<SEC-DOCUMENT>0001140361-21-004990.txt : 20210216
<SEC-HEADER>0001140361-21-004990.hdr.sgml : 20210216
<ACCEPTANCE-DATETIME>20210216161551
ACCESSION NUMBER:		0001140361-21-004990
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210216
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20210216
DATE AS OF CHANGE:		20210216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENGASCO INC
		CENTRAL INDEX KEY:			0001001614
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				870267438
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15555
		FILM NUMBER:		21638637

	BUSINESS ADDRESS:	
		STREET 1:		8000 E. MAPLEWOOD AVENUE
		STREET 2:		SUITE 130
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
		BUSINESS PHONE:		720-420-4460

	MAIL ADDRESS:	
		STREET 1:		8000 E. MAPLEWOOD AVENUE
		STREET 2:		SUITE 130
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>nc10020427x1_8k.htm
<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold;">FORM&#160;8-K</div>
    <div style="text-align: center;">&#160;<font style="font-weight: bold;">CURRENT REPORT PURSUANT TO SECTION&#160;13 OR 15(d)</font></div>
    <div style="text-align: center; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-align: center;">&#160;Date of Report (Date of Earliest Event Reported): February 16, 2021</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-weight: bold;">TENGASCO, INC.</div>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)<br>
      <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb1a2f62ee0dd41a18f96b1aa938f1b00" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 32.62%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Delaware</div>
          </td>
          <td style="width: 33.66%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">1-15555</div>
          </td>
          <td style="width: 33%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">87-0267438</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.62%; vertical-align: bottom;">
            <div style="text-align: center;">(State or Other Jurisdiction of</div>
            <div style="text-align: center;">Incorporation)</div>
          </td>
          <td style="width: 33.66%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">(Commission File Number)</div>
          </td>
          <td style="width: 33%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">(I.R.S. Employer Identification No.)</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">8000 E. Maplewood Avenue, Suite 130, Greenwood Village CO 80111</div>
    <div style="text-align: center;">(Address of Principal Executive Offices,&#160;Including Zip Code)</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">720-420-4460</div>
    <div style="text-align: center;">(Registrant&#8217;s Telephone Number,&#160;Including Area Code)</div>
    <div style="text-align: center;">&#160;</div>
    <div>Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
      following provisions:</div>
    <div>&#160;</div>
    <div>&#9746; <font style="font-family: 'Times New Roman',Times,serif;">Written communications pursuant to Rule&#160;425 under the Securities Act
        (17 CFR 230.425)</font></div>
    <div>&#160;</div>
    <div>&#9744; <font style="font-family: 'Times New Roman',Times,serif;">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17
        CFR 240.14a-12)</font></div>
    <div>&#160;</div>
    <div>&#9744; <font style="font-family: 'Times New Roman',Times,serif;">Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the
        Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div>&#160;</div>
    <div>&#9744; <font style="font-family: 'Times New Roman',Times,serif;">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the
        Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div>&#160;</div>
    <div>Securities registered pursuant to Section 12(b) of the Act:</div>
    <div> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc55ec1b648874ef19639edba5321a390" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 35.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>Title of each class</div>
          </td>
          <td style="width: 1.49%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 23.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>Trading Symbol(s)</div>
          </td>
          <td style="width: 1.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 37.89%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>Name of each exchange on which registered</div>
          </td>
        </tr>
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          <td style="width: 35.3%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Common Stock</div>
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          <td style="width: 1.49%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 23.73%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>TGC</div>
          </td>
          <td style="width: 1.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 37.89%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>NYSE American</div>
          </td>
        </tr>

