Stratex Oil & Gas Holdings, Inc. - FORM 10-K - EX-99.4 - PINNACLE ENERGY SERVUCES LLC ENGINEERING REPORT

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - Stratex Oil & Gas Holdings, Inc.	Financial_Report.xls
EX-32.1 - CERTIFICATION - Stratex Oil & Gas Holdings, Inc.	f10k2014ex32i_stratexoil.htm
EX-31.1 - CERTIFICATION - Stratex Oil & Gas Holdings, Inc.	f10k2014ex31i_stratexoil.htm
EX-32.2 - CERTIFICATION - Stratex Oil & Gas Holdings, Inc.	f10k2014ex32ii_stratexoil.htm
EX-23.1 - CONSENT OF PINNACLE ENERGY SERVICES, LLC - Stratex Oil & Gas Holdings, Inc.	f10k2014ex23i_stratexoil.htm
EX-31.2 - CERTIFICATION - Stratex Oil & Gas Holdings, Inc.	f10k2014ex31ii_stratexoil.htm
10-K - ANNUAL REPORT - Stratex Oil & Gas Holdings, Inc.	f10k2014_stratexoil.htm

Exhibit 99.4

March 24, 2015

Stratex Oil & Gas Holdings, Inc.

175 S. Main, Suite 900

Salt Lake City UT 84111

Attn: Mr. Michael Cederstorm

	Re:	Reserves and Engineering Evaluation
		Stratex Oil & Gas Holdings
		Year End 2014 — SEC Pricing

EXECUTIVE SUMMARY

An evaluation was performed on fourty-nine (49) producing (PDP) wells, fifteen (15) behind pipe (PBP) wells, eleven (11) non-producing (PDNP) wells, thirty-six (36) Proved Undeveloped (PUD) locations, three (3) Proved Salt Water Disposal Wells (Proved SWD) and seventy-two (72) Non-Proven (Probable & Possible) locations in which Stratex Oil & Gas Holdings, Inc. ("Stratex") owns an interest. The remaining reserves and the future and present worth values were calculated as of January 1, 2015. The attached Exhibit "A" lists the wells, interests, and miscellaneous information related to the wells evaluated.

Information used in the evaluation was provided by Stratex and was supplemented by data gathered from public sources. The analysis was prepared and reserves were categorized using SEC guidelines. Summary results of this analysis are provided below and details are presented in referenced attachments. A summary of the projected reserves and financial values using the January 1, 2015 SEC pricing is summarized as follows:

Proven Reserves			Est Grs Rem'g Rsys				Est Net Rem'g Rsys				Net Capital		Net Cashflow		NPV @ 10%
	#		Oil, MBO		Gas, MMcf		Oil, MBO		Gas MMcf		M$		M$		M$
PDP		49		3,792		7,624		178		26		0		7,206		4,289
PBP		15		547		216		437		173		2,669		17,563		7,467
PNP		11		720		1,356		94		73		1,263		3,475		1,692
PUD		36		1,848		873		1,477		698		19,837		50,505		18,009
Proved SWD		3		0		0		0		0		20		-20		-19
PROVEN TOTAL		114		6,907		10,069		2,186		971		18,790		78,729		31,438

Non-Proven (Prob)			Est Grs Rem'g Rsys				Est Net Rem'g Rsys				Net Capital		Net Cashflow		NPV @ 10%
	#		Oil, MBO		Gas, MMcf		Oil, MBO		Gas, MMcf		M$		M$		M$
Non-Prvn (Probable) BP		15		1,343		652		1,074		521		200		62,477		29,771
Non-Prvn (Probable) NP		9		114		8		84		6		945		3,357		2,434
Non-Prvn (Probable) UD		33		2,337		1,133		1,870		907		381		106,857		44,589
Non-Prvn (Probable) SWD		10		0		0		0		0		1,334		-1,334		-882
Non-Prvn (Possible) UD		2		284		560		210		436		5,565		9,588		359
Non-Prvn (Possible) SWD		3		0		0		0		0		0		0		0
NON-PROVEN TOTAL		72		4,078		2,353		3,238		1,870		8,425		180,945		76,271

A summary of the projected present values at varying discount factors for each reserve category is summarized as follows:

Present Value Profile	NCF - PVO%		PV 5%		PV 10%		PV 15%		PV 20%
Proven	M$		M$		MS		M$		MS
PDP		7,206		5,371		4,289		3,586		3,093
PBP		17,563		11,063		7,467		5,298		3,903
PNP		3,475		2,346		1,692		1,282		1,009
PUD		50,505		29,387		18,009		11,457		7,483
Proved SWD		-20		-20		-19		-19		-19
PROVEN TOTAL		78,729		48,147		31,438		21,604		15,469

Present Value Profile	NCF - PVO%		PV 5%		PV 10%		PV 15%		PV 20%
Non-Proven (Prob)	M$		M$		M$		M$		M$
Non-Prvn (Probable) BP		62,477		42,072		29,771		21,897		16,604
Non-Prvn (Probable) NP		3,357		2,843		2,434		2,103		1,830
Non-Prvn (Probable) UD		106,857		67,594		44,589		30,430		21,355
Non-Prvn (Probable) SWD		-1,334		-1,082		-882		-722		-594
Non-Prvn (Possible) UD		9,588		4,700		2,359		1,128		439
Non-Prvn (Possible) SWD		0		0		0		0		0
NON-PROVEN TOTAL		180,945		116,126		78,271		54,836		39,634

One-line economic summaries (by well) of the results from the evaluation are also included in the attachments along with by-well detail economic projections and production graphs depicting projected rates.

PRICING FORECAST

The SEC oil and gas prices for January 1, 2015 were calculated to be $4.35/Mcf and $91.48/BBL, and were used in the economic evaluation. Product prices are adjusted to reflect differential, BTU content, field losses and usage, or gathering and processing costs, which are shown in the attached exhibit A.

The SEC price is determined according to the SEC pricing regulations for the twelve months ending on December 31, 2014. The prices for each product are calculated by using the unweighted arithmetic average of the first-day-of-the-month price for each month of the prior 12-month reporting period. The natural gas price is based on the NYMEX Henry Hub postings, while the Oil Prices are based on West Texas Intermediate.

EXPENSES, PRODUCTION TAXES, CAPITAL

Well operating expenses were estimated and provided by Stratex. Expenses were held constant going forward. For non-producing (including behind pipe) and undeveloped locations, capital and operating expenses were based on analogy wells and provided by Stratex, and appear to be reasonable based on producing areas, depths, formations, and projected activity.

If a property is calculated to be uneconomic based on rate, expenses, and pricing, the rate, reserves, and expenses will show zero ("0") in the reserves and economic results. However, in reality, many or most of these wells will continue to be produced by the operator and Stratex will realize income and expenses from the properties not captured in this evaluation.

Abandonment costs were assumed to be offset by future salvageable equipment values for the, which is a reasonable and common assumption for the activities projected and producing wells.

Severance and ad valorem taxes were applied to all wells in the economic evaluation. Severance (production) tax rates were based on applicable current state published rates for oil and gas. Ad valorem taxes on reserves and equipment vary by county within the states and are shown in the attached exhibit A.

Capital expenditure for well workovers, treatments, deepenings, and new drills were provided by Stratex. These capital expenditure estimates appear to be reasonable for the actions planned. Timing of the work was estimated and provided by Stratex and it was assumed they were technically and financially capable of performing the work projected.

INTERESTS

Well interests were provided by Stratex and were assumed to be correct. The titles to the properties have not been examined nor has the actual degree or type of interest owned been independently confirmed.

FUTURE INCOME

Future net revenue in this report includes deductions for state production (severance) taxes. Future net income is after deducting these taxes, future capital costs, and operating expenses, but before consideration of any state and/or federal income taxes. The future net income has not been adjusted for any outstanding loans that may exist nor does it include any adjustment for cash on hand or undistributed income. The future net income has been discounted at various annual rates, including the standard ten percent (10%), to determine its "present worth." The present worth is shown to indicate the effect of time on the value of money.

RESERVES DISCUSSION

Remaining recoverable reserves are those quantities of petroleum that are anticipated to be commercially recovered from known accumulations from a given date forward. All reserve estimates involve some degree of uncertainty depending primarily on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty is conveyed by classifying reserves as Proved (highly certain) or Non-Proved (less certain).

The estimated reserves and revenues shown in this report were determined by SEC standards for Proved and Non-Proved (Probable and Possible) reserve categories. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing for the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within reasonable time.

Proved developed oil and gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Proved Developed Producing (PDP) is assigned to wells with sufficient production history to allow material balance and decline curve analysis to be the primary methods of estimation. PDP reserves are the most reliable reserves, generally with a high degree of confidence that actually recovered quantities will equal or exceed published reserve estimates.

Proved Developed Non-Producing (PNP) reserves include reserves from zones that have been penetrated by drilling but have not produced sufficient quantities to allow material balance or decline curve analysis with a high degree of confidence. This category includes Proved Developed Behind-Pipe (PNPBP) zones and tested wells awaiting production equipment (PNP).

Proved undeveloped (PUD) oil and gas reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Proved reserves for other undrilled units can be claimed only where it can be demonstrated with reasonably certainty that there is continuity of production from the existing productive formation. Reserves on undrilled acreage shall be limited to those drilling units offsetting productive units that are reasonably certain of production when drilled.

The Proven Undeveloped and Non-Producing wells were forecasted based on geological data presented, volumetric calculations, and analog comparisons to existing completions.

GENERAL

The reserves and values included in this report are estimates only and should not be construed as being exact quantities. The reserve estimates were performed using accepted engineering practices and were primarily based on historical rate decline analysis for existing producers. As additional pressure and production performance data becomes available, reserve estimates may increase or decrease in the future. The revenue from such reserves and the actual costs related may be more or less than the estimated amounts. Because of governmental policies and uncertainties of supply and demand, the prices actually received for the reserves included in this report and the costs incurred in recovering such reserves may vary from the price and cost assumptions referenced. Therefore, in all cases, estimates of reserves may increase or decrease as a result of future operations.

In evaluating the information available for this analysis, items excluded from consideration were all matters as to which legal or accounting, rather than engineering interpretation, may be controlling. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering data and such conclusions necessarily represent only informed professional judgments. The titles to the properties have not been examined nor has the actual degree or type of interest owned been independently confirmed. A field inspection of the properties is not usually considered necessary for the purpose of this report.

Information included in this report includes projected production and cashflow economic results by entity, one-line economic results summaries for each well, and miscellaneous individual well information. Additional information reviewed will be retained and is available for review at any time. Pinnacle Energy Services, L.L.C. can take no responsibility for the accuracy of the data used in the analysis, whether gathered from public sources or otherwise.

Pinnacle Energy Services, LLC

/s/ John Paul Dick, P.E.		/s/ Keith Drennen, P.E.
John Paul Dick, P.E.		Keith Drennen, P.E.
Petroleum Engineer		Petroleum Engineer

Disclaimer: Pinnacle Energy Services, L.L.C. nor any of its subsidiaries, affiliates, officers, directors, shareholders, employees, consultants, advisors, agents, or representatives make any representation or warranty, express or implied, in connection with any of the information made available herein, including, but not limited to, the past, present or future value of the anticipated reserves, cash flows, income, costs, expense, liabilities and profits, if any, to be derived from the properties described herein. All statements, estimates, projections and implications as to future operations are based upon best judgments of Pinnacle Energy Services; however, there is no assurance that such statements, estimates, projections or implications will prove to be accurate. Accordingly, any company, or other party receiving such information will rely solely upon its own independent examination and assessment of said information. Neither Pinnacle Energy Services nor any of its subsidiaries, affiliates, officers, directors, shareholders, employees, consultants, advisors, agents, or representatives shall have any liability to any party receiving the information herein, nor to any affiliate, partner, member, officer, director, shareholder, employee, consultant, advisor, agent or representative of such party from any use of such information. The property description and other information attached hereto are for the sole, confidential use of the person to whom this copy has been made available. It may not be disseminated or reproduced in any matter whatsoever, whether in full or in part, without the prior written consent of Pinnacle Energy Services, L.L.C. This evaluation and all descriptions and other information attached hereto are for information purposes only and do not constitute an evaluation of or offer to sell or a solicitation of an offer to buy any securities.

