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Horizontal Development of a Conventional Shallow Oil Reservoir

San Miguel Formation

Maverick Basin, Texas

Dimmit, Maverick, & Webb Co.’s

Global Paleographic SettingCretaceous Deltas of Western Interior Seaway

Modified from Ewing, 2011

Maverick Basin Structural Setting Upper Cretaceous Producing Fields

2nd San Miguel Type Log

Reservoir Parameters

Formation 2nd San Miguel

Depth 2,000-4,000’ TVD

Net Sand Thickness 25-50’

Porosity 15-20%

Permeability .01-.1 millidarcies

Oil Gravity 42 API

BTU 1,300 MMBTU

2nd San Miguel Top

2nd San Miguel Base

Structure Map

Sacatosa45 MMBO

Hugh Fitzsimmons 6 MMBO

Pena Creek15 MBO

El Indio25 MBO

• Maverick Basin, South Texas

• Thick, continuous sand deposited in shallow marine

environment; covers 950,000 acres over four

counties

• Low permeability sand with high porosity- large oil-

in-place with low vertical recovery factor

• 2 Billion barrels oil-in-place in core play area

• Produced over 50 MMBO + gas from vertical fields

• Shallow depths: 2,000-4,000’ TVD

• D&C costs average $2.3M

• EUR average- 258 MBO, 58 MB NGL, 579 MMCF

• 85 horizontal wells drilled to date

• 700+ locations on Endeavor’s 132k acre leasehold;

years of drilling inventory

2nd San Miguel Play

30 miles

Productive Region

Endeavor Acreage

KEY

Oil Field

Wells w/oil show

Acreage Delineated with Superior Well Results

San Miguel Lateral well results

Endeavor Acreage

3

1

2

4

5

78

Avg 30 Day IP

# Well NameComp. Date BO/d MCF/d BOE/d

1 Serena 8003H Aug-18 385 241 425

2 HR 146H Aug-18 380 232 419

3 Serena 3401H Apr-17 332 270 377

4 HR 205H Dec-17 267 517 353

5 Cundieff 3002H May-18 259 690 374

6 Winship 2801H Feb-17 196 255 238

7 SPR 844H Apr-18 251 735 373

8 SPR 940H Sept-18 276 140 299

Endeavor Acreage Totals

Gross/net acres: 132,881/ 125,381

6

7

ENG San Miguel Snapshot

November production:

Gross: 5.4 MBOPD, 20 MMCFPD

1,000

10,000

100,000

1,000,000

Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18

Barrels Oil/Month

MCF/Month

ENG San Miguel Production

Gross Gas Gross Oil NRI Gas NRI Oil

Type Curve Analysis

Contact Info

Endeavor Natural Gas, LP

1201 Louisiana, Suite 3350 Houston, Texas 77002

713-658-8555

Bill Russ x260

Rick Jenner x261

Thad Bay x253