ASSUMPTIONS FOR NJL-11

RESERVES 18524 MMCF As per estimations on Reserve pag

RISKED RESERVES 11% 2026 MMCF
INITIAL RATE 1257 MCFD as per calculations in the AOF work
RISKED RATE 50% 629 MCFD
INVESTMENT 111 M$
OPEX 24.17 M$/pozo/mesAvearge for next 5 years
GAS PRICE 9.97 $/MMBTU
CONDENSATE PRICE 26.24 $/BBL
YPFB SHARE 8%
ROYALTY+IDH 50%

ECONOMIC ANALYSIS RESULTS

NET PRESENT WORTH @ 12% 1369 M$
INTERNAL RATE OF RETURN 468%
PROFIT/INVESTMENT RATIO 12.46 discounted at 12%
PAYOUT 0.3 years
-11
s per estimations on Reserve page GAS PRICE ESTIMATE
MARKET QUANTITY PRICE
s per calculations in the AOF worksheet MMm3 $/MMBTU
BRASIL QDCb 9.4 10

BRASIL QDCa 4.1 10

vearge for next 5 years ARGENTINA 19 10.00

INTERNO 0.12 0.57

PONDERADO 32.62 9.97

scounted at 12%
0%
FERNANDO PACHECO
PETROLEUM AND GAS ENGINEERING RESERVES AND INFLOW PERFORMANCE INFLOWPERF ORMANCE RE LAT IONSHIPFOR CAJO NES B
IP R FOR NJL-21

RESERVES FOR ECONOMIC ANALYSIS USING RYDER SCOTT-YPFB ANNEX 2

Nombre del reservorio San Isidro Santa Cruz Cajones TOTAL

Categoría de reservas Probadas Probadas Probadas

Gas original in sitio, MMPC 64,040 90,584 20,886 175,510
Factor de recuperación, % 65.00% 82.50% 55.00%
Reservas originales 41,626 74,732 11,487 127,845
Producción acumulada @ Ago 2014 14,502 59,741 9,073 83,316
Reservas remanentes 27,124 14,991 2,414 44,529
Consumo operacion, quemado y otras perdidas, % 3.88% 3.88% 3.88%
Reservas de gas de venta remanentes 26,071 14,409 2,321 42,801

Categoría de reservas Probable Probable Probable

Estado productivo No Desarrollado No Desarrollado No Desarrollado
Gas original in sitio, MMPC 41,968 6,414 33,680 82,061 106 97 55
Factor de recuperación, % 55.00% 55.00% 55.00%
Reservas originales 23,082 3,527 18,524 45,134
Producción acumulada
Reservas remanentes 23,082 3,527 18,524 45,134
Consumo en la operacion, quemado y otras perdidas, % 3.88% 3.88% 3.88%
Reservas de gas de venta remanentes 22,187 3,391 17,805 43,382

Expected production 2014-2025 7,354 9,519 2,414 19,287

PROVED 19,770 5,472 0 25,242

PROVED GAS SALES 19,003 5,260 0 24,263
PROVED + PROBABLE 42,852 8,999 18,524 70,376
PROVED+PROBABLE GAS SALES 41,189 8,650 17,806 67,645

Página 4 de 13
 AOFAOAOFFIHTAUSaAMnXt2aAMRHoUPAsaAMAMP
M IPtAaIutaAX2uMPX1A

ESTIMATES WILL BE BASED ON AOF NJL-21:

Data: Pe = 1594.4 psia k = 300 F = 0.22 mg = 0.235

1594.4

Pw, psia qg, MPC/D

1494.7 1076

1374.7 1990

1234.7 2732

1134.7 3150

Ecuacion de Darcy para gas:

qg = 0.703 k h (Pe² - Pw² ) / T Z m ln (re / rw ) log qg = log C + nlog (Pe^2- Pw^2)

Donde:

Qg = MPC/D de gas m- viscosidad del fluido (centipoises)

k – permeabilidad (darcys) T = Temperatura en grados Rankine (460+ grados F)

re y rw– radios en pies externo y del pozo Pe y Pw son presiones del limite e y del pozo w, psia

h – espesor de la formación

Pe^2 2542111.36 Pe actual 855 855

Pw Pw^2 Pe^2-Pw^2 log(Pe^2-Pw^2) qg log qg log(Pe^2-Pw^2) log qg Pw 600 600 C= 0.06708
1494.7 2234128.09 307983.27 5.49 1076 3.03 5.49 3.03 Qg 1257 1257 n= 0.7672
1374.7 1889800.09 652311.27 5.81 1990 3.30 5.81 3.30

1234.7 1524484.09 1017627.27 6.01 2732 3.44 6.01 3.44

1134.7 1287544.09 1254567.27 6.10 3150 3.50 6.10 3.50

NJL-21 C=0.703 kh/μZT ln(0.6065 re / rw)

3.6 k= 260 md 0.26 darcies

log Qg

3.5
f(x) = 0.7671864909x - 1.1734154011 μ= 0.01469
3.4
3.3 Z = 8.0609*x³+0.1199*x²-1.2245*x+0.9998 x=P/10000
3.2
3.1 P= 1300 x= 0.13
3
Z= 0.8603511073
2.9
2.8 h= 19
2.7
5.4 5.5 5.6 5.7 5.8 5.9 6 6.1 6.2 T= 118 º F 578 º R

re= 1000
Log (Pe2 - Pw2)
rw= 0.3541666667

C from Darcy eq 0.0638486659 C From AOF 0.0670810729

n= 0.7672 C= -1.1734

μ at 14.7 = 0.0113 Carr et al Pr= 2.404826546 Tr= 1.5922865014 μ= 0.01469

YEAR GAS COND+NG
MCF BBL

2014 157,697 900

2015 190,638 1,087
2016 170,397 972
2017 152,306 869
2018 136,135 777
2019 121,681 694
2020 108,762 620
2021 97,214 555
2022 86,892 496
2023 77,667 443
2024 69,421 396
2025 62,050 354
 INVESTMENT
NJL-11 WORKOVER

kms pgds M$
G&G 60 M$/KM2 OIL PIPELINE 0 6 0 28 M$/in-km
EXPLORATORY WELL 3000 M$ FLOW LINE IN PLACE 28 M$/in-km
DELINEATION WELL 2500 M$ PROCESS PLANT 25000 70 MMPCD
DEVELOPMENT WELL 2000 M$ ADJUSTED PLAN COST 19954 50 MMPCD
WORKOVER COST 111 M$ CONTINGENCY included in AFE