Stratex - Year End 2014 - Exhibit A

Case Name	Capital Date	Gross Capital	Net Capital	1st Prod Date	Gross IP Oil BBL/Day	Gross IP Gas Mcf/Day	WI	RI	Fixed OPEX $/kie	011 OPEX $/BBL	Severence Tax Rate	Ad Valorem Tax Rate % or S/BBL 0	Oil Price	Gas Price
CONNER 14-27		$0	$0	July-2011	185	0	0.00000000	0.00290000	$1,000	$0.00	3.00%	4.33%	$ 84.21	$ 4.35
KOSTELECKY 1-1H		$0	$0	May-2012	281	179	0.00330000	0.00260000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
KREHLIK 1-11H		$0	$0	July-2013	287	213	0.00260000	0.00210000	$5,000	$5.00	6.50%	5.00%	$ 81.48	$ 8.44
HAAS THECLAS 1		$0	$0	January-2007	10	0	0.07810000	0.06250000	$3,128	$0.00	3.00%	4.33%	$ 85.02	$ 4.35
HAAS FREDD 1		$0	$0	September-2006	21	0	0.07620000	0.06080000	$4,299	$0.00	3.00%	4.33%	$ 85.02	$ 4.35
HAAS FREDD 2		$0	$0	July-2012	5	0	0.08710000	0.06080000	$2,708	$0.00	3.00%	4.33%	$ 85.02	$ 4.35
LAWRENCE 32-23 & 43-23		$0	$0	December-2011	21	0	0.00000000	0.01950000	$2,000	$0.00	3.00%	4.33%	$ 84.21	$ 4.35
LAWRENCE MUNSELL UNIT 21		$0	$0	August-2010	46	0	0.00000000	0.00620000	$1,000	$0.00	3.00%	4.33%	$ 84.21	$ 4.35
HOLLAMON-MCGRAW		$0	$0	February-2012	42	0	0.00000000	0.05000000	$1,000	$0.00	3.00%	4.33%	$ 84.21	$ 4,35
ARTHAUD 21-29TFH		$0	$0	May-2011	67	57	0.01820000	0.01460000	$5,000	$5.00	6.50%	5.00%	$ 81.15	$ 3.31
DULETSKI 11-16TFH		$0	$0	May-2012	182	208	0.01310000	0.01050000	$5,000	$5.00	6.50%	5.00%	$ 81.41	$ 3.32
DULETSKI 21-16TFH		$0	$0	June-2011	362	421	0.01310000	0.01050000	$5,000	$5.00	6.50%	5.00%	$ 80.79	$ 3.32
PALUCK 21-28TFH		$0	$0	May-2011	47	45	0.00990000	0.00790000	$5,000	$5.00	6.50%	5.00%	$ 80.98	$ 3.32
TEAL-PETERSON 33-12		$0	$0	August-2008	25	11	0.05000000	0.03750000	$5,000	$5.00	6.50%	5.00%	$ 82.56	$ 4.35
BOXBERGER NO. A2 RE PDP		$0	$0	May-2010	11	0	1.00000000	0.80000000	$1,900	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER E 6RE 13 PDP		$0	$0	June-2011	12	0	1.00000000	0.80000000	$1,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER W 1RE PDP		$0	$0	September-2006	3	0	1.00000000	0.78000000	$1,400	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
MAI 6 #2		$0	$0	April-2011	37	0	1.00000000	0.80000000	$1,100	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL N 5RE & 11		$0	$0	June-2011	13	0	1.00000000	0.82250000	$2,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO. 1RE PDP		$0	$0	August-2007	5	0	1.00000000	0.78000000	$1,400	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
KOELSCH NO. 25-1		$0	$0	May-2012	32	0	0.83500000	0.65970000	$3,940	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
PRESCOTT NO. 2 PDP		$0	$0	January-2006	6	0	0.85500000	0.67570000	$2,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
ZALESKY 34-8PH		$0	$0	May-2012	78	54	0.00090000	0.00070000	$5,000	$5.00	6.50%	5.00%	$ 80.21	$ 3.24
CYMBALUK 21-25TFH		$0	$0	April-2012	144	216	0.00040000	0.00030000	$5,000	$5.00	6.50%	5.00%	$ 80.63	$ 4.35
PERCH 1-30H1		$0	$0	March-2014	154	177	0.00220000	0.00190000	$5,000	$5.00	6.50%	5.00%	$ 80.63	$ 4.35
HEG WHITTEN A PDP (12-3)		$0	$0	September-2007	75	0	1.00000000	0.78000000	$950	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
HEG WHITTEN PDP (12-2)		$0	$0	August-2014	19	0	1.00000000	0.78000000	$6,750	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
TININENKO 4		$0	$0	June-1982	33	30	1.00000000	0.83080000	$5,000	$5.00	0.00%	12.76%	$ 77.99	$ 4.35
KUNTZ 1-23-14H		$0	$0	October-2012	53	20	0.00780000	0.00670000	$5,000	$5.00	6.50%	5.00%	$ 80.43	$ 3.18
HELSEL 3-1		$0	$0	March-2013	25	0	1.00000000	0.78500000	$6,000	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
LYNN 5502 11-10H		$0	$0	November-2011	216	142	0.00140000	0.00120000	$5,000	$5.00	6.50%	5.00%	$ 87.24	$ 4.35
BURIAN 1-27H		$0	$0	February-2012	637	558	0.00160000	0.00130000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
CHARNWOOD 1-32H		$0	$0	September-2012	419	377	0.00330000	0.00260000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
CHRUSZCH 43X-29F		$0	$0	July-2012	52	71	0.00290000	0.00230000	$5,000	$5.00	6.50%	5.00%	$ 86.01	$ 5.61
ELIZABETH ANN 1-32H		$0	$0	June-2012	215	161	0.00200000	0.00150000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
EPSOM 1-31H		$0	$0	May-2012	385	301	0.00460000	0.00360000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
PROCH 1-7H		$0	$0	August-2012	225	283	0.00130000	0.00050000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
HOFFMAN NO. 4RE PDP		$0	$0	July-2010	2	0	1.00000000	0.78000000	$1,450	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
KUBAS 1-22H		SO	$0	August-2012	286	208	0.00200000	0.00160000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
LUPTAK 1-24111		$0	$0	February-2014	198	119	0.00130000	0.00100000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
METZ 1-33H		$0	$0	October-2013	71	55	0.00070000	0.00050000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
NARVIK 1-35H		$0	$0	November-2012	289	175	0.00290000	0.00230000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
HOWARD 10N-22HZ		$0	$0	April-2014	224	366	0.00530000	0.00460000	$14,391	$0.00	3.00%	8.00%	$ 81.32	$ 4.35
HOWARD 24C-22HZ		$0	$0	April-2014	443	838	0.00350000	0.00310000	517,596	$0.00	3.00%	8.00%	$ 81.32	$ 4.35
HOWARD 24N-22HZ		$0	$0	April-2014	337	513	0.00350000	0.00310000	$13,188	$0.00	3.00%	8.00%	$ 81.32	$ 4.35
HOWARD 25C-22H Z		$0	$0	April-2014	289	442	0.00260000	0.00230000	$10,805	$0.00	3.00%	8.00%	$ 81.32	$ 4.35
HOWARD 9C-22HZ		$0	$0	April-2014	289	394	0.00180000	0.00160000	$21,032	$0.00	3.00%	8.00%	$ 81.32	$ 4.35
HOWARD FEDERAL 40N-22HZ		$0	$0	April-2014	363	570	0.00890000	0.00780000	$15,402	$0.00	3.00%	8.00%	$ 81.32	$ 4.35
OLSON 35-26-1H		$0	$0	March-2013	218	299	0.00310000	0.00250000	$5,000	$5.00	6.00%	5.00%	$ 82.59	$ 3.31
BOXBERGER NO. 81-RE PBP	July-2020	$213,585	$213,585	September-2020	25	12	1.00000000	0.80000000	54,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26

Stratex - Year End 2014 - Exhibit A

Case Name	I Capital Date	Gross Capital	Net Capital	1st Prod Date	Gross IP Oil BBL/Day	Grass IP Gas WI/Day	WI	RI	Fixed OPEX $/Mo	Oil OPEX WBEIL	Severance Tax Rate	Ad Valorem Tax Rate % or $,IBBL 0	Oil Price	Gas Price
BOXBERGER NO. B4 -RE PBP	July-2020	$213,585	$213,585	September-2020	25	12	100000000	0.80000000	$9,700	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
ERLICH 8 3RE PRP	November-2020	$213,585	$213,585	November-2020	25	12	1.00000000	0.80000000	$4,000	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
ERLICH 8 5RE PRP	January-2016	$213,585	$213,585	March-2016	25	12	100000000	0.80000000	$4,000	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO. 13RE NIP		$0	$0	January-2015	25	12	1.00000000	0.80000000	$3,058	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO.1RE PBP	July-2018	$213,585	$213,585	September-2018	25	12	1.00000000	0.78000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO.2RE PBP	November-2017	$250,000	$250,000	January-2017	15	7	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO.6RE PBP	January-2017	$213,585	$213,585	March-2017	15	7	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
MAI E #2 PBP	September-2020	$213,585	$213,585	November-2020	23	0	1.00000000	0.80000000	$440	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #11RE PBP	April-2015	$85,000	$85,000	June-2015	11	0	100000000	0.82250000	$720	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO.10 L-RE PBP	January-2017	$190,970	51.90,970	March-2017	23	11	1.00000000	0.82250000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO.12 RE P8P	May-2017	$148,798	$148,798	May-2017	23	11	1.00000000	0.82250000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NEEDENTHAL NO.5RE PBP	mach 2017	$200,124	$200,124	May-2017	15	0	1.00000000	0.82250000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
PRESCOTT 25-6 PBP	May-2015	$200,124	$171,106	July-2015	10	0	0.85500000	0.67570000	$1,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
PRESCOTT NO. 5RE PBP	November-2021	$150,000	$128,250	January-2022	10	0	0.85500000	0.67570000	$4,000	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
BOXBERGER NO. A2 PNP	May-2020	$213,585	$213,585	May-2020	10	0	1.00000000	0.80000000	$1,425	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO.5 PSI	November-2016	$213,585	$213,585	January-2017	13	6	100000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO. 1RE PNP	September-2018	$213,585	$213,585	November-2018	15	0	1.00000000	0.78000000	$1,750	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
O'SLASH CATTLE 111		$0	$0	January-2015	30	200	0.50000000	0.39000000	$1,500	$0.00	3.00%	4.33%	$ 87.82	5 3.26
PRESCOTT NO. 2 PNP	April-2015	$3,000	$2,565	June-2015	5	0	0.85500000	0.67570000	51,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HEG WHITTEN NO. 12-2 PNP		$0	$0	February-2015	10	0	1.00000000	0.78000000	$3,400	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
HEG WYCKOFF 1 PNP	September-2016	$300,000	$300,000	November-2016	10	0	1.00000000	0.78000000	$950	$0.00	4.33%	53.00	$ 87.82	$ 3.26
HOFFMAN NO. 1 PNP	September-2016	$220,124	$220,124	November-2016	5	2	1.00000000	0.78000000	$1,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN NO. 4RE PNP	January-2015	$1,000	$1,000	February-2015	5	0	100000000	0.78000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
VOLESKY 123H		$0	$0	February-2015	350	400	0.00960000	0.00750000	$5,000	$5.00	6.50%	5.00%	$ 78.51	$ 8.44
XCEL 25N-22HN		$0	$0	January-2015	325	780	0.00260000	0.00230000	$15,402	$0.00	3.00%	8.00%	$ 81.32	$ 4.35
BOXBERGER 32-1 (B3) RE-PUD	November-2020	$408,473	$408,473	January-2021	25	12	1.00000000	0.80000000	$9,700	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
BOXBERGER 32-2	November-2020	$408,473	$408,473	January-2021	25	12	1.00000000	0.80000000	$9,700	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
EHRLICH #31-6 PUD	January-2021	$408,473	$408,473	March-2021	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
EHRLICH #31-7 PUD	March-2021	$408,473	$408,473	May-2021	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER #22-2 PUD	November-2018	$408,473	$408,473	January-2019	25	12	1.00000000	0.78000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER #23-15 PUD	January-2019	$408,473	$408,473	March-2019	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER #23-16 PUD	January-2019	$408,473	$408,473	March-2019	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER #23-17 PUD	March-2019	$408,473	5408,473	May-2019	25	12	1.00000000	0.80000000	54,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER #23-18 PUD	March-2019	$408,473	5408,473	May-2019	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 8L32	$ 3.26
MAI #34-3 PUD	March-2021	$408,473	$408,473	May-2021	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
MAI #34-4 PUD	May-2021	$408,473	$408,473	July-2021	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	53.00	$ 81.32	$ 3.26
MAI #34-5 PUD	May-2021	$408,473	$408,473	July-2021	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 8L32	$ 3.26
N1EDENTHAL #14-1 PUD	March-2016	$408,473	$408,473	May-2016	25	12	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #14-2 PUD	July-2019	$408,473	$408,473	September-2019	25	12	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #14-3 PUD	September-2019	$408,473	$408,473	November-2019	25	12	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #14-4 PUD	September-2019	$408,473	$408,473	November-2019	25	12	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 8L32	$ 3.26
NIEDENTHAL #23-13 PUD	July-2016	$408,473	$408,473	September-2016	25	12	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #23-14 PUD	November-2019	$408,473	$408,473	January-2020	23	11	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #23-15 PUD	November-2019	$408,473	$408,473	January-2020	25	12	1.00000000	0.83350000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #23-16 PUD	January-2020	$408,473	$408,473	March-2020	25	12	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #23-17	January-2020	$408,473	$408,473	March-2020	23	11	1.00000000	0.83500000	$4,850	$0.00	4.33%	53.00	$ 81.32	$ 3.26
NIEDENTHAL #23-18 PUD	May-2017	$408,473	$408,473	July-2017	25	12	1.00000000	0.83500000	54,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #23-19 PUD	March-2020	$408,473	$408,473	May-2020	25	12	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL #23-20 PUD	March-2020	$408,473	$408,473	May-2020	25	12	1.00000000	0.80000000	$4,850	50.00	4.33%	53.00	$ 81.32	$ 3.26
NIEDENTHAL #23-21 PUD	May-2020	$408,473	$408,473	July-2020	25	12	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26

