IV NV VW *LOY - FTI Consultingcfcanada.fticonsulting.com/Argent/docs/Affidavit of... ·...

COURT FILE NUMBER

COURT

JUDICIAL CENTRE

Form 49[RULE: 13,19] ,

IV NV VW

*LOY"MAR 0 1 2016

JUDICIAL CENTRE- OF__CALGARY__ . _

1601 01675

COURT OF QUEEN'S BENCH OF ALBERTA

CALGARY

IN THE MATTER OF THE COMPANIES'CREDITORS ARRANGEMENT ACT, R.S.C. 1985,c. C-36, as amended

AND IN THE MATTER OF A PLAN OFARRANGEMENT OF ARGENT ENERGY TRUST,ARGENT ENERGY LTD., ARGENT ENERGY(CANADA) HOLDINGS INC. and ARGENTENERGY (US) HOLDINGS INC.

DOCUMENT AFFIDAVIT

ADDRESS FOR SERVICE AND BENNETT JONES LLPCONTACT INFORMATION OF Barristers and SolicitorsPARTY FILING THIS 4500 Bankers Hall EastDOCUMENT 855 — 2I'd Street SW

Calgary, Alberta T2P 4K7

Attention: Kelsey Meyer / Sean ZweigTelephone No.: 403,298.3323 / 416.777.6254Fax No,: 403.265,7219 / 416.863,1716Client File No,: 68859,14

AFFIDAVIT OF HARRISON WILLIAMS

Sworn on February 29, 2016.

I, HARRISON WILLIAMS, of Houston, Texas, SWEAR AND SAY THAT:

1, I am the Chief Executive Officer of The Oil & Gas Asset Clearinghouse, LLC

("OGAC"), and as such, have personal knowledge of the matters hereinafter deposed to,

Rule 13.38: Let the within Affidavit be filed.notwithstanding that it is not the original.

M.C.C.Q.B.A.WSLECAL\068859\0001e1\ 13219285\0

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2

except where stated to be based on information and belief, in which case I verily believe

the same to be true.

2. OGAC has been engaged by Argent Energy (US) Holdings Inc. ("Argent US") and

Argent Energy (Canada) Holdings Inc. ("Argent Canada") to assist in soliciting and

evaluating offers for a sale of (i) all of the equity interests of Argent US held by Argent

Canada; or (ii) some or all of Argent US's oil and gas properties. As is explained at

paragraph 143 of to the Affidavit of Sean Bovingdon filed February 17, 2016 (the

"Bovingdon Affidavit No. 1"), OGAC submitted a proposal to assist Argent US in that

regard, and OGAC's bid was selected through a competitive bid process. A copy of the

letter agreement between OGAC and Argent US is attached as Exhibit "21" to the

Bovingdon Affidavit No. 1,

3, Unless otherwise indicated, all capitalized terms herein are defined to have the same

meanings as they have in the Bovingdon AffidaVit No. 1.

OGAC

4. OGAC has been in the business of providing traditional and internet-enabled marketing

and technical assistance for the sale of oil and gas properties since 1993. OGAC is an oil

and gas acquisition and divestiture advisory firm in the U.S. with in-house technical expertise

that offers a complete line of negotiated transaction and auction services. As a premier

provider of oil and gas property marketing and advisory services in the U.S., OGAC has

handled negotiated sales of up to and over U.S.. $1 Billion; its clientele range from small

independent companies to Exxon Mobil. OGAC also provides negotiated transaction

services focused on the mid-market. All marketing and advisory services are supported by a

high level of reserve engineering, geo-science and land expertise. OGAC has had over

32,000 completed sale transactions in the oil and gas industry. Attached hereto as

Exhibit "1" is a true copy of a list of negotiated transactions involving OGAC since

2010, totaling US $2,408,482,228.00 in sales.

WSLEGAL\068859\00014\13219285v4

3

Personal Experience

5, In my role as CEO of OGAC, I am personally and directly involved in assisting Argent

US with its sale process. I have over 25 years' experience in the oil and gas asset and

divestiture business, having started my career in 1989, at the beginning of that industry,

as a Principal at Albrecht & Associates, an oil and gas divestment firm specializing in the

property market. During my tenure at Albrecht & Associates, I was responsible for

hundreds of transactions valued at billions of dollars, in every major basin in the U.S,

That experience includes involvement in asset sales processes in insolvency proceedings,

particularly in and around 2009. I also have experience in various positions in E&P

companies. I am a graduate of Harvard College (B.A., Economics) and of Massachusetts

Institute of Technology's Sloan School (M.S. degree). Attached hereto as Exhibit "2" is

a list of deals done by Albrecht (now known as Raymond James Albrecht) from 1987 to

February 2014 (the sale prices listed are in millions of US dollars). From the time

joined the firm in 1989, I was involved in every one of the deals listed after that date.

There are only five or six people in this business in North America with the length of

experience that I have.

6. I joined OGAC on April 13, 2015. Attached hereto as Exhibit "3" is a true copy of a

press release issued on April 14, 2015, announcing my appointment as CEO of OGAC.

Attached hereto as Exhibit "4" are true copies of pages from OGAC's website, at

www.ogclearinghouse.com, about OGAC and its services. I am confident that OGAC

and I have the knowledge and experience to assist Argent in maximizing value through

the Sale Solicitation Process that was approved by this Honourable Court in its Initial

Order granted on February 17, 2016.

Services Provided in relation to the Sale Solicitation Process

7. OGAC has provided and will provide the following services to assist Argent with the

Sale Solicitation Process:

WSLEGAL\068859\00014\13219285v4

4

(a) Undertaking a comprehensive analysis of Argent's assets, including analyzing

Argent's financial, engineering and geoscience data, with regard to making

recommendations regarding the most appropriate sale process;

(b) Assisting in determining the Sale Solicitation Process itself, with regard to

Argent's specific situation and circumstances;

(c) Marketing and generating exposure for Argent and its assets through OGAC's

website, email, other websites, publications, brochures, industry events and

catalogues, to precipitate interest and offers;

(d) Creating, hosting and managing a comprehensive virtual and physical data room;

(e) Gathering, organizing, cataloguing and presenting the data included in the data

room;

(t) Coordinating the execution of confidentiality agreements by potential bidders

prior to granting them access to the data room;

(g) Answering questions of potential bidders with the assistance of Argent US;

(h) Obtaining and tracking all offers or bids;

(i) Analyzing and authenticating offers or bids;

(j) Negotiating all bids with the assistance; and under the oversight of, the Monitor;

and

(k) Facilitating and assisting in negotiating the form of purchase and sale agreement,

Progress of the Sale Solicitation Process

8. The Sale Solicitation Process has been well-received by potential bidders to date, The

marketing process began on February 11, 2016, The bid and sale process timeline and

milestones were specifically tailored and developed for Argent's asset base, and to take

advantage of current market conditions and the present lack of this quality of assets on

WSLEGAL\068859\00014\132 I 9285v4

5

the market. The Sale Solicitation Process is designed to maximize and obtain the highest

and best offer for Argent's assets.

