EX-99.(C)(V) 3 tm242467d6_ex99-cv.htm EX-99.(C)(V)

Exhibit 99.(C)(v)

| Project San Jacinto SUPPLEMENTAL SCHEDULES FOR THE BOARD OF DIRECTORS OF BATTALION OIL CORPORATION NOVEMBER 4 , 2023 | CONFIDENTIAL | PRELIMINARY DRAFT | SUBJECT TO FURTHER REVIEW

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Table of Contents 2 Page 1. Selected Public Market Observations 3 2. Benchmarking Data 7 3. Selected Technical Observations 12 4. Pricing 27 5. NAV Analysis Detail 29 6. Glossary of Selected Terms 36 7. Disclaimer 39

| Page 1. Selected Public Market Observations 3 2. Benchmarking Data 7 3. Selected Technical Observations 12 4. Pricing 27 5. NAV Analysis Detail 29 6. Glossary of Selected Terms 36 7. Disclaimer 39

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Selected Float and Trading Data Average Daily Volume1 / Shares Outstanding Average Daily Volume1 / Public Float 1. Based on 90-day average trading volume as of 11/1/23. CPE refers to Callon Petroleum Company, HPK refers to HighPeak Energy, Inc., MTDR refers to Matador Resources Company, PR refers to Permian Resources Corporation, and VTLE refers to Vital Energy, Inc. 2. Company float excludes shares held by Luminus Management, LLC., Brookfield Corporation, LSP Investment Advisors, LLC., and insiders. Source: Capital IQ as of 11/1/23. 0.1% 2.4% 0.4% 1.2% 3.1% 3.8% Median: 2.4% Company CPE HPK MTDR PR VTLE 0.6% 3.0% 2.2% 1.3% 4.1% 3.3% Median: 3.0% Company [2] CPE HPK MTDR PR VTLE 4

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Selected Float and Trading Data (cont.) Public Float / Shares Outstanding Average Daily Traded Value2 (dollars in millions) 1. Company float excludes shares held by Luminus Management, LLC., Brookfield Corporation, LSP Investment Advisors, LLC., and insiders. 2. Based on 90-day average trading volume as of 11/1/23. CPE refers to Callon Petroleum Company, HPK refers to HighPeak Energy, Inc., MTDR refers to Matador Resources Company, PR refers to Permian Resources Corporation, and VTLE refers to Vital Energy, Inc. Source: Capital IQ as of 11/1/23. $0.1 $61.3 $7.5 $84.6 $135.1 $37.6 Median: $61.3 Company CPE HPK MTDR PR VTLE 21.8% 78.2% 16.9% 92.6% 76.2% 116.8% Median: 78.2% Company [1] CPE HPK MTDR PR VTLE 5

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW If Preferred does not convert: If Preferred [1] converts: Common Stock Common Stock Holder Shares % Outstanding Shares % Outstanding Luminus Management, LLC 6.2 37.4% 10.4 42.6% Brookfield Corporation 4.0 24.2% 76.0% 6.1 24.8% 83.9% LSP Investment Advisors, LLC 2.4 14.4% 4.0 16.4% Goldman Sachs Group 0.6 3.8% 0.6 2.5% Lion Point Capital, LP 0.4 2.3% 0.4 1.6% Jefferies Financial Group Inc. 0.4 2.2% 0.4 1.5% Loomis Sayles & Company, L.P. 0.3 1.8% 0.3 1.2% The Vanguard Group, Inc. 0.3 1.7% 0.3 1.2% Current / Former Directors and Executive Officers 0.4 2.2% 0.4 1.5% Other 1.6 9.9% 1.6 6.7% Total 16.5 100.0% 24.5 100.0% Ownership Summary 16.5 million shares Note: Ownership represents data as of 11/1/23. 1. Conversion of Preferred would result in an implied 8.0 million shares on an as converted basis. Illustrative analysis assumes conversion date of 11/2/23, PIK interest rate of 16.0%, and conversion price of $9.03 per share for Series A convertible equity issued prior to 9/6/23 and $7.63 for Incremental Series A convertible equity issued on 9/6/23. Sources: Capital IQ and public filings. (shares in millions) 24.5 million shares 1) Luminus Management, LLC: 37.4% 2) Brookfield Corporation: 24.2% 3) LSP Investment Advisors, LLC: 14.4% 4) Goldman Sachs Group: 3.8% 5) Lion Point Capital, LP: 2.3% 6) Jefferies Financial Group Inc.: 2.2% 7) Loomis Sayles & Company, L.P.: 1.8% 8) The Vanguard Group, Inc.: 1.7% Current / Former Directors and Executive Officers: 2.2% Other: 9.9% 1) Luminus Management, LLC: 42.6% 2) Brookfield Corporation: 24.8% 3) LSP Investment Advisors, LLC: 16.4% 4) Goldman Sachs Group: 2.5% 5) Lion Point Capital, LP: 1.6% 6) Jefferies Financial Group Inc.: 1.5% 7) Loomis Sayles & Company, L.P.: 1.2% 8) The Vanguard Group, Inc.: 1.2% Current / Former Directors and Executive Officers: 1.5% Other: 6.7% 6

| Page 1. Selected Public Market Observations 3 2. Benchmarking Data 7 3. Selected Technical Observations 12 4. Pricing 27 5. NAV Analysis Detail 29 6. Glossary of Selected Terms 36 7. Disclaimer 39

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Selected Benchmarking Data Projected Growth (2023E-2024E EBITDA) 1. Shown pro forma for the Permian Earthstone Acquisition. 2023E metrics based on sum of Permian Resources Corporation and Earthtone Energy, Inc. estimates, without impacts of any synergies resulting from the transaction. 2024E estimates are based on Wall Street consensus estimates which reflect the Permian Earthstone Acquisition. 2. Shown pro forma for the Vital Acquisitions. 2023E estimates are not available. Sources: Company management, Capital IQ and public filings. Projected Growth (2023E-2024E Production) 19.0% 18.1% 11.3% 8.1% 3.8% NA Median: 14.7% MTDR HPK PR [1] Company CPE VTLE [2] 30.6% 23.4% 17.0% 15.8% 7.7% NA Median: 20.2% MTDR HPK PR [1] Company CPE VTLE [2] 8

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Selected Benchmarking Data Projected Growth (2024E-2025E EBITDA) 1. Shown pro forma for the Permian Earthstone Acquisition. 2. Shown pro forma for the Vital Acquisitions. Sources: Company management, Capital IQ and public filings. Projected Growth (2024E-2025E Production) 8.4% 8.2% 7.3% 5.8% 0.6% NA Median: 7.0% VTLE [2] MTDR Company PR [1] CPE HPK 7.4% 5.2% 3.9% 2.1% -4.4% NA Median: 4.6% MTDR CPE PR [1] Company VTLE [2] HPK 9

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Selected Benchmarking Data (cont.) 81.6% 46.4% 22.2% 7.4% -0.3% -6.7% Median: 22.2% HPK PR MTDR VTLE CPE Company Internal Investment (2023E Capital Expenditures / EBITDA) Internal Investment (2024E Capital Expenditures / EBITDA) 1. Shown pro forma for the Permian Earthstone Acquisition. 2. Shown pro forma for the Vital Acquisitions. 2023E estimates are not available. Sources: Company management, Capital IQ and public filings. 111.8% 73.2% 70.1% 68.5% 65.0% NA Median: 69.3% HPK Company CPE MTDR PR [1] VTLE [2] 73.2% 63.2% 62.5% 57.0% 51.3% 33.2% Median: 62.5% HPK CPE VTLE [2] MTDR PR [1] Company 10

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Selected Benchmarking Data (cont.) 1. Shown pro forma for the Permian Earthstone Acquisition. 2. Shown pro forma for the Vital Acquisitions. Source: public filings for period ending 12/31/22. 114.9% 72.3% 72.0% 70.2% 65.6% NA Median: 72.1% HPK MTDR CPE VTLE Company PR 2022 Proved Reserves 2022 PV-10 1,035 627 480 359 123 92 Median: 480 PR [1] VTLE [2] CPE MTDR HPK Company $17,780 $10,404 $9,004 $6,983 $3,417 $1,462 Median: $9,004 PR [1] VTLE [2] CPE MTDR HPK Company 11

| Page 1. Selected Public Market Observations 3 2. Benchmarking Data 7 3. Selected Technical Observations 12 4. Pricing 27 5. NAV Analysis Detail 29 6. Glossary of Selected Terms 36 7. Disclaimer 39

