<SUBMISSION>
<ACCESSION-NUMBER>0001193125-16-792037
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>12
<PERIOD>20170126
<FILING-DATE>20161213
<DATE-OF-FILING-DATE-CHANGE>20161213
<EFFECTIVENESS-DATE>20161213
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Approach Resources Inc
<CIK>0001405073
<ASSIGNED-SIC>1311
<IRS-NUMBER>510424817
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-33801
<FILM-NUMBER>162049663
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE RIDGMAR CENTRE
<STREET2>6500 WEST FREEWAY, SUITE 800
<CITY>FORT WORTH
<STATE>TX
<ZIP>76116
<PHONE>8179899000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE RIDGMAR CENTRE
<STREET2>6500 WEST FREEWAY, SUITE 800
<CITY>FORT WORTH
<STATE>TX
<ZIP>76116
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d290542ddef14a.htm
<DESCRIPTION>FINAL PROXY STATEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Final Proxy Statement</TITLE>
</HEAD>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>UNITED STATES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Washington, D.C. 20549 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>SCHEDULE 14A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Proxy Statement
Pursuant to Section 14(a) of </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">the Securities Exchange Act of 1934 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Filed by the Registrant&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9746;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Filed by a Party other than the Registrant&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Check the appropriate box:</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="bottom">
<P STYLE="margin-left:1.40em; text-indent:-1.40em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary
Proxy Statement</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="bottom">
<P STYLE="margin-left:1.40em; text-indent:-1.40em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="bottom">
<P STYLE="margin-left:1.40em; text-indent:-1.40em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9746;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Proxy Statement</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="bottom">
<P STYLE="margin-left:1.40em; text-indent:-1.40em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Additional Materials</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="bottom">
<P STYLE="margin-left:1.40em; text-indent:-1.40em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
Material Pursuant to &#167;240.14a-12</FONT></P></TD></TR>
</TABLE>  <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>APPROACH RESOURCES INC. </B></FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">(Name of Registrant as Specified In Its
Charter) </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:0px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:0px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </FONT></P>
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<TD WIDTH="3%"></TD>
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<TD WIDTH="92%"></TD></TR>
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<TD HEIGHT="16" COLSPAN="5"></TD></TR>

<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:ARIAL" SIZE="2">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9746;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">No fee required.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Title of each class of securities to which transaction applies:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(2)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Aggregate number of securities to which transaction applies:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(3)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee
is calculated and state how it was determined):</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(4)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Proposed maximum aggregate value of transaction:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(5)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Total fee paid:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(1)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amount Previously Paid:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(2)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Form, Schedule or Registration Statement No.:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(3)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Filing Party:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(4)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Date Filed:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="middle"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5" COLOR="#225cab"><B>Proxy Statement</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="5" COLOR="#225cab">and Notice of Special Meeting</FONT></P> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD>
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 </P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">One Ridgmar Centre </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway, Suite 800 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas 76116 </FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">December
13, 2016 </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To Our Stockholders: </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">It is my
pleasure to invite you to the Special Meeting of Stockholders of Approach Resources Inc., a Delaware corporation (the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; or &#147;our&#148;), to be held at One Ridgmar Centre, 6500 West Freeway,
Suite&nbsp;800 in Fort Worth, Texas, on January 26, 2017, at 2:00&nbsp;p.m. Central Time (the &#147;Special Meeting&#148;). </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We are calling the
Special Meeting to request our stockholders approve: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">the issuance of shares of common stock in connection with the Initial Exchange and the Follow-On Exchange Offer (each as defined below) under NASDAQ Stock Market Rules 5635(b)
and 5635(d) (the &#147;NASDAQ Proposal&#148;); </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">an amendment to our Restated Certificate of Incorporation to increase the number of authorized shares of common stock, par value $0.01 per share (the &#147;Common Stock&#148;) to
180,000,000 shares (the &#147;Authorized Shares Proposal&#148; and, together with the NASDAQ Proposal, the &#147;Transaction Proposals&#148;); and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">an adjournment of the Special Meeting, if necessary or appropriate, to establish a quorum or to permit further solicitation of proxies if there are not sufficient votes at the
time of the Special Meeting cast in favor of one or both of the Transaction Proposals (the &#147;Adjournment Proposal&#148; and, together with the Transaction Proposals, collectively, the &#147;Proposals&#148;). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We are submitting the Proposals to our stockholders to facilitate a proposed recapitalization of the Company to reduce our debt, leverage and cash interest expense,
increase our financial flexibility and better position ourselves to return to growth in the event of a potential recovery in commodity prices. We intend to accomplish this through: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">an Exchange Agreement (the &#147;Exchange Agreement&#148;) with Wilks Brothers, LLC and SDW Investments, LLC, collectively the largest holder (the
&#147;Noteholders&#148;) of our 7.00% senior notes due 2021 (the &#147;Notes&#148;), for the exchange of $130,552,000 of our Notes, which represent approximately 56.7% of our outstanding Notes, for approximately 48.5% of our Common Stock (the
&#147;Initial Exchange&#148;); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">a secondary exchange offer, which will provide remaining holders of $99,768,000 of our Notes (the &#147;Remaining Notes&#148;) the opportunity to exchange their
Remaining Notes for Common Stock at an exchange ratio equal to or less than the exchange ratio for the Initial Exchange (the &#147;Follow-On Exchange Offer&#148; and, together with the Initial Exchange, the &#147;Exchange Transactions&#148;); and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">on completion of the Initial Exchange and Follow-On Exchange Offer, the use of cash otherwise dedicated to interest expense to (i) increase our capital budget
and resume growing our production base, and (ii) further pay down our existing debt. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Initial Exchange is conditioned on, among
other things, approval of the NASDAQ Proposal, and the Follow-On Exchange Offer is conditioned on, among other things, the completion of the Initial Exchange and the approval of the Authorized Shares Proposal. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our board of directors (the &#147;Board&#148;) considered the effects that the Exchange Transactions are expected to have on our Company, and unanimously determined
that the substantial debt reduction, cash interest expense savings and decreased leverage contemplated by the Exchange Transactions is critical to unlocking stockholder value in the Company and positioning us to take advantage of a potential
recovery in commodity prices. Although we currently are operating substantially within our cash flow, our business is one of natural production declines. We believe that to enhance stockholder value over the long term, we will need to deploy capital
to maintain and grow our asset base. To do that, we must reduce our debt and leverage and put ourselves in a position to access </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
additional capital if commodity prices rise. Reducing our overall leverage profile also will enhance our ability to maintain or increase the borrowing base under our credit facility, and
refinance our credit facility when it comes due in 2019. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If we are unable to complete the proposed Exchange Transactions, and substantially reduce our
debt, we would need to pursue alternative strategies, which may include equity issuances, asset sales, alternative debt for equity exchanges or other debt reduction or restructuring transactions. In our Board&#146;s view, none of these alternatives
are as actionable, or are as likely to result in a significant reduction of leverage and preserve value for existing stockholders, as the Exchange Transactions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Our Board unanimously believes that the NASDAQ Proposal, the Authorized Shares Proposal, and the Adjournment Proposal are each in the best interests of the Company and its stockholders and, therefore, recommends
that you vote &#147;FOR&#148; each of the Proposals. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Details of the business to be conducted at the Special Meeting are provided in the attached
Notice of Special Meeting and Proxy Statement. </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">You received these materials with a proxy card that indicates the number of shares that you will be
entitled to vote at the Special Meeting according to our records or the records of your broker or other nominee. The Board has determined that owners of record of the Company&#146;s common stock at the close of business on December&nbsp;12, 2016 are
entitled to notice of, and have the right to vote at, the Special Meeting. </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On behalf of the Board and our employees, I would like to express my
appreciation for your continued interest in the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">By Order of the Board of Directors, </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g290542g63m77.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>J. Ross Craft, P.E. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Chairman, Chief Executive Officer and President </I></FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">December
13, 2016 </FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas </FONT></P>

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 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6" COLOR="#225cab"><B>Notice of Special Meeting of Stockholders </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="6" COLOR="#225cab"><B>and Proxy Statement </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;January 26,&nbsp;2017</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;2:00&nbsp;p.m.&nbsp;Central&nbsp;Time&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>One Ridgmar
Centre&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway,
Suite 800</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas 76116</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD></TR></TABLE>  <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To Our Stockholders: </FONT></P>  <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Notice is given that a Special Meeting of
the Stockholders of Approach Resources Inc., a Delaware corporation (the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; or &#147;our&#148;), will be held at One Ridgmar Centre, 6500 West Freeway, Suite 800 in Fort Worth, Texas, on January 26,
2017, at 2:00&nbsp;p.m. Central Time (the &#147;Special Meeting&#148;). </FONT></P>  <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At the Special Meeting, stockholders will be asked to consider and vote on
a proposal to: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Approve the issuance of shares of common stock in connection with the Initial Exchange and the Follow-On Exchange Offer (as defined below) under NASDAQ Stock Market Rules 5635(b)
and 5635(d) (the &#147;NASDAQ Proposal&#148;); </FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Amend our Restated Certificate of Incorporation to increase the number of authorized shares of common stock to 180,000,000 shares (the &#147;Authorized Shares Proposal&#148; and,
together with the NASDAQ Proposal, the &#147;Transaction Proposals&#148;); </FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Approve the adjournment of the Special Meeting, if necessary or appropriate, to establish a quorum or to permit further solicitation of proxies if there are not sufficient votes
at the time of the Special Meeting cast in favor of the Transaction Proposals (the &#147;Adjournment Proposal&#148; and, together with the Transaction Proposals, collectively, the &#147;Proposals&#148;); and </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Transact such other business as may properly come before the Special Meeting and any adjournments or postponements of the Special Meeting. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Our Board of Directors unanimously recommends that stockholders vote &#147;FOR&#148; each of the Proposals. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Only stockholders of record at the close of business on December 12, 2016 are entitled to notice of and to vote at the Special Meeting. For specific voting
information, see &#147;General Information&#148; beginning on page 1 of the enclosed Proxy Statement. A list of stockholders will be available commencing January 16, 2017, and may be inspected at our offices during normal business hours before the
Special Meeting. The list of stockholders will also be available for review at the Special Meeting. If there are not sufficient votes for a quorum or to approve the items of business at the time of the Special Meeting, the Special Meeting may be
adjourned or postponed to permit further solicitation of proxies. </FONT></P>  <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Whether or not you attend the Special Meeting, it is important that your shares
be represented and voted at the meeting. Therefore, I urge you to promptly vote and submit your proxy. You may vote by telephone, Internet or mail. To vote by telephone, call 1-800-690-6903 using a touch-tone phone to transmit your voting
instructions up until 10:59 p.m. Central Time the day before the Special Meeting date. Please have your proxy card in hand when you call and then follow the instructions. To vote electronically, access <I>www.proxyvote.com</I> over the Internet to
transmit your voting instructions and for electronic delivery of information up until 10:59 p.m. Central Time the day before the Special Meeting date. Please have your proxy card in hand when you access the website and follow the instructions to
obtain your records and to create an electronic voting instruction form. You may vote by mail by signing, dating and returning the enclosed proxy card in the enclosed envelope. If you decide to attend the Special Meeting, you will be able to vote in
person, even if you have previously submitted your proxy. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">By Order of the Board of Directors, </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g290542g63m77.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>J. Ross Craft, P.E. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Chairman, Chief Executive Officer and President </I></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">December 13, 2016 </FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Important Notice Regarding the Availability of Proxy Materials</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>for the Special Meeting of
Stockholders to be held on January 26, 2017</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">This notice of special meeting, the Proxy Statement and the form of proxy card are available at <I>www.proxyvote.com</I>. On this site, you will
be able to access these materials and any amendments or supplements to these materials that are required to be furnished to stockholders.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4" COLOR="#225cab"><B><A NAME="toc"></A>Table of Contents </B></FONT></P>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #225cab">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_1">General Information</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_2">The Exchange Transactions</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD HEIGHT="5"></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_3">Background of the Exchange Agreement</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_4">Reasons for the Exchange Agreement</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_5">Analysis of the Exchange Transactions</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_6">Opinion of Perella Weinberg Partners</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_7">Certain Company Forecasts</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_8">Engagement of Evercore Group L.L.C.</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_9">The Exchange Agreement</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD HEIGHT="5"></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_9a">Exchange Agreement</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_9b">Stockholders Agreement</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_9c">Registration Rights Agreement</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_10">The Special Meeting</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_11">Time, Place and Purpose of the Special Meeting</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_12">Recommendation of the Board of Directors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_13">Record Date and Quorum</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_14">Vote Required for Approval</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_15">Shares Held by Company Directors and Executive Officers</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_16">Voting of Proxies</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_17">Revocability of Proxies</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_18">Adjournments and Postponements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_19">Rights of Dissenting Stockholders</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_20">Solicitation of Proxies; Payment of Solicitation Expenses</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_21">Other Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_22">Questions and Additional Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_23">Proposal 1 &#150; APPROVAL OF ISSUANCE THAT MAY RESULT IN A CHANGE OF CONTROL UNDER NASDAQ LISTING RULE 5635(b) AND OF MORE THAN 20% OF VOTING POWER UNDER NASDAQ LISTING
 RULE 5635(d)</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_24">Purpose and Effect of Approving the NASDAQ Proposal</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_25">Recommendation</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_26">Proposal 2 &#150; APPROVAL OF AMENDMENT TO THE COMPANY&#146;S RESTATED CERTIFICATE OF INCORPORATION TO INCREASE AUTHORIZED SHARES</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_27">Purpose and Effect of Approving the Amendment to the Company&#146;s Restated Certificate of Incorporation</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_28">Recommendation</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_29">Proposal 3 &#150; ADJOURNMENT PROPOSAL</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_30">Recommendation</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_31">Stock Ownership Matters</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_32">Section 16(a) Beneficial Ownership Reporting Compliance</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#toc290542_33">Security Ownership of Management and Certain Beneficial Owners</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_34">Stockholder Proposals and Director Nominations for the 2017 Annual Meeting of Stockholders</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_35">Other Matters</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_36">Additional Information About Us</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_37">Incorporation by Reference</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_38">Annex A &#150; Perella Weinberg Partners Opinion</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_39">Annex B &#150; Exchange Agreement</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A HREF="#toc290542_40">Annex C &#150; Form of Amendment to Restated Certificate of Incorporation</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">C-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="6" COLOR="#225cab"><B>APPROACH RESOURCES INC. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="6" COLOR="#225cab"><B>PROXY STATEMENT </B></FONT></P>  <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="4"><B>Special Meeting of Stockholders&#151;January 26, 2017 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These proxy materials are being furnished to you in
connection with the solicitation of proxies by the Board of Directors (the &#147;Board&#148; or &#147;Board of Directors&#148;) of Approach Resources Inc., a Delaware corporation (the &#147;Company,&#148; &#147;Approach,&#148; &#147;we,&#148;
&#147;us&#148; or &#147;our&#148;), for use at a special meeting of stockholders and any adjournments or postponements of the meeting (the &#147;Special Meeting&#148;). The Special Meeting will be held at One Ridgmar Centre, 6500 West Freeway, Suite
800 in Fort Worth, Texas, on January 26, 2017, at 2:00&nbsp;p.m. Central Time. The Notice of Special Meeting, this Proxy Statement and the enclosed proxy card are being mailed to stockholders beginning on or about December 16, 2016. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><A NAME="toc290542_1"></A>GENERAL INFORMATION </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Why am I receiving these proxy materials?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">On November 2, 2016, we entered into an Exchange Agreement (the &#147;Exchange Agreement&#148;) with Wilks Brothers, LLC and SDW Investments, LLC (collectively, the
&#147;Noteholders&#148;) for the exchange (the &#147;Initial Exchange&#148;) of $130,552,000 of our 7.00% senior notes due 2021 (the &#147;Notes&#148;) held by the Noteholders for 39,165,600 new shares of common stock, par value $0.01 per share, of
the Company (&#147;Common Stock&#148;). The Notes held by the Noteholders represent approximately 56.7% of our total outstanding Notes, and the shares of Common Stock issued in exchange for those Notes will represent approximately 48.5% of our total
outstanding Common Stock immediately following the Initial Exchange. The terms of the Exchange Agreement are more fully described below under the caption &#147;The Exchange Agreement.&#148; </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Initial Exchange requires stockholder approval of the issuance of shares of Common Stock in the Initial Exchange and the Follow-On Exchange
Offer (each as defined below) under NASDAQ Stock Market Rules 5635(b) and 5635(d) (the &#147;NASDAQ Proposal&#148;). The Initial Exchange is expected to occur following satisfaction of the closing conditions in the Exchange Agreement, including
stockholder approval of the NASDAQ Proposal. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">On completion of the Initial Exchange, we intend to launch an exchange offer (the
&#147;Follow-On Exchange Offer&#148; and, together with the Initial Exchange, the &#147;Exchange Transactions&#148;) to all other holders of our Notes to exchange all of the Notes that remain outstanding following the Initial Exchange (the
&#147;Remaining Notes&#148;) for newly issued shares of our Common Stock at an exchange ratio equal to or less than the exchange ratio in the Initial Exchange. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Aggregating the Initial Exchange with the maximum number of shares issuable in the Follow-On Exchange Offer, we would need to issue up to a maximum of 69,096,000 shares of our Common Stock, which would cause us to
exceed the number of shares authorized by our Restated Certificate of Incorporation. As a result, we have conditioned our obligation to launch the Follow-On Exchange Offer on stockholder approval of an amendment to our Restated Certificate of
Incorporation to increase the number of authorized shares of common stock, par value $0.01 per share (the &#147;Common Stock&#148;) to 180,000,000 shares (the &#147;Authorized Shares Proposal&#148; and, together with the NASDAQ Proposal, the
&#147;Transaction Proposals,&#148; and the Transaction Proposals, with the Adjournment Proposal, collectively the &#147;Proposals&#148;). However, if the NASDAQ Proposal is not approved, we will not adopt the Authorized Shares Proposal. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Exchange Transactions are being pursued to reduce our debt, leverage and cash interest expense, and increase our financial flexibility during
the current period of volatile commodity prices in the oil and gas industry, which has had a significant, adverse effect on the Company. As of September 30, 2016, we had approximately $505.3 million principal amount of long-term debt on our balance
sheet, and had incurred $19.1 million of cash interest expense on our statement of operations for the nine months ending September 30, 2016. We also have had declining cash flows from operations due to the decline in oil and gas prices, reduced
drilling and the expiration of our commodity derivatives contracts entered into at higher oil and gas prices than are currently available in the market. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Exchange Transactions consist of: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the Initial Exchange, on the terms and conditions in the Exchange Agreement; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the separate Follow-On Exchange Offer, on the terms and conditions to be contained in a separate exchange offer document and consistent with the descriptions in
the Exchange Agreement. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">On the completion of the Initial Exchange and the Follow-On Exchange Offer the Company will
have significantly reduced interest expense as a result of the decrease in our outstanding Notes, and we intend to use cash that we previously used for interest expense to (i) increase our capital budget and resume growing our production base, and
(ii) further pay down our existing debt. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">To permit us to complete the Exchange Transactions, we are providing these proxy materials in
connection with the solicitation by our Board of proxies to be voted at the Special Meeting on the Transaction Proposals.&nbsp;If the NASDAQ Proposal is approved by our stockholders, we will complete the Initial Exchange, subject to satisfaction or
waiver of other closing conditions, regardless of whether the Authorized Shares Proposal is approved.</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">The terms of the Follow-On Exchange
Offer will be contained in a separate exchange offer document and will be consistent with the descriptions in the Exchange Agreement. We cannot assure you whether the Follow-On Exchange Offer will be successful, or whether some, all or no Remaining
Notes will be exchanged for Common Stock in the Follow-On Exchange Offer. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Who are the Noteholders and why are they interested in an investment in Approach?</B> </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Wilks Brothers, LLC and SDW Investments, LLC are investment arms of the Wilks Family Office, based in Cisco, Texas. The Wilks Family Office holds significant public and private
market investments across multiple sectors, including real estate, energy lifecycle and exploration and production (&#147;E&amp;P&#148;). In 2002,&nbsp;the family founded Frac Tech, a hydraulic fracturing and oil field services firm, and grew the
firm into the largest independent pressure pumping provider in North America before selling its stake in 2011. The Wilks Family Office currently owns ProFrac Services and Strata Scout Drilling, both oilfield service companies. The Noteholders began
acquiring our Notes in 2015. Representatives of the Wilks Family Office have stated that they are excited about the opportunity to partner with the stockholders and management of Approach. They further have stated that they believe we have excellent
assets and management, and that with a transformed balance sheet, they are confident in the opportunities for growth and value expansion for Approach. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What is the purpose of the Initial Exchange and the Follow-On Exchange Offer, and why are they important?</B> </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The Initial Exchange is conditioned on, among other things, the approval of the NASDAQ Proposal. The Follow-On Exchange Offer is conditioned on completion of the Initial Exchange
and approval of the Authorized Shares Proposal. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">If completed in their entirety, the Initial Exchange and Follow-On
Exchange Offer would reduce the principal amount of our long-term debt by approximately $230.3 million, or 46%, as of September 30, 2016, and total cash interest expense would decrease by up to $70 million over the remaining life of the Notes.
Moreover, our annual cash interest expense would decline by approximately $16.1 million. If half of the Remaining Notes are exchanged in the Follow-On Exchange Offer, we still would reduce our debt by approximately $180.4 million, or 36%, as of
September 30, 2016, our annual cash interest expense would decline by approximately $12.6 million and our total cash interest expense would decrease by up to $55 million over the remaining life of the Notes. The terms of the Follow-On Exchange Offer
will be included in a separate exchange offer document and consistent with the descriptions in the Exchange Agreement. We cannot assure you whether the Follow-On Exchange Offer will be successful, or whether some, all or no Remaining Notes will be
exchanged for Common Stock in the Follow-On Exchange Offer. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">Reducing our debt and cash interest expense will allow us to increase our
capital investment using cash freed up by interest savings, enabling us to return to growth. A delevered balance sheet also will allow us access to additional capital that could be used to grow the enterprise or otherwise enhance stockholder value
through mergers or acquisitions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">Sufficiently reducing our overall leverage profile also would materially enhance our ability to renew
and refinance our senior secured credit facility (the &#147;Credit Facility&#148;) currently set to mature in May 2019. The Office of the Comptroller of </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">
the Currency (&#147;OCC&#148;), a government regulation agency with oversight of bank lending, recently implemented new guidelines for classifying commercial bank loans to the oil and gas
industry. In particular, the new rules stipulate that any oil and gas borrower with a leverage ratio of total debt over trailing 12-month EBITDAX of under 3.5x be classified as &#147;Pass&#148; and those with a ratio over 4.0x be classified as
&#147;Substandard,&#148; &#147;Doubtful&#148; or &#147;Loss.&#148; Such classifications significantly affect our bank group&#146;s ability to extend new loans through an increased borrowing base, even if our reserves base grows, therefore capping
our ability to access new capital through the Credit Facility. In addition, because our leverage profile exceeds OCC guidelines, our ability to refinance outstanding borrowings under our Credit Facility will be at risk. The Exchange Transactions, if
fully subscribed, would put us on track to reduce our leverage from 8.0x at September 30, 2016, to below 3.5x by May 7, 2019, the maturity date of the Credit Facility, through debt reduction as part of the Exchange Transactions and growth in EBITDAX
from reinvestment of saved interest expense. Obtaining a &#147;Pass&#148; rating under the OCC guidelines will reduce our refinancing risk and help ensure access to low-cost commercial bank loans. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">If the Initial Exchange is completed, and the Follow-On Exchange Offer is not, or if the Follow-On Exchange Offer is only 50% subscribed, we would
be on track to reduce our leverage from 8.0x at September 30, 2016 to approximately 5.1x or 4.3x, respectively, at May 7, 2019, the maturity date of our Credit Facility. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:ARIAL" SIZE="2">If we are unable to complete the proposed Exchange Transactions and substantially reduce our debt, we will need to pursue alternative strategies, which may include equity issuances, asset sales, alternative debt
for equity exchanges or other debt reduction or restructuring transactions. Each of these alternatives involves uncertainties, potential delays and litigation risks. In such an event, we expect that the end result would be more dilutive or less
value-enhancing to existing stockholders than the Exchange Transactions, and leave us less well positioned to resume growth and take advantage of a recovery in commodity prices. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What will happen to the Company if the Exchange Transactions are completed?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If the Exchange Transactions are completed, our leverage, cash flow and liquidity will be improved, which we believe will provide us with more time to realize the benefits of any
commodity price recovery. We will be able to use cash previously dedicated to interest expense on our capital expenditures budget for future growth, or for further debt reduction. Also, as part of the Exchange Agreement, the Noteholders have agreed
to remove certain restrictive covenants from the indenture governing our Notes, as more fully described below under the caption &#147;The Exchange Agreement,&#148; providing us with additional financial flexibility. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">If the Initial Exchange is successful, 39,165,600 new shares of Common Stock will be issued to the Noteholders. If 50% of the Remaining Notes are
exchanged in the Follow-On Exchange Offer, up to an additional 14,965,200 shares of Common Stock will be issued, and if all of the Remaining Notes are exchanged in the Follow-On Exchange Offer, up to an additional 29,930,400 shares of Common Stock
will be issued. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What are the recommendations of the Board?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board unanimously recommends that you vote </FONT><FONT STYLE="font-family:arial" SIZE="2"><B><I>FOR</I></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> the approval of
each of the Proposals. The reasons for this recommendation are more fully described below under the caption &#147;Reasons for the Exchange Agreement.&#148; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>When and where is the Special Meeting?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The Special Meeting will be held at One Ridgmar Centre, 6500 West Freeway, Suite 800 in Fort Worth, Texas, on January&nbsp;26, 2017, at 2:00&nbsp;p.m. Central Time.
</FONT></TD></TR></TABLE>  <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Who can attend and vote at the Special Meeting?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Stockholders as of the close of business on December&nbsp;12, 2016 (the &#147;Record Date&#148;) are entitled to attend and vote at the Special Meeting. We will make available at
our executive offices an alphabetical list of stockholders entitled to vote at the Special Meeting for examination by any stockholder during ordinary business hours beginning 10 days before the Special Meeting. </FONT></TD></TR></TABLE>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>How do I vote my shares?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If your shares are held in your name, you may vote your shares or submit a proxy to have your shares voted by one of the following methods: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><U>By Internet</U></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. You may submit a proxy
electronically by the Internet at <I>www.proxyvote.com</I>. Please have your proxy card, which includes your personal control number, on hand when you log onto the website. Internet voting will close and no longer be available as of 10:59 p.m.
Central Time on January 25, 2017. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><U>By Telephone</U></FONT></B>. You may submit a proxy by telephone using the toll-free number listed
on the proxy card. Please have your proxy card in hand when you call. Telephone voting will close and no longer be available as of 10:59 p.m. Central Time on January 25, 2017. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><U>By Mail</U></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. If you request paper
copies of the proxy materials by mail, you may submit a proxy by signing, dating and returning your proxy card in the pre-addressed envelope provided. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><U>In Person</U></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. You may vote in person
at the Special Meeting by completing a ballot; however, attending the meeting without completing a ballot will not count as a vote. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:ARIAL" SIZE="2">If you vote by granting a proxy, the proxy holders will vote the shares according to your instructions. If you submit a proxy without giving specific voting instructions, the proxy holders will vote those shares as
recommended by our Board. If you plan to vote in person at the Special Meeting and your shares are held in your name, please bring proof of identification. Even if you currently plan to attend the Special Meeting, we recommend that you also submit
your proxy as described above so that your vote will be counted if you later decide not to attend the Special Meeting. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">If your shares
are held in &#147;street name&#148; by your broker, bank or other nominee, you will receive instructions from your broker, bank or other nominee that you must follow for your shares to be voted. We expect Internet and telephone voting to be offered
to street name stockholders. You also may vote in person at the Special Meeting if you obtain a legal proxy from your broker, bank or other nominee. Please consult the voting instruction form or other information sent to you by your broker, bank or
other nominee to determine how to obtain a legal proxy in order to vote in person at the Special Meeting. If you plan to vote in person at the Special Meeting and you have obtained a legal proxy from your broker, bank or other nominee, please bring
proof of identification. If your shares are held in street name in a brokerage account or by a bank or other nominee, you must provide your broker with instructions on how to vote your shares for your shares to be voted on Proposals 1, 2 and 3. If
you do not instruct your broker on how to vote these proposals, your shares will not be voted on these matters. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What are my voting choices?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">You may vote &#147;FOR&#148; or &#147;AGAINST&#148; or you may &#147;ABSTAIN&#148; from voting on any proposal to be voted on at the Special Meeting. Your shares will be voted as
you specifically instruct. If you sign your proxy or voting instruction card without giving specific instructions, your shares will be voted according to the recommendations of our Board and in the discretion of the proxy holders on any other
matters that properly come before the meeting. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>How many shares can I vote?</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A. Each record holder of Common
Stock is entitled to one vote for each share held. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Can I change or revoke my vote?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Yes. Even if you submitted a proxy by telephone or by the Internet or if you signed the proxy card in the form accompanying this Proxy Statement, you may revoke your proxy and
change your vote. You can revoke your proxy any time before it is exercised by giving written notice to the Corporate Secretary specifying such revocation. You also may revoke your proxy by a later-dated proxy by telephone or by the Internet or by
timely delivery of a valid, later-dated proxy by mail or by voting by ballot at the Special Meeting. Your attendance at the Special Meeting in itself will not automatically revoke a previously submitted proxy. However, if you hold your shares
through a broker, bank or nominee and have instructed your broker, bank or nominee how to vote your shares, you must follow directions received from the broker, bank or nominee to change your vote or to vote at the Special Meeting.
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What constitutes a Quorum?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">There must be a quorum for the Special Meeting to be held. A quorum is the presence at the Special Meeting, in person or by proxy, of the holders of a majority of the shares of
Common Stock issued and outstanding and entitled to vote at the Special Meeting. Proxies that are voted &#147;FOR,&#148; &#147;AGAINST&#148; or &#147;ABSTAIN&#148; on a matter are treated as being present at the Special Meeting for purposes of
establishing a quorum and also treated as shares &#147;represented and voting&#148; at the Special Meeting regarding that matter. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Since there are no routine matters being voted on at the Special Meeting, we will not have any broker non-votes, which are described in more detail below, at the Special Meeting.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">As of the close of business on December 12, 2016, there were 41,968,646&nbsp;shares of our Common Stock outstanding and entitled to vote at the Special Meeting.
</FONT></TD></TR></TABLE>  <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What is a broker non-vote?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Generally, a broker non-vote occurs when a bank, broker or other nominee that holds shares in &#147;street name&#148; for customers is precluded from exercising voting discretion
on a particular proposal because (1) the beneficial owner has not instructed the bank, broker or other nominee how to vote, and (2) the bank, broker or other nominee lacks discretionary voting power to vote the shares. A bank, broker or other
nominee does not have discretionary voting power for the approval of &#147;non-routine&#148; matters without specific voting instructions from the beneficial owners of the shares. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If the proposals to be acted on at any meeting include both routine and non-routine matters, the banker, broker or other nominee may turn in a proxy card for uninstructed shares
that votes on routine matters but not on non-routine matters. Each of the NASDAQ Proposal, the Authorized Shares Proposal and the Adjournment Proposal is considered a non-routine matter. As a result, banks, brokers and other nominees are not allowed
to vote on these matters unless they have received voting instructions from the beneficial owner of the shares. Your bank, broker or other nominee will send you instructions on how you can instruct them to vote on the Proposals. If you do not
provide voting instructions, your bank, broker or other nominee will not vote your shares on the Proposals. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>How many votes are needed to approve each of the Proposals?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The approval of the NASDAQ Proposal requires the affirmative vote of a majority of the shares of Common Stock present at the Special Meeting, in person or represented by proxy.
Abstentions will have the same effect as a vote AGAINST the NASDAQ Proposal. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The approval of the Authorized Shares Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of Common Stock. Abstentions will have the
same effect as a vote AGAINST the Authorized Shares Proposal. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The approval of the Adjournment Proposal requires the affirmative vote of a majority of the shares of Common Stock present at the Special Meeting, in person or represented by
proxy. Abstentions will have the same effect as a vote AGAINST the Adjournment Proposal. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The voting requirements for each proposal are more fully described below under the caption &#147;The Special Meeting&#151;Vote Required for Approval.&#148;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If the NASDAQ Proposal is not approved, we will not adopt the Authorized Shares Proposal. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What do I need to do now?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">We urge you to read this Proxy Statement carefully. Then mail your completed, dated and signed proxy card in the enclosed return envelope as soon as possible so that your shares
can be voted at the Special Meeting. Holders of record also may vote by telephone or Internet by following the instructions on the proxy card. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What happens if I do not respond or if I respond and fail to indicate my voting preference or if I abstain from voting?</B> </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If you fail to sign, date and return your proxy card or fail to vote by telephone or Internet as provided on your proxy card, your shares will not be counted toward establishing
a quorum for the Special Meeting. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If you submit your proxy but abstain from voting on one or more Proposals, your shares will be counted as present at the meeting for the purpose of determining if a quorum
exists. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If your shares are held in street name and you do not provide voting instructions to your broker as described above, your broker does not have the discretionary authority to vote
your shares regarding the Proposals. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What will happen if the NASDAQ Proposal is not approved?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If the NASDAQ Proposal is not approved, the proposed Initial Exchange and Follow-On Exchange Offer will not be completed. If we are unable to complete the proposed Exchange
Transactions and substantially reduce our debt, we will need to pursue alternative strategies, which may include equity issuances, asset sales, alternative debt for equity exchanges or other debt reduction or restructuring transactions, with each
alternative potentially resulting in significantly less value to existing stockholders. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="2">Moreover, if the NASDAQ Proposal
is not approved, we will not adopt the Authorized Shares Proposal. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What will happen if the Authorized Shares Proposal is not approved?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If the Authorized Shares Proposal is not approved, the proposed Initial Exchange will still be completed, provided the NASDAQ Proposal is approved and subject to the satisfaction
or waiver of the other closing conditions in the Exchange Agreement, but the Follow-On Exchange Offer will not occur. In that event, we may determine to pursue additional measures to further reduce our debt, which may include equity issuances, asset
sales, alternative debt for equity exchanges or other debt reduction or restructuring transactions, with each alternative potentially resulting in significantly less value to existing stockholders. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Am I entitled to appraisal rights?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">No. You will have no right under Delaware law to seek appraisal of your shares of our Common Stock in connection with the Proposals. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Can I vote on other matters?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">We do not expect any other matter to come before the meeting. If any other matter is properly presented at the Special Meeting, the signed proxy gives the individuals named as
proxies authority to vote the shares on that matter at their discretion. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Can I obtain an electronic copy of the proxy material?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Yes, this Proxy Statement, the accompanying notice of Special Meeting and the proxy card are available on the Internet at <I>www.proxyvote.com</I>. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>What happens if the Special Meeting is adjourned or postponed?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Although it is not expected, the Special Meeting may be adjourned or postponed for the purpose of soliciting additional proxies. Any adjournment or postponement may be made
without notice, other than by an announcement made at the Special Meeting, by approval of the holders of a majority of the outstanding shares of our Common Stock present in person or represented by proxy at the Special Meeting, whether or not a
quorum exists. Any adjournment or postponement of the Special Meeting for the purpose of soliciting additional proxies will allow stockholders who have already sent in their proxies to revoke them at any time before their use.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Who is soliciting my proxy, and what are the costs?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We will bear all costs incurred in the solicitation of proxies, including the preparation, printing and mailing of the Notice of Availability and related proxy
materials. In addition to solicitation by mail, our directors, officers and employees may </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">
solicit proxies personally or by telephone, email, facsimile or other means. These directors, officers and employees will not be additionally compensated but may be reimbursed for reasonable
out-of-pocket expenses in connection with such solicitation. We may also make arrangements with brokerage houses and other custodians, nominees and fiduciaries for the forwarding of solicitation material to the beneficial owners of Common Stock held
by such persons, and we may reimburse those brokerage houses and other custodians, nominees and fiduciaries for reasonable expenses incurred in connection therewith. To assist in the solicitation of proxies, we have engaged Okapi Partners LLC, which
will receive a fee of approximately $12,000, plus out-of-pocket expenses. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><BR>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If you have any questions about this Proxy Statement or the Special Meeting, please contact Investor Relations at Approach Resources Inc., One Ridgmar Centre, 6500 West Freeway,
Suite 800, Fort Worth, Texas 76116, or by telephone at (817)&nbsp;989-9000. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Q.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Who can help answer my other questions?</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">If you have more questions about the Proposals or voting, you should contact Okapi Partners LLC, who is assisting us with the proxy solicitation, by calling toll free at (877)
259-6290. If your shares are held in an account at a broker, dealer, commercial bank, trust company or other nominee, you also should call that broker or other nominee for additional information. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Certain statements contained in or incorporated by reference into this Proxy Statement, or filings with the Securities and Exchange Commission (the &#147;SEC&#148;) and our public releases contain forward looking
statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) and Section 21E of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). These forward-looking statements include information concerning the Exchange Transactions, future financial results, future production and reserves, schedules, plans, timing
of development, contributions from oil and natural gas properties and marketing and midstream activities, and also include those statements accompanied by or that otherwise include the words &#147;will,&#148; &#147;may,&#148; &#147;could,&#148;
&#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;intends,&#148; &#147;estimates,&#148; &#147;projects,&#148; &#147;predicts,&#148; &#147;target,&#148; &#147;goal,&#148; &#147;plans,&#148; &#147;objective,&#148;
&#147;potential,&#148; &#147;should,&#148; or similar expressions or variations on such expressions that convey the uncertainty of future events or outcomes. For such statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995, including Section 27A of the Securities Act and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and assumptions
about future events. These statements are based on certain assumptions and analyses made by us because of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe
are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to be correct. We undertake no obligation to
publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These forward-looking
statements involve risk and uncertainties. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following risk and uncertainties: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the inability to complete either or both of the Exchange Transactions due to the failure to obtain approval of our stockholders of the NASDAQ Proposal or the
Authorized Shares Proposal, or the failure of other conditions to closing of the Initial Exchange or Follow-On Exchange Offer; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the failure to achieve 100% participation in the Follow-On Exchange Offer, if commenced; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our ability to recognize the anticipated benefits of the Exchange Transactions or otherwise address our near term liquidity needs; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">costs related to the Exchange Transactions; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">7</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our ability to comply with the financial covenants in our debt instruments and our available liquidity even if the Exchange Transactions are successfully
implemented, particularly if oil, natural gas liquid (&#147;NGL&#148;) and natural gas prices remain depressed; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">uncertainties in drilling, exploring for and producing oil and gas; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">oil, NGL and natural gas prices; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our leverage negatively affecting our semiannual redetermination of our Credit Facility; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">overall United States and global economic and financial market conditions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">domestic and foreign demand and supply for oil, NGLs, natural gas and the products derived from these hydrocarbons; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the willingness and ability of the Organization of Petroleum Exporting Countries to set and maintain oil price and production controls;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our ability to obtain additional financing necessary to fund our operations and capital expenditures and to meet our other obligations;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our ability to maintain a sound financial position; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our cash flows and liquidity; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the effects of government regulation and permitting and other legal requirements, including laws or regulations that could restrict or prohibit hydraulic
fracturing; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">disruption of credit and capital markets; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">disruptions to, capacity constraints in or other limitations on the pipeline systems that deliver our oil, NGLs and natural gas and other processing and
transportation considerations; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">marketing of oil, NGLs and natural gas; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">high costs, shortages, delivery delays or unavailability of drilling and completion equipment, materials, labor or other services; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">competition in the oil and gas industry; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">uncertainty regarding our future operating results; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">profitability of drilling locations; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">interpretation of 3-D seismic data; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">replacing our oil, NGL and natural gas reserves; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our ability to retain and attract key personnel; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">our business strategy, including our ability to recover oil, NGLs and natural gas in place associated with our Wolfcamp shale oil resource play in the Permian
Basin; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">development of our current asset base or property acquisitions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">estimated quantities of oil, NGLs and natural gas reserves and present value thereof; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">plans, objectives, expectations and intentions contained in this Proxy Statement that are not historical; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">other factors discussed in &#147;Risk Factors&#148; and in &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148;
included in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016, our Annual Report on Form 10-K for the year ended December 31, 2015, and in our other public filings, press releases and discussions with our
management. </FONT></P></TD></TR></TABLE>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">8</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Any of these factors and other factors in this Proxy Statement or any documents incorporated by reference could
cause our actual results to differ materially from the results implied by these or any other forward-looking statements made by us. Although we believe our plans, intentions and expectations reflected in the forward-looking statements we make are
reasonable, we can give no assurance that we will achieve these plans, intentions or expectations. Our assumptions about future events may prove to be inaccurate. We caution you that the forward-looking statements contained in this Proxy Statement
are not guarantees of future performance, and we cannot assure you that those statements will be realized or the forward-looking events and circumstances will occur. All forward-looking statements speak only as of the date of this Proxy Statement.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, except as
required by law. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. </FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_2"></A>THE EXCHANGE TRANSACTIONS </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_3"></A>Background of the Exchange Agreement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the ordinary course, the Board and
management review and discuss the Company&#146;s long-term business and operational strategies and regularly assess the Company&#146;s performance, strategies, risks and opportunities. As part of these ongoing efforts, the Board and management
regularly review and evaluate various financial and strategic alternatives. In addition, from time to time, the Company and its representatives have been approached by other parties regarding possible strategic and investment transactions.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Beginning in the second half of 2014, commodity prices, particularly for crude oil, began to decline sharply. The decline became precipitous late in the
fourth quarter of 2014 and continued throughout 2015. The magnitude of this price decline has materially and adversely impacted the results of the Company&#146;s operations and led to substantial reductions in its drilling program, and eventually a
complete suspension of drilling activities in the third quarter of 2015. The Company&#146;s drilling and completion program resumed in a limited fashion in 2016, funded out of operating cash flow, and only to the extent that the Company believed was
necessary to keep core acreage. During this period of commodity price decline and resulting market volatility, the Board and management focused on strategic alternatives to reduce debt and maximize stockholder value, including mergers, financial
investments, acquisitions, equity issuances and debt exchanges. Throughout the second half of 2014, the Board and management discussed these potential strategic alternatives and, in January 2015, the Board instructed management to explore these
opportunities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Following the Board&#146;s direction, management met with representatives of various parties, including both public and private upstream
companies and U.S. and international financial and strategic investors, to discuss potential strategic alternatives. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Beginning in the fourth quarter of
2014, management engaged in discussions with representatives of a strategic party (&#147;Company A&#148;), a public company based in Asia with global energy investments, who expressed an interest in acquiring the assets of the Company. The Company
signed a confidentiality agreement with Company A in January 2015 and discussions with Company A continued during the first quarter of 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In January
2015, the CEO of a second strategic party (&#147;Company B&#148;), a public E&amp;P company, met with J. Ross Craft, the Company&#146;s Chairman, CEO and President, in Fort Worth, Texas to discuss the Company&#146;s operations. Later that month,
Company B&#146;s CEO and Mr. Craft met again to discuss an exchange of data in contemplation of a potential strategic transaction, including a potential stock for stock merger. Following these discussions, the Company executed a confidentiality
agreement with Company B on January 16, 2015. The respective parties&#146; engineering advisors met later that month to discuss the data exchanged. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On
January 29, 2015, the Board met at a regularly scheduled meeting. As part of that meeting, the Board reviewed with Evercore Group L.L.C. (&#147;Evercore&#148;) potential strategic alternatives. The Board also reviewed its fiduciary duties to
stockholders with Delaware counsel. At the meeting, the Board authorized the retention of Evercore for a one-year term as its financial advisor to assist the Board in engaging in a review and potential consideration of strategic alternatives because
of market changes and the continued decline in commodity prices. The Board considered it advisable and appropriate to engage Evercore because of Evercore&#146;s familiarity with the Company, expertise in oil and gas mergers and acquisitions advisory
services and reputation in the industry. In connection with the Company&#146;s retention of Evercore, the Board authorized Evercore and management to proceed with contacting third parties and, with Evercore&#146;s assistance, identified a group of
potential counterparties most likely to be interested in a strategic transaction with the Company. Following this Board meeting, Evercore and management began contacting those potential counterparties to solicit their interest in a strategic
transaction with the Company. In addition to soliciting potential counterparties, the Company continued to evaluate standalone alternatives, including operating the Company with reduced capital expenditures until commodity prices recovered.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In March 2015, Company B delivered a preliminary indication of interest for an at-market stock-for-stock transaction with no associated premium. Mr.
Craft met with Company B&#146;s CEO, and technical evaluation teams and independent reserves engineers conducted further diligence. Mr. Craft also updated the Board on the status of the process. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Also in March 2015, management met with management from a third strategic party (&#147;Company C&#148;), a public E&amp;P company, to discuss a possible business
combination. Company C executed a confidentiality agreement in early April 2015 </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
and, later that month, Mr. Craft met with Company C&#146;s CEO to further discuss a potential merger. Discussions between Mr. Craft and Company C&#146;s CEO were informal and focused on how the
companies might combine, the potential cost savings that could be realized from a potential transaction and potential exchange ratios. Following this meeting, Mr. Craft and Company C&#146;s CEO determined to exchange further information and engage
in mutual diligence. Informal discussions, data exchange and diligence continued throughout the summer of 2015, until Company C informed the Company&#146;s management that Company C&#146;s focus on other strategic initiatives prevented Company C
from continuing to pursue a transaction at the time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In mid-March 2015, the Company and Company A determined that a transaction would not be attainable
at the valuations discussed. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April 17, 2015, Company B informed Mr. Craft that, due to valuation differences and recent movement in each
company&#146;s stock price, Company B had determined not to proceed on the terms in the preliminary indication of interest that Company B delivered to the Company in March 2015. Nonetheless, informal discussions continued with Company B through
August 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Also in April 2015, the lender group under the Company&#146;s Credit Facility completed their semiannual borrowing base redetermination,
which reaffirmed their aggregate lender commitments of $450 million, but decreased the Company&#146;s borrowing base to $525 million from $600 million. The lender group attributed the decrease in borrowing base to the declining commodity price
environment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On May 5, 2015, the Board met, and management provided an update regarding ongoing discussions with potential strategic counterparties.
Following the update, the Board instructed management to continue to explore potential strategic options. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On June 2, 2015, the Board met again, and
management again updated the Board on the course of discussions with potential strategic partners. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On July 1, 2015, the Board met to discuss strategic
options available to the Company at that time and to discuss the status of the strategic review process. As part of that meeting, representatives from Evercore updated the Board on the status of the strategic review, including potential
counterparties contacted and the feedback each party provided. Evercore also discussed various strategic options, including pursuing a strategic transaction and maintaining the status quo. Due to the lack of actionable transactions, the Board,
following Evercore&#146;s advice, determined to pursue a more structured process with a limited number of selected counterparties to determine market demand for a potential business combination that could be compared against other strategic options.
Evercore discussed with the Board potential counterparties to contact for the final round of discussions, and the Board requested that such potential counterparties deliver indications of interest by the end of July 2015. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Beginning on July 2, 2015, Evercore and management started contacting the potential counterparties that Evercore had identified to the Board at the prior Board
meeting. In connection with this structured review of strategic alternatives, a total of eight potential counterparties were contacted and confidentiality agreements were entered into with seven of them. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Between July&nbsp;1 and July 28, 2015, the Company received one indication of interest, and seven counterparties indicated they were not interested in pursuing a
potential transaction at that time. The company that submitted a formal indication of interest, Company B, based their bid and valuation of the Company solely on proved developed producing reserves due to the then-current commodity price
environment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In August 2015, the Board met to discuss the results of the process conducted with the assistance of Evercore and determined, following its
discussion with Evercore, that pursuing a transaction with Company B at the valuation in their indication of interest would not be in the best interest of the Company&#146;s stockholders. The Board directed management and Evercore to re-evaluate
Company B&#146;s proposal after the Company and Company B reported second quarter 2015 financial results. Pursuant to the Board&#146;s instructions, Mr. Craft and the Company&#146;s Chief Financial Officer, Sergei Krylov, continued to engage in
discussions with Company B&#146;s financial advisor until early September 2015, after which no further discussions were held. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Throughout the second half
of 2015, management also engaged in discussions with a fourth strategic party (&#147;Company D&#148;), a public, international holding company also based in Asia, who expressed an interest in a purchase of equity or assets of the Company. The
parties executed a confidentiality agreement in September 2015.</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In August 2015, the Company announced that, due to the prolonged low commodity price outlook, it would suspend
drilling and completion activities for the remainder of 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In September 2015, the lenders under the Credit Facility completed their semiannual
borrowing base redetermination, which reaffirmed the aggregate lender commitments of $450 million, but again decreased the Company&#146;s borrowing base, this time to $450 million. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In October 2015, management met with a fifth strategic party (&#147;Company E&#148;), a North American, upstream oil and gas subsidiary of an Asian-based parent company, who expressed an interest in buying
substantially all of the Company&#146;s assets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On November 26, 2015, Company E proposed an estimated valuation of the Company. On November 30, 2015,
Company E executed a confidentiality agreement. In January 2016, Company E informed Mr. Craft that it had acquired different assets and was no longer interested in pursuing an acquisition of the Company&#146;s assets. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Also in October 2015, the Chief Financial Officer of a sixth strategic party (&#147;Company F&#148;), a public E&amp;P company, met with Mr. Craft in Fort Worth,
Texas to discuss a possible business combination between Company F and the Company. Later that month, Mr. Craft met with the Chairman/CEO and CFO of Company F to continue these discussions. Informal discussions between Company F and the Company
continued until December 2015, when Company F put discussions on hold amid the continued decline in commodity prices. Discussions between the parties did not resume. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Also in October 2015, Mr. Krylov met with representatives of the Noteholders to discuss the Company&#146;s general investor presentation and possible interest in an additional investment in the Company. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In January 2016, the engagement of Evercore by the Company expired in accordance with its terms. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">At the Board&#146;s meeting on January 28, 2016, management outlined a separate process, pursuant to which it continued contacting potential counterparties to discuss a potential financial investment, including
second lien investments, backstopped rights offerings and other potential equity offerings. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Also on January 28, 2016, Mr. Krylov had discussions with
the Noteholders to follow up on their prior conversations, and the Noteholders indicated that they had an interest in further investments in the Company. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In mid-February 2016, Mr. Krylov met again with representatives of the Noteholders to discuss a potential backstopped rights offering. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On March 2, 2016, the Board was again briefed by Mr. Krylov on, and discussed, potential liability management options, including possible transactions to reduce the
Company&#146;s outstanding debt. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On March 3, 2016, the Company announced a capital budget range for 2016 of&nbsp;$20 million to $80 million, dependent
on the direction of commodity prices in 2016. This budget was significantly reduced from $160 million in 2015, to allow the Company to more closely target capital spending to cash flow while also preserving liquidity. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On March 14, 2016, management met with representatives of the Noteholders in Fort Worth, Texas. At this meeting, the Noteholders proposed backstopping a rights
offering, the proceeds of which would be used to redeem certain outstanding Notes, and restructuring the remaining Notes through a prepackaged Chapter 11 bankruptcy filing. Under this transaction, existing stockholders would have received
approximately 10% of the reorganized company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On March 22, 2016, the Noteholders delivered a term sheet to the Company that contemplated an out-of-court
transaction, with stockholders again receiving approximately 10% of the reorganized company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Management also held multiple meetings with Company D
during the first quarter of 2016, resulting in a below-market expression of interest in March 2016. Discussions with Company D continued until early April 2016, when Company D informed management that it was shifting its focus away from a potential
oil and gas investment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April 8, 2016, Mr. Krylov had a call with the Noteholders to provide management&#146;s initial views on the Noteholders&#146;
earlier term sheet. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On May 3, 2016, the Company and its lenders entered into a third amendment to the Credit Agreement. As part of this amendment, the
lender group reduced the Company&#146;s borrowing base from $450 million to $325 million. In addition, the amendment revised certain of the financial covenants in the Credit Agreement, which granted the Company additional financial and operating
flexibility. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Also on May 3, 2016, the Board held a meeting, at which Mr. Craft updated the Board on the status of discussions
with potential strategic partners, including the Noteholders. During this meeting, the Board discussed strategic options, potential financial options, the impact of deleveraging transactions on the Company&#146;s existing stockholders, how to
decrease outstanding debt and debt service costs and revised capital structure scenarios. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On May 9, 2016, management met with representatives of the
Noteholders in Cisco, Texas to discuss potential transactions and the Noteholders&#146; position as a significant holder of Notes. During this meeting, the Noteholders&#146; representatives proposed a deleveraging transaction, including the
potential conversion of their Notes into second lien debt. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On May 19, 2016, the Company executed a confidentiality agreement with Wilks Brothers, LLC,
who requested additional information to perform due diligence. Management met with representatives of the Noteholders at the Company&#146;s offices on May 31, 2016, to discuss a potential debt for equity exchange. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board held a meeting on June 2, 2016, at which Mr. Craft updated the Board on the status of discussions with the Noteholders. The Board discussed strategic
options with management, including the status of negotiations with the Noteholders, and instructed management to continue such discussions and report results back to the Board, if appropriate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Throughout June and early July 2016, the Company and the Noteholders exchanged drafts of definitive exchange offer documents with the Noteholders, although no agreement was reached on an exchange ratio. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On July 11, 2016, the Company engaged Perella Weinberg Partners (&#147;PWP&#148;) to act as financial advisor in connection with a potential exchange transaction.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On July 14, 2016, Mr. Krylov met with the Noteholders to further discuss the economic terms of the proposed debt for equity exchange. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board held a meeting on July 15, 2016, at which Mr. Craft updated the Board on the current status of negotiations with the Noteholders. At this meeting, PWP and
the Company&#146;s outside legal counsel, Weil, Gotshal &amp; Manges LLP (&#147;Weil&#148;), also discussed the economic and legal terms of a potential transaction with the Board. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">On July 18, 19 and 20, 2016, the Noteholders and the Company exchanged financial terms of a potential transaction. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On
July 26, 2016, representatives of a sixth strategic party, an Asian-based E&amp;P company (&#147;Company G&#148;) contacted Company management to discuss a potential equity investment or acquisition of the Company. The Company executed a
confidentiality agreement with Company G on July 28, 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On July 28, 2016, citing an inability to reach a mutually satisfactory agreement, the
Noteholders informed the Company that they had determined not to proceed with a transaction at that time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On August 2, 2016, the Board held a meeting at
which Mr. Craft provided an update on the status of discussions with the Noteholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On August 4, 2016, the Company filed its quarterly report on Form
10-Q for the three months ended June 30, 2016, which, under the terms of the Company&#146;s confidentiality agreement with the Noteholders, included disclosure that the Company was engaged in discussions with select parties, including select holders
of the Company&#146;s securities, regarding various alternatives to strengthen its balance sheet and preserve financial flexibility. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On August 9, 2016,
the Company contacted the Noteholders regarding ProFrac Services, LLC (&#147;ProFrac&#148;), an oil field services company owned by the Wilks Family Office. After this initial introduction, the Noteholders and their representatives had no further
role in any discussions between the Company and ProFrac. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On August 22, 2016, members of management met with representatives of ProFrac to discuss
potential services that could be provided to the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On August 29, 2016, a representative from the Noteholders contacted Mr. Craft to re-initiate
discussions regarding a potential transaction. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Beginning on September 1, 2016, and continuing throughout September 2016, the Company and the Noteholders
exchanged proposals for a potential transaction. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On September 12, 2016, the Company and the Noteholders exchanged proposed economic terms of a
transaction, which resulted in a temporary impasse between the parties. Mr. Craft updated the Board on such developments on September&nbsp;19, 2016. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On September 20, 2016, a representative of management traveled to Asia to meet with representatives of Company G.
The parties engaged in ongoing discussions, which were terminated on September 27, 2016, due to differences in valuation. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On September 23, 2016, Mr.
Craft updated the Board on the status of discussions with the Noteholders, including economic and governance terms, and management&#146;s plans for continuing discussions. The Board agreed with management&#146;s plans, and instructed Mr. Craft to
negotiate economic terms with the Noteholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On October 4, 2016, Mr. Craft and another member of management met with representatives of the
Noteholders in Cisco, Texas, and reached a tentative agreement, subject to definitive documentation and the Board&#146;s approval, on the economic terms of a transaction, for an exchange ratio of 300 shares of Common Stock for each $1,000 principal
amount of Notes held by the Noteholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On October 6, 2016, Mr. Craft informed the Board of the status of discussions with the Noteholders, and
presented the Board with the economic terms that had been discussed by the parties. In light of these developments, the Company approached Evercore to re-engage it to provide co-financial advisory services to the Company in connection with the
Exchange Transactions, including reviewing with the Board the alternatives that the Company had considered in 2015 and current potential alternatives to the Exchange Transactions. Evercore was subsequently re-engaged to provide these services on
October 19, 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On October 12, 2016, management and Weil met with the Noteholders and their counsel at Weil&#146;s offices in Dallas, Texas to further
discuss economic and governance terms. In advance of this meeting, management and Weil met with James Crain, Chairman of the Board&#146;s Nominating &amp; Corporate Governance Committee, to receive his views on proposed governance terms. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On October 19, 2016, Mr. Craft again updated the Board on the status of discussions with the Noteholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">On October 20, 2016, management updated Mr. Crain on the status of discussions with the Noteholders regarding governance issues. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company and the Noteholders continued to exchange revised drafts of definitive transaction documents throughout October. During this time, management worked closely with the Company&#146;s financial advisors
and outside legal counsel to negotiate terms with the Noteholders and keep the Board apprised of their progress. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On October 24, 2016, the Board held a
meeting, at which management updated the Board on the status of negotiations with the Noteholders. During this meeting, Weil discussed the legal and economic terms, and PWP and Evercore discussed the economic terms, of the Exchange Transactions with
the Board. Evercore further discussed the results of the Company&#146;s prior process in 2015, and discussed with the Board certain alternatives to the Exchange Transactions that might be available to the Company in the current market. At this
meeting, the Board also reviewed the proposed terms of the Exchange Agreement with management, Weil and PWP. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On November 1, 2016, the Board held a
meeting, at which management updated the Board on the status of negotiations with the Noteholders. During this meeting, Weil and management discussed updates to the terms of the Exchange Agreement, including proposed changes to the Exchange
Agreement that had occurred since the Board&#146;s meeting on October 24, 2016. Management further reviewed with the Board the terms of the Exchange Transactions, including the Exchange Agreement and the other definitive agreements, copies of which
were provided to the Board in advance of the meeting. In addition, PWP provided a presentation to the Board, a copy of which was provided to the Board in advance of the meeting, regarding PWP&#146;s financial analysis of the Exchange Transactions
and PWP&#146;s views on the benefits of the Exchange Transactions to the Company. Evercore also reviewed the strategic review and process previously undertaken by the Company with Evercore&#146;s assistance in 2015, and discussed with the Board
certain potential benefits and other considerations to the Company of the Exchange Transactions in light of the lack of more beneficial alternatives available to the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">On November 2, 2016, the Board held a meeting, at which Weil updated the Board on the status of the transaction documentation, which, subject to Board approval, had been finalized earlier that day. In addition, PWP
rendered to the Board its opinion (the &#147;Fairness Opinion&#148;) that as of such date, based on and subject to certain assumptions, qualifications, limitations and other matters, the terms of the Exchange Agreement and the transactions
contemplated by the Exchange Agreement, taken in the aggregate, were fair from a financial point of view to the Company and to those stockholders not </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
affiliated with the Noteholders. Following the delivery of the Fairness Opinion and discussion among the Board and its advisors, the Board (i) unanimously resolved that the Exchange Agreement and
the transactions contemplated by the Exchange Agreement were fair to, and in the best interests of, the Company and those stockholders not affiliated with the Noteholders, and (ii) authorized and approved the execution, delivery and performance of
the Exchange Agreement by the Company, and the transactions contemplated by the Exchange Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Shortly after the meeting, the Company and the
Noteholders executed and delivered the Exchange Agreement, and the Company issued a press release announcing the Exchange Agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_4">
</A>Reasons for the Exchange Agreement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board, in evaluating the Exchange Agreement and the transactions contemplated by the Exchange Agreement,
consulted with the Company&#146;s management, legal counsel and financial advisors. In reaching its unanimous resolution (i) that entering into the Exchange Agreement is in the best interests of the Company and its stockholders;&nbsp;(ii) to submit
the Proposals to the Company&#146;s stockholders; and (iii) recommending that the Company&#146;s stockholders adopt the Proposals, the Board considered and evaluated a number of factors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In the course of its deliberations, the Board considered the following substantive factors as being generally positive or favorable, each of which the Board believed supported a decision to proceed with the
Exchange Agreement, including, but not limited to, the following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Improved Capital Structure</I>.&nbsp;&nbsp;The positive effects the Exchange Transactions likely would have on the Company&#146;s capital structure and the
holders of Common Stock, respectively, including: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the reduction in debt versus substantial dilution to stockholders expected to result from the Exchange Transactions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the material reduction of cash interest expense paid on the Company&#146;s debt; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the ability to reallocate cash previously dedicated to interest expense to further reduce debt and increase the Company&#146;s capital budget;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the ability to service and refinance upcoming debt maturities; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the ability to re-position the Company&#146;s balance sheet and restore access to capital markets to take advantage of value-enhancing acquisition opportunities.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Financial Impact of the Exchange Agreement</I>.&nbsp;&nbsp;The likely impact of the Exchange Transactions on the Company&#146;s future results of operations,
including: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the elimination of annual cash interest expense of up to $16.1 million (assuming full participation in the Exchange Transactions), preserving liquidity in the
near-term; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">allowing re-allocation of cash interest expense to drilling operations to resume growth and maximize enterprise value; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">reduction of leverage closer to new OCC guidelines to restore access to low-cost bank financing. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Offer Price of the Initial Exchange</I>.&nbsp;&nbsp;The Initial Exchange Ratio, which represents a 23% premium to the Company&#146;s November 2, 2016, closing
price of $2.70 per share. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Opinion of Perella Weinberg Partners</I>.&nbsp;&nbsp;The opinion of PWP rendered to the Board that, as of November 2, 2016, based on and subject to the
various limitations, qualifications, assumptions and other matters in the Opinion, the Exchange Agreement was fair, from a financial point of view, to the Company and its stockholders that are unaffiliated with the Noteholders, as more fully
described below under the caption &#147;Opinion of Perella Weinberg Partners.&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>T</I><I>he Exchange Agreement; Ability to Consider, Receive and Respond to Unsolicited Proposals; Ability to Change Recommendation</I>.&nbsp;&nbsp;The terms
of the Exchange Agreement, and that such terms would not preclude competing proposals. In this regard, the Board considered, among other things, the ability of the Board to withdraw or modify its recommendation that stockholders vote in favor of the
Transaction Proposals without the requirement that the Company pay any termination fee to the Noteholders. If the Exchange Agreement is terminated for any reason other </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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than a breach thereof by the Noteholders, the Company has agreed to reimburse the Noteholders&#146; expenses in an amount not to exceed $500,000. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Strategic Review Process</I>.&nbsp;&nbsp;The thoroughness of the strategic review process undertaken with the assistance of Evercore in 2015, and revisited in
2016, as further described in the section titled &#147;Background of the Exchange Agreement.&#148; After discussions with management and Evercore, and considering the process undertaken and the extended period of time spent discussing potential
strategic alternatives with potential counterparties, the Board determined that continuing the strategic review process would be unlikely to result in an alternative to the Exchange Transactions that would adequately address the Company&#146;s
substantial amount of debt and provide greater value to the Company&#146;s stockholders. As part of that process, and after discussions with Evercore, the Board determined that potential transaction counterparties would be unlikely to view the
Company as a strategic partner unless the Company was able to significantly reduce its substantial debt. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>The Stockholders Agreement</I>.&nbsp;&nbsp;The terms of the Stockholders Agreement, including the voting restrictions, the limitation on the ability of the
Noteholders to acquire additional voting securities of the Company and the &#147;standstill,&#148; as more fully described below under the caption &#147;Stockholders Agreement&#151;Standstill.&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Arm&#146;s-Length Negotiations; Board Process</I>.&nbsp;&nbsp;The terms of the Exchange Agreement, including the parties&#146; representations, warranties and
covenants, and the conditions to their respective obligations to close the Initial Exchange, are the product of substantial, arm&#146;s-length negotiations between the Company and the Noteholders, each with the assistance of their respective
advisors. In addition, the process followed by the Company in recommending the approval of the Proposals included a Board comprised of a majority independent and disinterested directors. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Business Reputation of the Noteholders</I>.&nbsp;&nbsp;The business reputation and capabilities of the Noteholders and their management team, which the Board
believed supported the conclusion that a transaction with the Noteholders would provide the Company with the opportunity to partner with a well-positioned, strategic investor that has depth of knowledge and experience in the oil field services
industry. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Timing</I>.&nbsp;&nbsp;The timing of the Exchange Transactions and the current financial condition of the Company. The Board considered that negotiating a
transaction while in compliance with credit covenants and able to live within the Company&#146;s cash flow would result in a better deal for existing stockholders than waiting and accepting the risk of potentially attempting to negotiate a
deleveraging transaction from a position of greater financial weakness in the future. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Consequences if the Company is Unable to Complete the Exchange Transactions</I>.&nbsp;&nbsp;The likely impact on the Company if it is unable to complete the
Exchange Transactions, including: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the Company would have to rely on a commodity price recovery and capital availability to resume the Company&#146;s drilling program and maintain its production
at current levels; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">due to the Company&#146;s elevated leverage profile that exceeds OCC guidelines, it would be at risk of further decreases in its borrowing base, and the Company
may not have the capital necessary to repay any resulting negative balances; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the Company may determine it necessary to accomplish the debt reduction contemplated by the Exchange Transactions through alternative means, including additional
equity issuances, asset sales, alternative debt for equity exchanges or other debt reduction or restructuring transactions, with each alternative potentially resulting in significantly less value to existing stockholders.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Required Price Recovery Scenario</I>.&nbsp;&nbsp;The Company&#146;s ability to reduce its substantial debt and maintain or grow its production base, in
various commodity-pricing scenarios. The Board considered that without a significant transaction, a commodity price recovery would have to be significant, and beyond what the Board expected in the short to medium-term, to materially reduce the
Company&#146;s significant debt, or to reduce the Company&#146;s debt in an amount equivalent to the Exchange Transactions. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the
course of its deliberations, the Board also considered a variety of material risks and other countervailing factors related to entering into the Exchange Agreement, including, but not limited to, the following: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">16</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Dilutive Impact</I>.&nbsp;&nbsp;The issuance of Common Stock in the Exchange Transactions will dilute the ownership of current stockholders, and reduce the
ability of current stockholders to influence future significant corporate decisions requiring stockholder approval. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Significant Stockholder</I>.&nbsp;&nbsp;The Initial Exchange will concentrate a significant amount of Common Stock in the hands of two related entities. In
addition, the Noteholders will have the right to designate three of eight members of the Board. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Time and Expense Commitment.</I>&nbsp;&nbsp;The significant costs involved with the Exchange Agreement and the Exchange Transactions, the substantial time and
effort of management required to complete the Exchange Transactions and related disruptions to the operation the Company&#146;s business. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Litigation Risk</I>.&nbsp;&nbsp;The inherent risk of litigation in relation to the Exchange Transactions, including potential litigation in connection with
the execution of the Exchange Agreement and the closing of the Exchange Transactions. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Risk Associated with Failure to Complete the Exchange Transactions</I>.&nbsp;&nbsp;The risks and costs to the Company if the Exchange Transactions are not
completed, including the diversion of management and employee attention, potential employee attrition and the potential disruptive effect on vendor relationships, and the expenses associated with the Exchange Transactions.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Lack of Other Attractive Alternatives.</I>&nbsp;&nbsp;If the Company is unable to complete the Exchange Transactions, it may pursue alternative strategies to
reduce debt and associated interest payments, including equity issuances, asset sales, alternative debt for equity exchanges or other debt reduction or restructuring transactions. In the Board&#146;s view, none of these alternatives are as likely to
result in as significant a reduction of leverage, and value to existing stockholders, as the Exchange Transactions. Among others, over the prior year the Board considered, and did not pursue for the reasons discussed below, the following alternative
transactions: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Sale of assets</I> </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Management and the Board considered the potential sale of assets to raise cash and reduce leverage. Among the assets considered for sale were the
Company&#146;s midstream assets, including its water handling, processing and recycling assets, and non-core acreage. In each case, any indications of interest received from potential counterparties did not place sufficient up-front valuation on the
Company&#146;s assets to meaningfully reduce leverage. In addition, any sale of midstream assets would increase the cost to use these assets in the future, which would mitigate any leverage reduction realized by the sale. Moreover, any potential
midstream transaction that may include enough up-front cash to meaningfully affect leverage also would have required drilling commitments that could be counterproductive to the Company&#146;s other strategic efforts. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Sale of equity</I> </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Management and the Board considered potential sales of equity in public underwritten offerings as well as private placements, and using the proceeds
to repurchase Notes and reduce leverage. However, the size of any public offering or private placement necessary to accomplish similar leverage reduction would be significant, and likely more dilutive to existing stockholders than the Exchange
Transactions. In addition, these equity offerings typically are made at a discount to current market price, and if the Company used the proceeds to repurchase Notes, these repurchases likely would be at a premium to market and potentially to par
value. Assuming the Company could issue the required amount of equity, the number and size of public offerings and private placements required to accomplish a similar reduction in leverage would result in transactions more dilutive to existing
stockholders than the Exchange Transactions, and would carry increased execution risks. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Sale of entire company</I> </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">As previously discussed, management held discussions with several counterparties regarding the potential sale of all or substantially all of the
assets or equity of the Company. However, the consideration offered for such a sale was not in the best interests of stockholders or the Company at the time, or was otherwise not enough to provide stockholders value substantially equivalent to what
the Board believes the Exchange Transactions will provide. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Tax Effect</I>.&nbsp;&nbsp;Future use of the Company&#146;s federal net operating loss carryforwards (&#147;NOLs&#148;), which may be limited if the ownership
of Common Stock changes by more than 50% within a three-year period. Such a change in ownership would result in a substantial portion of the NOLs being eliminated or becoming restricted, and the Company would need to
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:ARIAL" SIZE="2">
reduce its deferred tax assets reflecting the restricted use of these NOLs when such an ownership change occurs. Although the Company does not expect the Initial Exchange to result in a change of
ownership of 50% or more of Common Stock, the Follow-On Exchange likely will. The Board considered the range of likely outcomes as a result of the Exchange Transactions, and determined the present value of the NOLs that potentially could be lost was
less than the potential value associated with the Exchange Transactions, particularly when the limitation of NOLs could be mitigated by the Company&#146;s ability to generate future NOLs after the Exchange Transactions, as well as potentially use
limited NOLs in the future for assets for which the Company is in a position of net unrealized built-in gain. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The above discussion of
the information and factors considered by the Board is not intended to be exhaustive and may not include all of the information and factors considered by the Board. The Board, in making its determination regarding the Exchange Agreement, did not
find it useful to and did not quantify or assign any relative or specific weights to the various factors that it considered. Rather, the Board views its determination and recommendation as being based on an overall analysis and on the totality of
the information presented to, and factors considered by, the Board. In addition, in considering the factors described above, individual members of the Board may have given differing weights to different factors, and may have viewed some factors
relatively more positively or negatively than others. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_5"></A>Analysis of the Exchange Transactions </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>Effects of the Exchange Transactions on Our Capital Structure and Capital Stock. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table shows the pro forma impact each step of the Exchange Transactions would have on our outstanding debt (dollars in thousands) as of September 30, 2016: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Principal</FONT></B></FONT>
</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Pro Forma<BR>for
the<BR>Exchange<BR>Transactions<BR>Following<BR>Closing of<BR>Initial<BR>Exchange</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Pro Forma<BR>for
the<BR>Exchange<BR>Transactions<BR>Assuming<BR>50%<BR>Participation<BR>in Follow-On<BR>Exchange<BR>Offer</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Pro Forma<BR>for
the<BR>Exchange<BR>Transactions<BR>Assuming<BR>Full<BR>Participation<BR>in Follow-On<BR>Exchange<BR>Offer</FONT></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Senior Credit Facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;275,000&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;275,000&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;275,000&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;275,000&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">7.00% Senior Notes due 2021</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;230,320&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">99,768&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">49,884&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total Debt</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;505,320&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;374,768&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;324,884&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;275,000&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table shows the pro forma impact the Exchange Transactions would have on the ownership of our Common Stock (in
thousands) as of September 30, 2016: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR BGCOLOR="#225cab">
<TD ROWSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">No. of<BR>Shares</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Percentage<BR>of<BR>Common</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Pro Forma for the<BR>Exchange<BR>Transactions<BR>Following Closing of<BR>Initial Exchange</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Pro Forma for the<BR>Exchange<BR>Transactions<BR>Assuming 50%<BR>Participation in<BR>Follow-On Exchange<BR>Offer</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Pro Forma for the<BR>Exchange<BR>Transactions<BR>Assuming Full<BR>Participation in<BR>Follow-On Exchange<BR>Offer</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B></B></FONT></TD></TR>