9. The Sale Solicitation Process was formulated and arrived at in conjunction with and in

consultation with Argent, the Monitor, the Syndicate, and the various legal and financial

advisors to those parties. The Interim Financing obtained by Argent supports and is

consistent with the timelines in the Sale Solicitation Process developed and

recommended by OGAC and Argent, which, in my view, are reasonable and appropriate.

10. On February 17, 2016, OGAC distributed an. email marketing flyer regarding Argent to

over 12,000 potentially interested parties in OGAC's database. Attached hereto as

Exhibit "5" is a true copy of the marketing flyer.

11, On February 10 and 11, 2016, OGAC presented a booth at the North American Prospect

Expo ("NAPE"), a premier industry event attended by over 11,000 energy industry

professionals. The booth featured a poster of the marketing flyer and copies of the

marketing flyer were distributed. OGAC personnel and I discussed Argent with potential

interested parties,

12. On or about February 23, 2016, a notice of the Sale Solicitation Process was published in

the Daily Oil Bulletin. A notice of the Sale Solicitation Process will also be published in

the Houston Chronicle on February 29, 2016. A true copy of the notice in the Daily Oil

Bulletin and confirmation of payment for the notice in the Houston Chronicle are

attached hereto as Exhibit "6" and "7", respectively.

13. The staff at Argent presented OGAC with a robust and well organized data set to support

the marketing of the assets. Our staff has reviewed the data and our complete evaluation

was made available to participants in the process on February 17, 2016. The information

available in the Virtual Data Room (the "VDR") is sufficient to allow participants to

provide a bid and binding letter of intent in accordance with the Sale Solicitation Process,

Physical Data Room visits may be scheduled by interested parties if requested.

14. As at February 26, 2016, OGAC had made significant progress in marketing Argent US

and its assets:

WSLEC1ALA068859\00014R13219285v4

- 6 -

(a) Over 80 potential bidders have signed confidentiality agreements, so as to allow

them to participate in the Sale Solicitation Process;

(b) Over 70 potential bidders have visited the virtual data room created for the Sale •

Solicitation Process;

(0) 11 potential bidders have received or requested data room presentations (at which

OGAC engineers and geologists will take the potential bidder through the data to

explain the assets and the potential value).

15, The present level of interest is a strong indicator of a robust and appropriate sales

process. In my view, the response to the Sale Solicitation Process to date is within the

top ten percent of deals that I have been involved with, in terms of participant activity at

this stage of the process. The timelines in the Sale Solicitation Process are appropriate,

are within the bounds of a normal process, and are bolstered by the current market

conditions where at present, there is a lack of quality oil and gas assets available on the

market.

16. The sale methodology that is customarily used for oil and gas asset sales in insolvency

proceedings in the U.S. (which has resulted in few bids and disappointing results of late)

is almost never used outside of insolvency. During my 25 years in the business, I have

never encountered a situation where a seller that was not involved in insolvency

proceedings has asked me to follow the sale methodology customarily used in insolvency

proceedings in the U.S. It is for that reason that OGAC worked with Argent and the

Monitor to create a process specifically tailored to Argent's situation, along the lines of a

typical asset sale that would attract more participants and offers, rather than using the

typical insolvency process to sell assets. A number of participants in the Sale Solicitation

Process have commented to me that if this sale process had been run in the manner of a

typical insolvency process, they would not be participating. As a result of the fact that

OGAC, Argent and the Monitor have worked to find a process that is most suitable for

Argent, there has been strong interest in the process. The use of the negotiated bid and

sale process is customary for potential buyers, eliminates the confusion and uncertainty

WSLEGAI.,\068859\00014\13219285v4

7 -

from an open auction process, and is designed to avoid the disappointing sales results

recently experienced in certain oil and gas insolvency cases.

17. Based on my extensive experience and expertise in the oil and gas asset and divestiture

industry, I remain confident that the Sale Solicitation Process (including the timelines

incorporated in that process) is reasonable and appropriate, and will allow Argent to

maximize value through a sale of its shares or assets. The progress to date and the fact

that no potential bidder has raised any concerns with the Sale Solicitation Process

(including the timelines incorporated in that process) is good evidence that the process is

working and is a reasonable process in the circumstances. With respect to the timelines,

the usual process (outside of bankruptcy or insolvency) for bidders to conduct their due

diligence and put forth bids is approximately fOur weeks, As such, and in consideration

of the robust response to the Sale Solicitation Process to date, I am confident that the bid

deadline of March 17, 2016 set out in .the Sale Solicitation Process (which is

approximately four weeks from the commencement of that process) is reasonable and

appropriate, The Sale Solicitation Process is ongoing, and should be maintained on

schedule to avoid disruption. I believe that disruption of the Sale Solicitation Process at

this stage is likely to have a significant chilling effect on potential buyers.

I. CONCLUSION

18. I swear this Affidavit in support of an Application for an extension of the stay of

proceedings, and for no other or improper purpose.

SWORN (OR-412-F-1-R1In) BEFORE MEat Houston, Texas, U.S.A., this 20'

day of Febru y, 2016.

A Notary Publicin and for the State of Texas, U.S.A.

ROSE MARY ELLIS ki290389-8 %

NOTARY PUIILIO, STATE OF TEXAS, $

MY COIAMISSION EXPIRES \

46_ OCT. 16, 2016

Orroloorde:1:440:40" .00:4014.14.11:4440

HARRISON WILLIAMS

WSLEGAL\068859\00014\13219285v4

EXHIBIT 1

THIS IS EXHIBIT "

referred to In the Geolaratiorr) afAninvit

Sworn 1 CIDootaro) before me this, t 1-1(\

cl- rebruark-,, A,D. 20 k,

r .44,3":0:206i omo-ftm.enowin.iind-for.

