T A P S T O N E E N E R G Y . C O M

Tapstone EnergyInvestor PresentationMay 2019

T A P S T O N E E N E R G Y . C O M

Forward-Looking Statements

This presentation contains forward-looking statements. All statements, other than statements of historical fact, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, projected production, prospects, plans and objectives of management are forward-looking statements.

These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth under the heading “Risk Factors” and the other information included in our Offering Memorandum, filed with the SEC on May 12, 2017.

2

T A P S T O N E E N E R G Y . C O M

Tapstone Asset Overview

NW Stack Asset

Growth Platform for the company

▪ ~154,000 net acres

▪ 1Q’19 production of 22.6 Mboe/d

› 24% oil, 56% liquids

▪ Closed on multiple de-leveraging

acquisitions of bolt-on NW Stack assets

during 2018

▪ More than 115 drilled and operated wells

▪ Two Tapstone rigs currently operating

▪ Eight industry rigs operating in the play

Cash Flow Generating

▪ 1Q’19 production of 9.9 Mboe/d

› 12% oil, 53% liquids

▪ One Tapstone rig currently drilling two Stiles

Ranch wells

▪ Fee based cash flow generated from the

Wheeler Midstream system in Stiles Ranch

▪ Sold entire Verden Field assets during 2Q’18

› Net proceeds of ~$60 MM

Legacy Assets

Mocane-Laverne

KS

OK

TX

NW Stack Acreage Position

Legacy Producing Properties

Kansas

NW Stack

Stiles Ranch

(1) Amounts exclude the economic benefit of the wholly owned Wheeler Midstream system

(2) 4Q18 SEC pricing remains flat for reserve life at $65.56 per Bbl and $3.10 per MMBtu

3

Net Acres(1) ~294,000

Operated Rigs 3

1Q 2019 Production (MBoe/d)(2) 32.5

% Liquids 55%

YE 2018 Total Proved Reserves (MMBoe)(2) 166

YE 2018 Total Proved PV10 ($MM)(2) $960

Total Company

T A P S T O N E E N E R G Y . C O M 4

NW STACK and Tapstone Evolution

New Management Regime

Dec-13: Tapstone

formed with initial capital

commitment from GSO

Mar-14: Acquired Kansas

Miss assets from Shell

with substantial acreage

position and existing

infrastructure

Dec-14: Acquired Initial

Anadarko Basin assets

from Apache with

substantial PDP base

1H 2015: Began

organic leasing in the

NW STACK

Jan-17: Steve Dixon and new

executive management team

join Tapstone

May-17: Completed

$300MM bond offering

Mar-15: Spuds first

NW STACK Hz well

Sep-16: Held the

largest contiguous block

in the NW STACK by

year-end 2016

Asset Accumulation (2014 – 2016) Delineation (2017) Execution (2018+)

▪ Drilled first ten 2-mile laterals in

the Upper Meramec in the NW

STACK

▪ Tested various completion designs

▪ Incorporated two 3D seismic

shoots into geologic model

▪ Expanded technical team

▪ Capitalize on findings from testing

initiatives in 2017 and early 2018

▪ Optimize drilling and completion

design to drive greater returns

▪ Leaders in technical analysis in the

NW STACK

▪ Lowered capital costs by ~$1.5MM

per well

▪ Founded with an initial equity commitment from GSO Capital Partners

▪ Acquired mature producing properties from Shell and Apache

▪ Pursued organic leasing strategy in the NW STACK

Q1 2018: Spud First

Osage extended Hz

lateral

Jun-15: First NW

STACK Hz well

commences production

Apr-16: GSO increased equity

commitment to support

continued leasing and

development of the NW STACK

2014 2015 2016 2017 2018 2019+

H2 2018: Company drilled

and completed ~100th

NW STACK well;

estimated NW STACK

production of 32 Mboe/d

Apr-17: Drilled first 2-

mile lateral in the

Upper Meramec

(Elaine)

2018: Reduced spud-to-spud

cycle times across Upper

Meramec 2-mile (~21 days) and

Osage 1-mile (~11 days) vs.

