
	12-2021				97.623				174.400				0.000				69.157				145.581				0.000				87.399				3.600				0.000				6568.268
	12-2022				94.594				163.907				0.000				67.028				136.821				0.000				87.399				3.600				0.000				6350.748
	12-2023				91.704				155.107				0.000				64.997				129.475				0.000				87.400				3.600				0.000				6146.873
	12-2024				88.524				147.588				0.000				62.736				123.199				0.000				87.400				3.600				0.000				5926.632
	12-2025				79.994				141.067				0.000				56.753				117.756				0.000				87.400				3.600				0.000				5384.092
	12-2026				74.425				135.341				0.000				52.873				112.976				0.000				87.400				3.600				0.000				5027.753
	12-2027				72.300				130.260				0.000				51.380				108.735				0.000				87.400				3.600				0.000				4882.096
	12-2028				70.262				125.712				0.000				49.949				104.938				0.000				87.401				3.600				0.000				4743.396
	S TOT				1386.422				2768.378				0.000				983.777				2310.903				0.000				87.400				3.600				0.000				94301.383
	AFTER				454.925				2171.623				0.000				319.430				1749.017				0.000				87.380				2.989				0.000				33140.344
	TOTAL				1841.347				4940.000				0.000				1303.208				4059.920				0.000				87.395				3.337				0.000				127441.727

 

END				NET				NET				NET				AD VALOREM				SEVERANCE				DIRECT OPER				EQUITY				FUTURE NET				CUMULATIVE				CUM. DISC.
MO-YEAR				OIL SALES				GAS SALES				NGL SALES				TAX				TAX				EXPENSE				INVESTMENT				CASHFLOW				CASHFLOW				CASHFLOW
				M$				M$				M$				M$				M$				M$				M$				M$				M$				© 10% M$
	12-2014				3923.360				117.799				0.000				31.086				6.095				958.580				10856.900				-7811.501				-7811.501				-7546.548
	12-2015				7203.008				1161.294				0.000				120.211				21.303				1809.401				641.047				5772.341				-2039.160				-2549.509
	12-2016				7118.653				901.722				0.000				101.216				18.526				1793.901				477.807				5628.924				3589.764				1890.999
	12-2017				6888.602				763.873				0.000				89.848				16.765				1738.022				0.000				5807.839				9397.604				6054.556
	12-2018				6660.730				674.774				0.000				81.997				15.518				1682.053				0.000				5555.937				14953.541				9675.295
	12-2019				6444.645				611.069				0.000				76.032				14.559				1628.942				0.000				5336.181				20289.723				12836.605
	12-2020				6239.408				562.589				0.000				71.236				13.777				1578.467				0.000				5138.519				25428.240				15604.020
	12-2021				6044.178				524.091				0.000				67.236				13.115				1530.424				0.000				4957.494				30385.734				18031.191
	12-2022				5858.191				492.557				0.000				63.811				12.539				1484.632				0.000				4789.767				35175.500				20163.035
	12-2023				5680.762				466.111				0.000				60.824				12.030				1440.925				0.000				4633.093				39808.594				22037.668
	12-2024				5483.116				443.517				0.000				57.750				11.535				1392.748				0.000				4464.600				44273.191				23680.111
	12-2025				4960.172				423.921				0.000				53.858				10.682				1262.290				0.000				4057.262				48330.457				25038.283
	12-2026				4621.041				406.713				0.000				51.235				10.081				1177.275				0.000				3789.164				52119.621				26190.148
	12-2027				4490.650				391.445				0.000				49.382				9.751				1145.153				0.000				3677.810				55797.430				27206.518
	12-2028				4365.619				377.777				0.000				47.688				9.445				1114.344				0.000				3571.918				59369.348				28103.885
	S TOT				85982.117				8319.252				0.000				1023.410				195.721				21737.156				11975.754				59369.348				59369.348				28103.885
	AFTER				27911.984				5228.360				0.000				363.708				236.332				7407.304				375.000				24758.006				84127.336				32169.004
	TOTAL				113894.102				13547.612				0.000				1387.117				432.053				29144.461				12350.754				84127.352				84127.336				32169.004

 

		OIL				GAS
GROSS WELLS			33.0				9.0
GROSS ULT., MB & MMF			1848.263				4940.000
GROSS CUM., MB & MMF			6.916				0.000
GROSS RES., MB & MMF			1841.347				4940.000
NET RES., MB & MMF			1303.208				4059.920
NET REVENUE, M$			113894.086				13547.611
INITIAL PRICE, $			87.351				3.129
INITIAL N.I., PCT.			77.267				87.500

 