.the-favrawnorrotuAlbvr9s

A Notnry PUbllo

kROSE MARY ELLIS

290389 8

NOTARY PU2LIG, STATE OF TEXAS kl

MY CoMMISSION EXPIRES \

0 . , 2016,00:01,:e.r.eteste

NEGOTIATED TRANSACTIONS

5-Year History

SELLER

isiN1000:0,E.kGYT•R

APACHE CORP

•E'AGIE'Fbkb.sHACgtkpLori10011

I3RUNI FAMILY INTERESTS MINERALS

JP MORGAN

ENERGY XXI (BERMUDA) LIMITED

FINLEYRESOURCES INC„,

ASPECT ENERGY LLC

KOCH EXPLORATION CQ LLC

KOCH EXPLORATION CO LLC

ilAN0009(r4ENCANA OIL & GAS (USA) INC

PRESTON EXPLORATION LLC

WHITE OAK RESOURCES IV, LLC

010:Cr IL.K::411GYLLC,.

CLAYTON WILLIAMS ENERGY

It(g.:11ORT MCM00,0:`•:;"•i,•: •:'jHALCON RESOURCES CORPORATION

1 :930•1,10tOPO':.0,.01 0,•Y:IY11/A•NiN0g1.4WHITE OAK RESOURCES IV, LLC

CHALKER ENERGY PARTNERS III, LLC

kt1Ñf:EK'ki"..660X

S2 ENERGY LLC AND HARVEST HOLDINGS LLC

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!Ogre% •,`.i

4,4

EXXONMOBIL, PRODUCTION CO

44661•(144001V44.4.1.4',,3"SAMSON EXPLORATION, LLC

WALTER OIL & GAS CORPORATION

i:0*:00.1\1OOLPROD:061:04CO:

OIL VALLEY PETROLEUM LLC

WALTER OIL. & GAS CORPORATION

GFp17.• USA, VC, :"' •

02/04/16"A70,13/

01/07/16 •

01/06/16

Active

Active

12/01/15 2,400,000fiNiy,•:ya•••••,•:%•7,•:•,Y000,

06/30/15 64,000,000

04/10/15 12,350,000

12/08/14 10,350,000

10/14/14 21,200,900

:.9f7Y

09/29/14•:-••••kw,

13,500,000

'00,000

07/31/14 • 3,500,000

742.1*06/06/14 64,192,635

06/Q1/14

03/26/14 17,383,000

03/12/14 68,235,536

12/31/13 13,500,000

12/20/13 9,000,000

11/20/13 i1,000,0001kg.20.099...%

06/04/13

05/06/13

04/2,/i3

12/26/12

11,532,714

0

b0,466,671

:t43,900,000

:8,560000

2,455,546

5,494,500

/49,90020,192,490

,a),720,000

THE OIL GAS ASSET CLEARINGHOUSE

NEGOTIATED TRANSACTIONS5-Year History

SELLER DATE. :SALE PRICEXTO

lQ ,

HESS CORPORATION.

THE PROSPECTIVE INVESTMENT AND TRADING CO

NR ENPGYLC

DEWBREPETROLEUM• CORP.

AD

NFR ENERGY LLC.. °‘ ,

$04.40gli:45.**t,

NAKOMA PETROLEUM LP

••••14!".•

12/06/12

09/30/12

09/07/12

1:10:107414'08/08/12

05/22/12

04/10/12

, roP/1UPLAND EXPLORATION INC 02/29/12

02/0/1.

CHEVRON 12/30/11

MCX GULF' MEXICO,

NEWFIELD EXPLORATION 10/21211NtÀtLD

P 1.1

NEWFIELD EXPLORATION CO. 09/01/11

EXXONMOBIL PRODUCTION CO./XTO

bGEOURcS, NÕ

NEWFIELD EXPLORATION CO.

NERGY XXI (BERMUDA) LIMITED

PENN VIRGINIA

SNCH OIL & GAS COI*‘..°

VANDER PLOEG, DOUGLAS M!1•:••""

ST. ANSELM 16(P, LLC

'000,60f.§,1101.1100:Ycl .CHEVRON MIDCONTINENT, LP

IA'WQ 4OYIJW44444INDIGO MINERALS LLC

i4

08/31/11

Mil

06/30/11

7/2

06/27/11

4'J 'f;n;lt

05/15/11

05/04/11z9V,97412/21/i0

12/08/10

11)

63,000,000

590006'

28,000,000

19,000,000

2,349,625

18,784,600

3,423,209

8,100,000

24,042,000

e:Zix

5,000,000

12,656,982

182,500,000

40,000,000

23,815,351

glk50M''

• 329,567

4,087,725

501'006..5,865,000

11K-01$0.00013,500,112

10/07/10 4,200,000

03/18/00 $ 2,408,482,228

THE OIL GAS ASSET CLEARINGHOUSE

EXHIBIT 2

THIS IS EXHIBIT "

referred to In the <000lartithz) ofAffidavit

1-6121( 42611:11121111swom Deolows') before me this b?.. C711

20, HO4

•" a • lama -Irre<51F<arid"for•tNer,Pravifitia-cif-Allaml

A Notary Publio

ROSE MARY ELLIS k290389-6

NOTARY PUBLIC, STATE OF TEXAS ll

MY COMMISSION EXPIRES kOCT. 16, 2016 g

..•0`

Raymond James / Albrecht

DIVESTITURE ACTIVITY 1999-Present (in millions

Fidelity Exploration & Production C

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Caerus Oil a

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Waste Management.,

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Page 1 of 1

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Opal Resources, LL

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C.-oleman Oil& Gas

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Nielson &Associates, Inc.

Whiting Petroleum

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725

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Page 2 of 1

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Elora Energy

oo

ExL Petroleum/Keystone Petroleum, LP.