ESCALACION PARA INVERSIONES 0.00% (IGUAL A ESCALACION DE PRECIOS)

WORK PROGRAM INVESTMENT IN M$

Month G&G NUMBER OF WELLS % COMPLETACION G&G WELLS ENGRNG PLANT PIPE WRITE TOTAL ESCLTD
Year KM2 EXP AVA DEV DRY COM PLANT DUCTOS ADMINIST LINES OFFS
0 0 0 0 0 0
May-15 1 0 111 0 0 0 111 111
Jun-15 0 0 0 0 0 0 0
Jul-15 0 0 0 0 0 0 0
Aug-15 0 0 0 0 0 0 0
Sep-15 0 0 0 0 0 0 0
Oct-15 0 0 0 0 0 0 0
Nov-15 0 0 0 0 0 0 0
Dec-15 0 0 0 0 0 0 0
Jan-16 0 0 0 0 0 0 0 0
Feb-16 0 0 0 0 0 0 0 0
Mar-16 0 0 0 0 0 0 0 0
Apr-16 0 0 0 0 0 0 0 0
May-16 0 0 0 0 0 0 0 0
Jun-16 0 0 0 0 0 0 0 0
Jul-16 0 0 0 0 0 0 0 0
Aug-16 0 0 0 0 0 0 0 0
Sep-16 0 0 0 0 0 0 0 0
Oct-16 0 0 0 0 0 0 0 0
Nov-16 0 0 0 0 0 0 0 0
Dec-16 0 0 0 0 0 0 0 0
Jan-17 0 0 0 0 0 0 0 0
Feb-17 0 0 0 0 0 0 0 0
Mar-17 0 0 0 0 0 0 0 0
Apr-17 0 0 0 0 0 0 0 0
May-17 0 0 0 0 0 0 0 0
Jun-17 0 0 0 0 0 0 0 0
Jul-17 0 0 0 0 0 0 0 0
Aug-17 0 0 0 0 0 0 0 0
Sep-17 0 0 0 0 0 0 0 0
Oct-17 0 0 0 0 0 0 0 0
Nov-17 0 0 0 0 0 0 0 0
Dec-17 0 0 0 0 0 0 0 0
Jan-18 0 0 0 0 0 0 0 0
Feb-18 0 0 0 0 0 0 0 0
Mar-18 0 0 0 0 0 0 0 0
Apr-18 0 0 0 0 0 0 0 0
May-18 0 0 0 0 0 0 0 0
Jun-18 0 0 0 0 0 0 0 0
Jul-18 0 0 0 0 0 0 0 0
Aug-18 0 0 0 0 0 0 0 0
Sep-18 0 0 0 0 0 0 0 0
Oct-18 0 0 0 0 0 0 0 0
Nov-18 0 0 0 0 0 0 0 0 0
Dec-18 0 0 0 0 0 0 0 0

'

TABLA 2
 OPERATION COST
NJL-11 WELL

RESERVES 2026 MMCF

PLANT CAPACITY 30 MMCF/D
INITIAL WELL PRODUCTION: 629 MCFD
PERSONNEL AND ADMINISTRATION M$/YR PER WELL
PLANT MAINTENANCE 16% of plant investment M$/YR PER WELL
PIPELINE OPEX
FIXED COST 18 M$/mo
ADMINISTRATIVE OVERHEAD 0.00 $/MMCF OF REMAINING RESERVES
VARIABLE COST 0.15 $/MCF 1.5 $/BBL
GAS PIPELINE AND COMPRESSION TARIFF 0.25 $/MCF
OIL PIPELINE TARIFF 2 $/BBL
OPEX YEARLY ESCALATION: 0.00%