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW 1 10 100 01/2015 01/2016 01/2017 01/2018 01/2019 01/2020 01/2021 01/2022 01/2023 01/2024 01/2025 01/2026 01/2027 01/2028 01/2029 01/2030 Daily Production Bblpd and Mcfpd Historical Oil Historical Gas PDP Production Forecast Review Houlihan Lokey compared gross historical production to gross forecasted production by basin, analyzing (i) production rate and (ii) decline rate: (i) Forecasted production rate is in line with recent output (ii) Forecasted decline rate ties to historical trends Well concentration is well diversified with 80% of PDP value coming from >30% of the Company’s wells Source: Company’s 3Q23 ARIES database Note: Gross production shown; Full historical production is current thru 10/2023; PV10 based on 11/1/23 strip pricing, effective 9/1/2023 Top 80% (41 wells) Bottom 20% (80 wells) 21% NTM Decline Key Points Gross PDP Production Profile PDP Well Concentration Top 80% of PDP value resides within 34% of wells 13

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Monument Draw West Quito Draw Hackberry Draw Fixed LOE ($M / Well / Month) Variable LOE ( $ / Bw) (2) $60.9 - $15.0 $30.0 $45.0 $60.0 YE-19 YE-20 YE-21 YE-22 1Q-23 Yr 1-7 $31.9 - $15.0 $30.0 $45.0 $60.0 YE-19 YE-20 YE-21 YE-22 1Q-23 Yr 1-7 $41.0 - $15.0 $30.0 $45.0 $60.0 YE-19 YE-20 YE-21 YE-22 1Q-23 Yr 1-4 $0.75 - $0.30 $0.60 $0.90 $1.20 $1.50 YE-19 YE-20 YE-21 YE-22 1Q-23 Proj. $0.75 - $0.30 $0.60 $0.90 $1.20 $1.50 YE-19 YE-20 YE-21 YE-22 1Q-23 Proj. $1.08 - $0.30 $0.60 $0.90 $1.20 $1.50 YE-19 YE-20 YE-21 YE-22 1Q-23 Proj. Projection Summaries | PDP LOS - Historical and Projected LOE Set forth below is a summary of the Company’s historical and projected fixed and variable LOE costs Assumes gas lift, which many wells are 2+ years without; switching to rod pump after 7 years production life (similar to legacy wells) Assumes jet pump; switching to rod pump after 4 years production life Assumes jet pump; switching to rod pump after 7 years production life. HBD's reversion date reflects larger volumes for longer SWD Forecast Fixed LOE Forecast Workover 6 Month Average 6Mo Avg. LOE = $27 6Mo Avg. LOE = $31 6Mo Avg. LOE = $41 6 Month Average 6Mo Avg. SWD = $0.87 6Mo Avg. SWD = $0.80 6Mo Avg. SWD = $0.72 Source: Company management. (1) Projections assume stepdowns of ~$29k/well/mo in year 5 for MD; ~$15k in year 8 for WQ; ~$30k in year 8 for HD; (2) Represents WaterBridge Contract. (1) (1) (1) 14

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Total Company GTO ($ / Boe) Total LOE + Workover Excluding GTO ($ / Boe) $11.57 $11.26 $11.35 $13.23 $12.08 $7.78 $8.08 1H-22 2H-22 1Q-23 2Q-23 4Q-23 1Q-24 2Q-24 Asset Overview | PDP LOS – GTO & LOE Cost Breakdown Set forth below are the Company’s historical and projected Gathering, Transportation and Other cost and LOE costs per Boe GTO / Boe Forecast Source: Company management. LOE / Boe Workover / Boe Forecast Decrease primarily driven by AGI, providing low cost treating Q1-24 $8.68 $8.40 $8.02 $8.76 $0.83 $1.51 $0.92 $2.03 $10.45 $9.89 $10.46 1H-22 2H-22 1Q-23 2Q-23 4Q-23 1Q-24 2Q-24 15

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW GOR Historical vs. Projections Trend Monument Draw PDP (Historical vs Forecast Detail) | Mcf of Gas to Bbl of Oil Ratio Source: Company provided ARIES reserves database. Current database assumptions for go-forward GOR are in line with recent trends 3.5x 3.6x 3.7x 3.9x 3.9x 4.3x 4.7x 4.6x Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 4.8x 5.0x 5.1x 5.2x 5.2x YE-23 YE-24 YE-25 YE-26 YE-27 Historical Forecast 16

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW LOE Historical vs. Projections Trend Source: Company provided ARIES reserves database. 1. Excludes July 2023 2. Excludes prior period workover adjustment Current database assumptions for go-forward LOE + Workover Expenses (Excluding GTO) are in line with the last 5 months LOE (Historical vs Forecast Detail) | $ / boe Historical LOE Historical Workover Forecast L5M Average (1) $8.62 $8.24 $7.22 $8.19 $9.03 $9.12 $8.32 $10.25 $0.61 $0.55 $1.55 $2.66 $1.14 $2.24 $1.59 $9.23 $8.79 $8.77 $10.85 $10.17 $11.36 $8.32 $11.83 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 (2) $10.45 $10.67 $9.51 $8.52 $8.50 YE-23 YE-24 YE-25 YE-26 YE-27 17

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline Monument Draw | 3BS Type Well Selection Map Monument Draw type wells completed on or after 2015 with proppant loading greater than 1,500 lbs/ft Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 1,230 / 1,792 Initial Decline (%): Oil / Gas 80% / 62% b-factor: Oil / Gas 1.2 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 819 / 2,087 EURT: (2-Stream Mboe) / % Oil (1) 1,167 / 70% Type Curve Type Wells BATL Type Wells Avg Source: Company management. (1) EURT: Technical EUR with 50 year cut off 18

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline Monument Draw | WCA Type Well Selection Map Monument Draw type wells completed on or after 2015 with proppant loading greater than 1,500 lbs/ft Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 956 / 1,374 Initial Decline (%): Oil / Gas 66% / 49% b-factor: Oil / Gas 1.2 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 1,012 / 2,285 EURT: (2-Stream Mboe) / % Oil (1) 1,393 / 73% Type Curve Type Wells BATL Type Wells Avg Source: Company management (1) EURT: Technical EUR with 50 year cut off 19

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline Monument Draw | WCB Type Well Selection Map Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 885 / 1,264 Initial Decline (%): Oil / Gas 67% / 39% b-factor: Oil / Gas 1.2 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 914 / 2,693 EURT: (2-Stream Mboe) / % Oil (1) 1,363 / 67% Monument Draw type wells completed on or after 2015 with proppant loading greater than 1,500 lbs/ft Type Curve Type Wells BATL Type Wells Avg Source: Company management (1) EURT: Technical EUR with 50 year cut off 20

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline West Quito Draw | 3BS Type Well Selection Map West Quito Draw type wells completed on or after 2015 with proppant loading greater than 1,700 lbs/ft Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 682 / 5,135 Initial Decline (%): Oil / Gas 74% / 73% b-factor: Oil / Gas 1.2 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 552 / 4,307 EURT: (2-Stream Mboe) / % Oil (1) 1,269 / 43% Type Curve Type Wells BATL Type Wells Avg Source: Company management (1) EURT: Technical EUR with 50 year cut off 21

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline West Quito Draw | WCA Type Well Selection Map West Quito Draw type wells completed on or after 2015 with proppant loading greater than 1,700 lbs/ft Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 563 / 4,634 Initial Decline (%): Oil / Gas 64% / 62% b-factor: Oil / Gas 1.2 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 631 / 5,521 EURT: (2-Stream Mboe) / % Oil (1) 1,552 / 41% Type Curve Type Wells BATL Type Wells Avg Source: Company management (1) EURT: Technical EUR with 50 year cut off 22

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline West Quito Draw | WCB Type Well Selection Map West Quito Draw type wells completed on or after 2015 with proppant loading greater than 1,700 lbs/ft Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 494 / 5,636 Initial Decline (%): Oil / Gas 74% / 68% b-factor: Oil / Gas 1.2 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 412 / 5,413 EURT: (2-Stream Mboe) / % Oil (1) 1,315 / 31% Type Curve Type Wells BATL Type Wells Avg Source: Company management (1) EURT: Technical EUR with 50 year cut off 23

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline Hackberry Draw | 3BS Type Well Selection Map Hackberry Draw type wells completed on or after 2015 with proppant loading greater than 2,000 lbs/ft Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 508 / 525 Initial Decline (%): Oil / Gas 62% / 34% b-factor: Oil / Gas 1.1 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 568 / 1,313 EURT: (2-Stream Mboe) / % Oil (1) 787 / 72% Type Curve Type Wells BATL Type Wells Avg Source: Company management (1) EURT: Technical EUR with 50 year cut off 24