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Paloma Barnett, L

LC

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St. Mary

Land and Exploration

,

. Stone Energy

ExL Petroleum i

Toreador Resources Corporation

Layton Enterprises, Inc

Five States Energy Company LLC

Five States Energy Company LLC

Horseshoe Operating

Devon

Southwestern Kansas Properties

Lot o Free

Trend, Ector &

Midland Counties, Tex

Encana Oil &

Gas (USA) Inc/PetrohawkAdams

. Base Leases, Haynesville Shale, North L

o

Questar exploration and Prod

Various

ction, Robert !Green River Basin, W

amsutter & Moxa Arch A

re

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Wolfberry Trend, Upland, Midland a

nd Ector C

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170.0

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07

191

New

Mexico and West Texas

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exas

'5'46.44

Mid-Continent, East Texas/North Louisiana,

Dec-06

•

yees:MenryWi.4.4."Arke::-'

Carthage Reid, EDC, Panola C

ounty

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Caliente Field, Karnes County, CA

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23.0

Barnett Shale,Tarrant County, TX (Land Service .

Oct-06

•173.4

STD Resources, In

cApache Corporation

House Field, Lea County, N

ew Mexico

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46.13

Rai/mond James / albrecht

Page 3 of 1

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Cameros Energy, Inc_

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Pacific Energy

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LC_ and Rec Unit Petroleum C

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Tensas Deft Exploration C

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Kaiser-Francis Oil Company

White Eagle Resources Corp_

Dale Operating Company•

-agAtiqn,

_gt€11 Valence Operating C

ompany

Dale Operating Company

AJTTIT7lAte40_1!.:(

-AThorp Petroleum Corporation

Hallwood Energy Corporation

Kaiser-Francis Oil Company

Dale Operating Company

CamWest Limited Partnership

WA'

Ameritex Minerals

Sanguine, Ltd.

teraaz

TECO Coalbed M

ethane

Pyrnond James/ albrecht

att:4:V1:_eer-

RelliM1,77San Joaquin Valley, Kern County, C

A

-T= lete

Oklahoma Properties

Questar Exploration and Production

Elm Grove Field, L

A

Wilbanks/Noble Royalties:gesai,..?-,N4•2

4;;,1142:

Itif si-W-A4k1

Amadeus Energy

Patina/Blackstone

Various Fields - ND, MT, CO, UT, NM, IL, 011

Central Kansas-•,

-FrAP-F°

Overton Field, Cherokee County, E

TX70'

Oldahoma Properties

Henderson East Field, S

outhwest Oak Hifi Area, i

Starr and Hidalgo Counties, T

X

Barnett Shale, Johnson County, TX

DJ Rasin, Wattenberg Field, C

O

7.5

58.5•

•

Oct-05

55

.Y0

719.0

Jun-05

24.1

Mar-05

Jan-05

313

31_4

‘M"

Oct-04

Overton Field, Smith County, T

Xr 21= •

•WgiAraSn'SVAta

401-•

•

Y.

Jun -04

17.9

77.0

Lander & Winkleman Dome Fields, F

remont Cot.

May-04

SZA4Pro-4.

,

En Seguido Field, South Texas

eRf..

Anadarko Rasin, O

klahoma

AZZLETFE- gieWanea

Municipal Gas Authority o

f Georgia

- •

a=547.;

San J u

an FLIcin, Aztec A

rea

JO&

Williston Basin, Northern Rockies

*SSW

Black Warrior Rasin, Alabama

• ,•

Apr-03

Jan-03

140.0

Pace 4 of 10


Southwestern Production C

orp

Pan Canadian Energy (En

Phoenix Energy, Inc_

thoctaw Corporation

4;1111113.

3TEC Energy Corporation

Aries Resources, LLC.

JN Resources, Inc_

IN Resources, I

nc

JN Resources, Inc_

JN Resources, Inc.

JN Resources, Inc.

-2.Zes

Petro-guard Company, Inc.

-

Lariat Petroleum Inc

- eso

JN Resources, I

nc

CES

Aries Resources, LLC

First Reserve Oil & Gas Company

_ .

Venoco, Inc_

Fremont Energy R

esources Corporation

KCS Energy, I

nc


McCoy, HCM, & States Inc.

Sweetwater

Wilbanks

. ••

". • llooeer

Wellstar Corporation

St. Mary Land & Exploration

Yates Petroleum

HW

Wattenberg Fla!, Colorado

Anadarko Basin, O

klahoma and Texas

Uinta Basin, Uintah County, UT

Mid-Con, Perm Basin, S_TX, E.TX

.-g•K

Western CO &SW, WY, & UT

San Juan Basin -

UT & NIVI

Gulf Coast Onshore-AL, L

A, TX

Grass Island Field, Calhoun County, TX Espiritu S

Permian Basin, T

X

Jarvis Pet-o

4eum, Inc

Big Escambia-First & Second Half

Anadarko/Five States OK, TX, LA, AR, MS (Non-Operated)

l_ffdr:c4r,

Penn Virginia

Fasken - Permian - 517MM

ack: ,W7a4gragialin•alf-X

Gwinville Field, Jefferson Davis County, MS

ZkeL.4

n County, West Texas

EastTexas/North Louisiana, Gulf Coast, Panhani

Aug-O2

Feb-02

Nov-01

28.1

Z3

380.6

410

5_0

r;47:3.0

Jan-01

6.5

W:41. 7.fg

Dec-00

- 37.2

Feb-00

Nov-99

06/29199

1_1_0

2.9.4

50

13.1

8.7

en.

Raymond James í albrecht

Pa-go 5 of 1

0



ncAry.t9

MCNIC

Variousgeeirce-415

e Offshore Holdings, L

LC (E

nron Capital)

ATP

• '4.7.,F

AT=.57

V‘•."-•

The Braden C

ompanies (Dennis Pool)

--••••esoramez,-.,,r,nrE47

Rockies

P

_ ffeOfffrato

, Eugene Island Block 3

0, OS-G 9574

11-`1-m

•

Apr-99

• .

•200.0

04/06/99

175

973-7

Jul-98

2_0

Daniels Petroleum Company

roa_Southeast Piceance Basin, M

arnm Creek (M

esa

Feb-98

8.0

Sierra Mineral Development and Harris Oil a

nd Gas

_ R

Bois D'Arc Resources

Fairfield

.•,;0Enron Capital &

Trade Resources Corp_

Nipsco

Comstock

MCNIC Oil &

Gas Company

-direlat*-eeQm.Sawyer Energy, Inc_

Nipsco I

UMC Petroleum Corporation

Louis Dreyfus Natural Gas Corporation

!-=fuff.94-e0rP01-411u 0

.4" --"`

0J:f7-Lomak Petroleum, Inc.

