77 04 PUD Production Decline Curve Before

Ultra Petroleum Corp.
- Assumptions - NAV Model by Geography and Reserve Type

($ in Millions Except Per Share and Per Unit Data)
Model-Wide Toggles & Assumptions:

Company Name:
Current Share Price:
Bbl to Mcfe Conversion Factor:
Units (for Conversions):
Discount Rate:
Allow Circular References:
Price Deck Case:

Long-Term Gas Price (for Strip Pricing);
Long-Term Oil Price (for Strip Pricing):
Drilling Schedule:
Tax Depreciation Schedule (for Development CapEx):
Most Recent Quarter End Date:

Valuation Date:
"Remainder Date" for NAV Model:
End of Year 1 Fiscal Year:
Year One Production Months:
Adjustment Factor for Stub Period:
Tax and DD&A Assumptions:

Lower Initial Tax Rate:
# of Effective Years for Initial Tax Rate:
Statutory Tax Rate:
NOL Carryforwards ($ in 000's):
Leasehold CapEx:
Proved Reserves (Mmcfe):
Max Reserves to be Migrated to Proved (Mmcfe):
F&D Cost per Mcfe for Migrated Reserves ($ as Stated):
CapEx Associated with Unproved Reserves ($ in 000's):
Intangible Drilling Costs (IDC) % Development CapEx (Expensed):

Tangible Costs % Development CapEx (Capitalized):
Net PP&E on Balance Sheet:

DTL from Tax Depreciation and D&D Costs:
Effective Tax Rate:
Implied Accumulated DD&A - Tax Basis:
Implied Tax Basis of Net PP&E - For Use in Cash Tax Calculation:
Tax Depreciation Schedules (MACRS) - Development CapEx:

1
Selected: 1 2 3
Year 3-Year 3-Year 5-Year 7-Year
1
2
3
4
5
6
7
8
9
10
11
Total:
Value of Undeveloped Acreage: Net Acres: $ / Acre:
Total Value of Undeveloped Acreage:
Net Asset Value - Implied Per Share Price, by Reserve Type and Region
Unrisked Reserve Risked

Category: Bcfe Credit Bcfe
PDP
PDNP
PUD
PROB
POSS
Pre-Tax Asset Value:
NAV by Reserve Type and Region (for PROB and POSS Reserves):
PD
PUD
WY
PA
UT
Pre-Tax Asset Value:
Less: NPV of G&A:
+ / - NPV of Hedges:
Less: NPV of Cash Taxes:
After-Tax Asset Value:
Plus: Value of Undeveloped Acreage:
Total Asset Value:
Less: Net Debt & Preferred:
Net Asset Value:
Diluted Shares Outstanding:

NAV / Share:
Current Share Price:
Current Share Price Premium / (Discount) to NAV:
AW12 AY12
AW9 G322
G172
Diluted Shares Calculations:
Common Shares:
RSUs & Other Common Share-Equiv.:
Dilution from Options & Other:
Total Diluted Shares:
phy and Reserve Type
Production and Well Assumptions:

Ultra Petroleum Corp.
$ 18.83 Universal Assumptions:
6 LOE per Mcfe:
1,000 Production Taxes per Mcfe:
10.0% Other Operating Expenses per M
No G&A Expense per Mcfe:
1 Wells by Region - Base Assumptions

$ 4.50 Working Interest:
$ 80.00 Royalty Rate:
1 EUR (Mmcfe):
1 IP Rate (Mmcfe / d):
D&C Cost Per Well ($ in MMs):
9/30/2013 % Gas:
11/1/2013 % NGLs:
12/31/2053 % Oil:
12/31/2013
3 Toggles for Sensitivities:
25%
Working Interest:
Royalty Rate:
EUR (Mmcfe):
IP Rate (Mmcfe / d):
D&C Cost Per Well ($ in MMs):
% Gas:
% NGLs:
% Oil:
Reserve Credit Cases
Reserve Credit Case:
Category:
PDP
PDNP
PUD
PROB
POSS
4 Reserve Credit Cases

10-Year PDP
PDNP
PUD
PROB
POSS
Price Deck
1
Selected:
Case 1: Strip Pricing
Gas
Year $ / Mcf
2013 $ 3.70
2014 3.80
Value (MM): 2015 4.00
2016 4.10
2017 4.20
LT 4.50
and Region Drilling Schedules - Gross Wells Dri

1
Base @ Other Long-Term Gas Prices: Selected D
Case: Base
Year WY
2013 122
2014 135
2015 145
2016 155
2017 165
2018 175
2019 175
2020 175
2021 175
2022 175
2023 175
2024 175
2025 175
2026 175
2027 175
2028 175
2029 175
2030 175
2031 175
2032 175
2033 175
2034 175
2035 175
2036 175
2037 175
2038 175
2039 175
2040 0
2041 0
AK322 2042 0
AK172 2043 0
2044 0
2045 0
2046 0
Dilution from Options, Warrants & Other: 2047 0
2048 0
Name Number Price Dilution 2049 0
2050 0
2051 0
2052 0
2053 0
Total: 4,572
Total: -
Sensitivity Tables - NAV Analysis - U
Implied NAV per Share - Well EU
Prices:
Long-
Term
Gas
Implied NAV per Share - Well IP

Prices:
Long-
Term
Gas
Implied NAV per Share - Well D&
Prices:
Long-
Term
Gas
Implied NAV per Share - LOE Per

Prices:
Long-
Term
Gas
Well Assumptions:
$ 0.37 Gas % Diff. vs. Price Deck:

Taxes per Mcfe: 0.31 Oil % Diff. vs. Price Deck:
ating Expenses per Mcfe: 0.58 NGL as % of Oil Price:
se per Mcfe: 0.07
n - Base Assumptions: PD WY PA UT
N/A 58.0% 50.9%
N/A 0.0% 0.0%
N/A 4,292.5 7,694.2 #VALUE!
N/A 7.7 6.4
er Well ($ in MMs): N/A $ 4.1 $ 7.0
96.7% 96.2% 96.2%
0.0% 0.0% 0.0%
3.3% 3.8% 3.8%
sitivities:
Differential
vs. Base: PD WY PA UT
0.0% N/A 58.0% 50.9% 0.0%
0.0% N/A 0.0% 0.0% 0.0%
0.0% N/A 4,292.5 7,694.2 N/A
0.0% N/A 7.7 6.4 -
er Well ($ in MMs): 0.0% N/A $ 4.1 $ 7.0 $ -
0.0% 96.7% 96.2% 96.2% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 3.3% 3.8% 3.8% 0.0%
2 6 6 6
Region:
PD WY PA UT
100.0% 100.0% 100.0% 100.0%
100.0% 100.0% 100.0% 100.0%
100.0% 100.0% 100.0% 100.0%
75.0% 50.0% 50.0% 50.0%
75.0% 10.0% 10.0% 10.0%
1 2 3 4 5 6
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
100.0% 75.0% 50.0% 25.0% 75.0% 50.0%
100.0% 75.0% 50.0% 25.0% 50.0% 10.0%
Selected: Case 1: Strip Pricing Case 2: High Gas Case 3: Mid Gas
ase 1: Strip Pricing
Oil Gas Oil Gas Oil Gas
$ / Bbl $ / Mcf $ / Bbl $ / Mcf $ / Bbl $ / Mcf
$ 101.00 $ 3.70 $ 101.00 $ 3.70 $ 101.00 $ 3.70
92.00 3.80 92.00 4.00 92.00 3.80
88.00 4.00 88.00 4.50 88.00 3.90
84.00 4.10 84.00 5.00 84.00 4.00
82.00 4.20 82.00 5.50 82.00 4.00
80.00 4.50 80.00 5.50 80.00 4.00
es - Gross Wells Drilled
Selected Drilling Case:

Base Gas Case Base Gas Case
PA UT Total WY PA
24 0 146 122 24
40 0 175 135 40
60 0 205 145 60
75 0 230 155 75
90 0 255 165 90
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
100 0 275 175 100
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
2,489 0 7,061 4,572 2,489
es - NAV Analysis - Ultra Petroleum Corp.
per Share - Well EUR Differentials vs. Long-Term Gas Prices:
per Share - Well IP Rate Differentials vs. Long-Term Gas Prices:

per Share - Well D&C Cost Differentials vs. Long-Term Gas Prices:
per Share - LOE Per Mcfe Differentials vs. Long-Term Gas Prices:
94.0%
93.0%
50.0%
Case 3: Mid Gas Case 4: Low Gas Case 5: Stable Case 6: SEC Prices
Oil Gas Oil Gas Oil Gas

$ / Bbl $ / Mcf $ / Bbl $ / Mcf $ / Bbl $ / Mcf
$ 101.00 $ 3.70 $ 101.00 $ 4.50 $ 80.00 $ 2.63
92.00 3.50 92.00 4.50 80.00 2.63
88.00 3.25 88.00 4.50 80.00 2.63
84.00 3.00 84.00 4.50 80.00 2.63
82.00 2.50 82.00 4.50 80.00 2.63
80.00 2.50 80.00 4.50 80.00 2.63
Gas Case High Gas Case

UT WY PA UT
122 24
140 45
160 75
170 100
180 120
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
190 135
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
4,952 3,334
Case 6: SEC Prices
Oil
$ / Bbl
$ 87.85
87.85
87.85
87.85
87.85
87.85
Sanity Checking the Drilling Schedul
Low Gas Case D&C CapEx: PDNP

WY PA UT WY PA CapEx
122 24 $ 290 $ 86 #VALUE!
120 25 321 143 #VALUE!
130 35 345 214 #VALUE!
140 45 369 267 #VALUE!
150 55 392 321 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
160 75 416 356 #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
0 0 - - #VALUE!
4,182 1,834
king the Drilling Schedule #s:
PDP Total Gas

CapEx CapEx: Price: Company's Estimated Annual CapEx:
#VALUE! #VALUE! $ 3.70 $385 - $415MM (Pg. 6 of 8-K)
#VALUE! #VALUE! 3.80 $520 - $560MM, w/ $68M from Utah (Pg. 10 Q3 earnings
#VALUE! #VALUE! 4.00
#VALUE! #VALUE! 4.10 # Gross
#VALUE! #VALUE! 4.20 Wells D&C WI
#VALUE! #VALUE! 4.50 WY: 5,000.0 $ 4.1 58.0%
#VALUE! #VALUE! 4.50 PA: 3,340.0 7.0 50.9%
#VALUE! #VALUE! 4.50 Total: 8,340.0
#VALUE! #VALUE! 4.50 2007
#VALUE! #VALUE! 4.50 Property CapEx: $ 696
#VALUE! #VALUE! 4.50 Gas Prices Before Hedging: $ 4.66
#VALUE! #VALUE! 4.50 WY Wells Drilled - Gross: 151.0
#VALUE! #VALUE! 4.50 PA Wells Drilled - Gross: 2.0
#VALUE! #VALUE! 4.50 Total Gross Wells: 153.0
#VALUE! #VALUE! 4.50 WY Wells Drilled - Net: 76.1
#VALUE! #VALUE! 4.50 PA Wells Drilled - Net: 1.1
#VALUE! #VALUE! 4.50 Total Net Wells: 77.2
#VALUE! #VALUE! 4.50 Average D&C Cost Per Well: $ 9.0
#VALUE! #VALUE! 4.50 For 2007-2009 #s, please see the 2009 10-K linked to in
#VALUE!
ed Annual CapEx:
ah (Pg. 10 Q3 earnings transcript)
2008 2009 2010 2011 2012

$ 950 $ 674 $ 1,164 $ 1,436 $ 708
$ 7.11 $ 3.49 $ 4.31 $ 4.15 $ 2.79
228.0 163.0 181.0 200.0 122.0

- 35.0 171.0 185.0 24.0
228.0 198.0 352.0 385.0 146.0
121.5 78.9 94.5 113.5 44.2

- 21.0 99.0 87.1 26.9
121.5 99.9 193.5 200.6 71.1
$ 7.8 $ 6.7 $ 6.0 $ 7.2 $ 10.0
2009 10-K linked to in this lesson.