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline Hackberry Draw | WCA Type Well Selection Map Hackberry Draw type wells completed on or after 2015 with proppant loading greater than 2,000 lbs/ft Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 561 / 820 Initial Decline (%): Oil / Gas 65% / 33% b-factor: Oil / Gas 1.2 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 608 / 2,033 EURT: (2-Stream Mboe) / % Oil (1) 947 / 64% Type Curve Type Wells BATL Type Wells Avg Source: Company management (1) EURT: Technical EUR with 50 year cut off 25

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Type Curve Decline Hackberry Draw | WCB Type Well Selection Map Hackberry Draw type wells completed on or after 2015 with proppant loading greater than 2,000 lbs/ft Company Parameters Lateral Length 10,000’ Peak Rate: Oil (Bblpd) / Wet Gas (Mcfpd) 626 / 1,110 Initial Decline (%): Oil / Gas 74% / 34% b-factor: Oil / Gas 1.2 / 1.2 EURT: Oil (Mbbl) / Wet Gas (Mmcf) (1) 525 / 2,694 EURT: (2-Stream Mboe) / % Oil (1) 974 / 54% Type Curve Type Wells BATL Type Wells Avg Source: Company management (1) EURT: Technical EUR with 50 year cut off 26

| Page 1. Selected Public Market Observations 3 2. Benchmarking Data 7 3. Selected Technical Observations 12 4. Pricing 27 5. NAV Analysis Detail 29 6. Glossary of Selected Terms 36 7. Disclaimer 39

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW Commodity Pricing Summary (dollars in actuals) WTI Comparison Natural Gas Comparison Source: Capital IQ as of 11/1/23. Date NYMEX Strip Case NYMEX Strip +10% Pricing NYMEX Strip -10% Pricing Natural Gas Crude Oil - WTI Natural Gas Crude Oil - WTI Natural Gas Crude Oil - WTI 2023 $3.10 $84.54 $3.10 $84.54 $3.10 $84.54 2024 $3.57 $77.65 $3.57 $77.65 $3.57 $77.65 2025 $4.10 $73.19 $4.34 $77.41 $3.86 $68.97 2026 $4.12 $69.87 $4.54 $76.85 $3.71 $62.88 2027 $4.06 $67.31 $4.46 $74.04 $3.65 $60.58 After $4.06 $67.31 $4.46 $74.04 $3.65 $60.58 $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 2023 2024 2025 2026 2027 After NYMEX Strip Case NYMEX Strip +10% Pricing NYMEX Strip -10% Pricing $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 2023 2024 2025 2026 2027 After NYMEX Strip Case NYMEX Strip +10% Pricing NYMEX Strip -10% Pricing 28

| Page 1. Selected Public Market Observations 3 2. Benchmarking Data 7 3. Selected Technical Observations 12 4. Pricing 27 5. NAV Analysis Detail 29 6. Glossary of Selected Terms 36 7. Disclaimer 39

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW NAV Detail Strip Analysis (dollars in thousands) Note: Present values as of 9/1/2023. 1. Taxes include Production and Ad Valorem taxes. Source: Company management and Bloomberg. PDP Production (Net Mboe) Revenue Taxes [1] Operating Expenses Capital Expenditures Abandonment Expenses Salvage Gain Undiscounted Cash Flow Discounted Cash Flow (PV10) 2023E 1,550.4 $77,863.5 $4,844.5 $35,677.0 $0.0 $0.0 $0.0 $37,342.0 $36,769.7 2024E 3,992.4 $183,513.3 $11,465.2 $78,464.0 $0.0 $0.0 $0.0 $93,584.1 $86,751.4 2025E 3,337.7 $145,393.6 $9,125.1 $64,783.0 $0.0 $0.0 $0.0 $71,485.5 $60,134.8 2026E 2,914.4 $121,574.5 $7,743.4 $55,519.8 $0.0 $7,083.9 $461.0 $51,688.3 $39,431.0 2027E 2,605.9 $104,759.2 $6,701.7 $51,395.4 $0.0 $230.5 $15.0 $46,446.6 $32,277.8 2028E 2,359.0 $94,590.8 $6,101.5 $48,531.1 $0.0 $461.0 $30.0 $39,527.3 $24,973.5 2029E 2,149.3 $85,841.6 $5,757.2 $45,130.8 $0.0 $9.3 $0.6 $34,944.8 $20,073.2 2030E 1,985.6 $79,151.3 $5,363.1 $43,152.8 $0.0 $49.3 $3.2 $30,589.3 $15,971.3 2031E 1,837.6 $73,222.8 $4,961.9 $41,319.4 $0.0 $461.0 $30.0 $26,510.4 $12,588.1 2032E 1,705.5 $67,916.1 $4,603.1 $39,111.3 $0.0 $0.0 $0.0 $24,201.7 $10,443.4 2033E 1,584.7 $63,000.9 $4,271.6 $37,652.7 $0.0 $240.4 $15.6 $20,851.9 $8,178.9 2034E 1,451.1 $57,687.0 $3,910.8 $35,515.1 $0.0 $230.5 $15.0 $18,045.6 $6,435.5 2035E 1,324.4 $52,744.6 $3,573.8 $33,463.1 $0.0 $691.5 $45.0 $15,061.2 $4,887.2 2036E 1,211.9 $48,379.3 $3,275.5 $31,715.5 $0.0 $691.7 $45.0 $12,741.6 $3,763.0 2037E 1,080.7 $43,210.9 $2,923.8 $29,031.1 $0.0 $624.3 $40.6 $10,672.3 $2,861.5 2038E 960.1 $38,305.5 $2,592.7 $26,334.0 $0.0 $1,151.7 $74.9 $8,302.0 $2,024.2 2039E 849.1 $33,810.7 $2,289.4 $23,803.1 $0.0 $0.0 $0.0 $7,718.2 $1,710.0 2040E 760.7 $30,259.6 $2,049.9 $21,973.0 $0.0 $1,844.0 $120.0 $4,512.7 $905.6 2041E 659.3 $26,106.4 $1,770.7 $19,405.2 $0.0 $1,383.0 $90.0 $3,637.4 $668.9 2042E 568.3 $22,622.4 $1,531.8 $17,288.4 $0.0 $893.2 $58.1 $2,967.1 $496.3 2043E 497.0 $19,885.2 $1,343.9 $15,729.6 $0.0 $922.0 $60.0 $1,949.6 $297.5 2044E 421.2 $16,773.1 $1,134.6 $13,686.7 $0.0 $1,075.7 $70.0 $946.1 $130.9 2045E 331.6 $13,108.0 $888.0 $10,958.8 $0.0 $921.5 $60.0 $399.5 $50.7 2046E 280.2 $10,885.9 $740.7 $9,445.6 $0.0 $883.6 $57.5 ($126.6) ($12.9) 2047E 212.6 $8,069.6 $551.8 $7,263.4 $0.0 $1,287.2 $83.8 ($949.0) ($96.0) 2048E 169.8 $6,219.8 $429.0 $5,859.0 $0.0 $883.8 $57.5 ($894.5) ($84.2) 2049E 126.2 $4,254.8 $300.1 $4,255.0 $0.0 $863.2 $56.2 ($1,107.3) ($94.0) 2050E 118.1 $3,969.0 $280.1 $4,001.8 $0.0 $1,379.3 $89.8 ($1,602.5) ($124.7) 2051E 101.0 $3,341.9 $236.8 $2,668.6 $0.0 $821.2 $53.4 ($331.2) ($23.0) 2052E 88.0 $2,872.0 $204.2 $1,736.4 $0.0 $234.0 $15.2 $712.7 $45.2 2053E 82.6 $2,697.9 $191.8 $1,700.9 $0.0 $0.0 $0.0 $805.2 $47.0 2054E 76.2 $2,485.5 $176.7 $1,620.3 $0.0 $230.5 $15.0 $473.0 $25.0 2055E 68.7 $2,239.1 $159.2 $1,496.5 $0.0 $0.0 $0.0 $583.4 $28.1 2056E 64.6 $2,104.8 $149.7 $1,468.9 $0.0 $0.0 $0.0 $486.2 $21.3 2057E 60.7 $1,978.5 $140.7 $1,443.0 $0.0 $200.9 $13.1 $207.0 $8.4 2058E 57.0 $1,859.8 $132.3 $1,418.6 $0.0 $0.0 $0.0 $308.9 $11.2 2059E 50.8 $1,662.0 $118.1 $1,314.6 $0.0 $0.0 $0.0 $229.2 $7.6 2060E 45.8 $1,502.5 $106.7 $1,237.0 $0.0 $0.0 $0.0 $158.9 $4.8 2061E 38.9 $1,286.3 $91.1 $1,099.9 $0.0 $0.0 $0.0 $95.2 $2.6 2062E 24.7 $833.0 $58.6 $728.4 $0.0 $190.3 $12.4 ($131.9) ($3.3) 2063E 17.8 $612.8 $42.9 $556.5 $0.0 $0.0 $0.0 $13.4 $0.3 2064E 12.6 $443.0 $30.8 $423.0 $0.0 $221.9 $14.4 ($218.4) ($4.6) 2065E 8.6 $266.9 $19.3 $272.4 $0.0 $635.0 $41.3 ($618.5) ($11.7) 2066E 0.0 $0.0 $0.0 $0.0 $0.0 $220.8 $14.4 ($206.5) ($3.4) 2067E 0.0 $0.0 $0.0 $0.0 $0.0 $230.5 $15.0 ($215.5) ($3.2) 2068E 0.0 $0.0 $0.0 $0.0 $0.0 $345.1 $22.5 ($322.6) ($4.3) 2069E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2070E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2071E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2072E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2073E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total 37,842.7 $1,559,305.1 $102,384.0 $869,650.7 $0.0 $27,591.8 $1,795.6 $561,474.1 $371,560.6 30