2017 average

T A P S T O N E E N E R G Y . C O M

Tapstone Accomplishments

▪ Tapstone has capitalized on extensive science and testing initiatives from 2017 to

optimize drilling and completion design in order to drive greater returns

› More than 115 horizontals wells drilled and completed

› 750 square miles of 3-D seismic data

› 625 square miles of 3-D geocellular modeling

› 1,200 vertical wells logs

▪ 2019 program generating strong year to date results

› Slim hole design resulting in shorter cycle times

› Pad completion minimizing initial and infill well impact

› Improved completion design maximizing recovery and reducing interference

▪ Per well D&C costs have been reduced by 30% since 2017

› Line-of-sight to additional $1 million per well D&C reduction during 2019

▪ Track record of successful M&A

› Multiple, credit-enhancing, PDP bolt-on in the NW Stack which have expanded our core

development area

› Successfully divested Verden asset at 6.0x cash flow multiple for ~$60 million

› Secured $50 million of additional equity from GSO less than 6 months ago

5

T A P S T O N E E N E R G Y . C O M

1Q 2019 Results

▪ 1Q 2019 production of 32,500 boe/d; an increase of 1% QoQ and 17% YoY

▪ QoQ Component Growth:

› Oil: 13%; Natural Gas: -1%; NGL: - 2%

› Oil production mix 21%

▪ 1Q 2019 net oil production of 6,600 bbls/d; an increase of 13% QoQ and 22% YoY

› 1Q 2019 NW Stack net oil production of 5,500 bbls/d; an increase of 20% QoQ and 43% YoY

▪ 11 wells reached first production

› 7 Upper Meramec and 4 Osage wells

› Average IP30 rate of 766 boe/d for NW Stack first quarter well set

− Average oil mix percentage of 48% compared to 32% in fourth quarter well set

▪ 1Q 2019 adjusted EBITDA of $42.3 million, up 2% QoQ and 10% YoY

▪ 1Q 2019 D&C capex of $54.8 million, down $9.6MM, or -15% QoQ

▪ 1Q 2019 LQA leverage ration of 3.35x and LTM leverage ratio of 3.57x, based on net

debt of $570 million

▪ Active hedging program in place to protect future cash flow and mitigate downside risk

in commodities market

6

Pro forma for Verden Asset Sale

T A P S T O N E E N E R G Y . C O M

Continuation of the Prolific Fairway in the Anadarko Basin

7

Note: Map represents API Gravities as reported on 1002A reports filed with the Oklahoma Corporation Commission for Woodford and Mississippian horizontal wells

Optimally positioned to exploit the right hydrocarbon window (volatile oil, condensate and wet gas) over multiple zones

Anadarko Basin Phase Transition Boundary STACK Stratigraphy ColumnNW STACK Development

▪ Primary development target

zones are in the over-

pressured, liquids-rich

fairway

▪ Thick Mississippian zones in

primary targets offer large

initial hydrocarbons in place

to support full field

development

▪ Two Target Zones:

› Lower Flow Unit (“LFU”)

› Upper Meramec

Primary Target Secondary TargetP

EN

NS

YL

VA

NIA

N

Gra

nit

e W

ash

Morrow Sand

13 Finger LS

Red Fork

Oswego

Cleveland

Cottage

Grove

Tonkawa

Springer Sand

Chester Lime

Chester Shale

Meramec Silt

Meramec Lime

Osage Cherty-

lime

Woodford Shale

Kinderhook Shale

MIS

SIS

SIP

PIA

N

Morrowan

Atokan

Des

Moinesian

Missourian

Meramecian

Osagean

Chesterian

Kinderhookian

Devonian

Lower Flow

Unit

Upper

Meramec

Core

NW STACK

Core

STACK

Core

SCOOP

T A P S T O N E E N E R G Y . C O M

$3

,05

2

$2

,79

5

$2

,24

6

$3

,11

2

$2

,05

7

$2

,11

0

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

FY2017 FY2018 1Q'19 2019 AFE

$3

,75

5

$3

,02

6

$2

,64

9

$6

,87

4

$4

,78

6

$4

,73

6

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

FY2017 FY2018 1Q'19 2019 AFE

Key Operational Highlights NW STACK Well Costs ($m)

(1) 2019 well set based on current AFE estimates

▪ Targeting and slimhole designs

continue to result in faster drilling

▪ Transitioned fleet to lighter, faster-

moving rigs with no loss in

performance

▪ Doing more with less – cycle time

improvement enabled company to

drop a rig in mid-2018 while

maintaining planned well count

▪ Optimized completion designs are

more capital efficient

▪ Implemented new tools and

techniques to achieve 2-mi coiled

tubing drill-outs

▪ AFEs for 2019 reflect reduced

completion cost with recently

contracted stimulation pricing

▪ Line-of-sight to an additional $1 MM

per well cost reduction during 2019

drilling improvements, pad drilling and

regional sand

Operational expertise and reduced cycle times drive peer leading well costs and consequently, consistently improving well economics

8

Operational Execution to Drive Down Well Costs

Upper Meramec Osage

$7.0MM

CWC

Target

$4.3MM

CWC

Target

$10.6MM $6.2MM

(1) (1) (1) (1)