Month FIXED OVERHEAD VARIABLE WELL TRANSP TARIFFS ESCAL ESCAL OPEX +
Year COST HOUSTON COST REPAIR GAS CONDENS COST TARIFFS TARIFFS
M$ M$ M$ M$ M$ M$ M$ M$ $/MPC
May-15 0 0.0 0.0 0.0 0 0
Jun-15 18 0 3.9 4.5 0.2 22 5 1.41
Jul-15 18 0 3.8 4.5 0.2 22 5 1.42
Aug-15 18 0 3.8 4.5 0.2 22 5 1.43
Sep-15 18 0 3.8 4.4 0.2 22 5 1.44
Oct-15 18 0 3.7 4.4 0.2 22 5 1.45
Nov-15 18 0 3.7 4.3 0.2 22 5 1.46
Dec-15 18 0 3.7 4.3 0.2 22 4 1.47
Jan-16 18 0 3.6 4.3 0.2 22 4 1.48
Feb-16 18 0 3.6 4.2 0.2 22 4 1.49
Mar-16 18 0 3.6 4.2 0.2 22 4 1.50
Apr-16 18 0 3.5 4.1 0.2 22 4 1.51
May-16 18 0 3.5 4.1 0.2 21 4 1.51
Jun-16 18 0 3.5 4.1 0.2 21 4 1.52
Jul-16 18 0 3.4 4.0 0.2 21 4 1.53
Aug-16 18 0 3.4 4.0 0.2 21 4 1.55
Sep-16 18 0 3.4 4.0 0.2 21 4 1.56
Oct-16 18 0 3.3 3.9 0.2 21 4 1.57
Nov-16 18 0 3.3 3.9 0.2 21 4 1.58
Dec-16 18 0 3.3 3.8 0.2 21 4 1.59
Jan-17 18 0 3.2 3.8 0.2 21 4 1.60
Feb-17 18 0 3.2 3.8 0.2 21 4 1.61
Mar-17 18 0 3.2 3.7 0.2 21 4 1.62
Apr-17 18 0 3.1 3.7 0.2 21 4 1.63
May-17 18 0 3.1 3.7 0.2 21 4 1.64
Jun-17 18 0 3.1 3.6 0.2 21 4 1.65
Jul-17 18 0 3.1 3.6 0.2 21 4 1.66
Aug-17 18 0 3.0 3.6 0.2 21 4 1.67
Sep-17 18 0 3.0 3.5 0.2 21 4 1.69
Oct-17 18 0 3.0 3.5 0.2 21 4 1.70
Nov-17 18 0 2.9 3.5 0.2 21 4 1.71
Dec-17 18 0 2.9 3.4 0.2 21 4 1.72
Jan-18 18 0 2.9 3.4 0.2 21 4 1.73
Feb-18 18 0 2.9 3.4 0.2 21 4 1.74
Mar-18 18 0 2.8 3.3 0.2 21 3 1.76
Apr-18 18 0 2.8 500.0 3.3 0.2 521 3 38.21
May-18 18 0 2.8 3.3 0.1 21 3 1.78
Jun-18 18 0 2.8 3.2 0.1 21 3 1.79
Jul-18 18 0 2.7 3.2 0.1 21 3 1.81
Aug-18 18 0 2.7 3.2 0.1 21 3 1.82
Sep-18 18 0 2.7 3.2 0.1 21 3 1.83
Oct-18 18 0 2.7 3.1 0.1 21 3 1.84
Nov-18 18 0 2.6 3.1 0.1 21 3 1.86
Dec-18 18 0 2.6 3.1 0.1 21 3 1.87
Jan-19 18 0 2.6 3.0 0.1 21 3 1.88

TABLE 6
 INCOME
WELL NJL-11

RESERVES 2026 MMCF GAS PRICE ESTIMATE

PLANT CAPACITY 30 MMCF/D MARKET QUANTITY PRICE
WELL CAPACITY 629 MCFD MMm3 $/MMBTU
GAS PRICE PER MMBTU 9.97 $/MMBTU BRASIL QDCb 9.4 10

BTU CONTENT 1052 BTU/MCF BRASIL QDCa 4.1 10

GAS PRICE PER MCF 10.48 $/MCF ARGENTINA 19 10.00

CONDENSATE PRICE 26.24 $/BBL INTERNO 0.12 0.57

ESCALATED PRICES 0.00% PER YEAR PONDERADO 32.62 9.97

Month SALES GAS CONDENS INCOME

Year PRICE PRICE
MCF BBL $/MCF $/BBL M$
May-15 0 0 10.48 26.24 0
Jun-15 18185 104 10.48 26.24 193
Jul-15 18015 103 10.48 26.24 192
Aug-15 17848 102 10.48 26.24 190
Sep-15 17681 101 10.48 26.24 188
Oct-15 17517 100 10.48 26.24 186
Nov-15 17354 99 10.48 26.24 185
Dec-15 17192 98 10.48 26.24 183
Jan-16 17032 97 10.48 26.24 181
Feb-16 16874 96 10.48 26.24 179
Mar-16 16716 95 10.48 26.24 178
Apr-16 16561 94 10.48 26.24 176
May-16 16407 94 10.48 26.24 174
Jun-16 16254 93 10.48 26.24 173
Jul-16 16103 92 10.48 26.24 171
Aug-16 15953 91 10.48 26.24 170
Sep-16 15804 90 10.48 26.24 168
Oct-16 15657 89 10.48 26.24 166
Nov-16 15511 88 10.48 26.24 165
Dec-16 15367 88 10.48 26.24 163
Jan-17 15224 87 10.48 26.24 162
Feb-17 15082 86 10.48 26.24 160
Mar-17 14942 85 10.48 26.24 159
Apr-17 14803 84 10.48 26.24 157
May-17 14665 84 10.48 26.24 156
Jun-17 14528 83 10.48 26.24 154
Jul-17 14393 82 10.48 26.24 153
Aug-17 14259 81 10.48 26.24 152
Sep-17 14126 81 10.48 26.24 150
Oct-17 13995 80 10.48 26.24 149
Nov-17 13864 79 10.48 26.24 147
Dec-17 13735 78 10.48 26.24 146
Jan-18 13607 78 10.48 26.24 145
Feb-18 13481 77 10.48 26.24 143
Mar-18 13355 76 10.48 26.24 142
Apr-18 13231 75 10.48 26.24 141
May-18 13108 75 10.48 26.24 139
Jun-18 12986 74 10.48 26.24 138
Jul-18 12865 73 10.48 26.24 137
Aug-18 12745 73 10.48 26.24 136
Sep-18 12626 72 10.48 26.24 134
Oct-18 12509 71 10.48 26.24 133
Nov-18 12392 71 10.48 26.24 132

