Ann: Corporate Presentation, page-2

All looks good to me at a production level.
Currently spudded 23 wells + another 11 currently being drilled or awaiting fraccing. So on track to exceed their guidance on well numbers.

Note that they are going back to 1 drill rig for the rest of this year. I wonder why ...
I'd have thought they would race to become cashflow positive by getting the magical breakeven of well numbers to balance against new wells so my thoughts are they are they are either running protection on their cashflow or there is a production constraint somewhere. Will have to press on this more.

Decent results with decent IP rates and oil % better than I expected.

▪Live Oak wells average IP-30s of ~360 boepd/1,000’
▪Atascosa wells average IP-30s of ~185 boepd/1,000’
▪Recent McMullen wells average IP-30s of ~150 boepd/1,000’

So that has ticked a few good boxes. It looks like their geologists are doing a good job.

To me the next thing that managment has to work on is increasing the EDITDAX % by pushing out the revenues care of improving their hedging strategies and decreasing costs. We'll get a good look at that in the Sept quarterly due about 1 Nov.

Otherwise the Joker in the pack is Eric's love of big deals and the potential for selling off derisked acerage. Total possible well numbers are listed as 596 and we'll be just under 40 by the end of the year & 60 mid 2019. I wonder if 10% developed is a threashhold for a transaction?