26% YOY reduction

from ‘17 to ‘1821% YOY reduction

from ‘17 to ‘18

T A P S T O N E E N E R G Y . C O M

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

5,000

10,000

15,000

20,000

25,000

4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'19E

% P

rod

uct

ion

Mix

Bo

e/d

NW Stack Daily Production

Oil (Boe/d) NGLs (Boe/d) Gas (Boe/d) % Liquids % Gas

NW Stack Delivering Sustainable Growth

53%

Gas

47%

Liquids

25%

Oil

68% Gas

32% Liquids

14% Oil

9

T A P S T O N E E N E R G Y . C O M

Hedge Position

2019 Total Revenues Hedged 2019 Oil Revenues Hedged 2019 Gas Revenues Hedged 2019 NGL Revenues Hedged

Hedge position as of 4/30/2019

10

Q2-2019 Q3-2019 Q4-2019 FY-2019 FY-2020 FY-2021

Oil Swaps

Hedge Volumes (Bbls/d) 5,225 5,475 5,475 5,351 3,299 496

Weighted Average Price ($/Bbl) $56.78 $56.99 $56.99 $56.89 $58.15 $57.05

Gas Swaps

Hedge Volumes (MMBtu/d) 59,500 59,500 59,500 66,068 51,486 4,932

Weighted Average Price ($/MMBtu) $2.89 $2.89 $2.89 $2.99 $2.75 $2.89

NGL Swaps

Hedge Volumes (Bbls/d) 5,705 5,705 5,705 5,705 4,300 NA

Weighted Average Price ($/Bbl) $33.35 $33.35 $33.41 $33.44 $33.88 NA

Total Revenues % Hedged 74% 74% 80% 79% 57% 15%

79%

Hedged

80%

Hedged

$56.89/Bbl

75%

Hedged

$2.99/MMBtu

82%

Hedged

$33.44/Bbl

T A P S T O N E E N E R G Y . C O M 11

Tapstone’s Focus Going Forward

▪ Manage debt and liquidity

› Controlling capex spend through measured

development plan

› Cash flow neutrality reached in the 2H’19

› Currently marketing non-core assets for

potential divestiture

▪ Maintain data-driven approach to full field

development

› Allows for more efficient capital spend,

improving operational efficiencies and mitigate

production deferrals from frac interference

› Record oil % mix in the 1Q 2019 well set

▪ Evaluate and execute on strategic

opportunities

› Management, operational and technical teams

in place to properly analyze asset packages

› Capacity to operate additional assets

T A P S T O N E E N E R G Y . C O M

Seasoned Management Team & Supportive Sponsor

▪ Global credit investment platform of Blackstone, with approximately $138 billion

of assets under management as of December 31, 2017

▪ Strong and established track record of investing in the energy sector since its

inception in 2005; currently manages and / or sub‐advises over $10 billion of

assets in the energy sector

▪ Supportive sponsor with invested equity in Tapstone of approximately $700

million to date

▪ Continued support with equity fundings occurring in 2014, 2016, 2017 and 2018

▪ Currently owns ~95% of Tapstone equity

Robert Horn

GSO Co-Head of Energy

Jeremy Knop

GSO Vice President

Sponsor: GSO Capital Partners Active Tapstone Board Members

Chuck Duginski

Chief Operating Officer

• Former COO for Echo Energy

• Former VP of Production at Continental Resources in the STACK/SCOOP

• Former Business Unit VP for Chesapeake Energy

Steven C. Dixon

Chairman of the Board

Chief Executive Officer

• Former CEO / COO for Chesapeake Energy

• Former Rice Energy board of directors member

• Member of the SPE, the AAPG and the Advisory Board to the University of Kansas

Tapstone Management Team

Years

Experience

38

25

Collectively have drilled > 10,000 horizontal wells across North America. Proven track record of developing emerging plays

12

John J. Kilgallon

Chief Financial Officer

• Former Director of Private Equity Investment Management for Black Oak Partners

• Former Investor Relations Executive at Continental Resources, Chesapeake Energy & Kerr-McGee

• Advisory Board of Oklahoma State University, Genius Central Board of Directors member

20

T A P S T O N E E N E R G Y . C O M

Summary of Notes

13

Issuer Tapstone Energy, LLC & Tapstone Finance Corp.

Rank Senior Unsecured

Principal $300,000,000

Maturity Date June 1, 2022

Coupon 9.75%

Call Protection NC3; 2020: 104.875%; 2021+: 100.0%

Distribution 144A/Regulation S, without Reg Rights

Initial Rating Moody’s: Caa1; S&P: B-

Investor Contact Information45

Emily Blaschke

Director of Investor Relations

Phone: 405-702-5026

eblaschke@tapstoneenergy.com