Stratex - Year End 2014 - Exhibit A

Case Name	Capital Date	Gross Capital	Net Capital	1st Prod Date	Gross IP Oil BBL/Day	Gross IP Gas Mcf/Day	WI	RI	Fixed OPEX $/M0	Oil OPEX $/BBL	Severance Tax Rate	Ad Valorem Tax Rate % or $,IBBL 0	Oil Price	Gas Price
KOELSCH NO. 25-2 PUD	November-2017	$445,767	$381,131	January-2018	25	12	0.85500000	0.68830000	$4,850	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
MEYER 25-1 PUD	May-2016	$445,767	$381,131	July-2016	25	12	0.85500000	0.68830000	$4,850	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
HEG WYCKOFF #12-3 PUD	December-2017	$445,767	$445,767	March-2018	40	19	1.00000000	0.78000000	$9,700	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
WHITTEN #12-5 PUD	March-2018	$445,767	$445,767	May-2018	65	32	1.00000000	0.78000000	$9,700	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
W H ITTEN #12-6 PUD	March-2018	$445,767	$445,767	May-2018	65	32	1.00000000	0.78000000	$4,850	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
HELSEL NO. 3-2	July-2017	$445,767	$445,767	September-2017	60	29	1.00000000	0.79000000	$4,850	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
YEAROUT #2-2	July-2018	$445,767	$445,767	September-2018	60	0	1.00000000	0.79000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN NO. 26-1 PUD	July-2021	$408,473	$408,473	September-2021	25	12	1.00000000	0.78000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN NO. 26-2 PUD	July-2021	$408,473	$408,473	September-2021	25	12	1.00000000	0.78000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN NO. 26-3 PUD	September-2021	$408,473	$408,473	November-2021	25	12	1.00000000	0.78000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN NO. 26-4 PUD	September-2021	$408,473	$408,473	November-2021	25	12	1.00000000	0.78000000	$4,850	$0.00	4.33%	53.00	$ 87.82	$ 3.26
PRESCOTT #4 SWD		$0	$0		0	0	0.85500000	0.67570000	$4,850	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
DOWIS #1 SWD EXISTING		$0	$0		0	0	1.00000000	0.78000000	$4,850	$0.00	4.33%	53.00	$ 81.32	$ 3.26
YEAROUT #1 SWD	May-2015	$20,000	$20,000		0	0	1.00000000	0.79000000	$4,000	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
BOXBERGER NO. F11-RE PRBP		$0	$0	September-2020	35	17	1.00000000	0.80000000	$4,000	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
ERLICH B 3RF PRBP		$0	$0	November-2020	38	18	1.00000000	0.80000000	$3,058	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
ERLICH B 5RE PRBP		$0	$0	March-2016	38	18	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO. 13RE PRBP		$0	$0	January-2015	35	17	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER N0.1RE PRBP		$0	$0	September-2018	38	18	1.00000000	0.78000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO.2RE PRBP		$0	$0	January-2017	38	18	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO.5 PREP		$0	$0	January-2017	38	18	1.00000000	0.80000000	$4,000	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMEYER NO.6RE PRBP		$0	$0	March-2017	38	18	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
MAI E 2 PRBP		$0	$0	November-2020	38	18	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO.1 PRBP		$0	$0	June-2015	38	18	1.00000000	0.82250000	$9,700	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO.10 L-RE PRBP		$0	SO	March-2017	38	18	1.00000000	0.82250000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO.11 RE PRBP		$0	$0	June-2015	38	18	1.00000000	0.82250000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO.12 RE PRBP		$0	$0	May-2017	38	18	1.00000000	0.82250000	$4,000	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL NO.5RE PRBP		SO	$0	May-2017	38	18	1.00000000	0.82250000	$2,490	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
PRESCOTT NO. 5RE PRBP		$0	SO	January-2022	40	19	0.85500000	0.67570000	$1,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
BOXBERGER NO. A5L RE PRNP	January-2016	$200,124	$200,124	March-2016	25	0	1.00000000	0.80000000	$1,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
KOELSCH 25-1	March-2015	$200,124	$167,104	May-2015	20	0	0.83500000	0.65970000	$1,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
PRESCOTT 25-6 PRNP		$0	$0	July-2015	40	0	0.85500000	0.67570000	$3,400	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
PRESCOTT NO. 2 PRNP			$0	June-2015	20	0	0.85500000	0.67570000	$2,500	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
RUSK #2 Prob NP	March-2015	$50,000	$50,000	May-2015	7	0	1.00000000	0.79000000	$3,400	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
YEARCMT #2-1- WILCOX Prob NP	May-2015	$477,792	$477,792	June-2015	5	0	1.00000000	0.79000000	$3,400	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
YEAROUT #2-1 NP	May-2015	$50,000	$50,000	July-2015	15	0	1.00000000	0.79000000	$2,400	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN NO. IRE PRNP		$0	$0	November-2016	25	12	1.00000000	0.78000000	$1,575	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN NO. 4RE PRNP		$0	$0	February-2015	40	0	1.00000000	0.78000000	$1,575	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
BOXBERGER 32-2		$0	$0	January-2021	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
BOXBERGER NO. 32-1 (83) PROB		$0	$0	January-2021	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
EHRLICH 31-6 PROB		$0	$0	March-2021	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
EHRLICH 31-7 PROB		$0	$0	May-2021	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER 22-2 PROB		$0	$0	January-2019	40	19	1.00000000	0.78000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER 23-15 PROB		$0	$0	March-2019	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER 23-16 PROB		$0	$0	March-2019	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER 23-17 PROB		$0	$0	May-2019	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
FURTHMYER 23-18 PROS		$0	$0	May-2019	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
MAI 34-3 PROB		$0	$0	May-2021	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
MAI 34-4 PROB		$0	$0	July-2021	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
MAI 34-5 PROB		So	$0	July-2021	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26

Stratex - Year End 2014 - Exhibit A

Case Name	Capital Date	Gross Capital	Net Capital	1st Prod Date	Gross IP Oil BBL/Day	Gross IP Gas Mcf/Day	WI	RI	Fixed OPEX VIVI	Oil OPEX $/BBL	Severence Tax Rate	Ad Valorem Tax Rate % or $./BBL 0	Oil Price	Gas Price
NIEDENTHAL 14-1 PROS		$0	$0	May-2016	40	19	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 14-2 PROS		$0	$0	September-2019	40	19	1.00000000	0.83500000	$4,850	50.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 14-3 PROS		$0	$0	November-2019	40	19	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 14-4 PROS		$0	$0	November-2019	40	19	1.00000000	0.83500000	$4,850	$0.00	4.33%	53.00	$ 81.32	$ 3.26
NIEDENTHAL 23-13 PROS		$0	$0	September-2016	40	19	1.00000000	0.83500000	$4,850	50.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 23-14X PROS		$0	$0	January-2020	40	19	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 23-15 PROS		$0	$0	January-2020	40	19	1.00000000	0.83350000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.Z6
NIEDENTHAL 23-16 PROB		$0	$0	March-2020	40	19	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 23-17X PROS		$0	$0	March-2020	40	19	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 23-18		$0	$0	July-2017	40	19	1.00000000	0.83500000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 23-19		$0	$0	May-2020	40	19	1.00000000	0.83500000	$4,850	$0.00	4.33%	53.00	$ 81.32	$ 3.26
NIEDENTHAL 23-20 PROB		$0	$0	May-2020	40	19	1.00000000	0.80000000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
NIEDENTHAL 23-21 PROS		$0	$0	July-2020	40	19	1.00000000	0.80000000	$4,850	$0.60	4.33%	$3.00	$ 81.32	$ 3.26
KOELSCH NO. 25-2 PROS		$0	$0	January-2018	40	19	0.85500000	0.68830000	$4,850	$0.60	4.33%	$3.00	$ 81.32	$ 3.26
KOELSCH NO. 25-5H PROB	November-2017	$445,767	$381,131	January-2018	30	15	0.85500000	0.68830000	$4,850	$0.00	4.33%	53.00	$ 81.32	$ 3.26
MEYER 25-1 PROS		$0	$0	July-2016	40	19	0.85500000	0.68830000	$4,850	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
YEAROUT 2-2 PROS		$0	$0	September-2018	40	19	1.00000000	0.78000000	$4,850	$0.00	4.33%	53.00	$ 81.32	$ 3.26
HOFFMAN 26-1 PROS		$0	$0	September-2021	40	19	1.00000000	0.78000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN 26-2 PROS		$0	$0	September-2021	40	19	1.00000000	0.78000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN 26-3 PROS		$0	$0	November-2021	40	19	1.00000000	0.78000000	50	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN 26-4 PROS		$0	$0	November-2021	40	19	1.00000000	0.78000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26 _
AMOS #22-1 SWD	November-2018	$333,453	$333,453		0	0	1.00000000	0.80000000	$0	$0.00	4.33%	53.00	$ 81.32	$ 3.26
BOXBERGER #32-3 SWD	January-2021	$333,453	$333,453		0	0	1.00000000	0.80000000	$0	$0.00	4.33%	53.00	$ 81.32	$ 3.26
FURTHMYER #11 SWD		$0	$0		0	0	1.00000000	0.80000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
GORHAM 27 5WD	May-2019	$333,453	$333,453		0	0	1.00000000	0.80000000	$0	$0.00	4.33%	$3.00	$ 87.82	5 3.26
GORHAM 28 SWD	May-2019	$333,453	$333,453		0	0	1.00000000	0.80000000	$0	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
GORHAM 29 SWD	July-2019	$333,453	5333,453		0	0	1.00000000	0.80000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
KOELSCH 25-4 SWD	September-2017	$333,453	$285,102		0	0	0.85500000	0.67571700	$3,000	50.00	4.33%	$3.00	5 81.32	$ 3.26
HEG WYCKOFF #12-4 SWD	January-2018	$333,453	$333,453		0	0	1.00000000	0.78000000	$3,000	$0.00	4.33%	$3.00	$ 87.82	$ 3.26
YEAROUT #2. SWD	May-2018	$333,453	5333,453		0	0	1.00000000	0.79000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN #26-5 SWD	November-2021	$333,453	$333,453		0	0	1.00000000	0.78000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
KOELSCH NO. 25-3H PROB	November-2017	$3,000,000	$2,565,000	January-2018	150	73	0.85500000	0.68827500	$0	$3.00	4.33%	$3.00	$ 81.32	$ 3.26
HELSEL NO. 3-5H PROS	January-2018	$3,000,000	$3,000,000	March-2018	150	400	1.00000000	0.79000000	$0	$3.00	4.33%	$3.00	$ 87.82	$ 3.26 '
BOXBERGER A #3 SWD		$0	$0		0	0	1.00000000	0.80000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
JOHNSON #2 SWD		$0	50		0	0	1.00000000	0.80000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26
HOFFMAN #6		$0	$0		0	0	1.00000000	0.78000000	$0	$0.00	4.33%	$3.00	$ 81.32	$ 3.26 1