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW NAV Detail Strip Analysis (cont.) (dollars in thousands) Note: Present values as of 9/1/2023. 1. Taxes include Production and Ad Valorem taxes. Source: Company management and Bloomberg. Production (Net Mboe) Revenue Taxes [1] Operating Expenses Capital Expenditures Abandonment Expenses Salvage Gain Undiscounted Cash Flow Discounted Cash Flow (PV10) 2023E 63.4 $4,354.0 $271.4 $753.3 $33,357.8 $0.0 $0.0 ($30,028.5) ($29,669.5) 2024E 751.1 $45,821.4 $2,882.0 $11,198.0 $35,718.4 $0.0 $0.0 ($3,977.1) ($3,809.7) 2025E 1,789.4 $102,156.1 $6,457.6 $21,410.0 $126,853.2 $0.0 $0.0 ($52,564.7) ($45,118.8) 2026E 3,027.4 $162,856.2 $10,340.9 $35,288.2 $130,956.3 $0.0 $0.0 ($13,729.2) ($11,242.9) 2027E 3,899.0 $187,210.3 $12,090.4 $47,152.7 $124,906.2 $0.0 $0.0 $3,061.0 $1,867.3 2028E 5,057.4 $238,757.5 $15,475.2 $57,461.8 $139,194.5 $0.0 $0.0 $26,626.1 $16,645.4 2029E 4,255.5 $200,382.6 $13,000.5 $53,713.7 $4,740.5 $0.0 $0.0 $128,927.9 $74,324.5 2030E 2,940.7 $133,982.4 $8,760.7 $44,621.4 $0.0 $0.0 $0.0 $80,600.3 $42,161.3 2031E 2,305.0 $104,603.9 $6,846.1 $38,400.7 $0.0 $0.0 $0.0 $59,357.1 $28,203.2 2032E 1,919.3 $86,977.2 $5,694.2 $33,616.1 $0.0 $0.0 $0.0 $47,666.9 $20,582.4 2033E 1,655.9 $74,970.1 $4,909.2 $30,586.9 $0.0 $0.0 $0.0 $39,474.0 $15,487.3 2034E 1,462.5 $66,162.1 $4,333.2 $27,909.7 $0.0 $0.0 $0.0 $33,919.3 $12,098.4 2035E 1,313.3 $59,379.5 $3,889.5 $26,527.2 $0.0 $0.0 $0.0 $28,962.8 $9,391.9 2036E 1,194.4 $53,972.2 $3,535.7 $25,778.6 $0.0 $0.0 $0.0 $24,658.0 $7,268.6 2037E 1,096.9 $49,546.8 $3,246.1 $25,165.4 $0.0 $0.0 $0.0 $21,135.3 $5,663.6 2038E 1,015.4 $45,844.6 $3,003.8 $24,652.2 $0.0 $0.0 $0.0 $18,188.6 $4,430.8 2039E 945.6 $42,677.4 $2,796.6 $24,213.1 $0.0 $0.0 $0.0 $15,667.8 $3,469.8 2040E 884.3 $39,896.2 $2,614.5 $23,827.0 $0.0 $0.0 $0.0 $13,454.7 $2,708.9 2041E 829.0 $37,395.8 $2,450.8 $23,478.9 $0.0 $0.0 $0.0 $11,466.2 $2,098.8 2042E 778.4 $35,112.3 $2,301.1 $23,160.3 $0.0 $0.0 $0.0 $9,650.9 $1,606.2 2043E 731.6 $32,998.5 $2,162.6 $22,864.9 $0.0 $0.0 $0.0 $7,971.0 $1,206.2 2044E 687.7 $31,018.5 $2,032.9 $22,588.1 $0.0 $0.0 $0.0 $6,397.5 $880.3 2045E 628.1 $28,284.5 $1,854.4 $21,490.5 $0.0 $0.0 $0.0 $4,939.6 $618.1 2046E 585.8 $26,364.1 $1,728.7 $21,042.8 $0.0 $0.0 $0.0 $3,592.7 $409.0 2047E 517.8 $23,213.9 $1,523.4 $19,317.4 $0.0 $461.0 $30.0 $1,942.1 $203.4 2048E 437.9 $19,489.8 $1,281.1 $16,885.8 $0.0 $0.0 $0.0 $1,322.9 $124.8 2049E 349.2 $15,338.0 $1,011.2 $13,870.8 $0.0 $461.0 $30.0 $25.0 $3.5 2050E 185.0 $7,552.5 $506.5 $7,157.1 $0.0 $1,152.5 $75.0 ($1,188.6) ($91.3) 2051E 108.4 $3,939.3 $272.0 $4,029.4 $0.0 $1,140.5 $74.2 ($1,428.3) ($100.5) 2052E 80.4 $2,679.2 $189.4 $3,008.1 $0.0 $2,979.2 $193.9 ($3,303.7) ($208.7) 2053E 64.3 $1,980.8 $143.3 $2,452.9 $0.0 $3,227.0 $210.0 ($3,632.3) ($211.6) 2054E 60.5 $1,862.0 $134.7 $2,426.1 $0.0 $230.5 $15.0 ($914.3) ($48.3) 2055E 56.9 $1,750.3 $126.6 $1,233.2 $0.0 $691.5 $45.0 ($256.0) ($13.2) 2056E 53.4 $1,645.2 $119.0 $820.3 $0.0 $0.0 $0.0 $706.0 $30.9 2057E 50.2 $1,546.5 $111.9 $798.1 $0.0 $0.0 $0.0 $636.6 $25.3 2058E 47.2 $1,453.7 $105.1 $777.2 $0.0 $0.0 $0.0 $571.4 $20.7 2059E 44.4 $1,366.5 $98.8 $757.6 $0.0 $0.0 $0.0 $510.1 $16.8 2060E 41.7 $1,284.5 $92.9 $739.2 $0.0 $0.0 $0.0 $452.5 $13.5 2061E 39.2 $1,207.5 $87.3 $721.8 $0.0 $0.0 $0.0 $398.3 $10.8 2062E 36.9 $1,135.0 $82.1 $705.5 $0.0 $0.0 $0.0 $347.4 $8.6 2063E 34.7 $1,066.9 $77.2 $690.2 $0.0 $0.0 $0.0 $299.5 $6.7 2064E 32.6 $1,002.9 $72.5 $675.8 $0.0 $0.0 $0.0 $254.5 $5.2 2065E 30.6 $942.7 $68.2 $662.3 $0.0 $0.0 $0.0 $212.2 $3.9 2066E 28.8 $886.2 $64.1 $649.6 $0.0 $0.0 $0.0 $172.5 $2.9 2067E 27.1 $833.0 $60.2 $637.6 $0.0 $0.0 $0.0 $135.1 $2.1 2068E 25.4 $783.0 $56.6 $626.4 $0.0 $0.0 $0.0 $100.0 $1.4 2069E 23.9 $736.0 $53.2 $615.8 $0.0 $0.0 $0.0 $67.0 $0.9 2070E 22.5 $691.9 $50.0 $605.9 $0.0 $0.0 $0.0 $35.9 $0.4 2071E 15.4 $473.7 $34.3 $430.6 $0.0 $617.7 $40.2 ($568.7) ($4.4) 2072E 0.9 $28.3 $2.0 $26.2 $0.0 $221.7 $14.4 ($207.2) ($1.5) 2073E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total 42,232.4 $1,985,613.6 $129,102.0 $768,222.3 $595,727.0 $11,182.6 $727.7 $482,107.4 $161,083.5 PUD 31