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    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or
      Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div style="text-indent: 324pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; text-align: right;">Emerging growth company &#9744;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
      revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. &#9744;
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    <div><font style="font-weight: bold;">Item 8.01</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Other Events.</font></font></div>
    <div><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"> <br>
        </font></font></div>
    <div style="font-weight: bold;">Introductory Note</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As previously disclosed, on October 21, 2020, Tengasco, Inc. (&#8220;<u>Tengasco</u>&#8221;), Antman Sub, LLC, a newly-formed Delaware limited
      liability company and wholly-owned subsidiary of Tengasco (&#8220;<u>Merger Sub</u>&#8221;), and Riley Exploration &#8211; Permian, LLC, a Delaware limited liability company (&#8220;<u>Riley</u>&#8221;), entered into an Agreement and Plan of Merger, as amended by that certain
      Amendment No. 1 to Agreement and Plan of Merger dated January 20, 2021, pursuant to which Merger Sub will be merged with and into Riley, with Riley surviving that merger as a wholly-owned subsidiary of Tengasco (the &#8220;<u>Merger</u>&#8221;). On February 2,
      2021, Tengasco filed with the Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) a proxy statement/prospectus for the solicitation of proxies in connection with a special meeting of Tengasco&#8217;s stockholders, to be held on February 25, 2021, for
      purposes of voting on, among other things, matters necessary to complete the Merger (the &#8220;<u>Proxy Statement</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">While Tengasco believes that the disclosures set forth in the Proxy Statement comply fully with applicable law, Tengasco has determined
      to voluntarily supplement the Proxy Statement with various disclosures. These disclosures are provided in this Current Report on Form 8-K. Nothing in this Current Report on Form 8-K will be deemed an admission of the legal necessity or materiality
      under applicable laws of any of the disclosures set forth herein. These disclosures should be read in connection with the Proxy Statement, which should be read in its entirety. Defined terms used but not defined herein have the meanings set forth in
      the Proxy Statement. Without agreeing in any way that the disclosures below are material or otherwise required by law, Tengasco makes the following amended and supplemental disclosures:</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">SUPPLEMENT TO JOINT PROXY STATEMENT/PROSPECTUS</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The disclosure on pages 90-92 of the Proxy Statement in the section captioned &#8220;Comparable Company
      Analysis&#8221; is hereby supplemented by revising the section in its entirety as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;"> <br>
    </div>
    <div>
      <div style="font-style: italic; font-weight: bold; text-align: justify; text-indent: 36pt;">Comparable Company Analysis</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In order to assess how the public market values shares of similar publicly traded companies, Roth reviewed and compared specific
        financial and operating data relating to TGC and REP, based on its experience in the exploration and production industry.</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;">With respect to REP, Roth reviewed the public stock market trading multiples for the following exploration and production companies,
        which Roth selected because of their geographic focus and relatively comparable product mixes:</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7cd0a1c95c9649e4b227b73dfdc1e7a5" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Callon Petroleum Company;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Centennial Resources Development, Inc.;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Diamondback Energy, Inc.;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Earthstone Energy, Inc.;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Matador Resources Company;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Parsley Energy, Inc.; and</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Ring Energy, Inc.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt;">Using publicly available information as of October 19, 2020, Roth calculated and analyzed enterprise value multiples of each comparable company&#8217;s daily production, proved reserves and trailing
        twelve months EBITDA as shown below.</div>
      <div style="text-align: justify; text-indent: 20.15pt;"> <br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8b1a93a665a54eedaec3dab349321eb7" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 22%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enterprise Value (1)</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$MM</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Enterprise Value / Net Daily Production ($/Boe/day)</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Enterprise Value / Net Proved Reserves </div>
            <div style="text-align: center; font-weight: bold;">($/Boe)</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Enterprise Value / TTM </div>
            <div style="text-align: center; font-weight: bold;">Adjusted EBITDA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Callon Petroleum Company</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: center;">3,579.4</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$32,940</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$7.31</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">5.6x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom;">
            <div>Centennial Resources Development, Inc.</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">1,279.2</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">$18,744</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">$4.25</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">3.0x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Diamondback Energy, Inc.</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">11,463.3</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$38,974</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$10.17</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4.4x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom;">
            <div>Earthstone Energy, Inc.</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">736.2</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">$54,314</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">$7.80</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">4.7x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Matador Resources Company</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2,934.4</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$40,032</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$11.62</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">5.0x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom;">
            <div>Parsley Energy, Inc.</div>
          </td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">7,348.2</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">$40,120</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">$12.40</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;">
            <div style="text-align: center;">5.2x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ring Energy, Inc.</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">405.8</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$58,244</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$5.01</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">3.9x</div>
          </td>
        </tr>

    </table>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e9bd7441cf84f23b005a919cdee92b4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div>(1)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify;">Enterprise Value is defined as market capitalization (outstanding shares multiplied by share price) plus outstanding debt less cash and cash equivalents.</div>
            </td>
          </tr>

