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MacquarieCapital PAGE EnergyLenderPriceSurveyQ3/1Overview Oil ($/BBL) - WTIBrentGas ($/MMBtu) - Henry Hub48.1751.412.8254.1858.733.0458.4662.653.2361.5965.313.3863.7767.293.512020+ Esc.1.3%1.3%1.7%Cap70.1372.834.23 PAGE MacquarieCapital Current WTI OilPricing Base Case ($/BBLCurrent Brent Oil Pricing Base Case ($/BBL)Mean of Participating BanksCurrent Pricing Base Case ($/MMBtu) $55.00 $62.50 $70.00 $75.70 $79.20 $48.17 $54.18 $58.46 $61.59 $63.77 $43.00 $46.85 $48.17 $48.84 $50.30 2014 2015 2016 2017 2018 2019 $30 $50 $70 High Mean Low $55.50 $65.50 $68.00 $70.50 $73.00 $51.41 $58.73 $62.65 $65.31 $67.29 $46.00 $51.00 $56.00 $58.00 $61.00 2014 2015 2016 2017 2018 2019 $30 $50 $70 High Mean Low $3.25 $3.50 $3.75 $4.00 $4.00 $2.82 $3.04 $3.23 $3.38 $3.51 $2.40 $2.65 $2.80 $2.84 $3.00 2014 2015 2016 2017 2018 2019 $1.50 $2.50 $3.50 $4.50 High Mean Low MacquarieCapital PAGE BaseCaseNYMEX Trendsase Case 15vs. NYMEX as of July152015e compared the average Base Case against NYMEX futures pricing as of July15, , as shown below. Base Case resultsfor WTI average% of NYMEX WTI futuresin Base Case results for Brentaverage% of NYMEX WTI futures in Base Case results for WTI average % of NYMEX WTI futures over the fiveyear strip from, and Base Case results for Brent average % of NYMEX WTI futuresover the fiveyear strip from 20152019. When compared with NYMEX futures pricing, the average Base Case results for gas were % of NYMEX HH futures in 2015and f NYMEX HH over the fiveyear strip from 2015 $40.00 $50.00 $60.00 $70.00 2015 2016 2017 2018 2019 $/BBL Base Case WTI 3Q/15 Base Case Brent 3Q/15 NYMEX WTI Futures as of July 15, 2015 $2.50 $3.00 $3.50 $4.00 2015 2016 2017 2018 2019 $/MMBtu Base Case HH 3Q/15 NYMEX HH Futures as of July 15, 2015 PAGE MacquarieCapital QuarterQuarter TrendsQuarteroverQuarter Pricing Trends Base CaseCompared to last quarter’s Survey, frontyear pricing decreased5.6The averagechangein pricing forthe five years is downwards4.9for WTIdownwards2.2or HHMean of 4Participating Banksin /15Quarteruarter Base Case Oil (WTI) and Gas (HH) Pricing Trends Q2/15Q3/15 % Increase/(Decrease) Q2/15Q3/15 % Increase/(Decrease) Q2/15Q3/15 % Increase/(Decrease) Front-Year51.0148.17-5.6%52.6651.41-2.4%2.822.820.0%Second-Year57.6854.18-6.1%59.9858.73-2.1%3.103.04-1.7%Third-Year61.5958.46-5.1%63.9062.65-2.0%3.323.23-2.7%Fourth-Year64.3661.59-4.3%66.8165.31-2.2%3.503.38-3.2%Fifth-Year66.2063.77-3.7%68.7967.29-2.2%3.633.51-3.3%Sixth-Year and Beyond1.2%1.3%N/A1.3%1.3%N/A1.5%1.7%N/ACap72.4070.13-3.1%74.5072.83-2.2%4.354.23-2.7% Oil ($/BBL) - WTI Gas ($/MMBtu) - Henry Hub Oil ($/BBL) - Brent¹ $45.00 $55.00 $65.00 $75.00 $85.00 2014 2015 2016 2017 2018 2019 $/BBL Q4/14 Q1/15 Q2/15 Q3/15 $2.50 $3.00 $3.50 $4.00 $4.50 2014 2015 2016 2017 2018 2019 $/MMBtu Q4/14 Q1/15 Q2/15 Q3/15 MacquarieCapital PAGE Sensitivity Case ResultsThe Survey also includes a Sensitivity Case, which represents the lenders’low or conservative price decksOf the Participating Banks, banks provided a Sensitivity Casefor WTI and banks provided a sensitivity case for , which averages% discount to Base Case lending policies for WTIand discount to Base Case lending policies for over the fiveyearstrip.Fourbanks provided aSensitivity Case for Brent, which averages% discount to the Base Case pricing over the fiveyear strip.3rdQuarter 2015Price Survey: Mean of Participating Banks Sensitivity CaseMean of Participating Banks Oil ($/BBL) - WTIOil ($/BBL) - Brent¹Gas ($/MMBtu) - Henry Hub39.6343.562.3244.3049.932.5147.5352.352.6750.1155.062.8151.7656.092.902020+ Esc.1.4%1.8%1.5%Cap56.2664.183.44LOE Esc.0.4%0.4%0.5%Discount Rate PAGE MacquarieCapital Current Oil (WTI) Pricing Sensitivity Case ($/BCurrent Oil (Brent)Pricing Sensitivity Case ($/MMBtu)Mean of Participating BanksCurrent Gas Pricing Sensitivity Case ($/MMBtu) $55.00 $64.00 $68.00 $72.00 $75.00 $39.63 $44.30 $47.53 $50.11 $51.76 $32.00 $37.12 $37.80 $37.80 $37.80 2014 2015 2016 2017 2018 