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW NAV Detail Strip +10% Analysis (dollars in thousands) Note: Present values as of 9/1/2023. 1. Taxes include Production and Ad Valorem taxes. Source: Company management and Bloomberg. PDP Production (Net Mboe) Revenue Taxes [1] Operating Expenses Capital Expenditures Abandonment Expenses Salvage Gain Undiscounted Cash Flow Discounted Cash Flow (PV10) 2023E 1,554.0 $77,904.6 $4,848.1 $35,733.9 $0.0 $0.0 $0.0 $37,322.6 $36,750.6 2024E 4,027.2 $184,887.8 $11,559.0 $80,027.9 $0.0 $0.0 $0.0 $93,300.9 $86,490.5 2025E 3,380.7 $155,957.7 $9,800.6 $66,365.4 $0.0 $0.0 $0.0 $79,791.7 $67,120.8 2026E 2,933.9 $135,013.0 $8,608.9 $56,081.6 $0.0 $6,435.6 $418.8 $64,305.7 $49,062.5 2027E 2,615.3 $115,936.8 $7,423.3 $51,557.1 $0.0 $230.5 $15.0 $56,740.9 $39,430.4 2028E 2,368.5 $105,016.8 $6,777.1 $48,943.8 $0.0 $0.0 $0.0 $49,295.9 $31,147.1 2029E 2,176.3 $96,375.4 $6,468.7 $46,443.8 $0.0 $691.5 $45.0 $42,816.4 $24,585.7 2030E 2,016.6 $89,217.8 $6,049.1 $44,705.9 $0.0 $427.1 $27.8 $38,063.5 $19,879.7 2031E 1,875.6 $82,851.1 $5,619.7 $43,053.7 $0.0 $0.2 $0.0 $34,177.5 $16,221.5 2032E 1,730.7 $76,095.0 $5,167.8 $40,009.2 $0.0 $0.0 $0.0 $30,918.1 $13,340.1 2033E 1,620.5 $71,237.8 $4,838.2 $39,083.1 $0.0 $0.0 $0.0 $27,316.6 $10,715.0 2034E 1,500.5 $65,978.1 $4,480.6 $37,466.6 $0.0 $470.9 $30.6 $23,590.7 $8,417.1 2035E 1,398.8 $61,416.2 $4,172.3 $36,209.5 $0.0 $279.6 $18.2 $20,773.0 $6,732.2 2036E 1,290.7 $56,713.5 $3,851.4 $34,598.9 $0.0 $230.5 $15.0 $18,047.7 $5,322.1 2037E 1,181.5 $51,824.2 $3,520.5 $32,583.1 $0.0 $461.2 $30.0 $15,289.4 $4,096.4 2038E 1,079.3 $47,461.1 $3,221.5 $30,843.8 $0.0 $461.0 $30.0 $12,964.8 $3,156.3 2039E 962.6 $42,353.5 $2,873.9 $28,219.2 $0.0 $883.6 $57.5 $10,434.3 $2,310.5 2040E 856.8 $37,725.3 $2,559.3 $25,780.0 $0.0 $691.2 $45.0 $8,739.8 $1,758.9 2041E 751.4 $33,022.5 $2,241.0 $23,066.1 $0.0 $691.1 $45.0 $7,069.3 $1,293.6 2042E 677.4 $29,581.4 $2,011.0 $21,331.7 $0.0 $1,815.2 $118.1 $4,541.7 $756.7 2043E 591.5 $25,723.8 $1,750.7 $19,042.6 $0.0 $1,148.6 $74.7 $3,856.6 $586.7 2044E 519.9 $22,515.5 $1,534.1 $17,183.9 $0.0 $922.0 $60.0 $2,935.6 $403.2 2045E 444.2 $19,488.3 $1,322.1 $15,365.3 $0.0 $922.0 $60.0 $1,938.8 $243.9 2046E 373.9 $16,308.9 $1,107.9 $13,255.0 $0.0 $1,075.7 $70.0 $940.5 $108.0 2047E 298.5 $12,918.7 $879.2 $10,785.4 $0.0 $691.0 $45.0 $608.0 $63.9 2048E 243.7 $10,409.0 $711.1 $8,996.7 $0.0 $1,114.1 $72.5 ($340.4) ($32.0) 2049E 185.3 $7,692.3 $529.0 $6,895.5 $0.0 $1,287.2 $83.8 ($935.7) ($79.0) 2050E 142.7 $5,650.4 $393.4 $5,139.7 $0.0 $883.8 $57.5 ($708.9) ($55.3) 2051E 101.0 $3,715.5 $264.1 $2,669.6 $0.0 $1,064.9 $69.3 ($213.8) ($17.4) 2052E 88.0 $3,193.8 $227.8 $1,736.4 $0.0 $1,379.3 $89.8 ($59.9) ($5.0) 2053E 82.7 $3,002.2 $214.2 $1,700.9 $0.0 $1,051.7 $68.4 $103.9 $6.6 2054E 77.7 $2,821.6 $201.3 $1,667.6 $0.0 $234.0 $15.2 $734.0 $38.8 2055E 73.0 $2,651.1 $189.1 $1,636.3 $0.0 $0.0 $0.0 $825.7 $39.8 2056E 68.3 $2,477.7 $176.8 $1,593.5 $0.0 $0.0 $0.0 $707.5 $31.0 2057E 60.7 $2,200.3 $157.0 $1,443.0 $0.0 $0.0 $0.0 $600.3 $23.9 2058E 57.0 $2,068.3 $147.6 $1,418.6 $0.0 $0.0 $0.0 $502.0 $18.2 2059E 53.6 $1,944.2 $138.7 $1,395.7 $0.0 $200.9 $13.1 $221.9 $7.6 2060E 50.4 $1,827.5 $130.4 $1,374.2 $0.0 $0.0 $0.0 $322.9 $9.7 2061E 46.3 $1,681.9 $120.0 $1,320.4 $0.0 $0.0 $0.0 $241.5 $6.6 2062E 40.5 $1,476.2 $105.2 $1,201.8 $0.0 $0.0 $0.0 $169.2 $4.2 2063E 36.0 $1,319.4 $93.9 $1,121.8 $0.0 $0.0 $0.0 $103.7 $2.3 2064E 24.4 $908.2 $64.3 $793.3 $0.0 $190.3 $12.4 ($127.3) ($2.5) 2065E 15.5 $590.4 $41.6 $533.2 $0.0 $0.0 $0.0 $15.7 $0.3 2066E 0.0 $0.0 $0.0 $0.0 $0.0 $222.2 $14.5 ($207.7) ($3.5) 2067E 0.0 $0.0 $0.0 $0.0 $0.0 $634.8 $41.3 ($593.5) ($9.1) 2068E 0.0 $0.0 $0.0 $0.0 $0.0 $796.4 $51.8 ($744.6) ($10.0) 2069E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2070E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2071E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2072E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2073E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total 39,673.1 $1,769,154.9 $116,591.3 $940,374.6 $0.0 $27,588.0 $1,795.3 $686,396.3 $429,968.7 32

