Year 0 1 annual net cash flow 315000000 230960254 irr

Year
0 1
Annual Net Cash Flow
$ (3,150,000.00) $ 2,309,602.54
IRR
64.56%
Discount Rate
10%
Mid-year PV10
$ 4,657,965.73
BBL / month / well
900

3 4 5 6 7 8
4 4 4 4 4 4
2
2 4 4 4 4 4
4
4 8 8 8 8 8
10 16 16 16 16 16
870 841 813 786 760 734
$50.00 $50.00 $50.00 $50.00 $50.00 $50.00
8,700 13,456 13,007 12,574 12,155 11,750
5,220 8,074 7,804 7,544 7,293 7,050
75% 75% 75% 75% 75% 75%
60% 60% 60% 60% 60% 60%
$261,000.00 $403,680.00 $390,224.00 $377,216.53 $364,642.65 $352,487.89
$ 261,000.00 $ 403,680.00 $ 390,224.00 $ 377,216.53 $ 364,642.65 $ 352,487.89
$ 531,000.00 $ 934,680.00 $ 1,324,904.00 $ 1,702,120.53 $ 2,066,763.18 $ 2,419,251.08
$435,000.00 $672,800.00 $650,373.33 $628,694.22 $607,737.75 $587,479.82
$885,000.00 $1,557,800.00 $2,208,173.33 $2,836,867.56 $3,444,605.30 $4,032,085.13
$1,200,000
$900,000
$4,000 $4,000 $4,000 $4,000 $4,000 $4,000
$3,000 $6,000 $6,000 $6,000 $6,000 $6,000
$6,000 $12,000 $12,000 $12,000 $12,000 $12,000
$13,000 $22,000 $22,000 $22,000 $22,000 $22,000
$7,800 $13,200 $13,200 $13,200 $13,200 $13,200
$26,100 $40,368 $39,022 $37,722 $36,464 $35,249
$933,900 $53,568 $52,222 $50,922 $49,664 $48,449
$4,118,700 $4,172,268 $4,224,490 $4,275,412 $4,325,076 $4,373,525
($672,900.00) $350,112.00 $338,001.60 $326,294.88 $314,978.38 $304,039.10
($3,587,700.00) ($3,237,588.00) ($2,899,586.40) ($2,573,291.52) ($2,258,313.14) ($1,954,274.03)

2 3 4
$ 2,489,787.12 $ 2,296,987.36 $ 2,286,234.08
870 841 813 786 760 734

2
9 10 11 12 13 14
4 4 4 4 4 4
4 4 4 4 4 4
8 8 8 8 8 8
16 16 16 16 16 16
710 686 663 641 631 620
$50.00 $50.00 $50.00 $50.00 $60.00 $60.00
11,358 10,979 10,613 10,260 10,089 9,920
6,815 6,588 6,368 6,156 6,053 5,952
75% 75% 75% 75% 75% 75%
60% 60% 60% 60% 60% 60%
$340,738.30 $329,380.35 $318,401.01 $307,787.64 $363,189.42 $357,136.26
$ 340,738.30 $ 329,380.35 $ 318,401.01 $ 307,787.64 $ 363,189.42 $ 357,136.26
$ 2,759,989.37 $ 3,089,369.73 $ 3,407,770.74 $ 3,715,558.38 $ 4,078,747.80 $ 4,435,884.06
$567,897.16 $548,967.26 $530,668.35 $512,979.40 $605,315.70 $595,227.10
$4,599,982.29 $5,148,949.55 $5,679,617.89 $6,192,597.30 $6,797,912.99 $7,393,140.10
$4,000 $4,000 $4,000 $4,000 $4,000 $4,000
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$12,000 $12,000 $12,000 $12,000 $12,000 $12,000
$22,000 $22,000 $22,000 $22,000 $22,000 $22,000
$13,200 $13,200 $13,200 $13,200 $13,200 $13,200
$34,074 $32,938 $31,840 $30,779 $36,319 $35,714
$47,274 $46,138 $45,040 $43,979 $49,519 $48,914
$4,420,799 $4,466,937 $4,511,977 $4,555,956 $4,605,475 $4,654,388
$293,464.47 $283,242.32 $273,360.91 $263,808.88 $313,670.48 $308,222.63
($1,660,809.56) ($1,377,567.24) ($1,104,206.34) ($840,397.46) ($526,726.98) ($218,504.35)

