Assets of Oil and Gas Exploration and Production Company

Auction Sale of substantially all of assets of Ursa Piceance Holdings LLC and its affiliated sellers (collectively the “Sellers”). The Assets are comprised primarily of oil and gas properties and producing and midstream infrastructure, as detailed below:

• OIL AND GAS PROPERTIES: The sellers own approximately 41,000 net acres of oil and gas properties in the Piceance Basin, which is a tight sands formation that includes the second largest natural gas accumulation in the United States per the United States Geological Survey. The sellers acreage is concentrated in the Boies Ranch, Battlement Mesa, Gravel Trend, and Castle Springs regions of the Piceance, which include 579 gross operated wells currently producing natural gas, Natural Gas Liquids (“NGLs”), and oil. The sellers total resources are approximately 965 billion cubic feet equivalent (Bcfe), of which approximately 300 Bcfe are proved developed producing (“PDP”). The PDP reserves are approximately 86% gas, 11% NGLs, and 3% oil.4 In recent years, the sellers have focused their development efforts in the Boies Ranch region, where the sellers have drilled a series of wells that are producing approximately 75 million cubic feet equivalent per day of hydrocarbons as of June 2020, a quantity that exceeded the sellers expectations prior to drilling these wells; and
• PRODUCING AND MIDSTREAM INFRASTRUCTURE: In each of their operating regions, the sellers own all or a portion of the gathering systems that transport the commodity from the sellers producing wells to third-party facilities for processing. The sellers also own a 3,500 horse power compression system in the Boies Ranch region and water management systems in Battlement Mesa and Gravel Trend. The sellers have gathering and processing agreements in place with certain midstream providers that enable them to provide marketable product to the White River hub, Mont Belvieu, and other points of sale.

Assets is more described on the attached PDF.