<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR>&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">No.
of<BR>Shares</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;&nbsp;<BR>&nbsp;&nbsp;
</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Percentage<BR>of<BR>Common</FONT></B>
</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR>&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">No.
of<BR>Shares</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;&nbsp;<BR>&nbsp;&nbsp;
</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Percentage<BR>of<BR>Common</FONT></B>
</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR>&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">No.
of<BR>Shares</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;&nbsp;<BR>&nbsp;&nbsp;
</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Percentage<BR>of<BR>Common</FONT></B>
</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Existing (non- Noteholder) Holders of Common Stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,507</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,507</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">51.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,507</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">43.4%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,507</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">37.5%</FONT></TD></TR>
<TR BGCOLOR="#ffffff">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Noteholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">101</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,266</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">48.6%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,266</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">41.0%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,266</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">35.5%</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Remaining Holders of Senior Notes</FONT></P></TD>

<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&#151;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,966</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">15.6%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">29,931</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">27.0%</FONT></TD></TR>
<TR BGCOLOR="#ffffff">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,608</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">80,773</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">100.0%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">95,739</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">100.0%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">110,704</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">100.0%</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Assumes Follow-On Exchange Offer is conducted at Initial Exchange Ratio </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" BGCOLOR="#225cab">

<TR>
<TD WIDTH="97%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_6"></A>Opinion of Perella Weinberg Partners </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP was retained to act as financial advisor to the Board in connection with the Exchange Transactions. The Board engaged PWP based on PWP&#146;s qualifications,
experience and reputation as well as its knowledge of the business and affairs of the Company. In the regular course of its business, PWP is engaged to render opinions in connection with mergers, acquisitions, divestitures, leveraged buyouts,
recapitalizations and for other purposes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At the November 2, 2016 meeting of the Board, representatives of PWP rendered to the Board PWP&#146;s oral
opinion, which it subsequently confirmed in writing, included herein as <U>Annex A</U>, that, as of such date and subject to the qualifications, limitations and assumptions set forth therein, the Exchange Transactions are fair, from a financial
point of view, to the Company and to its stockholders that are unaffiliated with the Noteholders. The PWP opinion is dated, and speaks only as of, November 2, 2016, and has not been updated, revised or reaffirmed by PWP since that date. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>The full text of the PWP opinion, dated as of November 2, 2016, which sets forth, among other things, the assumptions made, procedures followed, matters
considered and limitations on the review undertaken by PWP in rendering its opinion, is attached as <U>Annex A</U> to this Proxy Statement. You are urged to read the opinion carefully and in its entirety. PWP&#146;s opinion is directed to the Board,
in its capacity as such, addresses only the fairness, from a financial point of view, of the Exchange Transactions to the Company and to its stockholders that are unaffiliated with the Noteholders, and does not address the Company&#146;s underlying
business decision to enter into the Exchange Transactions or the relative merits of the Exchange Transactions as compared with any other strategic alternative which may be available to the Company or any other aspect of the Exchange Transactions or
constitute a recommendation as to how holders of the Common Stock should vote at the Special Meeting. PWP&#146;s opinion does not in any manner address the prices at which the Common Stock will trade at any time. This summary is qualified in its
entirety by reference to the full text of the opinion. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with rendering its opinion, PWP, among other things, reviewed the following
materials and undertook the following actions: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP reviewed drafts of the Exchange Agreement, the Stockholders Agreement and the Registration Rights Agreement, each dated as of November 1, 2016, and provided
to it by the Company; for purposes of its opinion, PWP assumed that the final form of each such document that it reviewed in draft form does not differ in any material respect from the draft of each such document that was provided to PWP;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP reviewed the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2015, the Company&#146;s Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2016, and June 30, 2016, and certain other publicly available business and financial information relating to the Company; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP reviewed other financial and operating information, including financial forecasts provided by the Company in writing to PWP; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP reviewed the pro forma impact of the Exchange Transactions on the Company&#146;s capital structure; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP compared the financial performance of the Company with that of certain publicly-traded companies that PWP believed to be relevant;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP compared the proposed financial terms of the Exchange Transactions with the publicly available financial terms of certain transactions that PWP believed to
be relevant; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP discussed with members of the Company&#146;s senior management and the Board certain information related to the aforementioned and other matters that PWP
deemed relevant to its inquiry, including prior efforts to effect alternative transactions and the attendant risks of the Company&#146;s current capital structure; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP reviewed such other analyses, information and factors that it deemed relevant and appropriate. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In rendering its opinion, PWP, among other things, assumed and relied, without independent verification, upon the accuracy and completeness of all information and
data furnished to or otherwise reviewed by or discussed with PWP, including, without limitation, the Company&#146;s financial statements. PWP further relied upon the assurances of management of the Company that they were not aware of any facts that
would make any of such information inaccurate or misleading. </FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">19</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
With respect to financial forecasts, projections, analyses and other forward-looking information and data provided to or otherwise discussed with PWP, PWP assumed, with the consent of the
Company, that such forecasts, projections, analyses and other data were reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of the Company as to the future financial performance of the
Company, and provide a reasonable basis for the PWP opinion. PWP expresses no views with respect to any such forecasts, projections, analyses and other information and data or the assumptions on which they were based and assumed with the consent of
the Board that the forecasted financial results will be realized in the amounts and at the times projected. PWP noted that such projections are subject to significant uncertainty, particularly in light of the Company&#146;s current financial
condition, current and prospective access to capital and current and prospective liquidity. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP did not make and was not provided with an independent
evaluation or appraisal of the assets or liabilities, contingent or otherwise, of the Company, nor did PWP make any physical inspection of the properties or assets of the Company. PWP is not a legal, tax, accounting or regulatory advisor and relied
upon, without independent verification, the assessment of the Company and its legal, tax or regulatory advisors with respect to legal, tax or regulatory matters. PWP was not asked to evaluate and did not evaluate the solvency or fair value of the
Company or any person under any state or federal laws relating to a bankruptcy, insolvency or similar matters. PWP assumed that in connection with the receipt of all regulatory or other approvals and consents required for the Exchange Transactions,
no delays, limitations, conditions or restrictions will be imposed that would have a material adverse effect on the contemplated benefits expected to be derived from the Exchange Transactions. PWP&#146;s opinion does not address the non-financial
terms of the Exchange Transactions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP was not requested to, and did not initiate any discussions with, or solicit any indications of interest from,
third parties with respect to the Exchange Transactions or any alternatives to the Exchange Transactions. However, PWP did consider the status of the Company&#146;s ongoing discussions with respect to the Company&#146;s financing alternatives and
its recent efforts to pursue alternative transactions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP&#146;s opinion was necessarily based upon information available to it and market, economic,
financial and other circumstances and conditions existing and disclosed to PWP as of the date of its opinion, and any material change in such circumstances and conditions would require a re-evaluation of such opinion, which PWP is under no
obligation to undertake. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP&#146;s opinion does not constitute a recommendation to the Board or to any person with respect to the Exchange
Transactions. PWP&#146;s opinion is limited to the fairness, from a financial point of view, of the Exchange Transactions to the Company and to its stockholders that are unaffiliated with the Noteholders. PWP expressed no opinion with respect to any
other reasons, legal, business or otherwise, that may support the decision of the Board to approve or to consummate the Exchange Transactions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For
purposes of rendering its opinion, PWP assumed, in all respects material to its analysis, that the representations of the Company and the Noteholders contained in the Exchange Agreement and related documents were true and correct, that the Company
and the Noteholders will perform all of the covenants and agreements required to be performed by them under the Exchange Agreement, the Stockholders Agreement, the Registration Rights Agreement and any related documents and that all conditions to
the consummation of the Exchange Agreement will be satisfied without waiver thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>Summary of Material Financial Analyses
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following is a summary of the material financial analyses performed by PWP in connection with its oral opinion and preparation of its written
opinion. Although each analysis was provided to the Board, in connection with arriving at its opinion, PWP considered all of its analyses as a whole and did not attribute any particular weight to any analysis described below. The following summaries
of financial analyses include information presented in tabular format. In order to understand fully the financial analyses used by PWP, the tables must be read together with the text of each summary. The tables alone do not constitute a complete
description of the financial analyses. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><I>Company Background </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">PWP reviewed and discussed with the Board its understanding of the Company&#146;s financial condition, results of operations, stock price performance and related factors, and noted that: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">As of September 30, 2016, the Company had drawn $275 million of borrowings pursuant to its Credit Facility, had outstanding approximately $230 million aggregate
principal amount of its Notes or total debt of $505 million, and, at October 28, 2016, had a market capitalization of $123 million and an enterprise value of $626 million; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company had, throughout the commodity price downturn, focused on reducing costs and effecting operational efficiencies, and reduced its capital spending in
order to conserve liquidity. However, these efforts significantly restricted the Company&#146;s ability to invest in growth and constrained the value of the enterprise; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company is over-levered and its balance sheet limits its financial flexibility. Absent a sustained and material increase in commodity prices, the Company may
not be able to refinance the Notes or the Credit Facility at maturity and is subject to material risks to the liquidity of its business in the event of a borrowing base redetermination; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Management and the Board had solicited interest for various strategic and liability management transactions during the preceding 18 months, including sale and
merger transactions, minority equity investments, assets sales, new money debt financings, monetization of midstream assets and backstopped rights offerings; however, these efforts had resulted in no acceptable alternatives; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The commodity price environment has put considerable pressure on the cash flows of upstream businesses, resulting in significant increases in leverage across the
sector. Many upstream companies have accepted significant ownership dilution in order to manage their liabilities. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><I>Financial Analysis </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP observed that
the Initial Exchange Ratio implies a stock issuance price of $3.33, equal to the quotient of each $1,000 bond principal divided by the Initial Exchange Ratio. This share price represents a 23% premium to the $2.70 closing price of the Common Stock
on November 2, 2016, an enterprise value of $641 million, and multiples of enterprise value to the Company&#146;s estimates of 2017 and 2018 EBITDAX of 9.3x and 9.4x, respectively. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">PWP reviewed the 52-week high and low trading prices for the Common Stock (ranging from $0.66 to $4.12 per share). PWP considered the dilution that would be caused by the Exchange Transactions compared to the
dilution that has resulted from upstream bankruptcies, which have tended to result in total or near-total dilution to pre-petition stockholders. PWP also considered the dilution that has been experienced by upstream companies that have undertaken
out-of-court restructurings. Finally, PWP considered the significant average public equity discounts experienced by upstream E&amp;P companies that have undertaken follow-on equity offerings representing share issuances of at least 25% of shares
outstanding since January 1, 2015, and compared these discounts to the 23% implied issuance premium in the Initial Exchange. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP analyzed the
Company&#146;s capital structure based on a reduction of net debt of $128 million to $227 million and a reduction of annual interest expense of $9 million to $16 million as a result of the consummation of the Exchange Transactions (assuming no
participation in the Follow-On Exchange Offer and full participation in the Follow-On Exchange Offer). The Company&#146;s existing stockholders unaffiliated with the Noteholders would retain between 37.5% to 51.4% of the Company&#146;s pro forma
equity, which range would vary assuming no participation in the Follow-On Exchange Offer and full participation in the Follow-On Exchange Offer. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Using
the Company Forecasts, PWP also analyzed the Company&#146;s liquidity and the effect of a transaction on its liquidity. Also using the Company Forecasts, PWP analyzed the effect of the Initial Exchange, as well as partial and full participation in
the Follow-On Exchange Offer, on the Company&#146;s earnings before interest, taxes, depreciation, amortization and exploration (&#147;EBITDAX&#148;) and capital expenditures. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><I>Historical Trading Prices </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">PWP reviewed the historical trading price per share of the Common Stock for the one-year period ending October 28, 2016. PWP noted that that the trading price for the Common Stock during that period ranged from a
low of $0.66 to a high of $4.12 per share. PWP further noted that the Common Stock closed at $2.96 on October 28, 2016, and that the volume weighted average prices for the 30-day and 90-day periods ending on October 28, 2016, were $3.29 and $3.11,
respectively. The historical trading price analysis provided general reference points with respect to the trading prices of the Common Stock, which enabled PWP to compare the historical prices with the implied issue price of $3.33 in the Initial
Exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><I>Selected Companies Analysis </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">PWP reviewed and compared certain financial information for the Company with the corresponding financial information, ratios and public market multiples of the following publicly held oil and gas companies (the
&#147;selected companies&#148;). Although no company is directly comparable to the Company, PWP selected the following companies because PWP believed they had characteristics that were instructive for purposes of this analysis: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Oasis Petroleum Inc. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Clayton Williams Energy, Inc. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Resolute Energy Corporation </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Sanchez Energy Corporation </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Jones Energy, Inc. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Bill Barrett Corporation </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Abraxas Petroleum Corporation </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Earthstone Energy, Inc. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Northern Oil and Gas, Inc. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Gastar Exploration Inc. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For each selected
company PWP calculated and compared financial information and various financial market multiples and ratios, based on company filings and consensus third party research estimates, including total enterprise value (or &#147;TEV&#148;), calculated as
the value of the relevant company&#146;s outstanding equity securities, taking into account its outstanding warrants and other convertible or exchangeable securities, based on the relevant company&#146;s closing stock price, or equity value, plus
net debt, calculated as outstanding indebtedness, preferred stock, capital lease obligations and minority interest, less the amount of unrestricted cash on its balance sheet, as of a specified date, to each of estimated 2017 and 2018 EBITDAX, based
on research analyst consensus estimates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The analyses undertaken by PWP indicated the following mean, median, high and low multiples: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">TEV/EBITDAX</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">2017E</FONT></B></FONT>
</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">2018E</FONT></B></FONT>
</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Mean</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8.9x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.3x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Median</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.1x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5.9x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">High</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">22.5x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16.6x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Low</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.4x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.3x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Based on the multiples of TEV to 2017 and 2018 estimated EBITDAX for the selected companies described above, PWP&#146;s analyses of
the various selected companies and on professional judgments made by PWP, PWP applied a range of multiples of 6.5 to 8.5 and 5.5 to 7.5 to estimated EBITDAX for 2017 and 2018, respectively, of the Company, using the
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Company Forecasts, to derive ranges of estimated implied values per share of the Common Stock of approximately $(1.32) to $1.99 and $(3.09) to $0.18, respectively. PWP compared these ranges to
the implied issue price of $3.33 per share in the Initial Exchange. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Although the selected companies were used for comparison purposes, no business of
any selected company was either identical or directly comparable to the Company&#146;s business. Accordingly, PWP&#146;s comparison of selected companies to the Company and analysis of the results of such comparisons was not purely mathematical, but
instead necessarily involved complex considerations and judgments concerning differences in financial and operating characteristics and other factors that could affect the relative values of the selected companies and the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><I>Selected Transactions Analysis </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Using
publicly available information, PWP reviewed the financial terms of the following selected oil and gas merger and acquisition transactions (the &#147;selected transactions&#148;). None of the selected transactions or the companies that participated
in the selected transactions was directly comparable to the Exchange Transactions or the Company. PWP selected these transactions in the exercise of its professional judgment and experience because PWP deemed them to be similar in size and scope to
the Company or otherwise relevant to the Exchange Transactions. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Announcement
Date</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Acquiror</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Target</FONT></B></FONT></TD></TR>