						P.W. %				P.W., M$
LIFE, YRS.			50.00				5.00				49774.887
DISCOUNT %			10.00				9.00				34908.387
UNDISCOUNTED PAYOUT, YRS.			2.36				10.00				32169.006
DISCOUNTED PAYOUT, YRS.			2.57				12.00				27509.113
UNDISCOUNTED NET/INVEST.			7.81				14.00				23716.268
DISCOUNTED NET/INVEST.			3.83				20.00				15771.671
RATE -OF-RETURN, PCT.			67.81				40.00				4715.824
INITIAL W.I., PCT.			90.220				60.00				836.541
							80.00				-1011.424
							100.00				-2036.594

 

 

ENERJEX RESOURCES 2014 EVALUATION ALL PROPERTIES PROBABLE

DATE         : 03/06/2014 TIME          : 12:26:42 DBS             : CLASSIC SETTINGS  : SETDATA SCENARIO : MHA14

 

RESERVES AND ECONOMICS

 

AS OF DATE: 01/2014

 

END				GROSS				GROSS				GROSS				NET				NET				NET				NET OIL				NET GAS				NET NGL				TOTAL
MO-YEAR				OIL				GAS				NGL				OIL				GAS				NGL				PRICE				PRICE				PRICE				NET SALES
				MBBLS				MMCF				MBBLS				MBBLS				MMCF				MBBLS				$/BBL				$/MCF				$/BBL				M$
	12-2014				5.995				192.970				0.354				4.838				159.319				0.289				89.479				3.480				18.730				992.754
	12-2015				37.922				1289.522				0.777				28.788				1072.379				0.625				88.708				3.544				18.730				6366.234
	12-2016				53.893				1683.985				0.675				40.322				1402.159				0.541				88.698				3.536				18.730				8545.141
	12-2017				55.188				1390.-337				0.754				41.495				1156.663				0.606				88.797				3.533				18.730				7782.555
	12-2018				48.408				1209.411				0.536				36.263				1006.767				0.431				88.776				3.536				18.730				6787.218
	12-2019				42.546				1086.097				0.438				31.780				904.342				0.352				88.757				3.537				18.730				6026.012
	12-2020				37.841				994.580				0.376				28.202				828.266				0.303				88.746				3.538				18.730				5438.705
	12-2021				33.874				923.057				0.334				25.196				768.786				0.268				88.739				3.538				18.730				4961.128
	12-2022				30.453				865.120				0.301				22.612				720.590				0.242				88.736				3.539				18.730				4560.997
	12-2023				27.466				816.925				0.276				20.362				680.491				0.222				88.735				3.539				18.730				4219.199
	12-2024				24.836				776.007				0.256				18.384				646.441				0.206				88.735				3.539				18.730				3923.054
	12-2025				33.497				759.942				1.066				25.759				629.195				0.879				89.011				3.510				18.730				4517.611
	12-2026				26.192				719.924				0.659				19.865				597.728				0.541				88.925				3.523				18.730				3882.531
	12-2027				22.774				689.894				0.530				17.181				573.280				0.434				88.899				3.527				18.730				3557.644
	12-2028				20.280				652.250				0.457				15.251				542.208				0.374				88.888				3.530				18.730				3276.362
	S TOT				501.165				14050.022				7.789				376.300				11688.614				6.313				88.795				3.534				18.730				74837.133
	AFTER				192.229				5401.063				5.329				142.467				4482.095				4.357				88.871				3.522				18.730				28529.502
	TOTAL				693.393				19451.084				13.119				518.767				16170.708				10.670				88.816				3.531				18.730				103366.641

 