TABLE 7
 INTERES 9.00%
TIEMPO 20 AÑOS
% OF INV FINANCED 0.00% for 2000 on

Err:509 DEBT IN M$
CONTRACT CUM SERVICE OUTSTAND INTEREST

May-15 0 0 0 0
Jun-15 0 0 0 0 0
Jul-15 0 0 0 0 0
Aug-15 0 0 0 0 0
Sep-15 0 0 0 0 0
Oct-15 0 0 0 0 0
Nov-15 0 0 0 0 0
Dec-15 0 0 0 0 0
Jan-16 0 0 0 0 0
Feb-16 0 0 0 0 0
Mar-16 0 0 0 0 0
Apr-16 0 0 0 0 0
May-16 0 0 0 0 0
Jun-16 0 0 0 0 0
Jul-16 0 0 0 0 0
Aug-16 0 0 0 0 0
Sep-16 0 0 0 0 0
Oct-16 0 0 0 0 0
Nov-16 0 0 0 0 0
Dec-16 0 0 0 0 0
Jan-17 0 0 0 0 0
Feb-17 0 0 0 0 0
Mar-17 0 0 0 0 0
Apr-17 0 0 0 0 0
May-17 0 0 0 0 0
Jun-17 0 0 0 0 0
Jul-17 0 0 0 0 0
Aug-17 0 0 0 0 0
Sep-17 0 0 0 0 0
Oct-17 0 0 0 0 0
Nov-17 0 0 0 0 0
Dec-17 0 0 0 0 0
Jan-18 0 0 0 0 0
Feb-18 0 0 0 0 0
Mar-18 0 0 0 0 0
Apr-18 0 0 0 0 0
May-18 0 0 0 0 0
Jun-18 0 0 0 0 0
Jul-18 0 0 0 0 0
Aug-18 0 0 0 0 0
Sep-18 0 0 0 0 0
Oct-18
Nov-18 0 0 0

TABLE 5
 ROYALTIES AND TAXES
NJL-11 WELL PROJECT

ROYALTY+IDH TAX 50.00%

IVA (1) 13.00%
IT 3.00%
YPFB SHARE 8.00%
IUE 25.00%
REMISSION TAX 12.50%

Month INCOME IVA IT TARIFFS OPEX DEPRECIAC WRITE ROYALTY FINANCE PROFIT YPFB TAXABLE IUE REMIS
Year M$ M$ M$ M$ M$ M$ OFF + IDH TAX INTEREST SHARE PROFIT TAX TAX

May-15 0 14 0.0 0.0 0.0 0.0 0 0 0 0 0 0 0

Jun-15 193 0 0.1 4.8 21.9 0.9 0 94 0 72 6 66 0 0
Jul-15 192 0 0.1 4.7 21.8 0.9 0 93 0 71 6 65 16 6
Aug-15 190 0 0.1 4.7 21.8 0.9 0 93 0 70 6 64 16 6
Sep-15 188 0 0.1 4.6 21.8 0.9 0 92 0 69 6 63 16 6
Oct-15 186 0 0.1 4.6 21.7 0.9 0 91 0 68 5 63 16 6
Nov-15 185 0 0.1 4.5 21.7 0.9 0 90 0 67 5 62 16 6
Dec-15 183 0 0.1 4.5 21.7 0.9 0 89 0 67 5 61 15 6
Jan-16 181 0 0.1 4.5 21.6 0.9 0 88 0 66 5 61 15 6
Feb-16 179 0 0.1 4.4 21.6 0.9 0 88 0 65 5 60 15 6
Mar-16 178 0 0.1 4.4 21.6 0.9 0 87 0 64 5 59 15 6
Apr-16 176 0 0.1 4.3 21.5 0.9 0 86 0 63 5 58 15 6
May-16 174 0 0.1 4.3 21.5 0.9 0 85 0 63 5 58 15 5
Jun-16 173 0 0.1 4.2 21.5 0.9 0 84 0 62 5 57 14 5
Jul-16 171 0 0.1 4.2 21.4 0.9 0 84 0 61 5 56 14 5
Aug-16 170 0 0.1 4.2 21.4 0.9 0 83 0 60 5 56 14 5
Sep-16 168 0 0.1 4.1 21.4 0.9 0 82 0 60 5 55 14 5
Oct-16 166 0 0.1 4.1 21.3 0.9 0 81 0 59 5 54 14 5
Nov-16 165 0 0.1 4.1 21.3 0.9 0 80 0 58 5 54 14 5
Dec-16 163 0 0.1 4.0 21.3 0.9 0 80 0 57 5 53 13 5
Jan-17 162 0 0.1 4.0 21.2 0.9 0 79 0 57 5 52 13 5
Feb-17 160 0 0.1 3.9 21.2 0.9 0 78 0 56 4 52 13 5
Mar-17 159 0 0.1 3.9 21.2 0.9 0 77 0 55 4 51 13 5
Apr-17 157 0 0.1 3.9 21.1 0.9 0 77 0 55 4 50 13 5
May-17 156 0 0.1 3.8 21.1 0.9 0 76 0 54 4 50 13 5
Jun-17 154 0 0.1 3.8 21.1 0.9 0 75 0 53 4 49 12 5
Jul-17 153 0 0.1 3.8 21.1 0.9 0 75 0 53 4 48 12 5
Aug-17 152 0 0.1 3.7 21.0 0.9 0 74 0 52 4 48 12 5
Sep-17 150 0 0.1 3.7 21.0 0.9 0 73 0 51 4 47 12 4
Oct-17 149 0 0.1 3.7 21.0 0.9 0 73 0 51 4 47 12 4
Nov-17 147 0 0.1 3.6 20.9 0.9 0 72 0 50 4 46 12 4
Dec-17 146 0 0.1 3.6 20.9 0.9 0 71 0 49 4 45 12 4
Jan-18 145 0 0.1 3.6 20.9 0.9 0 71 0 49 4 45 11 4
Feb-18 143 0 0.1 3.5 20.9 0.9 0 70 0 48 4 44 11 4
Mar-18 142 0 0.1 3.5 20.8 0.9 0 69 0 47 4 44 11 4
Apr-18 141 0 0.1 3.5 520.8 0.9 0 69 0 -453 -36 -417 11 4
May-18 139 0 0.1 3.4 20.8 0.9 0 68 0 46 4 -374 0 0
Jun-18 138 0 0.1 3.4 20.8 0.9 0 67 0 46 4 -332 0 0
Jul-18 137 0 0.1 3.4 20.7 0.9 0 67 0 45 4 -291 0 0
Aug-18 136 0 0.1 3.3 20.7 0.9 0 66 0 44 4 -250 0 0
Sep-18 134 0 0.1 3.3 20.7 0.9 0 65 0 44 4 -210 0 0
Oct-18 133 0 0.1 3.3 20.7 0.9 0 65 0 43 3 -170 0 0
Nov-18 132 0 0.1 3.2 20.6 0.9 0 64 0 43 3 -130 0 0
Dec-18 131 0 0.1 3.2 20.6 0.9 0 64 0 42 3 -92 0 0
Jan-19 129 0 0.1 3.2 20.6 0.9 0 63 0 42 3 -53 0 0

