Drilling Joint Venture highlights • Up to a 150 well program in two 75 well tranches • Investor funds approximately $450MM for 60 percent of drilling, completion and equipping costs over the life of the program • Investor earns 50 percent working interest in each farmout well in the completed Wolfcamp interval • Significantly enhances program economics with well-level IRRs of more than 80 percent • Further illuminates Wolfcamp acreage value of approximately $20,000 per acre