<TR BGCOLOR="#dde6f2">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">09/26/16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Rice Energy Inc.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Vantage Energy, LLC</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">09/06/16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">EOG Resources, Inc.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Yates Petroleum Corp.</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">07/07/16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Silver Run Acquisition Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Centennial Resource Production LLC</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">06/20/16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Marathon Oil Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">PayRock Energy Holdings</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">05/16/16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Range Resources Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Memorial Resource Development Corp.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">05/21/15</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Vanguard Natural Resources, LLC</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Eagle Rock Energy Partners</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">05/11/15</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Noble Energy, Inc.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Rosetta Resources, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">04/20/15</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Vanguard Natural Resources, LLC</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">LRR Energy, LP</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">09/29/14</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">EnCana Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Athlon Energy Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">07/24/14</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Breitburn Energy Partners LP</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">QR Energy, LP</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">07/11/14</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Whiting Petroleum Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Kodiak Oil &amp; Gas Corp.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">03/12/14</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Energy XXL Ltd</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">EPL Oil &amp; Gas, Inc.</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">04/30/13</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Contango Oil &amp; Gas Company</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Crimson Exploration Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">02/21/13</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Linn Energy, LLC</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Berry Petroleum Co.</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">12/05/12</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Freeport-McMoRan Inc.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Plains Exploration &amp; Production Company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">04/25/12</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">Halc&oacute;n Resources Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">GeoResources, Inc.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For each of the selected transactions, PWP calculated and compared the resulting TEV in the transaction as a multiple of estimated
EBITDAX over the next 12 months following announcement of the transaction (&#147;NTM&#148;), based on research analyst consensus estimates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The analyses
undertaken by PWP indicated the following mean, median, high and low multiples: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" COLSPAN="12" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">TEV/</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Transaction<BR>Value</FONT>
</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">LTM<BR>EBITDAX</FONT></B>
</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">NTM<BR>EBITDAX</FONT></B>
</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mean</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$3,559</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.6x</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7.6x</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Median</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,461</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7.7x</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6.9x</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">High</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,687</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23.1x</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15.5x</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Low</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">401</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.5x</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.0x</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">23</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" BGCOLOR="#225cab">

<TR>
<TD WIDTH="97%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> (continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Based on the multiples of TEV to estimated NTM EBITDAX for the selected transactions described above, PWP&#146;s
analyses of the various selected transactions and on professional judgments made by PWP, PWP applied a range of multiples of 7.0 to 9.0 to estimated NTM EBITDAX of the Company, using the Company&#146;s financial projections, to derive a range of
estimated implied values of approximately $(0.94) to $2.24 per share of the Common Stock. PWP compared these ranges to the implied issue price of $3.33 per share in the Initial Exchange. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Although the selected transactions were used for comparison purposes, none of the selected transactions nor the companies involved in them was either identical or directly comparable to the Exchange Transactions or
the Company. Accordingly, PWP&#146;s comparison of selected transactions to the Exchange Transactions and analysis of the results of such comparisons was not purely mathematical, but instead necessarily involved complex considerations and judgments
concerning differences in financial and operating characteristics and other factors that could affect the relative values involved in the selected transactions and the Exchange Transactions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><I>Discounted Cash Flow Analysis </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP conducted a discounted cash flow analysis for the
Company, based on the Company Forecasts, by: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">calculating the present value as of June 30, 2016, of the estimated standalone adjusted unlevered free cash flows (calculated as operating income after taxes,
plus depreciation and amortization, minus capital expenditures, and adjusting for changes in net working capital and other cash flows) that the Company could generate for the remainder of 2016 through 2020, using a range of discount rates of 10.5%
to 14.5% based on estimates of the weighted average cost of capital of the Company; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">adding terminal values calculated using multiples of 6.0 to 8.0 of the Company&#146;s projected 2020 EBITDA and discounted using a range of discount rates of
10.5% to 14.5%. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">From the range of implied enterprise values, PWP derived ranges of implied equity values for the Company. To calculate
the implied equity value from the implied enterprise value, PWP subtracted debt as of September 30, 2016, and added cash and cash equivalents. PWP calculated implied value per share by dividing the implied equity value by the fully diluted shares of
the Company (using the treasury method). This analysis resulted in an implied per share equity reference range for the Common Stock of approximately $(6.56) to $(3.89). PWP compared this range to the implied issue price of $3.33 per share in the
Initial Exchange. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition, PWP conducted discounted cash flow analyses using a materially identical methodology, based on Company projections giving
effect to the capital structure adjustments and increased share counts associated with the Exchange Transactions, as well as the additional investment enabled by the reduction to pro forma interest expense as a result of the Exchange Transactions.
This analysis resulted in an implied per share equity reference range for the Company&#146;s stock of approximately $(1.63) to $0.02 assuming no participation in the Initial Exchange and approximately $(0.06) to $1.37 assuming full participation in
the Follow-On Exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><I>Risked Net Asset Value (&#147;NAV&#148;) Analysis </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP conducted a risked NAV analysis for the Company by: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">multiplying the PV-10 (current approximated value of the Company&#146;s future oil and gas revenues, less anticipated expenses, and discounted using a yearly
discount rate of 10%) of the Company&#146;s PDP (Proved Developing Producing), PDNP (Proved Developed Non-Producing) and PUD (Proved Undeveloped) reserves based on the Company&#146;s reserve report as of June 30, 2016, at NYMEX strip pricing as of
that date, by a range of risk factor coefficients; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">adding the estimated value of the Company&#146;s undeveloped Permian Basin acreage, based on acreage multiples of $500 to $2,700 as informed by market precedents
and the professional judgments of PWP; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">subtracting the market value of the Company&#146;s hedges; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">subtracting the present value of the Company&#146;s general and administrative expense, capitalized at a range of multiples of 8.0 to 6.0; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">subtracting the Company&#146;s net debt. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">24</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">From the range of implied net asset values, PWP calculated implied value per share by dividing the NAV by the
fully diluted shares of the Company (using the treasury method). This analysis resulted in an implied per share equity reference range for the Common Stock of approximately ($4.16) to $2.45. PWP compared this range to the implied issue price of
$3.33 per share in the Initial Exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B><I>Miscellaneous </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In preparing its opinion to the Board, PWP performed a variety of analyses, including those described above. The summary of PWP&#146;s financial analyses is not a complete description of the analyses underlying
PWP&#146;s opinion. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary described above, without considering
the analyses as a whole, could create an incomplete view of the processes underlying PWP&#146;s opinion. In arriving at its fairness determination, PWP considered the results of all the analyses and did not draw, in isolation, conclusions from or
with regard to any one analysis or factor considered by it for purposes of its opinion. Rather, PWP made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of the analyses.
In addition, PWP may have given various analyses and factors more or less weight than other analyses and factors and may have deemed various assumptions more or less probable than other assumptions. As a result, the ranges of valuations resulting
from any particular analysis or combination of analyses described above should not be taken to be the view of PWP with respect to the actual value of the Common Stock. Furthermore, PWP&#146;s analyses involved complex considerations and judgments
concerning financial and operating characteristics and other factors that could affect the acquisition, public trading or other values of the companies or transactions used, including judgments and assumptions with regard to industry performance,
general business, economic, market and financial conditions and other matters, many of which are beyond the control of the Company and its advisors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PWP
prepared these analyses solely for the purpose of providing an opinion to the Board as to the fairness, from a financial point of view, of the Exchange Transactions to the Company and to the stockholders that are unaffiliated with the Noteholders.
Any estimates contained in these analyses are not necessarily indicative of actual future results, which may be significantly more or less favorable than those suggested by such estimates. Accordingly, estimates used in, and the results derived
from, PWP&#146;s analyses are inherently subject to substantial uncertainty, and PWP assumes no responsibility if future results are materially different from those forecasted in such estimates. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The issuance of the fairness opinion was approved by an opinion committee of PWP. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">PWP will receive fees in the amount of $450,000 in connection with its financial advisory services and the delivery of its opinion. The entire amount of the fees became payable upon delivery of the opinion by PWP.
The Company also has agreed to indemnify PWP against certain liabilities arising out of its engagement. During the two-year period preceding the delivery of the opinion, no material relationship existed between PWP and its affiliates, on the one
hand, and either the Company and the Noteholders, on the other hand, pursuant to which compensation was received by PWP or its affiliates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the
ordinary course of business, PWP or its affiliates may actively trade the securities, or related derivative securities, or financial instruments of the Company, for its own account and for the accounts of its customers and, accordingly, may at any
time hold a long or short position in such securities or instruments. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_7"></A>Certain Company Forecasts </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We do not, as a matter of course, publicly disclose financial forecasts of future financial performance or other results as set forth below and are especially
cautious of making financial forecasts due to the unpredictability of the underlying assumptions and estimates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">However, in connection with the
evaluation of the Exchange Agreement and the Exchange Transactions, and in connection with the rendering of PWP&#146;s opinion described below, PWP and our Board were provided with certain non-public, unaudited, standalone financial forecasts for
the Company, which are described below and which we refer to as the &#147;Company Forecasts.&#148; The Company Forecasts were prepared by management under four different scenarios for years </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">25</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
ranging from 2016 to 2020 and were provided to PWP and presented to the Board in October 2016. The Board reviewed the Company Forecasts in its evaluation of the Exchange Transactions, and PWP
relied on the Company Forecasts in rendering its fairness opinion. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We prepared the Company Forecasts solely for internal use and not with a view toward
public disclosure and, accordingly, the Company Forecasts do not necessarily comply with the published guidelines of the SEC regarding projections and the use of measures other than generally accepted accounting principles as applied in the United
States (&#147;GAAP&#148;), the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial projections or forecasts. Neither our independent registered public accounting firm, nor
any other independent accountants, have compiled, examined or performed any procedures regarding the Company Forecasts, nor have they expressed any opinion or any other form of assurance on the information or its achievability, and they assume no
responsibility for, and disclaim any association with, the Company Forecasts. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company Forecasts, while presented with numerical specificity,
necessarily were based on numerous variables and assumptions, including, but not limited to, those relating to industry performance, general business, economic, regulatory, market and financial conditions and other future events, as well as matters
specific to our business, all of which are difficult to predict and many of which are beyond our control. The Company Forecasts are subjective in many respects and thus are susceptible to multiple interpretations and periodic revisions based on
actual experience and business developments. We cannot assure you that the forecasted results under any of the scenarios presented will be realized or that actual results will not be significantly higher or lower than forecasted in any of the
scenarios. The Company Forecasts cover multiple years and the information by its nature becomes less predictive with each successive year. The assumptions on which the Company Forecasts were based involve judgments regarding future economic,
competitive and regulatory conditions and financial market conditions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. The Company Forecasts also reflect assumptions for certain business
decisions that are subject to change. The Company Forecasts cannot, therefore, be considered a guarantee of future operating results, and this information should not be relied on as such. We do not assume any responsibility for the validity,
reasonableness, accuracy or completeness of the Company Forecasts. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company Forecasts do not take into account any circumstances or events occurring
after they were prepared, including the announcement of the Exchange Agreement and the Exchange Transactions. Our internal financial forecasts, on which the Company Forecasts were based, are subjective in many respects. As a result, the inclusion of
the Company Forecasts in this Proxy Statement should not be relied on as necessarily predictive of actual future events. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company Forecasts are
forward-looking statements. For information on factors that may cause our future financial results to materially vary, see &#147;&#151;Cautionary Statements Regarding Forward-Looking Statements&#148; above. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The information from the Company Forecasts should be evaluated, if at all, in conjunction with the historical consolidated financial statements contained in our
public filings with the SEC. In light of the foregoing factors and the uncertainties inherent in the Company Forecasts, readers of this Proxy Statement are cautioned not to place undue, if any, reliance on the Company Forecasts. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company Forecasts included below are not being included in this Proxy Statement to influence your vote on the Proposals or because we believe they are material
or because we believe they are a reliable prediction of actual future results. Instead, the Company Forecasts are being included herein since they were reviewed by the Board in connection with the evaluation of the Exchange Transactions and were
used by PWP in connection with the rendering of its fairness opinion. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company Forecasts were prepared assuming four scenarios. Case A presents a
status quo or standalone scenario, without the Exchange Transactions. Case B presents a scenario in which only the Initial Exchange is completed. Case C presents a scenario in which the Initial Exchange is completed, and the Follow-On Exchange Offer
is completed with 50% participation from remaining holders of Notes. Case D presents a scenario in which the Initial Exchange is completed, and the Follow-On Exchange Offer is completed with 100% participation from remaining holders of Notes. In
each case, the Company Forecasts assume that our capital expenditure budget will be set so we are operating within our cash flow. The Company Forecasts below are based on NYMEX strip pricing as of October 13, 2016. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">26</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In light of the foregoing factors and the uncertainties inherent in the Company Forecasts, stockholders are
cautioned not to place undue, if any, reliance on such projections. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>Summary of Company Forecasts </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>EBITDAX</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#225cab"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B> ($ in millions) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2016E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2017E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2018E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2019E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2020E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">55</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;69</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;68</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;65</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;72</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;75</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;74</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;74</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;76</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;79</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case D</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;74</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;81</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;85</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;92</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">We define EBITDAX as net income (loss), plus (1)&nbsp;exploration expense, (2)&nbsp;depletion, depreciation and amortization expense, (3)&nbsp;share-based
compensation expense, (4)&nbsp;unrealized loss (gain) on commodity derivatives, (5) write-off of debt issuance costs, (6)&nbsp;interest expense, net, and (7)&nbsp;income tax expense (benefit). EBITDAX is a non-GAAP measure.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>CAPEX</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#225cab"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B> ($ in millions) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2016E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2017E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2018E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2019E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2020E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;22</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;48</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;42</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;36</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;60</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;59</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;54</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;64</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;65</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;64</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case D</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;68</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;79</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;72</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;87</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Calculation net of accrued liabilities in cash flow from investing. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>Leverage</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#225cab"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B> </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2016E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2017E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2018E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2019E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2020E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9.3x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.2x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.3x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.8x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8.1x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5.2x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5.0x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5.1x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.9x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.4x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.2x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4.1x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.8x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case D</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.6x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.3x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.2x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3.0x</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">We calculate leverage ratio as a ratio of total debt (principal amount) to LTM EBITDAX. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition to the above forecasts, PWP prepared projections of unlevered free cash flows of the Company, relying on the Company Forecasts, and applying the same
four scenarios mentioned above. In each of Case B, Case C and Case D, we anticipate increasing our capital budget as cash flows increase due to cash interest expense reductions from the retirement of the Notes. We expect that this increase in
capital budget, although lowering unlevered free cash flows, will result in increased EBITDAX. These projections were provided to the Board for use in its analyses and in the preparation of the above Company Forecasts. The unlevered free cash flow
projections are in the table below: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>Unlevered Free Cash Flows</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#225cab"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4 </SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>($ in millions) </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">FY<BR>2017E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">FY<BR>2018E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">FY<BR>2019E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">FY<BR>2020E</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;13</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;24</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;25</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;15</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;16</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;13</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;13</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Case D</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
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<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Calculated as EBITDAX less exploration costs, less cash taxes, less CAPEX, less change in working capital. Unlevered free cash flows is a non-GAAP measure.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">27</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE TRANSACTIONS </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We make no representation to any stockholder or any other person regarding our ultimate performance compared to
the information included in the above unaudited, stand-alone, projected financial information under any of the four scenarios. The inclusion of unaudited, standalone, projected financial information in this Proxy Statement should not be regarded as
an indication that the prospective financial information under any of the scenarios will be an accurate prediction of future events, and they should not be relied on as such. Except to the extent required by federal securities laws, we do not intend
to, and disclaim any obligation to, update, revise or correct the above prospective financial information to reflect circumstances existing after the date when made or to reflect the occurrence of future events. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_8"></A>Engagement of Evercore Group L.L.C. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with its review of strategic alternatives, the Board engaged Evercore in January 2015 for a one-year term. The Board re-engaged Evercore in October
2016 to update such review and, if requested by the Company, assist in discussions with the Company&#146;s stockholders regarding the Exchange Transactions. These engagements are more fully described above under the caption &#147;Background of the
Exchange Agreement.&#148; In connection with these engagements, Evercore is entitled to receive fees in the aggregate amount of up to $750,000, of which $250,000 may be paid in connection with Evercore assisting in discussions with the
Company&#146;s stockholders regarding the Exchange Transactions. The Company also has agreed to reimburse Evercore for its out-of-pocket expenses incurred in connection with the engagements and indemnify Evercore against certain liabilities arising
thereunder. During the two-year period preceding the Company&#146;s entry into the Exchange Agreement, and other than engagements with, and compensation from, the Company as described in this paragraph, Evercore and its affiliates have not been
engaged to provide financial advisory or other services to the Company or the Noteholders pursuant to which Evercore or its affiliates have received any compensation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">28</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_9"></A>THE EXCHANGE AGREEMENT </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">On November 2, 2016, Approach and the Noteholders entered into the Exchange Agreement, under which, on the terms and subject to the conditions of the Exchange Agreement, the Noteholders will exchange $130,552,000
of Notes, representing all of the Notes beneficially owned by them (approximately 56.7% of the outstanding principal amount of the Notes), for an aggregate of 39,165,600 shares of Common Stock, or 300 shares of Common Stock for each $1,000 principal
amount of Notes exchanged (the &#147;Initial Exchange Ratio&#148;), representing, immediately following the Initial Exchange, approximately 48.5% of our outstanding Common Stock on a fully-diluted basis. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_9a"></A>Exchange Agreement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection
with the Exchange Agreement, the Noteholders have agreed to amendments to the First Supplemental Indenture, dated as of June 11, 2013 (the &#147;First Supplemental Indenture&#148;), among the Company, the guarantors party thereto and Wilmington
Trust, National Association, as successor trustee (the &#147;Trustee&#148;), which amend that certain Base Indenture, dated as of June 11, 2013 (the Base Indenture, and together with the First Supplemental Indenture, the &#147;Indentures&#148;),
among the Company, the guarantors party thereto and the Trustee, to be contained in a second supplemental indenture (the &#147;Second Supplemental Indenture&#148;) that will remove, effective as of the closing of the Initial Exchange, substantially
all of the restrictive covenants and certain of the events of default from the Indentures governing the Notes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On closing of the Initial Exchange, the
Board will be increased by three members to eight directors, three of whom will be designated by the Noteholders: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan D. Neff, a senior portfolio manager for Wilks Brothers, LLC </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew D. Wilks, an officer and portfolio manager for Wilks Brothers, LLC </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew R. Kahn, a consultant and private investor </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The closing of the Initial Exchange is subject to the satisfaction or waiver of certain conditions, including: (i) the affirmative vote of the holders of a majority of Common Stock present or represented by proxy
at the Special Meeting for the purpose of approving the NASDAQ Proposal; (ii) the Second Supplemental Indenture shall have been executed by the Trustee and shall be in full force and effect; (iii) the listing of the share issuance by NASDAQ; and
(iv) the absence of any law or order prohibiting the Initial Exchange. In addition, each of the Company&#146;s and the Noteholders&#146; obligations to complete the Initial Exchange is subject to certain other conditions, including (a) subject to
the standards described in the Exchange Agreement, the accuracy of the representations and warranties of the other party and (b) compliance of the other party with its covenants in all material respects. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Exchange Agreement contains certain Noteholder standstill provisions, including restrictions on acquiring additional Notes or voting securities or other
property of the Company and being present at or participating in voting at the Special Meeting. The standstill provisions terminate upon the earlier to occur of (i) (A) for any reason other than a breach by the Noteholders, termination of the
Exchange Agreement or (B) if terminated as a result of a breach by the Noteholders, three months after termination and (ii) closing of the Exchange Agreement (in which case the Noteholders will be subject to standstill obligations in the
Stockholders Agreement, as more fully described below). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Exchange Agreement requires, if the Initial Exchange is completed, us to use our
commercially reasonable efforts to make the Follow-On Exchange Offer. The Follow-On Exchange Offer will be at the Initial Exchange Ratio or, if the ratio equal to $953.62 divided by the 30-day volume-weighted average price (&#147;VWAP&#148;) three
days before the launch of the Follow-On Exchange Offer is less than the Initial Exchange Ratio, a ratio as determined by the Company between the Initial Exchange Ratio and a ratio per $1,000 principal amount of Notes equal to $953.62 divided by the
30-day VWAP three days before the launch of the Follow-On Exchange Offer. The Follow-On Exchange Offer is conditioned on, among other things, the closing of the Initial Exchange and the approval of the Authorized Shares Proposal. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">29</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE AGREEMENT </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the event of a competing proposal, the Exchange Agreement includes terms that allow the Board to withdraw or
modify its recommendation that stockholders vote in favor of the Transaction Proposals without the requirement that the Company pay any termination fee to the Noteholders. If the Exchange Agreement is terminated for any reason other than a breach
thereof by the Noteholders, the Company has agreed to reimburse the Noteholders&#146; expenses in an amount not to exceed $500,000. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Exchange
Agreement contains certain termination rights, including the right of either party to terminate if: (i) the closing of the Initial Exchange does not occur by March 31, 2017; (ii) the NASDAQ Proposal is not approved at the Special Meeting; or (iii)
the other party breaches its representations or covenants and such breach would result in the closing conditions not being satisfied. In addition, the Noteholders may terminate the Exchange Agreement if a material default or an event of default
exists under our Credit Facility and has not been cured or waived by the earlier of (i) 30 days after receipt of written notice by us and (ii) March 31, 2017. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_9b"></A>Stockholders Agreement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with the closing of the Initial Exchange, we
will enter into a stockholders agreement (the &#147;Stockholders Agreement&#148;) with the Noteholders, under which the parties agree to certain corporate governance and related matters. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Under the terms of the Stockholders Agreement, the Noteholders, together, will be entitled to designate three designees for appointment to fill three newly created Board seats, and when such designees&#146; terms
expire, designate for nomination for election to the Board such directors or replacements for such directors depending on the number of issued and outstanding shares of Common Stock beneficially owned by the Noteholders. In addition, a designee of
the Noteholders will be entitled to sit on each committee of the Board, subject to the Company&#146;s corporate governance and independence guidelines, applicable law and the rules and regulations of NASDAQ. If the Noteholders own less than 40% of
the Common Stock at December 31, 2017, then one of the Noteholders&#146; director designees will resign. If the Noteholders own 40% or more of the outstanding Common Stock at December 31, 2017, then one of the directors other than the
Noteholders&#146; designees will resign. The Board will be reduced from eight members to seven members in connection with such resignation. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
Stockholders Agreement also grants the Noteholders preemptive rights (the &#147;Debt Preemptive Rights&#148;) over issuances of certain debt securities that are secured by a lien or security interest that is subordinated in priority to any senior
secured first lien indebtedness for borrowed money of the Company or its subsidiaries. The Debt Preemptive Rights do not apply to any bank debt financing or other credit facilities. The Stockholders Agreement also grants the Noteholders customary
preemptive rights (the &#147;Equity Preemptive Rights&#148;) over issuances of Common Stock or other equity securities of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition, the
Stockholders Agreement contains restrictions on the ability of the Noteholders to take certain actions, including: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Equity Cap</U>. The Noteholders and their controlled affiliates may not (i) beneficially own more than 48.61% of the total number of issued and outstanding
shares of Common Stock (the &#147;Equity Cap&#148;) or (ii) until May 7, 2019, take any action that would result in a &#147;change of control&#148; under the Credit Facility. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Standstill</U>.&nbsp;&nbsp;The Stockholders Agreement contains a &#147;standstill&#148; provision which, for 18 months after the closing of the Initial
Exchange, restricts the Noteholders and their controlled affiliates from: (i) acquiring voting securities of the Company or any rights or options to acquire voting securities that would result in the Noteholders and their controlled affiliates
beneficially owning shares of Common Stock over the Equity Cap; (ii) proposing to have the Noteholders or any controlled affiliate of the Noteholders enter into any merger or business combination involving the Company or propose to have the
Noteholders or any controlled affiliate of the Noteholders purchase a material portion of the Company&#146;s assets; (iii) making any &#147;solicitation&#148; of &#147;proxies&#148; to vote or consent, or seek to advise or influence any person on
the voting of, or granting of a consent for, any voting securities of the Company; (iv) forming, joining or in any way participating in a &#147;group&#148; regarding voting securities of the Company; (v) other than as required by law, disclosing any
intention, plan or arrangement inconsistent with the above; (vi) except as permitted by the Stockholders Agreement, providing or acting as agent for the purpose of obtaining, debt or equity financing for any transaction described in (i) or (ii)
above; or (vii) advising, assisting or encouraging any other persons in connection with any of the above. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">30</FONT></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THE EXCHANGE AGREEMENT </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Restrictions on Transfer</U>.&nbsp;&nbsp;The Noteholders will be subject to a six-month &#147;lock up&#148; regarding transfers of Common Stock and, for 18
months thereafter, &#147;dribble out&#148; limitations limiting the Noteholders&#146; ability to transfer more than 5% of the shares of Common Stock beneficially owned by them in each rolling 90-day period (subject to exceptions for underwritten
offerings effected pursuant to the Registration Rights Agreement). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Noteholders also have agreed to vote their shares in proportion
with non-Noteholder stockholders on typical annual meeting matters, including the election of directors. These proportionate voting restrictions will be removed on the earlier to occur of (i) our equity market capitalization reaching a value equal
to the sum of (A) $10.00 multiplied by the number of shares of Common Stock issued and outstanding following the Initial Exchange and (B) $10.00 multiplied by the number of shares of Common Stock issued in the Follow-On Exchange, which implies a
market capitalization of between approximately $800 million and $1.1 billion, depending on the results of the Follow-On Exchange Offer, and (ii) the termination of the Stockholders Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Stockholders Agreement will terminate on the earlier of (i) such time as the Noteholders and their controlled affiliates no longer beneficially own 10% of the issued and outstanding shares of Common Stock and
(ii) the five-year anniversary of the closing of the Initial Exchange. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_9c"></A>Registration Rights Agreement </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with the closing of the Initial Exchange, we will enter into a registration rights agreement (the &#147;Registration Rights Agreement&#148;) with the
Noteholders, providing for, among other things, demand and piggyback registration rights regarding the shares of Common Stock received by Noteholders in the Initial Exchange. The Registration Rights Agreement provides that, following the one-year
anniversary of the closing of the Initial Exchange, the Noteholders may make up to two requests for registration in any 12 consecutive month period for all or part of the registrable securities held by the Noteholders, so long as the registration is
for registrable securities that have a fair market value over $20 million. On this request, we will use commercially reasonable efforts to file an appropriate registration statement and cause such registration statement to be declared effective as
promptly as reasonably practicable. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Registration Rights Agreement also provides that if at any time we propose to register any of our equity
securities under the Securities Act, in connection with the public offering of these securities, the Noteholders will be entitled to certain &#147;piggyback&#148; registration rights permitting the Noteholders to include their Common Stock in such
registration, subject to certain marketing and other limitations. As a result, when we propose to file a registration statement under the Securities Act, other than for certain excluded registrations, the Noteholders are entitled to notice of the
registration and have the right, subject to certain limitations that a lead underwriter may impose on the number of shares of Common Stock included in the registration, to include their shares of Common Stock in the registration. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>THIS SUMMARY OF THE TERMS OF THE EXCHANGE AGREEMENT, THE STOCKHOLDERS AGREEMENT AND THE REGISTRATION RIGHTS AGREEMENT IS INTENDED TO PROVIDE YOU WITH BASIC
INFORMATION CONCERNING THE INITIAL EXCHANGE AND THE FOLLOW-ON EXCHANGE OFFER; HOWEVER, IT IS NOT INTENDED AS A SUBSTITUTE FOR REVIEWING THE EXCHANGE AGREEMENT, THE FORM OF STOCKHOLDERS AGREEMENT AND THE FORM OF REGISTRATION RIGHTS AGREEMENT IN THEIR
ENTIRETY. THE EXCHANGE AGREEMENT IS INCLUDED AS <U>ANNEX B</U> TO THIS PROXY STATEMENT, AND THE FORMS OF STOCKHOLDERS AGREEMENT AND REGISTRATION RIGHTS AGREEMENT ARE ATTACHED THERETO AS EXHIBITS A AND B, RESPECTIVELY. YOU SHOULD READ THIS SUMMARY
TOGETHER WITH THESE DOCUMENTS. </B></FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_10"></A>THE SPECIAL MEETING </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_11"></A>Time, Place and Purpose of the Special Meeting </B></FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This Proxy Statement is being
furnished to our stockholders for the solicitation of proxies by our Board for use at our special meeting of stockholders to be held at One Ridgmar Centre, 6500 West Freeway, Suite 800 in Fort Worth, Texas, on January&nbsp;26, 2017, at
2:00&nbsp;p.m. Central Time, and at any adjournments or postponements of the meeting: </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Special Meeting is being called to request approval by
our stockholders of: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the issuance of shares of Common Stock in connection with the Initial Exchange and the Follow-On Exchange Offer under NASDAQ Stock Market Rules 5635(b) and
5635(d); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">an amendment to our Restated Certificate of Incorporation to increase the number of authorized shares of our Common Stock to 180,000,000 shares; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the adjournment of the Special Meeting, if necessary or appropriate, to establish a quorum or to permit further solicitation of proxies if there are not
sufficient votes at the time of the Special Meeting cast in favor of one or both of the Transaction Proposals. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_12">
</A>Recommendation of the Board of Directors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Board unanimously recommends that you vote &#147;<B>FOR</B>&#148; the NASDAQ Proposal,
&#147;<B>FOR</B>&#148; the Authorized Shares Proposal, and &#147;<B>FOR</B>&#148; the Adjournment Proposal, if necessary or appropriate. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_13">
</A>Record Date and Quorum </B></FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Stockholders as of the close of business on December 12, 2016 are entitled to attend and vote at the Special Meeting.
</FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">There must be a quorum for the Special Meeting to be held. A quorum is the presence at the Special Meeting, in person or by proxy, of the holders
of a majority of the shares of Common Stock issued and outstanding and entitled to vote at the Special Meeting. Proxies that are voted &#147;FOR,&#148; &#147;AGAINST&#148; or &#147;ABSTAIN&#148; on a matter are treated as being present at the
Special Meeting for purposes of establishing a quorum and also treated as shares &#147;represented and voting&#148; at the Special Meeting with respect to such matter. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Any abstentions will be counted in determining whether a quorum is present at the Special Meeting. </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of the
close of business on December&nbsp;12, 2016, there were 41,968,646&nbsp;shares of our Common Stock outstanding and entitled to vote at the Special Meeting </FONT></P>  <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_14"></A>Vote Required for Approval </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The approval of the NASDAQ Proposal requires the
affirmative vote of a majority of the shares of Common Stock present at the Special Meeting, in person or represented by proxy. Abstentions will have the same effect as a vote against the NASDAQ Proposal. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The approval of the Authorized Shares Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of Common Stock. Abstentions
will have the same effect as a vote against the Authorized Shares Proposal. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The approval of the Adjournment Proposal requires the affirmative vote of a
majority of the shares of Common Stock present at the Special Meeting, in person or represented by proxy. Abstentions will have the same effect as a vote against the Adjournment Proposal. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="toc290542_10"></A>THE SPECIAL MEETING
</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_15"></A>Shares&nbsp;Held by Company Directors and Executive Officers </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of the close of business on December 12, 2016, the Record Date, the Company&#146;s directors and executive officers held and are entitled to vote, in the
aggregate, 3,277,237&nbsp;shares of Common Stock, representing approximately 7.8% of the total number of shares of Common Stock outstanding as of the Record Date. </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The directors and executive officers of the Company intend to vote their shares &#147;<B>FOR</B>&#148; the Transaction Proposals and &#147;<B>FOR</B>&#148; the Adjournment Proposal, if necessary or appropriate, to
solicit additional proxies. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_16"></A>Voting of Proxies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">If your shares are held in your name, you may vote your shares or submit a proxy to have your shares voted by one of the following methods: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>By Internet</U>.&nbsp;&nbsp;You may submit a proxy electronically by the Internet at <I>www.proxyvote.com</I>. Please have your Notice of Availability or
proxy card, which includes your personal control number, on hand when you log onto the website. Internet voting will no longer be available as of 10:59 p.m. Central Time on January 25, 2017. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>By Telephone</U>.&nbsp;&nbsp;You may submit a proxy by telephone using the toll-free number listed on the proxy card or your Notice of Availability. Please
have your proxy card or Notice of Availability in hand when you call. Telephone voting will no longer be available as of 10:59 p.m. Central Time on January 25, 2017. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>By Mail</U>.&nbsp;&nbsp;If you request paper copies of the proxy materials by mail, you may submit a proxy by signing, dating and returning your proxy card in
the pre-addressed envelope provided. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>In Person</U>.&nbsp;&nbsp;You may vote in person at the special meeting by completing a ballot; however, attending the meeting without completing a ballot
will not count as a vote. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If you vote by granting a proxy, the proxy holders will vote the shares according to your instructions. If
you submit a proxy without giving specific voting instructions, the proxy holders will vote those shares as recommended by our Board. If you plan to vote in person at the Special Meeting and your shares are held in your name, please bring proof of
identification. Even if you currently plan to attend the Special Meeting, we recommend that you also submit your proxy as described above so that your vote will be counted if you later decide not to attend the Special Meeting. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If your shares are held in &#147;street name&#148; by your broker, bank or other nominee, you will receive instructions from your broker, bank or other nominee that
you must follow for your shares to be voted. We expect Internet and telephone voting to be offered to street name stockholders. You also may vote in person at the Special Meeting if you obtain a legal proxy from your broker, bank or other nominee.
Please consult the voting instruction form or other information sent to you by your broker, bank or other nominee to determine how to obtain a legal proxy in order to vote in person at the Special Meeting. If you plan to vote in person at the
Special Meeting and you have obtained a legal proxy from your broker, bank or other nominee, please bring proof of identification. If your shares are held in street name in a brokerage account or by a bank or other nominee, you must provide your
broker with instructions on how to vote your shares for your shares to be voted on Proposals 1, 2 and 3. If you do not instruct your broker on how to vote these proposals, your shares will not be voted on these matters. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_17"></A>Revocability of Proxies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">You have
the right to change or revoke your proxy at any time before the vote taken at the special meeting by: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">attending the Special Meeting and voting in person; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">properly submitting a later-dated proxy either by mail, the Internet or telephone;&nbsp;or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">delivering a written notice to our Corporate Secretary before the vote at the Special Meeting. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Please note that if you hold your shares in &#147;street name&#148; through a broker, bank or other nominee and you have instructed your broker, bank or other
nominee to vote your shares, the above-described options for changing your vote do not apply, and instead you must follow the instructions received from your broker, bank or other nominee to change your vote. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="toc290542_10"></A>THE SPECIAL MEETING
</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_18"></A>Adjournments and Postponements </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Although we do not expect this, we may adjourn or postpone the Special Meeting for the purpose of soliciting additional proxies. Any adjournment or postponement may
be made without notice, other than by an announcement made at the Special Meeting, by the Chairman of the meeting, or by approval of the holders of a majority of the outstanding shares of our Common Stock present in person or represented by proxy at
the Special Meeting, whether or not a quorum exists. Any adjournment or postponement of the Special Meeting to solicit additional proxies will allow stockholders who already have sent in their proxies to revoke them at any time before their use.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_19"></A>Rights of Dissenting Stockholders </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Stockholders have no right under Delaware law to seek appraisal of their Common Stock in connection with the Proposals. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_20"></A>Solicitation of Proxies; Payment of Solicitation Expenses </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We will bear all costs
incurred in the solicitation of proxies, including the preparation, printing and mailing of the Notice of Availability and related proxy materials. In addition to solicitation by mail, our directors, officers and employees may solicit proxies
personally or by telephone, email, facsimile or other means. These directors, officers and employees will not be additionally compensated but may be reimbursed for reasonable out-of-pocket expenses in connection with such solicitation. We may also
make arrangements with brokerage houses and other custodians, nominees and fiduciaries for the forwarding of solicitation material to the beneficial owners of Common Stock held by such persons, and we may reimburse those brokerage houses and other
custodians, nominees and fiduciaries for reasonable expenses incurred in connection therewith. To assist in the solicitation of proxies, we have engaged Okapi Partners LLC, which will receive a fee of approximately $12,000, plus out-of-pocket
expenses. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_21"></A>Other Matters </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Board knows of no other matters to be brought before the Special Meeting. If any other matters are properly brought before the Special Meeting, the persons appointed in the accompanying proxy intend to vote the
shares represented by the proxy in accordance with their best judgment on such matters, under applicable laws. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_22"></A>Questions
and Additional Information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If you have more questions about the Proposals or Exchange Transactions, need assistance in submitting your proxy or
voting your shares or need additional copies of this Proxy Statement or the enclosed proxy card, you should contact us in writing at: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention:
Investor Relations </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">One Ridgmar Centre </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway, Suite 800 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas 76116 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">(817) 989-9000 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">ir@approachresources.com </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">You may also contact our
proxy solicitor, Okapi Partners LLC, at: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; " ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">1212 Avenue of the Americas, 24</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Floor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">New York, New York 10036 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Stockholders Call Toll-Free: (877) 259-6290 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Email: info@okapipartners.com </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">34</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_23"></A>PROPOSAL NO. 1 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="6">APPROVAL OF ISSUANCE THAT MAY RESULT IN A CHANGE OF CONTROL UNDER NASDAQ LISTING RULE 5635(b) AND OF MORE THAN 20% OF VOTING POWER UNDER NASDAQ LISTING RULE 5635(d) </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our common stock is listed on NASDAQ and we are subject to NASDAQ&#146;s rules and regulations. NASDAQ Listing Rule 5635(b) and 5635(d) require us to obtain
stockholder approval before certain issuances of common stock or securities convertible into common stock. </FONT></P>  <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_24"></A>Purpose
and Effect of Approving the NASDAQ Proposal </B></FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">NASDAQ Listing Rule 5635(b) requires stockholder approval before the issuance of securities when
the issuance or potential issuance of securities will result in a change of control of the Company. NASDAQ defines a change of control as occurring when, as a result of an issuance, an investor or a group would own, or have the right to acquire, 20%
or more of the outstanding shares of common stock or voting power of a company, and such ownership or voting power would be the largest ownership position. The Exchange Transactions will result in the Noteholders, and potentially other holders of
Notes who may own other shares of Common Stock at the time of the Follow-On Exchange Offer, owning in excess of 20% of our Common Stock. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition,
NASDAQ Listing Rule 5635(d) requires stockholder approval in connection with a transaction other than a public offering involving the sale or issuance by the issuer of common stock (or securities convertible into or exchangeable for common stock)
equal to 20% or more of the common stock or 20% or more of the voting power outstanding before the issuance for a price that is less than the greater of book or market value of the stock on the date we enter into a binding agreement for the issuance
of such securities. Based on an exchange ratio of 300 shares of Common Stock for $1,000 principal amount of the Notes, the issuance of the Common Stock pursuant to the Exchange Transactions would involve the issuance of securities constituting more
than 20% of our Common Stock at a discount to the book value of our Common Stock on the date of the Exchange Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If Proposal 1 is not approved,
we will not adopt Proposal 2. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_25"></A>Recommendation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>Our Board recommends a vote &#147;FOR&#148; Proposal 1. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_26"></A>PROPOSAL NO. 2 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="6">APPROVAL OF AMENDMENT TO THE COMPANY&#146;S RESTATED CERTIFICATE OF INCORPORATION TO INCREASE AUTHORIZED SHARES </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
Board has approved and is recommending to the stockholders for approval at the Special Meeting an amendment to the FOURTH article of the Company&#146;s Restated Certificate of Incorporation, which includes the terms of the Company&#146;s authorized
capital stock. The FOURTH article currently authorizes 90,000,000 shares of Common Stock, as well as 10,000,000 shares of preferred stock, par value $0.01 per share. The proposed amendment would increase the authorized Common Stock to 180,000,000
shares of Common Stock. The authorized shares of preferred stock would remain 10,000,000. If approved by the stockholders, this amendment would become effective on filing a certificate of amendment with the Secretary of State of the State of
Delaware. The proposed amendment to the FOURTH article of the Restated Certificate of Incorporation would replace the first paragraph of the article with the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;The total number of shares of all classes of stock which the Corporation shall have authority to issue is 190,000,000, of which 180,000,000 of such shares shall be Common Stock, all of one class, having a par
value of $0.01 per share (&#147;Common Stock&#148;), and 10,000,000 of such shares shall be Preferred Stock, having a par value of $0.01 per share (&#147;Preferred Stock&#148;).&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The additional shares of Common Stock authorized by the proposed amendment would have the same rights and privileges as the shares of Common Stock currently authorized. The Common Stock has no preemptive rights to
purchase Common Stock or other securities of the Company, other than as may be granted under the Stockholders Agreement to be entered into with the Noteholders on closing of the Initial Exchange. In addition, under Delaware law, our stockholders are
not entitled to dissenters&#146; or appraisal rights in connection with the proposed increase in the number of shares of Common Stock authorized for issuance. </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">As of the Record Date, 41,968,646&nbsp;shares of Common Stock were issued and outstanding with an additional 2,648,981&nbsp;shares of Common Stock reserved for issuance as of the Record Date. As a result, only
approximately 45.4&nbsp;million shares of Common Stock are available for issuance for future purposes, and the Board deems it advisable to increase our authorized Common Stock. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>PROPOSAL NO. 2 APPROVAL OF AMENDMENT TO THE COMPANY&#146;S RESTATED CERTIFICATE OF INCORPORATION TO INCREASE
AUTHORIZED SHARES </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(continued)</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><B> </B></FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Below is a table showing the number of shares of Common Stock that would be outstanding based on three
illustrative outcomes of the Exchange Transactions (in thousands), as of September 30, 2016: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD></TD>
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<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="6%"></TD>
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<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #ffffff; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Pre-Transaction</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Pro Forma<BR>for the<BR>Exchange<BR>Transactions<BR>Following<BR>Closing of<BR>Initial<BR>Exchange</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Pro Forma<BR>for the<BR>Transactions<BR>Following<BR>Closing of<BR>Initial<BR>Exchange<BR>and 50%<BR>Participation<BR>in Follow-On<BR>Exchange<BR>Offer</FONT></B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Pro Forma<BR>for the<BR>Transactions<BR>Assuming<BR>Full<BR>Participation<BR>in Follow-On<BR>Exchange<BR>Offer</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Common Stock outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">41,608</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">80,773</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">95,739</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">110,704</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Common Stock authorized</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">90,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">90,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">90,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">90,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Common Stock authorized, pro<BR>forma for
approval of<BR>Proposal&nbsp;2</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">90,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">180,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">180,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">180,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Assumes Follow-On Exchange Offer is conducted at Initial Exchange Ratio. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The form of amendment to the Company&#146;s Restated Certificate of Incorporation is included as <U>Annex C</U> to this Proxy Statement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_27"></A>Purpose and Effect of Approving the Amendment to the Company&#146;s Restated Certificate of Incorporation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The purpose of amending our Restated Certificate of Incorporation to increase the authorized share capital of the Company is to provide us with sufficient common stock capacity to issue shares of Common Stock in
connection with the Follow-On Exchange Offer described in greater detail above. The Follow-On Exchange Offer is conditioned on the completion of the Initial Exchange and the approval of the Authorized Shares Proposal. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If the Exchange Transactions are completed at the Initial Exchange Ratio, the aggregate number of shares issued and outstanding, together with those reserved for
issuance under equity incentive plans, would total approximately 113.7&nbsp;million. Having an additional approximately 66.3&nbsp;million shares available for issuance after completion of the proposed Exchange Transactions would give us greater
flexibility and allow shares of Common Stock to be issued without the expense and delay of a stockholders&#146; meeting. The additional shares of Common Stock would be available for issuance without further action by the stockholders unless such
action is required by applicable law or the rules of any stock exchange on which the Common Stock may be listed. The Board believes that the additional flexibility to issue Common Stock will give us the ability to take advantage of future growth
initiatives. </FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have not proposed the increase in the authorized number of shares of Common Stock with the intention of using the additional shares
for antitakeover purposes, although we could use the additional shares to make more difficult or to discourage an attempt to acquire control of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">If Proposal 1 is not approved, we will not adopt Proposal 2. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_28"></A>Recommendation
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>Our Board recommends a vote &#147;FOR&#148; Proposal 2. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">37</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" BGCOLOR="#225cab">