Reserves Information & Data Required for NAV Model
Implied
Developed Developed Working Undeveloped
Region: Acres - Gross Acres - Net Interest: Acres - Gross
WY 22,000 10,000 45.5% 62,000
PA 111,000 58,000 52.3% 386,000
CO - ### N/A 154,000
Reserves Data: 2009 2010

Proved Developed Reserves:
Natural Gas (Mmcf): 1,541,813 1,678,697
Oil (MBbl): 11,627 11,013
Total Proved Developed Reserves: 1,611,575 1,744,775
Proved Undeveloped Reserves:
Natural Gas (Mmcf): 2,194,788 2,521,458
Oil (MBbl): 17,558 20,671
Total Proved Undeveloped Reserves: 2,300,136 2,645,484
Total Proved Reserves (Mmcfe): 3,911,711 4,390,259
Proved Reserves (Bcfe):
Proved Undeveloped Reserves (Bcfe):

Probable Reserves (Bcfe):
Possible Reserves (Bcfe):
Total PUD + PROB + POSS:
Gas Oil Total

Net Reserves: (Mmcf) (MBbl) (Mmcfe) % Gas:
PDP 1,795,000 10,300 1,856,800 96.7%
PDNP 129,000 500 132,000 97.7%
PUD 1,149,000 7,600 1,194,600 96.2%
Weighted Avg.: 3,183,400 96.5%
Proved Developed Reserves Resource Split: 96.7%

Proved Undeveloped Reserves Resource Split: 96.2%
2010 2011
Average Gas Price
Before Hedging: $4.31 $4.31 $4.15
Wells Drilled: Gross Net Gross

WY 181.0 94.5 200.0
PA 171.0 99.0 185.0
Total: 352.0 193.5 385.0
Wells Drilled / Gas Price: 81.7 x 44.9 x 92.8 x
Gross Net
Total Proved Wells: 2,334.0 1,145.5
Proved Developed Producing Wells:
WY 1,850.0
PA 322.0
Total: 2,172.0
Avg. Future Current

Future Future Working Gross PD
Region: Net Wells: Gross Wells: Interest: Wells:
WY 2,900.0 5,000.0 58.0% 1,906.0
PA 1,700.0 3,340.0 50.9% 378.0
UT
Potential Future Net Wells by Type: PUD PROB

WY 229.4 1,545.3
PA 134.5 905.9
UT
Total Future Net Wells: 364.0 2,451.2
Implied PD Implied Spacing
Implied Gross Wells of Future Wells
Undeveloped Working at Current on Net Undev.
Acres - Net Interest: Spacing: Acreage:
39,000 62.9% 2,200 13.4
203,000 52.6% 1,009 119.4
139,000 90.3%
2011 2012
1,973,391 1,820,994
11,794 10,531
2,044,155 1,884,180
2,805,163 1,145,451
21,287 7,606
2,932,885 1,191,087
4,977,040 3,075,267
4,977 3,075
Average EUR (Bcfe)
2,933 1,191 for PUD + PROB + POSS
5,244 8,022 Wells Implied by
4,212 5,841 Future Net Wells:
12,389 15,054 3.27
Gross Future CapEx CapEx Per

% Oil: Wells ($ MMs) Well ($ MMs)
3.3% 2,177 $ 205 $ 0.09
2.3% 112 71 0.63
3.8% 598 1,386 2.32
3.5%
3.3%
3.8%
2011 2012 2013
$4.15 $2.79 $2.79 $3.70 $3.70
Net Gross Net Gross Net

113.5 111.0 44.2 122.0 56.0
87.1 64.0 26.9 24.0 12.0
200.6 175.0 71.1 146.0 68.0
48.3 x 62.7 x 25.5 x 39.5 x 18.4 x
Drilling CapEx Implied

by Well Drilling Plan &
Avg. D&C Costs:
$ 230
84
Current Current Plus PUD/PROB/POSS

Net PD Future Net Net EUR Gross EUR 3P Net
Wells: Wells: (Bcfe): (Bcfe): Reserves (Bcfe):
955.9 3,855.9 2.5 4.3 9,600.0
189.6 1,889.6 3.9 7.7 7,400.0
POSS POT
1,125.2
659.6
1,784.8
Spacing
pEx Implied
lling Plan &
C Costs:
Implied
PUD/PROB/POSS
Net Reserves Future F&D Cost D&C Cost Per Avg. IP Rate
(Bcfe): Capital: Per Mcfe: Well ($MM): (Mmcfed):
12,448.4 $ 13,600 $ 1.42 $ 4.1 7.7
13,080.2 11,300 1.52 7.0 6.4
Future Capital /
Future Net Wells
$ 4.7 <-- Above the $4.1MM given above for WY
6.6 <--- But this one's below the $7.0MM above for PA.
Future Capital /
Cash Flow Assumptions
PD Reserves (PDP and PDNP) Single Well Assumpti
Net Remaining Reserves (Mmcfe) 1,988,800 Working Interest:

Current PDP Production (Mmcfe / d) 632 Royalty Rate:
Production Decline Rate 11.6% EUR (Mmcfe):
Reserve Life (Years): 22 IP Rate (Mmcfe / d):
Stub Period Adjustment 25.0% D&C Cost Per Well ($
Future CapEx, PDP ($
Future CapEx, PDNP
% Gas:
% NGLs:
% Oil:
Assumptions for All W

LOE per Mcfe:
Production Taxes per
Other Operating Exp
Reserve Report Output

PDP
Production (Net): Price Deck

Gas Oil NGLs Total Gas
Year Mmcf MBbl MBbl Mmcfe $ / Mcf
2013 #VALUE! #VALUE! #VALUE! #VALUE! $ 3.70
2014 #VALUE! #VALUE! #VALUE! #VALUE! 3.80
Subtotal: #VALUE! #VALUE! #VALUE! #VALUE!
Remainder: #VALUE! #VALUE! #VALUE! #VALUE! 4.50
Total: #VALUE! #VALUE! #VALUE! #VALUE!
PDNP

PUD
This area is intentionally left blank - not applicable on this tab - please do NOT enter data here
PROB
POSS
TOTAL

ingle Well Assumptions: Oil, Gas & NGL Pricing:
Working Interest: N/A Gas % Diff. vs. Price Deck:

Royalty Rate: N/A Oil % Diff. vs. Price Deck:
EUR (Mmcfe): N/A NGL as % of Oil Price:
IP Rate (Mmcfe / d): N/A
D&C Cost Per Well ($ in MMs): N/A
Future CapEx, PDP ($ in MMs): 205
Future CapEx, PDNP ($ in MMs): 71
96.7%
% NGLs: 0.0%
3.3%
ssumptions for All Wells in Model:

LOE per Mcfe: $ 0.37
Production Taxes per Mcfe: 0.31
Other Operating Expenses per Mcfe: 0.58
PDP
Price Deck Realized Prices R

