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South Texas

FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT

2021 Plan Objectives

2021 Plan Details

• 1Q21: 3 net wells were completed and 5 net wells were drilled

• ~12,000’ expected average lateral feet per well

• ~$520/lateral foot expected DC&E costs

• ~20% Boe PDP decline expected (YE20 – YE21)

Marketing Update

• Transportation costs expected to decrease ~$0.25/Mcf starting mid-year 2021 and decrease an additional ~$0.35/Mcf in mid 2023

• Condensate prices improved by $9-$10 per Bbl relative to prior contract terms in 4Q20

Austin Chalk Success

• 2020 Austin Chalk wells have an expected breakeven flat oil price range of $12 – $28/Bbl NYMEX(1) at go forward development capital

• Delineation program of 9 wells has indicated Austin Chalk inventory over a broad area

Operating Details*

*as of April 29, 2021