710 686 663 641 631 620

15 16 17 18 19 20
4 4 4 4 4 4
4 4 4 4 4 4
8 8 8 8 8 8
16 16 16 16 16 16
610 600 590 580 570 561
$60.00 $60.00 $60.00 $60.00 $60.00 $60.00
9,755 9,593 9,433 9,275 9,121 8,969
5,853 5,756 5,660 5,565 5,473 5,381
50% 50% 50% 50% 50% 50%
40% 40% 40% 40% 40% 40%
$234,122.66 $230,220.62 $226,383.61 $222,610.55 $218,900.37 $215,252.03
$ 234,122.66 $ 230,220.62 $ 226,383.61 $ 222,610.55 $ 218,900.37 $ 215,252.03
$ 4,670,006.72 $ 4,900,227.33 $ 5,126,610.94 $ 5,349,221.48 $ 5,568,121.85 $ 5,783,373.88
$585,306.65 $575,551.54 $565,959.01 $556,526.36 $547,250.92 $538,130.07
$7,978,446.75 $8,553,998.28 $9,119,957.30 $9,676,483.66 $10,223,734.58 $10,761,864.66
$4,000 $4,000 $4,000 $4,000 $4,000 $4,000
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$12,000 $12,000 $12,000 $12,000 $12,000 $12,000
$22,000 $22,000 $22,000 $22,000 $22,000 $22,000
$8,800 $8,800 $8,800 $8,800 $8,800 $8,800
$23,412 $23,022 $22,638 $22,261 $21,890 $21,525
$32,212 $31,822 $31,438 $31,061 $30,690 $30,325
$4,686,601 $4,718,423 $4,749,861 $4,780,922 $4,811,612 $4,841,937
$201,910.39 $198,398.55 $194,945.24 $191,549.49 $188,210.33 $184,926.83
($16,593.95) $181,804.60 $376,749.84 $568,299.33 $756,509.67 $941,436.49

610 600 590 580 570 561

3
21 22 23 24 25 26
4 4 4 4 4 4
4 4 4 4 4 4
8 8 8 8 8 8
16 16 16 16 16 16
551 542 533 524 520 515
$60.00 $60.00 $60.00 $60.00 $70.00 $70.00
8,819 8,672 8,528 8,386 8,316 8,247
5,292 5,203 5,117 5,031 4,989 4,948
50% 50% 50% 50% 50% 50%
40% 40% 40% 40% 40% 40%
$211,664.50 $208,136.75 $204,667.81 $201,256.68 $232,842.80 $230,902.44
$ 211,664.50 $ 208,136.75 $ 204,667.81 $ 201,256.68 $ 232,842.80 $ 230,902.44
$ 5,995,038.38 $ 6,203,175.13 $ 6,407,842.94 $ 6,609,099.62 $ 6,841,942.42 $ 7,072,844.86
$529,161.24 $520,341.89 $511,669.52 $503,141.70 $582,106.99 $577,256.10
$11,291,025.90 $11,811,367.78 $12,323,037.31 $12,826,179.00 $13,408,285.99 $13,985,542.09
$4,000 $4,000 $4,000 $4,000 $4,000 $4,000
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$12,000 $12,000 $12,000 $12,000 $12,000 $12,000
$22,000 $22,000 $22,000 $22,000 $22,000 $22,000
$8,800 $8,800 $8,800 $8,800 $8,800 $8,800
$21,166 $20,814 $20,467 $20,126 $23,284 $23,090
$29,966 $29,614 $29,267 $28,926 $32,084 $31,890
$4,871,904 $4,901,518 $4,930,784 $4,959,710 $4,991,794 $5,023,684
$181,698.05 $178,523.08 $175,401.03 $172,331.01 $200,758.52 $199,012.20
$1,123,134.54 $1,301,657.62 $1,477,058.65 $1,649,389.66 $1,850,148.17 $2,049,160.37