Oil NGLs Gas Oil NGLs Gas
$ / Bbl $ / Bbl $ / Mcf $ / Bbl $ / Bbl ($ 000's)
$ 101.00 $ 50.50 $ 3.48 $ 93.93 $ 46.97 #VALUE!
92.00 46.00 3.57 85.56 42.78 #VALUE!
88.00 44.00 3.76 81.84 40.92 #VALUE!
84.00 42.00 3.85 78.12 39.06 #VALUE!
82.00 41.00 3.95 76.26 38.13 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
#VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
#VALUE!
PDNP

$ 101.00 $ 50.50 $ 3.48 $ 93.93 $ 46.97 #VALUE!
92.00 46.00 3.57 85.56 42.78 #VALUE!
88.00 44.00 3.76 81.84 40.92 #VALUE!
84.00 42.00 3.85 78.12 39.06 #VALUE!
82.00 41.00 3.95 76.26 38.13 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
#VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
#VALUE!
PUD
o NOT enter data here.
PROB
POSS
TOTAL

$ 101.00 $ 50.50 $ 3.48 $ 93.93 $ 46.97 #VALUE!
92.00 46.00 3.57 85.56 42.78 #VALUE!
88.00 44.00 3.76 81.84 40.92 #VALUE!
84.00 42.00 3.85 78.12 39.06 #VALUE!
82.00 41.00 3.95 76.26 38.13 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
#VALUE!
80.00 40.00 4.23 74.40 37.20 #VALUE!
#VALUE!
Operations Data and Metrics:
Gas Oil
94.0% Reserves: Mmcf MBbl
93.0% PDP Reserves: 1,795,000 10,300
50.0% PDNP Reserves: 129,000 500
Total PD Reserves: 1,924,000 10,800
Gas Oil
Production: Mmcf MBbl
Last Quarter: 55,718 297
Days in Quarter:
Run-Rate Operational Metrics:

Production (Mmcfe / d):
Proved R / P Ratio:
PD R / P Ratio:
Proved Reserves, % Gas:
Proved Reserves, % Oil:
Proved Reserves, % NGLs:
Revenue Operating Expe

Oil NGLs Total Prod. Taxes Prod. Taxes
($ 000's) ($ 000's) ($ 000's) $ / Mcfe ($ 000's)
#VALUE! #VALUE! #VALUE! $ 0.31 #VALUE!
#VALUE! #VALUE! #VALUE! 0.31 #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!

($ 000's) ($ 000's) ($ 000's) $ / Mcfe ($ 000's)
($ 000's) ($ 000's) ($ 000's) $ / Mcfe ($ 000's)
NGLs Total
MBbl Mmcfe
- 1,856,800
- 132,000
- 1,988,800
NGLs Total
MBbl Mmcfe
- 57,502
91
631.89
13.33
8.62
96.5%
3.5%
0.0%
Operating Expenses
LOE LOE Other Other Total
$ / Mcfe ($ 000's) $ / Mcfe ($ 000's) ($ 000's)
$ 0.37 #VALUE! $ 0.58 #VALUE! #VALUE!
0.37 #VALUE! 0.58 #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
Operating Expenses
$ / Mcfe ($ 000's) $ / Mcfe ($ 000's) ($ 000's)
Operating Expenses
$ / Mcfe ($ 000's) $ / Mcfe ($ 000's) ($ 000's)
PDP
Cash Flow Discounted Cash Flow

EBITDAX CapEx Cash Flow Discount
($ 000's) ($ 000's) ($ 000's) Date Period
#VALUE! #VALUE! #VALUE! 12/31/2013 0.08
PDNP

($ 000's) ($ 000's) ($ 000's) Date Period
PUD
PROB
POSS
TOTAL

($ 000's) ($ 000's) ($ 000's) Date Period
Acreage and Drilling Locations
Drilling Locations and Risked Reserves
Reserve
Location Risking: Credit
PDP N/A
PDNP N/A
PUD N/A
PROB N/A
POSS N/A
Total:
Proved Developed Reserves - Annual Production and Declin

PDP - Annual Production
Decline Rate: 11.6%
scounted Cash Flow Reserve Life (Years): 22
Discount DCF
Factor ($ 000's) Period Year Days
0.99 #VALUE! 0 2013 365
0.94 #VALUE! 1 2014 365
0.85 #VALUE! 2 2015 365
0.78 #VALUE! 3 2016 366
0.71 #VALUE! 4 2017 365
0.64 #VALUE! 5 2018 365
0.58 #VALUE! 6 2019 365
0.53 #VALUE! 7 2020 366
0.48 #VALUE! 8 2021 365
0.44 #VALUE! 9 2022 365
0.40 #VALUE! 10 2023 365
0.36 #VALUE! 11 2024 366
0.33 #VALUE! 12 2025 365
0.30 #VALUE! 13 2026 365
0.27 #VALUE! 14 2027 365
0.25 #VALUE! 15 2028 366
0.22 #VALUE! 16 2029 365
0.20 #VALUE! 17 2030 365
0.19 #VALUE! 18 2031 365
0.17 #VALUE! 19 2032 366
0.15 #VALUE! 20 2033 365
0.14 #VALUE! 21 2034 365
0.13 #VALUE! 22 2035 365
0.12 #VALUE! 23 2036 366
0.10 #VALUE! 24 2037 365
0.10 #VALUE! 25 2038 365
0.09 #VALUE! 26 2039 365
0.08 #VALUE! 27 2040 366
0.07 #VALUE! 28 2041 365
0.07 #VALUE! 29 2042 365
0.06 #VALUE! 30 2043 365
0.05 #VALUE! 31 2044 366
0.05 #VALUE! 32 2045 365
0.04 #VALUE! 33 2046 365
0.04 #VALUE! 34 2047 365
0.04 #VALUE! 35 2048 366
0.03 #VALUE! 36 2049 365
0.03 #VALUE! 37 2050 365
0.03 #VALUE! 38 2051 365
0.03 #VALUE! 39 2052 366
0.02 #VALUE! 40 2053 365
#VALUE! Subtotal:
0.02 #VALUE! Remainder:
#VALUE! Total:
PDNP - Annual Production
scounted Cash Flow