<TR>
<TD WIDTH="97%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_29"></A>PROPOSAL NO. 3 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="6">ADJOURNMENT PROPOSAL </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At the Special Meeting, we may adjourn, or ask stockholders to vote to adjourn, the Special
Meeting to solicit additional proxies in favor of the approval of one or both of the Transaction Proposals if we have not obtained sufficient votes to approve the proposals. Approval of the Adjournment Proposal requires the affirmative vote of a
majority of the votes cast on the matter, assuming a quorum is present at the meeting. Because this vote is a non-routine matter under applicable rules, your bank, broker or other nominee cannot vote without instructions from you. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_30"></A>Recommendation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#225cab"><B>Our Board recommends a vote &#147;FOR&#148; Proposal 3. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">38</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" BGCOLOR="#225cab">

<TR>
<TD WIDTH="97%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_31"></A>STOCK OWNERSHIP MATTERS </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_32"></A>Section 16(a) Beneficial Ownership Reporting Compliance </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 16(a) of the
Exchange Act requires our directors, Section 16 officers and persons who beneficially own more than 10% of our Common Stock to file initial reports of ownership on Form 3 and reports of changes of ownership on Forms 4 and 5 with the SEC. These
Section 16 officers, directors and 10% beneficial owners are also required to furnish us with copies of all Section 16(a) forms that they file. Specific due dates for these reports have been established by regulation, and we are required to report
in this Proxy Statement any failure to file by these dates in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Based solely on our review of reports and written representations that no other
reports were required, we believe that all required reports were filed timely, except that one Form 4 for a single transaction filed for Ms. Uma Datla, our Chief Accounting Officer, was filed late. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="4"><B><A NAME="toc290542_33"></A>Security Ownership of Management and Certain Beneficial Owners </B></FONT></P>  <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table shows, as of December 12, 2016, beneficial ownership of our Common Stock by our directors, our named executive officers, all directors and executive officers as a group and all persons who were
known to us to be the beneficial owners of more than 5% of our outstanding shares: </FONT></P>  <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD></TR>
<TR BGCOLOR="#225cab">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; padding-left:8px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Name</FONT></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Number&nbsp;
of&nbsp;Shares&nbsp;of<BR>Common&nbsp;Stock&nbsp;Owned</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff">Percent</FONT></B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B></B></FONT></TD></TR>


<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Directors and Executive Officers:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">J. Ross Craft, P.E.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,428,722</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">3.4%</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Qingming Yang, PhD</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">543,766</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">1.3%</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sergei Krylov</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">406,132</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">1.0%</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">J. Curtis Henderson</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">537,181</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">1.3%</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Alan D. Bell</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">64,124</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">James H. Brandi</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">96,773</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">James C. Crain</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)(4)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">110,490</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Vean J. Gregg III</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">90,049</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">*&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">All executive officers and directors as a group (8 persons)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,277,237</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">7.8%</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Other Beneficial Owners:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Schneider Capital Management Corporation</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,503,672</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">10.7%</FONT></TD></TR>
<TR BGCOLOR="#dde6f2">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">First Manhattan Co.</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,664,779</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #225cab; BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #225cab"><FONT STYLE="font-family:ARIAL" SIZE="2">8.7%</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Less than one percent. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Unless otherwise indicated, all shares of Common Stock are held directly with sole voting and investment power. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Based on 41,968,646&nbsp;shares of our Common Stock outstanding at December 12, 2016. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">c/o Approach Resources Inc., One Ridgmar Centre, 6500 West Freeway, Suite 800, Fort Worth, Texas 76116. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Has a principal business address of 300 Crescent Court, Suite 900, Dallas, Texas 75201. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Based on a Schedule 13F filed on November 14, 2016, reporting ownership as of September 30, 2016. Schneider Capital Management Corporation (&#147;Schneider Capital&#148;) has the
sole power to vote 2,874,340 shares and the sole power to dispose of 4,503,672 shares. Schneider Capital&#146;s principal business address is 460 E. Swedesford Rd., Suite 2000, Wayne, PA 19087. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Based on a Schedule 13F filed on October 20, 2016 reporting ownership as of September 30, 2016. First Manhattan Co. (&#147;First Manhattan&#148;), as an investment adviser and as
a broker or dealer, has the sole power to dispose of 3,664,779 shares, the sole power to vote 540,800 shares, and the shared power to vote 2,840,883 shares. First Manhattan&#146;s principal business address is 399 Park Avenue, New York, New York
10022. </FONT></TD></TR></TABLE>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">39</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_34"></A>STOCKHOLDER PROPOSALS AND DIRECTOR NOMINATIONS FOR THE 2017 ANNUAL MEETING OF
STOCKHOLDERS </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under Rule 14a-8 of the Exchange Act, some stockholder proposals may be eligible for inclusion in our proxy statement for our 2017 annual
meeting. Under the SEC&#146;s rules and regulations, stockholders interested in submitting proposals in our proxy materials and for presentation at our 2017 annual meeting of stockholders may do so by following the procedures in Rule 14a-8 under the
Exchange Act. In general, stockholder proposals must be received by our Corporate Secretary at Approach Resources Inc., One Ridgmar Centre, 6500 West Freeway, Suite 800, Fort Worth, Texas 76116 no later than December 21, 2016, to be eligible for
inclusion in our proxy materials. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Alternatively, as specified in our bylaws, a stockholder making a nomination for election to our Board or a proposal
of business (other than proposals to be included in our proxy statement for our 2017 annual meeting as discussed in the previous paragraph) for our 2017 annual meeting of stockholders must deliver proper notice to our Corporate Secretary at Approach
Resources Inc., One Ridgmar Centre, 6500 West Freeway, Suite 800, Fort Worth, Texas 76116 not less than 90 and no more than 120 calendar days before the one-year anniversary of the date of our 2016 annual meeting proxy statement. As a result, for a
stockholder nomination for election to our Board or a proposal of business to be considered at the 2017 annual meeting of stockholders, it must be properly submitted to our Corporate Secretary no earlier than December 21, 2016, and no later than
January 20, 2017. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under to Rule 14a-4(c) of the Exchange Act, our Board may exercise discretionary voting authority under proxies solicited by it with
respect to any matter properly presented by a stockholder at the 2017 annual meeting that the stockholder does not seek to have included in our 2017 proxy statement if (except as described in the following sentence) such proxy statement discloses
the nature of the matter and how our Board intends to exercise its discretion to vote on such matter, unless we are notified of the proposal on or before January 20, 2017, and the stockholder satisfies the other requirements of Rule 14a-4(c)(2). If
we first receive notice of such matter after January 20, 2017, and the matter nonetheless is permitted to be presented at the 2017 annual meeting of stockholders, our Board may exercise discretionary voting authority with respect to any such matter
without including any discussion of the matter in the proxy statement for the 2017 annual meeting of stockholders. We reserve the right to reject, rule out of order or take other appropriate action with respect to any proposal that does not comply
with the requirements described above and other applicable requirements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For each individual that a stockholder proposes to nominate as a director and
for each matter of business proposed to be considered, the stockholder must provide notice to our Corporate Secretary within the time limits described above for delivering notice of such stockholder proposal and comply with the information
requirements in our bylaws relating to stockholder nominations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Detailed information for submitting stockholder proposals is available on written
request to our Corporate Secretary at Approach Resources Inc., One Ridgmar Centre, 6500 West Freeway, Suite 800, Fort Worth, Texas 76116. These requirements are separate from, and in addition to, the SEC&#146;s rules and regulations that a
stockholder must meet to have a stockholder proposal included in our proxy statement for the 2017 annual meeting of stockholders. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_35"></A>OTHER MATTERS </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Our Board does not know of any other matters that are to be presented for action at the Special Meeting. However, if any other matters properly come before the Special Meeting or any adjournment(s) thereof, it is
intended that the enclosed proxy will be voted in accordance with the judgment of the persons voting the proxy. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_36"></A>ADDITIONAL INFORMATION ABOUT US </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If you would like to receive further information about Approach Resources Inc., please visit our website at www.approachresources.com. The &#147;Investors&#148;
section of our website contains management presentations, financial information, stock quotes and links to our filings with the SEC. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>A copy of our
annual report on Form 10-K for the fiscal year ended December 31, 2015, and our quarterly report on Form 10-Q for the quarterly period ended September 30, 2016, including the financial statements, but not including exhibits, will be provided at no
charge to each person to whom this Proxy Statement is delivered on the written request of such person addressed to Approach Resources Inc., Attn: Investor Relations, One Ridgmar Centre, 6500 West Freeway, Suite 800, Fort Worth, Texas 76116, or by
contacting Investor Relations at <FONT STYLE="white-space:nowrap">(817)&nbsp;989-9000</FONT> or through our website at www.approachresources.com. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">You may read without charge, and copy at prescribed rates, all or any portion of the Proxy Statement or any reports, statements or other information in the files
at the public reference facilities of the SEC&#146;s principal office at Room 1580, 100 F Street, N.E., Washington, D.C., 20549. You can request copies of these documents on payment of a duplicating fee by writing to the SEC. You may call the SEC at
1-800-SEC-0330 for further information on the operation of its public reference rooms. Our filings are also available on the Internet website maintained by the SEC at <I><U>www.sec.gov</U></I>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In this Proxy Statement, we state that information and documents are available on our website. These references are merely intended to suggest where our
stockholders may obtain additional information. The materials and other information presented on our website are not incorporated in and should not otherwise be considered part of this Proxy Statement. </FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">42</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#ffffff"><B>PROXY STATEMENT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6"><A NAME="toc290542_37"></A>INCORPORATION BY REFERENCE </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We are incorporating by reference specified documents that we file with the SEC, which means that incorporated documents are considered part of this Proxy Statement. We are disclosing important information to you
by referring you to those documents and information we subsequently file with the SEC will automatically update and supersede information contained in this Proxy Statement and in our other filings with the SEC. This document incorporates by
reference the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 4, 2016, and the Company&#146;s quarterly report on Form 10-Q for the quarter ended September, 2016, filed on November 3, 2016. </FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">43</FONT></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="toc290542_38"></A>Annex A </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<IMG SRC="g290542g04c02.jpg" ALT="LOGO">
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">767 Fifth Avenue</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">New
York, NY 10153</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">T 212.287.3200</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">F 212.287.3201</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">pwpartners.com</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">November&nbsp;2, 2016 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Board of
Directors </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway,
Ste. 800 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas 76116 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Members of the Board:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Perella Weinberg Partners LP (&#147;Perella Weinberg Partners&#148; or &#147;we&#148; or &#147;us&#148;) has been advised that Approach Resources Inc.
(the &#147;Company&#148;) is contemplating entering into an exchange agreement (the &#147;Agreement&#148;) with one or more entities controlled by Dan and Farris Wilks (collectively, the &#147;Equitizing Noteholder&#148;), pursuant to which the
Equitizing Noteholder will transfer to the Company, and the Company will acquire, directly or indirectly, $130,552,000 aggregate principal amount of the Company&#146;s 7.00% Senior Notes due 2021 (the &#147;Notes&#148;) in exchange for shares of
common stock, par value $0.01 per share, of the Company (the &#147;Common Stock&#148;), at an exchange ratio of 300 shares of Common Stock for each $1,000 aggregate principal amount of Notes exchanged (the &#147;Wilks Transaction&#148;). We
understand that in connection with the Wilks Transaction, the Company and the Equitizing Noteholder will enter into a stockholders agreement (the &#147;Stockholders Agreement&#148;) and a registration rights agreement (the &#147;Registration Rights
Agreement&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Pursuant to the Stockholders Agreement and the Registration Rights Agreement, the Equitizing Noteholder will be entitled to the
following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the right to appoint up to three directors to the Board of Directors (depending on the Equitizing Noteholder&#146;s percentage of share ownership upon the
closing of each of the Wilks Transaction and, if commenced, the Follow-on Transaction (as defined below), which percentage is expected to be between 35.4% and 48.61% of the outstanding share capital of the Company, with 48.61% (the &#147;Equity
Cap&#148;) being the cap on the Equitizing Noteholder&#146;s share ownership for the duration of the Stockholders Agreement (which shall terminate automatically upon the earlier to occur of (i)&nbsp;the Equitizing Noteholder&#146;s percentage of
share ownership being reduced to less than 10%; and (ii)&nbsp;the five year anniversary of the Stockholders Agreement)); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the pre-emptive right to purchase any second lien debt issued by the Company during the term of the Stockholders Agreement on the same terms and conditions
offered by the Company to a third party and subject to the Equitizing Noteholder&#146;s right to offer debt financing on alternative terms specified by the Equitizing Noteholder (which terms may be accepted or rejected by the Company);
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the pre-emptive right to participate in any equity offering undertaken during the term of the Stockholders Agreement, subject to the Equity Cap and customary
exclusions; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the right to demand registration under the Securities Act of 1933, as amended, of the Registrable Securities (as defined in the Registration Rights Agreement),
commencing one year after the closing date of the Wilks Transaction. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If the Wilks Transaction is consummated and certain other
conditions are met, the Company will use its commercially reasonable efforts to launch a follow-on exchange offer to holders of the remaining outstanding Notes for shares of Common Stock (the &#147;Follow-On Transaction&#148; and, together with the
Wilks Transaction, the &#147;Transaction&#148;). The Follow-On Transaction will be made at 300 shares of Common Stock for each $1,000 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">A-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
aggregate principal amount of Notes exchanged (the &#147;Initial Exchange Ratio&#148;) or, if the ratio of shares of Common Stock per $1,000 principal amount of Notes obtained by dividing $953.62
per $1,000 principal amount of Notes by the 30-day volume-weighted average price per share at the time of launch of the Follow-On Transaction would be less than the Initial Exchange Ratio, at the Company&#146;s discretion, a ratio between such
lesser ratio and the Initial Exchange Ratio. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">You have requested our opinion as to the fairness to the Company and to its stockholders that are
unaffiliated with the Equitizing Noteholder, from a financial point of view, of the Transaction. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In connection with our review of the proposed
Transaction and the preparation of our opinion, we have, among other things: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">reviewed drafts of the Agreement, the Stockholders Agreement and the Registration Rights Agreement, each as of November&nbsp;1, 2016 and provided to us by the Company;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">reviewed the Company&#146;s Annual Report filed on Form 10-K for the year ending December&nbsp;31, 2015 and the Company&#146;s Quarterly Reports filed on Form 10-Q for the
quarters ended March&nbsp;31, 2016 and June&nbsp;30, 2016; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">reviewed other financial and operating information, including financial forecasts provided by the Company in writing; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">reviewed the pro forma impact of the transaction on the Company&#146;s capital structure; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">compared the financial performance of the Company with that of certain publicly-traded companies which we believe to be relevant; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">compared the proposed financial terms of the Transaction with the publicly available financial terms of certain transaction which we believe to be relevant;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">reviewed certain other publicly available information on the Company; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">discussed with members of the senior management of the Company and the Company Board certain information relating to the aforementioned and other matters which we have deemed
relevant to our inquiry, including prior efforts to effect alternative transactions and the attendant risks of the current capital structure; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">reviewed such other analyses, information and factors as we have deemed appropriate. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We have assumed and relied upon the accuracy and completeness of all information supplied or otherwise made available to us by the Company or any other party and have not attempted to verify independently any of
such information. We have not made or obtained an independent appraisal of the assets or liabilities (contingent or otherwise) of the Company. With respect to financial forecasts and other information and data provided to or otherwise reviewed by or
discussed with us, we have assumed that such financial forecasts and other information and data have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of management, and we have relied
upon management to advise us promptly if any information previously provided became inaccurate or was required to be updated during the period of our review. In arriving at our opinion, we have also assumed that the Transaction will be consummated
in accordance with the terms set forth in the applicable transaction documents, without material modification or amendment, without waiver of any of its covenants or conditions, or without delay, and that the final executed transaction documents
will not differ in any respect material to our analysis from the draft documents reviewed by us. We have relied as to all legal matters relevant to rendering our opinion upon the advice of counsel. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our opinion is based upon market, economic, financial, and other circumstances and conditions existing and disclosed to us as of November&nbsp;2, 2016. Any material
change in such circumstances and conditions since that date would require a re-evaluation of this opinion, which we are under no obligation to undertake. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We express no opinion as to the underlying business decision to complete the Transaction, the structure or tax consequences of the Transaction, or the availability
or advisability of any alternatives to the Transaction. This letter does not express any opinion as to the likely trading range of the Company&#146;s common stock following the Transaction, which may vary depending on numerous factors that generally
impact the price of securities or on the financial condition of the Company at that time. Our opinion is limited to the fairness, from a financial point of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">A-2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
view, of the Transaction to the Company and to its stockholders that are unaffiliated with the Equitizing Noteholder. We express no opinion with respect to any other reasons, legal, business, or
otherwise, that may support the decision of the Board of Directors to approve or consummate the Transaction. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In conducting our investigation and
analyses and in arriving at our opinion, we have taken into account such accepted financial and investment banking procedures and considerations as we have deemed relevant, including the review of: (i)&nbsp;historical and projected revenues,
operating earnings, net income, and capitalization of the Company and certain other publicly-held oil and gas companies we believe to be similar to the Company; (ii)&nbsp;the current and projected financial position, results of operations, and
capital resources of the Company; (iii)&nbsp;the historical market prices and trading activity of the Common Stock of the Company; (iv)&nbsp;financial and operating information for selected oil and gas company financing transactions that we deemed
to be similar, in whole or in part, to the Transaction; (v)&nbsp;the condition of the securities markets generally and the oil and gas financing market specifically; and (vi)&nbsp;the financial prospects for the Company absent the Transaction.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In arriving at this opinion, Perella Weinberg Partners 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, if any, of each analysis and factor. Accordingly, Perella Weinberg Partners believes that its analyses must be considered as a whole and that selecting portions of its analyses,
without considering all analyses, would create an incomplete view of the process underlying this opinion. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Perella Weinberg Partners is actively engaged
in the oil and gas investment banking business and regularly undertakes the valuation of investment securities in connection with securities offerings, business combinations, and similar transactions. Perella Weinberg Partners has been engaged to
render financial advisory services to the Company in connection with the proposed Transaction and will receive a fee for delivering this opinion. In addition, the Company has agreed to indemnify us against certain liabilities arising out of our
engagement. During the two year period prior to the date hereof, no material relationship existed between Perella Weinberg Partners and its affiliates, on the one hand, and either the Company or the Equitizing Noteholder, on the other hand, pursuant
to which compensation was received by Perella Weinberg Partners or its affiliates. Perella Weinberg Partners and its affiliates may in the future provide investment banking and other financial services to the Company or its affiliates for which
Perella Weinberg Partners or its affiliates would expect to receive compensation. In the ordinary course of our business, Perella Weinberg Partners may trade in the securities of the Company for our own account or for the accounts of our customers
and, accordingly, may at any time hold a long or short position in such securities. The issuance of this opinion has been approved by our Fairness Committee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">This opinion is for the information and assistance of the Board of Directors of the Company in connection with, and for the purpose of its evaluation of, the proposed Transaction. This opinion does not constitute a
recommendation to any stockholder of the Company regarding how said stockholder should vote on any matter related to the proposed Transaction. This opinion does not in any manner address the prices at which the shares of stock of the Company will
trade at any time. The Company may include the full text of this letter in any proxy statement or offering memorandum prepared by the Company in connection with and describing the Transaction. Except for such uses, this opinion is not to be quoted
or referred to, in whole or in part, without our prior written consent, which will not be unreasonably withheld. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Based upon and subject to the
foregoing, including the various assumptions and limitations set forth herein, we are of the opinion that, as of the date hereof, the Transaction is fair, from a financial point of view, to the Company and to its stockholders that are unaffiliated
with the Equitizing Noteholder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Very truly yours, </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g290542g21d82.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PERELLA WEINBERG PARTNERS LP </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">A-3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="toc290542_39"></A>Annex B </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>EXCHANGE AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This EXCHANGE
AGREEMENT (this &#147;<U>Agreement</U>&#148;), is made and entered into as of November&nbsp;2, 2016, by and between APPROACH RESOURCES INC., a Delaware company (the &#147;<U>Company</U>&#148;), and each of WILKS BROTHERS, LLC, a Texas limited
liability company (&#147;<U>Wilks Brothers</U>&#148;) and SDW INVESTMENTS, LLC, a Texas limited liability company (&#147;<U>SDW</U>&#148;) (Wilks Brothers and SDW, collectively, the &#147;<U>Noteholders</U>&#148; and each, a
&#147;<U>Noteholder</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">RECITALS </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, the Company has issued and outstanding $230,320,000 principal amount of the 7.00% Senior Notes due 2021 (the &#147;<U>Notes</U>&#148;), issued pursuant to
that certain Base Indenture, dated as of June&nbsp;11, 2013 (the&nbsp;&#147;<U>Base Indenture</U>&#148;) by and among the Company, the guarantors party thereto and Wilmington Trust, National Association, as Trustee (the &#147;<U>Trustee</U>&#148;),
as supplemented by the First Supplemental Indenture, dated as of June&nbsp;11, 2013 (the &#147;<U>First Supplemental Indenture</U>&#148; and, together with the Base Indenture, the &#147;<U>Indenture</U>&#148;) by and among the Company, the
guarantors party thereto and the Trustee; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, each Noteholder is the Beneficial Owner of the aggregate principal amount of Notes set forth opposite
its name on <U>Schedule A</U> attached hereto; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, the Parties have determined to enter into this Agreement, pursuant to which, amongst other
things,&nbsp;each Noteholder shall transfer to the Company, and the Company shall acquire, directly or indirectly, all of the Notes held by such Noteholder in exchange for, shares of common stock, par value $0.01 per share, of the Company (the
&#147;<U>Common Stock</U>&#148;), at an exchange ratio (the &#147;<U>Exchange Ratio</U>&#148;) of 300 shares of Common Stock for each $1,000 aggregate principal of amount of Notes exchanged pursuant hereto (the &#147;<U>Exchange
Transaction</U>&#148;); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, in connection with the Exchange Transaction, the Company and the Noteholders have entered into or desire to enter into
this Agreement and, at Closing, the Stockholders Agreement and the Registration Rights Agreement (each, the &#147;<U>Additional Agreements</U>&#148;) in accordance herewith; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">AGREEMENT </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">1. <U>Exchange and
Purchase</U>.&nbsp;&nbsp;Subject to the terms and conditions set forth in this Agreement, at the Closing each Noteholder will assign, transfer and deliver to the Company all of its right, title and interest in and to all of the Exchange Notes set
forth opposite its name on <U>Schedule&nbsp;A</U> attached hereto free and clear of all mortgages, liens, pledges, security interests, charges, claims, restrictions and encumbrances of any nature whatsoever, other than liens arising under this
Agreement to the extent surviving the Closing (collectively, &#147;<U>Liens</U>&#148;), against issuance and delivery, or payment, to such Noteholder, which shall be in full satisfaction of all obligations of the Company under the Exchange Notes, of
(i)&nbsp;a number of shares of Common Stock (the &#147;<U>Shares</U>&#148;) equal to (A)&nbsp;the Exchange Ratio, multiplied by (B)&nbsp;(x)&nbsp;the aggregate principal amount of Exchange Notes, divided by (y)&nbsp;$1,000, and (ii)&nbsp;an amount
in U.S. dollars (the &#147;<U>Cash Payment</U>&#148;) equal to the accrued (but unpaid) interest, from and including the most recent date to which interest has been paid pursuant to the terms of the Notes and the Indenture to but excluding the date
of the Closing, on the aggregate principal amount of Exchange Notes set forth opposite its name on <U>Schedule&nbsp;A</U> attached hereto. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2. <U>Closing
and Closing Deliveries</U>.&nbsp;&nbsp;The closing of the Exchange Transaction (the &#147;<U>Closing</U>&#148;) shall take place at the offices of Weil, Gotshal&nbsp;&amp; Manges LLP, 200 Crescent Court, Suite 300, Dallas, Texas 75201, at 10:00
a.m., local time, on the third Business Day following the satisfaction or, to the extent permitted by applicable law, waiver of the conditions set forth in <U>Section&nbsp;6</U> below (other than those conditions that by their terms are to be
satisfied at the Closing, but subject to the satisfaction or, to the extent permitted by applicable law, waiver of those conditions), unless another date, time or place is agreed to in writing by the parties hereto. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At the Closing: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">a. the Company shall: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) deliver to each Noteholder&#146;s custodian by means of book-entry
transfer, which custodian shall be designated in writing by such Noteholder not less than five&nbsp;(5) business days prior to the Closing, Common Stock registered in the name of such Noteholder representing the aggregate number of Shares issuable
to such Noteholder as determined pursuant to <U>Section&nbsp;1</U>; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) pay to each Noteholder, by wire transfer of immediately
available funds to such account or accounts as designated by each Noteholder at least five&nbsp;(5) Business Days prior to the Closing, the Cash Payment payable to such Noteholder as determined pursuant to <U>Section&nbsp;1.</U> above; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iii) deliver to the Noteholders a counterpart of the stockholders agreement (the &#147;<U>Stockholders Agreement</U>&#148;) in the form attached
hereto as <U>Exhibit&nbsp;A</U> duly executed by the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iv) deliver to the Noteholders a counterpart of the registration rights
agreement (the &#147;<U>Registration Rights Agreement</U>&#148;) in the form attached hereto as <U>Exhibit&nbsp;B</U> duly executed by the Company; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">b. the Noteholders shall: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) effect by book entry, in accordance with the applicable procedures of
the Depository Trust Company, the delivery to the Company (or its transfer agent or designee) of all of the Exchange Notes set forth opposite the relevant Noteholder&#146;s name on <U>Schedule&nbsp;A</U> attached hereto and all other documents and
instruments reasonably requested by the Company to effect the transfer of the Notes to the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) deliver to the Company a
counterpart of the Stockholders Agreement duly executed by each Noteholder; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iii) deliver to the Company a counterpart of the
Registration Rights Agreement duly executed by each Noteholder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">3. <U>Representations and Warranties of the Noteholders</U>.&nbsp;&nbsp;Each Noteholder,
severally and not jointly nor jointly and severally, represents and warrants to the Company as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">a. <U>Title to
Notes</U>.&nbsp;&nbsp;(i)&nbsp;Such Noteholder is the sole Beneficial Owner of&nbsp;the aggregate principal amount of Notes set forth opposite its name on <U>Schedule&nbsp;A</U> hereto (&#147;<U>Exchange Notes</U>&#148;), the Exchange Notes set
forth opposite the name of a Noteholder on <U>Schedule&nbsp;A</U> hereto are held by such Noteholder free and clear of all Liens, and none of the Noteholder or any Affiliate of such Noteholder owns or holds beneficially or of record any Notes (or
any rights or interests of any nature whatsoever in or with respect to any Notes) other than Exchange Notes set forth on <U>Schedule&nbsp;A</U> hereto, and (ii)&nbsp;such Noteholder is the sole Beneficial Owner of the number of shares of Common
Stock (&#147;<U>Owned Shares</U>&#148;) set forth opposite its name on <U>Schedule&nbsp;A</U> hereto, the Owned Shares set forth opposite the name of a Noteholder on <U>Schedule&nbsp;A</U> hereto are held by such Noteholder free and clear of all
Liens and none of the Noteholder or any Affiliate of such Noteholder owns or holds beneficially or of record any shares of Common Stock (or any rights or interests of any nature whatsoever in or with respect to any Common Stock) other than Owned
Shares set forth on <U>Schedule&nbsp;A</U> hereto. Other than this Agreement and the Consent, such Noteholder is not party to or bound by any contract, option or other arrangement or understanding with respect to the purchase, sale, delivery,
transfer, gift, pledge, hypothecation, encumbrance, assignment or other disposition or acquisition of (including by operation of law) (i)&nbsp;any Notes (or any rights or interests of any nature whatsoever in or with respect to any Notes), or as to
voting, agreeing or consenting (or abstaining therefrom) with respect to any amendment to or waiver of any terms of, or taking any action whatsoever with respect to, the Notes and/or the Indenture or (ii)&nbsp;any shares of Common Stock (or any
rights or interests of any nature whatsoever in or with respect to any shares of Common Stock), or as to voting, agreeing or consenting (or abstaining therefrom) with respect to any matter relating to, or taking any action whatsoever with respect
to, the Company or any shares of Common Stock (whether or not a Beneficial Owner thereof as of the date hereof). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">b. <U>Existence;
Authority; Binding Effect</U>.&nbsp;&nbsp;Such Noteholder is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of organization. Such Noteholder has full legal capacity,
</FONT></P>
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power and authority to execute and deliver this Agreement, the Additional Agreements, the Consent attached hereto as <U>Exhibit&nbsp;C</U> (the &#147;<U>Consent</U>&#148;), to which the form of
Second Supplemental Indenture (the &#147;<U>Supplemental Indenture</U>&#148;) is attached, and any other agreements or instruments executed or to be executed by it in connection herewith and to consummate the transactions contemplated herein and
therein. The execution, delivery and performance by such Noteholder of this Agreement, the Additional Agreements, the Consent and any other agreements or instruments executed or to be executed and delivered by such Noteholder in connection herewith,
and the consummation of the transactions contemplated hereby and thereby by such Noteholder, have been duly and validly authorized and approved by the board of directors or other governing body of such Noteholder, and no other actions on the part of
such Noteholder are necessary in respect thereof. Each of this Agreement and the Consent is, and each of the Additional Agreements and the other agreements and instruments executed hereunder by such Noteholder in connection herewith will be, a valid
and binding obligation of such Noteholder, in each case, to the extent party thereto, enforceable in accordance with its respective terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or other similar laws relating to or affecting enforcement of creditors&#146; rights generally and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding
in equity or at law). The Consent, and every proxy or agency authority granted therein, is a continuing consent as such term is used in the Indenture, is coupled with an interest and is irrevocable for the term of this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">c. <U>No Violation</U>.&nbsp;&nbsp;None of the execution and delivery of this Agreement, the Consent or any of the Additional Agreements or any
other agreements or instruments executed and delivered by such Noteholder in connection herewith, nor the performance of any obligations hereunder or thereunder by such Noteholder, including the exchange of the Notes pursuant to this Agreement, will
conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both) under or result in the creation of any lien upon the Notes held by such Noteholder under (i)&nbsp;the organizational documents of such
person, including any limited liability company agreement, certificate of incorporation or bylaws or similar agreement; (ii)&nbsp;any law, order, writ, injunction or decree applicable to such Noteholder or by which any property or asset of such
Noteholder is bound or affected; or (iii)&nbsp;any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise, or other instrument or obligation to which such Noteholder is a party or by which such Noteholder or any
property or asset of such Noteholder is bound or affected, except, in the case of clauses&nbsp;(ii) and (iii), for any such conflicts, violations, breaches, defaults, events, losses, payments, cancellations, encumbrances, or other occurrences that
are not, individually or in the aggregate, reasonably expected to prevent or materially delay the Closing or the performance by such Noteholder of any of its obligations under this Agreement or any Additional Agreement to which it is or will be a
party. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">d. <U>Consents and Approvals</U>.&nbsp;&nbsp;No consent, approval, order or authorization of, or registration, declaration,
filing with or notice to, any governmental entity or any other Person is required to be obtained, made or given by or with respect to such Noteholder in connection with the execution and delivery of this Agreement, the Consent or any Additional
Agreements or other agreements or instruments executed and delivered hereunder or thereunder by such Noteholder, or the performance of any obligations hereunder or thereunder by such Noteholder, including the exchange of the Notes. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">e. <U>Transfer Restrictions</U>.&nbsp;&nbsp;The offer and sale of the Shares to be issued pursuant to this Agreement are intended to be exempt from
registration pursuant to Section&nbsp;4(a)(2) of the Securities Act. Such Noteholder acknowledges and agrees that (i)&nbsp;the Shares are &#147;restricted securities&#148; (as such term is commonly used with regard to Federal and state securities
laws), (ii)&nbsp;the Shares may not be offered or sold except pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act, and otherwise in accordance with applicable state securities laws, (iii)&nbsp;the Shares are subject to the terms and conditions of the Stockholders Agreement, and (iv)&nbsp;in connection with any transfer of the Shares other
than pursuant to an effective registration statement, the Company may require the transferor thereof to provide to the Company documents or other support, including, but not limited to, certain representations by such Noteholder, reasonably
requested by the Company and a customary opinion of counsel experienced in such matters and reasonably acceptable to the </FONT></P>
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Company. Such Noteholder acknowledges and agrees that the Shares will contain a legend in substantially the following form (and customary corresponding instructions and stop-transfer orders will
be made in the stock transfer records, electronically or otherwise, for shares in book-entry form): </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO THE SECURITIES OR &#147;BLUE SKY&#148; LAWS OF ANY STATE. SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, OR OTHERWISE ASSIGNED EXCEPT
PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT OR ANY APPLICABLE &#147;BLUE SKY&#148; LAWS. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">THIS SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH IN A STOCKHOLDERS AGREEMENT, A COPY OF WHICH MAY BE OBTAINED UPON REQUEST FROM THE
COMPANY OR ANY SUCCESSOR THERETO. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">f. <U>Ability to Bear Risk and Sophistication</U>.&nbsp;&nbsp;Such Noteholder understands that the
Exchange Transaction and ownership and investment in the Shares, involves substantial risk. Such Noteholder has such knowledge and experience in financial and business matters, and its financial situation is such, that it is capable of evaluating
the merits and risks of its participation in the Exchange Transaction and of bearing the economic risk of its investment in the Shares (including the complete loss of such investment). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">g. <U>Qualified Institutional Buyer</U>.&nbsp;&nbsp;Such Noteholder is a &#147;qualified institutional buyer&#148; within the meaning of
Rule&nbsp;144A under the Securities Act, and is acquiring the Shares for investment purposes and solely for its account and not with a view to further distribution or resale in violation of the Securities Act. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">h. <U>No Brokers or Finders</U>.&nbsp;&nbsp;Such Noteholder has not incurred nor become liable for any broker&#146;s commission or finder&#146;s fee
relating to the transactions contemplated by this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">i. <U>Advice</U>.&nbsp;&nbsp;Such Noteholder has completed its own
independent inquiry and has relied fully upon the advice of its own legal counsel, accountant, financial and other advisors in determining the legal, tax, financial and other consequences of this Agreement and the transactions contemplated hereby
and the suitability of this Agreement and the transactions contemplated hereby for such Noteholder and its particular circumstances. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">j.
<U>Certain Information</U>.&nbsp;&nbsp;The information provided by such Noteholder for inclusion or incorporation by reference in the Proxy Statement will not, at the time it is first mailed to the Company&#146;s stockholders, at the time of any
amendments or supplements thereto and at the time of the Stockholders Meeting, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they are made, not misleading. Each of the Noteholder Board Designees has agreed, and each of the Noteholder Designee Replacements shall have agreed, to serve as a director and to provide any information reasonably
requested by the Company for inclusion in the Proxy Statement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">k. <U>No Other Representations or Warranties</U>.&nbsp;&nbsp;Except for
the representations and warranties contained in <U>Section&nbsp;4</U> hereof, none of the Company nor any Affiliate or Representative of the Company nor any other Person has made or is making any representation or warranty of any kind or nature
whatsoever, oral or written, express or implied with respect to the Company, this Agreement, the Additional Agreements or the transactions contemplated hereby or thereby and such Noteholder disclaims any reliance on any representation or warranty of
the Company or any Affiliate or Representative thereof except for the representations and warranties expressly set forth in <U>Section&nbsp;4</U> hereof. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">4. <U>Representations and Warranties of the Company</U>.&nbsp;&nbsp;The Company represents and warrants to the Noteholders as follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">a. <U>Existence; Authority; Binding Effect</U>.&nbsp;&nbsp;The Company and each subsidiary of the Company is (i)&nbsp;duly incorporated or
organized, validly existing and in good standing under the laws of its jurisdiction of organization and has full power and authority to own, lease and operate its properties and to carry on its business as it is now being conducted and
(ii)&nbsp;duly qualified or licensed as a foreign corporation to do business, and is in good standing, </FONT></P>
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in each jurisdiction where the character of the properties owned, leased or operated by it or the nature of its business makes such qualification or licensing necessary, except for any such
failures to be so qualified or licensed and in good standing as that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect on the Company. The execution and delivery of this Agreement,
the Additional Agreements, the Supplemental Indenture, and any other agreements or instruments executed or to be executed and delivered in connection herewith, and the consummation of the transactions contemplated hereby and thereby, by the Company,
including the issuance and delivery of the Shares to the Noteholders pursuant to this Agreement, have been duly and validly authorized and approved by the board of directors of the Company and no other actions on the part of the Company are
necessary in respect thereof other than (i)&nbsp;the affirmative vote (in person or by proxy) of the holders of a majority of Common Stock present or represented by proxy at the Stockholders Meeting on the proposal presented for the approval of the
issuance of the Shares for purposes of NASDAQ Listing Rules&nbsp;5635(b) and (d)&nbsp;in connection with the consummation of the transactions contemplated by this Agreement (the &#147;<U>Nasdaq Approval</U>&#148;) and (ii)&nbsp;solely with respect
to consummation of the Exchange Offer, the affirmative vote (in person or by proxy) of the majority of the outstanding shares of Common Stock on the proposal presented at the Stockholders Meeting for the approval of the Amendment (the
&#147;<U>Charter Amendment</U>&#148;) to the Restated Certificate of Incorporation (the &#147;<U>Charter</U>&#148;) in the form attached hereto as <U>Exhibit&nbsp;D</U> (the &#147;<U>Charter Amendment Approval</U>&#148; and, collectively with the
Nasdaq Approval, the &#147;<U>Shareholder Approvals</U>&#148;). This Agreement is, and each of the Additional Agreements, the Supplemental Indenture and the other agreements and instruments executed hereunder by the Company in connection herewith
will be, a valid and binding obligation of the Company, enforceable in accordance with its respective terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar
laws relating to or affecting enforcement of creditors&#146; rights generally and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law).
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">b. <U>No Violation</U>.&nbsp;&nbsp;None of the execution, delivery or, upon receipt of the Nasdaq Approval and, with respect to the
Exchange Offer, upon receipt of the Charter Amendment Approval, performance of this Agreement, the Supplemental Indenture, each of the Additional Agreements and each of the other agreements or instruments executed and delivered by the Company in
connection herewith, will conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both) under or give rise to a right of termination, cancellation, modification or acceleration of any obligation or to a
loss of a benefit under, or result in the creation of any lien upon any of the properties or assets of the Company or any of its subsidiaries under (i)&nbsp;the certificate of incorporation, bylaws or similar organizational documents of the Company
or any of its subsidiaries; (ii)&nbsp;any law, order, writ, injunction or decree applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries is bound or affected; or (iii)&nbsp;any
note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise, or other instrument or obligation to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries or any property
or asset of the Company or any of its subsidiaries is bound or affected, except, in the case of clause (i), for obtaining a resignation from a director if and when required to comply with <U>Section&nbsp;2.1.1(a)</U> of the Stockholders Agreement,
and in the case of clauses&nbsp;(ii) and (iii), for any such conflicts, violations, breaches, defaults, events, losses, payments, cancellations, encumbrances, or other occurrences that are not, individually or in the aggregate, reasonably expected
to (A)&nbsp;have a material adverse effect on the assets, liabilities, condition (financial or otherwise), business or results of operations of the Company and its subsidiaries taken as a whole, or (B)&nbsp;prevent or materially delay the
performance by the Company of any of its obligations under this Agreement or any Additional Agreement to which it is or will be a party (collectively, (A)&nbsp;and (B), and except as hereinafter provided, a &#147;<U>Material Adverse
Effect</U>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">c. <U>Consents and Approvals</U>.&nbsp;&nbsp;No consent, approval, order or authorization of, or registration,
declaration, filing with or notice to, any governmental entity or any other Person is required to be obtained, made or given by or with respect to the Company or any subsidiary of the Company in connection with the execution and delivery of this
Agreement, the Supplemental Indenture or any Additional Agreements or other agreements or instruments executed and delivered hereunder by the Company, or the performance of any obligations hereunder or thereunder by the Company, except for
(i)&nbsp;the Nasdaq Approval, (ii)&nbsp;with respect to the Exchange Offer, the filing of the Charter Amendment with the Delaware Secretary of State subject to receipt of the Charter Amendment
</FONT></P>
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Approval, (iii)&nbsp;the filing of the Proxy Statement with the SEC, and (iv)&nbsp;such other filings by the Company with the SEC as are appropriate in connection with or required by the federal
and state securities laws and rules and regulations thereunder in connection with the transactions contemplated hereby. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">d.
<U>Capitalization</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) As of the date of this Agreement, (A)&nbsp;the authorized capital stock of the Company consists of 90,000,000
shares of Common Stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share; (B)&nbsp;(x)&nbsp;41,608,374 shares of Common Stock are issued and outstanding and (y)&nbsp;no shares of preferred stock of the
Company are issued and outstanding; and (C)&nbsp;all outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid and nonassessable and have been issued in compliance with all applicable preemptive,
participation, rights of first refusal and other similar rights. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) Other than pursuant to this Agreement and other than shares of
Common Stock issued and issuable pursuant to options and other rights granted under the Company&#146;s 2007 Stock Incentive Plan, as the same may be amended from time to time, there are (A)&nbsp;no securities, options, warrants, calls, pre-emptive
exchange, conversion, purchase or subscription rights, or other rights, agreements, arrangements or commitments of any kind, contingent or otherwise, that could require the Company to issue, sell or otherwise cause to become outstanding, any shares
of capital stock or other equity or debt interest in the Company or require the Company to grant or enter into any such option, warrant, call, subscription, conversion, purchase or other right, agreement, arrangement or commitment, and no
authorization has been given therefor, and (B)&nbsp;no commitments or agreements of any kind to which the Company or any subsidiary is bound obligating the Company to either (x)&nbsp;repurchase, redeem or otherwise acquire any shares of the
Company&#146;s capital stock or any of the Notes (other than to the extent required by the Indenture) or (y)&nbsp;accelerate the vesting or exercisability of any instrument referred to in clause&nbsp;(A) of this paragraph as a result of this
Agreement, either alone or upon the occurrence of any additional subsequent events. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">e. <U>Issuance of the Shares</U>.&nbsp;&nbsp;Upon
issuance in accordance herewith, the Shares issuable hereunder will be duly authorized, validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under applicable federal and state
securities laws and under the Additional Agreements or any Liens created or imposed by any Noteholder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">f.
<U>Offering</U>.&nbsp;&nbsp;Subject to the accuracy of each Noteholder&#146;s representations and warranties in <U>Section&nbsp;3.e.</U>, <U>f.</U>, <U>g.</U> and <U>i.</U> hereof, the offer, exchange, purchase and issuance of the Shares to each of
the Noteholders constitute transactions exempt from the registration requirements of Section&nbsp;5 of the Securities Act and will be issued in compliance with all applicable federal and state securities laws. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">g. <U>No Solicitation</U>.&nbsp;&nbsp;No form of general solicitation or advertising (within the meaning of Regulation&nbsp;D under the Securities
Act) has been or will be used by the Company or any of its Representatives in connection with the offer or sale of any of the Shares, including, without limitation, articles, notices or other communications published in any newspaper, magazine or
similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">h. <U>Litigation</U>.&nbsp;&nbsp;There is no pending action, suit, claim, inquiry, investigation, audit or proceeding by or before any governmental authority, or any arbitration, mediation or other similar
proceeding (each of the foregoing, a &#147;<U>Proceeding</U>&#148;), and to the knowledge of the Company, there is no Proceeding threatened against the Company or any of its subsidiaries, that seeks to prevent, hinder, modify, delay or challenge the
transactions contemplated hereby or any action taken or to be taken pursuant hereto. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">i. <U>SEC Documents</U>.&nbsp;&nbsp;The Company has
timely filed and furnished all required reports, schedules, forms, certifications, prospectuses, and registration, and other statements with the SEC since January&nbsp;1, 2015 (collectively and together with all documents filed on a voluntary basis
on Form&nbsp;8-K, and in each case including all exhibits and schedules thereto and documents incorporated by reference therein, the &#147;<U>SEC Documents</U>&#148;). As of their respective effective dates and as of their respective SEC filing
dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act, the Securities Act and the Sarbanes-Oxley Act of 2002, as the case may be, applicable to such SEC Documents, and none of the SEC Documents as of
such </FONT></P>
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respective dates contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">j. <U>No Other Representations or Warranties</U>.&nbsp;&nbsp;Except for
the representations and warranties contained in <U>Section&nbsp;3</U> hereof, none of the Noteholders nor any Affiliate or Representative of the Noteholders nor any other Person has made or is making any representation or warranty of any kind or
nature whatsoever, oral or written, express or implied with respect to the Noteholders, this Agreement, the Additional Agreements or the transactions contemplated hereby or thereby and the Company (on behalf of itself and each of its subsidiaries)
disclaims any reliance on any representation or warranty of any Noteholder or any Affiliate or Representative thereof except for the representations and expressly set forth in <U>Section&nbsp;3</U> hereof. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5. <U>Covenants of the Company and of the Noteholders</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">a. <U>Restrictions on Acquisition and Transfer</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) From the date hereof until the earlier of
(1)&nbsp;(x)&nbsp;the termination of this Agreement in accordance with its terms if such termination is the result of any reason other than a breach by Noteholder or (y)&nbsp;the three-month anniversary of the termination of this Agreement in
accordance with its terms if such termination is the result of a breach by Noteholder and (2)&nbsp;the Closing, each Noteholder agrees that it shall not, and it shall cause each of its Affiliates not to, except pursuant to the terms of this
Agreement, directly or indirectly (A)&nbsp;purchase, sell, deliver, transfer, give, pledge, encumber, assign or otherwise dispose of or acquire, or enter into any contract, option or other arrangement or understanding with respect to the purchase,
sale, delivery, transfer, gift, pledge, hypothecation, encumbrance, assignment or other disposition or acquisition of (including by operation of law) any Notes (or any rights or interests of any nature whatsoever in or with respect to any Notes), or
as to voting, agreeing or consenting (or abstaining therefrom) with respect to any amendment to or waiver of any terms of, or taking any other action whatsoever with respect to, the Notes and/or the Indenture, or (B)&nbsp;agree (whether or not in
writing) to take any of the actions referred to in the foregoing clause&nbsp;(A) of this <U>Section&nbsp;5.a.(i)</U>; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) From the date
hereof until the earlier of (1)&nbsp;(x)&nbsp;the termination of this Agreement in accordance with its terms if such termination is the result of any reason other than a breach by Noteholder or (y)&nbsp;the three-month anniversary of the termination
of this Agreement in accordance with its terms if such termination is the result of a breach by Noteholder and (2)&nbsp;the Closing, each Noteholder agrees that it shall not, and it shall cause each of its Affiliates not to, directly or indirectly:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(A) in any manner acquire, agree to acquire or make any proposal or offer to acquire, directly or indirectly, any voting
securities or property of the Company or any rights or options to acquire any such voting securities or property, except pursuant to the terms of this Agreement; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(B) propose to enter into, directly or indirectly, any merger or business combination involving the Company or propose to purchase,
directly or indirectly, a material portion of the assets of the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(C) make, or in any way participate, directly
or indirectly, in any &#147;solicitation&#148; of &#147;proxies&#148; (as such terms are used in Regulation&nbsp;14A promulgated under the Exchange Act) to vote or consent, or seek or advise or influence any person with respect to the voting of, or
granting of a consent with respect to, any voting securities of the Company or to vote or abstain from voting on the Nasdaq Approval, or cause or permit its Beneficially Owned Shares to be present for purposes of determining whether a quorum is
present, at the Stockholders Meeting; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(D) form, join or in any way participate in a &#147;group&#148; (within the
meaning of Section&nbsp;13(d)(3) of the Exchange Act) with respect to any voting securities of the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(E) request
the Company, the board of directors or any committee of the board of directors, or any of their respective Representatives to amend or waive any provision of this <U>Section&nbsp;5</U>; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(F) except as may be required by law (provided that such legal requirement does not arise as a result of or in connection with any
breach of this Agreement by the Noteholders or its Representatives or Affiliates), disclose any intention, plan or arrangement inconsistent with the foregoing; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(G) provide, or act as agent for the purpose of obtaining, debt or equity financing
for any transaction described in clauses&nbsp;(A) or (B)&nbsp;of this <U>Section&nbsp;5.a.(ii)</U>; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(H) advise,
assist or encourage any other persons in connection with any of the foregoing. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">b. <U>Press Release</U>.&nbsp;&nbsp;The Company and each
Noteholder agree that the Company shall issue a press release, in form and substance reasonably acceptable to the Company and the Noteholders, announcing the Exchange Transaction prior to the opening of the financial markets in New York City no
later than the business day immediately after the date hereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">c. <U>Proxy Statement</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) The Company agrees to use its commercially reasonable efforts to prepare and file with the SEC as soon as practicable after the Company has
received certified copies of each of the fully executed Consent Letters attached to the Consent a proxy statement to be sent to holders of the Company&#146;s Common Stock in connection with a meeting of holders of the Common Stock (including any
adjournment or postponement thereof, the &#147;<U>Stockholders Meeting</U>&#148;) to consider the Nasdaq Approval, the Charter Amendment Approval and such other matters as the Company in its reasonable determination may present at the Stockholders
Meeting (the &#147;<U>Proxy Statement</U>&#148;). The Proxy Statement shall comply as to form in all material respects with the applicable provisions of the Exchange Act and the rules and regulations thereunder. The Noteholders and their advisors
will have the right to review and comment upon the Proxy Statement and any amendment thereto prior to the filing thereof with the SEC, the Company agrees to consider any such comments and include in the Proxy Statement or any amendment thereto such
comments as it deems appropriate or advisable, in its good faith discretion, and the Company shall provide to the Noteholders a draft of the Proxy Statement and each amendment thereto no later than five&nbsp;(5) business days prior to the
anticipated filing date thereof for purposes of such review and comment (it being understood and agreed that the Company shall not be required to delay the filing of (or thereafter amend) the Proxy Statement in respect of comments not provided
within such five&nbsp;(5) business day period). The Company shall use its commercially reasonable efforts to (A)&nbsp;clear any comments provided by the SEC with respect to the Proxy Statement as promptly as reasonably practicable after receipt
thereof, and (B)&nbsp;mail or otherwise deliver (or cause to be mailed or otherwise delivered) the Proxy Statement to the holders of the Company&#146;s Common Stock promptly after, and hold the Stockholders Meeting for the purposes of obtaining the
Shareholder Approvals not later than sixty (60)&nbsp;calendar days after, (x)&nbsp;the 10th calendar day after the Proxy Statement in preliminary form has been filed with the SEC if the SEC has not informed the Company that it intends to review the
Proxy Statement by such 10th calendar day or (y)&nbsp;the 10th calendar day after the SEC has informed the Company that it has no further comments on the Proxy Statement. Except as permitted in clause (x)&nbsp;of the following sentence, the board of
directors of the Company shall not withdraw, qualify or modify in a manner adverse to the Noteholders, or publicly propose to withdraw, qualify or modify in a manner adverse to the Noteholders, its recommendation of the Shareholder Approvals.
Notwithstanding the foregoing or anything to the contrary contained in this Agreement, but without limiting the other obligations of the Company contained in this <U>Section&nbsp;5.c.(i)</U>, (x)&nbsp;if prior to obtaining the Shareholder Approvals,
the board of directors determines in good faith, after consultation with outside counsel, that failure to so withdraw, qualify or modify its recommendation would be inconsistent with the exercise of its fiduciary duties, the board of directors may
withdraw or modify its recommendation of either the Nasdaq Approval or the Charter Amendment Approval, or both of them and (y)&nbsp;the Company may adjourn or postpone the Stockholders Meeting one or more times (i)&nbsp;to a date not more than
twenty (20)&nbsp;days after the original date of such Stockholders Meeting if as of the time for which the Stockholders Meeting is originally scheduled (as set forth in the Proxy Statement) there are insufficient shares of Common Stock of the
Company represented (either in person or by proxy) to constitute a quorum necessary to conduct the business of the Stockholders Meeting or there shall be insufficient affirmative votes for the Nasdaq Approval to satisfy the condition in
<U>Section&nbsp;6.a.(i)</U> or (ii)&nbsp;as otherwise necessary to comply with applicable law. Except as set forth in the immediately preceding sentence, the Company shall not postpone or adjourn the Stockholders Meeting without the consent of the
Noteholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) At all times from and after the date hereof to and through the completion of the Stockholders Meeting, the Noteholders
shall, and shall cause each of their respective Affiliates and each person named in <U>Section&nbsp;5.e.</U> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-8 </FONT></P>