Cott Resources Corporation

Shell Western E&P Inc.

Raymond James / albrecht

Oklahoma, Texas, a

nd Ka

Gulf of Mexico Production, Offshore Louisiana

a-aanSan Juan Basin Coal (42s, Sa

n Juan Basin

Oklahoma

Mid-Continent

Bethany-Longstreet and Holly Fields, D

eSoto

Offshore Louisiana

Dec-97

5_6

Oct -97

203.6

Oct-97

575

7

1.0

Aug-97

48_0

Jun -97

10_0

'530

-f-Apr-97

Nov-96

29_5

Anadarko Basin, Central O

K/Panhandle OK &

Aug-96

FoaMM7-H,"Levelland Field- .

OK, KS, L

A•

Big Mineral Creek Field

Jul-96

271

Jul -96

3_7

Apr-96

29_9

Feb-96

109

Page 6 of 1

0

and James / Albrecht


••-••••••••L'

..e1gYr French Production Inc_

Bois D'Arc

iiiíFortune Petroleum Corporation

7:7

Bastian Bay Field

'CT

„L„tt&

la.SWEA,‘

Offshore

Ventura and Kern Counlies, California

SP'

Jan-96

$2_0

Nov-95

6-0

Hardy Oil &

Gas USA, Inc_

Snyder Oil Corporation64_

Falcon Oil & Gas Company

Wirarcaskr GargX7-'-

`"Michael Petroleum Corp_

Off Energy Inc_

Apache Corporation

• •

Norcen Explorer, Inc

1:44,1,,47;44,

Apache Corporationt-Er. '717€1WW7-

r-gST "'

General Atlantic Resources, Inc.

AMO Falcon Oil &

(-3s Company

Falcon OH& Gas Company•

Energy Inc.

Mountain Oil& Gas Company

Wieview Capital &

Oregon Natural G

as

-------------------------------------

it•Vrr•s!•;,•.1&.

North Carolina Utilities

US. Borax, Inc_

Raymond James' albrecht

.. !1.13.4-71±54170

Texas Fields

LA, TX, OK, MS, ND, MT

firr

Hawkins Field; Fairway Field, V

an Field

-VLFF'T'araRNktOrWrg-V"

Divestiture Package

tc-miku. Hugoton Field, Te

xas & Oklahoma Panhandle

MT, TX, KS

--z-•5•••A-Tgr 77*

MT, IX, KS

Louisiana, Texas, Oklahoma, Mississippi, North

Dakota, Montana

Montana Wyoming

Okt, 442.4 1.V CO, OK, TX, WY

, • .41746g--- -•-_:- -Art---‘1

2rp es

AL, LA, MS, TX

Non-Operated Oil Properties

Jun-95

•

Nov-95

$5.9

Oct-95

$0.1

Aug-95

$0.4

Jul-95

$10.0

May-95

$21_0

Mar-95

$20.0

Jan-95

$14

Jan-95

$10

Nov-94

1#77_,T4rStn

0a-94

2.3

Oct -94

$10

4

lat

Sep -94

Jun -94

Feb-94

$3-0

$45

Page 7 of 1

0

nd James / Albrecht

DIVESTITURE ACTIVITY 1999-Present in millions

Torch Energy Advisors

gesa_.

Westhall

Fuel Resources Development Co_

-Ian

Hallwood

Falcon

g'311-.70~af..

Hallwood

t'Atiifft4-11,•

SUB 269, El 2

96, El 3

06/307, MP 47, John

Vicken Jan -

94

South Texas Frio, O

K, West Texas, LA

CO, IAIY, T

X

Miscellaneous Non-Opr

-„E

Nov-93

Miscellaneous Williston Basin Apr -93

:-.4,W.T4'

EnlAX,,W.egra_

11*,_Seze-'


General Atlantic Resources, Inc

UIVIC Petroluem Corp_

Hallwood

Hallwood

Hailwood


510 . W

- g51777 1 7

,-

m5';' •

OTC Petroleum Corporation

Westhall Associates

uvicA'.— •;-744

1:51M1,''. -4;e1,1

Westhall Associates

Wes*


WitVfletTorileas-W

aralo

';i••

Torn Brown, Inc.

Westhall Associates

ond James / albrecht

Miscellaneous

• ""`„:„'..ig1K,4-, Mar-93

Mosquito Bay Field -

Terrebonne Parish, L

A

is

ItftErT

TX, WY, KS, NM, OK

Minor Properties -

LA,MS,TX

. .17sEellamEntiS.Ael Miscellaneous N

on-Opr

MicrPllaneous Non-Opr

Miscellaneous Non-Opr

32464.-zx 9. 05,

a

Jan-93

$33

Dec-92

0

Nov-92

S05

Oct-92

$0A

-••

Sep-92

Mosquito Bay Field -

Terrebonne Parish, LA.

'/....7.•,,,,,.:777,-77...;rol.,•,..;,...Y.TTA1-S. _ ,,

$2.1.• : M.:

,Z—

Lrull2.11030.:4

,,,,,,---..-w

.,-....4;-1,—,

--.-1.

Texas Panhandle a

nd Oldahoma C=As P

ropertiesay-92

$03

eMV

r :...P,,•;:.

..-;•Yr•--------,--,..,.--...-,.

,,,,!,-,i.—.•----yr

;i1;792;:0_1

Miscellaneous Frio

tsc-M- Wrii:C

. _A

lk-4

-.- §•-•••:,..., %"•••>• -

4.z•r-'

Miscellaneous FrioApr-92

Thcz'ad

Tea-As P

anhandle and Oklahoma Gas Properties

Apr-92

Williston RAsin Oil ,tsc

Miscellaneous Frio

C'

Feb-92

$01

$7.6

$7.8

Feb-92

$01

Page 8 of 1

0

kt,

Raymond James /Albrecht

DIVESTITURE ACTIVITY 1999-Present in millions

Westhall AssociatesBirca

.cejp,

-6


Hallador Petroleum Company

Westhall Associates

Westhall Associat

Westhall Associates

Dekalb Energy11

Exploration & Production

Miscellaneous Frio

itMaErr43;