Discount DCF
Factor ($ 000's) Period Year Days
0.99 #VALUE! 0 2013 365
0.94 #VALUE! 1 2014 365
0.85 #VALUE! 2 2015 365
0.78 #VALUE! 3 2016 366
0.71 #VALUE! 4 2017 365
0.64 #VALUE! 5 2018 365
0.58 #VALUE! 6 2019 365
0.53 #VALUE! 7 2020 366
0.48 #VALUE! 8 2021 365
0.44 #VALUE! 9 2022 365
0.40 #VALUE! 10 2023 365
0.36 #VALUE! 11 2024 366
0.33 #VALUE! 12 2025 365
0.30 #VALUE! 13 2026 365
0.27 #VALUE! 14 2027 365
0.25 #VALUE! 15 2028 366
0.22 #VALUE! 16 2029 365
0.20 #VALUE! 17 2030 365
0.19 #VALUE! 18 2031 365
0.17 #VALUE! 19 2032 366
0.15 #VALUE! 20 2033 365
0.14 #VALUE! 21 2034 365
0.13 #VALUE! 22 2035 365
0.12 #VALUE! 23 2036 366
0.10 #VALUE! 24 2037 365
0.10 #VALUE! 25 2038 365
0.09 #VALUE! 26 2039 365
0.08 #VALUE! 27 2040 366
0.07 #VALUE! 28 2041 365
0.07 #VALUE! 29 2042 365
0.06 #VALUE! 30 2043 365
0.05 #VALUE! 31 2044 366
0.05 #VALUE! 32 2045 365
0.04 #VALUE! 33 2046 365
0.04 #VALUE! 34 2047 365
0.04 #VALUE! 35 2048 366
0.03 #VALUE! 36 2049 365
0.03 #VALUE! 37 2050 365
0.03 #VALUE! 38 2051 365
0.03 #VALUE! 39 2052 366
0.02 #VALUE! 40 2053 365
#VALUE! Subtotal:
0.02 #VALUE! Remainder:
#VALUE! Total:
scounted Cash Flow
Discount DCF
Factor ($ 000's)
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Working Unrisked Resources (Mmcfe)
Interest Gross
N/A
N/A
N/A
N/A
N/A
Production and Decline Rates
Beginning Production Ending

Reserves Daily Annual Reserves
1,856,800 632 230,640 1,626,160
1,626,160 559 203,966 1,422,194 Proved De
1,422,194 494 180,377 1,241,817
250,000
1,241,817 437 159,953 1,081,864
1,081,864 386 141,067 940,797
200,000
940,797 342 124,752 816,044
816,044 302 110,324 705,720
705,720 267 97,832 607,887 150,000
607,887 236 86,281 521,606
521,606 209 76,303 445,303 Annual Production in Mmcfe 100,000
445,303 185 67,478 377,825
377,825 163 59,838 317,987 50,000
317,987 145 52,773 265,215
265,215 128 46,669 218,546
0
218,546 113 41,272 177,274
177,274 100 36,599 140,675
140,675 88 32,277 108,398
108,398 78 28,544 79,853
79,853 69 25,243 54,610
54,610 61 22,385 32,225
32,225 54 19,742 12,483
12,483 48 12,483 -
- 42 0 -
- 37 0 -
- 33 0 -
- 29 0 -
- 26 0 -
- 23 0 -
- 20 0 -
- 18 0 -
- 16 0 -
- 14 0 -
- 12 0 -
- 11 0 -
- 10 0 -
- 9 0 -
- 8 0 -
- 7 0 -
- 6 0 -
- 5 0 -
- 5 0 -
1,856,800
0
1,856,800
Beginning Production Ending

Reserves Daily Period Reserves
132,000 632 0 132,000
132,000 559 132,000 -
- 494 0 -
- 437 0 -
- 386 0 -
- 342 0 -
- 302 0 -
- 267 0 -
- 236 0 -
- 209 0 -
- 185 0 -
- 163 0 -
- 145 0 -
- 128 0 -
- 113 0 -
- 100 0 -
- 88 0 -
- 78 0 -
- 69 0 -
- 61 0 -
- 54 0 -
- 48 0 -
- 42 0 -
- 37 0 -
- 33 0 -
- 29 0 -
- 26 0 -
- 23 0 -
- 20 0 -
- 18 0 -
- 16 0 -
- 14 0 -
- 12 0 -
- 11 0 -
- 10 0 -
- 9 0 -
- 8 0 -
- 7 0 -
- 6 0 -
- 5 0 -
- 5 0 -
132,000
0
132,000
ked Resources (Mmcfe) Risked Resources (Mmcfe)
Net Gross Net
1,856,800 #VALUE!
132,000 #VALUE!
1,988,800 #VALUE!
Proved Developed - Production Decline Curve

250,000
200,000
150,000
nual Production in Mmcfe 100,000
50,000
0
Cash Flow Assumptions
Reserve Report Output

PDP
PDNP
PUD
Production (Net):
Gas Oil NGLs Total
Year Mmcf MBbl MBbl Mmcfe
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
Subtotal:
Remainder:
Total:
PROB
Production (Net):
Gas Oil NGLs Total
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
Subtotal:
Remainder:
Total:
POSS
Production (Net):
Gas Oil NGLs Total
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
Subtotal:
Remainder:
Total:
TOTAL
Production (Net):
Gas Oil NGLs Total
2013 0 0 0 0
2014 0 0 0 0
2015 0 0 0 0
2016 0 0 0 0
2017 0 0 0 0
2018 0 0 0 0
2019 0 0 0 0
2020 0 0 0 0
2021 0 0 0 0
2022 0 0 0 0
2023 0 0 0 0
2024 0 0 0 0
2025 0 0 0 0
2026 0 0 0 0
2027 0 0 0 0
2028 0 0 0 0
2029 0 0 0 0
2030 0 0 0 0
2031 0 0 0 0
2032 0 0 0 0
2033 0 0 0 0
2034 0 0 0 0
2035 0 0 0 0
2036 0 0 0 0
2037 0 0 0 0
2038 0 0 0 0
2039 0 0 0 0
2040 0 0 0 0
2041 0 0 0 0
2042 0 0 0 0
2043 0 0 0 0
2044 0 0 0 0
2045 0 0 0 0
2046 0 0 0 0
2047 0 0 0 0
2048 0 0 0 0
2049 0 0 0 0
2050 0 0 0 0
2051 0 0 0 0
2052 0 0 0 0
2053 0 0 0 0
Subtotal: 0 0 0 0
Remainder: 0 0 0 0
Total: 0 0 0 0
Single Well Assumptions: Oil, Gas & NGL Pricing:
Working Interest: N/A Gas % Diff. vs. Price Deck:

Royalty Rate: N/A Oil % Diff. vs. Price Deck:
EUR (Mmcfe): 7,694.2 NGL as % of Oil Price:
IP Rate (Mmcfe / d): 6.4
D&C Cost Per Well ($ in MMs): $ 7.0
Future CapEx, PDP ($ in MMs): N/A
Future CapEx, PDNP ($ in MMs): N/A
% Gas: 96.2%
% NGLs: 0.0%
% Oil: 3.8%
Assumptions for All Wells in Model:

LOE per Mcfe: $ 0.37
Production Taxes per Mcfe: 0.31
Other Operating Expenses per Mcfe: 0.58
e do NOT enter data here.

e do NOT enter data here.
Price Deck Realized Prices
Gas Oil NGLs Gas Oil NGLs
$ / Mcf $ / Bbl $ / Bbl $ / Mcf $ / Bbl $ / Bbl
$ 3.70 $ 101.00 $ 50.50 $ 3.48 $ 93.93 $ 46.97
3.80 92.00 46.00 3.57 85.56 42.78
4.00 88.00 44.00 3.76 81.84 40.92
4.10 84.00 42.00 3.85 78.12 39.06
4.20 82.00 41.00 3.95 76.26 38.13
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.23 74.40 37.20

$ 3.70 $ 101.00 $ 50.50 $ 3.48 $ 93.93 $ 46.97
3.80 92.00 46.00 3.57 85.56 42.78
4.00 88.00 44.00 3.76 81.84 40.92
4.10 84.00 42.00 3.85 78.12 39.06
4.20 82.00 41.00 3.95 76.26 38.13
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.23 74.40 37.20

$ 3.70 $ 101.00 $ 50.50 $ 3.48 $ 93.93 $ 46.97
3.80 92.00 46.00 3.57 85.56 42.78
4.00 88.00 44.00 3.76 81.84 40.92
4.10 84.00 42.00 3.85 78.12 39.06
4.20 82.00 41.00 3.95 76.26 38.13
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.23 74.40 37.20

$ 3.70 $ 101.00 $ 50.50 $ 3.48 $ 93.93 $ 46.97
3.80 92.00 46.00 3.57 85.56 42.78
4.00 88.00 44.00 3.76 81.84 40.92
4.10 84.00 42.00 3.85 78.12 39.06
4.20 82.00 41.00 3.95 76.26 38.13
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20
4.50 80.00 40.00 4.23 74.40 37.20

NGL Pricing:
ff. vs. Price Deck: 94.0%

ff. vs. Price Deck: 93.0%
% of Oil Price: 50.0%
PDP
PDNP
PUD
Revenue Op
Gas Oil NGLs Total Prod. Taxes
($ 000's) ($ 000's) ($ 000's) ($ 000's) $ / Mcfe
PROB
Revenue Op
($ 000's) ($ 000's) ($ 000's) ($ 000's) $ / Mcfe
POSS
Revenue Op
($ 000's) ($ 000's) ($ 000's) ($ 000's) $ / Mcfe
TOTAL
Revenue Op
($ 000's) ($ 000's) ($ 000's) ($ 000's) $ / Mcfe
$ - $ - $ - $ - $ -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - -
- - - -
- - - -
Operating Expenses
Prod. Taxes LOE LOE Other Other Total
($ 000's) $ / Mcfe ($ 000's) $ / Mcfe ($ 000's) ($ 000's)
Operating Expenses
($ 000's) $ / Mcfe ($ 000's) $ / Mcfe ($ 000's) ($ 000's)
Operating Expenses
($ 000's) $ / Mcfe ($ 000's) $ / Mcfe ($ 000's) ($ 000's)
Operating Expenses
($ 000's) $ / Mcfe ($ 000's) $ / Mcfe ($ 000's) ($ 000's)
$ - $ - $ - $ - $ - $ -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - -
- - - -
- - - -
PDP
PDNP
PUD

($ 000's) ($ 000's) ($ 000's) Date Period
12/31/2013 0.08
12/31/2014 0.67
12/31/2015 1.67
12/31/2016 2.67
12/31/2017 3.67
12/31/2018 4.67
12/31/2019 5.67
12/31/2020 6.67
12/31/2021 7.67
12/31/2022 8.67
12/31/2023 9.67
12/31/2024 10.67
12/31/2025 11.67
12/31/2026 12.67
12/31/2027 13.67
12/31/2028 14.67
12/31/2029 15.67
12/31/2030 16.67
12/31/2031 17.67
12/31/2032 18.67
12/31/2033 19.67
12/31/2034 20.67
12/31/2035 21.67
12/31/2036 22.67
12/31/2037 23.67
12/31/2038 24.67
12/31/2039 25.67
12/31/2040 26.67
12/31/2041 27.67
12/31/2042 28.67
12/31/2043 29.67
12/31/2044 30.67
12/31/2045 31.67
12/31/2046 32.67
12/31/2047 33.67
12/31/2048 34.67
12/31/2049 35.67
12/31/2050 36.67
12/31/2051 37.67
12/31/2052 38.67
12/31/2053 39.67
12/31/2053 39.67
PROB

($ 000's) ($ 000's) ($ 000's) Date Period
12/31/2013 0.08
12/31/2014 0.67
12/31/2015 1.67
12/31/2016 2.67
12/31/2017 3.67
12/31/2018 4.67
12/31/2019 5.67
12/31/2020 6.67
12/31/2021 7.67
12/31/2022 8.67
12/31/2023 9.67
12/31/2024 10.67
12/31/2025 11.67
12/31/2026 12.67
12/31/2027 13.67
12/31/2028 14.67
12/31/2029 15.67
12/31/2030 16.67
12/31/2031 17.67
12/31/2032 18.67
12/31/2033 19.67
12/31/2034 20.67
12/31/2035 21.67
12/31/2036 22.67
12/31/2037 23.67
12/31/2038 24.67
12/31/2039 25.67
12/31/2040 26.67
12/31/2041 27.67
12/31/2042 28.67
12/31/2043 29.67
12/31/2044 30.67
12/31/2045 31.67
12/31/2046 32.67
12/31/2047 33.67
12/31/2048 34.67
12/31/2049 35.67
12/31/2050 36.67
12/31/2051 37.67
12/31/2052 38.67
12/31/2053 39.67
12/31/2053 39.67
POSS