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below (and any other director nominee proposed pursuant thereto) director nominees pursuant to the Stockholders Agreement to, use commercially reasonable efforts to provide to the Company (and to
update) such information relating to any of them for inclusion in the Proxy Statement as may be reasonably requested by the Company that is required by Schedule&nbsp;14A under the Exchange Act or is otherwise necessary, proper or advisable in
connection with the preparation, filing and mailing thereof, including information in respect of its nominees to the board of directors of the Company pursuant to the terms and conditions of the Stockholders Agreement (and customary questionnaires
for purposes of preparing the Proxy Statement executed by such nominees) or any national securities exchange on which the Company&#146;s shares are then listed. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">d. <U>Listing</U>.&nbsp;&nbsp;Subject to receipt of the Nasdaq Approval, the Company shall use its reasonable best efforts to take, or cause to be taken, all actions, and do or cause to be done all things,
reasonably necessary, proper or advisable on its part under applicable laws and the rules and policies of the Nasdaq Global Select Market (&#147;<U>Nasdaq</U>&#148;) to cause the Shares to be approved for listing on Nasdaq, subject to official
notice of issuance (the &#147;<U>Listing</U>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">e. <U>Board Composition</U>.&nbsp;&nbsp;The Company shall take such action as is
necessary to cause (i)&nbsp;at the time of the Closing the full board of directors of the Company to consist of five directors and (ii)&nbsp;effective upon the Closing (1)&nbsp;the full board of directors to be increased by three members to consist
of eight directors and (2)&nbsp;Morgan D. Neff (or such other person as the Noteholders may designate in writing delivered to the Company not later than 5 business days prior to the Closing, provided that such person is reasonably acceptable to the
board of directors of the Company) to be appointed as a director in Class&nbsp;I (as such term is used in the Charter), Matthew D. Wilks (or such other person as the Noteholders may designate in writing delivered to the Company not later than 5
business days prior to the Closing, provided that such person is reasonably acceptable to the board of directors of the Company) to be appointed as a director in Class&nbsp;II (as such term is used in the Charter), and Matthew R. Kahn (or such other
person as the Noteholders may designate in writing delivered to the Company not later than 5 business days prior to the Closing, provided that such person is reasonably acceptable to the board of directors of the Company) to be appointed as a
director in Class&nbsp;III (as such term is used in the Charter); <U>provided</U>, <U>however</U>, that the person designated by the Noteholders pursuant to the foregoing as a director in Class III shall be required to execute and deliver to the
Company, at the time of and as a condition to such appointment, a conditional resignation in such form as attached as Exhibit A to the Stockholders Agreement, which conditional resignation shall become effective only in the circumstances in which
the Noteholders are entitled to designate two (2)&nbsp;members of the board pursuant to <U>Section&nbsp;2.1.1(a)</U> and <U>2.1.7(c)</U> of the Stockholders Agreement. Should any Noteholder designee to the board of directors pursuant to this
<U>Section&nbsp;5.e</U> (each, a &#147;<U>Noteholder Board Designee</U>&#148;) be rendered unable to, or refuse to, be appointed to, or for any other reason fail to serve or is not serving, on the board of directors of the Company and a replacement
individual (the &#147;<U>Noteholder Designee Replacement</U>&#148;) has not been designated in accordance with the preceding sentence then the Company shall not be obligated to designate an individual to fill such vacancy as of Closing and such
vacancy shall be filled as soon as practicable after the Closing in accordance with the Stockholders Agreement. Each person designated by the Noteholders and elected to the board of directors of the Company pursuant to this <U>Section&nbsp;5.e</U>
shall be referred to as an &#147;<U>Elected Board Designee.</U>&#148; The Noteholders shall cause each Elected Board Designee to recuse themselves from any vote of approval of the board of directors regarding the Exchange Offer, including the
determination of the exchange ratio to be utilized therein (as contemplated by <U>Section&nbsp;5.g</U>). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">f. <U>Payment of
Expenses</U>.&nbsp;&nbsp;The Company shall pay or cause to be paid the Company&#146;s fees, disbursements and expenses incurred in connection with the issuance of the Shares, and the Noteholders shall pay or caused to be paid the Noteholders&#146;
fees, disbursements and expenses incurred in connection with the Exchange Transaction, including the fees, disbursements and expenses of their respective advisors, counsel, accountants and other experts. For the avoidance of doubt, the Company
acknowledges and agrees that it will pay or cause to be paid the following: (i)&nbsp;the fees, disbursements and expenses of the Company&#146;s counsel and accountants in connection with preparation and negotiation of this Agreement, the Additional
Agreements, the Consent, the Supplemental Indenture and the other agreements and instruments entered into in connection herewith, and the issue of the Shares; (ii)&nbsp;all fees and expenses associated with the preparation, filing and distribution
of the Proxy Statement for, and the holding of, the Stockholders Meeting, (iii)&nbsp;all fees and expenses associated with the Listing; (iv)&nbsp;the fees and expenses of the Trustee and any agent of the Trustee and the fees and disbursements of
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-9 </FONT></P>


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counsel for the Trustee in connection with the Consent and the Supplemental Indenture; and (v)&nbsp;all other costs and expenses incident to the performance of its obligations hereunder which are
not otherwise specifically provided for in this <U>Section&nbsp;5.f.</U> The Noteholders acknowledge and agrees, however, that, notwithstanding the foregoing, the Noteholders will pay or cause to be paid all of its own fees, disbursements and
expenses incurred in connection with this Agreement, the Additional Agreements, the Consent, and the other agreements and instruments to be entered into in connection herewith, including all fees, disbursements and expenses of counsel for and other
advisers to the Noteholders in any connection herewith; <U>provided</U>, <U>however</U> that if this Agreement is terminated for any reason other than the failure of the conditions to Closing set forth in <U>Section&nbsp;6.c.</U>, the Company shall
pay or cause to be paid the reasonable and documented fees, disbursements and expenses of one firm of legal counsel for the Noteholders incurred in connection with the Exchange Transaction up to $500,000. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">g. <U>Follow-on Exchange</U>.&nbsp;&nbsp;If the Charter Amendment Approval is obtained, then as soon as reasonably practicable, and in any event
within 30 days, after the Closing, the Company will use its commercially reasonable efforts to make an offer (the &#147;<U>Exchange Offer</U>&#148;) to the holders of the Notes, on terms, and subject to conditions, customary or appropriate in the
good faith judgment of the board of directors of the Company to exchange any and all Notes for shares of Common Stock at an exchange ratio of shares of Common Stock to each $1,000 aggregate principal amount of Notes equal to (i)&nbsp;the Exchange
Ratio or (ii)&nbsp;if the Exchange Offer Adjusted Exchange Ratio is less than the Exchange Ratio, an exchange ratio not (A)&nbsp;greater than the Exchange Ratio or (B)&nbsp;less than the Exchange Offer Adjusted Exchange Ratio. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">6. <U>Conditions to Closing</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">a. The obligation
of each party to effect the Exchange Transaction, and to execute and deliver documents, at the Closing is subject to the satisfaction at or prior to the Closing of the following conditions: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) The Nasdaq Approval shall have been obtained by the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(ii) The Shares shall have been approved for listing on Nasdaq, subject to official notice of issuance; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iii) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any statute, rule,
regulation, judgment, decree, injunction or other order (whether temporary, preliminary or permanent) that is in effect and precludes consummation of the transactions contemplated hereby. No statute, rule, regulation, order, injunction or decree
shall have been enacted, entered, promulgated or enforced by any governmental authority that prohibits or makes illegal this Agreement or the transactions contemplated hereby; and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iv) The Supplemental Indenture shall have been executed by the Trustee and shall be in full force and effect. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">b. The obligation of the Noteholders to effect the Exchange Transaction, and to execute and deliver (or cause to be executed and delivered)
documents, at the Closing is subject to the satisfaction at or prior to the Closing of the following conditions: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) the representations
and warranties of the Company contained in <U>Section&nbsp;4.d.(i)</U> hereof shall be true and correct in all respects (other than in respect of <I>de minimis</I> inaccuracies) as of the date of this Agreement, and the representations and
warranties of the Company contained in <U>Section&nbsp;4.d.(ii)</U> hereof shall be true and correct in all material respects on and as of the date of this Agreement and the date of Closing, with the same force and effect as though made on and as of
such date; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) the representations and warranties of the Company contained in <U>Section&nbsp;4</U> hereof (other than those contained
in <U>Section&nbsp;4.d.(i)</U> and <U>Section&nbsp;4.d.(ii)</U> hereof) shall be true and correct in all respects on and as of the date hereof and the date of Closing, with the same force and effect as though made on and as of such date, except
(A)&nbsp;to the extent that any representation or warranty is made as of a specified date, in which case such representation or warranty shall be true and correct as of such specified date, and (B)&nbsp;for such failures to be true and correct
(without giving effect to any limitation as to &#147;materiality&#148; or &#147;Material Adverse Effect&#148; set forth in any individual representation or warranty) that, individually or in the aggregate, have not had and would not reasonably be
expected to have a Material Adverse Effect; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-10 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iii) the Company shall have delivered a certificate signed on behalf of the Company by an authorized
officer of the Company in the form attached hereto as <U>Exhibit&nbsp;E</U>; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iv) the Company shall have delivered and paid to the
Noteholders, in accordance with <U>Section&nbsp;2.a.</U> hereof, each of the items required to be delivered or paid by the Company pursuant to <U>Section&nbsp;2.a.</U>; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(v) the Company shall have performed or complied with, in all material respects, its covenants required to be performed or complied with as of the Closing under this Agreement, except for the covenants set forth in
<U>Section&nbsp;2.a.</U> and <U>Section&nbsp;5.e.</U> (to the extent required to be complied with at or prior to the Closing) hereof which the Company shall have performed and complied with in all respects; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(vi) no Material Adverse Effect shall have occurred since the date of this Agreement; provide that, for purposes of this
<U>Section&nbsp;6.b.(vi)</U>, none of the following or the effects thereof shall constitute or shall be taken into account in determining whether there has occurred a Material Adverse Effect: (A)&nbsp;changes in general regulatory, political,
business or economic conditions that, in each case, generally affect the oil and gas industry (including, without limitation, changes in oil and gas prices); (B)&nbsp;any change in the United States or foreign economies or securities or financial
markets in general; (C)&nbsp;the outbreak or escalation of hostilities involving the United States, the declaration by the United States of a national emergency or war or the occurrence of any acts of terrorism; (D)&nbsp;any change in accounting
requirements or principles imposed upon the Company or its businesses by any change in GAAP or any change in applicable laws, or the interpretation thereof; (E)&nbsp;any effect resulting from the announcement of this Agreement; (F)&nbsp;actions
taken by any Noteholder or any of their respective Affiliates; (G)&nbsp;any action taken by the Company or any of its Affiliates at the express request or direction of any Noteholder; or (H)&nbsp;any failure by the Company to meet any internal or
published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period; except, in the cases of clauses&nbsp;(A), (B), (C), and (D)&nbsp;above, to the extent the items
described in such clauses affect the Company in a materially disproportionate manner as compared with other Persons engaged in the oil and gas industry in the same geographic areas in which the Company&#146;s primary oil and gas assets are located,
in which case such occurrences may be deemed to constitute, and shall be taken into account in determining, whether a Material Adverse Effect has occurred; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(vii) no material Default and no Event of Default that, in either case, has not been cured (with the effect of any such cure being that neither any material Default nor an Event of Default exists after giving
effect to any such cure and the agent and lenders under the Credit Facility no longer have, at such time, the right to exercise any remedies under the Credit Facility conditioned upon the occurrence and existence of a Default or Event of Default
with respect to such Default or Event of Default) or waived (with the effect of any such waiver being that the agent and lenders under the Credit Facility, after giving effect to any such waiver, no longer have the right to exercise any remedies
conditioned upon the occurrence and existence of a Default or Event of Default with respect to such Default or Event of Default) by the agent or lenders (as required by the Credit Facility), under the Credit Facility shall exist. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">c. The obligation of the Company to effect the Exchange Transaction, and to execute and deliver documents, at the Closing is subject to the
satisfaction at or prior to the Closing of the following additional conditions: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) the representations and warranties of each
Noteholder contained in <U>Section&nbsp;3.a.</U> hereof shall be true and correct in all respects, and all other representations and warranties of each Noteholder contained in <U>Section&nbsp;3</U> hereof shall be true and correct in all material
respects, on and as of the date hereof and the date of Closing, with the same force and effect as though made on and as of such date; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) each Noteholder shall have delivered to the Company, in accordance with <U>Section&nbsp;2.b.</U> hereof, each of the items required to be
delivered by such Noteholder pursuant to <U>Section&nbsp;2.b.</U>; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iii) the Noteholder shall have delivered a certificate signed on
behalf of each Noteholder by an authorized officer thereof in the form attached hereto as <U>Exhibit&nbsp;F</U>; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iv) each
Noteholder shall have performed or complied with, in all material respects, its covenants required to be performed or complied with as of Closing under this Agreement, except for the covenants set forth in <U>Section&nbsp;2.b.</U> hereof which each
Noteholder shall have performed and complied with in all respects. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-11 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">7. <U>Termination</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">a. This Agreement may be terminated: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) by either the Company or the Noteholders, upon delivery of
written notice of termination to the other Party, if the Closing has not occurred on or before March&nbsp;31, 2017, (the &#147;End<U> Date</U>&#148;); <U>provided</U>, <U>however</U>, that (x)&nbsp;the Company shall not be entitled to terminate this
Agreement pursuant to this <U>Section&nbsp;7.a.(i)</U> if (1)&nbsp;the Company is in material breach of this Agreement as of the End Date or (2)&nbsp;any breach of this Agreement by the Company has caused the failure of any Closing condition or
otherwise caused the Closing to not have occurred on or before the End Date and (y)&nbsp;the Noteholders shall not be entitled to terminate this Agreement pursuant to this <U>Section&nbsp;7.a.(i)</U> if (1)&nbsp;any Noteholder is in material breach
of this Agreement as of the End Date or (2)&nbsp;any breach of this Agreement by a Noteholder has caused the failure of any Closing condition or otherwise caused the Closing to not have occurred on or before the End Date. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) by the Company, upon delivery of written notice of termination to the Noteholders, if (A)&nbsp;any Noteholder has breached or failed to perform
any of its covenants or other agreements contained in this Agreement to be complied with by it such that the Closing condition set forth in <U>Section&nbsp;6.c.(iv)</U> would not be satisfied or (B)&nbsp;there exists a breach of any representation
or warranty of any Noteholder contained in <U>Section&nbsp;3</U> of this Agreement such that the Closing condition set forth in <U>Section&nbsp;6.c.(i)</U> would not be satisfied, and in the case of both clause&nbsp;(A) and clause (B)&nbsp;above,
such breach or failure to perform (x)&nbsp;has not been waived by the Company or cured on or before the earlier of thirty&nbsp;(30) days after receipt by the Noteholders of written notice thereof or the End Date or (y)&nbsp;is incapable of being
cured by the Noteholders by the End Date; <U>provided</U>, <U>however</U>, that the Company shall not be entitled to terminate this Agreement pursuant to this <U>Section&nbsp;7.a.(ii)</U> if the Company is also in material breach of this Agreement
at such time; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iii) by the Noteholders, upon written notice of termination to the Company, if (A)&nbsp;the Company has breached or
failed to perform any of its covenants or other agreements contained in this Agreement to be complied with by it such that the closing condition set forth in <U>Section&nbsp;6.b.(v)</U> would not be satisfied, (B)&nbsp;there exists a breach of any
representation or warranty of the Company contained in <U>Section&nbsp;4</U> of this Agreement such that the Closing condition set forth in <U>Section&nbsp;6.b.(i)</U> or <U>Section&nbsp;6.b.(ii)</U> would not be satisfied, and in the case of each
of clauses&nbsp;(A) and (B)&nbsp;above, such breach, failure to perform or failure to satisfy such Closing condition, as applicable, (x)&nbsp;has not been waived by the Noteholders or cured on or before the earlier of thirty&nbsp;(30) days after
receipt by the Company of written notice thereof or the End Date or (y)&nbsp;is incapable of being cured by the Company by the End Date, or (C)&nbsp;(1)&nbsp;the Company or any of its subsidiaries shall have an order for relief entered with respect
to it or shall commence a voluntary case under the Bankruptcy Code or under any other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to
a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, manager, trustee, examiner or other custodian for all or a substantial part of its property or shall make any assignment for the benefit
of creditors, or (2)&nbsp;the Company or any of its subsidiaries shall be unable, or shall fail generally, or shall admit in writing its inability, generally to pay its debts or obligations when due; <U>provided</U>, <U>however</U>, that the
Noteholders shall not be entitled to terminate this Agreement pursuant to this <U>Section&nbsp;7.a.(iii)</U> if a Noteholder is also in material breach of this Agreement at such time; or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iv) by the Noteholders, upon written notice of termination to the Company, if a material Default or an Event of Default exists under the Credit
Facility and, in either case, such Default or Event of Default&nbsp;has not been cured (with the effect of any such cure being that such Default or Event of Default no longer exists after giving effect to any such cure and, as a result, the agent
and lenders under the Credit Facility no longer have the right to exercise remedies under the Credit Facility conditioned upon the occurrence and existence of any Default or Event of Default with respect to such Default or Event of Default) or
waived&nbsp;(with the effect of any such waiver being that the agent and lenders under the Credit Facility, after giving effect to any such waiver no longer have the right to exercise any remedies under the Credit Facility conditioned upon the
occurrence and existence of a Default or Event of Default with respect to such Default or Event of Default) by the agent or lenders (as required by the Credit Facility), under the Credit Facility on or before the earlier of thirty&nbsp;(30) days
after receipt by the Company of written notice thereof or the End Date. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-12 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(v) by either the Company, upon delivery of written notice of termination to the Noteholders, or the
Noteholders, upon delivery of written notice of termination to the Company, at any time on or after&nbsp;the first day after the date of conclusion of the Stockholders Meeting (including any postponement or adjournment thereof permitted by
<U>Section&nbsp;5.c.</U>) (such first date after the date of conclusion of the Stockholders Meeting, the &#147;<U>Termination Date</U>&#148;) if the Nasdaq Approval has not been obtained; <U>provided</U>, <U>however</U>, that (x)&nbsp;the Company
shall not be entitled to terminate this Agreement pursuant to this <U>Section&nbsp;7.a.(v)</U> if (1)&nbsp;the Company is in material breach of this Agreement as of the Termination Date or (2)&nbsp;any breach of this Agreement by the Company has
caused the Nasdaq Approval to not be obtained and (y)&nbsp;the Noteholders shall not be entitled to terminate this Agreement pursuant to this <U>Section&nbsp;7.a.(v)</U> if (1)&nbsp;any Noteholder is in material breach of this Agreement as of the
Termination Date or (2)&nbsp;any breach of this Agreement by a Noteholder has caused the Nasdaq Approval to not be obtained. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">b.
<U>Effect of Termination</U>.&nbsp;&nbsp;In the event of termination of this Agreement by any Party as provided in <U>Section&nbsp;7.a.</U>, this Agreement shall forthwith become void and there shall be no liability or obligation on the part of any
Party (or any other person) with respect to this Agreement or the transactions contemplated in this Agreement or any Additional Agreement; <U>provided</U>, <U>however</U>, that notwithstanding the foregoing, (a)&nbsp;no such termination shall
relieve a Party from any breach by such Party prior to such termination and (b)&nbsp;the provisions of <U>Section&nbsp;3.k.</U>, <U>Section&nbsp;4.j.</U>, <U>Section&nbsp;5.f.</U> (to the extent the Company is required thereby to pay any amounts to
the Noteholders), this <U>Section&nbsp;7.b.</U> and <U>Section&nbsp;9</U> (other than <U>Section&nbsp;9.j.</U>, <U>Section&nbsp;9.l.</U> and <U>Section&nbsp;9.m.</U>) shall survive such termination. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">8. <U>Indemnification</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">a. <U>Indemnification
Obligation</U>.&nbsp;&nbsp;From and after the Closing, (i)&nbsp;the Company agrees to indemnify and hold harmless the Noteholders and their Representatives from and against any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, attorneys&#146; fees, expenses and disbursements of any kind (&#147;<U>Losses</U>&#148;) which may be imposed upon, incurred by or asserted against Noteholders or their Representatives in any manner relating to or
arising out of any breach of any representation, warranty, covenant or agreement by the Company contained in this Agreement or the certificate delivered by the Company pursuant to <U>Section&nbsp;6.b.(iii)</U> and (ii)&nbsp;each Noteholder agrees
to, severally, and not jointly nor jointly and severally, indemnify and hold harmless the Company and its Representatives, from and against any Losses which may be imposed upon, incurred by or asserted against the Company or its Representatives in
any manner relating to or arising out of any breach of any representation, warranty, covenant or agreement by such Noteholder contained in this Agreement or the certificate delivered by such Noteholder pursuant to <U>Section&nbsp;6.c.(iii)</U>
(collectively, the &#147;<U>Indemnification Obligation</U>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">b. <U>Indemnification Procedure</U>.&nbsp;&nbsp;All claims for
indemnification by one or more Parties or Representatives entitled to be indemnified hereunder (each, an &#147;<U>Indemnitee</U>&#148; and collectively, the &#147;<U>Indemnitee</U>&#148;) by one or more Parties hereto (each, an
&#147;<U>Indemnitor</U>&#148; and collectively, the &#147;<U>Indemnitor</U>&#148;), shall be asserted and resolved as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) In
the event that any action, suit, claim, proceeding, investigation, audit, examination, demand, assessment, fine, judgment, settlement, compromise, interest, penalty, cost, remedial action and other expense (including, without limitation, reasonable
attorneys&#146; fees and expenses) (collectively, &#147;<U>Actions</U>&#148;) for which the Indemnitee may claim indemnity under this Agreement is asserted against or sought to be collected from the Indemnitee by a third party (a
&#147;<U>Third-Party Claim</U>&#148;), the Indemnitee shall as promptly as practicable notify the Indemnitor following the receipt by the Indemnitee of notice, written or otherwise, of such Action, specifying the nature of such Action and the amount
or the estimated amount thereof to the extent then feasible (which estimate shall not be conclusive of the final amount of such Action) (the &#147;<U>Claim Notice</U>&#148;); <U>provided</U>, <U>however</U>, that the failure so to notify the
Indemnitor will not relieve the Indemnitor from any liability it may have to the Indemnitee under this Agreement unless, and only to the extent that, such failure so to notify materially prejudices the Indemnitor or results in the loss of
substantive rights or defenses. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ii) The Indemnitor shall have thirty calendar days from the date on which the Claim Notice is duly
given (the &#147;<U>Notice Period</U>&#148;) to notify the Indemnitee (A)&nbsp;whether or not it disputes the liability of the Indemnitor to the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-13 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Indemnitee hereunder with respect to such claim or demand, and (B)&nbsp;whether or not the Indemnitor desires, at its sole cost and expense, to defend the Indemnitee against such Action. If the
Indemnitor notifies the Indemnitee within the Notice Period that it disputes its liability under the Indemnification Obligation to the Indemnitee with respect to a particular Action, and such dispute is determined by a final and nonappealable order
to be a wrongful denial of such liability, the Indemnitor shall be liable to the Indemnitee for the amount of any and all Losses arising from the Indemnitor&#146;s failure to satisfy its Indemnification Obligation with respect to such Action.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iii) In the event the Indemnitor notifies (the &#147;<U>Indemnitor Notice</U>&#148;) the Indemnitee within the Notice Period that it
desires to defend the Indemnitee against such Action, then except as hereinafter provided the Indemnitor shall defend, at its sole cost and expense, the Indemnitee by appropriate activities or proceedings, shall use its commercially reasonable
efforts to settle or prosecute or otherwise contest, at Indemnitor&#146;s election (subject to the terms of this Agreement), such activities or proceedings to a final conclusion in such a manner as to attempt to avoid the Indemnitee becoming subject
to any injunctive or other equitable order for relief or to liability for any other matter, and shall control the conduct of such defense; <U>provided</U>, <U>however</U>, that if the Indemnitor fails to take reasonable steps necessary to defend the
Indemnitee diligently against such Action after providing such Indemnitor Notice, within ten calendar days after receiving written notice from the Indemnitee stating that the Indemnitee believes that the Indemnitor has failed to take such steps, the
Indemnitee may assume its own defense and the Indemnitor shall be liable for all Losses arising out of such Action; <U>provided</U>, <U>further</U>, that the Indemnitor shall not be entitled to assume the defense of any such Action pursuant to this
<U>Section&nbsp;8</U> unless it has accepted and assumed in writing the obligation to indemnify the Indemnitee with respect to Losses arising from or relating to such Action, and that the Indemnitor shall not in any Action in which Losses include
any obligation other than, or in addition to, the payment of money for which the Indemnitor has assumed the obligation, without the prior written consent of the Indemnitee, which consent shall not be unreasonably withheld or delayed, consent to the
entry of any judgment against the Indemnitee or enter into any settlement or compromise which does not include, as an unconditional term thereof, the giving by all claimants and plaintiffs to the Indemnitee of a release, in form and substance
reasonably satisfactory to the Indemnitee, from all liability for which the Indemnitor is not liable pursuant to the terms of this Agreement in respect of any Action. If the defendants in any such Action include both the indemnitor and the
Indemnitee and the Indemnitee shall have reasonably concluded that there may be legal defenses or rights available to the Indemnitee which are different from, in actual or potential conflict with, or additional to those available to the Indemnitor,
the Indemnitee shall have the right to select one law firm to act at the Indemnitor&#146;s expense as separate counsel, on behalf of the Indemnitee. In addition, if the Indemnitee desires to participate in, but not control, any other defense or
settlement, it may do so at its sole cost and expense. So long as the Indemnitor is defending in good faith any such Action, the Indemnitee shall not settle such Action without the consent of the Indemnitor, which shall not be unreasonably withheld
or delayed; <U>provided</U>, <U>however</U>, that the Indemnitee reserves the right to settle any Action at the Indemnitee&#146;s sole cost and expense without the consent of the Indemnitor and the Indemnitor shall have no further liability or
obligation with respect to any such Action so settled. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iv) Prior to the Indemnitor&#146;s settling any Action, the defense of which it
has assumed control, in which the settlement includes any obligation of the Indemnitee other than, or in addition to, the payment of money for which the Indemnitor has assumed the obligation, the Indemnitor shall obtain the Indemnitee&#146;s prior
approval, confirmed in writing in accordance with the notice provisions hereof, which approval shall not be unreasonably withheld or delayed. If such settlement consists of a bona fide offer and the Indemnitee notifies the Indemnitor of its
disapproval of such settlement, the Indemnitee shall thereupon become liable, from and after the date of its disapproval, for the amount of any award, settlement, costs, expenses (including, without limitation, reasonable attorneys&#146; fees and
court costs) or other Losses in excess of the proposed settlement amount and shall have the right to elect to control the defense of such Action at its sole cost and expense. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(v) In the event the Indemnitee should have a claim for indemnification against the Indemnitor hereunder which does not involve a Third-Party Claim, the Indemnitee shall promptly send a Claim Notice with respect to
such claim to the Indemnitor; <U>provided</U>, <U>however</U>, that the failure so to notify the Indemnitor will not relieve the Indemnitor from any liability it may have to the Indemnitee under this Agreement unless, and only to the extent that,
such failure so to notify materially prejudices the Indemnitor or results in the loss of substantive rights or defenses. If the Indemnitor does not notify the Indemnitee within the Notice Period that it disputes such claim, the Indemnitor shall be
liable for the amount of any Losses related thereto. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-14 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">c. <U>Survival</U>.&nbsp;&nbsp;All representations, warranties and agreements of the parties made in
this Agreement shall survive for the later of (i)&nbsp;six-months following the Closing or (ii)&nbsp;fifteen (15)&nbsp;business days after the date on which the Company files with the SEC its Annual Report on Form&nbsp;10-K, including audited
financial statements, for the year ending December&nbsp;31, 2016; <U>provided</U>, <U>however</U>, that the representations and warranties contained in <U>Section&nbsp;3.a.</U> and <U>Section&nbsp;4.d.</U> and the agreements set forth in
<U>Section&nbsp;5.f.</U>, <U>Section&nbsp;5.g.</U> and <U>Section&nbsp;8</U> shall survive indefinitely (each such survival period as provided in this sentence, a &#147;<U>Survival Period</U>&#148;). The indemnifications set forth in
<U>Section&nbsp;8.a.</U> shall terminate in accordance with the applicable Survival Period, except that any matters for which a specific written claim for indemnity has been delivered to the Indemnitor on or before the termination of the applicable
Survival Period shall survive until the final resolution of such claim.</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">d. <U>Remedies; Exclusive Remedy</U>.&nbsp;&nbsp;Except
(i)&nbsp;in the case of knowing and intentional actual fraud with respect to the representations and warranties set forth in <U>Section&nbsp;3</U> and <U>Section&nbsp;4</U> of this Agreement or Willful and Material Breach of this Agreement by the
Party against whom rights and remedies are sought to be enforced, and (ii)&nbsp;as otherwise provided in <U>Section&nbsp;5.f</U>., from and after Closing the rights and remedies under this <U>Section&nbsp;8</U> are the sole and exclusive rights and
remedies and in lieu of any and all other rights and remedies that the Company and its Representatives or the Noteholders and their Representatives may have against the Noteholders or the Company, respectively, under this Agreement or otherwise with
respect to any breach of any representation or warranty or any failure to perform any covenant or agreement by the Noteholders or the Company set forth in this Agreement. Effective as of the Closing, each of the Parties expressly waives, on their
own behalf and on behalf of their Representatives any and all other rights, remedies and causes of action (other than under this <U>Section&nbsp;8</U> and any exceptions thereto listed in the first sentence of this <U>Section&nbsp;8.d.</U>) it or
its Affiliates may have, in the case of the Company and its Representatives, against the Noteholders and, in the case of the Noteholders and their Representatives, against the Company, now or in the future under any law with respect to the
transactions contemplated by this Agreement (other than in respect of obligations undertaken pursuant to any of the Additional Agreements). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">9.
<U>Miscellaneous</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">a. <U>Amendments and Waivers</U>.&nbsp;&nbsp;Amendments or modifications to this Agreement may only be made, and
compliance with any term, covenant, agreement, condition or provision set forth herein may only be omitted or waived (either generally or in a particular instance and either retroactively or prospectively), upon the written consent of each party
hereto. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">b. <U>Notices</U>.&nbsp;&nbsp;All notices, requests, consents, reports and demands shall be in writing, shall be deemed
effectively given upon receipt and shall be hand delivered, sent by facsimile or other electronic transmission (provided confirmation of receipt of the transmission is mechanically or electronically generated and kept on file by the sending party),
or mailed, postage prepaid, to the Noteholders at the applicable addresses and facsimile numbers or email addresses or to the Company at the address set forth below or, in each case, to such other address and/or facsimile number as may be furnished
in writing to the other parties hereto: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">If to the Company: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:10%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway, Suite 800 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas 76116 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: J. Curtis Henderson </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile No.: (817)&nbsp;989-9001 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Email: <U>CHenderson@approachresources.com</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:10%"><FONT
STYLE="font-family:ARIAL" SIZE="2">with a copy to: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Weil, Gotshal&nbsp;&amp; Manges LLP. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">200 Crescent Court, Suite 300 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Dallas, Texas 75201 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention:
Rodney Moore </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile: (214)&nbsp;746-8102 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Email: <U>rodney.moore@weil.com</U> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-15 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">If to the Noteholders: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:10%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Wilks Brothers, LLC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">17010 IH-20 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Cisco, Texas 76437 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention:
Morgan Neff and Matt Wilks </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile: (817)&nbsp;850-3698 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Email: <U>MNeff@wilksbrothers.com</U> or <U>mwilks@ie-llc.net</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW Investments, LLC </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">17010 IH-20 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Cisco, Texas 76437
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: Morgan Neff and Matt Wilks </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Facsimile: (817)&nbsp;850-3698 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Email: <U>MNeff@wilksbrothers.com</U> or <U>mwilks@ie-llc.net</U>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">with a copy to: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Brown
Rudnick LLP </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">7 Times Square </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT
STYLE="font-family:ARIAL" SIZE="2">New York, New York 10036 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: John F. Storz </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile: (212)&nbsp;209-4801 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%"><FONT STYLE="font-family:ARIAL" SIZE="2">Email: <U>jstorz@brownrudnick.com</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">c. <U>Titles and Headings</U>.&nbsp;&nbsp;The section headings herein are for convenience only and shall not affect the construction hereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">d. <U>Execution in Counterparts</U>.&nbsp;&nbsp;This Agreement may be executed in multiple counterparts, each of which shall constitute an original but all of which together shall constitute but one and the same
instrument. Multiple counterparts of this Agreement may be delivered via facsimile or other electronic means, with the intention that they shall have the same effect as an original counterpart hereof. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">e. <U>Governing Law; Jurisdiction; Jury Trial</U>.&nbsp;&nbsp;This Agreement shall in all respects be construed in accordance with and governed by
the substantive laws of the State of New York, without reference to any choice of law rules (whether of the State of New York or any other jurisdictions) to the extent such rules would cause the application of the laws of any jurisdictions other
than the State of New York. Each party hereby irrevocably submits to the jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. <B>EACH PARTY HEREBY</B> <B>IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES</B> <B>NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY</B>.<B></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">f. <U>Limitation on
Damages</U>.&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement, in no event shall a Party be liable under this Agreement to any other Party or its Representatives (under <U>Section&nbsp;8</U> or otherwise) for (i)&nbsp;any
exemplary or punitive damages or (ii)&nbsp;any special, consequential, incidental or indirect damages or lost profits, except (A)&nbsp;in the case of clause&nbsp;(ii), to the extent any such damages or lost profits would otherwise be recoverable
under applicable law in an action for breach of contract or (B)&nbsp;in the case of clause&nbsp;(i) or clause&nbsp;(ii), any </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-16 </FONT></P>