Texas Panhandle and Oklahoma Gas Properties

Divestiture Package

Miscellaneous Rio

:erne

g

:Fay

Miscellaneous Frio Sep-91

Amor & Big R

ock Fieldswr

ette_ ow

-4

Amor & Big R

ock Fields

. . •

West Virginia

- nista

Jun-90

:T.•

$0.1

.2+.4P

0

$2-0

McCord Exploration Partners

Sweet Lake L

and #1 Calcasieu Parish, L

AMar-90

$6_2

Ensource•,

1`1,7.3='

Holden Energy Corporation

Sotly 7-acT. H

emus

Quackenbush et al

Holden Energy Corporation

American Coastal et al

American Coastal et al

Raymond Jamesfalbrecht

Ozona

West Virginia

Lake Larose Reid

efign

ez,

Patterson Reid

South Lake Arthur

lake Larose Field

Algoa Orchard

Algoa Orchard

Jul-89

$5_0

Jan-89

$3_1

$13.1

Oct -88

$02

Aug-88

50.6

Jul-88

S03

Jul -88

Jun-88

Page 9 of 1

0

•

nd Jarn,

/ Albrecht


ear,

Holden Energy Corporaton

Raymond James 1 ailarKht

Page io of 10

EXHIBIT 3

THIS IS " 3referred to Irl the (a0A0filindirtijot ri) of

,CLitc•k:Af I 'CA

000larod) before me this, Sworn

day f ruQ. l Li, •D. 20

c)sleoi 0 att -la-and-for,tha-Rtitewtraae-40.4111agai.—

A Notary Public

ROSE MARY ELLIS k290389-8

NOTARY PUBLIC, STATE OF TEXASMY COMMISSION EXPIRES kOCT. 16, 2016

azezete"11,40" .01.0:1440:40:444.140:0144100

THE &, GA.S ASSET

For immediate Release

HARRISON WILLIAMS SELECTED FOR CEO ROLE AT THE CLEARINGHOUSEFormer Co-Head of Albrecht & Associates, the Respected A&D Leader,

Brings Added Depth to The Clearinghouse Team

HOUSTON, TX (April 14, 2015) -The Oil & Gas Asset Clearinghouse, a CenterGate Capital portfoliocompany, is pleased to announced the appointment of Harrison Williams as the new Chief ExecutiveOfficer of the company, Harrison brings a background in the E&P sector as well as 25 years of experiencein A&D as a Principal at Albrecht & Associates, .The 011 & Gas Asset Clearinghouse ("TheClearinghouse") is the leading U,S, provider of acquisition and divestiture services for oil and gasproperties.

Harrison Williams, who joined the company on Monday, April 13, noted "1 am thrilled to join TheClearinghouse team, I've respected their innovative solutions to create liquidity for a wide breadth ofclient assets from individual wells to entire fields, while leveraging their deep technical expertise tocomplete larger negotiated transactions, for years, There is no other firm that can claim over 32,000completed transactions, I very much look forward to bringing my experience and engineering acumento. clients as we further develop and invest in our talented technical team, our unique hybrid auction, andour online infrastructure," Williams holds a B,A, from Harvard College and a. M.S. from theMassachusetts institute of Technology, He has served on the boards of various Houston philanthropies,

Stenning Schueppert, CenterGate Capital Managing Director added, "Harrison is a great choice to takeThe Clearinghouse to the next level. The foundation that has made them such a trusted choice for theirthousands of clients over the past two decades will strengthen with a dynamic veteran leader and helpnavigate the challenging waters of the current market environment,"

After more than 18 years with The Clearinghouse, Ken Olive and Ron Barnes, former CEO and C00,respectively, have elected to pursue other opportunities,. "Ken and Ron have done a terrific job leadingthe company over the years and we appreciate their dedication and services over that time," Sehueppertadded.

About The Oil & Gas Asset ClearinghouseThe Clearinghouse, a CenterGate Capital portfolio company, is the only oil and gas acquisition anddivestiture advisory firm with in-house technical expertise that offers a complete line of auction andnegotiated transaction services, As the premier provider of oil and gas property marketing and advisoryservices, the Company has conducted more auction in the U.S, than any other firm and allows its clientsto participate through physical attendance or to compete online in real-time, The Clearinghouse alsoprovides negotiated transaction services focused on the mid-market. All marketing and advisory servicesare supported by a high level of reserve engineering, geo-science and land expertise, More informationabout The Clearinghouse and Its upcoming auctions can be aceessed at www.o 7clearinghouse,00m,

MEDIA CONTACT:Storming SohuopportManaging Director, CenterGate Capital512-717-7100Infocipoonterga eV ital., °QM

EXHIBIT 4

THis IS EXHIBIT"referred to In the (bAeldli

dPvall) of

rtalir l 5(51/1 tji I tams onitlred) before me this, ormi Sworn

day of sA.P 20 it‘2)721PurAor 411,odlgtin , e". 4.6r„,0 • -

A Not /PublicMe-taretvtnet3,41:Alloe

c......-...-.44.- ...^....e...--,...e..-..............-.4.- ...-.1S ROSE MARY ELLIS ti0 290389-8 SI0 NOTARY PUBLIC, STATE OF TEXAS k0 MY COMMISSION EXPIRES II1 OCT, 16, 2016hotote..114,1" ...1011'.02440:4:0:44.0" ...40."'

The Clearinghouse Page 1 of 2

(,./../Index.asp)

Future Live Auction Dateal March 928t-573-4600 l seles@ogcleeringhouse,com (mellto:seles@ogclearInghouse,com)

View CNBC Interview with The Clearinghouse CEO, Harrison Willianihttp://ell_ps,shadowtv.net/media/reguest/d83ef9aaf62541087aee983486ac714/Index,htrr

Home (index,asp) / About

ABOUT THE CLEARINGHOUSE

The 0118( Gas Asset Clearinghouse, founded In 1992, has sold morethan 32,000 transactions (encompassing 600,000+ properties) sinceInception. The Clearinghouse is the first and only MD advisory servicesfirm In the Industry to offer Live Auction and Negotiated Transactionservices.

The Clearinghouse was the first firm to bring all and gas experience,expertise and skilled Industry professionals together for a commongoal... To become the best cll & gas auction house in the business. Ourdedicated staff, with decades of combined experience in land,engineering, geology and transaotional experience, quiokly branded TheClearinghouse as the most respected and trusted company In thebusiness. We remain the industry leader.

