Prompt Oil Price ($/bbl) $62.34 $0.30 0.5% Prompt Gas Price … Page Document Library... ·...

1

March 19, 2018

Oil ended last week up slightly. Gasoline stocks declined by a whopping 6.3 mmbbls and distillate stocks by 4.4

mmbbls barrels, and that was enough to put a bid into crude despite the 5.0 mmbbls gain in oil inventories. In other

news, OPEC compliance to production cuts reached new levels in February. Compliance is now at 147% with seven

nations in the deal cutting more than they agreed to. The near term contract closed up $0.30, or 0.5%, at $62.34

Natural gas ended last week down. There was a slightly bearish EIA report showing an inventory draw of 93 bcf as

compared to the estimated draw of 100 bcf. The gas rig count increased by one. The near-term contract closed down

$0.04, or 1.6%, at $2.69

Debt

Markets

S&P E&P(2) underperformed last week (2.1%) vs. SPX(2) (1.2%)

US equities were lower last week, with the S&P 500 posting four successive declines before logging a modest

increase on Friday. Treasuries were mixed, with the curve flattening and the 10-year pulling farther back from the 3%

level. The dollar was marginally better overall, though it lost ground on the yen and sterling crosses. Gold was

somewhat lower, finishing the week down 0.9%. The S&P 500 consensus 2018 EPS estimate is $157.3 for an implied

P/E multiple of 17.5x (the 5-year historical average is 16.1x)

The High Yield primary market saw another active week, with 16 Issuers pricing 17 tranches with $9.0 bn in proceeds

BMO was Joint Bookrunner on Husky's $650 million of Senior Notes, the first LBO High Yield Notes this year

New issue paper saw strong execution, with deals upsizing and generally trading higher on the break

Last week saw a modest inflow to High Yield funds of $11 million; the first inflow to High Yield funds since early

January

Secondary markets were flat to slightly wider, even as treasury yields tightened amid concerns of trade

protectionism

Two E&P issuances priced last week

Tullow Oil (B3/B) priced $800 million of 7.00% Senior Notes. The 8NC3 notes priced at the tight end of 7.00%-

7.25% talk and were upsized by $150 million. Proceeds from the transaction will be used with cash on hand to

redeem the company’s existing 6.00% Senior Notes due 2020

Aker BP (Ba2/BB+) priced $500 million of 5.875% Senior Notes due 2025. The 7NC3 notes priced at the tight

end of 6.00% area talk. Proceeds from the transaction will be used to repay RBL borrowings

Sundance Energy announced that it acquired 21,900 net

acres primarily in the volatile oil window of the Eagle Ford

from a joint venture between Pioneer Natural Resources,

Reliance Industries, and Newpek for $221.5 million

Amplify Energy announced that it signed a definitive

agreement to divest 98,000 non-core net acres in South

Texas to an undisclosed buyer for $20 million

W&T Offshore announced that it entered into joint

exploration and development agreements with a group of

investors in the Gulf of Mexico

Amazing Energy Oil and Gas announced a joint venture

with Encore Natural Resources in Pecos County, Texas

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, EIA, PLS

Note: Current quarter’s data is through the week covered by this issue.

1. EIA U.S. natural gas gross withdrawals and production reported monthly as of December 2017.

2. S&P E&P = S&P Oil & Gas E&P Select Industry, SPX = S&P 500 Index.

Key Industry Indicators

Quarterly Deal Activity

Equity

Markets

Commodities

$2.2

$8.1

$10.2

$10.0

$4.7

$17.2

$21.0 $20.5 $24.0

$19.4

$9.6 $9.4 $7.9

--

50

100

150

200

250

300

--

$5

$10

$15

$20

$25

$30

$35

$40

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

61% 82% 76% 79% 52% 55% 56% 71% 91% 31% 75% 78% 88%

Nu

mb

er

of

Tra

nsacti

on

s

Tra

nsacti

on

Valu

e (

$b

n)

Asset Corporate Number of Transactions

% Oil

IndicatorCurrent

Value

Week's

Change

%

Change Direction

Prompt Oil Price ($/bbl) $62.34 $0.30 0.5%

Prompt Gas Price ($/mmbtu) $2.69 ($0.04) (1.6%)

Wkly Trans. Value ($mm) $265 ($288) (52%)

Wkly Trans. Count 7 5 250%

US Rig Count 990 6 0.6%

US Oil Prod'n (mmbbl/d) 10.4 0.0 0.1%

US Gas Prod'n (bcf/d)(1) 96.6 -- --

US Oil Storage (mmbbl) 430.9 5.0 1.2%

US Gas Storage (tcf) 1.5 (0.1) (5.7%)

Week in Review

In Commodities, ECM and DCM, let’s go to journalism standards, even

though that’s not how we get the text from those groups. Main change is

that any number below 10 is spelled out (one instead of 1). This does not

apply to statistical analyses, percentages, or money, of course.

Let’s follow these guidelines when sorting articles:

• First priority: Domestic A&D, ranked by size

• Next: Domestic M&A

• Then: US companies doing international deals (like

Noble’s Tamar)

• Then: Others (Cabot’s Lackawanna)

• Then: Prices, rig count, completions, etc.

To paste the arrows with colors,

• FactSet

• Settings

• Presentation Linking and Formatting

• Import

• Colors

• Change Color font…

For the primary Commodities bullet points on oil and gas

prices, please start with “The near-term contract opened the

week at $___” and end that same bullet point with “The

near-term contract closed the week at $____, down(up)

$___, or ___%.” You don’t have to use exactly those words

as long as the opening and closing prices are included . For

example, you could write, “Opening the week at $45.21, the

near-term oil contract declined steadily based on …” – you

know, think like a journalist, be creative.

Covering the Week of March 10 to March 16, 2018

2

March 19, 2018

Ann'd

Date Buyer Seller Area Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)

15-Mar-18 Sundance Energy Pioneer; Reliance; Newpek Eagle Ford 21,900 net acres in South TX Eagle Ford $222 $3.38 $123,056 $10,114

13-Mar-18 Undisclosed Buyer Amplify Energy Corp Other 98,000 non-core net acres in South TX $20 n.a. $7,499 $204

07-Mar-18 Fleur de Lis Energy LLC Devon Energy Barnett 146,000 net acres in Barnett Shale $553 $2.95 $16,590 n.a.