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such damages or lost profits that are included in any Third-Party Claim against an Indemnitee for which such Indemnitee is entitled to indemnification under this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">g. <U>Entire Agreement</U>.&nbsp;&nbsp;This Agreement, including the Exhibits hereto and the Additional Agreements (which are an integral part
hereof), embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence,
conversations, memoranda and understandings between or among the parties or any of their agents, Representatives or Affiliates relative to such subject matter, including, without limitation, any term sheets, emails or draft documents. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">h. <U>Certain Definitions and Interpretive Principles</U>.&nbsp;&nbsp;Capitalized terms in this Agreement shall have the meanings specified below,
or as specified elsewhere in this Agreement, for all purposes hereof. The following terms, as used in this Agreement, shall have the meanings as set forth below: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(i) &#147;<U>Affiliate</U>&#148; or &#147;<U>Affiliated</U>&#148; means, with respect a specified Person, any other Person, directly or indirectly Controlling or Controlled by or under direct or indirect common
Control with such specified Person; <U>provided</U>, <U>however</U>, that the Company and its Subsidiaries shall not be deemed an Affiliate of any Noteholder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(ii) &#147;<U>Average Common Stock Price</U>&#148; means the volume-weighted average price per share of the Company&#146;s Common Stock on the securities exchanges on which such security is traded (as reported by
Bloomberg L.P. or, if not reported therein, in another authoritative source mutually selected by the parties acting reasonably) for the thirty&nbsp;(30) consecutive full trading days in which shares of the Company&#146;s Common Stock are traded
ending on, and including, the relevant calculation date. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iii) &#147;<U>Bankruptcy Code</U>&#148; means Title&nbsp;11 of the United
States (iii)&nbsp;Code entitled &#147;Bankruptcy&#148;, as now and hereafter in effect, or any successor statute. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(iv)
&#147;<U>Beneficial Owner</U>&#148; has the meaning assigned to such term in Rule&nbsp;13d-3 and Rule&nbsp;13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular &#147;person&#148; (as that term is used
in Section&nbsp;13(d)(3) of the Exchange Act), such &#147;person&#148; will be deemed to have beneficial ownership of all securities that such &#147;person&#148; has the right to acquire by conversion or exercise of other securities, whether such
right is currently exercisable or is exercisable only after the passage of time. The term &#147;<U>Beneficially Owned</U>&#148; has a corresponding meaning. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(v) &#147;<U>Control</U>,&#148; &#147;<U>Controlling</U>&#148; or &#147;<U>Controlled</U>&#148; means, as to a specified Person, the power to direct or cause the direction of the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(vi) &#147;<U>Credit
Facility</U>&#148; means the Amended and Restated Credit Agreement, dated as of May&nbsp;7, 2014 (as amended from time to time), by and among Approach Resources, Inc., JPMorgan Chase Bank, N.A. as administrative agent, and each of the lenders party.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(vii) &#147;<U>Default</U>&#148; shall have the meaning given such term in the Credit Facility. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(viii) &#147;<U>Event of Default</U>&#148; shall have the meaning given such term in the Credit Facility. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(ix) &#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(x) &#147;<U>Exchange Offer Adjusted Exchange Ratio</U>&#148; means (A)&nbsp;a number of shares of Common Stock equal to (x)&nbsp;the
Exchange Value divided by (y)&nbsp;the Average Common Stock Price determined on the date that is the third full trading day prior to the date that the Exchange Offer is first distributed to the holders of the Notes after the Closing, for
(B)&nbsp;each $1,000 aggregate principal amount of Notes exchanged pursuant to the Exchange Offer, rounded to the nearest whole share. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xi) &#147;<U>Exchange Value</U>&#148; means $953.62 per $1,000 aggregate principal amount of Notes. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xii) &#147;<U>GAAP</U>&#148; means United States generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-17 </FONT></P>


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statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting
profession that are in effect from time to time, applied on a consistent basis for the periods involved. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xiii) &#147;<U>Party</U>&#148;
or &#147;<U>party</U>&#148; means the Company or the Noteholders, and &#147;<U>Parties</U>&#148; and &#147;<U>parties</U>&#148; mean the Company and the Noteholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(xiv) &#147;<U>Person</U>&#148; means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other
entity. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xv) &#147;<U>Representatives</U>&#148; means, with respect to any Person, such Person&#146;s directors, officers, partners,
employees, members, managers, agents, advisors (including attorneys, accountants, consultants and financial advisors and any representatives of a Person&#146;s advisors) and other representatives. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xvi) &#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended, and the rules and regulations of the SEC thereunder.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xvii) &#147;<U>SEC</U>&#148; means the U.S. Securities and Exchange Commission. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xviii) &#147;<U>Significant Subsidiary</U>&#148; means such term as it is defined in Regulation S-X Rule 1-02(w) under the Securities Act.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xix) &#147;<U>Willful and Material Breach</U>&#148; means (A)&nbsp;a deliberate act or a deliberate failure to act, which act or
failure to act constitutes in and of itself a material breach of this Agreement and which was undertaken with the knowledge that such act or failure to act would be, or would reasonably be expected to cause, a material breach of this Agreement or
(B)&nbsp;the failure by any Party to consummate the transactions contemplated by this Agreement after all conditions to such Party&#146;s obligations in <U>Section&nbsp;6</U> hereof have been satisfied or waived in accordance with the terms of this
Agreement (other than those conditions precedent which by their terms can only be satisfied simultaneously with the Closing but which are capable of being satisfied at the Closing). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(xx) The words such as &#147;herein,&#148; &#147;hereof,&#148; and &#147;hereunder&#148; refer to this Agreement as a whole and not merely to a
subdivision in which such words appear unless the context otherwise requires. The singular shall include the plural, and vice versa, unless the context otherwise requires. The masculine shall include the feminine and neuter, and vice versa, unless
the context otherwise requires. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">i. <U>Parties in Interest; Assignment</U>.&nbsp;&nbsp;This Agreement binds and inures solely to the
benefit of each party hereto and its successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any rights, benefits or remedies of any nature whatsoever under or by reason of this
Agreement. This Agreement may not be assigned by any party without the prior written consent of the other parties. Any purported assignment without consent as required by this <U>Section&nbsp;9.j.</U> hereof shall be null and void. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">j. <U>Adjustments; fractional shares</U>.&nbsp;&nbsp;If at any time after the date of this Agreement, any change in the outstanding shares of
capital stock of the Company (or any other securities convertible therefor or exchangeable thereto) shall occur as a result of any reclassification, stock split (including a reverse stock split), combination, exchange or readjustment of shares, or
any stock dividend or stock distribution, or any similar event, in each case, other than pursuant to the transactions contemplated by this Agreement, the number of shares issuable hereunder or as contemplated hereby and the price thereof, and any
other similarly dependent items shall be equitably adjusted to provide the same economic effect as contemplated by this Agreement prior to such action. No certificates or scrip representing fractional shares of Common Stock shall be issued pursuant
hereto or in the Exchange Offer. In lieu of any such fractional shares otherwise issuable to the Noteholders hereunder, the Noteholders shall be entitled to an amount in cash, without interest, rounded to the nearest cent, equal to the product of
(i)&nbsp;the amount of the fractional share interest in a share of Common Stock to which such holder is entitled under <U>Section&nbsp;1</U> and <U>Section&nbsp;2</U> hereof (or would be entitled but for this <U>Section&nbsp;9.j.</U> hereof) and
(ii)&nbsp;an amount equal to the Average Common Stock Price determined on the date that is the third full trading day prior to the date of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">k. <U>Severability</U>.&nbsp;&nbsp;In the event that one or more provisions of this Agreement shall be deemed or held to be invalid, illegal or unenforceable in any respect under any applicable law, this Agreement
shall be construed with </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-18 </FONT></P>


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the invalid, illegal or unenforceable provision deleted, and the validity, legality and enforceability of the remaining provisions contained herein shall not be affected or impaired thereby.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">l. <U>Further Assurances</U>.&nbsp;&nbsp;From time to time, as and when requested by either party, the other party will execute and
deliver, or cause to be executed and delivered, all such documents and instruments as may be reasonably necessary to consummate the transactions contemplated by this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">m. <U>Specific Performance</U>.&nbsp;&nbsp;It is understood and agreed by the parties hereto that money damages would not be a sufficient remedy for any breach of this Agreement by the Company or the Noteholders,
as applicable, and the non-breaching party of the Company or the Noteholders, as applicable, shall be entitled to specific performance and injunctive or other equitable relief as a remedy of any such breach. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] </FONT></P>
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<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>COMPANY:</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2">APPROACH RESOURCES INC.</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;J. R<SMALL>OSS</SMALL> C<SMALL>RAFT</SMALL></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">J. Ross Craft</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">President and Chief Executive Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I>Signature Page to Exchange Agreement</I>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-20 </FONT></P>


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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">WILKS BROTHERS, LLC, as Noteholder</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ORGAN</SMALL> D. N<SMALL>EFF</SMALL></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan D. Neff</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Senior Portfolio Manager</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ATTHEW</SMALL> D. W<SMALL>ILKS</SMALL></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew D. Wilks</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Portfolio Manager &amp; Vice President of Capital Investments</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW INVESTMENTS, LLC, as Noteholder</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ORGAN</SMALL> D. N<SMALL>EFF</SMALL></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan D. Neff</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Senior Portfolio Manager</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ATTHEW</SMALL> D. W<SMALL>ILKS</SMALL></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew D. Wilks</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Portfolio Manager &amp; Vice President of Capital Investments</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I>Signature Page to Exchange Agreement</I>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Schedule A </U></B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:48pt"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Noteholder</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Principal&nbsp;Amount&nbsp;of<BR>Notes&nbsp;Beneficially<BR>Owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Number&nbsp;of&nbsp;Shares<BR>of&nbsp;Common&nbsp;Stock<BR>Beneficially<BR>Owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Wilks Brothers, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">110,421,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW Investments, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">20,131,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">101,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">130,552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">101,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-Sch A-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit A </U></B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Stockholders Agreement </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>EXHIBIT A </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:220px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">STOCKHOLDERS AGREEMENT </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">by and
among </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">APPROACH RESOURCES INC., </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">WILKS BROTHERS, LLC </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">SDW INVESTMENTS, LLC </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">Dated as of [<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT>], 201[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>] </FONT></P> <P STYLE="font-size:220px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>ARTICLE 1 DEFINITIONS<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Definitions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Other Definitional and Interpretive Matters</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>ARTICLE 2 MANAGEMENT OF THE COMPANY AND CERTAIN ACTIVITIES<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 2.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Board</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>ARTICLE 3 ACQUISITIONS; TRANSFERS<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 3.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Restrictions on Acquisitions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 3.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Preemptive Rights</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 3.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Restrictions on Transfers</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>ARTICLE 4 TERMINATION<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>ARTICLE 5 MISCELLANEOUS<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Notices</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Governing Law: Venue: Jurisdiction</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Waiver of Jury Trial</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Successors and Assigns</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Counterparts</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Severability</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.7</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Specific Performance</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.8</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">No Waivers; Amendments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.9</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Non-Recourse</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.10</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Further Assurances</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 5.11</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Entire Agreement</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.12</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Ownership and Aggregation of Common Stock; Action by Holders</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B><U>Exhibit A</U>&nbsp;&#150; Form of Conditional Resignation<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-i </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>STOCKHOLDERS AGREEMENT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">THIS STOCKHOLDERS AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of [<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], 201[<FONT
STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], is entered into by and among APPROACH RESOURCES INC., a Delaware corporation (the &#147;<U>Company</U>&#148;) and each of WILKS BROTHERS,
LLC and SDW INVESTMENTS, LLC (collectively, the &#147;H<U>olders</U>&#148; and each, a &#147;<U>Holder</U>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Pursuant to, and in consideration of
the obligations of the Company and the Holders under the Exchange Agreement (as hereinafter defined), the premises, mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">ARTICLE 1 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">DEFINITIONS </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;1.1 <U>Definitions</U>.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>ADF Acceptance Period</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.4</U>(a). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, any Person who, directly or indirectly, controls, is controlled by or is under common control with
that Person, and the term &#147;control&#148; (including the terms &#147;controlled&#148;, &#147;controlled by&#148; and &#147;under common control with&#148;) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through ownership of voting securities, by contract (including proxy) or otherwise; <U>provided</U>, <U>however</U>, that for the avoidance of doubt that the Holders shall not be
deemed an affiliate of the Company solely on account of being party to this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Agreement</U>&#148; shall have the meaning set forth in
the introductory paragraph hereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Alternative Debt Financing Offer</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.2</U>.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Board</U>&#148; means the board of directors of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Board Designee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.1.1(b)</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Board
Determination Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.1.1(a)</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Board Reduction Event</U>&#148; shall have the
meaning set forth in <U>Section&nbsp;2.1.1(a)</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Business Day</U>&#148; means any day other than a Saturday, Sunday or a day on which state
or federally chartered banking institutions in New York City, New York or Fort Worth, Texas are not required to be opened. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Bylaws</U>&#148;
means the Second Amended and Restated Bylaws of the Company, as adopted on November&nbsp;6, 2013, as the same may be amended, restated, amended and restated, waived, supplemented or otherwise modified from time to time in accordance with its terms.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Certificate of Incorporation</U>&#148; means the Restated Certificate of Incorporation of the Company, as the same may be amended, restated,
amended and restated, waived, supplemented or otherwise modified from time to time in accordance with its terms. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Charter Amendment
Approval</U>&#148; shall have the meaning set forth in the Exchange Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Commission</U>&#148; means the United States Securities and
Exchange Commission. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Common Stock</U>&#148; means the common stock, par value $0.01 per share, of the Company, and any shares or capital stock
for or into which such common stock hereafter is exchanged, converted, reclassified or recapitalized by the Company or pursuant to an agreement to which the Company is a party. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Company</U>&#148; shall have the meaning set forth in the introductory paragraph hereof. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Contracting Parties</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.9</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Class I</U>&#148; means the class of directors of the Board designated as Class I pursuant to the Certificate of Incorporation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Class II</U>&#148; means the class of directors of the Board designated as Class II pursuant to the
Certificate of Incorporation. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Class III</U>&#148; means the class of directors of the Board designated as Class III pursuant to the Certificate
of Incorporation. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Currency Agreement</U>&#148; means any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement designed to protect the Company or any of its Subsidiaries against fluctuations in currency values. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Director Nominating
Committee</U>&#148; means the Nominating and Corporate Governance Committee of the Company that exists pursuant to the Nominating and Corporate Governance Committee Charter, adopted as of November&nbsp;4, 2014, or such successor committee of the
Board that nominates, or approves for nomination, candidates for election to the Board. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Dribble Out Period</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;3.3.2</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Equity Cap</U>&#148; means 48.61%. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Equity Securities</U>&#148; means common stock or other equity securities, including any security, convertible security, exercisable warrant, option or other similar instrument conveying rights with
respect to equity securities, including, in the case of the Company, Common Stock. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated by the Commission thereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Exchange Agreement</U>&#148; means the Exchange
Agreement, dated November&nbsp;2, 2016, by and between the Company and Holders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Exchange Offer</U>&#148; shall have the meaning set forth in
the Exchange Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Exchange Transaction</U>&#148; shall have the meaning set forth in the Exchange Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Exempt Offerings</U>&#148; means (i)&nbsp;an issuance of awards of Equity Securities (&#147;<U>Awards</U>&#148;) to an employee pursuant to any plan or
arrangement approved by the Board, or a duly authorized subcommittee of the Board, or the issuance of Equity Securities upon the exercise or conversion of any such Awards, (ii)&nbsp;an issuance of Equity Securities pursuant to an exercise or
conversion of any Equity Securities with respect to which preemptive rights were provided at the time such Equity Securities were issued (or the issuance of which was itself an Exempt Offering), (iii)&nbsp;a subdivision of the issued and outstanding
Equity Securities into a larger number of Equity Securities or the issuance of Equity Securities as a pro rata dividend or distribution in respect of outstanding Equity Securities and Board, or (iv)&nbsp;Equity Securities issued in consideration of
a bona fide acquisition by the Company or any of its Subsidiaries, joint venture or other strategic transaction that was approved by the Board. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Extraordinary Transaction</U>&#148; means any merger, tender offer, exchange offer, consolidation, business combination, recapitalization, restructuring,
sale of all or substantially all assets, liquidation or dissolution involving the Company, and of its Subsidiaries or any of its or their securities or assets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>GAAP</U>&#148; means United States generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession that are in effect from time to
time, applied on a consistent basis for the periods involved. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Holder</U>&#148; and &#147;<U>Holders</U>&#148; shall have the meaning set forth
in the introductory paragraph hereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Holder Ownership Percentage</U>&#148; means, at any time, a fraction (expressed as a percentage), the
numerator of which is the number of shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Exchange Act), collectively, by the Holders and their Affiliates at such time, and the denominator of which is the total number
of issued and outstanding shares of Common Stock at such time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Independent</U>&#148; means, with respect to any Board Designee, that such Board Designee shall qualify as an
independent director of the Company under the Company&#146;s corporate governance and independence guidelines, applicable law and the rules and regulations of the Commission (or any successor thereto) and NASDAQ (or any other stock exchange on which
the Company is then listed), including, if applicable, any enhanced requirements with respect to certain committees of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Non-Party
Affiliates</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.9</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Per Share Equity Value</U>&#148; means, as of the date of
determination, the volume weighted average closing stock price of a share of Common Stock for the thirty (30)&nbsp;day period immediately preceding the date of any such determination, as reported by NASDAQ, or, if the shares of Common Stock are then
traded on a national securities exchange other than NASDAQ, on the principal national securities exchange on which such shares are so traded. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>&#147;Person</U>&#148; or &#147;<U>person</U>&#148; means any individual, firm, partnership, company or other entity, and shall include any successor (by merger
or otherwise) of such entity. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Debt Election Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.2</U>.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Debt Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.1</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Debt Securities</U>&#148; means any bonds, debentures, notes, or other similar evidences of indebtedness commonly known as
&#147;securities&#148;, in each case, which bonds, debentures, notes, or other similar evidences of indebtedness are secured by a lien and/or security interest on any property of any of the Company and its Subsidiaries and which lien and/or security
interest is expressly subordinated (pursuant to any intercreditor agreement, subordination agreement or other similar agreement) in priority to any senior secured first lien indebtedness for borrowed money of any of the Company and/or its
Subsidiaries. For the avoidance of doubt, Preemptive Debt Securities does not include any bank debt financing or other credit facilities, including, without limitation, the Revolving Credit Facility and any refinancing thereof. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Debt Terms</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.1</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Debt Offer Period</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.2</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Debt Purchase Election</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.2</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Equity Election Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.7</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Equity Notice</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.6</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Equity Offer Period</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.7</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Equity Purchase Election</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.2.7</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Preemptive Equity Securities</U>&#148; means Equity Securities or rights to acquire Equity Securities issued by the Company from and after the date of this
Agreement except Equity Securities issued in an Exempt Offering. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Registration Rights Agreement</U>&#148; means that certain registration rights
agreement, dated as of [<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>],
201[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], by and among the Company and the Holders, as the same may be amended, restated, amended and restated, waived, supplemented or
otherwise modified from time to time in accordance with its terms. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Representatives</U>&#148; means, with respect to any Person, such
Person&#146;s directors, officers, partners, employees, members, managers, agents, advisors (including attorneys, accountants, consultants and financial advisors and any representatives of a Person&#146;s advisors) and other representatives
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Restricted Period</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.3.1</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Revolving Credit Facility</U>&#148; means the senior secured revolving credit facility pursuant to the Amended and Restated Credit Agreement, dated as of
May&nbsp;7, 2014, by and among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders from time-to-time party thereto, as amended from time to time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Sale Transaction</U>&#148; means (a)&nbsp;the sale of all or substantially all of the consolidated assets of
the Company and its subsidiaries to a third-party purchaser; or (b)&nbsp;a merger, consolidation, recapitalization or reorganization of the Company with or into a third-party purchaser. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Stockholder Meeting</U>&#148; shall have the meaning set forth in the Exchange Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Subsidiary</U>&#148; of any Person means (a)&nbsp;a corporation a majority of whose outstanding shares of capital stock or other equity interests with
voting power, under ordinary circumstances, to elect directors is at the time, directly or indirectly, owned by such Person, by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person, and (b)&nbsp;any
other Person (other than a corporation) in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has (i)&nbsp;at least a majority
ownership interest or (ii)&nbsp;the power to elect or direct the election of the directors or other governing body of such Person. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Target
Value</U>&#148; means the sum of (a)&nbsp;the product of $10 and the number of shares of Common Stock issued and outstanding immediately following the closing of the Exchange Transaction and (b)&nbsp;the product of $10 and the number of shares of
Common Stock issued pursuant to the Exchange Offer. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Total Market Capitalization</U>&#148; means, at any time, the product of (a)&nbsp;the Per
Share Equity Value and (b)&nbsp;the number of shares of Common Stock issued and outstanding as of such time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Transfer</U>&#148; means, when
used as a verb, to sell, transfer, assign, convey or otherwise dispose, and when used as a noun, any direct or indirect sale, transfer, assignment, conveyance or other disposition, including by merger, operation of law, bequest or pursuant to any
domestic relations order, whether voluntarily or involuntarily. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Trigger Event</U>&#148; means the Total Market Capitalization is equal to or
greater than the Target Value. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;<U>Voting Securities</U>&#148; means any securities (including Equity Securities) that vote generally in the
election of directors, in the admission of general partners or in the selection of any other similar governing body. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;1.2 <U>Other
Definitional and Interpretive Matters</U>.&nbsp;&nbsp;For purposes of this Agreement, the following rules shall apply: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">1.2.1
<U>Calculation of Time Period</U>.&nbsp;&nbsp;When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such
period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">1.2.2 <U>Dollars</U>.&nbsp;&nbsp;Any reference in this Agreement to &#147;$&#148; shall mean U.S. dollars. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">1.2.3 <U>Exhibits/Schedules</U>.&nbsp;&nbsp;The Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement. All Exhibits and Schedules annexed
hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule or Exhibit but not otherwise defined therein shall be defined as set forth in this
Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">1.2.4 <U>Gender and Number</U>.&nbsp;&nbsp;Any reference in this Agreement to gender shall include all genders, and words
imparting the singular number only shall include the plural and vice versa. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">1.2.5 <U>Headings</U>.&nbsp;&nbsp;The provision of a Table
of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. All
references in this Agreement to any &#147;Article&#148; or &#147;Section&#148; are to the corresponding Article or Section of this Agreement unless otherwise specified. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">1.2.6 <U>Herein</U>.&nbsp;&nbsp;The words such as &#147;herein,&#148; &#147;hereinafter,&#148; &#147;hereof,&#148; and &#147;hereunder&#148; refer to this Agreement as a whole and not merely to a subdivision in
which such words appear unless the context otherwise requires. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">1.2.7 <U>Including</U>.&nbsp;&nbsp;The word &#147;including&#148; or any variation thereof means
&#147;including, without limitation&#148; and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">1.2.8 <U>Successor Laws</U>.&nbsp;&nbsp;Any reference to any law or code section thereof will be interpreted to include any revision of or successor
to that section regardless of how it is numbered or classified. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">1.2.9 <U>Heirs, Executors, etc</U>.&nbsp;&nbsp;References herein to any
Person shall include such Person&#146;s heirs, executors, personal representatives, administrators, successors and assigns; <U>provided</U>, <U>however</U>, that nothing contained in this <U>Section&nbsp;1.2.9</U> is intended to authorize any
assignment or other Transfer not otherwise permitted by this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">1.2.10 <U>Joint Drafting</U>.&nbsp;&nbsp;It is the intention of
the parties that every covenant, term and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against any party (notwithstanding any rule of law requiring an agreement to be strictly construed
against the drafting party). Further, prior drafts of this Agreement or any ancillary agreements hereto or the fact that any clauses have been added, deleted or otherwise modified from any prior drafts of this Agreement or any ancillary agreements
hereto shall not be used as an aide of construction or otherwise constitute evidence of the intent of the parties hereto; and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of such prior drafts.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">ARTICLE 2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">MANAGEMENT OF
THE COMPANY AND CERTAIN ACTIVITIES </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;2.1 <U>Board</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">2.1.1 <U>Board Representation</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) Until such time as the rights of the Holders are terminated or
reduced in accordance with <U>Section&nbsp;2.1.7</U>, the Holders, collectively, shall be entitled to designate for nomination for election to the Board three (3)&nbsp;members of the Board as provided in <U>Sections 2.1.2</U> and <U>2.1.3</U>
hereof. If, at December&nbsp;31, 2017 (the &#147;<U>Board Determination Date</U>&#146;), the Holder Ownership Percentage is (x)&nbsp;less than 40%, the Holders shall cause the Board Designee who has been appointed as a Class III director to promptly
tender his or her resignation, effective as of the Board Determination Date, from the Board and any committee thereof on which he or she may be a member; or (y)&nbsp;equal to or greater than 40%, the Company shall cause a director other than a Board
Designee to promptly tender his or her resignation, effective as of the Board Determination Date, from the Board and any committee thereof on which he or she may be a member (either such resignation, the &#147;<U>Board Reduction Event</U>&#148;). In
furtherance of the foregoing, Matthew R. Kahn (and each successor Board Designee to Matthew R. Kahn&#146;s position as a Class III director on the Board appointed or elected prior to the Board Determination Date) shall, prior to, and as a condition
to his or her appointment to the Board as a Board Designee, and the Holders shall cause Matthew R. Kahn (and each successor Board Designee to Matthew R. Kahn&#146;s position as a Class III director on the Board appointed or elected prior to the
Board Determination Date) to, execute an irrevocable conditional resignation as director in the form attached hereto as <U>Exhibit A</U>. At the time of the Board Reduction Event, the Company shall take such action as is necessary to cause at such
time the full board of directors of the Company to be decreased by one member (with such decrease being the elimination of the directorship vacated by the Board Reduction Event to consist of seven (7)&nbsp;directors. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) Members of the Board designated by the Holders pursuant to this <U>Section&nbsp;2.1.1</U> or appointed to fill a vacancy by the Holders as
provided in <U>Section&nbsp;2.1.2</U> or <U>Section&nbsp;2.1.5</U> shall be referred to as the &#147;<U>Board Designees</U>.&#148; The Company and the Board shall, subject to and consistent with the Board&#146;s fiduciary duties and applicable law,
take such actions as necessary to cause Board Designees to be nominated and submitted to the stockholders of the Company for election to the Board, or appointed to the Board by the remaining members of the Board, as provided in
<U>Section&nbsp;2.1.2</U> and <U>Section&nbsp;2.1.4</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(c) Prior to the Board Reduction Event, the number of directors on the Board
shall not be increased to greater than eight (8)&nbsp;without the unanimous approval of the Board Designees. Following the Board Reduction </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Event, the number of directors on the Board shall not be increased to greater than seven (7)&nbsp;without the unanimous approval of the Board Designees. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.1.2 <U>Initial Board Representation</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(a) Simultaneously with the execution and delivery of this Agreement, the three (3)&nbsp;Board Designees shall be appointed to the Board as follows: (i)&nbsp;Morgan D. Neff shall be appointed as a Class I director
on the Board; (ii)&nbsp;Matthew D. Wilks shall be appointed as a Class II director on the Board; and (iii)&nbsp;Matthew R. Kahn shall be appointed as a Class III director on the Board. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.1.3 <U>Classified Board</U>.&nbsp;&nbsp;For so long as the Company classifies and divides the Board into more than one class in which the terms of
the directors serving on the Board expire at different times depending on their class, then for so long as Holders are entitled to designate (A)&nbsp;two (2)&nbsp;Board Designees one such Board Designee shall serve as a Class I director and one such
Board Designee shall serve as&nbsp;a Class II director or (B)&nbsp;three (3)&nbsp;Board Designees one such Board Designee shall serve as a Class I director, one such Board Designee shall serve as a Class II director and one such Board Designee shall
serve as a Class III director. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.1.4 <U>Annual Meeting</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(a) At each annual meeting of the Company&#146;s stockholders or any special meeting in lieu thereof at which the term of any Board Designee is to expire or at the date of which proxy materials for such meeting are
mailed to the Company&#146;s stockholders there shall be less than the maximum number of Board Designees that Holders are then entitled to designate serving on the Board, the Holders, collectively, shall be entitled to designate for nomination as a
director the number of individuals necessary so that, if such designees are elected to the Board at such annual meeting or any special meeting in lieu thereof, the maximum number of Board Designees shall be serving on the Board. The Company and the
Board shall, subject to and consistent with the Board&#146;s fiduciary duties and applicable law, take such actions as necessary to cause each Board Designee so designated by the Holders and to be nominated for election to the Board at each annual
meeting of the Company&#146;s stockholders or any special meeting in lieu thereof. To the extent the Company&#146;s proxy statement for any annual meeting of stockholders, or any special meeting in lieu thereof, includes a recommendation regarding
the election of any other nominees to the Board, the Company and the Board shall, subject to and consistent with the Board&#146;s fiduciary duties and applicable law, include a recommendation of its Board that the stockholders also vote in favor of
each Board Designee standing for election at such meeting. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) For any annual meeting of the Company&#146;s stockholders or any special
meeting in lieu thereof at which Holders are entitled to designate an individual for nomination as a director pursuant to <U>Section&nbsp;2.1.4(a)</U>, the Company shall use its good faith efforts to notify Holders in writing no less than ten
(10)&nbsp;days before the advance notice deadline set forth in the Company&#146;s bylaws of such entitlement. If, at any time neither Holder advises the Board in writing, delivered to the Board not less than ninety (90)&nbsp;and no more than one
hundred twenty (120)&nbsp;calendar days prior to the one year anniversary of the date of the Company&#146;s proxy statement issued in connection with the prior year&#146;s annual meeting in the case of an annual meeting, and not less than sixty
(60)&nbsp;days prior to the meeting in the case of a special meeting (provided, however, that if a Holder notifies the Board that Holders are unable to notify the Board within such time period, the Holders and Board will work together in good faith
to establish a later time period (taking into account the minimum amount of time the Company will reasonably need to include the information required by clauses (i)&nbsp;and (ii)&nbsp;below in any proxy solicitation materials and prepare any other
materials related thereto and to the election of directors)), of Holders intention to designate the number of directors which the Holders are then entitled to designate for nomination at the next annual meeting of the Company&#146;s stockholders or
special meeting in lieu thereof, then the rights granted under this <U>Section&nbsp;2.1</U> with respect to the designation of Board Designees shall be applicable for such meeting only with respect to the number of nominees as indicated in such
writing, if any, that the Holders intend to designate, but shall continue to be fully effective with respect to subsequent meetings and interim vacancies. The Holders shall provide (i)&nbsp;the information regarding each Board Designee as would be
required to be included in solicitations of proxies for the election of directors in an election context or is otherwise required pursuant to the federal securities laws and regulations, had the nominee been nominated, or intended to be nominated,
by the Board and (ii)&nbsp;the consent of each such Board Designee to serve as a director of the Company if so elected. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.1.5 <U>Board Committees</U>.&nbsp;&nbsp;Subject to the Company&#146;s corporate governance and
independence guidelines, applicable law and the rules and regulations of NASDAQ (or any other stock exchange on which the Company is then listed), including, if applicable, any enhanced requirements of with respect to certain committees of the
Company, in each case, requiring that certain committee members qualify as Independent, for so long as the Holders are represented on the Board by at least one Board Designee, the Company and the Board shall take such actions as necessary to cause
at least one such Board Designee to be elected to, and to at all times be a member of, each committee established by the Board based, if applicable, on whether or not such Board Designee qualifies as Independent; provided that such Board Designee,
in his or her sole discretion, may decline to serve on such committee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.1.6 <U>Vacancies</U>.&nbsp;&nbsp;If, prior to his or her
election or appointment to the Board pursuant to this <U>Section&nbsp;2.1</U>, any Board Designee shall be unable or unwilling to serve as a director of the Company, then the Holders shall be entitled to nominate a replacement Board Designee, and
the Company and the Board shall, subject to and consistent with the Board&#146;s fiduciary duties and applicable law, take such actions as necessary to cause such replacement Board Designee to be appointed to the Board or nominated and submitted to
the stockholders, as applicable, pursuant to this <U>Section&nbsp;2.1</U>. If, following an election or appointment to the Board pursuant to this <U>Section&nbsp;2.1</U>, any Board Designee shall resign or be removed or be unable to serve for any
reason prior to the expiration of his or her term as a director of the Company, then the Holders shall, within thirty (30)&nbsp;days of such event, notify the Board in writing of a replacement Board Designee, and the Company and the Board shall,
subject to and consistent with the Board&#146;s fiduciary duties and applicable law, take such actions as necessary to cause such replacement Board Designee to be appointed to the Board to fill the unexpired term of the Board Designee who such new
Board Designee is replacing. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.1.7 <U>Reduction; Termination of Rights</U>.&nbsp;&nbsp;The right of the Holders to designate directors
under this <U>Section&nbsp;2.1</U> shall be reduced and terminate as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) Upon written request to the Holders, if the number of
Board Designees exceeds the number of directors the Holders shall be entitled to designate pursuant to <U>Section&nbsp;2.1.1</U> (as such number may be adjusted pursuant to this <U>Section&nbsp;2.1.7</U>, the Holders shall cause the number of Board
Designee(s) in excess of the number of Board Designees to which the Holders are then entitled to designate to resign from the Board such that the number of Board Designees shall be reduced to the number the Holders are then entitled to designate.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) Upon the completion of a Sale Transaction, the Holders&#146; right to designate Board Designees to the Board and its committees
shall immediately expire and the Holders shall cause each Board Designee then serving on the Board to resign from the Board immediately after the completion of a Sale Transaction; <U>provided</U>, <U>however</U>, that in the event such completed
Sale Transaction is a sale of all or substantially all of the consolidated assets of the Company and its Subsidiaries, the Holders&#146; right to designate Board Designees to the Board and its committees shall not expire until such time as a final
determination has been made with respect to the complete disposition of the proceeds from such Sale Transaction, at which point in time the Holders shall cause each Board Designee then serving on the Board to resign from the Board. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(c) Upon the Holder Ownership Percentage being less than 40% at any time on or after the Board Determination Date, the Holders&#146; right to
designate members of the Board pursuant to <U>Section&nbsp;2.1.1(a)</U> shall be reduced to the right to designate two (2)&nbsp;members of the Board; <U>provided</U>, that, subject to <U>Section&nbsp;2.1.1(a)</U> with respect to a Board Reduction
Event, the then current term of the Board Designees then serving on the Board shall not be affected solely by the loss of such right. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(d) Upon the Holder Ownership Percentage being reduced to less than 20%, the Holders&#146; right to designate members of the Board pursuant to
<U>Section&nbsp;2.1.1(a)</U> shall be reduced to the right to designate one (1)&nbsp;member of the Board; <U>provided</U>, that the then current term of the Board Designees then serving on the Board shall not be affected solely by the loss of such
right. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(e) Upon the Holder Ownership Percentage being reduced to less than 10%, the Holders&#146; right to designate members to the
Board pursuant to <U>Section&nbsp;2.1.1(a)</U> shall immediately expire; <U>provided</U>, that the then current term of the Board Designees then serving on the Board shall not be affected solely by the loss of such right. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.1.8 <U>Company Policies; Fees; Costs and Expenses</U>.&nbsp;&nbsp;The parties hereto acknowledge
that each Board Designee, upon election to the Board, will serve as a member of the Board and will be governed by the same protections and obligations regarding confidentiality, conflicts of interest, related party transactions, fiduciary duties,
codes of conduct, trading and disclosure policies, director resignation policies, and other governance guidelines and policies of the Company as other directors, and shall be required to preserve the confidentiality of Company business and
information, including discussions or matters considered in meetings of the Board or committees of the Board, and shall have the same rights and benefits, including with respect to insurance, indemnification and, with respect to Board Designees who
qualify as Independent, compensation that are applicable to all Independent directors of the Company. The Company will pay and reimburse each Board Designee (whether such Board Designee qualifies as Independent or not) for all reasonable
out-of-pocket expenses incurred by such Board Designee in connection with his or her participation in (or attendance at) meetings of the Board (and committees thereof) and the boards of directors (and committees thereof) of the Subsidiaries of the
Company to the same extent as the Company reimburses all other directors of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.1.9 <U>Voting</U>.&nbsp;&nbsp;Until the
occurrence of a Trigger Event, each Holder shall, and shall cause its Affiliates to, vote all Voting Securities of the Company (including all Common Stock) held by such Holder and its Affiliates or over which such Holder or its Affiliates has voting
control, and shall take all other necessary or desirable actions within its control (including in its capacity as a stockholder, director, member of a board committee, officer or otherwise) to vote in the same proportion as shares of Voting
Securities of the Company (including Common Stock) that are not held by such Holder or its Affiliates or over which such Holder or its Affiliates does not have voting control with respect to (a)&nbsp;any ratification of the appointment of the
Company&#146;s independent registered public accounting firm; (b)&nbsp;the Board&#146;s recommendation with respect to the Company&#146;s &#147;say-on-pay&#148; proposal or with respect to any other Company proposal or stockholder proposal (other
than any proposal with respect to any Extraordinary Transaction); (c)&nbsp;each nominee (including those that are not Board Designees) nominated and approved by the Director Nominating Committee; or (d)&nbsp;the removal of any Board Designees
selected by the Director Nominating Committee to reduce the number of Board Designees to the number of Board Designees to which the Holders are then entitled to designate if such Board Designees have not been removed in accordance with
<U>Section&nbsp;2.1.7</U>. Following the occurrence of a Trigger Event, the foregoing restrictions on each of the Holders&#146; or its Affiliates&#146; voting of Voting Securities of the Company (including all Common Stock) held by such Holder or
its Affiliates or over which such Holder or its Affiliates has voting control, shall terminate and each such Holder or Affiliate shall be free to vote its Voting Securities in respect of each of the matters referenced in the immediately preceding
sentence in any way it chooses to do so. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">ARTICLE 3 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">ACQUISITIONS; TRANSFERS </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;3.1 <U>Restrictions on Acquisitions</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.1.1 Subject to <U>Section&nbsp;3.1.2</U>, from the date hereof until the eighteen (18)&nbsp;month anniversary of this Agreement, each Holder
agrees that other than in accordance herewith (including pursuant to the exercise of its rights under <U>Section&nbsp;2.1.1</U>) or without the prior written consent of the Board, such Holder shall not, and shall cause each of its Affiliates not to,
directly or indirectly: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) in any manner acquire, agree to acquire or make any proposal or offer to acquire, directly or indirectly,
(i)&nbsp;any Voting Securities of the Company or any rights or options to acquire any such Voting Securities which would result in the Holder Ownership Percentage following such acquisition exceeding the Equity Cap or (ii)&nbsp;any property of the
Company or any rights or options to acquire any such property; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) propose to have such Holder or an Affiliate of such Holder enter
into, directly or indirectly, any merger or business combination involving the Company or propose to have such Holder or an Affiliate of such Holder purchase, directly or indirectly, a material portion of the assets of the Company; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(c) make, or in any way participate, directly or indirectly, in any &#147;solicitation&#148; of
&#147;proxies&#148; (as such terms are used in Regulation 14A promulgated under the Exchange Act) to vote or consent, or seek or advise or influence any person with respect to the voting of, or granting of a consent with respect to, any Voting
Securities of the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(d) other than with other Holders, form, join or in any way participate in a &#147;group&#148; (within the
meaning of Section&nbsp;13(d)(3) of the Exchange Act) with respect to any Voting Securities of the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(e) except as may be
required by law (provided that such legal requirement does not arise as a result of or in connection with any breach of this Agreement by such Holder or its Representatives or Affiliates), disclose any intention, plan or arrangement inconsistent
with the foregoing; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(f) except as permitted pursuant to Section&nbsp;3.2 hereof, provide, or act as agent for the purpose of obtaining,
debt or equity financing for any transaction described in clause (a)&nbsp;or (b)&nbsp;of this <U>Section&nbsp;3.1.1</U>; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(g) advise,
assist or encourage any other persons in connection with any of the foregoing. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">Notwithstanding the foregoing provisions of this
<U>Section&nbsp;3.1.1</U>, the restrictions set forth in this <U>Section&nbsp;3.1.1</U> shall terminate and be of no further force and effect if a public announcement or commencement is made of a tender or exchange offer by any Person (other than a
Holder or its Affiliates) for, or upon completion of which any Person would beneficially own (as such term is used in Rule 13d-3 of the Exchange Act), fifty percent (50%)&nbsp;or more of the outstanding Voting Securities of the Company, and the
Board approves or fails to oppose that tender or exchange offer in its statements in Schedule&nbsp;14D-9 under the Exchange Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">For the
avoidance of doubt, nothing in this <U>Section&nbsp;3.1.1</U> shall prohibit a Holder or any Affiliate of a Holder from engaging in discussions regarding potential transactions with unaffiliated third parties provided that it promptly and fully
discloses any such discussions to the Board and does not undertake any actions in furtherance of such a transaction without having first obtained the approval of the Board. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">3.1.2 Notwithstanding <U>Section&nbsp;3.1.1</U> or the expiration of the term thereof, each Holder shall not, and shall cause each of its Affiliates not to, (a)&nbsp;until May&nbsp;7, 2019, take any action
(including any action described in <U>Section&nbsp;3.1.1</U>) at any time if such action would result in a &#147;Change of Control&#148; (as such term is defined in the Revolving Credit Facility) under the terms of the Revolving Credit Facility or
(b)&nbsp;acquire, agree to acquire or make any proposal or offer to acquire, directly or indirectly, Common Stock such that, upon such acquisition, the Holder Ownership Percentage would exceed the Equity Cap; <U>provided</U> that the restriction set
forth in this <U>Section&nbsp;3.1.2(b)</U> may be waived by the Company after a Trigger Event if such waiver is approved by a majority of the members of the Board other than Board Designees and any other members of the Board nominated for election
to the Board by Holders or any Holder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;3.2 <U>Preemptive Rights</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.2.1 The Company shall not issue or sell, or agree to issue or sell, any Preemptive Debt Securities (other than (a)&nbsp;debt securities issuable
with respect to intercompany debt by and between the Company and any Subsidiaries or (b)&nbsp;in connection with the Exchange Offer (as such term is defined in the Exchange Agreement) contemplated by Section&nbsp;5.g of the Exchange Agreement) to
any third party unless the Company shall have first delivered written notice (a &#147;<U>Preemptive Debt Notice</U>&#148;) to the Holders of the Company&#146;s intent to issue, sell or exchange Preemptive Debt Securities, which Preemptive Debt
Notice shall (x)&nbsp;state the aggregate principal amount of the Preemptive Debt Securities the Company proposes to issue or sell and (y)&nbsp;may include the price and other material terms and conditions on which the Company proposes to issue or
sell the Preemptive Debt Securities (such items as described in this clause (y), the &#147;<U>Preemptive Debt Terms</U>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.2.2
For a period of ten (10)&nbsp;Business Days from the date the Preemptive Debt Notice is delivered to Holders (the &#147;<U>Preemptive Debt Offer Period</U>&#148;), the Holders may, by written notice to the Company (the &#147;<U>Preemptive Debt
Election Notice</U>&#148;): (a)&nbsp;if the Preemptive Debt Notice included Preemptive Debt Terms, elect to purchase (&#147;<U>Preemptive Debt Purchase Election</U>&#148;) all of the Preemptive Debt Securities, which shall constitute an offer to
purchase such Preemptive Debt Securities which shall remain open and irrevocable for a period of ten (10)&nbsp;Business Days or (b)&nbsp;offer to provide debt financing (&#147;<U>Alternative Debt Financing Offer</U>&#148;) in an amount equal
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-9 </FONT></P>