TABLE 8
 ECONOMIC ANALYSIS
NJL-11 WORKOVER PROJECT
RESERVES 2026 MMCF
INCOME 132 M$
INVESTMENT 0 M$
FINANCE INTEREST 0 M$
OPEX 21 M$
TRANSPORTATION TARIFFS 3 M$
TAXES 0 M$
ROYALTIES, IDH TAX, AND YPFB SHARE 68 M$
PROFIT 40 M$

Month INCOME OPEX TRANSP INVESTMENT FINANCE WRITE ROYALTY CASH FLOW TAXES CASH FLOW CUMULATIVE
Year TARIFFS CAPITAL INTEREST OFFS IDH+YPFB BEFOR TAX AFTER TAX CASH FLOW
0 M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$
May/15 0 0 0 111 0 0 0 0 -111 14 -125 -125
Jun/15 193 22 5 0 0 0 0 100 67 0 67 -59
Jul/15 192 22 5 0 0 0 0 99 66 23 43 -16
Aug/15 190 22 5 0 0 0 0 98 65 22 43 27
Sep/15 188 22 5 0 0 0 0 97 64 22 42 69
Oct/15 186 22 5 0 0 0 0 96 64 22 42 111
Nov/15 185 22 5 0 0 0 0 95 63 22 41 152
Dec/15 183 22 4 0 0 0 0 94 62 21 41 193
Jan/16 181 22 4 0 0 0 0 94 61 21 40 234
Feb/16 179 22 4 0 0 0 0 93 61 21 40 273
Mar/16 178 22 4 0 0 0 0 92 60 21 39 313
Apr/16 176 22 4 0 0 0 0 91 59 20 39 352
May/16 174 21 4 0 0 0 0 90 59 20 38 390
Jun/16 173 21 4 0 0 0 0 89 58 20 38 428
Jul/16 171 21 4 0 0 0 0 88 57 20 38 466
Aug/16 170 21 4 0 0 0 0 88 57 19 37 503
Sep/16 168 21 4 0 0 0 0 87 56 19 37 539
Oct/16 166 21 4 0 0 0 0 86 55 19 36 576
Nov/16 165 21 4 0 0 0 0 85 54 19 36 611
Dec/16 163 21 4 0 0 0 0 84 54 18 35 647
Jan/17 162 21 4 0 0 0 0 83 53 18 35 682
Feb/17 160 21 4 0 0 0 0 83 53 18 34 716
Mar/17 159 21 4 0 0 0 0 82 52 18 34 750
Apr/17 157 21 4 0 0 0 0 81 51 18 34 784
May/17 156 21 4 0 0 0 0 80 51 17 33 817
Jun/17 154 21 4 0 0 0 0 80 50 17 33 850
Jul/17 153 21 4 0 0 0 0 79 49 17 32 882
Aug/17 152 21 4 0 0 0 0 78 49 17 32 914
Sep/17 150 21 4 0 0 0 0 77 48 17 32 946
Oct/17 149 21 4 0 0 0 0 77 48 16 31 977
Nov/17 147 21 4 0 0 0 0 76 47 16 31 1008
Dec/17 146 21 4 0 0 0 0 71 50 16 34 1043
Jan/18 145 21 4 0 0 0 0 71 50 16 34 1077
Feb/18 143 21 4 0 0 0 0 70 49 15 34 1110
Mar/18 142 21 3 0 0 0 0 69 48 15 33 1143
Apr/18 141 521 3 0 0 0 0 69 -452 15 -467 676
May/18 139 21 3 0 0 0 0 68 47 0 47 723
Jun/18 138 21 3 0 0 0 0 67 47 0 47 770
Jul/18 137 21 3 0 0 0 0 67 46 0 46 816
Aug/18 136 21 3 0 0 0 0 66 45 0 45 861
Sep/18 134 21 3 0 0 0 0 65 45 0 45 906
Oct/18 133 21 3 0 0 0 0 68 41 0 41 946
Nov/18 132 21 3 0 0 0 0 68 40 0 40 986
Dec/18 131 21 3 0 0 0 0 67 40 0 40 1026
Jan/19 129 21 3 0 0 0 0 66 39 0 39 1065
Feb/19 128 21 3 0 0 0 0 66 39 0 39 1104
Mar/19 127 21 3 0 0 0 0 65 38 0 38 1142
Apr/19 126 21 3 0 0 0 0 65 38 7 30 1172
May/19 125 20 3 0 0 0 0 64 37 13 24 1197
Jun/19 123 20 3 0 0 0 0 63 37 12 24 1221
Jul/19 122 20 3 0 0 0 0 63 36 12 24 1244
Aug/19 121 20 3 0 0 0 0 62 36 12 23 1268
Sep/19 120 20 3 0 0 0 0 62 35 12 23 1291
Oct/19 119 20 3 0 0 0 0 61 35 12 23 1314
Nov/19 118 20 3 0 0 0 0 60 34 12 23 1337
Dec/19 117 20 3 0 0 0 0 60 34 11 22 1359
Jan/20 116 20 3 0 0 0 0 59 33 11 22 1381
Feb/20 115 20 3 0 0 0 0 59 33 11 22 1402
Mar/20 113 20 3 0 0 0 0 58 32 11 21 1424
Apr/20 112 20 3 0 0 0 0 58 32 11 21 1445
May/20 111 20 3 0 0 0 0 57 31 11 21 1465
Jun/20 110 20 3 0 0 0 0 56 31 11 20 1486
Jul/20 109 20 3 0 0 0 0 56 31 10 20 1506
Aug/20 108 20 3 0 0 0 0 55 30 10 20 1526
Sep/20 107 20 3 0 0 0 0 55 30 10 20 1546
Oct/20 106 20 3 0 0 0 0 54 29 10 19 1565
Nov/20 105 20 3 0 0 0 0 54 29 10 19 1584
Dec/20 104 20 3 0 0 0 0 53 28 10 19 1603
Jan/21 103 20 3 0 0 0 0 53 28 9 18 1621
Feb/21 102 20 3 0 0 0 0 52 28 9 18 1639
Mar/21 101 20 2 0 0 0 0 52 27 9 18 1657
Apr/21 100 20 2 0 0 0 0 51 27 9 18 1675