551 542 533 524 520 515

27 28 29 30 31 32
4 4 4 4 4 4
4 4 4 4 4 4
8 8 8 8 8 8
16 16 16 16 16 16
511 507 503 498 494 490
$70.00 $70.00 $70.00 $70.00 $70.00 $70.00
8,178 8,110 8,042 7,975 7,909 7,843
4,907 4,866 4,825 4,785 4,745 4,706
50% 50% 50% 50% 50% 50%
40% 40% 40% 40% 40% 40%
$228,978.25 $227,070.10 $225,177.85 $223,301.37 $221,440.52 $219,595.18
$ 228,978.25 $ 227,070.10 $ 225,177.85 $ 223,301.37 $ 221,440.52 $ 219,595.18
$ 7,301,823.11 $ 7,528,893.21 $ 7,754,071.06 $ 7,977,372.42 $ 8,198,812.95 $ 8,418,408.13
$572,445.63 $567,675.25 $562,944.62 $558,253.42 $553,601.31 $548,987.96
$14,557,987.72 $15,125,662.97 $15,688,607.60 $16,246,861.01 $16,800,462.32 $17,349,450.28
$4,000 $4,000 $4,000 $4,000 $4,000 $4,000
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$12,000 $12,000 $12,000 $12,000 $12,000 $12,000
$22,000 $22,000 $22,000 $22,000 $22,000 $22,000
$8,800 $8,800 $8,800 $8,800 $8,800 $8,800
$22,898 $22,707 $22,518 $22,330 $22,144 $21,960
$31,698 $31,507 $31,318 $31,130 $30,944 $30,760
$5,055,382 $5,086,889 $5,118,207 $5,149,337 $5,180,281 $5,211,041
$197,280.43 $195,563.09 $193,860.06 $192,171.23 $190,496.47 $188,835.67
$2,246,440.80 $2,442,003.89 $2,635,863.95 $2,828,035.18 $3,018,531.65 $3,207,367.32

511 507 503 498 494 490

4
33 34 35 36 37 38
4 4 4 4 4 4
4 4 4 4 4 4
8 8 8 8 8 8
16 16 16 16 16 16
486 482 478 474 472 470
$70.00 $70.00 $70.00 $70.00 $75.00 $75.00
7,777 7,713 7,648 7,585 7,553 7,521
4,666 4,628 4,589 4,551 4,532 4,513
50% 50% 50% 50% 50% 50%
40% 40% 40% 40% 40% 40%
$217,765.23 $215,950.51 $214,150.93 $212,366.34 $226,587.30 $225,643.18
$ 217,765.23 $ 215,950.51 $ 214,150.93 $ 212,366.34 $ 226,587.30 $ 225,643.18
$ 8,636,173.36 $ 8,852,123.87 $ 9,066,274.80 $ 9,278,641.14 $ 9,505,228.43 $ 9,730,871.61
$544,413.06 $539,876.29 $535,377.32 $530,915.84 $566,468.24 $564,107.96
$17,893,863.34 $18,433,739.63 $18,969,116.95 $19,500,032.79 $20,066,501.03 $20,630,608.99
$4,000 $4,000 $4,000 $4,000 $4,000 $4,000
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$12,000 $12,000 $12,000 $12,000 $12,000 $12,000
$22,000 $22,000 $22,000 $22,000 $22,000 $22,000
$8,800 $8,800 $8,800 $8,800 $8,800 $8,800
$21,777 $21,595 $21,415 $21,237 $22,659 $22,564
$30,577 $30,395 $30,215 $30,037 $31,459 $31,364
$5,241,617 $5,272,012 $5,302,227 $5,332,264 $5,363,723 $5,395,087
$187,188.70 $185,555.46 $183,935.83 $182,329.70 $195,128.57 $194,278.86
$3,394,556.02 $3,580,111.48 $3,764,047.32 $3,946,377.02 $4,141,505.59 $4,335,784.45