Today, The Clearinghouse successfully markets all & gas propertiesImplementing customized marketing processes for eaoh asset in order tomaximize value. Our sales processes, fully supported by credible,comprehensive virtual and physical data rooms and extensive projectmanagement, are unmatched, We are a constant In the marketpleoe.We accurately match buyers with assets. We offer fair terms, qualityevaluation data and established industry relationships,

The Clearinghouse la the only "one stop shop" for acquisition anddivestiture of all and gas properties, providing the best vehicle to marketand sell any type or slze property for maximum return for our clients.

QUICK LINKS

A&U Services(/ADServices/AOServIces,asp)

About (/About,asp)

OurTeam

UOurTeam,asp)

Contact

(/Contactils.asp)

FAQs (/Faqs,asp)

http://www,ogelearinghouse,corn/Aboutasp 25/02/2016


In 2015 The Clearinghouse was acquired by Qentor0a,to Cat Itet(Ate://www,centerntecapishoomi), e private equity firm located InAustin, Texas,

(../„/Index,asp)

PRIVNIPOLIO („/dPRIVAOYASP), TERMS & CONDITIONS (,.{„/TaRKU PAST. SWOESsii8 („/../pAsTs,U.CCES§EVPASTASPI NEWS (,,hdpRgapAsP,1 C.C2N_TAOT Gl./OONT6OTUSASPI

Copyright 01993 - 2016 The Oil & Otis Asset CloorInghoutio, LLC

http://www,ogelearinghouse,com/Aboutasp 25/02/2016


(„/„/Index,asp)

Future Live Auction Dates: March 9281-873-4600 I saies@agclearinghouse,com (maIlto:[email protected])

View CNBC Interview with The Clearinghouse CEO, Harrison Willianhttp://elips,shadowtv.netimedia/requestic183ef9aaf62541c987aec983486ae71 4/Index.htrr

Home (/Inclux,asp) / AS Services

A&D SERVICES-HOW WE DO ITWe begin the process for each divestment in exactly the same manner, with e comprehensive analysis of yourdivestiture portfolio, We will analyze your project's financial, engineering and geoscience data In order to makethe most suitable recommendations, The services we consider for every project;

CHOOSING A FORMAT: AUCTION OR NEGOTIATED SALE...

AN ASSET-DRIVEN PROCESSWe help you choose the marketing platform that best flts the assets you are selling, The correct marketingvenue will assure the highest returns,

• Negotiated Transaction Characteristics• Value Is greater than $10MM with substantial reserves• Higher upside/higher PDP ratio• Op/NonOp working Interesto Geographically concentrated portfolio• Recommended for assets that are technically complex• A negotiated transaction typically has a 3-6 month sales cycle

• Live Auction Characteristics• Logical groupings typically have a value range of $10K to $20MM• Primarily POP reserves• Op/NonOp WI, leasehold, oRm, royalties, minerals• Usually geographically diverse• 30-00 day sales cycle

http://www.ogelearinghouse,00m/ADServioes/ADServioes„asp 25/02/2016

'Me Clearinghouse Page 2 of 3

PRESENTING THE DATAWe create, host and manage physical and virtual data rooms for data dissemination,

• We make sure each potential buyer has• Knowledge of the sale and precise timeline• Access to comprehensive, accurate and timely data• Opportunity to evaluate and participate in the process

THE SALES PROCESSWhether your properties are sold at Auction or by Negotiated Sale, they need to be marketed,

• We have over 13,000 buyers that are comprehensive and current,• We expose your properties through our website, email, others' websites, publioatIons, brochuresand catalogues so they get offers,

• Our Business Development team is constantly making suggestions and recommendations toBuyers,

DATA COLLECTION & EVALUATION

Less uncertainty on the Buyer's part means higher prices for our Sellers—We know what a Buyer wantsfor evaluation purposes, and we organize and present Seller's data 80 as to obtain the highest price.We gather your data in both electronic and hard copy formats.Once we evaluate your data, we will make recommendations as for the suitable process—Auction orNegotiated.

FOR AUCTION

• We recommend the grouping (lotting) of properties to achieve best results• We parse, prepare , and present the data for online viewing by Buyers• We market the properties to thousands of qualified Buyers• The Live Auctions allow bids by Internet or in person and ensure competition

FOR NEGOTIATED SALES

We are data-driven, Each property demands its own unique approach—there's no "One Size Fits All"

• Data Is organized and oatalogued• Engineering• Geology• Land• Contracts/Marketing• A detailed asset presentation Is prepared• Electronic and Physical Data Rooms are built to display the properties In their best light• Questions are anticipated and answered

Closing Assistance

As part of our standard service, The Clearinghouse's professional land staff quickly and efficiently:

4 Obtain and track all offers or bids• Analyze and authentic offers or bids for negotiation• Negotiate all offers or bids• File all assignments• Facilitate and assist In negotiating Purchase and Sale Agreements• Handle all escrow and settlement requirements '

Our knowledge of specific agency requirements and filing fees expedites the process of transferring title

http://www.ogolearinghouse,00m/ADServloes/ADServiees'easp 25/02/2016

The Cleatinghowe Page 3 of 3

and operations, which In turn tremendously assists both the buyer and seller of the property,

QUICK LINKS

A&D Services(lADServices/ADServices.asp)

About (/About.asp)

Our Team(IOurTearn.asp)

Contact(/ContactUs,asp)

FAQs (/Faqs,asp)

(.1„/Index,asp)

PRIVACY PQ1.10Y („/„/PRIVACY,AS121 TERMS & CONDITIONS f,,/,JTERMS.ASP1PAST SUQ0E33,E$ (,,/ JpAgrsuoQUSES/PASTx6.$2), NEWS (.,/../PR5$$.ASp) pONT OT / 0 C''

