The SP should go up once testing is completed and other pay zone...

The SP should go up once testing is completed and other pay zone in the well are co-mingled to give max oil flow capacity for each well. Each time there is a good oil flow announcement the SP SHOULD go up: the bigger the oil flow the higher the SP.

• Further potential upside remains in the Arledge 16#2 well with the 165 ft Upper Cisco Sand interval - which had good to excellent oil and gas shows - to be tested and produced; this interval has an estimated aggregate of 50 ft of net pay potential.

• New step-out well, McLeod 17#3, has been drilled with initial wireline logs indicating 414 feet of gross Upper and Lower Cisco Sand section.
• 124 ft of net conventional sand has been identified in McLeod 17#3 as potential pay in the Lower Cisco Sands with excellent oil and gas shows, exceeding the net pay identified in the corresponding zone in the Arledge 16#2 discovery well (approx. 25 ft).
• Winchester anticipates increasing the potential net pay in McLeod 17#3 once the FMI processing and analysis is complete - testing of the Lower Sand in January after the White Hat 16#2 Upper Sands tests are completed.

• White Hat 39#2 was drilled in December 2019. Initial wireline log interpretation indicated 30 feet of gross pay in the Fry Sand, coinciding with good to excellent oil and gas shows. The well has since been fracture stimulated and is currently flowing back.