3/19/2015 1:16:31 AM	Economic One-Liners
	As of Date: 1/1/2015
Project Name : Richfield-Stratex YE 2014
Ownership Croup: All Cases

	Gross Reserves				Net Reserves				Net Revenue						Expense		Invest.		Cash Flow
*Lease Name Risked* /UnRisked**	Oil (Mbbl)		Gas (MMcf)		Oil (Mbbl)		Gas (MMcf)		Oil (M$)		Gas (M$)		Other (M$)		& Tax (M$)		(M$)		Non-Disc. (M$)		Disc. CF (M$)

Proved Producing Rsv Class & Category		3,791.89		7,624.99		178.22		26.35		14,824.13		127.96		0.00		7,746.14		0.00		7,205.95		4,289.47
CONNER 14-27 - 14-27		16.32		0.00		0.05		0.00		3.98		0.00		0.00		0.29		0.00		3.69		1.72
KOSTELECKY 1-1H- 1-1H		207.45		194.14		0.54		0.51		42.68		4.29		0.00		14.81		0.00		32.16		15.86
KREHLIK 1-1111-1-11H		136.16		92.13		0.28		0.19		22.83		1.60		0.00		9.27		0.00		15.16		8.75
HAAS THECLAS 1 - 1		9.90		0.00		0.62		0.00		52.56		0.00		0.00		39.78		0.00		12.78		9.34
HAAS FREDD 1 - 1		19.00		0.00		1.15		0.00		98.13		0.00		0.00		67.04		0.00		31.10		20.48
HAAS FREDD 2 - 2		21.20		0.00		1.29		0.00		109.50		0.00		0.00		64.83		0.00		44.68		27.11
LAWRENCE 32-23 & 43-23 -		37.94		0.00		0.74		0.00		62.24		0.00		0.00		4.56		0.00		57.68		26.33
LAWRENCE MUNSELL UN1		10.00		0.00		0.06		0.00		5.22		0.00		0.00		0.38		0.00		4.84		2.39
HOLLAMON-MCGRAW		10.44		0.00		0.52		0.00		43.94		0.00		0.00		3.22		0.00		40.72		20.56
ARTHAUD 21-29TFLI - 21-2f.		28.46		42.23		0.42		0.62		33.69		2.04		0.00		23.14		0.00		12.59		8.94
DULETSKI 11-16TFH - 11-1E		37.63		58.41		0.40		0.61		32.17		2.04		0.00		19.16		0.00		15.05		10.86
DULETSKI 21-16TFH - 21-1(		73.97		138.91		0.78		1.46		62.76		4.85		0.00		33.23		0.00		34.37		21.28
PALUCK 21-28TFH - 21-28T		32.06		30.55		0.25		0.24		20.47		0.80		0.00		12.70		0.00		8.56		6.20
TEAL-PETERSON 33-12 - 33		19.45		8.64		0.73		0.32		60.23		1.41		0.00		45.52		0.00		16.12		11.91
Boxberger No. A2 RE PDP		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Furthmeyer E 6RE 13 PDP		1.34		0.00		1.07		0.00		87.05		0.00		0.00		67.03		0.00		20.01		18.14
Furthmeyer W 1RE PDP		10.71		0.00		8.36		0.00		679.54		0.00		0.00		459.55		0.00		219.98		125.25
Mai E #2		0.82		0.00		0.66		0.00		53.38		0.00		0.00		46.10		0.00		7.28		6.58
Niedenthal N 5RE & 11		14.27		0.00		11.73		0.00		954.14		0.00		0.00		656.03		0.00		298.11		196.78
Niedenthal No. IRE PDP		7.22		0.00		5.63		0.00		458.17		0.00		0.00		337.79		0.00		120.39		77.48
Koelsch No. 25-1		11.05		0.00		7.29		0.00		592.68		0.00		0.00		319.35		0.00		273.33		232.29
Prescott No. 2 PAP		3.06		0.00		2.06		0.00		167.88		0.00		0.00		143.37		0.00		24.52		21.21
ZALESKY 34-SPH - 34-8PH		28.13		41.96		0.02		0.03		1.58		0.10		0.00		0.98		0.00		0.69		0.53
CYMBALUK 21 -25TFH - 21-		43.91		52.15		0.01		0.02		1.09		0.07		0.00		0.70		0.00		0.47		0.30
PERCH 1-30H1 - 1-30H1		96.32		104.49		0.18		0.20		14.51		0.85		0.00		6.88		0.00		8.48		5.17
HEG Whitten A PDP (12-3)		7.88		0.00		6.15		0.00		539.98		0.00		0.00		206.46		0.00		333.51		273.14
HEG Whitten POP (12-2)		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
TININENKO 4 - 4		60.94		0.00		50.63		0.00		3,948.54		0.00		0.00		2,262.00		0.00		1,686.54		999.19
KUNTZ 1-23-14H- 1-23-14H		21.43		26.51		0.14		0.18		11.58		0.57		0.00		7.66		0.00		4.49		3.45
Helsel 3-1		88.08		0.00		69.14		0.00		6,072.23		0.00		0.00		2,630.36		0.00		3,441.87		1,866.65
LYNN 5502 11-1011 - 11-1011		138.25		230.43		0.16		0.27		14.21		1.18		0.00		5.37		0.00		10.03		5.12
BURIAN 1-27H - 1-27H		195.98		479.40		0.25		0.61		19.47		5.12		0.00		7.28		0.00		17.31		8.85
CHARNWOOD 1-32H - 1-321		176.53		327.75		0.47		0.86		36.53		7.29		0.00		13.95		0.00		29.87		15.84
CHRUSZCH 43X-29F - 43X-:		32.74		133.34		0.08		0.31		6.51		1.73		0.00		4.67		0.00		3.56		2.45

TRC Eco One Liner 3.rpt

3/19/2015 1:16:31 AM	Economic One-Liners
	As of Date: 1/1/2015
Project Name : Richfield-Stratex YE 2014
Ownership Croup: All Cases

	Gross Reserves				Net Reserves				Net Revenue						Expense				Cash Flow
*Lease Name Risked* / UnRisked**	Oil (Mbbl)		Gas (MMcf)		Oil (Mbbl)		Gas (MMcI)		Oil (M$)		Gas (M$)		Other (M$)		&Tax (M$)		Invest. (M$)		Non-Disc. (M$)		Disc. CF (M$)
ELIZABETH ANN 1-32H -1-		39.16		71.95		0.06		0.11		4.74		0.94		0.00		2.45		0.00		3.23		2.53
EPSOM 1-31H - 1-31H		103.32		239.68		0.37		0.86		29.22		7.29		0.00		14.76		0.00		21.74		12.39
PROCH 1-7H - 1-7H		100.67		180.91		0.05		0.09		4.05		0.78		0.00		2.93		0.00		1.90		1.20
Hoffman No. 4RE PDP		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
KUBAS 1-22H - 1-22H		215.62		291.96		0.34		0.46		26.45		3.85		0.00		9.11		0.00		21,19		10.33
LUPTAK 1-24111 -1-24H1		78.15		44.99		0.08		0.05		6.31		0.39		0.00		3.21		0.00		3.50		2.38
METZ 1-3311- 1-33H		39.45		17.82		0.02		0.01		1.59		0.08		0.00		0.93		0.00		0.74		0.55
NARVIK 1-351-1-3511		71.93		116.85		0.16		0.27		12.86		2.25		0.00		7.38		0.00		7.72		4.82
HOWARD 10N-22HZ - 10N-I 24C-22HZ - 24C-2		175.70 261.68		506.32 635.16		0.81 0.81		2.33 1.96		65.69 65.70		10.13 8.53		0.00 0.00		30.50 28.77		0.00 0.00		45.32 45.46		31.611 30.31
HOWARD 24N-22HZ - 24N-2		225.23		560.50		0.70		1.73		56.55		7.53		0.00		23.90		0.00		40.18		25.77
HOWARD 25C-22HZ - 25C-2		218.30		1,503.44		0.50		3.46		40.81		15.03		0.00		16.42		0.00		39.42		23.52
HOWARD 9C-22HZ - 9C-221-		314.51		416.46		0.50		0.66		40.33		2.86		0.00		17.12		0.00		26.06		17.33
HOWARD FEDERAL 40N-Z^.		206.95		1,000.98		1.60		7.76		130.46		33.75		0.00		63.82		0.00		100.39		66.38
OLSON 35-26-1H - 35-26-1H		142,60		76.05		0.36		0.19		29.90		0.64		0.00		11.37		0.00		19.18		10.23

Proved Behind Pipe Rsv Class & Category		546.92		216.26		436.62		172.98		35,505.54		564.35		0.00		15,837.87		2,669.34		17,562.68		7,466.61
Boxberger No. 131-RE PBP		54.29		26.33		43.43		21.06		3,531.79		68.72		0.00		1,702.39		213.59		1,684.53		550.97
Boxberger No. B4 -RE PBP		35.89		17.41		28.72		13.93		2,335.14		45.44		0.00		1,469.53		213.59		697.47		286.95
Erlich B 3RE PBP		54.13		26.25		43.30		21.00		3,521.44		68.52		0.00		1,445.36		213.59		1,931.02		593.49
Erlich B 5RE PBP		57.72		28.00		46.18		22,40		3,755.29		73.07		0.00		1,661.24		213.59		1,953.53		948.53
Furthmeyer No. 13RE PBP		43.41		21.05		34.72		16.84		2,823.76		54.94		0.00		953.29		0.00		1,925.42		1,278.10
Furthmeyer No.1RE PEW		39.83		19.32		31.07		15.07		2,526.49		49.16		0.00		1,084.80		213.59		1,277.26		586.34
Furthmeyer No.2RE PBP		25.25		12.25		20.20		9.80		1,642.71		31.96		0.00		980.24		250.00		444.43		215.05
Furthmeyer No.6RE PBP		25.25		12.25		20.20		9.80		1,642.71		31.96		0.00		979.83		213.59		481.25		241.68
Mai E #2 PBP		51.84		0.00		41.47		0.00		3,372.30		0.00		0.00		398.03		213.59		2,760.69		730.47
Niedenthal #11RE PBP		15.29		0.00		12.58		0.00		1,022.67		0.00		0.00		337.61		85.00		600.06		247.71
Niedenthal No.10 L-RE PBP		49.13		23.83		40.41		19.60		3,286.21		63.94		0.00		1,629.56		190.97		1,529.62		726.22
Niedenthal No.12 RE PBP		49.13		23.83		40.41		19.60		3,286.21		63.94		0.00		1,629.49		148.80		1,571.86		748.15
Niedenthal No.5RE PBP		20.49		0.00		16.85		0.00		1,370.56		0.00		0.00		726.64		200.12		443.79		236.21
Prescott 25-6 PBP		13.40		0.00		9.05		0.00		736.11		0.00		0.00		425.91		171.11		139.09		38.59
Prescott No. 5RE PBP		11.87		5.76		8.02		3.89		652.15		12.69		0.00		413.95		128.25		122.64		38.16

Proved Non-Producing Rsv Class & Category		719.63		1,355.80		94.20		73.13		7,902.34		254.68		0.00		3,418.41		1,263.44		3,475.17		1,691.95
Boxberger No. A2 Pnp		12.87		0.00		10.30		0.00		837.30		0.00		0.00		397.66		213.59		226.05		57.02
Furthmeyer No.5 PSI		15.51		7.52		12.41		6.02		1,009.04		19.63		0.00		593.08		213.59		222.01		111.05
Niedenthal No. 1RE PNP		22.09		0.00		17.23		0.00		1,401.01		0.00		0.00		472.07		213.59		715.35		253.16

TRC Eco One Liner 3.rpt

3/19/2015 1:16:31 AM	Economic One-Liners
	As of Date: 1/1/2015
Project Name : Richfield-Stratex YE 2014
Ownership Group: All Cases