01-Mar-18 BP Goodrich Ark-La-Tex 3,800 net acres in East Texas $23 n.a. n.a. $6,053

27-Feb-18 Undisclosed Buyer Extraction Oil & Gas Other Rockies Various non-core Rockies assets $70 n.a. n.a. n.a.

26-Feb-18 Undisclosed Buyer PDC Marcellus/Utica 43,000 net acres in Utica $40 $9.52 $25,000 $930

20-Feb-18 Luxe Energy II; Colgate Concho Resources Inc Permian 20,000 net acres in Delaware Basin $280 n.a. n.a. $14,000

15-Feb-18 Fieldwood Energy LLC Noble Energy Gulf of Mexico Deepwater GOM assets $710 $30.87 $35,500 $2,996

14-Feb-18 Scout Energy Partners Linn Energy LLC Permian Conventional Permian assets $120 $8.30 $18,968 $4,268

12-Feb-18 Tanos Exploration II LLC WildHorse Ark-La-Tex 90,000 net acres in North Louisiana $217 $3.16 $27,760 $2,411

Blue = BMO provided transaction advisory services Green = BMO provided acquisition financing or related services

Purple = BMO provided both transaction advisory services and acquisition financing or related services

The 10 Most Recent Asset Transactions Over $20 Million

A&D Valuation Trends(3)

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, PLS

1. Represents total enterprise value.

2. Calculated as percentage of total LTM transaction count.

3. 100 transactions from June 2013 to 2017YTD with transaction value >$20mm. Adjusted for changes in price outlooks. Recalculated boe reserves are on a 15:1

(gas:oil) basis. Acreage transactions excluded by using deals with PDP of >= 40% of total proved.

Permian23%

Rockies (ex. Bakken)

18%

Bakken7%

Appalachia14%

Mid-Con10%

Eagle Ford7%

Ark-La-Tex4%

Gulf of Mexico1%

Other16%

LTM By Region

Oil61%

Gas39%

LTM By Commodity

Public Company

45%

PE / PE-Backed

21%

Private11%

MLP1%

Other22%

LTM By Buyer Type

R / P

Sales Value /

Proved Reserves

(15:1)

(ratio) ($ / boe) ($ / mcfe)

8x $21.84 $1.46

10x $18.94 $1.26

15x $13.26 $0.88

20x $9.28 $0.62

y = 38.623e-0.071x

R² = 0.3766

--

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

-- 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x

Sa

les

Pri

ce /

Pro

ve

d

Re

serv

es (

$/b

oe

@ 1

5:1

)

R / P

Asset descriptions are all hard-coded and need to be

adjusted if new deals are added

(2) (2) (2)

3

March 19, 2018

Select Significant Deals on the Market

Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes

no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.

Source of Select Significant Deals on the Market: BMO Transaction Database

Industry Headlines

Sundance Energy Unveils $221 Million Eagle

Ford Buy

Amplify Energy Announces Sale of Non-Core

South Texas Properties for $20 Million

W&T Offshore Announces Gulf of Mexico

Joint Exploration and Development Program

with Investor Group

Amazing Energy Oil and Gas, Co.

Announces Joint Venture Term Sheet

Agreement with Encore Natural Resources

Bakken

3 Deals Appalachia

4 Deals

Mid-Con

16 Deals

Eagle Ford

9 Deals

Permian

17 Deals

Other

10 Deals

Ark-La-Tex

4 Deals

Rockies

12 Deals

3/16/2018

Appalachia 4

Ark-La-Tex 4

Bakken 3

Eagle Ford 9

Mid-Con 16

Other 10

Permian 17

Rockies 12

75

BMO Deals (Status)

Texas American Eagle Ford (In Market) – See Page 5

Elk River Midland Basin (Post Bid)

Comstock Eagle Ford (Post Bid)

EOG Green River (Post Bid)

(Click headline to link to the full article)

A&D Headlines

The Shale Boom Could Prove a Two-edged

Sword for America

Oil and Gas Leaders Warn Trump He Risks

Harming Their Industry

China's "Dash to Natural Gas" Bolsters U.S.

LNG

Enhanced Completions, Production

Strategies Spark Haynesville’s Emergence

Thanks to the Anti-fracking Lobby, Britain

Can’t Avoid Russian Gas

Pipeline Stocks Plunge After FERC Kills Key

Income-Tax Allowance

Statoil to Change Name to Equinor

http://www.miningweekly.com/article/sundance-energy-unveils-221m-eagle-ford-buy-2018-03-15

http://www.miningweekly.com/article/sundance-energy-unveils-221m-eagle-ford-buy-2018-03-15

https://globenewswire.com/news-release/2018/03/13/1421130/0/en/Amplify-Energy-Announces-Sale-of-Non-Core-South-Texas-Properties-for-20-Million.html






https://www.prnewswire.com/news-releases/wt-offshore-announces-gulf-of-mexico-joint-exploration-and-development-program-with-investor-group-300612694.html




https://www.accesswire.com/492857/Amazing-Energy-Oil-and-Gas-Co-Announces-Joint-Venture-Term-Sheet-Agreement-with-Encore-Natural-Resources



https://www.economist.com/news/special-report/21738581-extracting-more-oil-and-gas-shale-has-increased-americas-influence-abroad-not




https://www.bloomberg.com/news/articles/2018-03-15/oil-gas-leaders-to-warn-trump-he-risks-harming-their-industry

https://www.bloomberg.com/news/articles/2018-03-15/oil-gas-leaders-to-warn-trump-he-risks-harming-their-industry

https://www.forbes.com/sites/judeclemente/2018/03/15/chinas-dash-to-natural-gas-bolsters-u-s-lng/#3b3a0e08742b

https://www.forbes.com/sites/judeclemente/2018/03/15/chinas-dash-to-natural-gas-bolsters-u-s-lng/#3b3a0e08742b

https://www.oilandgasinvestor.com/enhanced-completions-production-strategies-spark-haynesvilles-emergence-1689551

https://www.oilandgasinvestor.com/enhanced-completions-production-strategies-spark-haynesvilles-emergence-1689551

https://blogs.spectator.co.uk/2018/03/thanks-to-the-anti-fracking-lobby-britain-depends-on-russias-gas/




https://www.bloomberg.com/news/articles/2018-03-15/pipeline-stocks-plunge-after-ferc-kills-key-income-tax-allowance




https://www.statoil.com/en/news/15mar2018-statoil.html

https://www.statoil.com/en/news/15mar2018-statoil.html

4

March 19, 2018

Purchase Price (US$ mm)

