EnerCom – The Oil and

Gas Conference®20August 20, 2015

Forward Looking Statements

1

This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,

as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this presentation,

other than statements of historical fact, including statements regarding the business, strategy, financial position,

prospects, plans, objectives, forecasts, and projections of Jonah Energy LLC are forward-looking statements. The words

“anticipate,” “assume,” “believe,” “budget,” “could,” “estimate,” “expect,” “forecast,” “intend,” “plan,” “project,” “projection,”

“should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. The forward-looking

statements contained herein are based on management’s current expectations and beliefs concerning future events and

their potential effect on the Company and involve known and unknown risks, uncertainties and assumptions, which may

cause actual results to differ materially from results expressed or implied by the forward-looking statements. These risks

include factors such as the imprecise nature of estimating oil and gas reserves; the availability of additional

economically attractive exploration, development and acquisition opportunities for future growth; unexpected drilling

conditions and results; unsuccessful drilling results; the ability to achieve estimated cost savings; the availability of

drilling, completion and operating equipment and services; and the risks associated with commodity pricing and the

Company’s price risk management strategy. The forward-looking statements contained herein speak only as of the date

of this presentation. Although Jonah Energy may from time to time voluntarily update its prior forward-looking

statements, it disclaims any commitment to do so.

This presentation may also include market data and other statistical information from third-party sources, including

independent industry publications, government publications or other published independent sources. Although Jonah

Energy believes these third-party sources are reliable as of their respective dates, Jonah Energy has not independently

verified the accuracy or completeness of this information. Some data are also based on Jonah Energy’s good faith

estimates, which are derived from its review of internal sources as well as the third-party sources described above.

2

Sponsorship and Strategy

Financial Sponsors

Lead investor

Co-investor

Management and Private Investors Co-investor

Board is Comprised of Management Representatives, Investor Representatives,

and Independent Members

Formation and Strategy

Formation of Jonah was a deliberate and patient process focused on the right partners,

locating and acquiring a high quality foundational asset and assembling a team of

experienced professionals to lead the Company

3

Position in the Industry

TOP 100 PRIVATE GAS PRODUCERS(1)

Rank Company Gas (Mcf)

1 Hilcorp Energy Co. 209,369,650

2 Samson Investment Co. 206,964,997

3 Chief Oil & Gas LLC 197,346,610

4 Merit Energy Co. 115,085,032

5 Mewbourne Oil Co. 88,638,323

6 WildHorse Resources LLC 83,142,446

7 Yates Petroleum Corp. 68,548,613

8 J-W Operating Co. 57,921,638

9 LLOG Exploration Co. LLC 56,689,326

10 Templar Energy LLC 51,655,780

Jonah Energy LLC pro forma

2014 gas production of ~100

Bcf

Ranks 5th on the list of private

gas producers(1)

Jonah is Set up to Deliver a

Rare Combination of:

Rational and Flexible Production Growth

Continuing Capital Investment

Free Cash Flow Generation

Jonah Energy LLC has Established a

Strong Position in the Industry

(1) Source: Independent research firm IHS via Oil & Gas Finance Journal article on July 8, 2015

4

Jonah Energy Executive Management

Thomas M. Hart III

Chief Executive Officer

Partner in Jonah Energy LLC at inception in May 2014

Former SVP Corporate/Business Development of El Paso Corporation & El Paso E&P Company

(Formerly NYSE:EP)

Former Director of Oiltanking Partners LP (NYSE:OILT)

L. Craig Manaugh

President & Chief

Operating Officer

Partner in Jonah Energy LLC at inception in May 2014

Former VP of Operations, Northern Division of Chesapeake Energy (NYSE:CHK); President and CEO of

Dominion Exploration Canada Ltd. (NYSE:D); and VP at Louis Dreyfus Group

David W. Honeyfield

Vice President & Chief

Financial Officer

Partner in Jonah Energy LLC, joined in August 2014

Former President & CFO of Intrepid Potash, Inc. (NYSE:IPI); SVP and CFO of SM Energy Company

(NYSE:SM); and Controller and CAO of Cimarex Energy Company (NYSE:XEC)

C. Mark Brannum

Vice President, General

Counsel & Secretary

Partner in Jonah Energy LLC, joined in August 2014

Former Deputy General Counsel and Corporate Secretary of SM Energy Company (NYSE:SM); and VP,

General Counsel & Corporate Secretary of Magellan Petroleum Corporation (NASDAQ:MPET)

Rory O’Byrne

Vice President & Chief

Human Resource Officer

Partner in Jonah Energy LLC, joined in August 2014

Former SVP and CHRO of MRC Global Inc. (NYSE:MRC) and Director of Human Resources and

Organizational Development for BG Group’s Americas and Global LNG business (LSE:BG.L)

Mike Park

Vice President of

Operations

Partner in Jonah Energy LLC, joined in December 2014

Former District Manager – Operations for Chesapeake Energy Corporation (NYSE:CHK)