	Gross Reserves				Net Reserves				Net Revenue						Expense				Cash Flow
*Lease Name Risked* / UnRisked**	Oil (Mbbl)		Gas (MMcf)		Oil (Mbbl)		Gas (MMcf)		Oil (M$)		Gas (M$)		Other (M$)		& Tax (M$)		Invest. (M$)		Non-Disc. (M$)		Disc. CF (M$)
O'SLASH CATTLE 111 - 111		34.23		151.79		13.35		59.20		1,172.42		193.13		0.00		370.09		0.00		995.45		597.10
Prescott No. 2 PNP		5.67		0.00		3.83		0.00		311.39		0.00		0.00		192.06		2.57		116.76		89.90
REG Whitten No. 12-2 PNP		12.39		0.00		9.67		0.00		848.84		0.00		0.00		438.06		0.00		410.78		331.99
HEG Wyckoff 1 pnp		19.55		0.00		15.25		0.00		1,338.92		0.00		0.00		424.81		300.00		614.10		216.24
Hoffman No. 1 Pnp		8.72		4.23		6.80		3.30		552.87		10.76		0.00		324.24		220.12		19.27		-40.56
Hoffman No. 4RE PNP		3.06		0.00		2.39		0.00		194.12		0.00		0.00		129.06		100.00		-34.95		-41.30
VOLESKY 123H - 1-2311		315.79		360.90		2.37		2.71		186.01		22.85		0.00		56.47		0.00		152.39		91.55
XCEL 25N-22HN - 25N-22H1		269.76		831.36		0.62		1.91		50.43		8.31		0.00		20.80		0.00		37.95		25.80

Proved Undeveloped Rsv Class & Category		1,848.08		873.07		1,477.33		698.14		121,302.32		2,277.68		0.00		58,238.47		14,836.81		50,504.71		18,009.32
BOXBERGER 32-1 (B3) RE-I		35.89		17.41		28.71		13.93		2,335.05		45.44		0.00		1,470.56		408.47		501.46		168.55
BOXBERGER 32-2		35.89		17.41		2831		13.93		2,335.05		4544		0.00		1,47056		408.47		501.46		168.55
Ehrlich #31-6 PUD		53.81		26.10		43.05		20.88		3,500.53		68.11		0.00		1,670.76		408.47		1,489.41		417.49
Ehrlich #31-7 PUD		53.64		26.02		42.91		20.81		3,489.77		67.90		0.00		1,660.19		408.47		1,489.01		410.55
Furthmyer #22-2 PUD		53.99		26.19		42.11		20.42		3,424,61		66.64		0.00		1,675.72		408.47		1,407.06		489.43
Furthmyer #23-15 PUD		54.47		26.42		43.58		21.13		3,543.53		68.95		0.00		1,713.47		408.47		1,490.53		510.11
Furthmyer #23-16 PUD		54.47		26.42		43.58		21.13		3,543.53		68.95		0.00		1,713.47		408.47		1,490.53		510.11
Furthmyer #23-17 PUD		54.47		26.42		43.58		21.13		3,54353		68.95		0.00		1,713.40		408.47		1,490.60		501.66
Furthmyer #23-18 PUD		54.47		26.42		4358		21.13		3,543.53		68.95		0.00		1,713.40		408.47		1,490.60		501.66
Mai #34-3 PUD		53.64		26.02		42.91		20.81		3,489.77		67.90		0.00		1,660.19		408.47		1,489.01		410.55
Mai #34-4 PUD		53.48		25.94		42.78		20.75		3,478.91		67.69		0.00		1,649.61		408.47		1,488.52		403.72
Mai #34-5 PUD		53.48		25.94		42.78		20.75		3,478.91		67.69		0.00		1,649.61		408.47		1,488.52		403.72
Niedenthal #14-1 PUD		55.25		26.80		46.13		22.37		3,751.44		72.99		0.00		1,778.98		408.47		1,636.98		742.80
Niedenthal #14-2 PUD		55.23		26.79		46.12		22.37		3,750.25		72.97		0.00		1,778.30		408.47		1,636.45		532.09
Niedenthal #14-3 PUD		55.08		26.71		45.99		22.30		3,739.85		72.77		0.00		1,767.75		408.47		1,636.39		523.27
Niedenthal #14-4 PUD		37.45		18.16		31.27		15.17		2,543.06		49.48		0.00		1,583.37		408.47		600.70		230.63
Niedenthal #23-13 PUD		55.25		26.80		46.13		22.37		3,751.44		72.99		0.00		1,779.65		408.47		1,636.32		718.00
Niedenthal #23-14 PUD		49.40		23.96		41.25		20.01		3,354.62		65.27		0.00		1,652.37		408.47		1,359.04		427.60
Niedenthal #23-15 PUD		54.92		26.64		45.78		22.20		3,722.65		72.43		0.00		1,756.66		408.47		1,629.95		512.63
Niedenthal #23-16 PUD		54.77		26.56		45.73		22.18		3,718.94		72.36		0.00		1,746.66		408.47		1,636.17		506.27
Niedenthal #23-17		49.40		23.96		41.25		20.01		3,354.62		65.27		0.00		1,652.74		408.47		1,358.67		420.68
Niedenthal #23-18 PUD		55.25		26.80		46.13		22.37		3,751.44		72.99		0.00		1,778.91		408.47		1,637.05		661.04
Niedenthal #23-19 PUD		54.61		26.49		45.60		22.12		3,708.26		72.15		0.00		1,736.09		408.47		1,635.85		497.86
Niedenthal #23-20 PUD		54.47		26.42		43.58		21.13		3,543.53		68.95		0.00		1,713.56		408.47		1,490.44		453.76
Niedenthal #23-21 PUD		54.45		26.41		43.56		21.13		3,542.51		68.93		0.00		1,712.96		408.47		1,490.01		446.21
Koelsch No. 25-2 PUD		54.58		26.47		37.57		18.22		3,055.06		59.44		0.00		1,473.35		381.13		1,260.03		472.41
Meyer 25-1 MD		54.58		26.47		37.57		18.22		3,055.06		59.44		0.00		1,473.44		381.13		1,259.93		549.15

TRC Eco One Liner 3.rpt

3/19/2015 1:16:31 AM	Economic One-Liners
	As of Date: 1/1/2015
Project Name : Richfield-Stratex YE 2014
Ownership Group: All Cases

	Gross Reserves				Net Reserves				Net Revenue						Expense				Cash Flow
Lease Name Risked / UnRisked	Oil (Mbbl)		Gas (MMcf)		Oil (Mbbl)		Gas (MMcf)		Oil (M$)		Gas (M$)		Other (M$)		& Tax (M$)		Invest. (M$)		Non-Disc. (M$)		Disc. CF (M$)
HEG Wyckoff #12-3 PUD		39.61		19.21		30.89		14.98		2,712.99		48.88		0.00		1,428.72		445.77		887.38		462.71
Whitten #12-5 PUD		50.80		24.64		39.63		19.22		3,479.98		62.70		0.00		1,446.02		445.77		1,650.90		923.44
Whitten #12-6 PUD		50.80		24.64		39.63		19.22		3,479.98		62.70		0.00		1,446.02		445.77		1,650.90		923.44
Helsel No. 3-2		39.66		19.23		31.33		15.20		2,751.46		49.57		0.00		1,162.18		445.77		1,193.09		727.02
Yearout #2-2		47.94		0.00		37.87		0.00		3,325.65		0.00		0.00		1,103.00		445.77		1,776.89		895.33
Hoffman No. 26-1 PUD		53.30		25.85		41.58		20.17		3,381.08		65.79		0.00		1,631.98		408.47		1,406.42		374.84
Hoffman No. 26-2 PUD		53.30		25.85		41.58		20.17		3,381.08		65.79		0.00		1,631.98		408.47		1,406.42		374.84
Hoffman No. 26-3 PUD		53.13		25.77		41.45		20.10		3,370.31		65.58		0.00		1,621.41		408.47		1,406.01		368.60
Hoffman No. 26-4 PUD		53.13		25.77		41.45		20.10		3,370.31		65.58		0.00		1,621.41		408.47		1,406.01		368.60

Proved Injection Rsv Class & Category		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-19.35
Prescott #4 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Dowis #1 SWD EXISTING		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Yearout #1 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-19.35

Probable Behind Pipe Rsv Class & Category		1,343.45		651.58		1,074.02		520.90		87,339.56		1,699.44		0.00		26,362.17		200.12		62,476.71		29,771.07
Boxberger No. BI-RE PrBP		78.43		38.04		62.74		30.43		5,102.12		99.28		0.00		1,601.38		0.00		3,600.01		1,350.69
Erlich B 3RE PrBP		95.22		46.18		76.17		36.94		6,194.44		120.53		0.00		1,660.28		0.00		4,654.69		1,621.76
Erlich B 5RE PrBP		95.22		46.18		76.17		36.94		6,194.44		120.53		0.00		1,660.00		0.00		4,654 .97		2,587.41
Furthmeyer No. 13RE PrBP		80.54		39.06		64.43		31.25		5,239.62		101.95		0.00		1,266.09		200.12		3,875.36		2,004.15
Furthmeyer No.1RE PrBP		93.40		45.30		72.85		35.33		5,924.45		115.28		0.00		1,763.78		0.00		4,275.95		1,893.35
Furthmeyer No.2RE PrBP		93.63		45.41		74.91		36.33		6,091.32		118.52		0.00		1,791.51		0.00		4,418.33		2,304.34
Furthmeyer No.5 PrBP		93.63		45.41		74.91		36.33		6,091.32		118.52		0.00		1,791.51		0.00		4,418.33		2,304.34
Furthmeyer No.6RE PrBP		93.63		45.41		74.91		36.33		6,091.32		118.52		0.00		1,791.12		0.00		4,418.72		2,267.65
MAI E 2 PrBP		95.22		46.18		76.17		36.94		6,194.44		120.53		0.00		1,660.28		0.00		4,654.69		1,621.76
Niedenthal No.1 PrBP		85.09		41.27		69.98		33.94		5,691.04		110.74		0,00		2,321.12		0.00		3,480.66		1,648.45
Niedenthal No.10 L-RE PrBP		93.88		45.53		77.22		37.45		6,279.33		122.18		0.00		1,821.63		0.00		4,579.87		2,343.18
Niedenthal No.11 RE PrBP		85.09		41.27		69.98		33.94		5,691.04		110.74		0.00		2,321.40		0.00		3,480.38		2,320.72
Niedenthal No.12 RE PrBP		93.88		45.53		77.22		37.45		6,279.33		122.18		0.00		1,822.16		0.00		4,579.35		2,304.31
Niedenthal No.5RE PrBP		93.88		45.53		77.22		37.45		6,279.33		122.18		0.00		1,822.16		0.00		4,579.35		2,304.31
Prescott No. 5RE PrBP		72.72		35.27		49.14		23.83		3,996.04		77.75		0.00		1,267.73		0.00		2,806.06		894.64

Probable Non-Producing Rsv Class & Category		113.88		7.98		83.81		6.22		6,888.74		20.30		0.00		2,607.02		945.02		3,357.00		2,434.10
Boxberger No. A5L RE PrNP		16.50		0.00		13.20		0.00		1,073.47		0.00		0.00		407.61		200.12		465.73		312.85
Koelsch 25-1		16.76		0.00		11.05		0.00		898.88		0.00		0.00		321.73		167.10		410.04		270.79
Prescott 25-6 PrNP		18.90		0.00		12.77		0.00		1,038.61		0.00		0.00		325.25		0.00		713.37		553.64
Prescott No. 2 PrNP		14.44		0.00		9.75		0.00		793.22		0.00		0.00		283.75		0.00		509.47		392.29
TRC Eco One Liner 3.rpt

TRC Eco One Liner 3.rpt

3/19/2015 1:16:31 AM	Economic One-Liners
	As of Date: 1/1/2015
Project Name : Richfield-Stratex YE 2014
Ownership Croup: All Cases

	Gross Reserves				Net Reserves				Net Revenue						Expense				Cash Flow
Lease Name *Risked* / UnRisked	Oil (Mbbl)		Gas (MMcf)		Oil (Mbbl)		Gas (MMcf)		Oil (M$)		Gas (M$)		Other (M$)		& Tax (M$)		Invest. (M$)		Non-Disc. (M$)		Disc. CF (M$)
Rusk #2 Prob NP		5.12		0.00		4.05		0.00		355.35		0.00		0.00		204.29		50.00		101.06		81.54
Yearout #2-1 - Wilcox Prob NI		0.68		0.00		0.54		0.00		47.05		0.00		0.00		31.51		477.79		-462.26		-447.67
Yearout #2-1 NP		8.50		0.00		6.72		0.00		589.94		0.00		0.00		269.22		50.00		270.72		223.04
Hoffman No. 1RE PrNP		16.45		7.98		12.83		6.22		1,043.24		20.30		0.00		404.10		0.00		659.44		457.91
Hoffman No. 4RE PrNP		16.54		0.00		12.90		0.00		1,048.98		0.00		0.00		359.55		0.00		689.43		589.69

