Niobrara Shale timeline AWS

Niobrara Shale timeline Announced discovery in January

2013

First sales from a VT test well and 3rd HZ well

• HZ DISCOVERY WELL • 2ND HZ WELL

2014

• JANUARY

Spud another HZ well and 2nd VT test well

First sales in September

Drilled HZ offset to previous well with technical issue

2015

• 1Q

• REMAINDER Drilling another HZ well

Drilled another VT well and first 2-well horizontal pad

10 HZ and 3 VT

Preparing to complete two more HZ wells, including first long lateral

• 2Q

• REMAINDER

• MAY

3-YR SUMMARY

• 13 WELLS

• $100+ MM Capex on exploration and delineation dating back to discovery

HZ = Horizontal Well VT = Vertical Well