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW NAV Detail Strip +10% Analysis (cont.) (dollars in thousands) Note: Present values as of 9/1/2023. 1. Taxes include Production and Ad Valorem taxes. Source: Company management and Bloomberg. Production (Net Mboe) Revenue Taxes [1] Operating Expenses Capital Expenditures Abandonment Expenses Salvage Gain Undiscounted Cash Flow Discounted Cash Flow (PV10) 2023E 63.4 $4,354.0 $271.4 $753.3 $33,357.8 $0.0 $0.0 ($30,028.5) ($29,669.5) 2024E 751.1 $45,821.4 $2,882.0 $11,198.0 $35,718.4 $0.0 $0.0 ($3,977.1) ($3,809.7) 2025E 1,789.4 $108,152.3 $6,839.3 $21,410.0 $126,853.2 $0.0 $0.0 ($46,950.2) ($40,441.3) 2026E 3,027.4 $179,459.8 $11,403.5 $35,288.2 $130,956.3 $0.0 $0.0 $1,811.7 $595.7 2027E 3,899.0 $206,497.9 $13,350.7 $47,152.7 $124,906.2 $0.0 $0.0 $21,088.3 $14,377.7 2028E 5,057.4 $263,439.0 $17,095.7 $57,461.8 $139,194.5 $0.0 $0.0 $49,687.1 $31,174.9 2029E 4,255.5 $221,064.6 $14,358.5 $53,713.7 $4,740.5 $0.0 $0.0 $148,251.9 $85,460.1 2030E 2,940.7 $147,859.7 $9,679.9 $44,621.4 $0.0 $0.0 $0.0 $93,558.4 $48,935.4 2031E 2,305.0 $115,445.0 $7,564.9 $38,400.7 $0.0 $0.0 $0.0 $69,479.3 $33,010.6 2032E 1,919.3 $95,993.9 $6,292.4 $33,616.1 $0.0 $0.0 $0.0 $56,085.4 $24,215.9 2033E 1,655.9 $82,743.5 $5,425.0 $30,586.9 $0.0 $0.0 $0.0 $46,731.6 $18,334.3 2034E 1,462.5 $73,023.3 $4,788.6 $27,909.7 $0.0 $0.0 $0.0 $40,325.0 $14,382.5 2035E 1,313.3 $65,538.0 $4,298.3 $26,527.2 $0.0 $0.0 $0.0 $34,712.4 $11,255.5 2036E 1,194.4 $59,570.5 $3,907.4 $25,778.6 $0.0 $0.0 $0.0 $29,884.5 $8,808.5 2037E 1,096.9 $54,686.4 $3,587.4 $25,165.4 $0.0 $0.0 $0.0 $25,933.6 $6,948.7 2038E 1,015.4 $50,600.6 $3,319.7 $24,652.2 $0.0 $0.0 $0.0 $22,628.7 $5,511.8 2039E 945.6 $47,105.2 $3,090.7 $24,213.1 $0.0 $0.0 $0.0 $19,801.5 $4,384.6 2040E 884.3 $44,035.7 $2,889.5 $23,827.0 $0.0 $0.0 $0.0 $17,319.2 $3,486.4 2041E 829.0 $41,276.0 $2,708.5 $23,478.9 $0.0 $0.0 $0.0 $15,088.6 $2,761.4 2042E 778.4 $38,755.6 $2,543.2 $23,160.3 $0.0 $0.0 $0.0 $13,052.2 $2,171.7 2043E 731.6 $36,422.5 $2,390.1 $22,864.9 $0.0 $0.0 $0.0 $11,167.5 $1,689.4 2044E 687.7 $34,237.0 $2,246.7 $22,588.1 $0.0 $0.0 $0.0 $9,402.2 $1,293.2 2045E 646.4 $32,182.8 $2,111.9 $22,328.0 $0.0 $0.0 $0.0 $7,742.9 $968.4 2046E 604.8 $30,104.9 $1,975.6 $21,945.5 $0.0 $0.0 $0.0 $6,183.8 $703.3 2047E 555.0 $27,586.4 $1,810.9 $21,029.4 $0.0 $0.0 $0.0 $4,746.1 $490.9 2048E 514.1 $25,529.7 $1,676.3 $20,440.0 $0.0 $0.0 $0.0 $3,413.4 $321.2 2049E 450.5 $22,275.0 $1,464.1 $18,591.6 $0.0 $461.0 $30.0 $1,788.4 $154.4 2050E 379.4 $18,615.8 $1,225.8 $16,190.5 $0.0 $0.0 $0.0 $1,199.6 $93.6 2051E 288.4 $13,907.2 $919.5 $12,618.1 $0.0 $922.0 $60.0 ($492.5) ($32.8) 2052E 146.3 $6,466.6 $436.9 $6,158.2 $0.0 $922.0 $60.0 ($990.5) ($61.9) 2053E 94.4 $3,786.4 $262.5 $3,876.0 $0.0 $1,123.2 $73.1 ($1,402.2) ($81.5) 2054E 66.9 $2,410.6 $172.3 $2,737.3 $0.0 $3,457.5 $225.0 ($3,731.6) ($195.7) 2055E 56.9 $1,949.4 $141.5 $1,233.2 $0.0 $2,535.5 $165.0 ($1,795.7) ($87.7) 2056E 53.4 $1,832.4 $133.0 $820.3 $0.0 $461.0 $30.0 $448.2 $20.0 2057E 50.2 $1,722.5 $125.0 $798.1 $0.0 $461.0 $30.0 $368.4 $14.5 2058E 47.2 $1,619.1 $117.5 $777.2 $0.0 $0.0 $0.0 $724.4 $26.2 2059E 44.4 $1,522.0 $110.5 $757.6 $0.0 $0.0 $0.0 $653.9 $21.5 2060E 41.7 $1,430.7 $103.8 $739.2 $0.0 $0.0 $0.0 $587.7 $17.6 2061E 39.2 $1,344.8 $97.6 $721.8 $0.0 $0.0 $0.0 $525.4 $14.3 2062E 36.9 $1,264.1 $91.7 $705.5 $0.0 $0.0 $0.0 $466.9 $11.5 2063E 34.7 $1,188.3 $86.2 $690.2 $0.0 $0.0 $0.0 $411.8 $9.3 2064E 32.6 $1,117.0 $81.1 $675.8 $0.0 $0.0 $0.0 $360.1 $7.4 2065E 30.6 $1,050.0 $76.2 $662.3 $0.0 $0.0 $0.0 $311.5 $5.8 2066E 28.8 $987.0 $71.6 $649.6 $0.0 $0.0 $0.0 $265.8 $4.5 2067E 27.1 $927.8 $67.3 $637.6 $0.0 $0.0 $0.0 $222.8 $3.4 2068E 25.4 $872.1 $63.3 $626.4 $0.0 $0.0 $0.0 $182.4 $2.5 2069E 23.9 $819.8 $59.5 $615.8 $0.0 $0.0 $0.0 $144.4 $1.8 2070E 22.5 $770.6 $55.9 $605.9 $0.0 $0.0 $0.0 $108.7 $1.3 2071E 21.1 $724.3 $52.6 $596.6 $0.0 $0.0 $0.0 $75.2 $0.8 2072E 19.9 $680.9 $49.4 $587.8 $0.0 $0.0 $0.0 $43.7 $0.4 2073E 9.5 $325.0 $23.6 $290.8 $0.0 $839.5 $54.6 ($774.2) ($5.0) Total 42,995.4 $2,221,095.0 $144,596.4 $803,474.3 $595,727.0 $11,182.6 $727.7 $666,842.4 $247,307.7 PUD 33