Probable Undeveloped Ray Class & Category		2,336.60		1,133.25		1,870.47		907.18		152,477.00		2,959.67		0.00		48,198.83		381.13		106,856.71		44,588.91
Boxberger 32-2		74.72		36.24		59.78		28.99		4,861.23		94.59		0.00		814.27		0.00		4,141.54		1,410.04
Boxberger No. 32-1 (B3) PRO		74.72		36.24		59.78		28.99		4,861.23		94.59		0.00		814.27		0.00		4,141.54		1,410.04
Ehrlich 31-6 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.92		0.00		3,285.63		1,200.22
Ehrlich 31-7 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.88		0.00		3,285.68		1,180.33
Furthmyer 22-2 PROB		72.38		35.10		56.45		27.38		4,590.81		89.33		0.00		1,505.11		0.00		3,175.03		1,444.32
Furthmyer 23-15 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.92		0.00		3,285.63		1,466.19
Furthmyer 23-16 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.92		0.00		3,285.63		1,466.19
Furthmyer 23-17 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.88		0.00		3,285.68		1,441.90
Furthmyer 23-18 PROD		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.88		0.00		3,285.68		1,441.90
Mai 34-3 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.88		0.00		3,285.68		1,180.33
Mai 34-4 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.80		0.00		3,285.76		1,160.78
Mai 34-5 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.80		0.00		3,285.76		1,160.78
Niedenthal 14-1 PROB		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.40		0.00		3,480.18		2,050.18
Niedenthal 14-2 PROB		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.21		0.00		3,480.36		1,468.80
Niedenthal 14-3 PROB		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.81		0.00		3,479.76		1,444.41
Niedenthal 14-4 PROB		64.33		31.20		53.71		26.05		4,367.88		84.99		0.00		1,929.75		0.00		2,523.12		1,157.25
Niedenthal 23-13 PROB		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.37		0.00		3,480.20		1,982.16
Niedenthal 23-14X PROB		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.70		0.00		3,479.88		1,420.49
Niedenthal 23-15 PROB		72.97		35.39		60.82		29.50		4,946.05		96.24		0.00		1,570.76		0.00		3,471.53		1,417.39
Niedenthal 23-16 PROB		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.47		0.00		3,480.11		1,397.43
Niedenthal 23-17X PROB		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.47		0.00		3,480.11		1,397.43
Niedenthal 23-18		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.13		0.00		3,480.45		1,824.52
Niedenthal 23-19		72.99		35.40		60.95		29.56		4,956.14		96.44		0.00		1,572.40		0.00		3,480.18		1,374.28
Niedenthal 23-20 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,530.03		0.00		3,285.52		1,304.35
Niedenthal 23-21 PROB		72.61		35.22		58.09		28.17		4,723.65		91.91		0.00		1,529.96		0.00		3,285.60		1,282.75
Koelsch No. 25-2 PROB		72.67		35.24		50.01		24.26		4,067.16		79.14		0.00		1,313.18		0.00		2,833.12		1,418.52
Koelsch No. 25-5H PROB		13.96		6.77		9.61		4.66		781.18		15.20		0.00		368.02		381.13		47.23		5.67
MEYER 25-1 PROB		72.67		35.24		50.01		24.26		4,067.16		79.14		0.00		1,313.39		0.00		2,832.91		1,648.68
Yearout 2-2 PROB		73.08		3544		57.00		27.64		5,005.70		90.19		0.00		1,568.38		0.00		3,527.52		1,643.29
Hoffman 26-1 PROB		72.38		35.10		56.45		27.38		4,590.81		89.33		0.00		1,505.25		0.00		3,174.89		1,106.24

TRC Eco One Liner 3.rpt

3/19/2015 1:16:31 AM	Economic One-Liners
	As of Date: 1/1/2015
Project Name : Richfield-Stratex YE 2014
Ownership Group: All Cases

	Gross Reserves				Net Reserves				Net Revenue						Expense				Cash Flow
Lease Name *Risked* / UnRisked	Oil (MbB1)		Gas (MMcf)		Oil (Mbbl)		Gas (MMcf)		Oil (M$)		Gas (M$)		Other (M$)		& Tax (M$)		Invest. (M$)		Non-Disc. (M$)		Disc. CF (M$)
Hoffman 26-2 PROB		72.38		35.10		56.45		27.38		4,590.81		89.33		0.00		1,505.25		0.00		3,174.89		1,106.24
Hoffman 26-3 PROB		72.38		35.10		56.45		27.38		4,590.81		89.33		0.00		1,505.18		0.00		3,174.96		1,087.91
Hoffman 26-4 PROF		72.38		35.10		56.45		27.38		4,590.81		89.33		0.00		1,505.18		0.00		3,174.96		1,087.91

Probable Injection Rsv Class Sr Category		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		1,333.81		-1,333.81		-881.69
Amos #22-1 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		333.45		-333.45		-227.28
Boxberger #32-3 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Eurthrnyer #11 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
GORHAM 27 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
GORHAM 28 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
GORHAM 29 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
KOELSCH 25-4 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
HEG Wyckoff #12-4 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		333.45		-333.45		-247.01
Yearout #2 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		333.45		-333.45		-239.03
Hoffman #26-5 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		333.45		-333.45		-168.37

Possible Undeveloped Rsv Class & Category		283.70		560.37		209.68		435.69		17,778.56		1,421.43		0.00		4,046.77		5,565.00		9,588.21		2,358.71
Koelsch No. 25-3H PROB		141.99		68.87		97.73		47.40		7,947.29		154.64		0.00		1,839.27		2,565.00		3,697.66		802.09
Helsel No. 3-5H PROB		141.71		491.50		111.95		388.29		9,831.27		1,266.79		0.00		2,207.51		3,000.00		5,890.55		1,556.61

Possible Injection Rsv Class & Category		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Boxberger A #3 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Johnson #2 SWD		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Hoffman #6		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

TRC Eco One Liner 3.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Proved Producing Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	2.200.39
Est. Cum Gas (MMcf) :	2.392.57
Est. Cum Water (Mbbl) :	2.966.66

Year

Oil Gross (Mbbl)

Gas Gross (MMcf)

Oil Net (Mbbl)

Gas Net
(MMcf)

Oil Price ($/bbl)

Gas Price ($/Mcf)

Oil & Gas Rev. Net (M$)

Misc.

Rev. Net (M$)

Costs Net (M$)

Taxes
Net (M$)

Invest. Net (M$)

NonDisc. CF Annual
(M$)

Cum Disc.CF (M$)

1/1/2015

59.700

127.058

2.13

0.46

83.59

4.66

180.349

0.000

30.100

15.847

0.000

134.402

133.31

2/1/2015

50.604

107.272

1.79

0.39

83.40

4.67

151.478

0.000

29.943

13.826

0.000

107.710

239.29

3/1/2015

52.970

111.795

1.90

0.41

83.31

4.67

160.321

0.000

30.188

14.679

0.000

115.454

351.94

4/1/2015

48.630

102.204

1.77

0.37

83.24

4.68

149.039

0.000

30.047

13.682

0.000

105.311

453.84

5/1/2015

47.891

100.252

1.77

0.36

83.19

4.69

148.844

0.000

30.096

13.690

0.000

105.058

554.65

6/1/2015

44.333

92.461

1.66

0.33

83.15

4.70

139.770

0.000

29.962

12.874

0.000

96.934

646.89

7/1/2015

43.960

91.366

1.67

0.33

83.12

4.70

140.553

0.000

30.012

12.962

0.000

97.579

738.97

8/1/2015

42.271

87.566

1.63

0.32

83.10

4.71

137.025

0.000

29.971

12.649

0.000

94.405

827.30

9/1/2015

39.453

81.480

1.54

0.29

83.08

4.71

137.025

0.000

29.845

11.970

0.000

87.740

908.72

10/1/2015

39.399

81.136

1.56

0.29

83.06

4.72

130.980

0.000

29.896

12.110

0.000

88.974

990.59

11/1/2015

36.913

75.812

1.48

0.27

83.05

4.72

124.160

0.000

29.774

11.487

0.000

82.898

1,066.24

12/1/2015

36.987

75.773

1.50

0.27

83.04

4.73

125.799

0.000

29.825

11.645

0.000

84.329

1,142.55

2015

543.11

1,134.17

20.41

4.11

83.21

4.69

1,717.87

0.00

359.66

157.42

0.00

1,200.79

1,142.55

2016

371.11

750.90

15.94

2.68

82.99

4.75

1,335.22

0.00

355.05

123.90

0.00

856.28

1,878.30

2017

292.05

581.27

13.57

2.06

82.93

4.78

1,135.22

0.00

351.51

105.60

0.00

678.11

2,405.22

2018

244.49

482.48

11.69

1.70

82.93

4.80

977.69

0.00

325.95

91.36

0.00

560.38

2,799.15

2019

212.03

415.90

10.43

1.46

82.93

4.81

871.91

0.00

315.62

81.63

0.00

474.66

3,101.04

Rem.

2,129.10

4,259.35

106.18

14.32

83.29

4.95

8,914.17

0.00

4,640.06

838.38

0.00

3,435.73

1,188.43

Total 30.0

3,791.89

7,624.09

178.22

26.35

83.18

4.86

14,952.09

0.00

6,347.84

1,398.30

0.00

7,205.95

4,289.47

Ult.

5,992.28

10,016.66

Eco. Indicators
Return on Investment (disc) :	0.000	Present Worth Profile (M$)
Return on Investment (undisc) :	0.000	PW 5.00% :	5,371.49	PW 20.00% :	3,092.95
Years to Payout :	0.00	PW 8.00% :	4,662.61	PW 30.00% :	2,444.30
Internal Rate of Return (%):	0.00	PW 10.00% :	4,289.47	PW 40.00% :	2,032.45
		PW 12.00% :	3,974.85	PW 50.00% :	1,744.96
		PW 15.00% :	3,585.99	PW 60.00% :	1,531.51

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Proved Behind Pipe Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year	Oil Gross (Mbbl)		Gas Gross (MMcf)		Oil Net (Mbbl)		Gas Net (MMcf)		Oil Price ($/bbl)		Gas Price ($/Mcl)		Oil & Gas Rev. Net (M$)		Misc. Rev. Net (M$)		Costs Net (M$)		Taxes Net (M$)		Invest. Net (M$)		NonDisc. CF Annual (M$)		Cum Disc.CF (M$)
1/1/2015		0.750		0.364		0.60		0.29		81.32		3.26		49.736		0.000		3.058		3.953		0.000		42.725		42.36
2/1/2015		0.640		0.310		0.51		0.25		81.32		3.26		42.413		0.000		3.058		3.371		0.000		35.984		77.77
3/1/2015		0.672		0.326		0.54		0.26		81.32		3.26		44.579		0.000		3.058		3.543		0.000		37.978		114.82
4/1/2015		0.619		0.300		0.50		0.24		81.32		3.26		41.073		0.000		3.058		3.265		85.000		-50.250		65.54
5/1/2015		0.612		0.297		0.49		0.24		81.32		3.26		40.570		0.000		3.058		3.225		171.106		-136.819		-67.09
6/1/2015		0.843		0.275		0.68		0.22		81.32		3.26		56.089		0.000		3.778		4.471		0.000		47.840		-21.56
7/1/2015		1.058		0.274		0.82		0.22		81.32		3.26		67.150		0.000		5.061		5.358		0.000		56.731		31.97
8/1/2015		0.961		0.264		0.74		0.21		81.32		3.26		61.210		0.000		5.061		4.883		0.000		51.266		79.94
9/1/2015		0.867		0.247		0.67		0.20		81.32		3.26		55.324		0.000		5.061		4.413		0.000		45.851		122.48
10/1/2015		0.846		0.247		0.66		0.20		81.32		3.26		54.066		0.000		5.061		4.312		0.000		44.694		163.61
11/1/2015		0.779		0.232		0.61		0.19		81.32		3.26		49.876		0.000		5.061		3.977		0.000		40.838		200.88
12/1/2015		0.771		0.233		0.60		0.19		81.32		3.26		49.409		0.000		5.061		3.940		0.000		40.408		237.44
2015		9.42		3.37		7.41		2.69		81.32		3.26		611.49		0.00		49.43		48.71		256.11		257.25		237.44
2016		13.53		5.28		10.68		4.23		81.32		3.26		882.01		0.00		100.73		70.22		868.14		-157.08		114.12
2017		31.89		13.06		25.70		10.56		81.32		3.26		2,124.33		0.00		341.53		169.08		348.92		1,264.80		1,080.77
2018		30.55		12.47		24.59		10.05		81.32		3.26		2,032.08		0.00		419.13		161.75		213.59		1,237.63		1,948.19
2019		28.77		12.03		23.05		9.65		81.32		3.26		1,905.65		0.00		457.93		151.65		0.00		1,296.07		2,773.37