May/21 100 20 2 0 0 0 0 51 26 9 17 1692
Jun/21 99 20 2 0 0 0 0 50 26 9 17 1710
Jul/21 98 20 2 0 0 0 0 50 26 9 17 1726
Aug/21 97 20 2 0 0 0 0 49 25 9 17 1743
Sep/21 96 20 2 0 0 0 0 49 25 8 16 1760
Oct/21 95 20 2 0 0 0 0 48 24 8 16 1776
Nov/21 94 20 2 0 0 0 0 48 24 8 16 1792
Dec/21 93 20 2 0 0 0 0 47 24 8 16 1807
Jan/22 92 20 2 0 0 0 0 47 23 8 15 1823
Feb/22 91 20 2 0 0 0 0 47 23 8 15 1838
Mar/22 91 20 2 0 0 0 0 46 23 8 15 1853
Apr/22 90 20 2 0 0 0 0 46 22 7 15 1867
May/22 89 20 2 0 0 0 0 45 22 7 14 1882
Jun/22 88 20 2 0 0 0 0 45 21 7 14 1896
Jul/22 87 20 2 0 0 0 0 44 21 7 14 1910
Aug/22 86 20 2 0 0 0 0 44 21 7 14 1924
Sep/22 86 20 2 0 0 0 0 43 20 7 14 1937
Oct/22 85 20 2 0 0 0 0 43 20 7 13 1951
Nov/22 84 20 2 0 0 0 0 43 20 7 13 1964
Dec/22 83 20 2 0 0 0 0 42 19 6 13 1977
Jan/23 83 20 2 0 0 0 0 42 19 6 13 1989
Feb/23 82 20 2 0 0 0 0 41 19 6 12 2002
Mar/23 81 20 2 0 0 0 0 41 18 6 12 2014
Apr/23 80 20 2 0 0 0 0 41 18 6 12 2026
May/23 80 20 2 0 0 0 0 40 18 6 12 2038
Jun/23 79 20 2 0 0 0 0 40 17 6 12 2049
Jul/23 78 520 2 0 0 0 0 -1 -443 6 -449 1601
Aug/23 77 20 2 0 0 0 0 39 17 0 17 1618
Sep/23 77 20 2 0 0 0 0 39 16 0 16 1634
Oct/23 76 20 2 0 0 0 0 38 16 0 16 1650
Nov/23 75 20 2 0 0 0 0 38 16 0 16 1666
Dec/23 74 19 2 0 0 0 0 38 16 0 16 1682
Jan/24 74 19 2 0 0 0 0 37 15 0 15 1697
Feb/24 73 19 2 0 0 0 0 37 15 0 15 1712
Mar/24 72 19 2 0 0 0 0 37 15 0 15 1726
Apr/24 72 19 2 0 0 0 0 36 14 0 14 1741
May/24 71 19 2 0 0 0 0 36 14 0 14 1755
Jun/24 70 19 2 0 0 0 0 35 14 0 14 1769
Jul/24 70 19 2 0 0 0 0 35 14 0 13 1782
Aug/24 69 19 2 0 0 0 0 35 13 0 13 1795
Sep/24 68 19 2 0 0 0 0 34 13 0 13 1808
Oct/24 68 19 2 0 0 0 0 34 13 0 13 1821
Nov/24 67 19 2 0 0 0 0 34 12 0 12 1833
Dec/24 67 19 2 0 0 0 0 33 12 0 12 1845
Jan/25 66 19 2 0 0 0 0 33 12 0 12 1857
Feb/25 65 19 2 0 0 0 0 33 12 0 12 1869
Mar/25 65 19 2 0 0 0 0 32 11 0 11 1880
Apr/25 64 19 2 0 0 0 0 32 11 0 11 1891
May/25 64 19 2 0 0 0 0 32 11 0 11 1902
Jun/25 63 19 2 0 0 0 0 32 11 0 10 1913
Jul/25 62 19 2 0 0 0 0 31 10 0 10 1923
Aug/25 62 19 2 0 0 0 0 31 10 0 10 1933
Sep/25 61 19 2 0 0 0 0 31 10 0 10 1943
Oct/25 61 19 1 0 0 0 0 30 10 0 10 1952
Nov/25 60 19 1 0 0 0 0 30 9 0 9 1961
Dec/25 60 19 1 0 0 0 0 30 9 0 9 1970
Jan/26 59 19 1 0 0 0 0 30 9 0 9 1979
Feb/26 58 19 1 0 0 0 0 29 9 0 9 1988
Mar/26 58 19 1 0 0 0 0 29 8 0 8 1996
Apr/26 57 19 1 0 0 0 0 29 8 0 8 2004
May/26 57 19 1 0 0 0 0 28 8 0 8 2012
Jun/26 56 19 1 0 0 0 0 28 8 0 8 2020
Jul/26 56 19 1 0 0 0 0 28 7 0 7 2027
Aug/26 55 19 1 0 0 0 0 28 7 0 7 2034
Sep/26 55 19 1 0 0 0 0 27 7 0 7 2041
Oct/26 54 19 1 0 0 0 0 27 7 0 7 2048
Nov/26 54 19 1 0 0 0 0 27 7 0 7 2054
Dec/26 53 19 1 0 0 0 0 26 6 0 6 2061
Jan/27 53 19 1 0 0 0 0 26 6 0 6 2067
Feb/27 52 19 1 0 0 0 0 26 6 1 5 2072
Mar/27 52 19 1 0 0 0 0 26 6 2 4 2075
Apr/27 51 19 1 0 0 0 0 25 5 2 4 2079
May/27 51 19 1 0 0 0 0 25 5 2 3 2082
Jun/27 50 19 1 0 0 0 0 25 5 2 3 2085
Jul/27 50 19 1 0 0 0 0 25 5 2 3 2088
Aug/27 49 19 1 0 0 0 0 24 5 2 3 2091
Sep/27 49 19 1 0 0 0 0 24 4 2 3 2094
Oct/27 48 19 1 0 0 0 0 24 4 2 3 2097
Nov/27 48 19 1 0 0 0 0 24 4 1 3 2100
Dec/27 48 19 1 0 0 0 0 24 4 1 2 2102
Jan/28 47 19 1 0 0 0 0 23 4 1 2 2104
Feb/28 47 19 1 0 0 0 0 23 4 1 2 2107
Mar/28 46 19 1 0 0 0 0 23 3 1 2 2109
Apr/28 46 19 1 0 0 0 0 23 3 1 2 2111
May/28 45 19 1 0 0 0 0 22 3 1 2 2113
Jun/28 45 19 1 0 0 0 0 22 3 1 2 2114
Jul/28 45 19 1 0 0 0 0 22 3 1 2 2116