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW NAV Detail Strip -10% Analysis (dollars in thousands) Note: Present values as of 9/1/2023. 1. Taxes include Production and Ad Valorem taxes. Source: Company management and Bloomberg. PDP Production (Net Mboe) Revenue Taxes [1] Operating Expenses Capital Expenditures Abandonment Expenses Salvage Gain Undiscounted Cash Flow Discounted Cash Flow (PV10) 2023E 1,549.8 $77,857.4 $4,843.9 $35,669.6 $0.0 $0.0 $0.0 $37,343.8 $36,771.4 2024E 3,990.8 $183,491.7 $11,463.3 $78,442.2 $0.0 $0.0 $0.0 $93,586.2 $86,753.4 2025E 3,331.5 $136,307.6 $8,553.1 $64,523.4 $0.0 $0.0 $0.0 $63,231.1 $53,192.6 2026E 2,902.8 $108,304.6 $6,895.0 $55,052.3 $0.0 $7,133.0 $464.2 $39,688.5 $30,259.2 2027E 2,569.2 $92,199.6 $5,893.8 $49,901.4 $0.0 $691.5 $45.0 $35,757.8 $24,865.4 2028E 2,321.4 $83,243.7 $5,363.2 $47,160.5 $0.0 $9.3 $0.6 $30,711.2 $19,409.8 2029E 2,102.5 $75,488.8 $5,046.9 $43,892.5 $0.0 $461.2 $30.0 $26,118.1 $15,010.3 2030E 1,937.0 $69,443.7 $4,689.0 $41,843.7 $0.0 $201.7 $13.1 $22,722.4 $11,864.2 2031E 1,765.5 $63,107.8 $4,263.8 $39,017.3 $0.0 $672.6 $43.8 $19,197.8 $9,120.8 2032E 1,628.0 $58,171.2 $3,930.3 $36,591.0 $0.0 $0.0 $0.0 $17,649.9 $7,617.4 2033E 1,461.2 $52,349.0 $3,533.7 $33,750.4 $0.0 $691.5 $45.0 $14,418.4 $5,658.9 2034E 1,351.6 $48,465.2 $3,270.5 $32,432.1 $0.0 $922.2 $60.0 $11,900.5 $4,244.4 2035E 1,187.4 $42,718.0 $2,879.4 $29,137.7 $0.0 $652.7 $42.5 $10,090.6 $3,279.2 2036E 1,045.9 $37,533.4 $2,530.8 $26,109.8 $0.0 $691.1 $45.0 $8,246.7 $2,426.3 2037E 943.3 $33,698.8 $2,274.8 $24,136.0 $0.0 $1,152.5 $75.0 $6,210.5 $1,674.5 2038E 842.4 $29,990.3 $2,026.2 $22,113.5 $0.0 $1,152.5 $75.0 $4,773.1 $1,166.1 2039E 704.7 $25,262.1 $1,702.9 $18,954.0 $0.0 $922.0 $60.0 $3,743.2 $826.2 2040E 625.1 $22,400.6 $1,509.8 $17,360.6 $0.0 $922.0 $60.0 $2,668.2 $537.5 2041E 554.3 $19,816.4 $1,336.0 $15,914.0 $0.0 $1,152.5 $75.0 $1,489.0 $277.0 2042E 449.3 $15,976.2 $1,077.9 $13,153.6 $0.0 $1,075.2 $70.0 $739.5 $123.0 2043E 366.8 $12,931.1 $873.9 $10,961.9 $0.0 $461.0 $30.0 $664.3 $100.8 2044E 308.9 $10,768.8 $729.5 $9,485.9 $0.0 $1,114.1 $72.5 ($488.2) ($65.6) 2045E 230.4 $7,821.4 $532.5 $7,154.4 $0.0 $1,517.7 $98.8 ($1,284.5) ($159.2) 2046E 184.5 $5,981.2 $411.7 $5,744.2 $0.0 $422.8 $27.5 ($570.0) ($64.2) 2047E 143.5 $4,309.6 $302.5 $4,400.3 $0.0 $1,324.2 $86.2 ($1,631.2) ($166.6) 2048E 133.7 $3,990.7 $280.5 $4,280.8 $0.0 $918.3 $59.8 ($1,429.2) ($133.8) 2049E 125.7 $3,751.2 $263.7 $4,224.7 $0.0 $821.2 $53.4 ($1,504.9) ($127.4) 2050E 118.1 $3,526.2 $247.9 $4,001.8 $0.0 $234.0 $15.2 ($942.3) ($73.6) 2051E 100.9 $2,965.3 $209.2 $2,668.6 $0.0 $0.0 $0.0 $87.5 $4.9 2052E 83.2 $2,406.8 $170.4 $1,604.3 $0.0 $0.0 $0.0 $632.1 $40.6 2053E 77.7 $2,247.9 $159.2 $1,557.0 $0.0 $0.0 $0.0 $531.8 $31.0 2054E 73.1 $2,113.1 $149.6 $1,525.8 $0.0 $230.5 $15.0 $222.2 $11.7 2055E 68.7 $1,986.3 $140.6 $1,496.5 $0.0 $200.9 $13.1 $161.4 $7.4 2056E 62.6 $1,815.0 $128.4 $1,420.2 $0.0 $0.0 $0.0 $266.4 $11.7 2057E 55.2 $1,605.1 $113.5 $1,298.5 $0.0 $0.0 $0.0 $193.1 $7.7 2058E 49.1 $1,434.9 $101.3 $1,207.5 $0.0 $0.0 $0.0 $126.1 $4.6 2059E 37.1 $1,101.4 $77.4 $954.2 $0.0 $190.3 $12.4 ($108.1) ($3.4) 2060E 23.1 $700.2 $48.9 $619.9 $0.0 $0.0 $0.0 $31.4 $0.9 2061E 16.5 $516.3 $35.8 $476.9 $0.0 $221.9 $14.4 ($203.9) ($5.5) 2062E 14.5 $457.8 $31.7 $444.3 $0.0 $634.8 $41.3 ($611.6) ($14.8) 2063E 8.7 $242.8 $17.3 $260.2 $0.0 $0.2 $0.0 ($34.9) ($0.8) 2064E 4.8 $135.4 $9.7 $167.4 $0.0 $220.8 $14.4 ($248.2) ($5.2) 2065E 2.7 $75.2 $5.4 $112.8 $0.0 $0.0 $0.0 ($43.0) ($0.8) 2066E 0.0 $0.0 $0.0 $0.0 $0.0 $413.0 $26.9 ($386.2) ($6.6) 2067E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2068E 0.0 $0.0 $0.0 $0.0 $0.0 $162.5 $10.6 ($152.0) ($2.1) 2069E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2070E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2071E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2072E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2073E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total 35,553.1 $1,348,709.5 $88,125.0 $791,223.5 $0.0 $27,591.8 $1,795.6 $443,564.8 $314,469.1 34

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW NAV Detail Strip -10% Analysis (cont.) (dollars in thousands) Note: Present values as of 9/1/2023. 1. Taxes include Production and Ad Valorem taxes. Source: Company management and Bloomberg. Production (Net Mboe) Revenue Taxes [1] Operating Expenses Capital Expenditures Abandonment Expenses Salvage Gain Undiscounted Cash Flow Discounted Cash Flow (PV10) 2023E 63.4 $4,354.0 $271.4 $753.3 $33,357.8 $0.0 $0.0 ($30,028.5) ($29,669.5) 2024E 751.1 $45,821.4 $2,882.0 $11,198.0 $35,718.4 $0.0 $0.0 ($3,977.1) ($3,809.7) 2025E 1,789.4 $96,159.8 $6,075.9 $21,410.0 $126,853.2 $0.0 $0.0 ($58,179.2) ($49,796.3) 2026E 3,027.4 $146,259.8 $9,279.6 $35,288.2 $130,956.3 $0.0 $0.0 ($29,264.3) ($23,077.0) 2027E 3,899.0 $167,872.8 $10,825.7 $47,152.7 $124,906.2 $0.0 $0.0 ($15,011.8) ($10,674.5) 2028E 5,057.4 $214,007.5 $13,848.6 $57,461.8 $139,194.5 $0.0 $0.0 $3,502.7 $2,076.6 2029E 4,255.5 $179,643.8 $11,637.5 $53,713.7 $4,740.5 $0.0 $0.0 $109,552.1 $63,159.1 2030E 2,940.7 $120,062.8 $7,837.8 $44,621.4 $0.0 $0.0 $0.0 $67,603.7 $35,367.1 2031E 2,305.0 $93,729.4 $6,124.2 $38,400.7 $0.0 $0.0 $0.0 $49,204.5 $23,381.4 2032E 1,919.3 $77,932.5 $5,093.6 $33,616.1 $0.0 $0.0 $0.0 $39,222.9 $16,938.0 2033E 1,655.9 $67,172.5 $4,391.3 $30,586.9 $0.0 $0.0 $0.0 $32,194.4 $12,631.7 2034E 1,462.5 $59,279.6 $3,875.9 $27,909.7 $0.0 $0.0 $0.0 $27,494.1 $9,807.4 2035E 1,313.3 $53,201.8 $3,479.0 $26,527.2 $0.0 $0.0 $0.0 $23,195.6 $7,522.7 2036E 1,194.4 $48,356.5 $3,162.5 $25,778.6 $0.0 $0.0 $0.0 $19,415.5 $5,724.1 2037E 1,096.9 $44,391.0 $2,903.4 $25,165.4 $0.0 $0.0 $0.0 $16,322.2 $4,374.5 2038E 1,015.4 $41,073.7 $2,686.7 $24,652.2 $0.0 $0.0 $0.0 $13,734.8 $3,346.5 2039E 945.6 $38,235.8 $2,501.3 $24,213.1 $0.0 $0.0 $0.0 $11,521.4 $2,552.1 2040E 884.3 $35,743.7 $2,338.4 $23,827.0 $0.0 $0.0 $0.0 $9,578.3 $1,929.0 2041E 829.0 $33,503.4 $2,191.9 $23,478.9 $0.0 $0.0 $0.0 $7,832.6 $1,434.2 2042E 778.4 $31,457.5 $2,058.1 $23,160.3 $0.0 $0.0 $0.0 $6,239.2 $1,038.9 2043E 710.9 $28,677.4 $1,876.9 $22,012.5 $0.0 $0.0 $0.0 $4,788.0 $725.0 2044E 662.9 $26,729.9 $1,749.6 $21,529.6 $0.0 $0.0 $0.0 $3,450.7 $475.3 2045E 584.2 $23,456.8 $1,536.7 $19,675.9 $0.0 $461.0 $30.0 $1,813.2 $230.0 2046E 493.0 $19,642.2 $1,288.9 $17,144.9 $0.0 $0.0 $0.0 $1,208.4 $138.0 2047E 395.2 $15,540.7 $1,022.6 $14,162.4 $0.0 $691.5 $45.0 ($290.7) ($27.3) 2048E 209.4 $7,637.1 $510.9 $7,314.8 $0.0 $922.0 $60.0 ($1,050.6) ($96.9) 2049E 122.6 $3,969.8 $273.2 $4,124.8 $0.0 $1,140.5 $74.2 ($1,494.4) ($127.7) 2050E 91.0 $2,692.2 $189.6 $3,080.3 $0.0 $2,979.2 $193.9 ($3,363.1) ($257.2) 2051E 72.8 $1,984.7 $142.9 $2,511.5 $0.0 $3,227.0 $210.0 ($3,686.7) ($259.9) 2052E 68.5 $1,865.6 $134.3 $2,481.3 $0.0 $230.5 $15.0 ($965.5) ($61.7) 2053E 64.3 $1,753.7 $126.3 $2,452.9 $0.0 $691.5 $45.0 ($1,472.0) ($86.0) 2054E 60.5 $1,648.4 $118.7 $2,426.1 $0.0 $0.0 $0.0 ($896.4) ($47.4) 2055E 56.9 $1,549.5 $111.6 $1,233.2 $0.0 $0.0 $0.0 $204.8 $9.2 2056E 53.4 $1,456.6 $104.9 $820.3 $0.0 $0.0 $0.0 $531.4 $23.3 2057E 50.2 $1,369.2 $98.6 $798.1 $0.0 $0.0 $0.0 $472.5 $18.8 2058E 47.2 $1,287.0 $92.7 $777.2 $0.0 $0.0 $0.0 $417.2 $15.1 2059E 44.4 $1,209.8 $87.1 $757.6 $0.0 $0.0 $0.0 $365.1 $12.0 2060E 41.7 $1,137.2 $81.9 $739.2 $0.0 $0.0 $0.0 $316.2 $9.5 2061E 39.2 $1,069.0 $77.0 $721.8 $0.0 $0.0 $0.0 $270.2 $7.4 2062E 36.9 $1,004.8 $72.3 $705.5 $0.0 $0.0 $0.0 $227.0 $5.6 2063E 34.7 $944.6 $68.0 $690.2 $0.0 $0.0 $0.0 $186.3 $4.2 2064E 32.6 $887.9 $63.9 $675.8 $0.0 $0.0 $0.0 $148.1 $3.0 2065E 30.6 $834.6 $60.1 $662.3 $0.0 $0.0 $0.0 $112.2 $2.1 2066E 28.8 $784.5 $56.5 $649.6 $0.0 $0.0 $0.0 $78.5 $1.3 2067E 27.1 $737.5 $53.1 $637.6 $0.0 $0.0 $0.0 $46.7 $0.7 2068E 23.3 $635.1 $45.7 $572.2 $0.0 $0.0 $0.0 $17.2 $0.2 2069E 4.6 $124.8 $9.0 $114.8 $0.0 $0.0 $0.0 $1.1 $0.0 2070E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 2071E 0.0 $0.0 $0.0 $0.0 $0.0 $441.8 $28.7 ($413.0) ($4.2) 2072E 0.0 $0.0 $0.0 $0.0 $0.0 $397.7 $25.9 ($371.8) ($3.6) 2073E 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total 41,270.9 $1,748,890.0 $113,517.4 $728,387.5 $595,727.0 $11,182.6 $727.7 $300,803.3 $74,965.3 PUD 35