Total Consideration $221.5

Metrics

Daily Production (boe/d) 1,800

Proved Reserves (mmboe) 65.5

Net Acres 21,900

Net Locations 255

Multiples

TEV / Production ($/boe/d) $123,056

TEV / Proved Reserves ($/boe) $3.38

TEV / Net Acre $10,114

TEV / Adj. Net Acre(1) $7,237

TEV / Location $868,627

TEV / Adj. Location(1) $621,569

On March 14, 2018, Sundance Energy Australia

Ltd announced that it entered into an agreement to

acquire Eagle Ford assets from Pioneer Natural

Resources and its JV partners, Reliance Industries

Ltd and Newpek LLC, for $221.5 million

The transaction is expected to close April 23, 2018

TRANSACTION SUMMARY

ACQUISITION METRICS

Source: Company press release, Company presentation, PLS, 1Derrick

1. Adj. Net Acre and Adj. Location multiples based on flowing production adjustment of $35,000 per flowing boe.

ACQUIRED ASSETS

ASSET SUMMARY

Acquired Acreage

21,900 net acres in McMullen, Live Oak, Atascosa,

and La Salle counties, TX (100% HBP)

1,800 boe/d net production (72% oil)

65.5 mmboe proved reserves

255 net Eagle Ford locations

Interesting Deal of the Week:

Sundance Acquires Eagle Ford Assets From Pioneer and JV Partners for $222 Million

OBSERVATIONS

Sundance concurrently announced that it is raising

$260 million to fund the acquisition and subsequent

development

Sundance intends to deploy two rigs on the

acquired acreage in Q2 2018

This transaction is in line with Pioneer’s February 6,

2018 announcement to become a Permian pure-

play

Pioneer intends to divest its remaining Eagle

Ford, Raton, and West Panhandle assets

https://globenewswire.com/news-release/2018/02/15/1348833/0/en/Noble-Energy-

Announces-750-Million-Share-Repurchase-Program.html

[tbu kristina]

5

March 19, 2018

Highly economic, large, contiguous, and de-risked acreage position in

the Eagle Ford black oil window

24,675 gross / 23,164 net largely undeveloped acres located in

southwest Atascosa and southeast Frio counties, Texas

100% operated with high average working interest of ~94%

Executable optimized development plan on 400' well spacing

supports 214 gross drilling locations in the Lower Eagle Ford

Development plan employs long laterals (~9,300’ average length),

higher intensity / modern completions, targeted lateral placement,

and drilling order to minimize parent well effects

Austin Chalk analogous to development in the Sugarkane Field

Rapidly growing oil-weighted net production estimated to be ~5,100

boe/d by April 2018

Appraisal strategy implemented through data gathering, targeting, and

completion modernization and optimization

Achieving robust performance with recent slickwater completion

wells outperforming 2013 / 2014 Bowman wells’ EUR/ft by over

66% with continuous improvement on subsequent wells

Excellent Eagle Ford reservoir quality with porosity up to 12% and rich

TOC values ranging from 3% to 6%

Ideal lease inventory (~20 leases) with easily managed continuous

development obligations

Favorable marketing contracts and no minimum volume commitments

Currently on the Market from BMO: Texas American Resources Eagle Ford Divestiture

VDR available now

Bids due mid April

Contact Chelsea Neville ([email protected] or 713-546-

9703) to request a Confidentiality Agreement, access to the VDR,

and/or a data room presentation

ASSET OVERVIEW

PACKAGE HIGHLIGHTS

Source: Texas American Resources 2018 Eagle Ford Divestiture announcement. https://datarooms.us.bmo.com/_layouts/15/Petris/LoginPageBMOUS.aspx?ClientId=79

1. NYMEX strip pricing as of 2-Feb-18. WTI oil price of $63.18, $57.95, $54.38, $52.29, $51.34 per bbl and Henry Hub gas price of $2.87, $2.84, $2.82, $2.86, $2.89 per

mmbtu for 2018, 2019, 2020, 2021, 2022 respectively. Prices are held flat thereafter.

PROCESS OVERVIEW

Growing

Production and

Cash Flow with

Advantaged

Position for Full

Development

April 2018E net production of 5,100 boe/d (83% oil) from 22 operated wells; rapid growth from January 2017 production of <300

boe/d

High degree of control as asset is 100% operated with easily managed continuous development obligations

NTM cash flow projected to be approximately $87 million at strip pricing(1)

Very favorable marketing contracts relative to other Eagle Ford operators; no minimum volume commitments

Extensive infrastructure with proximity to Gulf Coast refineries and international export markets

Premium oil price realizations with LLS pricing – positive differentials of ~$3.00 compared to WTI over the last three months

Positioned for full field development with company-owned gathering system and access to electricity and SWD systems

Largely

Undeveloped

Contiguous Eagle

Ford Position

Attractive entry vehicle or bolt-on acquisition with exposure to a highly economic part of the Eagle Ford Play

Contiguous 23,164 net acre position in the prolific black oil window located in southwest Atascosa and southeast Frio counties,

Texas ideal for future development

100% operational control with average working interest of ~94%

Optimal maturity and shallow depth to Eagle Ford target of 7,800’ to 8,700’ allows for lateral lengths in excess of 10,000’

Extensive and

Highly Economic

Drilling Inventory

through Modern

Completions

171 gross operated Lower Eagle Ford drilling locations at 500’ lateral spacing providing ample running room for years of

development

Assuming tighter well spacing, an optimized plan at 400’ supports 214 gross Lower Eagle Ford locations

Entire position de-risked by existing wells and extensive data gathering and seismic surveys

100% of locations have IRRs over 30% at strip pricing(1)

Significant performance uplift over historical results in the area due to modern completions