Aug/28 44 19 1 0 0 0 0 22 2 1 2 2117
Sep/28 44 19 1 0 0 0 0 22 2 1 1 2119
Oct/28 43 19 1 0 0 0 0 21 2 1 1 2120
Nov/28 43 19 1 0 0 0 0 21 2 1 1 2121
Dec/28 42 19 1 0 0 0 0 21 2 1 1 2122
Jan/29 42 19 1 0 0 0 0 21 2 1 1 2123
Feb/29 42 19 1 0 0 0 0 20 1 1 1 2124
Mar/29 41 19 1 0 0 0 0 20 1 0 1 2125
Apr/29 41 19 1 0 0 0 0 20 1 0 1 2125
May/29 41 19 1 0 0 0 0 20 1 0 1 2126
Jun/29 40 19 1 0 0 0 0 20 1 0 0 2126
Jul/29 40 19 1 0 0 0 0 19 1 0 0 2127
Aug/29 39 19 1 0 0 0 0 19 0 0 0 2127
Sep/29 39 19 1 0 0 0 0 19 0 0 0 2127
Oct/29 39 19 1 0 0 0 0 19 0 0 0 2127
Nov/29 38 19 1 0 0 0 0 19 0 0 0 2127
Dec/29 38 19 1 0 0 0 0 19 0 0 0 2127
Jan/30 38 19 1 0 0 0 0 18 0 0 0 2126
Feb/30 37 19 1 0 0 0 0 18 -1 0 -1 2126
Mar/30 37 19 1 0 0 0 0 18 -1 0 -1 2125
Apr/30 37 19 1 0 0 0 0 18 -1 0 -1 2124
May/30 36 19 1 0 0 0 0 18 -1 0 -1 2123
Jun/30 36 19 1 0 0 0 0 17 -1 0 -1 2122
Jul/30 36 19 1 0 0 0 0 17 -1 0 -1 2121
Aug/30 35 19 1 0 0 0 0 17 -1 0 -1 2119
Sep/30 35 19 1 0 0 0 0 17 -2 0 -2 2118
Oct/30 35 19 1 0 0 0 0 17 -2 0 -2 2116
Nov/30 34 19 1 0 0 0 0 17 -2 0 -2 2114
Dec/30 34 19 1 0 0 0 0 16 -2 0 -2 2112
Jan/31 34 19 1 0 0 0 0 16 -2 0 -2 2110
Feb/31 33 19 1 0 0 0 0 16 -2 0 -2 2108
Mar/31 33 19 1 0 0 0 0 16 -2 0 -2 2106
Apr/31 33 19 1 0 0 0 0 16 -2 0 -3 2103
May/31 32 19 1 0 0 0 0 16 -3 0 -3 2100
Jun/31 32 19 1 0 0 0 0 15 -3 0 -3 2098
Jul/31 32 19 1 0 0 0 0 15 -3 0 -3 2095
Aug/31 31 19 1 0 0 0 0 15 -3 0 -3 2092
Sep/31 31 19 1 0 0 0 0 15 -3 0 -3 2089
Oct/31 31 19 1 0 0 0 0 15 -3 0 -3 2085
Nov/31 31 19 1 0 0 0 0 15 -3 0 -3 2082
Dec/31 30 19 1 0 0 0 0 14 -4 0 -4 2078
Jan/32 30 19 1 0 0 0 0 14 -4 0 -4 2075
Feb/32 30 19 1 0 0 0 0 14 -4 0 -4 2071
Mar/32 30 19 1 0 0 0 0 14 -4 0 -4 2067
Apr/32 29 19 1 0 0 0 0 14 -4 0 -4 2063
May/32 29 19 1 0 0 0 0 14 -4 0 -4 2059
Jun/32 29 19 1 0 0 0 0 14 -4 0 -4 2055
Jul/32 28 19 1 0 0 0 0 13 -4 0 -4 2051
Aug/32 28 19 1 0 0 0 0 13 -4 0 -4 2046
Sep/32 28 19 1 0 0 0 0 13 -5 0 -5 2042
Oct/32 28 19 1 0 0 0 0 13 -5 0 -5 2037
Nov/32 27 19 1 0 0 0 0 13 -5 0 -5 2032
Dec/32 27 19 1 0 0 0 0 13 -5 0 -5 2027
Jan/33 27 19 1 0 0 0 0 13 -5 0 -5 2022
Feb/33 27 19 1 0 0 0 0 13 -5 0 -5 2017
Mar/33 26 19 1 0 0 0 0 12 -5 0 -5 2012
Apr/33 26 19 1 0 0 0 0 12 -5 0 -5 2006
May/33 26 19 1 0 0 0 0 12 -5 0 -5 2001
Jun/33 26 19 1 0 0 0 0 12 -6 0 -6 1995
Jul/33 25 19 1 0 0 0 0 12 -6 0 -6 1990
Aug/33 25 19 1 0 0 0 0 12 -6 0 -6 1984
Sep/33 25 18 1 0 0 0 0 12 -6 0 -6 1978
Oct/33 25 18 1 0 0 0 0 12 -6 0 -6 1972
Nov/33 24 18 1 0 0 0 0 11 -6 0 -6 1966
Dec/33 24 18 1 0 0 0 0 11 -6 0 -6 1960
Jan/34 24 18 1 0 0 0 0 11 -6 0 -6 1954
Feb/34 24 18 1 0 0 0 0 11 -6 0 -6 1948
Mar/34 24 18 1 0 0 0 0 11 -6 0 -6 1941
Apr/34 23 18 1 0 0 0 0 11 -7 0 -7 1935
May/34 23 18 1 0 0 0 0 11 -7 0 -7 1928
Jun/34 23 18 1 0 0 0 0 11 -7 0 -7 1921
Jul/34 23 18 1 0 0 0 0 10 -7 0 -7 1914
Aug/34 22 18 1 0 0 0 0 10 -7 0 -7 1908
Sep/34 22 18 1 0 0 0 0 10 -7 0 -7 1901
Oct/34 22 18 1 0 0 0 0 10 -7 0 -7 1894
Nov/34 22 18 1 0 0 0 0 10 -7 0 -7 1886
Dec/34 22 18 1 0 0 0 0 10 -7 0 -7 1879
Jan/35 21 18 1 0 0 0 0 10 -7 0 -7 1872
Feb/35 21 18 1 0 0 0 0 10 -7 0 -7 1864
Mar/35 21 18 1 0 0 0 0 10 -7 0 -8 1857
Apr/35 21 18 1 0 0 0 0 10 -8 0 -8 1849
May/35 21 18 1 0 0 0 0 9 -8 0 -8 1842
Jun/35 20 18 1 0 0 0 0 9 -8 0 -8 1834
Jul/35 20 18 0 0 0 0 0 9 -8 0 -8 1826
Aug/35 20 18 0 0 0 0 0 9 -8 0 -8 1818
Sep/35 20 18 0 0 0 0 0 9 -8 0 -8 1810
Oct/35 20 0 0 0 0 0 0 10 8 0 8 1819