END				NET				NET				NET				AD VALOREM				SEVERANCE				DIRECT OPER				EQUITY				FUTURE NET				CUMULATIVE				CUM. DISC.
MO-YEAR				OIL SALES				GAS SALES				NGL SALES				TAX				TAX				EXPENSE				INVESTMENT				CASHFLOW				CASHFLOW				CASHFLOW
				M$				M$				M$				M$				M$				M$				M$				M$				M$				10% M$
	12-2014				432.927				554.407				5.419				37.780				42.097				108.223				6424.292				-5619.638				-5619.638				-5372.417
	12-2015				2553.734				3800.798				11.702				275.281				177.400				846.211				7525.760				-2458.418				-8078.056				-7470.847
	12-2016				3576.530				4958.477				10.133				358.938				246.769				1226.906				1080.759				5631.767				-2446.289				-3033.233
	12-2017				3684.669				4086.535				11.349				296.535				257.083				1251.700				408.390				5568.844				3122.555				959.059
	12-2018				3219.333				3559.813				8.066				258.833				222.086				1134.856				0.000				5171.437				8293.992				4331.660
	12-2019				2820.702				3198.721				6.588				232.547				193.614				1021.478				0.000				4578.372				12872.364				7045.575
	12-2020				2502.800				2930.236				5.669				212.763				171.992				929.599				0.000				4124.350				16996.715				9267.870
	12-2021				2235.912				2720.195				5.024				197.135				154.447				851.812				0.000				3757.737				20754.449				11108.419
	12-2022				2006.517				2549.938				4.540				184.370				139.730				784.605				0.000				3452.290				24206.740				12645.549
	12-2023				1806.790				2408.250				4.159				173.685				127.142				725.889				0.000				3192.484				27399.225				13937.718
	12-2024				1631.294				2287.910				3.850				164.570				116.221				674.159				399.292				2568.812				29968.035				14888.748
	12-2025				2292.840				2208.312				16.461				156.678				176.452				760.602				0.000				3423.879				33391.914				16035.597
	12-2026				1766.478				2105.915				10.137				149.763				134.794				656.698				0.000				2941.274				36333.191				16930.211
	12-2027				1527.401				2022.110				8.133				143.643				117.355				601.242				0.000				2695.406				39028.598				17675.369
	12-2028				1355.629				1913.726				7.006				135.769				104.987				552.379				0.000				2483.227				41511.824				18299.414
	S TOT				33413.555				41305.344				118.237				2978.290				2382.169				12126.360				15838.492				41511.824				41511.824				18299.414
	AFTER				12661.238				15786.656				81.612				1115.506				965.814				5073.067				0.000				21375.117				62886.957				21380.754
	TOTAL				46074.793				57092.000				199.849				4093.796				3347.983				17199.428				15838.492				62886.945				62886.957				21380.754

 

		OIL				GAS
GROSS WELLS			34.0				42.0
GROSS ULT., MB & MMF			693.394				19451.092
GROSS CUM., MB & MMF			0.000				0.000
GROSS RES., MB & MMF			693.394				19451.092
NET RES., MB & MMF			518.767				16170.712
NET REVENUE, M$			46074.793				57091.984
INITIAL PRICE, $			89.001				3.502
INITIAL N.I., PCT.			80.710				87.300

 

						P.W. %				P.W., M$
LIFE, YRS.			50.00				5.00				34931.434
DISCOUNT %			10.00				9.00				23458.500
UNDISCOUNTED PAYOUT, YRS.			3.44				10.00				21380.746
DISCOUNTED PAYOUT, YRS.			3.76				12.00				17870.219
UNDISCOUNTED NET/INVEST.			4.97				14.00				15034.222
DISCOUNTED NET/INVEST.			2.54				20.00				9155.664
RATE -OF-RETURN, PCT.			47.64				40.00				1206.902
INITIAL W.I., PCT.			97.841				60.00				-1355.758
							80.00				-2423.344
							100.00				-2915.510

 

 

ENERJEX RESOURCES 2014 EVALUATION ALL PROPERTIES POSSIBLE

DATE         : 03/06/2014 TIME          : 12:26:49 DBS             : CLASSIC SETTINGS  : SETDATA SCENARIO : MHA14

 

RESERVES AND ECONOMICS

 

AS OF DATE: 01/2014

 

END				GROSS				GROSS				GROSS				NET				NET				NET				NET OIL				NET GAS				NET NGL				TOTAL
MO-YEAR				OIL				GAS				NGL				OIL				GAS				NGL				PRICE				PRICE				PRICE				NET SALES
				MBBLS				MMCF				MBBLS				MBBLS				MMCF				MBBLS				$/BBL				$/MCF				$/BBL				M$
	12-2014				21.463				515.034				0.409				17.234				427.984				0.340				89.510				3.506				18.730				3049.291
	12-2015				82.121				3234.884				0.767				65.337				2696.681				0.637				89.405				3.535				18.730				15386.066
	12-2016				130.868				4164.582				0.474				101.944				3474.136				0.393				89.239				3.534				18.730				21381.904
	12-2017				160.237				3444.273				0.361				125.476				2873.393				0.300				89.299				3.534				18.730				21365.895
	12-2018				152.831				3009.579				0.298				119.623				2510.831				0.248				89.304				3.534				18.730				19562.074
	12-2019				136.907				2708.632				0.257				107.176				2259.808				0.214				89.297				3.535				18.730				17562.066
	12-2020				122.947				2483.837				0.228				96.266				2072.302				0.189				89.289				3.535				18.730				15924.124
	12-2021				103.787				2307.475				0.206				80.888				1925.188				0.171				89.266				3.535				18.730				14028.973
	12-2022				87.354				2164.232				0.188				67.689				1805.698				0.156				89.238				3.535				18.730				12426.387
	12-2023				77.069				2044.849				0.174				59.534				1706.111				0.145				89.222				3.535				18.730				11345.537
	12-2024				69.293				1943.334				0.162				53.418				1621.428				0.135				89.211				3.535				18.730				10499.798
	12-2025				67.864				1864.253				0.524				52.537				1553.702				0.435				89.227				3.530				18.730				10179.933
	12-2026				60.089				1783.361				0.339				46.362				1487.056				0.281				89.211				3.532				18.730				9393.798
	12-2027				54.631				1714.168				0.278				42.088				1429.583				0.231				89.203				3.533				18.730				8809.248
	12-2028				50.033				1640.906				0.243				38.507				1368.594				0.202				89.198				3.533				18.730				8274.274
	S TOT				1377.494				35023.398				4.909				1074.081				29212.496				4.075				89.273				3.534				18.730				199189.344
	AFTER				577.154				12817.516				2.956				442.962				10685.399				2.453				89.164				3.531				18.730				77275.648
	TOTAL				1954.648				47840.914				7.865				1517.043				39897.895				6.528				89.241				3.533				18.730				276465.000