2019 $30 $50 $70 High Mean Low $47.18 $55.68 $57.80 $59.93 $62.05 $43.56 $49.93 $52.35 $55.06 $56.09 $36.00 $41.00 $43.00 $46.00 $46.00 2014 2015 2016 2017 2018 2019 $30 $50 $70 High Mean Low $3.25 $3.25 $3.25 $3.50 $3.75 $2.32 $2.51 $2.67 $2.81 $2.90 $1.82 $2.16 $2.16 $2.16 $2.16 2014 2015 2016 2017 2018 2019 $1.50 $2.50 $3.50 $4.50 High Mean Low MacquarieCapital PAGE Participating BanksMacquarie Tristone thanks the following banks for their participation in this quarter’s survey.Amegy Bank of TexasCapital One, N.A.FirstCapital Bank of Texas, N.A.Regions BankBancFirstCITFrost BankSantander BankBank of TexasCitiIBERIABANKSociété GénéraleBank SNBCitibankIndependent BankSunTrust BankComerica BankING Capital LLCTexas Capital BankBBVA CompassCommunity National BankMizuho Bank, Ltd.TD SecuritiesBDCCrédit AgricoleNatixisUS BankBMO Capital MarketsDNB Bank ASANBH Bank, N.A.WellsFargoCadence BankFirst Interstate BankPlatinum BankWest Texas National BankCanadian Western BankFirst Tennessee BankRBC Capital MarketsWhitney Bank About Macquarie Tristone Contact Information Macquarie Tristone has completed more than 300 energy asset packages valued at over US$28billion since 2001. As a leading A&D team, we provide advisory services in energy asset transactions worldwide to a range of clients in the oil and gas energy industry. With a sophisticated suite of asset divestiture processes, coupled with superior senior level industry relationships, Macquarie Tristone brings together an unparalleled combination of disciplines in engineering, geoscience and economics. Macquarie Tristone’s expertise extends across all phases of the divestiture process, including, deal strategy, financial and value analysis, technical evaluations, buyer identification and qualification, and other dealrelated logistics. Combined with Macquarie's global resources activities, the result is a seamless, integrated offering, providing toptier financial and execution experience with superior, specialized technical expertise. Rob BilgerVice ChairmanRob.Bilger@macquarie.comKrishna DesaiAssociateKrishna.Desai@macquarie.com www.macquarietristone.com Disclaimer"Macquarie Capital" refers to Macquarie Corporate Holdings Limited, its worldwide subsidiaries and the funds or other investment vehicles that they manage. Macquarie Corporate Holdings Limitedis an indirect, whollyowned subsidiary of Macquarie Group Limited. This document and its contents are confidential to the person(s) to whom it is delivered and should not be copied or distributed, in whole or in part, or its contents disclosed by suchperson(s) to any other person. 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Opinions and estimates offered in this presentation constitute our judgement and are subject to changewithout notice, as are statements about market trends, which are based on current market conditions. This presentation may include forwardlooking statements that represent opinions, estimates and forecasts, which may not be realized, and such statements may be based on information not generated or sourced by Macquarie Capital. To the extent that such statements are based on information generated or sourced by Macquarie Capital, we believe the information provided herein is reliable, as of the date hereof, but do not warrant its accuracy or completeness. In preparing these materials, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources.Nothing in this document contains a commitment from any member of Macquarie Capital to subscribe for securities, to provide debt, to arrange any facility, toinvest in any way in any transaction described herein or otherwise imposes any obligation on Macquarie Capital. Macquarie Capital does not guarantee the performance or return of capital from investments.None of the entities noted in this document are authorized deposittaking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.Macquarie Capital does not provide any tax advice. 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