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to the aggregate principal amount of the Preemptive Debt Securities stated in the Preemptive Debt Notice and on such terms and conditions as the Holders shall specify in the Election Notice,
which shall constitute an offer to provide such debt financing which shall remain open and irrevocable until the end of the ADF Acceptance Period. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">3.2.3 If one or both Holders makes a timely Preemptive Debt Purchase Election, the Company shall provide written notice to such Holders establishing the date of the new issuance of the Preemptive Debt Securities
and the procedures for purchasing the Preemptive Debt Securities and the Holder(s) delivering such Preemptive Debt Purchase Election shall be obligated to provide the debt financing referred to in the Preemptive Debt Notice on the Preemptive Debt
Terms. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.2.4 If the Company receives an Alternative Debt Financing Offer from one or both Holders: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) The Company shall have thirty (30)&nbsp;days following its receipt of the Alternative Debt Financing Offer (the &#147;<U>ADF Acceptance
Period</U>&#148;) to determine whether to accept or reject the Alternative Debt Financing Offer. If the Company accepts the Alternative Debt Financing Offer, then the Holder(s) delivering such Alternative Debt Financing Offer shall be obligated to
provide the debt financing referred to in the Alternative Debt Financing Offer on the terms and conditions set forth in the Alternative Debt Financing Offer within sixty (60)&nbsp;days from the Company&#146;s acceptance. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:7%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) If the Company rejects or otherwise does not accept the Alternative Debt Financing Offer, then the Company may proceed with the issuance of the
Preemptive Debt Securities to a third party during the one hundred and fifty (150)&nbsp;day period following the expiration of the ADF Acceptance Period on such terms and conditions as determined by the Company in its sole discretion;
<U>provided</U> such terms and conditions of the Preemptive Debt Securities must be no less favorable, taken as a whole and considering all factors deemed relevant by the Company, than the Preemptive Debt Terms or the terms and conditions of the
Alternative Debt Financing Offer. If the Company has not issued or sold (or executed definitive documents to issue or sell) the Preemptive Debt Securities within the one hundred and fifty (150)&nbsp;days following the expiration of the ADF
Acceptance Period, any proposed issuance of such Preemptive Debt Securities shall once again be subject to the terms and conditions of this <U>Section&nbsp;3.2</U>. Notwithstanding the foregoing, if the Preemptive Debt Notice included Preemptive
Debt Terms and the Company rejects or otherwise does not accept the Alternative Debt Financing Offer, Company shall so notify Holders, and Holders shall have three (3)&nbsp;Business Days following such notification to make a Preemptive Debt Purchase
Election pursuant to <U>Section&nbsp;3.2.2</U>, and if Holders do not make a Preemptive Debt Purchase Election within such three (3)&nbsp;business day period the Company may proceed with the issuance of the Preemptive Debt Securities to a third
party in accordance with the preceding sentence. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.2.5 If neither Holder delivers a Preemptive Debt Election Notice during the
Preemptive Debt Offer Period, the Company shall be entitled to sell such Preemptive Debt Securities specified in the Preemptive Debt Notice on such terms and conditions as determined by the Company in its sole discretion for a period of one hundred
and eighty (180)&nbsp;days following the expiration of the Preemptive Debt Offer Period. Any Preemptive Debt Securities to be sold by the Company following the expiration of such one hundred and eighty (180)&nbsp;day period must be reoffered to the
Holders pursuant to the terms of this <U>Section&nbsp;3.2</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.2.6 The Company shall not issue or sell, or agree to issue or sell, any
Preemptive Equity Securities to any third party unless the Company shall have first delivered written notice (a &#147;<U>Preemptive Equity Notice</U>&#148;) to the Holders of the Company&#146;s intent to issue, sell or exchange Preemptive Equity
Securities, which Preemptive Equity Notice (a)&nbsp;shall state the number and type of Preemptive Equity Securities proposed to be issued and (b)&nbsp;may include the price and other material terms and conditions on which the Company proposes to
issue the Preemptive Equity Securities (provided if the Company does not include the price at which the Company proposes to issue the Preemptive Equity Securities in a Preemptive Equity Notice, the Company shall use good faith efforts to provide to
the Holders reasonable advance notice of the price range or price, when determined, at which the Company proposes to issue the Preemptive Equity Securities). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">3.2.7 For a period of ten (10)&nbsp;Business Days from the date the Preemptive Equity Notice is delivered to Holders (the &#147;<U>Preemptive Equity Offer Period</U>&#148;), the Holders may, by written notice to
the Company (the &#147;<U>Preemptive Equity Election Notice</U>&#148;) elect to purchase (the &#147;<U>Preemptive Equity Purchase Election</U>&#148;), on the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-10 </FONT></P>


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terms and conditions specified in the Preemptive Equity Election Notice but subject to <U>Section&nbsp;3.1.2</U>, up to a number of Preemptive Equity Securities, in the aggregate as to both
Holders, equal to (a)&nbsp;the number of Preemptive Equity Securities proposed to be issued or sold by the Company <U>multiplied by</U> (b)&nbsp;the Holder Ownership Percentage immediately prior to the delivery of the Preemptive Equity Notice by the
Company, which shall constitute an offer to purchase such Preemptive Equity Securities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.2.8 If one or both Holders makes a timely
Preemptive Equity Purchase Election, the Company shall provide written notice to such Holder(s) establishing the date of the new issuance of Preemptive Equity Securities and the procedures for purchasing the Preemptive Equity Securities.
Notwithstanding the foregoing, the Company shall be under no obligation to consummate any proposed issuance of Preemptive Equity Securities, nor shall there be any liability on the part of the Company, or to the Board, to the Holders if the Company
has not consummated any proposed issuance of Preemptive Equity Securities pursuant to this <U>Section&nbsp;3.2</U> for whatever reason, regardless of whether the Company shall have delivered a Preemptive Equity Notice. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.2.9 If neither Holder delivers a Preemptive Equity Election Notice during the Preemptive Equity Offer Period, the Company shall be entitled to
sell such Preemptive Equity Securities in the Preemptive Equity Notice on such terms and conditions as determined by the Company in its sole discretion for a period of one hundred and fifty (150)&nbsp;days following the expiration of the Preemptive
Equity Offer Period. Any Preemptive Equity Securities to be sold by the Company following expiration of such one hundred and fifty (150)&nbsp;day period must be reoffered to the Holders pursuant to the terms of this <U>Section&nbsp;3.2</U>.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;3.3 <U>Restrictions on Transfers</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">3.3.1 From the date hereof until the six (6)&nbsp;month anniversary of the this Agreement (the &#147;<U>Restricted Period</U>&#148;), each Holder agrees that, without the prior written consent of the Company, such
Holder shall not, and it shall cause each of its Affiliates not to, directly or indirectly, Transfer any shares of Common Stock (or any rights or interests of any nature whatsoever in or with respect to any shares of Common Stock) beneficially owned
(as such term is used in Rule 13d-3 of the Exchange Act) by such Holder or its Affiliates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.3.2 Upon the completion of the Restricted
Period, the Holders agree not to Transfer more than five percent (5%)&nbsp;of the shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Exchange Act) by the Holders and their Affiliates, in the aggregate, per each
rolling ninety (90)&nbsp;day period beginning with a Holder&#146;s (or its Affiliate&#146;s) first transfer of shares of Common Stock after the termination of the Restricted Period until the date that is eighteen (18)&nbsp;months from the end of the
Restricted Period (the &#147;<U>Dribble Out Period</U>&#148;); <U>provided</U>, <U>however</U>, that, following the date that is six (6)&nbsp;months after the completion of the Restricted Period, the foregoing restriction set forth in this
<U>Section&nbsp;3.3.2</U> shall not apply to any underwritten offering effected pursuant to a Holder&#146;s rights under, and subject to the terms of, the Registration Rights Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.3.3 Upon the completion of the Dribble Out Period, each Holder will be free to Transfer shares of Common Stock without limitation, except that all
such Transfers shall be in compliance with applicable state and federal securities laws and the terms of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.3.4
Notwithstanding the foregoing, a Holder may Transfer shares of Common Stock (i)&nbsp;to any Affiliate of such Holder; <U>provided</U>, that in the case of any such Transfer to such Affiliate, the Affiliate shall agree to be bound by the terms of
this <U>Section&nbsp;3.3</U> and (ii)&nbsp;pursuant to any merger, consolidation, recapitalization or reorganization of the Company with or into a third-party purchaser. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">3.3.5 Notwithstanding this <U>Section&nbsp;3.3</U>, each Holder agrees that it shall not, and it shall cause each of its Affiliates not to, directly or indirectly, Transfer any shares of Common Stock (or any rights
or interests of any nature whatsoever in or with respect to any shares of Common Stock) beneficially owned (as such term is used in Rule 13d-3 of the Exchange Act) by the Holder or its Affiliates if such Transfer would result in a &#147;Change of
Control&#148; (as such term is defined the Revolving Credit Facility) under the terms of the Revolving Credit Facility; <U>provided</U>, <U>however</U>, that the foregoing restriction shall not apply to any Transfer effected (a)&nbsp;as a
brokers&#146; transaction on a national securities exchange or (b)&nbsp;pursuant to an underwritten public offering registered under the Securities Act. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-11 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">ARTICLE 4 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">TERMINATION </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This Agreement shall terminate automatically upon the earlier to occur of: (i)&nbsp;the Holder Ownership
Percentage being reduced to less than ten percent (10%); and (ii)&nbsp;the five (5)&nbsp;year anniversary of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">ARTICLE 5
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">MISCELLANEOUS </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.1
<U>Notices</U>.&nbsp;&nbsp;Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by facsimile or registered or certified mail, postage prepaid, return
receipt requested, addressed as follows (or at such other address as may be substituted by notice given as herein provided): </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If to the Company:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway, Suite 800 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort
Worth, Texas 76116 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: J. Curtis Henderson </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Facsimile No.: (817)&nbsp;989-9001 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If to the Holders: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Wilks Brothers, LLC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">17010 IH-20
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Cisco, Texas 76437 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: Morgan Neff and Matt Wilks </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile No.: (817)&nbsp;850-3698 </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW Investments, LLC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">17010 IH-20
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Cisco, Texas 76437 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: Morgan Neff and Matt Wilks </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile No.: (817)&nbsp;850-3698 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Any notice or
communication hereunder shall be deemed to have been given or made as of the date so delivered if personally delivered; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on receipt if sent by registered or certified
mail. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.2 <U>Governing Law: Venue: Jurisdiction</U>.&nbsp;&nbsp;THIS AGREEMENT and all claims or causes of action (whether in contract or
tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty
made in or in connection with this Agreement) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. Each party hereby agrees that any action based upon, arising out
of or relating to this Agreement (including any action concerning the violation or threatened violation of this Agreement) shall be heard and determined in any state or federal court sitting in the Court of Chancery of the State of Delaware (or, if
the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, in the United States District Court for the District of Delaware), and the parties hereto hereby irrevocably submit to the exclusive jurisdiction
of such courts (and, in the case of appeals, appropriate appellate courts therefrom) in any such action or proceeding and irrevocably waive the defense of an inconvenient forum to the maintenance of any such action or proceeding. In addition, each
party consents to process being served in any such lawsuit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-12 </FONT></P>


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at the address in effect for notices hereunder, and agrees that such services shall constitute good and sufficient service of process and notice thereof. The consents to jurisdiction set forth in
this paragraph shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this <U>Section&nbsp;5.2</U> and shall not be deemed to confer rights on any Person
other than the parties hereto. Nothing in this <U>Section&nbsp;5.2</U> shall affect or limit any right to serve process in any other manner permitted by law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.3 <U>Waiver of Jury Trial</U>.&nbsp;&nbsp;<B>EACH PARTY HEREBY WAIVES ITS RESPECTIVE RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT WHETHER BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH
PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH</B> <B>PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.4 <U>Successors and Assigns</U>.&nbsp;&nbsp;This
Agreement shall be binding upon the Company, the Holders, and their respective successors and permitted assigns (which shall be deemed to include any Affiliate of any Holder to which a Holder Transfers any shares of Common Stock); provided that if
any Holder Transfers any shares of Common Stock to any of its Affiliates such Holder shall remain the sole party entitled to exercise the rights of such Holder under this Agreement and such Affiliate shall (and such Holder shall require such
Affiliate to execute a joinder to this Agreement in form and substance reasonably acceptable to the Company agreeing to) be bound by the terms of this Agreement with respect to all shares of Common Stock held by such Affiliate. No Holder may assign
any of its rights under this Agreement to any other Person (including any transferee of any Common Stock held by a Holder) without the prior written consent of the Company, which consent may be granted or denied by the Company in its sole discretion
and to be valid must be approved by a majority of the members of the Board other than Board Designees and any other members of the Board nominated for election to the Board by Holders or any Holder, and any assignment in violation of the foregoing
shall be void <I>ab initio</I>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.5 <U>Counterparts</U>.&nbsp;&nbsp;This Agreement may be executed in any number of counterparts, each of
which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. This Agreement and any signed agreement entered into in connection herewith or contemplated
hereby, and any amendments hereto or thereto, to the extent signed and delivered by facsimile, by electronic mail in &#147;portable document format&#148; (&#147;.pdf&#148;) form, or any other electronic transmission, shall be treated in all manner
and respects as an original contract and shall be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.6 <U>Severability</U>.&nbsp;&nbsp;Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction is, as to such jurisdiction, ineffective to the extent of
any such prohibition, unenforceability or nonauthorization without invalidating the remaining provisions hereof, or affecting the validity, enforceability or legality of such provision in any other jurisdiction, unless the ineffectiveness of such
provision would result in such a material change as to cause completion of the transactions contemplated hereby to be unreasonable. Upon a determination that any provision of this Agreement is prohibited, unenforceable or not authorized, the parties
hereto agree to negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible, in a mutually acceptable manner, in order that the transactions contemplated hereby are consummated as
originally contemplated to the fullest extent possible. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.7 <U>Specific Performance</U>.&nbsp;&nbsp;The parties agree that irreparable
damage would occur in the event that any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, including if the parties hereto fail to take any action required of them hereunder to
consummate this Agreement. It is accordingly agreed that, in addition to any other applicable remedies at law or equity, the parties shall be entitled to an injunction or injunctions, without proof of damages, to prevent breaches of this Agreement
and to enforce specifically the terms and provisions of this Agreement. Each party hereto agrees that it will not </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-13 </FONT></P>


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oppose the granting of an injunction, specific performance or other equitable relief on the basis that (i)&nbsp;the other party has an adequate remedy at law or (ii)&nbsp;an award of specific
performance is not an appropriate remedy for any reason at law or in equity. Each of the parties hereto hereby waives (i)&nbsp;any defenses in any action for specific performance, including the defense that a remedy at law would be adequate and
(ii)&nbsp;any requirement under any law to post a bond or other security as a prerequisite to obtaining equitable relief. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.8 <U>No
Waivers; Amendments</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">5.8.1 No failure or delay on the part of the Company or the Holder in exercising any right, power or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for
herein are cumulative and are not exclusive of any remedies that may be available to the Company or any Holder at law or in equity or otherwise. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">5.8.2 Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver makes specific reference to this Agreement, and, (i)&nbsp;in the case of an amendment, such amendment is with
the written consent of the Company and each Holder, and (ii), in the case of a waiver, such waiver is signed by the Person against whom it is to be enforced; provided that any amendment of this Agreement or waiver by the Company hereunder shall only
be effective if such amendment or waiver is approved by a majority of the members of the Board other than Board Designees and any other members of the Board nominated for election to the Board by Holders or any Holder. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.9 <U>Non-Recourse</U>.&nbsp;&nbsp;All claims, obligations, liabilities, or causes of action (whether in contract or in tort, in law
or in equity, or granted by statute) that may be based upon, in respect of, arise under, out or by reason of, be connected with, or relate in any manner to this Agreement, or the negotiation, execution, or performance of this Agreement (including
any representation or warranty made in, in connection with, or as an inducement to, this Agreement), may be made only against (and are expressly limited to) the entities that are expressly identified as parties in the preamble to this Agreement
(&#147;<U>Contracting Parties</U>&#148;). No Person who is not a Contracting Party, including any director, officer, employee, incorporator, member, partner, manager, stockholder, Affiliate, agent, attorney, or representative of, and any financial
advisor or lender to, any Contracting Party, or any director, officer, employee, incorporator, member, partner, manager, stockholder, Affiliate, agent, attorney, or representative of, and any financial advisor or lender to, any of the foregoing
(&#147;<U>Non-party Affiliates</U>&#148;), shall have any liability (whether in contract or in tort, in law or in equity, or granted by statute) for any claims, causes of action, obligations, or liabilities arising under, out of, in connection with,
or related in any manner to this Agreement or based on, in respect of, or by reason of this Agreement or its negotiation, execution, performance, or breach; and, to the maximum extent permitted by law, each Contracting Party hereby waives and
releases all such liabilities, claims, causes of action, and obligations against any such Non-party Affiliates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.10 <U>Further
Assurances</U>.&nbsp;&nbsp;Each party shall cooperate and shall take such further action and shall execute and deliver such further documents as may be reasonably requested by any other party in order to carry out the provisions and purposes of this
Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.11 <U>Entire Agreement</U>.&nbsp;&nbsp;This Agreement (including all schedules and exhibits hereto) contains the entire
agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Section&nbsp;5.12 <U>Ownership and Aggregation of Common Stock; Action by Holders</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">5.12.1 All
shares of Common Stock beneficially owned by each Holder and its Affiliates shall be aggregated for purposes of interpreting the term and terms of, and determining the application and availability of any obligations and rights under, this Agreement,
unless the context otherwise requires. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">5.12.2 Any action to be taken or consent or approval to be given by Holders pursuant to this
Agreement shall be deemed taken, consented to or approved upon the affirmative consent or approval by either Holder; provided that, if the Company receives conflicting direction, consents or approvals from the Holders with respect to any action to
be taken or consent or approval to be given by Holders pursuant to this Agreement, then any </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-14 </FONT></P>


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action to be taken or consent or approval to be given by Holders pursuant to this Agreement shall be deemed taken, consented to or approved upon the affirmative consent or approval by the Holder
that holds a majority of the Common Stock held by both Holders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">5.12.3 From time to time upon the written request by the Company, each
Holder shall provide to the Company in writing a statement setting forth the number of shares of Common stock beneficially owned (as such term is used in Rule 13d-3 of the Exchange Act) by such Holder, certified by an officer or other duly
authorized representative of such Holder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[Remainder of Page Intentionally Left Blank] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-15 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>SIGNATURES TO STOCKHOLDERS AGREEMENT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the date first written above. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">APPROACH RESOURCES INC.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[Signature Page to Stockholders Agreement] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-16 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>SIGNATURES TO STOCKHOLDERS AGREEMENT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the date first written above. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">WILKS BROTHERS, LLC</FONT></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW INVESTMENTS, LLC</FONT></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[Signature Page to Stockholders Agreement] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-17 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>EXHIBIT A </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Conditional Resignation of Director </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], 201[<FONT
STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">One Ridgmar Centre </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway, Suite 800 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas 76116 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: Corporate Secretary </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Reference is hereby made to that certain
Stockholders Agreement, dated as of the date hereof, by and among Approach Resources Inc. (the &#147;<B>Company</B>&#148;), Wilks Brothers, LLC and SDW Investments, LLC (the &#147;<B>Stockholders Agreement</B>&#148;). Capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Stockholders Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective upon the Board Determination Date, I, Matthew R. Kahn,
resign as a member of the board of directors of the Company and as a member of each committee of the board of directors of the Company on which I serve as of the Board Determination Date (the &#147;<B>Conditional Resignation</B>&#148;); provided, if
as of the Board Determination Date the Holder Ownership Percentage is equal to or greater than 40%, the Conditional Resignation shall be null and void. </FONT></P>
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<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Sincerely,</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew R. Kahn</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-A-A-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit B </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Registration Rights Agreement </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>EXHIBIT B </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>REGISTRATION RIGHTS AGREEMENT </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This REGISTRATION RIGHTS AGREEMENT, dated as of [<FONT
STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], 201[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>] (this
&#147;<U>Agreement</U>&#148;), is by and among Approach Resources Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and each of Wilks Brothers, LLC and SDW Investments, LLC (collectively, the &#147;<U>Holders</U>&#148;, and each, a
&#147;<U>Holder</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>RECITALS </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>WHEREAS</B>, on [<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], 201[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT>], the Holders acquired the number of shares of common stock, par value $0.01 per share, of the Company (the &#147;<U>Company Common Stock</U>&#148;) set forth on <U>Schedule A</U> pursuant to the Exchange
Agreement, dated November&nbsp;2, 2016, by and between the Company and the Holders (the &#147;<U>Exchange Agreement</U>&#148;); and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>WHEREAS</B>,
resales by a Holder of the Company Common Stock may be required to be registered under the Securities Act and applicable state securities laws, depending upon the status of such Holder or the intended method of distribution of the Company Common
Stock. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>NOW, THEREFORE</B>, in consideration of the premises, mutual covenants and agreements hereinafter contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ARTICLE I &#150;
REGISTRATION RIGHTS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">1.1 <B><U>Demand Registration.</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(a) From and after the one (1)&nbsp;year anniversary following the Closing, and subject to <U>Section&nbsp;1.1(b)</U>, <U>Section&nbsp;1.1(c)</U> and <U>Section&nbsp;2.3</U>, upon written request from a Holder
requesting that the Company effect the registration under the Securities Act of all or part of the Registrable Securities held by such Holder, which notice may be delivered at any time after such one (1)&nbsp;year anniversary and which notice shall
specify the intended method or methods of disposition of such Registrable Securities (&#147;<U>Registration Request Notice</U>&#148;), unless such Registrable Securities are included in a currently effective Registration Statement permitting the
resale of such Registrable Securities in the manner contemplated by the Registration Request Notice, the Company will use its commercially reasonable efforts to file the appropriate Registration Statement under the Securities Act with the SEC as
promptly as reasonably practicable after receipt of the Registration Request Notice and, as promptly as reasonably practicable following such Registration Request Notice, cause such Registration Statement to be declared effective by the SEC and to
permit the disposition of such Registrable Securities in accordance with the intended method or methods of disposition stated in such Registration Request Notice. The Company shall not be required to maintain the effectiveness of such Registration
Statement beyond the earlier to occur of (i)&nbsp;one hundred twenty 120 days after the effective date thereof and (ii)&nbsp;consummation of the distribution by Holder of the Registrable Securities included in such Registration Statement (such
period, the &#147;<U>Effectiveness Period</U>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) Notwithstanding <U>Section&nbsp;1.1(a)</U>, if the Company previously shall
have caused a Registration Statement to be declared effective by the SEC with respect to the Registrable Securities, the Company shall not be required to cause a subsequent Registration Statement to be declared effective by the SEC pursuant to this
<U>Section&nbsp;1.1</U> until a period of one hundred twenty (120)&nbsp;days shall have elapsed from the effective date of the most recent such previous registration. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(c) Notwithstanding <U>Section&nbsp;1.1(a)</U>, the Company shall not be required to effect (i)&nbsp;more than two (2)&nbsp;registrations pursuant to this <U>Section&nbsp;1.1</U> in any twelve (12)&nbsp;consecutive
month period or (ii)&nbsp;a registration of Registrable Securities, the fair market value of which on the date of receipt by the Company of the Registration Request Notice is less than twenty million dollars ($20,000,000). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">1.2 <U><B>Piggyback Registration</B>.</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(a) If at any time the Company proposes to register any of its equity securities (other than pursuant to an Excluded Registration) under the Securities Act for sale to the public (whether for the account of the
Company or the account of any securityholder of the Company) and the form of Registration Statement to be used permits the registration of Registrable Securities, the Company shall give prompt written notice to each Holder (which notice shall be
given not less than fifteen (15)&nbsp;days prior to the anticipated filing date), which notice shall offer each Holder the opportunity to include any or all of its Registrable Securities in such Registration Statement, subject to the limitations
contained in <U>Section&nbsp;1.2(b)</U> hereof. If a Holder (in such capacity, a &#147;<U>Participating Holder</U>&#148;) desires to have its Registrable Securities included in such Registration Statement, it shall so advise the Company in writing
(stating the number of shares desired to be registered) within ten (10)&nbsp;days after the date of such notice from the Company. Each Holder shall have the right to withdraw such Holder&#146;s request for inclusion of Holder&#146;s Registrable
Securities in any registration statement pursuant to this <U>Section&nbsp;1.2(a)</U> by giving written notice to the Company of such withdrawal. Subject to <U>Section&nbsp;1.2(b)</U> below, the Company shall use commercially reasonable efforts to
include in such Registration Statement all such Registrable Securities so requested to be included therein; <U>provided</U>, <U>however</U>, that the Company may at any time and in its sole and absolute discretion withdraw or cease proceeding with
any such registration if it shall at the same time withdraw or cease proceeding with the registration of all other equity securities originally proposed to be registered. The Company shall not be required to maintain the effectiveness of such
Registration Statement beyond the Effectiveness Period. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) If a nationally recognized independent investment banking firm selected by
the Company to act as lead underwriter in connection with the public offering of securities under this <U>Section&nbsp;1.2</U> advises the Company that the inclusion of the Registrable Securities requested to be included in the Registration
Statement pursuant to <U>Section&nbsp;1.2(a)</U> will materially and adversely affect the price or success of such offering (a &#147;<U>Material Adverse Effect</U>&#148;), the Company will be obligated to include in the Registration Statement (after
registering all such shares for its own account), as to each Participating Holder, only a portion of the shares such Participating Holder has requested be registered equal to the product of: (i)&nbsp;the ratio which such Participating Holder&#146;s
requested shares bears to the total number of shares requested to be included in such Registration Statement subject to <U>Section&nbsp;1.2(a)</U> by all Persons (including the Participating Holder) who have requested (pursuant to contractual
registration rights) that their shares be included in such Registration Statement; and (ii)&nbsp;the maximum number of Registrable Securities that such lead underwriter advises may be sold in an offering covered by the Registration Statement without
a Material Adverse Effect. If, as a result of the provisions of this <U>Section&nbsp;1.2(b)</U>, the Participating Holder shall not be entitled to include all Registrable Securities in a registration that the Participating Holder has requested to be
so included, the Participating Holder may withdraw such its request to include Registrable Securities in such Registration Statement by giving written notice to the Company of such withdrawal. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">1.3 <B><U>Expenses</U></B>.&nbsp;&nbsp;The Company shall bear all Registration Expenses in connection with any Registration Statement pursuant to this <U>Article I</U>, whether or not such Registration Statement
becomes effective; <U>provided</U>, <U>however</U>, that if a Holder requests a registration pursuant to <U>Section&nbsp;1.1</U> and subsequently withdraws its request, then such Holder shall either pay all Registration Expenses incurred in
connection with such registration or such registration will count as a registration for purposes of <U>Section&nbsp;1.1(c)</U> and such Holder shall not have the right to request another registration pursuant to <U>Section&nbsp;1.1</U> during the
subsequent ninety (90)&nbsp;days, unless the withdrawal of such request is the result of facts or circumstances relating to the Company or the Company Common Stock that arise after the date on which such request was made and would have a material
adverse effect on the offering of the Registrable Securities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">1.4 <B><U>Company Purchase Option</U></B>.&nbsp;&nbsp;Notwithstanding the terms of this
Agreement, if at any time a Holder requests any Registrable Securities be included in a registration statement pursuant to this Agreement and at such time securities of the same class or series as the Registrable Securities are traded on a national
securities exchange or trading system or any other recognized quotation system which regularly provides quotes on such securities (a &#147;<U>Trading Forum</U>&#148;), the Company shall have the right and option, in its sole discretion, to, in lieu
of including such Registrable Securities in such Registration Statement, purchase all or any portion of such Registrable Securities requested to be included in such Registration Statement at the closing or last sales price of such security reported
by such Trading Forum on the date of Holder&#146;s request for inclusion of such Registrable Securities in such </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Registration Statement is received by the Company, or, if there is no such reported quote for such date on any Trading Forum, the last reported closing or sales price, as applicable, of such
security by a Trading Forum. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ARTICLE II &#150; PROCEDURES </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">2.1 <U><B>Underwriting</B>. </U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) For so long as a Holder holds Registrable Securities, such
Holder may request by giving written notice (an &#147;<U>Underwriting Request</U>&#148;) to the Company that an offering permitted under <U>Section&nbsp;1.1(a)</U> shall be in the form of an underwritten offering (each, an &#147;<U>Underwritten
Offering</U>&#148;); <U>provided</U>, <U>however</U>, that in the case of each such Underwritten Offering, such Holder will be entitled to make such demand only if the proceeds from the sale of Registrable Securities in the offering (before the
deduction of underwriting discounts) is reasonably expected to exceed, in the aggregate, twenty million dollars ($20,000,000); <U>provided</U>, <U>further</U> that the Company shall not be obligated to effect more than two (2)&nbsp;Underwritten
Offerings during any twelve (12)&nbsp;consecutive month period and shall not be obligated to effect an Underwritten Offering within one hundred twenty (120)&nbsp;days after the pricing of a previous Underwritten Offering. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) All Underwriting Requests shall specify the approximate number of Registrable Securities to be sold in the Underwritten Offering and the
expected price range (net of underwriting discounts and commissions) of such Underwritten Offering. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(c) With respect to any such
Underwritten Offering, the Holder making the request shall select an investment banking firm of international standing to be the managing underwriter for the offering, which firm shall be reasonably acceptable to the Company. The Company will enter
into and perform its obligations under an underwriting agreement with the underwriters for such Underwritten Offering, such agreement to contain such representations and warranties by the Company and such other terms and provisions as are
customarily contained in underwriting agreements with respect to secondary distributions, which may include, without limitation, indemnities and contribution to the effect and to the extent provided in <U>Article III</U> and the provision of
opinions of counsel and accountants&#146; letters as are customarily delivered by issuers to underwriters in secondary underwritten public offerings of securities. The Holders shall be a party to any such underwriting agreement and the
representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Holders of such securities, but only to the extent such
representations and warranties and other agreements are customarily made by issuers to selling stockholders in secondary underwritten public offerings, and the Holders shall be required to make representations or warranties to, and other agreements
with, the Company and the underwriters in connection with such underwriting agreement as are customarily made by selling stockholders in secondary underwritten public offerings; <U>provided</U>, <U>however</U>, that the Holders shall not be required
to make any representations or warranties to the Company or the underwriters regarding such Holder&#146;s knowledge about the Company or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided
in <U>Article III</U>), or to the underwriters with respect thereto, except to the extent of the indemnification being given to the Company and its controlling Persons in <U>Article III</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(d) If (i)&nbsp;the managing underwriter for such Underwritten Offering advises the Company or (ii)&nbsp;the Company concludes, after consulting
with its independent financial advisor (which shall be an investment banking firm of international standing), in either case, that in its opinion the number of Registrable Securities requested to be included in such Underwritten Offering exceeds the
number of Registrable Securities that can be sold in an orderly manner in such offering within a price range acceptable to the Holders, the Company shall include in such Underwritten Offering the number of each Holder&#146;s Registrable Securities
which in the opinion of such managing underwriter or the Company&#146;s independent financial advisor, as applicable, can be sold in an orderly manner within the price range of such offering. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(e) Unless the managing underwriter otherwise agrees, each Holder agrees not to effect any public sale or private offer or distribution of any
shares of Company Common Stock or any other issue being registered or a similar security of the Company, or any securities convertible into or exchangeable or exercisable for such </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-3 </FONT></P>


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securities, during the fourteen (14) days prior to the anticipated effectiveness under the Securities Act of any underwritten registration of any such securities (or with respect to an
underwritten takedown of any such securities under a shelf registration, prior to the pricing of such offer) and during such time period (not to exceed one hundred eighty (180) days) after the effectiveness under the Securities Act of any
underwritten registration (or, with respect to an underwritten offering pursuant to a shelf registration statement, after the pricing of such offering) as the Company and the managing underwriter may agree (except as part of such underwritten
registration or offering, as applicable). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2.2 <B><U>Registration Procedures</U></B>.&nbsp;&nbsp;If and whenever a Holder has requested that any
Registrable Securities be registered pursuant to this Agreement under <U>Article I</U>, and subject to the limitations set forth in this Agreement, the Company will use its commercially reasonable efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) if
the Registration Statement is not automatically effective upon filing, use commercially reasonable efforts to cause such Registration Statement to become effective; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(b) notify such Holder, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such
Registration Statement has been filed; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(c) after the Registration Statement becomes effective, notify such Holder of any request by the
SEC that the Company amend or supplement such Registration Statement or Prospectus; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(d) prepare and file with the SEC such amendments
and supplements to the Registration Statement and any Prospectus used in connection therewith as may be reasonably necessary to keep the Registration Statement effective and to comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities covered by the Registration Statement for the period required to effect the distribution of the Registrable Securities as set forth in <U>Article I</U> hereof; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(e) to the extent necessary to properly sell any Registrable Securities, furnish to such Holder such numbers of copies of a Prospectus, including a
preliminary Prospectus, as required by the Securities Act, and such other documents as such Holder may reasonably request in order to facilitate its disposition of its Registrable Securities; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(f) use its commercially reasonable efforts to register and qualify the Registrable Securities under such other securities or blue sky Laws of such
jurisdictions as shall be reasonably requested by such Holder;<U>&nbsp;provided</U>,<U>&nbsp;however</U>, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business in or to file a general
consent to service of process in any jurisdiction, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act, or subject itself to taxation in any such jurisdiction, unless the Company
is already subject to taxation in such jurisdiction; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(g) use its commercially reasonable efforts to cause all such Registrable
Securities to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar equity securities issued by the Company are then listed; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(h) provide a transfer agent and registrar for the Registrable Securities and provide a CUSIP number for all such Registrable Securities, in each
case not later than the effective date of the Registration Statement; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(i) use its commercially reasonable efforts to furnish, on the
date that shares of Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i)&nbsp;an opinion, dated as of such date, of the counsel representing the Company for the purposes of
such registration, in form and substance as is customarily given to underwriters by the Company in an underwritten public offering, addressed to the underwriters and (ii)&nbsp;a letter dated as of such date, from the independent public accountants
of the Company, in form and substance as is customarily given by independent public accountants to underwriters in an underwritten public offering, addressed to the underwriters; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(j) if requested by such Holder, cooperate with such Holder and the managing underwriter (if any) to
facilitate the timely preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable Law) representing securities sold under the Registration Statement, and enable such securities to be in
such denominations and registered in such names as such Holder or the managing underwriter (if any) may request and keep available and make available to the Company&#146;s transfer agent prior to the effectiveness of such Registration Statement a
supply of such certificates; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(k) in the event of any underwritten public offering, enter into and perform its obligations under an
underwriting agreement, in form and substance as is customarily given by the Company to underwriters in an underwritten public offering, with the underwriter(s) of such offering; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(l) upon execution of confidentiality agreements in form and substance satisfactory to the Company, promptly make available for inspection by such
Holder, any underwriter(s) participating in any disposition pursuant to such Registration Statement, and any attorney or accountant or other agent retained by any such underwriter or selected by such Holder, all financial and other records,
pertinent corporate documents, and properties of the Company (collectively, &#147;<U>Records</U>&#148;), and use commercially reasonable efforts to cause the Company&#146;s officers, directors, employees, and independent accountants to supply all
information reasonably requested by such Holder, an underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such Registration Statement and to conduct appropriate due
diligence in connection therewith;<U>&nbsp;provided</U>, Records that the Company determines, in good faith, to be confidential and that it notifies such Holder are confidential shall not be disclosed by such Holder unless the release of such
Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction or is otherwise required by applicable Law. Such Holder agrees that information obtained by it as a result of such inspections shall be deemed
confidential and shall not be used by it or its Affiliates (other than with respect to such Holder&#146;s due diligence) unless and until such information is made generally available to the public, and further agrees that, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the Company and allow the Company to undertake appropriate action to prevent disclosure of the Records deemed confidential; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(m) in the event of the issuance of any stop order suspending the effectiveness of such Registration Statement, or of any order suspending or
preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction, use its commercially reasonable efforts to obtain promptly the
withdrawal of such order; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(n) promptly notify such Holder at any time when a Prospectus relating thereto is required to be delivered
under the Securities Act of the happening of any event as a result of which the Prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made, and at the request of such Holder promptly prepare and furnish to such Holder a reasonable number of copies of a
supplement to or an amendment of such Prospectus, or a revised Prospectus, as may be necessary so that, as thereafter delivered to the purchasers of such securities, such Prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made (following receipt of any supplement or amendment to any Prospectus, such Holder
shall deliver such amended, supplemental or revised Prospectus in connection with any offers or sales of Registrable Securities, and shall not deliver or use any Prospectus not so supplemented, amended or revised); and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(o) take all such other actions as are reasonably necessary in order to facilitate the disposition of such Registrable Securities. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2.3 <B><U>Holder Obligations</U></B>.&nbsp;&nbsp;Subject to <U>Section&nbsp;2.1(a)</U>, a Holder may not participate in any registration hereunder unless such
Holder: (i)&nbsp;agrees to sell such Holder&#146;s Registrable Securities on the basis provided in any underwriting arrangements approved by the Company; and (ii)&nbsp;completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents, each in customary form, reasonably required under the terms of such underwriting arrangements; <U>provided</U>, <U>however</U>, that such Holder shall not be
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-5 </FONT></P>