      </table>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;">The results of the REP comparable company analysis are summarized below.</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z988619fe5bb0460388cf19940c53fb45" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 66.32%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Low(1)</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Median</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">High(2)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.32%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Total enterprise value divided by:</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div>&#160;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div>&#160;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.32%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Net Daily Production ($/BOE/D)</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$35,957.1</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$40,032.1</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$47,217.3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.32%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Net Proved Reserves ($/BOE)</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$6.16</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$7.80</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$10.89</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.32%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">TTM Adjusted EBITDA</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">4.1x</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">4.7x</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">5.1x</div>
          </td>
        </tr>

    </table>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze0c33365338d4355be58331891a8a29c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div>(1)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify;">Low is based upon the 25% quartile.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8088651472b444669a403dbf3d54d859" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div>(2)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify;">High is based upon the 75% quartile.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;">Using a reference range of $35,957 to $47,217 per barrel of oil equivalent of daily production, $6.16 to $10.89 per proved barrel of
        oil equivalent and 4.1x to 5.1x REP&#8217;s EV/TTM Adjusted EBITDA, Roth determined a range of implied enterprise values by applying these multiples against REP&#8217;s financial and operating figures as of the quarter ended June&#160;30, 2020. Roth then subtracted
        from these enterprise values (i)&#160;total cash; and (ii)&#160;total outstanding debt to arrive at a range of implied equity values. This analysis indicated a range of implied values for each common unit of REP of approximately $70.02 to $107.08 using REP&#8217;s
        EV/Daily Production, $92.21 to $200.21 using REP&#8217;s EV/Proved Reserves, and $99.05 to $132.50 using REP&#8217;s EV/TTM Adjusted EBITDA.</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">With respect to TGC, Roth reviewed the public stock market trading multiples for the following exploration and production companies,
        which Roth selected because of their regional focus and relatively comparable product mixes:</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z26f5330383ab4bf29a59369f5ca93527" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>BNK Petroleum Inc.;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Evolution Petroleum Corporation;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Mid-Con Energy Partners, LP; and</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Northern Oil &amp; Gas, Inc.</div>
          </td>
        </tr>

    </table>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Using publicly available information as of October 19, 2020, Roth calculated and analyzed enterprise value multiples of each
        comparable company&#8217;s daily production, proved reserves and trailing twelve months EBITDA as shown below.</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb0d40754be964b5a8269d039de089825" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 22%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Enterprise Value (1)</div>
            <div style="text-align: center; font-weight: bold;">$MM</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Enterprise Value / Net Daily Production ($/Boe/day)</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Enterprise Value / Net Proved Reserves </div>
            <div style="text-align: center; font-weight: bold;">($/Boe)</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Enterprise Value / TTM </div>
            <div style="text-align: center; font-weight: bold;">Adjusted EBITDA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>Northern Oil and Gas, Inc.</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">1,209.0</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$50,792</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$7.40</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">2.9x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Mid-Con Energy Partners, LP</div>
          </td>
          <td style="width: 18%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">103.7</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$29,312</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 18%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$4.04</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 18%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">6.7x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>Evolution Petroleum Corporation</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">52.7</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$27,466</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$5.39</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">4.1x</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>BNK Petroleum Inc.</div>
          </td>
          <td style="width: 18%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">30.9</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 18%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$26,609</div>
          </td>
          <td style="width: 1.53%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 18%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$0.91</div>
          </td>
          <td style="width: 1.56%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 18%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">2.1x</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa47d8337baa4e8eb97b1e73ad03d024" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(1)</div>
          </td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify;">Enterprise Value is defined as market capitalization (outstanding shares multiplied by share price) plus outstanding debt less cash and cash equivalents.</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The results of the TGC comparable company analysis are summarized below.</div>
      <div style="text-align: justify; text-indent: 20.15pt;"> <br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za05773cf8e6247b7a172c84a96455743" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 66.32%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Low(1)</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Median</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">High(2)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.32%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Total enterprise value divided by:</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div>&#160;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div>&#160;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.32%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Net Daily Production ($/BOE/D)</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$27,252.0</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$28,389.3</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$34,682.0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.32%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Net Proved Reserves ($/BOE)</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$3.26</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$3.94</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">$5.90</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.32%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">TTM Adjusted EBITDA</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.3%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.91%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">2.7x</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">3.5x</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.15%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 8.77%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">4.7x</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze62d46c0a00d4d99947128b6fa950151" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>(1)</div>
          </td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify;">Low is based upon the 25% quartile.</div>
          </td>
        </tr>