Lateral targeting, higher proppant/fluid loading, and tighter cluster spacing are resulting in 66% EUR/ft uplift over legacy

wells with continual improvement

High Quality

Subsurface

Attributes

Compact and well-contained 100’ to 80’ thick Lower Eagle Ford quality source rock with oil in place sufficient to fully support

significant uplifts in EUR and recovery per foot

Proven development plan supported by 70 square miles of 3-D seismic and 385’ of proprietary whole core through the entire

prospective Eagle Ford and Austin Chalk reservoir intervals

Favorable structural, fracture setting, high matrix porosity, and oil saturation of the Austin Chalk across TAR’s position supports

a viable secondary target with ~85 locations at 800’ spacing

Austin Chalk in Frio County is prolific in numerous offsets

Oil saturated proprietary core in Atascosa County

Austin Chalk well performance in Sugarkane Field a direct analog

mailto:[email protected]

https://datarooms.us.bmo.com/_layouts/15/Petris/LoginPageBMOUS.aspx?ClientId=79



6

March 19, 2018

--

$1

$2

$3

$4

Feb-17 Aug-17 Feb-18 Aug-18 Feb-19

($/m

mb

tu)

$20

$30

$40

$50

$60

$70

$80

Feb-17 Aug-17 Feb-18 Aug-18 Feb-19

($/b

bl)

NGL PRICING(2)

HENRY HUB NATURAL GAS (HISTORICAL / FORECAST)

Commodity Prices

Source: BMO Commodity Products Group, Bloomberg, FactSet

1. Future prices are calendar year average unless stated otherwise.

2. Assumes typical Gulf Coast barrel composition.

WTI OIL (HISTORICAL / FORECAST)

NYMEX WTI Futures as of 16-Mar-18 Close ($/bbl) NYMEX Gas Futures as of 16-Mar-18 Close ($/mmbtu)

Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago

12 Mo. Strip $60.62 $60.16 $51.18 $50.40

2018 $61.23 $60.77 $51.45 $50.62

2019 $57.30 $56.91 $51.32 $50.30

2020 $54.32 $54.14 $51.30 $50.49

2021 $52.48 $52.47 $51.59 $51.19

2022 $51.59 $51.76 $52.20 $52.17

NYMEX Gas Futures as of 16-Mar-18 Close ($/mmbtu)

Period(1) Current Last Wk. 6 Mo. Ago 1 Yr. Ago

12 Mo. Strip $2.88 $2.90 $3.09 $3.20

2018 $2.83 $2.85 $3.07 $3.00

2019 $2.81 $2.81 $2.91 $2.84

2020 $2.76 $2.75 $2.84 $2.81

2021 $2.81 $2.78 $2.83 $2.83

2022 $2.96 $2.92 $2.98 $2.98

Historical Prices as of 16-Mar-18 Close ($/gal)

NGLs Current Last Wk. 6 Mo. Ago 1 Yr. Ago

Ethane $0.25 $0.24 $0.27 $0.24

Propane $0.80 $0.76 $0.88 $0.64

Butane $0.74 $0.75 $0.98 $0.70

Iso-butane $0.90 $0.92 $1.01 $0.77

Pentane+ $1.43 $1.48 $1.17 $1.08

25%

35%

45%

55%

65%

Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18

% o

f W

TI

NGL as % of WTI

Links:

http://www.nasdaq.com/markets/crude-oil.aspx

http://www.bloomberg.com/quote/CL1:COM

http://www.nasdaq.com/markets/natural-gas.aspx

http://www.bloomberg.com/quote/NG1:COM

Link to Detailed

Futures Data

Link to Detailed

Historical Graph

Link to Detailed

Futures Data

Link to Detailed

Historical Graph














http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html

http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html



http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html

http://www.cmegroup.com/trading/energy/natural-gas/natural-gas.html



7

March 19, 2018

$2.69

AECO

Northern

California

Sumas

Southern

California

El Paso - SJ

Waha

HSC

Henry Hub

Panhandle

CIG Chicago

Dominion

Transco

NATURAL GAS PRICING & DIFFERENTIALS TO HENRY HUB ($ / MMBTU) – AS OF 16-MAR-18

Commodity Prices (cont’d)

OIL PRICING & DIFFERENTIALS TO CUSHING WTI ($ / BBL) – AS OF 16-MAR-18

Clearbrook

Midland

Cushing

St. James

(LLS)

East Coast

U.S. (Brent)

Midland Sweet-

Sour Spread

EMS Legend

Price

Diff.

Legend

Price

Diff.

Source: BMO Commodity Products Group, Bloomberg

Note: Prices and differentials are for prompt month futures except for Clearbrook which is based on spot prices.

$62.34

$64.66

$2.32

$60.96

($1.38)

$56.70

($5.64)$60.59

($1.75)

$66.21

$3.87

($0.37)

$2.79

$0.10

$1.80

($0.89)

$2.48

($0.21)

MAPS IN

MASTER VIEW

$1.08

($1.61)

$1.96

($0.73)

$2.45

($0.24)

$2.72

$0.03

$1.52

($1.17)

$2.21

($0.48)$1.72

($0.97)

$1.97

($0.72)

$2.07

($0.62)

8

March 19, 2018

--

$10,000

$20,000

$30,000

$40,000

$50,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

3 6 8 4 1 3 8 7 5 5 11 13 15 7 2 2 5

$ /

acre

# Deals

$22,261

Ann'd

Date Buyer Seller Asset Description Value(1)

Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

20-Feb-18 Luxe Energy II; Colgate Concho Resources Inc 20,000 net acres in Delaware Basin $280 n.a. n.a. $14,000

14-Feb-18 Scout Energy Partners Linn Energy LLC Conventional Permian assets $120 $8.30 $18,968 $4,268

08-Feb-18 Centennial Resource Dev. OneEnergy Partners LLC 4,000 net acres in Delaware Basin $95 n.a. n.a. $23,675

06-Feb-18 Halcon Resources Corp Shell 10,524 net acres in Delaware Basin $200 n.a. $181,818 $19,004

06-Feb-18 Halcon Resources Corp Undisclosed Seller 4,413 net acres in Delaware Basin $104 n.a. $462,222 $23,567

Mean $160 $8.30 $221,003 $16,903

Median $120 $8.30 $181,818 $19,004



GROSS PRODUCTION

TRANSACTION ACTIVITY (EXCLUDES CORPORATE DEALS)

TRANSACTION PRODUCTION MULTIPLES(3) TRANSACTION ADJUSTED NET ACRE MULTIPLES(3,4)

PERMITTING ACTIVITY BY MONTH

DIFFERENTIALS

Permian Snapshot

RIG COUNT

Source: BMO Transaction Database, Baker Hughes, BMO Commodity Products Group, Bloomberg, Drilling Info, PLS


1. Represents total enterprise value. Excludes transactions with deal value <$20 million. 2. $/acre multiple not adjusted for value associated with production.