Rem.		432.77		170.04		345.20		135.79		81.32		3.26		28,514.33		0.00		11,597.46		2,270.26		982.59		13,664.02		4,693.23
Total 30.0		546.92		216.26		436.62		172.98		81.32		3.26		36,069.89		0.00		12,966.20		2,871.67		2,669.34		17,562.68		7,466.61
Ult.		546.92		216.26

Eco. Indicators		Present Worth Profile (M$)
Return on Investment (disc) :	4.798	PW 5.00% :	11,062.56	PW 20.00% :	3,903.37
Return on Investment (undisc) :	7.579	PW 8.00% :	8,677.94	PW 30.00% :	2,300.28
Years to Payout :	2.90	PW 10.00% :	7,466.61	PW 40.00% :	1,468.88
Internal Rate of Return (%):	>1000	PW 12.00% :	6,475.56	PW 50.00% :	995.19
		PW 15.00% :	5,298.31	PW 60.00% :	706.12

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Proved Non-Producing Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	8.37
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year	Oil Gross (Mbbl)		Gas Gross (MMcf)		Oil Net (Mbbl)		Gas Net (MMcf)		Oil Price ($/bbl)		Gas Price (S/Mcf)		Oil & Gas Rev. Net (M$)		Misc. Rev. Net (M$)		Costs Net (M$)		Taxes Net (M$)		Invest. Net (M$)		NonDisc. CF Annual (M$)		Cum Disc.CF (M$)
1/1/2015		9.966		27.799		0.35		2.11		87.43		3.29		37.781		0.000		0.791		2.840		100.000		-65.850		-66.11
2/1/2015		17.064		32.057		0.66		1.57		85.69		3.55		62.115		0.000		7.073		4.992		0.000		50.050		-16.86
3/1/2015		16.380		31.216		0.66		1.46		85.76		3.55		62.219		0.000		7.052		4.991		2.565		47.612		2958
4/1/2015		13.995		26.990		0.59		1.23		85.82		3.56		55.217		0.000		6.989		4.422		0.000		43.807		71.97
5/1/2015		12.992		25.295		0.57		1.13		85.86		3.56		52.967		0.000		6.962		4.236		0.000		41.770		112.04
6/1/2015		11.583		22.451		0.61		0.99		85.19		3.56		55.757		0.000		8.204		4.456		0.000		43.096		153.06
7/1/2015		11.003		21.468		0.59		0.94		85.24		3.56		53.969		0.000		8.189		4.309		0.000		41.471		192.19
8/1/2015		10.186		19.986		0.56		0.87		85.28		3.56		50.880		0.000		8.168		4.060		0.000		38.653		228.35
9/1/2015		9.200		18.134		0.52		0.78		85.31		3.56		46.727		0.000		8.144		3.726		0.000		34.858		260.70
10/1/2015		8.923		17.657		0.51		0.76		85.34		3.56		46.027		0.000		8.136		3.668		0.000		34.223		292.19
11/1/2015		8.143		16.169		0.47		0.69		85.36		3.56		42.613		0.000		8.117		3.394		0.000		31.102		320.58
12/1/2015		7.969		15.869		0.47		0.68		85.38		3.56		42.256		0.000		8.112		3.364		0.000		30.780		348.43
2015		137.40		275.09		6.57		13.21		85.59		3.51		608.53		0.00		85.94		48.46		102.57		371.57		348.43
2016		73.05		145.47		5.18		6.37		85.46		3.55		465.01		0.00		101.67		36.87		733.71		-407.23		9.67
2017		57.77		104.66		9.31		6.32		84.32		3.46		807.19		0.00		183.83		63.72		0.00		559.64		445.52
2018		45.57		82.30		7.63		4.90		84.13		3.46		659.18		0.00		187.07		52.09		213.59		206.44		591.83
2019		39.78		68.57		7.90		4.11		83.54		3.46		673.92		0.00		176.31		53.40		0.00		444.21		874.93

Rem.		366.06		679.72		57.61		38.23		83.50		3.47		4,943.18		0.00		2,036.95		392.10		213.59		2,300.54		817.02
Total 30.0		719.63		1,355.80		94.20		73.13		83.89		3.48		8,157.02		0.00		2,771.77		646.64		1,263.44		3,475.17		1,691.95
Ult.		728.00		1,355.80

Eco. Indicators
Return on Investment (disc) :	2.703	Present Worth Profile (M$)
Return on Investment (undisc) :	3.751	PW 5.00% :	2,345.67	PW 20.00% :	1,009.04
Years to Payout :	2.79	PW 8.00% :	1,915.20	PW 30.00% :	680.59
Internal Rate of Return (%):	423.64	PW 10.00% :	1,691.95	PW 40.00% :	499.88
		PW 12.00% :	1,506.46	PW 50.00% :	391.25
		PW 15.00% :	1,282.12	PW 60.00% :	321.47

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Proved Undeveloped Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year

Oil Gross (Mbbl)

Gas Gross (MMcD

Oil Net (Mbbl)

Gas Net (MMcf)

Oil Price ($/bbl)

Gas Price ($/Mcf)

Oil & Gas
Rev. Net (M$)

Misc. Rev. Net

(M$)

Costs

Net
(M$)

Taxes Net

(M$)

Invest.

Net

(M$)

NonDisc. CF

Annual

(M$)

Cum

Disc.CF (M$)

1/1/2015

0.000

0.00

0.000

0.00

2/1/2015

0.000

0.00

0.000

0.00

3/1/2015

0.000

0.00

0.000

0.00

4/1/2015

0.000

0.00

0.000

0.00

5/1/2015

0.000

0.00

0.000

0.00

6/1/2015

0.000

0.00

0.000

0.00

7/1/2015

0.000

0.00

0.000

0.00

8/1/2015

0.000

0.00

0.000

0.00

9/1/2015

0.000

0.00

0.000

0.00

10/1/2015

0.000

0.00

0.000

0.00

11/1/2015

0.000

0.00

0.000

0.00

12/1/2015

0.000

0.00

0.000

0.00

2015

0.00

2016

11.64

5.65

9.15

4.44

81.32

3.26

758.15

0.00

83.08

60.26

1,198.08

-583.27

-532.78

2017

26.90

13.04

21.36

10.36

82.77

3.26

1,801.77

0.00

234.06

142.10

1,681.14

-255.53

-725.27

2018

74.13

33.04

57.74

25.70

85.60

3.26

5,026.13

0.00

662.12

390.84

2,562.72

1,410.44

257.91

2019

97.93

42.39

77.16

33.39

84.18

3.26

6,604.03

0.00

1,079.22

517.43

2,859.31

2,148.07

1,619.43

Rem.

1,637.49

778.96

1,311.93

624.26

81.83

3.26

109,389.92

0.00

46,396.98

8,672.37

6,535.57

47,785.00

16,389.88

Total 30.0

1,848.08

873.07

1,477.33

698.14

82.11

3.26

123,579.99

0.00

48,455.47

9,783.01

14,836.81

50,504.71

18,009.32

Ult-

1,848.08

873.07

Eco. Indicators
Return on Investment (disc) :	3.014	Present Worth Profile (M$)
Return on Investment (undisc) :	4.588	PW 5.00%	: 29,387.40	PW 20.00% :	7,482.68
Years to Payout :	5.59	PW 8.00%	: 21,792.13	PW 30.00% :	3,344.34
Internal Rate of Return (%):	72.28	PW 10.00%	: 18,009.32	PW 40.00% :	1,522.12
		PW 12.00%	: 14,971.80	PW 50.00% :	662.99
		PW 15.00%	: 11,456.73	PW 60.00% :	241.14

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Proved Injection Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year	Oil Gross (Mbbl)		Gas Gross (MMcf)		Oil Net (Mbbl)		Gas Net (MMcf)		Oil Price ($/bbl)		Gas Price ($/Mct)		Oil & Gas Rev. Net (M$)		Misc. Rev. Net (M$)		Costs Net (M$)		Taxes Net (M$)		Invest. Net (M$)		NonDisc. CF Annual (M$)		Cum Disc.CF (M$)
1/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
2/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
3/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
4/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
5/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		20.000		-20.000		-19.35
6/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		-19.35
7/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		-19.35
8/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		-19.35
9/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		-19.35
10/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		-19.35
11/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		-19.35
12/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		-19.35
2015		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-19.35
2016		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-19.35
2017		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-19.35
2018		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-19.35
2019		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-19.35

Rein.		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total 15.0		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-19.35
UIL		0.00		0.00

Eco. Indicators
Return on Investment (disc) :	0.000	Present Worth Profile (M$)
Return on Investment (undisc) :	0.000	PW 5.00% :	-19.67	PW 20.00% :	-18.73
Years to Payout :	0.00	PW 8.00% :	-19.48	PW 30.00% :	-18.12
Internal Rate of Return (%):	<0	PW 10.00% :	-19.35	PW 40.00% :	-17.54
		PW 12.00% :	-19.23	PW 50.00% :	-16.97
		PW 15.00% :	-19.04	PW 60.00% :	-16.42

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Probable Behind Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year	Oil Gross (Mbbl)		Gas Gross (MMcf)		Oil Net (Mbbl)		Gas Net (MMcf)		Oil Price ($/bbl)		Gas Price ($/Mcf)		Oil & Gas Rev. Net (M$)		Misc.Rev. Net (M$)		Costs Net (M$)		Taxes Net (M$)		Invest. Net (M$)		NonDisc. CF Annual (M$)		Cum Disc.CF (M$)
1/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
2/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
3/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
4/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
5/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
6/1/2015		1.130		0.548		0.93		0.45		81.32		3.26		77.052		0.000		9.700		6.125		0.000		61.228		58.27
7/1/2015		1.149		0.557		0.94		0.46		81.32		3.26		78.323		0.000		9.700		6.226		0.000		62.397		117.15
8/1/2015		1.130		0.548		0.93		0.45		81.32		3.26		77.036		0.000		9.700		6.123		0.000		61.212		174.42
9/1/2015		1.076		0.522		0.88		0.43		81.32		3.26		73.355		0.000		9.700		5.831		0.000		57.824		228.08
10/1/2015		1.094		0.531		0.90		0.44		81.32		3.26		74.594		0.000		9.700		5.929		0.000		58.965		282.33
11/1/2015		1.042		0.505		0.86		0.42		81.32		3.26		71.048		0.000		9.700		5.647		0.000		55.701		333.17
12/1/2015		1.060		0.514		0.87		0.42		81.32		3.26		72.267		0.000		9.700		5.744		0.000		56.822		384.59
2015		7.68		3.72		6.32		3.06		81.32		3.26		523.67		0.00		67.90		41.63		0.00		414.15		384.59
2016		26.19		12.70		21.21		10.29		81.32		3.26		1,758.07		0.00		168.63		139.74		200.12		1,249.57		1,445.79
2017		95.19		46.17		77.00		37.34		81.32		3.26		6,383.37		0.00		492.10		507.40		0.00		5,383.88		5,607.51
2018		97.85		47.46		79.17		38.40		81.32		3.26		6,563.62		0.00		589.10		521.72		0.00		5,452.80		9,431.78
2019		101.24		49.10		81.82		39.68		81.32		3.26		6,782.86		0.00		724.90		539.15		0.00		5,518.81		12,942.99

Rem.		1,015.30		492.42		808.51		392.13		81.32		3.26		67,027.41		0.00		17,242.09		5,327.82		0.00		44,457.50		16,828.08
Total 30.0		1,343.45		651.58		1,074.02		520.90		81.32		3.26		89,039.01		0.00		19,284.71		7,077.46		200.12		62,476.71		29,771.07
Ult.		1,343.45		651.58								`

Eco. Indicators
Return on Investment (disc) :	173.891	Present Worth Profile (M$)
Return on Investment (undisc) :	313.190	PW 5.00% :	42,071.70	PW 20.00% :	16,604.23
Years to Payout :	0.69	PW 8.00% :	34,011.20	PW 30.00% :	10,228.54
Internal Rate of Return (%):	>1000	PW 10.00% :	29,771.07	PW 40.00% :	6,739.71
		PW 12.00% :	26,220.40	PW 50.00% :	4,662.05
		PW 15.00% :	21,897.08	PW 60.00% :	3,346.19