    </table>
    <div>
      <div>
        <table class="DSPFListTable" id="za668a453795340fb865702d68a27a420" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" cellpadding="0" cellspacing="0">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: justify;">(2)</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">High is based upon the 75% quartile.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div><br>
      </div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt;">Using a reference range of $27,252 to $34,682 per barrel of oil equivalent of daily production, $3.26 to $5.90 per proved barrel of oil equivalent and 2.7x to 4.7x TGC&#8217;s EV/TTM Adjusted EBITDA,
        Roth determined a range of implied enterprise values by applying these multiples against TGC&#8217;s financial and operating figures as of the quarter ended June&#160;30, 2020. Roth then subtracted from these enterprise values (i)&#160;total cash; and (ii)&#160;total
        outstanding debt to arrive at a range of implied equity values. This analysis indicated a range of implied values per share of common stock of TGC of approximately $0.91 to $1.08 using TGC&#8217;s EV/Daily Production, $0.52 to $0.70 using TGC&#8217;s EV/Proved
        Reserves, and $0.29 to $0.29 using TGC&#8217;s EV/TTM Adjusted EBITDA.</div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Roth calculated the ratio implied by dividing the low end of each implied equity value of REP by the high end of each implied equity
        value of TGC. Roth also calculated the ratio implied by dividing the high end of each implied equity value of REP by the low end of each implied equity value of TGC.</div>
    </div>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This analysis indicated the following implied exchange ratios (rounded to six decimals), compared in each case to the exchange ratio
        in the merger of 97.796467 shares of TGC common stock for each common unit of REP, as well as the maximum and minimum exchange ratios that may be applicable under the circumstances in the merger agreement:</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z34f953bc919c43399bae90245f667017" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.57%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.57%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td colspan="4" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Net Daily Production ($/BOE/D)</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td colspan="4" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Net Proved Reserves (BOE)</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td colspan="4" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">TTM Adjusted EBITDA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.57%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.57%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Low(1)</div>
          </td>
          <td style="width: 0.56%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">High(2)</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Low(1)</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">High(2)</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Low(1)</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">High(2)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.57%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.57%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">64.882276</div>
          </td>
          <td style="width: 0.56%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">117.539848</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">132.471782</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">387.78766</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">337.10792</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">450.94386</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Implied Exchange Ratio Ranges</div>
          </td>
          <td style="width: 0.57%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.57%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">x</div>
          </td>
          <td style="width: 0.56%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">x</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">2x</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">1x</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">7x</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 0.54%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">4x</div>
          </td>
        </tr>

    </table>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdab24f6e152f444ab5e87ad236655797" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div>(1)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify;">Low is based upon the 25% quartile.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb07a74cfe89f4448a5cd10ade8eeef4d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div>(2)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify;">High is based upon the 75% quartile.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">The disclosure on page 93 of the Proxy Statement in the section captioned &#8220;Net Asset Value
      Analysis&#8221; is hereby supplemented by revising the section in its entirety as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="font-style: italic; font-weight: bold;">Net Asset Value Analysis</div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;">Roth performed an illustrative Net Asset Value analysis of REP using the present value of the pre-tax future cash flows that REP could
        be expected to generate from its existing base of estimated proved reserves, as provided by the management of REP on NYMEX Strip as of June&#160;30, 2020 and by Netherland, Sewell &amp; Associates, Inc. (&#8220;NSAI&#8221;) on SEC pricing as of September&#160;30, 2019.
        Roth estimated the Net Asset Value by adding (i)&#160;the present value of the cash flows generated by estimated proved reserves, plus (ii)&#160;undeveloped acreage value (assuming $750 per acre valuation risked at 50%), less (ii)&#160;net working capital,
        (iii)&#160;net current asset retirement obligations, and (iv)&#160;total debt outstanding.&#160; All cash flows were discounted at a rate of 9%, 10% and 15% as shown in the below table:</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2cc61aebc357408883605973621486dd" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18.21%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td colspan="5" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">NSAI</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td colspan="5" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Management</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.21%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">9% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">10% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">15% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">9% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">10% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">15% Discount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.21%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div>Net Asset Value (in thousands)</div>
          </td>
          <td style="width: 12%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">479,296.2</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">446,271.2</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">328,956.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">404,486.0</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">371,865.7</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">259,418.5</div>
          </td>
        </tr>