3. Red line denotes average since 1-Jan-15. Calculated as the weighted average of each quarter’s transactions.

4. Production valued at $45,000/boepd in 2014, $30,000/boepd in 2015, $35,000/boepd in 2016 & 2017, and $40,000/boepd in 2018.

0%

10%

20%

30%

40%

50%

--

100

200

300

400

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

H V+D % of Total Rigs

-$1.20

-$0.60

$0.00

$0.60

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18

-$4.00

-$2.00

$0.00

$2.00

$ /

mm

btu

$ /

bb

l

Midland Waha

--

$100,000

$200,000

$300,000

$400,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

3 7 9 6 1 3 8 8 5 9 12 14 15 8 0 1 6

$ /

bo

e/d

# Deals

$168,543

Item Value Wkly Change Last Week Item Value Wkly Change Last Week

Rig Count 437 1 436 Oil Differential ($1.70) ($0.55) ($1.15)

Permitting Activity 287 22 265 Gas Differential ($1.07) ($0.17) ($0.90)

1087

702

930

1112

8871029

909 875

1126

808

10711051

649

Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18

V+D H

5,000

5,500

6,000

6,500

7,000

7,500

8,000

8,500

9,000

9,500

1,300

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

mm

cf/

d

mb

bl/

d

Oil Gas

2,847

9,284



9

March 19, 2018


Rig Count 71 1 70 Oil Differential $2.50 $0.20 $2.30

Permitting Activity 86 (13) 99 Gas Differential $0.03 $0.02 $0.01

-$0.30

-$0.15

$0.00

$0.15

$0.30

$0.45

$0.60


-$4.00

-$2.00

$0.00

$2.00

$4.00

$6.00

$8.00

$ /

mm

btu

$ /

bb

l

LLS HSC

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

15-Mar-18 Sundance Energy Pioneer; Reliance; Newpek 21,900 net acres in South TX Eagle Ford $222 $3.38 $123,056 $10,114

01-Feb-18 Viper Energy Partners LP Royal Resources 681 net royalty acres in Eagle Ford $123 n.a. $136,667 nmf

02-Jan-18 Penn Virginia Hunt Oil 9,700 net acres in South TX Eagle Ford $86 n.a. $45,989 $8,866

20-Dec-17 Venado Oil & Gas Cabot Oil & Gas 74,500 net acres in South TX Eagle Ford $765 $13.38 $48,863 $10,268

12-Dec-17 EP Energy Corp Carrizo Oil & Gas 24,500 net acres in South TX Eagle Ford $245 n.a. $72,059 $10,000

Mean $288 $8.38 $85,327 $9,812

Median $222 $8.38 $72,059 $10,057



--

$50,000

$100,000

$150,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

3 6 3 3 1 1 3 1 2 4 2 4 4 3 2 2 3

$ /

bo

e/d

# Deals

$62,651

--$10,000$20,000$30,000$40,000$50,000$60,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

3 4 3 2 0 1 2 1 2 4 1 3 1 3 2 2 2

$ /

acre

# Deals

$14,731

476389 356

496

353 349288

370 372 383 413452

213


V+D H

6,000

7,000

8,000

9,000

10,000

11,000

1,200

1,400

1,600

1,800

2,000

2,200


mm

cf/

d

mb

bl/

d

Oil Gas

1,463

8,335

0%

5%

10%

15%

20%

--

50

100

150

200

250



Eagle Ford Snapshot

GROSS PRODUCTION



DIFFERENTIALS RIG COUNT









10

March 19, 2018


Rig Count 53 2 51 Oil Differential $2.50 $0.20 $2.30

Permitting Activity 14 (35) 49 Gas Differential -- -- --

--

$2.00

$4.00

$6.00

$8.00

$10.00


--

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

187148

124162

136160

103

200

146

88126 137

66


V+D H

5,000

6,000

7,000

8,000

9,000

80

90

100

110

120

130

140

150


mm

cf/

d

mb

bl/

d

Oil Gas

98

8,897

0%

2%

4%

6%

8%

10%

--

10

20

30

40

50

60



--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

1 3 2 3 0 0 4 1 1 3 1 2 0 1 2 0 1

$ /

mc

fe/d

# Deals

$7,072

--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

0 1 2 1 0 0 3 1 1 2 1 2 0 1 2 0 1

$ /

acre

# Deals# Deals

$5,387

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)

01-Mar-18 BP Goodrich 3,800 net acres in East Texas $23 n.a. n.a. $6,053

12-Feb-18 Tanos Exploration II LLC WildHorse 90,000 net acres in North Louisiana $217 $0.53 $4,627 $2,411

06-Sep-17 Tellurian Inc Undisclosed Sellers 9,200 net acres in Haynesville $85 n.a. $21,264 $9,250

01-Aug-17 Rockcliff Energy II LLC Samson Resources II LLC 210,000 net acres in East TX & North LA $525 n.a. $5,833 $2,500

12-Jun-17 GEP Haynesville, LLC Sabine Oil & Gas 5,256 net acres in North LA Haynesville $45 n.a. $16,188 $8,562

Mean $179 $0.53 $11,978 $5,755

Median $85 $0.53 $11,011 $6,053



Ark-La-Tex Snapshot

GROSS PRODUCTION








4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, and 2018.




