• Acquired in 2007

• Operated 50% WI in 33,000+ gross acres

• Conventional Cretaceous Greybull sandstone
-Expect ~1.5 Bcf and 100,000 Bbls per well

• Unconventional Cretaceous Mowry Shale gas
- Expect ~2.5 Bcf per well

• 40 Greybull and 28 Mowry potential locations

• Tremendous upside potential of 75 Bcfe of net reserves