    </table>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Net Asset Value calculation resulted in an implied valuation range of $103.79 to $159.36 for each REP common unit, using
        internally prepared reserves assuming a NYMEX Strip as of June&#160;30, 2020, and $75.07 to $128.51, using NSAI&#8217;s SEC prepared reserves assuming SEC pricing as of the fiscal year-ended September&#160;30, 2019.</div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;">Roth performed an illustrative Net Asset Value analysis of TGC using the present value of the pre-tax future cash flows that TGC could
        be expected to generate from its existing base of estimated proved reserves, as provided by the management of TGC on NYMEX Strip as of June&#160;30, 2020 and by LaRoche Petroleum Consultants, Ltd. (&#8220;LaRoche&#8221;) on SEC pricing as of December 31, 2019. Roth
        estimated the Net Asset Value by adding (i)&#160;the present value of the cash flows generated by estimated proved reserves, plus (ii)&#160;undeveloped acreage value (of which there was none), less (ii)&#160;net working capital, (iii)&#160;net current asset retirement
        obligations, and (iv)&#160;total debt outstanding.</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">All cash flows were discounted at a rate of 9%, 10% and 15% as shown in the below table:</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze6100b5b67ce4b25908eacfecdb7c962" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18.21%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td colspan="5" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">LaRoche</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td colspan="5" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Management</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.21%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">9% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">10% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">15% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">&#160;</td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">9% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">10% Discount</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="text-align: center;">&#8203;</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">15% Discount</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.21%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div>Net Asset Value (in thousands)</div>
          </td>
          <td style="width: 12%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">8,769.3</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">8,364.7</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">6,789.1</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,054.6</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4,650.4</div>
          </td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.48%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">3,236.4</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Net Asset Value calculation resulted in an implied valuation range of $0.66 to $0.85 for each share of TGC common stock, using
        internally prepared reserves assuming a NYMEX Strip as of June&#160;30, 2020, and $0.33 to $0.41, using NSAI&#8217;s SEC prepared reserves assuming SEC pricing as of the fiscal year-ended December 31, 2019.</div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Roth calculated the ratio implied by dividing the low end of each implied equity value of REP by the high end of each implied equity
        value of TGC. Roth also calculated the ratio implied by dividing the high end of each implied equity value of REP by the low end of each implied equity value of TGC.</div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt;">This analysis indicated the following implied exchange ratios (rounded to six decimals), compared in each case to the exchange ratio in the merger of 97.796467 shares of TGC common stock for each
        common unit of REP, as well as the maximum and minimum exchange ratios that may be applicable under the circumstances in the merger agreement:</div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z52f55dbac5b247c5b191efebf8cbf033" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 45.38%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td colspan="4" style="width: 25.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Independent Reserve Report</div>
          </td>
          <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td colspan="4" style="width: 25.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Management Reserve Report</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.38%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Low(1)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">High(2)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">Low(1)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; font-weight: bold;">High(2)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.38%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Implied Exchange Ratio Ranges</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.56%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">122.651781x</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">241.108210x</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">185.342565x</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: center;">391.225955x</div>
          </td>
        </tr>

    </table>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd09b4f839aa4ede93800d61701448a1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div>(1)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify;">Low is based upon the 25% quartile.</div>
            </td>
          </tr>