| Page 1. Selected Public Market Observations 3 2. Benchmarking Data 7 3. Selected Technical Observations 12 4. Pricing 27 5. NAV Analysis Detail 29 6. Glossary of Selected Terms 36 7. Disclaimer 39

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW 12M refers to Twelve Month 1P refers to proven reserves A refers to Actual Adj. refers to Adjusted Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items AGI refers to Acid Gas Injection Avg refers to Average Bblpd refers to Barrels per Day Boe refers to Barrels of Oil Equivalent Boepd refers to Barrels of Oil Equivalent per Day CAGR refers to Compound Annual Growth Rate CAPEX refers to Capital Expenditures CY refers to Calendar Year DCF refers to Discounted Cash Flow Disc. refers to discount E refers to Estimated EBIT refers to Earnings Before Interest and Taxes EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization EPS refers to Earnings Per Share EV refers to Enterprise Value FV refers to Fair Value FY refers to Fiscal Year G&A refers to General and Administrative GTO refers to Gathering, Transportation and Other K refers to Thousand L5M refers to most recently completed 5-month period Lbs/ft refers to Pounds per Foot LOE refers to lease operating expenses LOS refers to lease operating schedule LQA refers to Last Quarter Annualized LTM refers to Most recently completed 12-month period for which financial information has been made public or available, other than for the Company, in which case LTM refers to Latest 12 Months Mbbl refers to One Thousand Barrels Mboe refers to One Thousand Barrel of Oil Equivalent Mcf refers to Thousand Cubic Feet Mcfpd refers to Million Cubic Feet per day MM refers to Million Mmboe refers to One Million Barrels of Oil Equivalent MMcf refers to Million Cubic Feet Mo refers to Month NA refers to Not Applicable NAV refers to Net Asset Value NDA refers to Non-Disclosure Agreement NFY refers to Refers to the next fiscal year for which financial information has not been made public, other than for the Company, in which case NFY refers to Next Fiscal Year Glossary of Selected Terms 37

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW NFY+1 refers to Next Fiscal Year following NFY NGL refers to Natural Gas Liquid NMF refers to Not Meaningful Figure NTM refers to Next Twelve Months NYMEX refers to New York Mercantile Exchange P&A refers to Plugging and Abandonment PDNP refers to Proved Developed Non-Producing PDP refers to Proved Developed Producing Prem. refers to premium PROB refers to Probable POSS refers to Possible PUD refers to Proved Undeveloped PV refers to Present Value PV-10 refers to present value discounted at ten percent Q refers to Quarter R/P refers to Reserves/Production RADR refers to Risk-Adjusted Discount Rates RAF refers to Reserve Adjustment Factors RSU refers to Restricted Stock Unit SPEE refers to Society of Petroleum Evaluation Engineers SWD refers to Saltwater Disposal UCF refers to Unlevered Cash Flow VWAP refers to Volume-Weighted Average Price WACC refers to Weighted Average Cost of Capital WTI refers to West Texas Intermediate YoY refers to Year-over-Year YTD refers to Year to Date Glossary of Selected Terms (cont.) 38

| Page 1. Selected Public Market Observations 3 2. Benchmarking Data 7 3. Selected Technical Observations 12 4. Pricing 27 5. NAV Analysis Detail 29 6. Glossary of Selected Terms 36 7. Disclaimer 39

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the “materials”), are provided solely for the information of the Board of Directors (the “Board”) of Battalion Oil Corporation (the “Company”) by Houlihan Lokey in connection with the Board’s consideration of a potential transaction (the “Transaction”) involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Board, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Board. The materials are provided on a confidential basis solely for the information of the Board and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey’s express prior written consent, except as expressly permitted by Houlihan Lokey’s engagement letter with the Company. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey’s prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey’s role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Board. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction, or the relative merits of the Transaction as compared to any alternative business strategies or transactions that might be available for the Company or any other party. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey’s only opinion is the opinion, if any, that is actually delivered to the Board. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. Disclaimer 40

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a credit rating. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law. All budgets, projections, estimates, financial analyses, reports and other information with respect to operations reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Company (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company or any other participant in the Transaction since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. Disclaimer (cont.) 41

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey’s affiliates and employees, as well as investment funds in which they may have financial interests or with which they may co-invest, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, any Transaction counterparty, any other Transaction participant, any other financially interested party with respect to any transaction, other entities or parties that are mentioned in the materials, or any of the foregoing entities’ or parties’ respective affiliates, subsidiaries, investment funds, portfolio companies and representatives (collectively, the “Interested Parties”), or any currency or commodity that may be involved in the Transaction. Houlihan Lokey provides mergers and acquisitions, restructuring and other advisory and consulting services to clients, which may have in the past included, or may currently or in the future include, one or more Interested Parties, for which services Houlihan Lokey has received, and may receive, compensation. Although Houlihan Lokey in the course of such activities and relationships or otherwise may have acquired, or may in the future acquire, information about one or more Interested Parties or the Transaction, or that otherwise may be of interest to the Board or the Company, Houlihan Lokey shall have no obligation to, and may not be contractually permitted to, disclose such information, or the fact that Houlihan Lokey is in possession of such information, to the Board or the Company or to use such information on behalf of the Board or the Company. Houlihan Lokey’s personnel may make statements or provide advice that is contrary to information contained in the materials. Disclaimer (cont.) 42

| CONFIDENTIAL - PRELIMINARY DRAFT - SUBJECT TO FURTHER REVIEW 43 CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com