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Probable Non-Producing Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.78
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year	Oil Gross (Mbbl)		Gas Gross (MMcf)		Oil Net (Mbbl)		Gas Net (MMcf)		Oil Price ($/bbl)		Gas Price ($/Mcf)		Oil & Gas Rev. Net (M$)		Misc. Rev. Net (M$)		Costs Net (M$)		Taxes Net (M$)		Invest. Net (M$)		NonDisc. CF Annual (M$)		Cum Disc.CF (M$)
1/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
2/1/2015		1.008		0.000		0.79		0.00		81.32		0.00		63.907		0.000		2.400		5.125		0.000		56.383		55.48
3/1/2015		0.916		0.000		0.71		0.00		81.32		0.00		58.103		0.000		2.400		4.659		217.104		-166.060		-108.29
4/1/2015		0.748		0.000		0.58		0.00		81.32		0.00		47.432		0.000		2.400		3.804		0.000		41.228		-68.39
5/1/2015		1.465		0.000		1.07		0.00		82.33		0.00		88.437		0.000		7.053		7.052		527.792		-453.460		-507.66
6/1/2015		1.961		0.000		1.41		0.00		82.47		0.00		116.464		0.000		11.735		9.279		0.000		95.449		-416.83
7/1/2015		3.365		0.000		2.41		0.00		82.89		0.00		199.378		0.000		16.418		15.849		0.000		167.112		-259.14
8/1/015		2.949		0.000		2.11		0.00		82.95		0.00		175.139		0.000		16.418		13.918		0.000		144.804		-123.66
9/1/2015		2.553		0.000		1.83		0.00		82.99		0.00		151.908		0.000		16.418		12.069		0.000		123.422		-9.12
10/1/2015		2.392		0.000		1.72		0.00		83.02		0.00		142.540		0.000		16.418		11.323		0.000		114.800		96.51
11/1/2015		2.120		0.000		1.52		0.00		83.05		0.00		126.491		0.000		16.418		10.046		0.000		100.027		187.80
12/1/2015		2.023		0.000		1.45		0.00		83.07		0.00		120.813		0.000		16.418		9.594		0.000		94.802		273.58
2015		21.50		0.00		15.61		0.00		82.67		0.00		1,290.61		0.00		124.49		102.72		744.90		318.51		273.58
2016		22.36		0.65		16.55		0.51		82.52		3.26		1,367.02		0.00		190.18		108.83		200.12		867.88		1,008.94
2017		17.53		2.25		13.14		1.76		82.29		3.26		1,087.23		0.00		216.09		86.50		0.00		784.64		1,620.96
2018		11.69		1.22		8.73		0.95		82.42		3.26		722.91		0.00		216.09		57.50		0.00		449.32		1,937.59
2019		8.68		0.84		6.47		0.66		82.35		3.26		534.66		0.00		202.46		42.55		0.00		289.65		2,122.20

Rem.		32.11		3.01		23.31		2.34		81.47		3.26		1,906.60		0.00		1,107.12		152.48		0.00		647.00		311.90
Total 16.9		113.88		7.98		83.81		6.22		82.20		3.26		6,909.04		0.00		2,056.43		550.59		945.02		3,357.00		2,434.10
Ult.		114.66		7.98

Eco. Indicators
Return on Investment (disc) :	3.689	Present Worth Profile (M$)
Return on Investment (undisc):	4.552	PW 5.00% :	2,842.65	PW 20.00% :	1,83034
Years to Payout :	0.90	PW 8.00% :	2,586.87	PW 30.00% :	1,409.40
Internal Rate of Return (%):	165.04	PW 10.00% :	2,434.10	PW 40.00% :	1,102.07
		PW 12.00% :	2,293.63	PW 50.00% :	869.95
		PW 15.00% :	2,103.09	PW 60.00% :	690.15

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Probable Undeveloped Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year

Oil Gross (Mbbl)

Gas Gross (MMcf)

Oil Net (Mbbl)

Gas
Net
(MMcf)

Oil
Price
($/bbl)

Gas
Price ($/Mcf)

Oil & Gas Rev. Net
(M$)

Misc. Rev. Net (M$)

Costs
Net
(M$)

Taxes
Net

(M$)

Invest.
Net
(M$)

NonDisc. CF Annual (M$)

Cum Disc.CF (M$)

1/1/2015

0.000

0.00

0.000

0.00

2/1/2015

0.000

0.00

0.000

0.00

3/1/2015

0.000

0.00

0.000

0.00

4/1/2015

0.000

0.00

0.000

0.00

5/1/2015

0.000

0.00

0.000

0.00

6/1/2015

0.000

0.00

0.000

0.00

7/1/2015

0.000

0.00

0.000

0.00

8/1/2015

0.000

0.00

0.000

0.00

9/1/2015

0.000

0.00

0.000

0.00

10/1/2015

0.000

0.00

0.000

0.00

11/1/2015

0.000

0.00

0.000

0.00

12/1/2015

0.000

0.00

0.000

0.00

2015

0.00

2016

19.82

9.61

15.57

7.55

81.32

3.26

1,290.73

0.00

83.08

102.60

0.00

1,105.06

926.55

2017

37.52

18.19

29.82

14.46

81.32

3.26

2,472.06

0.00

195.26

196.50

381.13

1,699.17

2,249.69

2018

58.10

28.18

44.22

21.45

81.84

3.26

3,689.42

0.00

393.04

292.43

0.00

3,003.95

4,358.30

2019

110.19

53.44

86.59

42.00

81.95

3.26

7,233.51

0.00

713.14

572.98

0.00

5,947.38

8,115.45

Rem.

2,110.98

1,023.83

1,694.26

821.72

81.49

3.26

140,750.94

0.00

34,472.48

11,177.31

0.00

95,101.15

36,473.46

Total 28.2

2,336.60

1,133.25

1,870.47

907.18

81.52

3.26

155,436.66

0.00

35,857.01

12,341.81

381.13

106,856.71

44,588.91

Ult.

2,336.60

1,133.25

Eco. Indicators
Return on Investment (disc) :	0.000	Present Worth Profile (M$)
Return on Investment (undisc) :	0.000	PW 5.00% :	67,593.54	PW 20.00% :	21,354.76
Years to Payout :	0.00	PW 8.00% :	52,426.88	PW 30.00% :	11,247.61
Internal Rate of Return (%):	0.00	PW 10.00% :	44,588.91	PW 40.00% :	6,366.16
		PW 12.00% :	38,128.53	PW 50.00% :	3,821.79
		PW 15.00% :	30,429.75	PW 60.00% :	2,412.88

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Probable Injection Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMct) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year

Oil Gross (Mbbl)

Gas Gross (MMcf)

Oil Net (Mbbl)

Gas Net (MMcf)

Oil Price
($/bbl)

Gas Price
($/$Mcf)

Oil & Gas Rev. Net (M$)

Misc. Rev. Net (M$)

Costs Net (M$)

Taxes Net (M$)

Invest. Net (M$)

NonDisc. CF Annual (M$)

Cum Disc.CF (M$)

1/1/2015

0.000

0.00

0.000

0.00

2/1/2015

0.000

0.00

0.000

0.00

3/1/2015

0.000

0.00

0.000

0.00

4/1/2015

0.000

0.00

0.000

0.00

5/1/2015

0.000

0.00

0.000

0.00

6/1/2015

0.000

0.00

0.000

0.00

7/1/2015

0.000

0.00

0.000

0.00

8/1/2015

0.000

0.00

0.000

0.00

9/1/2015

0.000

0.00

0.000

0.00

10/1/2015

0.000

0.00

0.000

0.00

11/1/2015

0.000

0.00

0.000

0.00

12/1/2015

0.000

0.00

0.000

0.00

2015

0.00

2016

0.00

2017

0.00

2018

0.00

1,000.36

-1,000.36

-713.32

2019

0.00

-713.32

Rem.

0.00

333.45

-333.45

-168.37

Total 15.0

0.00

11.00

0.00

1,333.81

-1,333.81

-881.69

Ult.

0.00

Eco. Indicators
Return on Investment (disc) :	0.000	Present Worth Profile (M$)
Return on Investment (undisc) :	0.000	PW 5.00% :	-1,081.56	PW 20.00% :	-594.25
Years to Payout :	0.00	PW 8.00% :	-956.19	PW 30.00% :	-406.88
Internal Rate of Return (%):	600.00	PW 10.00% :	-881.69	PW 40.00% :	-282.09
		PW 12.00% :	-813.62	PW 50.00% :	-197.49
		PW 15.00% :	-722.25	PW 60.00% :	-139.30

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Possible Undeveloped Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year

Oil Gross (Mbbl)

Gas Gross (MMcf)

Oil Net (Mbbl)

Gas Net (MMcf)

Oil Price ($/bbl)

Gas Price ($/Mcf)

Oil & Gas Rev. Net (M$)

Misc. Rev. Net (M$)

Costs Net (M$)

Taxes Net (M$)

Invest. Net (M$)

NonDisc. CF Annual (M$)

Cum Disc.CF (M$)

1/1/2015

0.000

0.00

0.000

0.00

2/1/2015

0.000

0.00

0.000

0.00

3/1/2015

0.000

0.00

0.000

0.00

4/1/2015

0.000

0.00

0.000

0.00

5/1/2015

0.000

0.00

0.000

0.00

6/1/2015

0.000

0.00

0.000

0.00

7/1/2015

0.000

0.00

0.000

0.00

8/1/2015

0.000

0.00

0.000

0.00

9/1/2015

0.000

0.00

0.000

0.00

10/1/2015

0.000

0.00

0.000

0.00

11/1/2015

0.000

0.00

0.000

0.00

12/1/2015

0.000

0.00

0.000

0.00

2015

0.00

2016

0.00

2017

0.00

5,565.00

-5,565.00

-4,154.45

2018

52.89

90.71

38.94

70.28

84.61

3.26

3,523.94

0.00

207.29

269.40

0.00

3,047.25

-2,008.08

2019

29.45

58.99

21.82

45.90

84.91

3.26

2,002.49

0.00

148.95

152.17

0.00

1,701.37

-923.38

Rem.

201.36

410.66

148.92

319.50

84.82

3.26

13,673.55

0.00

2,230.14

1,038.82

0.00

10,404.59

3,282.09

Total 30.0

283.70

560.37

209.68

435.69

84.79

3.26

19,199.98

0.00

2,586.38

1,460.39

5,565.00

9,588.21

2,358.71

Ult.

283.70

560.37

Eco. Indicators
Return on Investment (disc) :	1.568	Present Worth Profile (M$)
Return on Investment (undisc) :	2.723	PW 5.00% :	4,699.74	PW 20.00% :	438.97
Years to Payout :	5.65	PW 8.00% :	3,110.81	PW 30.00% :	-191.57
Internal Rate of Return (%):	25.69	PW 10.00% :	2,358.71	PW 40.00% :	-391.01
		PW 12.00% :	1,775.87	PW 50.00% :	-423.82
		PW 15.00% :	1,128.01	PW 60.00% :	-391.32

TRC Standard Eco Alt 2.rpt

Date: 3/19/2015 1:23:26AM	Economic SUMMARY PROJECTION
Partner: All Cases	Richfield-Stratex YE 2014	Proved Injection Rsv Class & Category
	All Cases
	Discount Rate: 10.00
	As of : 1/1/2015

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMcf) :	0.00
Est. Cum Water (Mbbl) :	0.00

Year	Oil Gross (Mbbl)		Gas Gross (MMcf)		Oil Net (Mbbl)		Gas Net (MMcf)		Oil Price ($/bbl)		Gas Price ($/Mcf)		Oil & Gas Rev. Net (M$)		Misc. Rev. Net (M$)		Costs Net (M$)		Taxes Net (M$)		Invest. Net (M$)		NonDisc. CF Annual (M$)		Cum Disc.CF (M$)
1/1/2015		0.000		0.000		0.00		0.00		0.00		0.00		0.000		0.000		0.000		0.000		0.000		0.000		0.00
2015		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

Rem.		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total 0.0		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Ult.		0.00		0.00

Eco. Indicators
Return on Investment (disc) :	0.000	Present Worth Profile (M$)
Return on Investment (undisc) :	0.000	PW 5.00% :	0.00	PW 20.00% :	0.00
Years to Payout :	0.00	PW 8.00% :	0.00	PW 30.00% :	0.00
Internal Rate of Return (%):	0.00	PW 10.00% :	0.00	PW 40.00% :	0.00
		PW 12.00% :	0.00	PW 50.00% :	0.00
		PW 15.00% :	0.00	PW 60.00% :	0.00

TRC Standard Eco Alt 2.rpt

Stratex Oil & Gas Holdings, Inc. - FORM 10-K - EX-99.4 - PINNACLE ENERGY SERVUCES LLC ENGINEERING REPORT - April 16, 2015

Attached files

Stratex Oil & Gas Holdings, Inc. Reports