($ 000's) ($ 000's) ($ 000's) Date Period
12/31/2013 0.08
12/31/2014 0.67
12/31/2015 1.67
12/31/2016 2.67
12/31/2017 3.67
12/31/2018 4.67
12/31/2019 5.67
12/31/2020 6.67
12/31/2021 7.67
12/31/2022 8.67
12/31/2023 9.67
12/31/2024 10.67
12/31/2025 11.67
12/31/2026 12.67
12/31/2027 13.67
12/31/2028 14.67
12/31/2029 15.67
12/31/2030 16.67
12/31/2031 17.67
12/31/2032 18.67
12/31/2033 19.67
12/31/2034 20.67
12/31/2035 21.67
12/31/2036 22.67
12/31/2037 23.67
12/31/2038 24.67
12/31/2039 25.67
12/31/2040 26.67
12/31/2041 27.67
12/31/2042 28.67
12/31/2043 29.67
12/31/2044 30.67
12/31/2045 31.67
12/31/2046 32.67
12/31/2047 33.67
12/31/2048 34.67
12/31/2049 35.67
12/31/2050 36.67
12/31/2051 37.67
12/31/2052 38.67
12/31/2053 39.67
12/31/2053 39.67
TOTAL

($ 000's) ($ 000's) ($ 000's) Date Period
$ - $ - $ -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
Acreage and Drilling Locations
Drilling Locations and Risked Reserves
Reserve
Location Risking: Credit
PDP N/A
PDNP N/A
PUD N/A
PROB N/A
POSS N/A
Total:
Drilling Schedule, by Reserve Type
Wells Drilled
Wells
Year (Gross)
2013 N/A
2014 N/A
2015 N/A
2016 N/A
2017 N/A
2018 N/A
2019 N/A
2020 N/A
2021 N/A
2022 N/A
2023 N/A
2024 N/A
2025 N/A
2026 N/A
2027 N/A
2028 N/A
2029 N/A
2030 N/A
2031 N/A
2032 N/A
2033 N/A
2034 N/A
2035 N/A
2036 N/A
2037 N/A
2038 N/A
2039 N/A
2040 N/A
2041 N/A
2042 N/A
2043 N/A
2044 N/A
2045 N/A
2046 N/A
2047 N/A
2048 N/A
2049 N/A
2050 N/A
2051 N/A
2052 N/A
2053 N/A
Subtotal:
Remainder:
Total:
PUD Production Decline Curve - Lesson Outline:
1) Why? Decline rates differ in different regions - must use the

Could break it down by PA-PUD, PA-PROB, PA-POSS, but very diffi
2) What? Need to look at 3rd party data sources, find appropri

years we're assuming here. And then build in support for EUR-b
3) How? Here are the set of steps to follow:
1. First, look for data on decline rates in investor presentations

Anything shale-related: very steep declines in beginning, an
2. Make initial annual production in Year 1 some % of IP Rate * 3

Rationale: Even over from Month 1 to Month 12 of Year 1, th
3. Then, take the rest of this data and use goal seek to fit it to t
4. Copy and paste those all as hard-coded values now in the "D
5. Build in support for sensitivities via the "Adjustment Factor" w

Rationale: If we adjust up or down the EUR, production must
Going to be very difficult to support both IP Rate and EUR Se
Better to focus on supporting EUR here, since the correct #s
6. Also make sure we're checking EUR against total produced so
7. Calculate "Total" column based Adj. Factor and Pre-Adjustmen
8. Check #s a bit for different adjustment factors, IP rates, and
4) What Next? With this in place, now we're going to move int
drilled for the PUD reserve type in PA and eventually apply sim
Production Schedules for New Wells Drilled, by Reserve Typ

PUD - Total Production (Net) (Mmcfe)
365-Day Production @ IP Rate:
scounted Cash Flow Year 1 % Production % 365 Days @ IP Rate:
Discount DCF Gross Type Curve
Factor ($ 000's) Period Gas (Mmcf) Oil (MBbl)
0.99 $ - 0
0.94 - 1
0.85 - 2
0.78 - 3
0.71 - 4
0.64 - 5
0.58 - 6
0.53 - 7
0.48 - 8
0.44 - 9
0.40 - 10
0.36 - 11
0.33 - 12
0.30 - 13
0.27 - 14
0.25 - 15
0.22 - 16
0.20 - 17
0.19 - 18
0.17 - 19
0.15 - 20
0.14 - 21
0.13 - 22
0.12 - 23
0.10 - 24
0.10 - 25
0.09 - 26
0.08 - 27
0.07 - 28
0.07 - 29
0.06 - 30
0.05 - 31
0.05 - 32
0.04 - 33
0.04 - 34
0.04 - 35
0.03 - 36
0.03 - 37
0.03 - 38
0.03 - 39
0.02 - 40
$ - Subtotal:
0.02 - Remainder:
$ - Total:
PROB - Total Production (Net) (Mmcfe)
scounted Cash Flow

0.99 $ - 0
0.94 - 1
0.85 - 2
0.78 - 3
0.71 - 4
0.64 - 5
0.58 - 6
0.53 - 7
0.48 - 8
0.44 - 9
0.40 - 10
0.36 - 11
0.33 - 12
0.30 - 13
0.27 - 14
0.25 - 15
0.22 - 16
0.20 - 17
0.19 - 18
0.17 - 19
0.15 - 20
0.14 - 21
0.13 - 22
0.12 - 23
0.10 - 24
0.10 - 25
0.09 - 26
0.08 - 27
0.07 - 28
0.07 - 29
0.06 - 30
0.05 - 31
0.05 - 32
0.04 - 33
0.04 - 34
0.04 - 35
0.03 - 36
0.03 - 37
0.03 - 38
0.03 - 39
0.02 - 40
$ - Subtotal:
0.02 - Remainder:
$ - Total:
POSS - Total Production (Net) (Mmcfe)
scounted Cash Flow

0.99 $ - 0
0.94 - 1
0.85 - 2
0.78 - 3
0.71 - 4
0.64 - 5
0.58 - 6
0.53 - 7
0.48 - 8
0.44 - 9
0.40 - 10
0.36 - 11
0.33 - 12
0.30 - 13
0.27 - 14
0.25 - 15
0.22 - 16
0.20 - 17
0.19 - 18
0.17 - 19
0.15 - 20
0.14 - 21
0.13 - 22
0.12 - 23
0.10 - 24
0.10 - 25
0.09 - 26
0.08 - 27
0.07 - 28
0.07 - 29
0.06 - 30
0.05 - 31
0.05 - 32
0.04 - 33
0.04 - 34
0.04 - 35
0.03 - 36
0.03 - 37
0.03 - 38
0.03 - 39
0.02 - 40
$ - Subtotal:
0.02 - Remainder:
$ - Total:
scounted Cash Flow

