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South Texas

FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT

2021 Operating Plan

2021 Plan Details

• 2Q21: 5 net wells completed and 11 net wells drilled

• YTD 2Q21: 8 net wells completed and 16 net wells drilled

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

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

Marketing Update

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

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 17 wells producing as of the end of the 2Q has indicated Austin Chalk inventory over a broad area

Operating Details*

*as of July 29, 2021