486 482 478 474 472 470

39 40 41 42 43 44
4 4 4 4 4 4
4 4 4 4 4 4
8 8 8 8 8 8
16 16 16 16 16 16
468 466 464 462 460 458
$75.00 $75.00 $75.00 $75.00 $75.00 $75.00
7,490 7,459 7,428 7,397 7,366 7,335
4,494 4,475 4,457 4,438 4,420 4,401
50% 50% 50% 50% 50% 50%
40% 40% 40% 40% 40% 40%
$224,703.00 $223,766.74 $222,834.38 $221,905.90 $220,981.29 $220,060.54
$ 224,703.00 $ 223,766.74 $ 222,834.38 $ 221,905.90 $ 220,981.29 $ 220,060.54
$ 9,955,574.62 $ 10,179,341.36 $ 10,402,175.74 $ 10,624,081.64 $ 10,845,062.93 $ 11,065,123.47
$561,757.51 $559,416.85 $557,085.95 $554,764.76 $552,453.24 $550,151.35
$21,192,366.49 $21,751,783.34 $22,308,869.29 $22,863,634.04 $23,416,087.28 $23,966,238.63
$4,000 $4,000 $4,000 $4,000 $4,000 $4,000
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$12,000 $12,000 $12,000 $12,000 $12,000 $12,000
$22,000 $22,000 $22,000 $22,000 $22,000 $22,000
$8,800 $8,800 $8,800 $8,800 $8,800 $8,800
$22,470 $22,377 $22,283 $22,191 $22,098 $22,006
$31,270 $31,177 $31,083 $30,991 $30,898 $30,806
$5,426,357 $5,457,534 $5,488,618 $5,519,608 $5,550,506 $5,581,312
$193,432.70 $192,590.07 $191,750.94 $190,915.31 $190,083.16 $189,254.48
$4,529,217.15 $4,721,807.22 $4,913,558.16 $5,104,473.47 $5,294,556.64 $5,483,811.12

468 466 464 462 460 458

45 46 47 48
4 4 4 4
4 4 4 4
8 8 8 8
16 16 16 16
457 455 453 451
$75.00 $75.00 $75.00 $75.00
7,305 7,274 7,244 7,214
4,383 4,365 4,346 4,328
50% 50% 50% 50%
40% 40% 40% 40%
$219,143.62 $218,230.52 $217,321.23 $216,415.72
$ 219,143.62 $ 218,230.52 $ 217,321.23 $ 216,415.72
$ 11,284,267.09 $ 11,502,497.61 $ 11,719,818.84 $ 11,936,234.56
$547,859.05 $545,576.30 $543,303.07 $541,039.31
$24,514,097.68 $25,059,673.98 $25,602,977.05 $26,144,016.35
$4,000 $4,000 $4,000 $4,000
$6,000 $6,000 $6,000 $6,000
$12,000 $12,000 $12,000 $12,000
$22,000 $22,000 $22,000 $22,000
$8,800 $8,800 $8,800 $8,800
$21,914 $21,823 $21,732 $21,642
$30,714 $30,623 $30,532 $30,442
$5,612,027 $5,642,650 $5,673,182 $5,703,623
$188,429.26 $187,607.47 $186,789.10 $185,974.15
$5,672,240.38 $5,859,847.85 $6,046,636.95 $6,232,611.10