FINANCING 0.00% ECONOMIC LIMIT 41998

PRODUCTIVE WELLS 1 RECOVERY FACTOR 0.778
PAYOUT TIME, YEARS 0.25
INTERNAL RATE OF RETURN 467.8%
DISCOUNT RATE, % 10% 12% 15%
PRESENT VALUE OF INVESTMENT 110 110 110
PRESENT VALUE OF CASH FLOW AFTER TAXES 1456 1369 1254
PRESENT VALUE OF CASH FLOW BEFORE TAXES 2279 2149 1976
PROFIT TO INVESTMENT DISCOUNTED RATIO 13.226 12.458 11.442

TABLE 9
E. F. PACHECO - CONSULTANT
PETROLEUM AND GAS ENGINEERING

May-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Oct-17
111 0 0 0 0 0

May-15 0
Jun-15 0 1
Jul-15 0 1 0
Aug-15 0 1 0 0
Sep-15 0 1 0 0 0
Oct-15 0 1 0 0 0 0
Nov-15 0 1 0 0 0 0 0
Dec-15 0 1 0 0 0 0 0 0
Jan-16 0 1 0 0 0 0 0 0 0
Feb-16 0 1 0 0 0 0 0 0 0 0
Mar-16 0 1 0 0 0 0 0 0 0 0 0
Apr-16 0 1 0 0 0 0 0 0 0 0 0 0
May-16 0 1 0 0 0 0 0 0 0 0 0 0
Jun-16 0 1 0 0 0 0 0 0 0 0 0 0 0
Jul-16 0 1 0 0 0 0 0 0 0 0 0 0 0 0
Aug-16 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0
Sep-16 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oct-16 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Nov-16 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dec-16 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Jan-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Feb-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Mar-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Apr-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
May-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Jun-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Jul-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Aug-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sep-17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oct-17 1 0 0 0 0 0 0 0 0 0 0 0 0
Nov-17 1 0 0 0 0 0 0 0 0 0 0 0
Dec-17 1 0 0 0 0 0 0 0 0 0 0
Jan-18 1 0 0 0 0 0 0 0 0 0
Feb-18 1 0 0 0 0 0 0 0 0
Mar-18 1 0 0 0 0 0 0 0
Apr-18 1 0 0 0 0 0 0
May-18 1 0 0 0 0 0
Jun-18 1 0 0 0 0
Jul-18 1 0 0 0
Aug-18 1 0 0
Sep-18 1 0
Oct-18 1
Nov-18 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0