5

Strategic Thesis for Jonah Energy LLC

Create

Exceptional Value

by Acquiring Oil

and Gas Fields

with Under-

Managed

Potential, then

Mobilize the

Capital and Talent

Necessary to

Fully Realize that

Potential

Acquire and operate high quality assets that were out of favor with

the large independent / integrated public companies

Assemble a team with technical expertise to develop and exploit the

asset

Initiate base production enhancement strategies on PDP assets to

mitigate the natural decline

Implement a development plan with the ability to organically grow

production from significant undeveloped inventory

De-risk and protect EBITDAX and Cash Flow through robust and on-

going hedging program with hedges in place through 2019

Business development to leverage growth platform:

High quality assets

Established PDP reserve profile

Meaningful future development opportunities

Scale and concentration of operations to apply management systems and

operating performance tools

6

First 15 Month Achievements & Ongoing Integration

Creation of Jonah

Energy LLC

Creation of partnership with TPG as lead investor

Successful carve out from Encana

Established Jonah stand-alone systems and processes

Staffing of a fully functional organization

Integration of entirely new team that came from diverse energy backgrounds

Operational

Efficiencies

Captured efficiency gains in D&C activities through operational improvements

resulting in lower per-well costs

Continuous re-optimization of drilling inventory

Successful cost reduction program over all operations and drilling activity

Achieved LOE below expectations

Operational

Achievements

Delivered on anticipated production targets in first 15 months

Reversed decline of Jonah field and leveled the production profile

Implemented and expanding base management and operations strategies that

are right sized for Jonah Energy LLC

Drilled highest IP well in Jonah field history in Q4-2014

Developed39%

Undeveloped61%

Developed60%

Undeveloped40%

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Overview of Jonah Energy LLC

(1) Per NSAI-engineered Reserve Report as of December 31, 2014 using SEC pricing.

Number of 2P Locations (1)

(Gross)

~2,800 2P

Locations

2P Reserves (1)

(as of 12/31/14)

1.9 Tcfe

2P

Reserves

Asset Base Sublette County, Wyoming

2015 Capex ~$180MM

Current Net Acreage

Summary

Total: ~117,000

Jonah field: ~11,200 (100% HPB)

NPL Area: ~106,000

Headquartered in Denver, CO

Field office in Pinedale, WY

Reserve profile:

8

Jonah field is the foundational asset for Jonah Energy LLC

Jonah field is located in the northwestern portion of the Green River Basin

Upper Cretaceous Lance formation produces from fluvial channel sandstone deposits

The “Lance Pool” is the geologic section that produces at Jonah field

Depth to base of Lance Pool varies from 11,000’ to 14,000’ TVD

Jonah Field Overview

Regional StratigraphyAsset Locator Map

9

Lance Pool consists of multiple formation with typical gross thickness of 3,200’ to 5,500’

• Unnamed tertiary

• Lance

• Upper Mesaverde

Sand body dimensions typically 5 to 40 acres in size

Discontinuous lenticular sand bodies are over-pressured and distributed vertically; productive interval covers

a significant portion of the vertical section

Due to reservoir characteristics and presence of multiple, stacked sands – vertical wells have been the

primary method for development of the field

Stratigraphic Cross Section

Jonah Field - Stratigraphy

Well A Well BInfill well

Stacked Pay Diagram

Ja

n-1

2

Fe

b-1

2

Ma

r-12

Ap

r-12

Ma

y-1

2

Ju

n-1

2

Ju

l-12

Au

g-1

2

Sep

-12

Oct-

12

No

v-1

2

Dec

-12

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-13

Au

g-1

3

Sep

-13

Oct-

13

No

v-1

3

Dec

-13

Ja

n-1

4

Fe

b-1

4

Ma

r-14

Ap

r-14

Ma

y-1

4

Ju

n-1

4

Ju

l-14

Au

g-1

4

Sep

-14

Oct-

14

No

v-1

4

Dec

-14

Ja

n-1

5

Fe

b-1

5

Ma

r-15

Ap

r-15

Ma

y-1

5

Ju

n-1

5

MM

cf/

d

2014 Base

2014 Wedge

2015 Wedge

Historical Gross Gas Production

10

Impact of Focused Management in Jonah Field

Jonah Energy

Takes Over

Operations

Jonah Energy Stems Field

Production Decline

Current gross production is >100 MMcf/d higher than it would

have been without Jonah Energy’s intervention

11

Large, high quality base of reserves and highly predictable production profile

Low cost operator through concentration of assets and operating leverage

Highly efficient and predictable, low-risk reserve replacement opportunity set

Multi-year inventory of undeveloped locations

Long-lived, stable and predictable cash flow offers economic flexibility protected by

active and ongoing hedge program

Dedicated and experienced management and sponsorship teams

In A Nutshell…

Jonah Energy LLC707 Seventeenth Street, Suite 2700

Denver, Colorado 80202

(720) 577-1000

Website: www.jonahenergy.com