Copyright 01 ag3 2016 The Oil & Oas Asset Clogringhouso, LLO

http://www,ogolearinghouse,eoni/ADServices/ADServiees,asp 25/02/2016

EXHIBIT 5

-rHis I t?)C.,11MIT

referred to In the . Gaalaration) ofAffidavit

JiarViE;(4 h.) A 14‹;

oaciarod) before me thlsSworn

day AD, 20_,Za

of mlsOon r f., t • asi r and for

lhn Provinoo of Aitrarta

A Notary Publlo

T„..40"."..e.'`./— .0:40' .....^ 044.40"'0441

Is 290389-8 ROSE MARY ELLIS k

0 iI NOTARY PUBLIC, STATE OP TEXAS 11o

11MY COMMISSION EXPIRES

`1111 OCT. 16, 2016 ' h........--.....e...............-..zez

E R. (.3 T R. U S T

Highlights4< Dec 2015 Net Production; -3,000 BOEPD

* 88% Operated

* Production 65% 011

* 400 Producing wells

* 155 Operated by Argent

41 Active Injection wells

* 34 SWD Wells

* WI; 6.025% . 100% - NRI: 5,0137% - 87.50%

* Major Fields are In South Texas,Texas Gulf Coast andWyoming

27 PDNP targets identified

* Upside Drilling Opportunities In all Reserve Categories

• Notable.Operators of Non.Operated Interests:• Citation . Hunt

• Devon • Sabine

• Headington

CONTACT:Brenda DeShurley, Executive Assistantgah.y_CogrAtartngbokmosszna

832.601-7679

Patrick DaPra, Vice President - Negotiated Transactionspdpra@pgclearinghon,,Om832.601.7655

Significant Production &Upside OnortunitiesTexas, Colorado &Wyoming

AiitA0ipsilit0(1,0140014(

Additional ORRI

Gross Acres; —115,600 - Net Acres; —79,500

Data Room Opens: February 17, 2016

Bids Due: March 17, 2016

Effective Date; April I, 2016

281-873-4600 1832-601-7641 fax

500 N Sam Houston PkwyW I Suite 150Houston, TX 77067

Argent Energy (US) Holdings Inc, Is selling certain leasehold assets In Texas, Colorado IkWyoming,The 011 $( Gas Asset ClearinghouseIs the exclusive technical, marketing, and transaction advisor for this sale. .

Argent rnergy (US) Holdings Inc. ("Company") and Tho 011 & Gas Asset Clearinghouse, LLC ("The Clearinghouse") make no representations or warranties, either expressed orImplied, as to the accuracy or completeness of this Information or Its sultatAllty (or any purpose. The sales process contemplated herein Is not exclusive, Tho Company and TheClearinghouse reserve the right to withdraw all or any portion of the assets or change all or any terms of this sales process at any time without notice to any potential purchaser,

THE OIL &GAs ASSET

CLEARINGHOUSEHouston I Dallas I Denver I Oklahoma City

www.ogclearinghouse.com

EXHIBIT 6

TI-118 IS EXHIEll'r II

referred to In th, Goo'oration ofAft melt

kieriscaa_Lt.dAOn Wald) beforo me thissworn

.." Iday of !4,

OM 701

-,..," •ft 1 m• .. trtn-and^frJr..dia wA 0 -W-AlbeNa.A

A Notary PLAIle

fl

T.--t

......."....-..,........-.)-.,-..... .40- ...-..0-.......-.......-.1i ROSE MARY ELLIS k

290369-8 41SI NOTARY PUBLIC, STATE OF TEXAS go;MY COMMISSION EXPIRES ki ,..1 S OCT. 16, 2016tv-....^........- .......- ....14,..10:00." ....."...0' .4444

CORNEtigik 1.44rOPYRKEP • ofTa

im manflyollbullolln.comhrtIoieiX6A.(3.0/.7.3/0.11;opooto.rloolincil

- 1c:3).0:Pt it.,:it.1,4tr.'.111;tilli:11 4)..4t.:;.:;e3p1 -Ck,:mtrim Oat thlt,tit

tamer, rtglitIARI(.71

• Vor:ocl WICKTOntIll trim", .Co tiifionta,' MQ ow or A000rlottorisPtill.111g.Togoilvai.

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EXHIBIT 7

THIS IS EXHIBIT "Affidavitreferred to In the (oriewmtialy) of

ams Qaolarad) before me thls Qc:11-11 sworn

day of ,A, 20 / -1,

ad,foriaalofithm.RaPilaoaq*I-Albartm

A Notary Pwollo

11":""...0"..0"..e"..":"^storererotor.40:014.11:00` .010:1077404 ROSE MARY ELLIS

It 0 290389-8 %ti(1

NOTARY PUBLIC, STATE OF TEXAS kMY COMMISSION EXPIRES 4,) OCT. 16, 2016 • 1her ....... ........00.„,c,-,,,,:„...,,c4.44.....ceste.

PrO ankif10S,LLealli.To: 2.v.ara.an,Su bject: FW: FTI - PAID RE'CLF,IPT - Scanned Image from 1.26-1-IFS956Date: Thumday, February 25, 2016 6:10:00 PMAttachments! 1:ZUEZililealgOalL.2.910922.5...M2,2.9.11'Sit

• V>

Good evening Dustin, attached Is the paid receipt for the notice running in Monday's paper. Thank you.Cynthia.

Cynthia A.TorrenceLegal/Public Notice/Labor CertificationAdvertising RepresentativeHearst Media GroupHouston Chronicle - LaVoz de Houston

Legal/Public Adverting RepresentativeBeaumont Enterprise - San Francisco Chronicle

4747 Southwest Freeway, 2nd Floor LegalsHouston, Texas 77027

o I 713-362-5435f 713-354-3798e I Legals©chron,comw I www,chron,com

Order Confirmation

Ad Order Number

Customer

Payor Customer

PO Number

0000108004

FT{ CONSULTING

F CONSULTING

Sales Rep

_Customer Account

Payor Account

Ordered By

HC0630

10017346

10017346

DUSTIN OLVER

Order Taker

Customer Addrpg.g

Payor Address

Customer Fax

ctor

renc

e720, 440 -2ND AVENUE S_W_

720, 440 - 2ND AVENUE S_W.

CALGARY AB T2.05E9 CAN

CALGARY AB T2P5E9 CAN

Customer EMall

Order Source

Customer Phone

Payor Phone

4034546032

4034546032

Spec

ies[

PrIcina

Over

ride

Tear Sheets

0 Invo

ice Text

Proofs

0

Affi

davi

ts

0

Net Amount

$7,7

18.6

8

Blind Box

Promo Type

Ad Order Notes

Materials

Tax Amount

Total Amount

Payment Method

80_00

$7,7

18_6

8 Cr

edit

Card

Paymerdflunount

$7;718.68

50.00

Amount Due

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