 

END				NET				NET				NET				AD VALOREM				SEVERANCE				DIRECT OPER				EQUITY				FUTURE NET				CUMULATIVE				CUM. DISC.
MO-YEAR				OIL SALES				GAS SALES				NGL SALES				TAX				TAX				EXPENSE				INVESTMENT				CASHFLOW				CASHFLOW				CASHFLOW
				M$				M$				M$				M$				M$				M$				M$				M$				M$				@ 10% M$
	12-2014				1542.595				1500.336				6.360				1.927				179.635				487.501				20796.264				-18416.031				-18416.031				-17541.516
	12-2015				5841.475				9532.671				11.924				148.656				743.827				2024.686				11071.470				1397.429				-17018.604				-16461.570
	12-2016				9097.350				12277.190				7.367				158.435				1057.012				3198.544				2149.465				14818.455				-2200.149				-4802.554
	12-2017				11204.920				10155.375				5.617				132.400				1170.906				3770.203				845.160				15447.236				13247.087				6257.418
	12-2018				10682.905				8874.532				4.640				116.131				1093.647				3655.381				819.870				13877.049				27124.137				15289.612
	12-2019				9570.444				7987.629				4.001				104.670				978.959				3327.449				0.000				13151.001				40275.137				23084.963
	12-2020				8595.504				7325.083				3.545				96.015				882.131				3041.424				0.000				11904.554				52179.688				29499.090
	12-2021				7220.548				6805.230				3.200				89.174				756.096				2725.170				0.000				10458.537				62638.223				34624.305
	12-2022				6040.474				6382.980				2.929				83.586				648.890				2458.912				0.000				9234.994				71873.219				38736.910
	12-2023				5311.788				6031.042				2.709				78.910				581.004				2277.926				0.000				8407.696				80280.914				42140.227
	12-2024				4765.502				5731.772				2.526				74.923				529.599				2135.081				186.646				7573.549				87854.461				44929.711
	12-2025				4687.717				5484.062				8.139				71.470				518.985				2074.462				0.000				7515.004				95369.469				47444.125
	12-2026				4136.039				5252.505				5.263				68.444				468.469				1941.855				0.000				6915.033				102284.508				49546.891
	12-2027				3754.357				5050.572				4.322				65.763				432.957				1840.696				0.000				6469.839				108754.344				51335.316
	12-2028				3434.755				4835.737				3.776				63.322				401.938				1745.821				0.000				6063.189				114817.539				52859.031
	S TOT				95886.375				103226.727				76.317				1353.826				10444.053				36705.109				35868.879				114817.539				114817.539				52859.031
	AFTER				39496.258				37733.414				45.952				485.585				4060.151				18873.416				0.000				53856.488				168674.047				60404.305
	TOTAL				135382.625				140960.141				122.269				1839.411				14504.204				55578.523				35868.879				168674.016				168674.047				60404.305

 

		OIL				GAS
GROSS WELLS			69.0				107.0
GROSS ULT., MB & MMF			1954.648				47840.922
GROSS CUM., MB & MMF			0.000				0.000
GROSS RES., MB & MMF			1954.648				47840.922
NET RES., MB & MMF			1517.043				39897.891
NET REVENUE, M$			135382.641				140960.172
INITIAL PRICE, $			89.296				3.526
INITIAL N.I., PCT.			80.295				87.434

 

						P.W. %				P.W., M$
LIFE, YRS.			50.00				5.00				95950.992
DISCOUNT %			10.00				9.00				65894.195
UNDISCOUNTED PAYOUT, YRS.			3.14				10.00				60404.285
DISCOUNTED PAYOUT, YRS.			3.43				12.00				51077.691
UNDISCOUNTED NET/INVEST.			5.70				14.00				43484.211
DISCOUNTED NET/INVEST.			2.87				20.00				27506.805
RATE-OF-RETURN, PCT.			50.97				40.00				5005.758
INITIAL W.I., PCT.			99.054				60.00				-2728.760
							80.00				-6161.048
							100.00				-7874.033