      </table>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0178dcd24479451fab00ade7cdd08883" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div>(2)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div style="text-align: justify;">High is based upon the 75% quartile.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: center;">*&#160; &#160;&#160; *&#160; &#160;&#160; *&#160; &#160;&#160; *</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">No Offer or Solicitation</div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify;">This report does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or
        approval. This communication relates to a proposed business combination between Tengasco and Riley. In connection with the proposed transaction, Tengasco has filed with the SEC a registration statement on Form S-4 that includes a proxy
        statement/prospectus. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Tengasco has sent the proxy statement/prospectus to its
        stockholders seeking their approval of the proposed transaction.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Additional Information for Stockholders</div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify;">In connection with the proposed transaction, Tengasco has filed materials with the SEC, including a Registration Statement on Form S-4 (the &#8220;<u>Registration
          Statement</u>&#8221;) that includes a preliminary proxy statement/prospectus. On February 2, 2021, the SEC confirmed that the Registration Statement was effective, and Tengasco commenced mailing the Registration Statement on or about February 3, 2021.
        This communication is not a substitute for the proxy statement/prospectus or the Registration Statement or for any other document that Tengasco may file with the SEC and send to Tengasco&#8217;s stockholders in connection with the proposed transaction.
        INVESTORS AND SECURITY HOLDERS OF TENGASCO ARE URGED TO CAREFULLY AND THOROUGHLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY
        TENGASCO WITH THE SEC, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TENGASCO, RILEY, THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">Investors are able to obtain free copies of the Registration Statement and proxy statement/prospectus, as each may be amended from time to time, and
        other relevant documents filed by Tengasco with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Tengasco will be available free of charge from Tengasco&#8217;s
        website at www.tengasco.com under the &#8220;Investor&#8221; tab.<br>
        <br>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Participants in the Proxy Solicitation</div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify;">Tengasco, Riley and their respective directors, managers and certain of their officers and other members of management and employees may be deemed, under
        SEC rules, to be participants in the solicitation of proxies from Tengasco&#8217;s stockholders in connection with the proposed transaction. Information regarding the officers and directors of Tengasco is included in its definitive proxy statement for
        its 2020 annual meeting filed with the SEC on October 30, 2020. Additional information regarding such persons, as well as information regarding Riley&#8217;s directors, managers and officers and other persons who may be deemed participants in the
        proposed transaction, is set forth in the Registration Statement and the preliminary proxy statement/prospectus and will be set forth in other materials when they are filed with the SEC in connection with the proposed transaction. Free copies of
        these documents may be obtained as described in the paragraphs above.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Information</div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify;">Certain statements in this communication concerning the proposed transaction are &#8220;forward-looking&#8221; statements based on assumptions currently believed to
        be valid. Forward-looking statements are all statements other than statements of historical facts. The words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;ensure,&#8221; &#8220;expect,&#8221; &#8220;if,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;probable,&#8221; &#8220;project,&#8221; &#8220;forecasts,&#8221; &#8220;predict,&#8221; &#8220;outlook,&#8221; &#8220;aim,&#8221;
        &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;anticipate,&#8221; &#8220;likely&#8221; &#8220;plan,&#8221; &#8220;positioned,&#8221; &#8220;strategy,&#8221; and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking
        statements. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of
        1995.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated,
        including, but not limited to, the possibility that stockholders of Tengasco may not approve the issuance of new shares of Tengasco common stock in the transaction or other proposals that are a condition to the transaction or that the stockholders
        of Tengasco and the members of Riley may not approve the merger agreement; the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the
        proposed transaction might be delayed or not occur at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the diversion of management
        time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Tengasco and Riley; the effects of the business combination of Tengasco and Riley, including the combined company&#8217;s future financial
        condition, results of operations, strategy and plans; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the fact that any dividend payments will be at the discretion of the combined
        company&#8217;s Board of Directors and may be subject to legal, contractual or other restrictions; the effects of commodity prices; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than
        expected following the public announcement or consummation of the proposed transaction. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies for our operations, oil
        and natural gas market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">Additional factors that could cause results to differ materially from those described above can be found in Tengasco&#8217;s Annual Report on Form 10-K for the
        year ended December 31, 2019 and in its subsequently filed Quarterly Reports on Form 10-Q, each of which is on file with the SEC and available from Tengasco&#8217;s website at www.tengasco.com under the &#8220;Investor&#8221; tab, and in other documents Tengasco
        files with the SEC.</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
      </div>
    </div>
    <div style="text-align: justify;">All forward-looking statements speak only as of the date they are made and are based on information available at that time. Tengasco does not assume any
      obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.
      As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
      behalf by the undersigned hereunto duly authorized.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zc2fe8f77b3254a7aa15ee4d15f0427a9" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>Dated:&#160; February 16, 2021</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="font-weight: bold;">TENGASCO, INC.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Michael J. Rugen</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div>Michael J. Rugen</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div>Chief Financial Officer and Interim Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
  </div>
  <font style="font-family: 'Times New Roman',Times,serif;">
  </font>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font>
    <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</TEXT>
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</SEC-DOCUMENT>