Discount DCF
Factor ($ 000's)
$ -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Working Potential Future Wells Unrisked Resources (Mmcfe)
Interest Gross Net Gross
N/A
N/A
50.9% 264.3 134.5 2,033,292
N/A #VALUE! 905.9 #VALUE!
N/A #VALUE! 659.6 #VALUE!
3,340.0 1,700.0 #VALUE!
PUD - Locations Drilled PROB - Locations Drilled

Remaining Drilled Ending Remaining
(Gross) (Gross) (Gross) (Gross)
264.3 24.0 240.3 1,779.8
240.3 240.3 200.3 1,779.8
200.3 200.3 - 1,779.8
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
- - - #VALUE!
264.3
-
264.3
sson Outline:
nt regions - must use the correct rates if we have a region-by-region build!

OB, PA-POSS, but very difficult and no data - so will just use one rate for this entire region.
ata sources, find appropriate decline curve data, and then fit it to the EUR and # of production
build in support for EUR-based sensitivities.
n investor presentations and even other companies' investor presentations.
declines in beginning, and then it should flatten out over time.
ar 1 some % of IP Rate * 365 - base it on decline rate data, as we do here.

to Month 12 of Year 1, there will be big declines. So annual total won't be close to IP Rate * 365.
use goal seek to fit it to the EUR we're assuming and the # of productive years (~40).
ded values now in the "Decline Rate" column.
the "Adjustment Factor" we're linking to here.

he EUR, production must also change!
t both IP Rate and EUR Sensitivities at the same time, so must pick one.
here, since the correct #s are a much bigger open question.
against total produced so far so add a MIN function as well.
Factor and Pre-Adjustment Total, and then divide into Oil vs. Gas vs. NGLs.
ent factors, IP rates, and so on.
w we're going to move into how to aggregate production across all wells
and eventually apply similar logic to PROB and POSS.
Drilled, by Reserve Type
Adj. Factor: 0.0%

EUR: 7,694
ype Curve Total Decline Pre-Adjust.
NGLs (MBbl) (Mmcfe) Rate: Total:
ype Curve Total
NGLs (MBbl) (Mmcfe)
ype Curve Total
NGLs (MBbl) (Mmcfe)
ked Resources (Mmcfe) Risked Resources (Mmcfe)
Net Gross Net

PROB - Locations Drilled POSS - Locations Drilled

Drilled Ending Remaining Drilled Ending
(Gross) (Gross) (Gross) (Gross) (Gross)
- 1,779.8 1,295.9 - 1,295.9
#VALUE! 1,779.8 1,295.9 #VALUE! 1,295.9
#VALUE! #VALUE! 1,295.9 #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
1,779.8 444.9
- 851.0
1,779.8 1,295.9
re region.
of production
o IP Rate * 365.
Net Wells Drilled:

Net Type Curve Total
Gas (Mmcf) Oil (MBbl) NGLs (MBbl) (Mmcfe) 0
Net Wells Drilled:
Net Wells Drilled:
1 2 3 4 5 6
1 2 3 4 5 6
1 2 3 4 5 6
7 8 9 10 11 12
7 8 9 10 11 12
7 8 9 10 11 12
13 14 15 16 17 18
13 14 15 16 17 18
13 14 15 16 17 18
19 20 21 22 23 24
19 20 21 22 23 24
19 20 21 22 23 24
25 26 27 28 29 30
25 26 27 28 29 30
25 26 27 28 29 30
31 32 33 34 35 36
31 32 33 34 35 36
31 32 33 34 35 36
37 38 39 40 Subtotal Remainder
Total
Total
Total

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Ultra Petroleum Corp.

- Assumptions - NAV Model by Geography and Reserve Type

Model-Wide Toggles & Assumptions:

Price Deck Case:

Most Recent Quarter End Date:

Tax and DD&A Assumptions:

Intangible Drilling Costs (IDC) % Development CapEx (Expensed):

Net PP&E on Balance Sheet:

Tax Depreciation Schedules (MACRS) - Development CapEx:

Value of Undeveloped Acreage: Net Acres: $ / Acre:

Total Value of Undeveloped Acreage:

Unrisked Reserve Risked

Diluted Shares Outstanding:

Diluted Shares Calculations:

Production and Well Assumptions:

1 Wells by Region - Base Assumptions

Reserve Credit Cases

Reserve Credit Case:

4 Reserve Credit Cases

and Region Drilling Schedules - Gross Wells Dri

Implied NAV per Share - Well EU

Implied NAV per Share - Well IP

Implied NAV per Share - LOE Per

$ 0.37 Gas % Diff. vs. Price Deck:

es - Gross Wells Drilled

Selected Drilling Case:

es - NAV Analysis - Ultra Petroleum Corp.

per Share - Well EUR Differentials vs. Long-Term Gas Prices:

per Share - Well IP Rate Differentials vs. Long-Term Gas Prices:

Oil Gas Oil Gas Oil Gas

Gas Case High Gas Case

Sanity Checking the Drilling Schedul

Low Gas Case D&C CapEx: PDNP

PDP Total Gas

ah (Pg. 10 Q3 earnings transcript)

2008 2009 2010 2011 2012

228.0 163.0 181.0 200.0 122.0

121.5 78.9 94.5 113.5 44.2

2009 10-K linked to in this lesson.

Reserves Data: 2009 2010

Proved Reserves (Bcfe):

Proved Undeveloped Reserves (Bcfe):

Gas Oil Total

Proved Developed Reserves Resource Split: 96.7%

Wells Drilled: Gross Net Gross

Avg. Future Current

Potential Future Net Wells by Type: PUD PROB

Gross Future CapEx CapEx Per

$4.15 $2.79 $2.79 $3.70 $3.70

Net Gross Net Gross Net

Drilling CapEx Implied

Current Current Plus PUD/PROB/POSS

Net Remaining Reserves (Mmcfe) 1,988,800 Working Interest:

Assumptions for All W

Reserve Report Output

Production (Net): Price Deck

Production (Net): Price Deck

Production (Net): Price Deck

Working Interest: N/A Gas % Diff. vs. Price Deck:

ssumptions for All Wells in Model:

Price Deck Realized Prices R

Price Deck Realized Prices R

Price Deck Realized Prices R