11

March 19, 2018


Rig Count 80 -- 80 Oil Differential $3.73 $0.28 $3.45

Permitting Activity 10 (109) 119 Gas Differential ($0.25) $0.02 ($0.26)

-$3.00

-$2.00

-$1.00

$0.00

$1.00

$2.00

$3.00


-$15.00

-$10.00

-$5.00

$0.00

$5.00

$10.00

$15.00

$ /

mm

btu

$ /

bb

l

Brent Dominion

424 398346

430

293

466

590

453395

350402 389

142


V+D H

12,000

14,000

16,000

18,000

20,000

22,000

24,000

50

75

100

125

150


mm

cf/

d

mb

bl/

d

Oil Gas

68

20,226

0%

5%

10%

15%

20%

--

50

100

150



--

$10,000

$20,000

$30,000

$40,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

1 2 4 3 0 1 0 0 1 2 2 5 2 5 1 4 3

$ /

mcfe

/d

# Deals

$5,706

--

$5,000

$10,000

$15,000

$20,000

$25,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

1 2 4 3 0 1 0 0 1 2 2 4 2 4 0 2 1

$ /

ac

re

# Deals

$4,945

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/mcfe) ($/mcfe/d) ($/acre)(2)

26-Feb-18 Undisclosed Buyer PDC 43,000 net acres in Utica $40 $1.59 $4,167 $930

31-Jan-18 Diversified Gas & Oil Lake Fork Resources Entire share capital of Alliance Petroleum $95 $0.32 $1,799 n.a.

31-Jan-18 Diversified Gas & Oil CNX Resources Corp Appalachia Basin asset in PA and WV $85 $0.22 $1,574 n.a.

29-Jan-18 Undisclosed Buyer Blue Ridge Mountain Non-op WI in Marcellus / Utica $56 n.a. n.a. $6,667

21-Dec-17 Alta Resources LLC Ultra Petroleum 72,000 non-op net acres in Marcellus $115 n.a. $3,833 $1,597

Mean $78 $0.71 $2,843 $3,065

Median $85 $0.32 $2,816 $1,597



Appalachia Snapshot

GROSS PRODUCTION








4. Production valued at $3,000/mcfepd in 2014, and $2,000/mcfepd in 2015, 2016, 2017, and 2018.




12

March 19, 2018


Rig Count 54 3 51 Oil Differential ($1.75) ($0.75) ($1.00)

Permitting Activity 19 (12) 31 Gas Differential ($0.67) ($0.03) ($0.64)

-$0.90

-$0.45

$0.00

$0.45


-$9.00

-$4.50

$0.00

$4.50

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

97

62

116 113 111

145

101

150

120

73100 94

53


V+D H

1,200

1,400

1,600

1,800

2,000

2,200

800

900

1,000

1,100

1,200

1,300

1,400


mm

cf/

d

mb

bl/

d

Oil Gas

1,169

2,113

0%

5%

10%

15%

20%

--

50

100

150

200



--

$50,000

$100,000

$150,000

$200,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

4 2 6 2 0 0 1 4 0 3 3 3 1 1 3 2 1

$ /

bo

e/d

# Deals

$54,719

--

$5,000

$10,000

$15,000

$20,000

$25,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

4 2 6 2 0 0 1 1 0 0 2 3 1 0 2 2 0

$ /

acre

# Deals

$5,703

Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

31-Jan-18 Undisclosed Buyer WPX Energy Inc Non-op mineral interests in Williston Basin $20 n.a. n.a. n.a.

22-Jan-18 Firehawk Oil and Gas LLC Samson Oil & Gas Limited Foreman Butte Project in Williston Basin $42 $6.66 n.a. $809

18-Jan-18 Undisclosed Buyer Vanguard Natural Resources Williston Basin properties $39 n.a. $38,500 n.a.

21-Nov-17 Energy Resources 12 LP Bruin E&P Partners LLC Non-op Bakken assets $88 n.a. n.a. n.a.

20-Nov-17 Statoil Earthstone Energy Inc 1,323 non-op acres in ND $27 n.a. $35,433 $20,408

Mean $43 $6.66 $36,967 $10,609

Median $39 $6.66 $36,967 $10,609



Bakken Snapshot

GROSS PRODUCTION












13

March 19, 2018


Rig Count 70 (2) 72 Oil Differential ($1.75) ($0.75) ($1.00)


-$0.90

-$0.45

$0.00

$0.45


-$9.00

-$4.50

$0.00

$4.50

$ /

mm

btu

$ /

bb

l

Clearbrook CIG

874

1436

1082855 750

1748

695570 622 652

435 459228


V+D H

11,000

11,500

12,000

12,500

13,000

13,500

14,000

200

300

400

500

600

700

800


mm

cf/

d

mb

bl/

d

Oil Gas

724

12,456

0%

5%

10%

15%

20%

--

20

40

60

80

100

120



Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

27-Feb-18 Undisclosed Buyer Extraction Oil & Gas Various non-core Rockies assets $70 n.a. n.a. n.a.

05-Feb-18 Enduring Resources IV LLC WPX Energy Inc 105,000 net acres in San Juan Basin $700 n.a. $43,750 $6,667

16-Jan-18 Undisclosed Buyer LINN Energy 36,000 net acres in Uinta Basin $132 n.a. $91,034 $3,667

09-Jan-18 Northwoods Energy LLC SM Energy 112,200 net acres in Powder River Basin $500 nmf $227,273 $4,456

14-Dec-17 Undisclosed Buyer Samson Resources II LLC 11,300 net acres in Green River Basin $34 n.a. $22,667 $3,009

Mean $287 n.a. $96,181 $4,450

Median $132 n.a. $67,392 $4,061



--

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

4 9 3 4 2 0 4 4 1 6 0 0 2 5 4 9 3

$ /

bo

e/d

# Deals

$39,645

--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

3 7 2 2 0 0 3 3 0 1 0 0 1 0 1 5 3

$ /

acre

# Deals

$4,011

GROSS PRODUCTION



DIFFERENTIALS

Rockies (excl. Bakken) Snapshot

RIG COUNT









14

March 19, 2018


Rig Count 90 3 87 Oil Differential -- -- --


-$1.00

-$0.75

-$0.50

-$0.25

$0.00

$0.25


-$1.00

-$0.75

-$0.50

-$0.25

$0.00

$0.25

$ /

mm

btu

$ /

bb

l

Cushing Panhandle

371

303

371 373 352 348

236 257

356326

379

310

130


V+D H

5,000

7,000

9,000

11,000

13,000

15,000

200

300

400

500

600

700

800


mm

cf/

d

mb

bl/

d

Oil Gas

530

9,038

0%

5%

10%

15%

20%

--

50

100

150

200



Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(2)

06-Feb-18 Camino; Mach Resources Chesapeake 238,000 net acres in Anadarko Basin $500 n.a. $21,739 $2,101

25-Jan-18 Revolution Resources LLC Gastar Exploration Inc 26,100 net acres in the Anadarko Basin $108 $5.60 $37,906 $4,119

27-Dec-17 Chaparral Energy Multiple 7,000 net acres in STACK $60 n.a. n.a. $8,500

14-Nov-17 Exponent Energy III Mid-Con Energy Partners LP 6,591 net acres in Southern Oklahoma $22 $8.09 $40,741 $3,338

13-Oct-17 Perdure Petroleum LLC Chaparral Burbank and TX Panhandle EOR assets $170 $2.35 $29,825 n.a.

Mean $172 $5.35 $32,552 $4,514

Median $108 $5.60 $33,865 $3,728



--

$5,000

$10,000

$15,000

$20,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

0 1 3 3 0 2 1 2 0 3 3 2 4 1 2 1 0

$ /

acre

# Deals

$8,167

--

$50,000

$100,000

$150,000

$200,000

$250,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2 2 5 4 0 3 1 2 1 6 4 2 4 2 2 2 2

$ /

bo

e/d

# Deals

$80,272

# Deals

$80,272

Mid-Continent Snapshot

GROSS PRODUCTION












15

March 19, 2018


Rig Count 13 -- 13 Oil Differential $2.50 $0.20 $2.30

Permitting Activity 2 (6) 8 Gas Differential -- -- --

--

$2.00

$4.00

$6.00

$8.00

$10.00


--

$2.00

$4.00

$6.00

$8.00

$10.00

$ /

mm

btu

$ /

bb

l

LLS Henry Hub

17

0

31

24 26

17 16

10

23 2124

1310

Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-182,000

2,500

3,000

3,500

4,000

4,500

5,000

1,000

1,200

1,400

1,600

1,800

2,000


mm

cf/

d

mb

bl/

d

Oil Gas

1,759

3,100

0%

2%

4%

6%

8%

10%

--

20

40

60

80



--

$10

$20

$30

$40

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

5 2 0 0 0 0 2 0 0 0 1 0 0 0 0 1 1

$ /

bo

e

# Deals

$11.38

# Deals

--

$20,000

$40,000

$60,000

$80,000

$100,000

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

5 2 0 0 0 0 2 1 0 0 2 0 0 0 0 1 1

$ /

bo

e/d

# Deals

$29,387

# Deals

$29,387

Gulf of Mexico Snapshot

GROSS PRODUCTION


PERMITTING ACTIVITY BY MONTH(1)




1. Permits include directional and unidentified drilling permits. 2. Represents total enterprise value. Excludes transactions with deal value <$20

million. 3. $/acre multiple not adjusted for value associated with production 4. Red line denotes average since 1-Jan-15. Calculated as the

weighted average of each quarter’s transactions..

TRANSACTION PROVED RESERVE MULTIPLES(4) TRANSACTION PRODUCTION MULTIPLES(4)



Ann'd


Proved

Multiple

Prod.

Multiple Net Acres

($mm) ($/boe) ($/boe/d) ($/acre)(3)

15-Feb-18 Fieldwood Energy LLC Noble Energy Deepwater GOM assets $710 $30.87 $35,500 $2,996

12-Sep-16 Anadarko Freeport-McMoRan Inc Deepwater GOM assets $2,000 $15.88 $25,000 n.a.

29-Aug-16 EnVen Energy Ventures Shell Brutus and Glider fields $425 n.a. $17,000 n.a.

09-Nov-15 EnVen Energy Ventures Marathon Petronius and Neptune fields $205 n.a. $20,500 n.a.

11-Aug-15 Energy XXI M21K GOM Shelf assets $25 $1.94 $4,582 n.a.

Mean $673 $16.23 $20,516 $2,996

Median $425 $15.88 $20,500 $2,996



16

March 19, 2018

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Disclaimer: The foregoing links are for convenience only and relate to materials that were not prepared or reviewed by BMO Capital Markets. BMO Capital Markets takes

no responsibility for and makes no representations with respect to the contents thereof. These materials may be inconsistent with the views of BMO Capital Markets.

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Sep 11-12 IADC Advanced Rig Technology Conference

Sep 12 IPAA Leaders in Industry Luncheon

Sep 18 Houston Producers Forum Luncheon

Sep 19-21 DUG Eagle Ford

Sep 21 ADAM-Houston Monthly Luncheon

Sep 24-26 SPE Annual Technical Conference and Exhibition

October 2018 Oct 10 IPAA Leaders in Industry Luncheon

Oct 16 Houston Producers Forum Luncheon

Oct 19 ADAM-Houston Monthly Luncheon

Oct 22-23 Midstream Finance Conference

Oct 23-24 IADC International Well Control 2018 Conference

Oct 23-25 SPE Asia Pacific Oil & Gas Conference

November 2018 Nov 5-7 Executive Oil Conference

Nov 7-9 IADC Annual General Meeting

Nov 11-13 IPAA Annual Meeting

Nov 11-13 AICPA Oil & Gas Conference

Nov 13-15 DUG Midcontinent

Nov 14 IPAA Leaders in Industry Luncheon

Nov 16 ADAM-Houston Monthly Luncheon

Nov 20 Houston Producers Forum Luncheon

June 2018 Jun 13 IPAA Leaders in Industry Luncheon

Jun 15 ADAM-Houston Monthly Luncheon

Jun 19 Houston Producers Forum Luncheon

Jun 19-20 IADC World Drilling Conference & Exhibition

Jun 19-21 DUG East

Jun 25-27 IPAA Midyear Meeting

Jun 27 SPE Business Development Study Group

December 2018 Dec 12 IPAA Leaders in Industry Luncheon

January 2019 Jan 15 Houston Producers Forum Luncheon

Jan 18 ADAM-Houston Monthly Luncheon

Jan 24 IPAA Private Capital Conference

Jan 29-31 Marcellus-Utica Midstream Conference & Exhibition

http://www.houstonproducersforum.org/Luncheons.aspx






http://adamhouston.org/events





http://www.ipaa.org/meetings-events/





http://www.ipaa.org/events/leaders-industry-luncheon-april-2018/?doing_wp_cron=1519586425.2500250339508056640625




http://www.speior.org/















https://www.hartenergyconferences.com/dug-rockies





http://www.spegcs.org/study-groups/business-development/



http://2018.otcnet.org/





https://www.hartenergyconferences.com/energy-capital-conference



http://www.ipaa.org/events/leaders-industry-luncheon-may-2018/







http://www.iadc.org/event/2018-iadc-drilling-onshore-conference-exhibition/









http://ace.aapg.org/2018/





https://www.hartenergyconferences.com/dug-permian-basin









http://www.ipaa.org/events/leaders-industry-luncheon-july-2018/





http://urtec.org/2018/





http://www.ipaa.org/events/leaders-industry-luncheon-august-2018/







http://napeexpo.com/shows/about-the-show/houston













http://www.theoilandgasconference.com/










https://www.hartenergyconferences.com/ad-strategies-and-opportunities





http://www.iadc.org/event/iadc-advanced-rig-technology-conference-exhibition/







http://www.ipaa.org/events/leaders-industry-luncheon-september-2018/










https://www.hartenergyconferences.com/dug-eagle-ford













http://www.atce.org/welcome






http://www.ipaa.org/events/leaders-industry-luncheon-october-2018/











https://www.hartenergyconferences.com/midstream-finance





http://www.iadc.org/event/wc2018/





http://www.spe.org/events/en/2018/conference/18apog/asia-pacific-oil-and-gas-conference-and-exhibition.html







https://www.hartenergyconferences.com/executive-oil-conference





http://www.iadc.org/event/2018-iadc-annual-general-meeting/





http://www.ipaa.org/events/annual-meeting-2018/





https://www.aicpastore.com/ManagementAccounting/aicpa-oil---gas-conference/PRDOVR~PC-OIL/PC-OIL.jsp






https://www.hartenergyconferences.com/dug-midcontinent





http://www.ipaa.org/events/leaders-industry-luncheon-november-2018/












http://www.ipaa.org/events/leaders-industry-luncheon-june-2018/











http://www.iadc.org/event/world-drilling-2018/





https://www.hartenergyconferences.com/dug-east






http://www.ipaa.org/events/midyear-meeting-2018/








http://www.ipaa.org/events/leaders-industry-luncheon-december-2018/













http://www.ipaa.org/events/private-capital-conference-2019/



https://www.hartenergyconferences.com/marcellus-utica-midstream







17

March 19, 2018

This

Week Change

Last

Week

Last

Year

Total Rigs 990 6 984 789

Oil 800 4 796 631

Gas 189 1 188 157

Miscellaneous 1 1 -- 1

Directional 68 (7) 75 61

Horizontal 865 17 848 658

Vertical 57 (4) 61 70

Basin

Arkoma 7 (1) 8 9

Barnett 2 -- 2 4

Cana 64 2 62 48

DJ-Niobrara 23 (1) 24 25

Eagle Ford 71 1 70 70

Fayetteville 1 1 -- 1

Granite Wash 14 2 12 12

GOM 13 -- 13 19

Haynesville 52 1 51 37

Marcellus 56 (1) 57 42

Mississippian 4 -- 4 6

Permian 437 1 436 308

Utica 24 1 23 22

Williston 54 3 51 42

Other 168 (3) 171 144

This material is prepared by the BMO Capital Markets’ Investment and Corporate Banking Department, for distribution to BMO Capital Markets’ clientele. It is not a product of

BMO Capital Markets’ Research Department. The views of the Investment and Corporate Banking Department may differ from those of the Research Department.

BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal

Ireland p.l.c, and Bank of Montreal (China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp. (Member SIPC) in the U.S., BMO Nesbitt Burns Inc.

(Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia and BMO Capital Markets Limited (authorised

and regulated by the Financial Conduct Authority) in Europe and Australia. “Nesbitt Burns” is a registered trademark of BMO Nesbitt Burns Inc., used under license. “BMO Capital

Markets” is a trademark of Bank of Montreal, used under license. "BMO (M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under license. ® Registered

trademark of Bank of Montreal in the United States, Canada and elsewhere.™ Trademark of Bank of Montreal in the United States and Canada.

Bank of Montreal or its subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide other remunerated services to, many issuers covered by BMO Capital Markets.

The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital

Markets endeavors to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and

complete. However, BMO Capital Markets makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions contained

herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this report or its contents. Information may be available to BMO Capital Markets or its

affiliates that is not reflected in this report. The information in this report is not intended to be used as the primary basis of investment decisions, and because of individual client

objectives, should not be construed as advice designed to meet the particular investment needs of any investor. This material is for information purposes only and is not an offer to sell or

the solicitation of an offer to buy any security. BMO Capital Markets or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.

BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many of the securities discussed herein, related securities or in options, futures or

other derivative instruments based thereon. BMO Capital Markets may act as financial advisor and/or underwriter for the issuers mentioned herein and may receive remuneration for

same. The reader should assume that BMO Capital Markets or its affiliates may have a conflict of interest and should not rely solely on this report in evaluating whether or not to buy or

sell securities of issuers discussed herein.

All values in this document are in US$ unless otherwise specified.

Geoff Roberts

MD & Head of U.S. A&D

713-518-1268

[email protected]

Howard Barnwell

MD & Transactions Mgr.

713-546-9767

[email protected]

Contacts

Disclaimer

Source of rig count stats: Baker Hughes

Rig Count Summary

MAPS IN

MASTER VIEW

Rob Priske

Director & Transactions Mgr.

713-546-9727

[email protected]

Legend

Current

Change

Arkoma

Barnett

Cana

DJ-Niobrara

Eagle Ford

Haynesville

Fayetteville

Granite Wash

GOM

Permian

Marcellus

Mississippian

Utica

Williston

7

(1)

2

--

64

2

23

(1)

71

1

1

1

14

2

13

--

52

1

56

(1)

4

--

437

1

24

1

54

3

Chelsea Neville

Transactions Coordinator

713-546-9703

[email protected]

Prompt Oil Price ($/bbl) $62.34 $0.30 0.5% Prompt Gas Price … Page Document Library... ·...

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