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required to make any representations or warranties in connection with any such registration other than representations and warranties as to (A)&nbsp;such Holder&#146;s ownership of its
Registrable Securities to be sold or transferred free and clear of all liens, claims and encumbrances; (B)&nbsp;such Holder&#146;s power and authority to effect such transfer; and (C)&nbsp;such matters pertaining to compliance with securities Laws
as may be reasonably requested; <U>provided</U>, <U>further</U>, that such liability will be limited, to the net amount received by such Holder from the sale of its Registrable Securities pursuant to such registration. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2.4 <B><U>Blackout Periods</U></B>.<B></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) (i)
At any time when a Registration Statement effected pursuant to <U>Article I</U> relating to Registrable Securities is effective, upon written notice from the Company to a Holder that the board of directors of the Company (or any duly appointed
committee thereof) has determined in good faith, with the advice of counsel, that such Holder&#146;s sale of Registrable Securities pursuant to the Registration Statement would be reasonably likely to require disclosure of material non-public
information the disclosure of which would not otherwise be required to be disclosed (provided that the Company shall not be required to disclose to such Holder any such material non-public information) and would be reasonably likely to have a
material adverse effect on the Company or that such sale otherwise might not be in the best interests of the Company&#146;s stockholders (an &#147;<U>Information Blackout</U>&#148;), such Holder shall suspend sales of Registrable Securities pursuant
to such Registration Statement and (ii)&nbsp;if, while a Registration Request Notice or other registration request is pending pursuant to <U>Article I</U>, the board of directors of the Company (or any duly appointed committee thereof) determines
that an Information Blackout is required, or that any such filing or the offering of any Registrable Securities would be reasonably likely to adversely affect or delay any proposed financing, offer or sale of securities, acquisition, disposition,
corporate reorganization or other material transaction involving the Company, the Company shall deliver to such Holder a certificate to such effect signed by its Chief Executive Officer or Chief Financial Officer, and the Company shall not be
required to file a Registration Statement, Prospectus or any amendment or any supplement thereto pursuant to <U>Articles I </U>(a &#147;<U>Registration Delay</U>&#148;); <U>provided</U>, that any such suspension or postponement under (i)&nbsp;and
(ii)&nbsp;of this <U>Section&nbsp;2.4(a)</U> shall only continue until the earliest of: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(1) the date upon which such material
information is disclosed to the public or ceases to be material; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(2) ten (10)&nbsp;days after the Company&#146;s delivery of such
written notice to such Holder; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(3) in the case of clause (i)&nbsp;above, such time as the Company notifies such Holder that sales
pursuant to such Registration Statement may be resumed; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(4) in the case of clause (ii)&nbsp;above, the date upon which the
financing, offer or sale of securities, acquisition, corporate reorganization or other material transaction referred to therein concludes or is abandoned. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The number of days from such suspension of sales by a Holder until the day when such sales may be resumed under clause (1), (2)&nbsp;or (3)&nbsp;hereof, or from the
date of a notice of a Registration Delay until the date such affected registration process resumes under clause (1), (2)&nbsp;or (4)&nbsp;hereof, shall be called a &#147;<U>Blackout Period</U>&#148;. In no event may the Company deliver more than two
(2)&nbsp;notices, collectively, of an Information Blackout and/or a Registration Delay in any twelve (12)&nbsp;consecutive month period, and the aggregate number of days in which any Blackout Periods may be in effect in any twelve
(12)&nbsp;consecutive month period shall not exceed one hundred twenty (120)&nbsp;days. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) Any delivery by the Company of a written
notice of a Registration Delay following a registration request by a Holder pursuant to <U>Section&nbsp;1.1</U>, and before the effectiveness of the related Registration Statement, or of a written notice of an Information Blackout during the sixty
(60)&nbsp;days immediately following effectiveness of any Registration Statement effected pursuant to <U>Article I</U>, shall give such Holder the right, by written notice to the Company within twenty (20)&nbsp;Business Days after the end of such
Blackout Period, to cancel such registration and obtain one additional registration right during such calendar year under <U>Article I</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(c) The Company shall not effect any public offering of its securities during any Blackout Period other than in connection with such proposed transaction described in <U>Section&nbsp;2.4(a)</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2.5 <B><U>Transfer of Registration Rights</U></B>.&nbsp;&nbsp;The registration rights of a Holder under this Agreement with respect to any Registrable Securities
may be transferred or assigned to (i)&nbsp;an Affiliate of such Holder, or (ii)&nbsp;if the Holder is an </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-6 </FONT></P>


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Entity, a partner, stockholder or member thereof;<U>&nbsp;provided</U><I>,</I><U>&nbsp;however</U>, that (a)&nbsp;such Holder shall give the Company written notice prior to the time of such
transfer stating the name and address of the transferee and identifying the securities with respect to which the rights under this Agreement are being transferred; (b)&nbsp;such transferee shall agree in writing, in form and substance satisfactory
to the Company, to be bound as a Holder by the provisions of this Agreement; (c)&nbsp;such transferee is not a direct competitor of the Company; and (d)&nbsp;immediately following such transfer the further disposition of such securities by such
transferee shall be restricted to the extent set forth under applicable Law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2.6 <B><U>Current Public Information</U></B>.&nbsp;&nbsp;With a view to
making available to each Holder the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations of the SEC that may at any time permit each Holder to sell securities of the Company to the public without
registration, the Company covenants that it will (i)&nbsp;use its commercially reasonable efforts to file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the
rules and regulations adopted thereunder; and (ii)&nbsp;make available information necessary to comply with Rule 144 and Rule 144A, if available with respect to resales of the Registrable Securities under the Securities Act, at all times, all to the
extent required from time to time to enable each Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (x)&nbsp;Rule 144 and Rule 144A promulgated under the Securities
Act (if available with respect to resales of the Registrable Securities), as such rules may be amended from time to time or (y)&nbsp;any other rules or regulations now existing or hereafter adopted by the SEC. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ARTICLE III &#150; INDEMNIFICATION </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">3.1
<U><B>Indemnification</B></U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) The Company agrees to indemnify and reimburse, to the fullest extent permitted by Law, each Holder,
with respect to the sale of Registrable Securities pursuant hereto, and each of its employees, advisors, agents, representatives, partners, officers, and directors and each Person who controls such Holder (within the meaning of the Securities Act or
the Exchange Act) and any agent or investment advisor thereof (collectively, the &#147;<U>Seller Affiliates</U>&#148;): (i)&nbsp;against any and all losses, claims, damages, liabilities and expenses, joint or several (including, without limitation,
attorneys&#146; fees and disbursements except as limited by <U>Section&nbsp;3.1(c)</U>) based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of a material fact contained in any Registration Statement or
Prospectus or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii)&nbsp;against any and all losses,
liabilities, claims, damages and expenses whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon, arising out of, related to or resulting from any such untrue statement or omission or alleged untrue statement or omission; and (iii)&nbsp;against any and all costs and expenses (including reasonable fees and disbursements of
counsel) as may be reasonably incurred in investigating, preparing or defending against any litigation, investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon, arising out of,
related to or resulting from any such untrue statement or omission or alleged untrue statement or omission, or such violation of the Securities Act or Exchange Act, to the extent that any such expense or cost is not paid under subparagraph
(i)&nbsp;or (ii)&nbsp;above; except insofar as any such statements are made in reliance upon information furnished to the Company by a Holder or any Seller Affiliate for use therein or arise from a Holder&#146;s or any Seller Affiliate&#146;s
failure to deliver a copy of the Registration Statement or Prospectus or any amendments or supplements thereto after the Company has furnished such Holder or its Seller Affiliate with a sufficient number of copies of the same, in which case the
Company will not so indemnify and reimburse such Holder or its Seller Affiliates. The reimbursements required by this <U>Section&nbsp;3.1(a)</U> will be made by periodic payments during the course of the investigation or defense, as and when bills
are received or expenses incurred. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) In connection with any Registration Statement in which a Holder is participating as a seller of
Registrable Securities, such Holder will furnish to the Company such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the fullest extent
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-7 </FONT></P>


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permitted by Law, such Holder will indemnify the Company and its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act)
against any and all losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys&#146; fees and disbursements except as limited by <U>Section&nbsp;3.1(c)</U>) resulting from any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement, Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission is contained in any information or affidavit so furnished by such Holder or any of its Seller Affiliates
specifically for inclusion in the Registration Statement; <U>provided</U> that such liability will be limited to the net amount received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement; <U>provided</U>,
<U>however</U>, that such Holder shall not be liable in any such case to the extent that prior to the filing of any such Registration Statement or Prospectus or amendment thereof or supplement thereto, such Holder has furnished to the Company
information expressly for use in such Registration Statement or Prospectus or any amendment thereof or supplement thereto which corrected or made not misleading information previously furnished to the Company. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(c) Any Person entitled to indemnification hereunder will: (i)&nbsp;give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (<U>provided</U> that the failure to give such notice shall not limit the rights of such Person); and (ii)&nbsp;unless in such indemnified party&#146;s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; <U>provided</U>, <U>however</U>, that any
person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such person unless (A)&nbsp;the
indemnifying party has agreed to pay such fees or expenses or (B)&nbsp;the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person. If such defense is not assumed by the
indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed).
If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the applicable claim unless (i)&nbsp;such settlement or compromise contains a full and
unconditional release of the indemnified party or (ii)&nbsp;the indemnified party otherwise consents in writing (which consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not
to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party, a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and disbursements of
such additional counsel or counsels. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(d) Each party hereto agrees that, if for any reason the indemnification provisions contemplated by
<U>Section&nbsp;3.1(a)</U> or <U>Section&nbsp;3.1(b)</U> are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to therein,
then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, liabilities or expenses (or actions in respect thereof) in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party in connection with the actions which resulted in the losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative fault of
such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by such indemnifying party or indemnified party, and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this <U>Section&nbsp;3.1(d)</U> were determined by pro rata allocation (even if a Holder or any underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in this <U>Section&nbsp;3.1(d)</U>. The amount paid or payable by an indemnified party as a </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-8 </FONT></P>


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result of the losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred
by such indemnified party in connection with investigating or, except as provided in <U>Section&nbsp;3.1(c)</U>, defending any such action or claim. Notwithstanding the provisions of this <U>Section&nbsp;3.1(d)</U>, no Holder shall be required to
contribute an amount greater than the dollar amount by which the net proceeds received by such Holder with respect to the sale of any Registrable Securities exceeds the amount of damages which such Holder has otherwise been required to pay by reason
of any and all untrue or alleged untrue statements of material fact or omissions or alleged omissions of material fact made in any Registration Statement or Prospectus or any amendment thereof or supplement thereto related to such sale of
Registrable Securities. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Each
Holder&#146;s obligations in this <U>Section&nbsp;3.1(d)</U> to contribute shall be several in proportion to the amount of Registrable Securities registered by them and not joint. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">If indemnification is available under this <U>Section&nbsp;3.1</U>, the indemnifying parties shall indemnify each indemnified party to the full extent provided in <U>Section&nbsp;3.1(a)</U> and
<U>Section&nbsp;3.1(b)</U> without regard to the relative fault of said indemnifying party or indemnified party or any other equitable consideration provided for in this <U>Section&nbsp;3.1(d)</U> subject, in the case of a Holder, to the limited
dollar amounts set forth in <U>Section&nbsp;3.1(b)</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(e) The indemnification and contribution provided for under this Agreement will
remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of securities. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>ARTICLE IV &#150; TERMINATION </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">4.1
<B><U>Termination</U></B>.&nbsp;&nbsp;The provisions of this Agreement shall terminate and be of no further force and effect upon the earlier of (a)&nbsp;the four (4)&nbsp;year anniversary following the Closing and (b)&nbsp;the date when all
Registrable Securities have been sold or are available to be sold under Rule 144 promulgated under the Securities Act without regard to volume limits. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>ARTICLE V &#150; MISCELLANEOUS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.1 <B><U>Amendment</U></B>.&nbsp;&nbsp;Any provision of this Agreement may be
amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement or in the case of a waiver, by the party against whom the waiver is to be effective. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.2 <B><U>Counterparts and Facsimile</U></B>.&nbsp;&nbsp;This Agreement may be signed in any number of counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in PDF form, or by any other electronic means designed to preserve the original
graphic and pictorial appearance of a document, will be deemed to have the same effect as physical delivery of the paper document bearing the original signatures. This Agreement shall become effective when each party hereto shall have received
counterparts hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation
hereunder (whether by virtue of any other oral or written agreement or other communication). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.3 <B><U>Governing Law; Submission to Jurisdiction; Waiver
of Jury Trial</U></B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(a) This Agreement shall be governed by and construed in accordance with and governed by the Laws of the State of
Delaware, without regard to the conflicts of law rules of such State that would result in the application of any Law other than the Law of the State of Delaware. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(b) Each party to this Agreement hereby irrevocably and unconditionally (i)&nbsp;consents to the submission to the exclusive jurisdiction of the Court of Chancery of the State of Delaware sitting in Wilmington,
Delaware for any proceedings arising out of or relating to this Agreement or the transactions contemplated hereby, (ii)&nbsp;agrees not to commence any proceeding relating thereto except in such court and in accordance with the provisions of
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-9 </FONT></P>


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this Agreement, (iii)&nbsp;agrees that service of any process, summons, notice or document by U.S. registered mail, or otherwise in the manner provided for notices in <U>Section&nbsp;3.5</U>
hereof, shall be effective service of process for any such proceeding brought against it in any such court, (iv)&nbsp;waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying
of venue of any such proceeding in such courts and (v)&nbsp;agrees not to plead or claim in any court that any such proceeding brought in any such court has been brought in an inconvenient forum. Each of the parties hereto agrees that a final
judgment in any such proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law. Nothing in this Agreement will affect the right of any party to this Agreement
to serve process in any other manner permitted by applicable Law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(c) THE PARTIES HERETO WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING (WHETHER BASED ON CONTRACT, EQUITY, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTION AGREEMENT, OR THE
NEGOTIATION, EXECUTION, PERFORMANCE, OR ENFORCEMENT OF THIS AGREEMENT, THE TRANSACTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING. EACH PARTY (A)&nbsp;CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.4
<U>Notices</U>.&nbsp;&nbsp;All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed given if delivered personally, transmitted by facsimile or e-mail (and confirmed), mailed by
registered or certified mail with postage prepaid and return receipt requested, or sent by commercial overnight courier, courier fees prepaid (if available; otherwise, by the next best class of service available), to the parties at the following
addresses: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">If to the Company: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway, Suite 800 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas 76116 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention:
J. Curtis Henderson </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile: (817)&nbsp;989-9001 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">With copies to (which shall not constitute notice): </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Weil, Gotshal&nbsp;&amp; Manges LLP </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">200 Crescent Court, Suite 300 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Dallas, Texas 75201 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention:
Rodney Moore </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile: (214)&nbsp;746-8102 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Email: rodney.moore@weil.com </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If to any Holder, at its address listed on the signature pages hereof. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Any party may from time to time change its address or designee for notification purposes by giving the other parties prior notice in the manner specified above of
the new address or the new designee and the subsequent date upon which the change shall be effective. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.5 <B><U>Entire Agreement;
Etc.</U></B>.&nbsp;&nbsp;This Agreement (including the Exhibit hereto) constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and
oral, among the parties hereto with respect to the subject matter hereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.6 <B><U>Headings</U></B>.&nbsp;&nbsp;The Article&nbsp;and Section headings
in this Agreement are for convenience of reference only, do not constitute a part of this Agreement and shall not limit, extend or otherwise affect the meaning or interpretation of the terms and provisions of this Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-10 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.7 <B><U>Severability</U></B>.&nbsp;&nbsp;If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction or other Governmental Entity to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the
fullest extent possible. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.8 <B><U>No Third Party Beneficiaries</U></B>.&nbsp;&nbsp;Subject to the following sentence, nothing in this Agreement is
intended or shall be construed to give any Person, other than the parties hereto and their respective successors, assigns and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision
contained herein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.9 <B><U>Expenses</U></B>.&nbsp;&nbsp;Except as otherwise explicitly contemplated by this Agreement, each party will bear and pay the
costs and expenses incurred by such party in connection with the transactions contemplated under this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.10 <B><U>Existing Registration Rights
Agreement</U></B>.&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement, the provisions of this Agreement are subject to the Existing Registration Right Agreement. To the extent a Holder has any right, or the Company has any
obligation, that is in conflict with or affected by the Existing Registration Rights Agreement, the provisions of the Existing Registration Rights Agreement shall govern and the provisions hereof shall be read in conjunction with, and subject to,
such provisions in the Existing Registration Rights Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.11 <B><U>Other Definitional and Interpretive Matters</U></B>.&nbsp;&nbsp;Unless
otherwise expressly provided or the context otherwise requires, for purposes of this Agreement the following rules of interpretation apply. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(a) When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period
is excluded. If the last day of such period is a non-Business Day, the period in question ends on the next succeeding Business Day. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(b)
Any reference in this Agreement to $ means U.S. dollars. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(c) The Exhibit to this Agreement are hereby incorporated and made a part
hereof as if set forth in full in this Agreement and are an integral part of this Agreement. Any capitalized terms used in any Exhibit but not otherwise defined therein are defined as set forth in this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(d) Any reference in this Agreement to gender includes all genders, and words imparting the singular number also include the plural and vice versa.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(e) The division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of
reference only and do not affect, and should not be utilized in, the construction or interpretation of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(f) All
references in this Agreement to any &#147;Article,&#148; &#147;Section or &#147;Exhibit&#148; are to the corresponding Article, Section or Exhibit of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT
STYLE="font-family:ARIAL" SIZE="2">(g) The words &#147;<U>herein</U>,&#148; &#147;<U>hereinafter</U>,&#148; &#147;<U>hereof</U>,&#148; and &#147;<U>hereunder</U>&#148; refer to this Agreement as a whole and not merely to a subdivision in which such
words appear unless the context otherwise requires. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">(h) The word &#147;<U>including</U>&#148; or any variation thereof means
&#147;<U>including</U>, <U>but not limited to</U>,&#148; and does not limit any general statement that it follows to the specific or similar items or matters immediately following it. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-11 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Exhibit A </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Certain Definitions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Agreement</U>.&nbsp;&nbsp;&#147;Agreement&#148; has the meaning set forth in the
Introductory Paragraph. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Affiliate</U>.&nbsp;&nbsp;&#147;Affiliate&#148; means, with respect to any Person, any Person who, directly or indirectly
through one or more intermediaries, controls, is controlled by or is under common control with any Person. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Beneficial
Ownership</U>.&nbsp;&nbsp;&#147;Beneficial Ownership&#148; and terms of similar import shall be as defined under and determined pursuant to Rule 13d-3 promulgated under the Exchange Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><U>Blackout Period</U>.&nbsp;&nbsp;&#147;Blackout Period&#148; has the meaning set forth in <U>Section&nbsp;2.4(a)</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Business Day</U>.&nbsp;&nbsp;&#147;Business Day&#148; means any day other than (i)&nbsp;a Saturday, Sunday or a federal holiday, or (ii)&nbsp;a day on which
commercial banks in New York City, New York or Fort Worth, Texas are authorized or required to be closed. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Closing</U>.&nbsp;&nbsp;&#147;Closing&#148;
has the meaning given to such term in the Exchange Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Company</U>.&nbsp;&nbsp;&#147;Company&#148; has the meaning set forth in the
Introductory Paragraph. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Company Common Stock</U>.&nbsp;&nbsp;&#147;Company Common Stock&#148; has the meaning set forth in the Recitals. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Entity</U>.&nbsp;&nbsp;&#147;Entity&#148; means any corporation (including any non-profit corporation), general partnership, limited partnership, limited
liability partnership, joint venture, estate, trust, cooperative, foundation, society, political party, union, company (including any limited liability company or joint stock company), firm or other enterprise, association, organization or entity.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Effectiveness Period</U>.&nbsp;&nbsp;&#147;Effectiveness Period&#148; has the meaning set forth in <U>Section&nbsp;1.1(a)</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Exchange Act</U>.&nbsp;&nbsp;&#147;Exchange Act&#148; means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and
regulations promulgated by the SEC thereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Exchange Agreement</U>.&nbsp;&nbsp;&#147;Exchange Agreement&#148; has the meaning set forth in the
Recitals. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Excluded Registration</U>.&nbsp;&nbsp;&#147;Excluded Registration&#148; means a registration under the Securities Act of
(i)&nbsp;securities registered on Form S-8 or any similar successor form and (ii)&nbsp;securities registered to effect the acquisition of or combination with another Person. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><U>Existing Registration Rights Agreement</U>.&nbsp;&nbsp;&#147;Existing Registration Rights Agreement&#148; means the Registration Rights Agreement, dated as of November&nbsp;14, 2007, by and among the Company and
each of the other parties thereto. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Governmental Entity</U>.&nbsp;&nbsp;&#147;Governmental Entity&#148; means any U.S., foreign, federal, national,
state or local government or political subdivision thereof, any entity, agency, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, any court, tribunal or arbitrator,
and any self-regulatory organization. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Holder</U>.&nbsp;&nbsp;&#147;Holder&#148; has the meaning set forth in the Introductory Paragraph. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Information Blackout</U>.&nbsp;&nbsp;&#147;Information Blackout&#148; has the meaning set forth in <U>Section&nbsp;2.4(a)</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Law</U>.&nbsp;&nbsp;&#147;Law&#148; means any federal, state, local, municipal, foreign or other law, statute, legislation, constitution, principle of common
law, resolution, ordinance, code, edict, decree, proclamation, treaty, convention, rule, regulation, ruling, directive, pronouncement, requirement, specification, determination, decision, opinion or interpretation issued, enacted, adopted, passed,
approved, promulgated, made, implemented or otherwise put into effect by or under the authority of any Governmental Entity (including those laws relating to record keeping, customs, export and sanctions compliance, foreign assets control, foreign
corrupt practices, possession and handling of classified information or zoning). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Material Adverse Effect</U>.&nbsp;&nbsp;&#147;Material Adverse
Effect&#148; has the meaning set forth in <U>Section&nbsp;1.2(b)</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-A-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Participating Holder</U>.&nbsp;&nbsp;&#147;Participating Holder&#148; has the meaning set forth in
<U>Section&nbsp;1.2(a)</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Person</U>.&nbsp;&nbsp;&#147;Person&#148; means any individual, Entity or Governmental Entity. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Prospectus</U>.&nbsp;&nbsp;&#147;Prospectus&#148; means the prospectus (including any preliminary, final or summary prospectus) included in any Registration
Statement, all amendments and supplements to such prospectus and all other material incorporated by reference in such prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Records</U>.&nbsp;&nbsp;&#147;Records&#148; has the meaning set forth in <U>Section&nbsp;2.2(l)</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><U>Register</U>.&nbsp;&nbsp;&#147;Register,&#148; &#147;registered&#148; and &#147;registration&#148; refer to a registration effected by preparing and filing a Registration Statement in compliance with the
Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Registrable
Securities</U>.&nbsp;&nbsp;&#147;Registrable Securities&#148; means, at any time, the Company Common Stock owned by a Holder, whether owned on the date hereof or acquired hereafter; <U>provided</U>, <U>however</U>, that Registrable Securities shall
not include any shares (i)&nbsp;the sale of which has been registered pursuant to the Securities Act and which shares have been sold pursuant to such registration; (ii)&nbsp;which have been sold on any U.S. national securities exchange or quotation
system on which the Registrable Securities are then listed or traded, pursuant to Rule 144 under the Securities Act or otherwise; (iii)&nbsp;that have been sold, transferred or disposed of by a Holder to a Person that is not an Affiliate of such
Holder, and such Person may immediately thereafter fully transfer such Registrable Securities without restriction under the applicable securities laws of the United States; or (iv)&nbsp;which have been sold pursuant to Rule 144 under the Securities
Act or are eligible for resale pursuant to Rule 144 under the Securities Act without regard to volume or manner of sale restrictions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Registration
Delay</U>.&nbsp;&nbsp;&#147;Registration Delay&#148; has the meaning set forth in <U>Section&nbsp;2.4(a)</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Registration
Expenses</U>.&nbsp;&nbsp;&#147;Registration Expenses&#148; means all expenses (other than underwriting discounts and commissions) arising from or incident to the registration of Registrable Securities in compliance with this Agreement, including,
without limitation: (i)&nbsp;SEC, stock exchange, FINRA and other registration and filing fees; (ii)&nbsp;all fees and expenses incurred in connection with complying with any securities or blue sky Laws (including, without limitation, fees, charges
and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii)&nbsp;all printing, messenger and delivery expenses; (iv)&nbsp;the fees, charges and disbursements of counsel to the Company and of its
independent public accountants and any other accounting and legal fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from any special audits or &#147;comfort&#148; letters required in connection
with or incident to any registration); (v)&nbsp;the fees and expenses incurred in connection with the listing of the Registrable Securities on any national securities exchange or the quotation of Registrable Securities on any inter-dealer quotation
system; (vi)&nbsp;the fees and expenses incurred by the Company in connection with any &#147;road show&#148; for underwritten offerings; and (vii)&nbsp;reasonable fees, charges and disbursements of counsel to the Holders, including, for the
avoidance of doubt, any expenses of counsel to the Holders in connection with the filing or amendment of any Registration Statement or Prospectus hereunder; <U>provided</U> that Registration Expenses shall only include the fees and expenses of one
counsel to the Holders (and one local counsel per jurisdiction) with respect to any offering. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Registration Request
Notice</U>.&nbsp;&nbsp;&#147;Registration Request Notice&#148; has the meaning set forth in <U>Section&nbsp;1.1(a)</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Registration
Statement</U>.&nbsp;&nbsp;&#147;Registration Statement&#148; means any registration statement of the Company that covers the resale of any Registrable Securities pursuant to the provisions of this Agreement filed with, or to be filed with, the SEC
under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits, financial information
and all other material incorporated by reference in such registration statement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>SEC</U>.&nbsp;&nbsp;&#147;SEC&#148; means the Securities and
Exchange Commission or any other Federal agency at the time administering the Securities Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Securities Act</U>.&nbsp;&nbsp;&#147;Securities
Act&#148; means the Securities Act of 1933, as amended, or any similar Federal statute, and the rules and regulations promulgated by the SEC thereunder. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-A-2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Seller Affiliates</U>.&nbsp;&nbsp;&#147;Seller Affiliates&#148; has the meaning set forth in
<U>Section&nbsp;3.1</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Trading Forum</U>.&nbsp;&nbsp;&#147;Trading Forum&#148; has the meaning set forth in <U>Section&nbsp;1.4</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Underwriting Request</U>.&nbsp;&nbsp;&#147;Underwriting Request&#148; has the meaning set forth in <U>Section 2.1(a)</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>Underwritten Offering</U>.&nbsp;&nbsp;&#147;Underwritten Offering&#148; has the meaning set forth in <U>Section 2.1(a)</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-A-3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized
officers as of the date first written above. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">APPROACH RESOURCES INC.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I>Signature page to Registration Rights Agreement</I>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-A-4 </FONT></P>


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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">WILKS BROTHERS, LLC</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Address:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">17010 IH-20</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cisco, Texas 76437</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Attention: Morgan Neff and Matt Wilks</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile No.: (817)&nbsp;850-3698</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Email: MNeff@wilksbrothers.com and</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">mwilks@ie-llc.net</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Copy to:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Brown Rudnick LLP</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">7 Times Square</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">New York, New York 10036</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: John F. Storz</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile: (212)&nbsp;209-4801</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Email:
jstorz@brownrudnick.com</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW INVESTMENTS, LLC</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Address:</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">17010 IH-20</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Cisco, Texas 76437</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: Morgan Neff and Matt Wilks</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Facsimile No.: (817)&nbsp;850-3698</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Email: MNeff@wilksbrothers.com and</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">mwilks@ie-llc.net</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Copy to:</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Brown Rudnick LLP</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">7 Times Square</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">New York, New York 10036</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: John F. Storz</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Facsimile: (212)&nbsp;209-4801</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2">Email: jstorz@brownrudnick.com</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I>Signature page to Registration Rights Agreement</I>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-B-A-5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit C </U></B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Consent </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>CONSENT OF BENEFICIAL OWNERS OF NOTES </U></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">November 2, 2016 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Re: <U>7.00% Senior
Notes due 2021</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Reference is made to (i) the base indenture, dated as of June 11, 2013, by and among Approach Resources, Inc., a Delaware corporation
(the &#147;<U>Company</U>&#148;), the guarantors party thereto, and Wilmington Trust, National Association, as successor trustee (the &#147;<U>Trustee</U>&#148;), as amended, supplemented, restated or otherwise modified from time to time (the
&#147;<U>Base Indenture</U>&#148;), (ii) the First Supplemental Indenture to the Base Indenture, dated as of June 11, 2013, by and among the Company, the guarantors party thereto and the Trustee, as amended, supplemented, restated or otherwise
modified from time to time (the &#147;<U>First Supplemental Indenture</U>&#148; and, collectively with the Base Indenture, the &#147;<U>Indenture</U>&#148;) providing for the issuance by the Company of $250,000,000 aggregate principal amount of
7.00% Senior Notes Due 2021, of which $230,320,000 are issued and outstanding (the &#147;<U>Notes</U>&#148;) and (iii) the Second Supplemental Indenture to the Base Indenture, in the form attached as <U>Exhibit A </U>hereto, expected to be dated on
or about the date hereof (the &#147;<U>Second Supplemental Indenture</U>&#148;), by and among the Company, the guarantors party thereto and the Trustee, providing for the Amendments (as defined in the Second Supplemental Indenture).&nbsp;Capitalized
terms used herein without definition shall have the meanings assigned to them in the Base Indenture, the First Supplemental Indenture and the Second Supplemental Indenture, as applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">By their signatures below, each of the holders set forth on <U>Schedule 1</U> hereto (collectively, the &#147;<U>Specified Holders</U>&#148;) hereby (a) certifies that it is, as of the date hereof, the Beneficial
Owner of the aggregate principal amount of Notes set forth opposite such entity&#146;s name on <U>Schedule 1</U> hereto, (b) certifies that it has full power and authority to execute and deliver this Consent, (c) consents to the Amendments, (d)
certifies that attached hereto as <U>Exhibit</U><U>&nbsp;</U><U>B</U> are true, correct and complete copies of consent letters (the &#147;<U>Consent Letters</U>&#148;) duly executed by the Specified Holders requesting that Cede &amp; Co., the
nominee of The Depository Trust Company (&#147;<U>DTC</U>&#148;) and registered Holder of the Notes, consent to the Amendments in respect of the aggregate principal amount of Notes set forth opposite such Specified Holders&#146; name on Schedule 1
hereto and that each of such Consent Letters have been delivered to the DTC Participant identified therein for execution and delivery to DTC, (e) agrees to use commercially reasonable efforts to cause each of the Consent Letters to be promptly
executed by the DTC Participant specified in the Consent Letter, and thereafter promptly delivered for execution, and&nbsp;executed, by Cede &amp; Co., and to execute and deliver such further instruments, and to do such further acts, as may be
reasonably necessary or proper, upon request by the Company or the Trustee, or both, to make the Consent Letters effective, to evidence such consent by the Beneficial Owners and by the registered Holder of the Notes (including by providing to the
Company certified originals or copies of each of the fully executed Consent Letters) and to carry out more effectively the intent of this Consent and the Second Supplemental Indenture, and (f) requests, authorizes and directs the Company, the
guarantors and the Trustee, subject to delivery of the fully executed Consent Letters, to execute and deliver the Second Supplemental Indenture and to take all such actions and deliver all such documents as are reasonably necessary or proper to
effectuate this Consent and the Second Supplemental Indenture.&nbsp;For the avoidance of doubt, it is expressly understood and agreed, however, that the Amendments will not become effective and operative unless and until the Closing under the
Exchange Agreement (as defined in the Second Supplemental Indenture) shall have occurred, and in the event that the Exchange Agreement is terminated without the Closing having occurred, the Amendments shall have no force or effect.&nbsp;It is
further understood and agreed that the Beneficial Owner&#146;s obligations under paragraph (e) shall not include the initiation of any litigation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
execution and delivery of this Consent shall not operate as a waiver of any right, power or remedy of the Specified Holders under the Base Indenture or First Supplemental Indenture, nor constitute an amendment of any provision of the Base Indenture
or First Supplemental Indenture or for any purpose except as expressly set forth in the Second Supplemental Indenture.&nbsp;This Consent, and every proxy or agency authority granted herein, is coupled with an interest and is irrevocable, is a
continuing consent as such term is used in the Indenture and shall bind every Holder, now or hereafter, of the Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I>Signature page
follows</I>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-C-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, each of the undersigned has executed this consent to the Second Supplemental Indenture as of the
date first written above. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">WILKS BROTHERS, LLC, as Noteholder</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ORGAN</SMALL> D.
N<SMALL>EFF</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan D. Neff</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Senior Portfolio Manager</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ATTHEW</SMALL> D.
W<SMALL>ILKS</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew D. Wilks</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Portfolio Manager &amp; Vice President of</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital Investments</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW INVESTMENTS, LLC, as Noteholder</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ORGAN</SMALL> D.
N<SMALL>EFF</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan D. Neff</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Senior Portfolio Manager</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">/<SMALL>S</SMALL>/&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ATTHEW</SMALL> D.
W<SMALL>ILKS</SMALL></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew D. Wilks</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Portfolio Manager &amp; Vice President of</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital Investments</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>[Signature Page to Holder Consent] </I></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-C-2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Schedule 1</U> </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Holder</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CUSIP&nbsp;Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>DTC&nbsp;Participant</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Principal&nbsp;Amount&nbsp;of&nbsp;Notes</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Wilks Brothers, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">03834A AA1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$110,421,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW Investments, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">03834A AA1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$20,131,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>TOTAL</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>$130,552,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-C-Sch&nbsp;1
</FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit A</U> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Form of Second Supplemental Indenture </B></FONT></P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit A </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">SECOND SUPPLEMENTAL INDENTURE </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">SECOND SUPPLEMENTAL INDENTURE (this &#147;<U>Second Supplemental Indenture</U>&#148;),
dated as of [<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], 2016, between Approach Resources Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), the Guarantors (as
hereinafter defined) and Wilmington Trust, National Association, as successor trustee under the Indenture referred to below (the &#147;<U>Trustee</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">W&nbsp;I&nbsp;T&nbsp;N&nbsp;E&nbsp;S&nbsp;S&nbsp;E&nbsp;T&nbsp;H </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, the Company and the guarantors party
thereto (the &#147;<U>Guarantors</U>&#148;) delivered to the Trustee a base indenture, dated as of June 11, 2013 (the &#147;<U>Base Indenture</U>&#148;), by and among the Company, the guarantors party thereto and the Trustee, as supplemented by the
First Supplemental Indenture dated as of June 11, 2013 (the &#147;<U>First Supplemental Indenture</U>&#148; and, together with the Base Indenture, the &#147;<U>Indenture</U>&#148;) providing for the issuance by the Company of a series of senior
notes designated as 7.00% Senior Notes due 2021 (the &#147;<U>Notes</U>&#148;); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, pursuant to that certain Exchange Agreement, dated as of the
date hereof (the &#147;<U>Exchange Agreement</U>&#148;), by and between the Company and Wilks Brothers, LLC, a Texas limited liability company and SDW Investments, LLC, a Texas limited liability company (the &#147;<U>Noteholders</U>&#148;), the
Company and the Noteholders have reached an agreement pursuant to which, amongst other things, upon satisfaction of the conditions to closing set forth therein, the Noteholders will transfer to the Company, and the Company shall acquire, directly or
indirectly, all of the Notes held by the Noteholders in exchange for, shares of Common Stock (as defined in the Exchange Agreement) of the Company (the &#147;<U>Exchange</U>&#148;); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">WHEREAS, in connection with the Exchange Agreement, the Noteholders have delivered one or more consent letters executed by Cede &amp; Co, the registered Holder of the Notes, on behalf of the Noteholders
(collectively, the &#147;<U>Noteholder Consents</U>&#148;) to supplement the Indenture to effect the amendments set forth in Sections 2, 3, 4 and 5 hereof (collectively, the &#147;<U>Amendments</U>&#148;) on the terms set forth herein, including
that this Second Supplemental Indenture shall be in full force and effect on the date first written above and such Amendments shall become operative with respect to the Indenture only if the Closing (as defined in the Exchange Agreement) shall occur
(such Closing, the &#147;<U>Operative Time</U>&#148;); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, subject to certain exceptions, Section 1002 of the First Supplemental Indenture
provides, among other things, that the Company, the Guarantors and the Trustee may amend or supplement the Indenture, the Securities Guarantees and the Notes (and the Company and the Guarantors desire to&nbsp;amend and supplement the Indenture, the
Securities Guarantees and the Notes as provided herein) with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding voting as a single class; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, the Noteholders beneficially own $130,552,000, or 56.7% of the $230,200,000 aggregate principal amount of the issued and outstanding Notes, Cede &amp; Co.
has executed the Noteholder Consents in respect of such aggregate principal amount, and accordingly the Holder of at least a majority in aggregate principal amount of the outstanding Notes for the purposes of Section 1002 of the First Supplemental
Indenture has duly consented to this Second Supplemental Indenture; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">WHEREAS, all conditions necessary to authorize the execution and delivery of
this Second Supplemental Indenture and to make this Second Supplemental Indenture valid and binding have been complied with or performed. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the Guarantors, and the Trustee mutually covenant and agree for the equal and ratable benefit of
the holders of the Notes as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">1. <U>C<SMALL>APITALIZED</SMALL> T<SMALL>ERMS</SMALL></U><SMALL></SMALL>.&nbsp;Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-C-A-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2. <U>A<SMALL>MENDMENTS</SMALL> <SMALL>TO</SMALL> S<SMALL>ECTION</SMALL> 201 <SMALL>OF</SMALL> <SMALL>THE</SMALL>
F<SMALL>IRST</SMALL> S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL></U><SMALL></SMALL>.&nbsp;Section 201 of the First Supplemental Indenture is hereby amended at the Operative Time by deleting those definitions and cross references that, by
virtue of the amendments effected in Sections 3, 4 and 5 hereof, are no longer used in the Indenture or the Notes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">3. <U>A<SMALL>MENDMENTS</SMALL>
<SMALL>TO</SMALL> S<SMALL>ECTION</SMALL> 601 <SMALL>OF</SMALL> <SMALL>THE</SMALL> F<SMALL>IRST</SMALL> S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL></U><SMALL></SMALL>.</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">(a) Each of the following clauses of Section 601 of the First Supplemental Indenture is hereby deleted in their entirety at the Operative Time and each such clause is replaced at such time with the following:
&#147;[Intentionally Omitted]&#148; (and all references thereto in the Indenture are hereby deleted in their entirety) at such time: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">clause (4) (failure to comply with the incurrence of indebtedness, restricted payments, change of control or asset sale covenants); </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">clause (5) (default with respect to agreements under the Indenture other than those specified in clauses (1) through (4)); </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">clause (6) (payment default or cross-acceleration with respect to other material debt); and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">clause (7) (failure to pay judgments). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">(b) (i)
Clause (3) of Section 601 of the First Supplemental Indenture is hereby amended at the Operative Time to delete the phrase &#147;or to consummate a purchase of Notes when required pursuant to Section 1110 or Section 1115 of this Supplemental
Indenture&#148;; and (ii) each of clause (9) and clauses (10)(a), (b), and (c) of Section 601 of the First Supplemental Indenture is hereby amended at the Operative Time to delete the following phrase, each time it appears therein:&nbsp;&#147;, any
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary,&#148;.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">4. <U>A<SMALL>MENDMENTS</SMALL> <SMALL>TO</SMALL> S<SMALL>ECTION</SMALL> 901 <SMALL>OF</SMALL> <SMALL>THE</SMALL> F<SMALL>IRST</SMALL>
S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL></U><SMALL></SMALL>.</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">Each of clauses (3) and (4) of Section 901 of the First
Supplemental Indenture is hereby deleted in its entirety at the Operative Time and each such clause is replaced at such time with the following: &#147;[Intentionally Omitted]&#148; (and all references thereto in the Indenture are hereby deleted in
their entirety at such time), and the proviso at the end of the first paragraph of Section 901 is hereby deleted in its entirety at such time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.
<U>A<SMALL>MENDMENTS</SMALL> <SMALL>TO</SMALL> A<SMALL>RTICLE</SMALL> 11 <SMALL>OF</SMALL> <SMALL>THE</SMALL> F<SMALL>IRST</SMALL> S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL></U><SMALL></SMALL>.&nbsp;&nbsp;Each of the following sections of
the First Supplemental Indenture is hereby deleted in its entirety at the Operative Time and each such section is replaced at such time with the following: &#147;[Intentionally Omitted]&#148; (and all references thereto in the Indenture are hereby
deleted in their entirety at such time): </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1106 &#147;Reports&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1107 &#147;Payment of Taxes&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1110 &#147;Repurchase of Notes Upon a Change of Control&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1111 &#147;Incurrence of Indebtedness and Issuance of Preferred Stock&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1112 &#147;Restricted Payments&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1113 &#147;Limitation on Liens&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1114 &#147;Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1115 &#147;Asset Sales&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1116 &#147;Transactions with Affiliates&#148; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Section 1117 &#147;Future Subsidiary Guarantees&#148; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-C-A-2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">6. <U>N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL> L<SMALL>AW</SMALL> <SMALL>TO</SMALL>
G<SMALL>OVERN</SMALL></U><SMALL></SMALL>.&nbsp;&nbsp;THE LAWS OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">7. <U>C<SMALL>OUNTERPARTS</SMALL></U><SMALL></SMALL>.&nbsp;&nbsp;The parties
may sign any number of copies of this Second Supplemental Indenture.&nbsp;Each signed copy shall be an original, but all of them together represent the same agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">8. <U>E<SMALL>FFECT</SMALL> <SMALL>OF</SMALL> H<SMALL>EADINGS</SMALL></U><SMALL></SMALL>.&nbsp;&nbsp;The Section headings herein are for convenience only and shall not affect the construction hereof. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">9. <U>I<SMALL>NCORPORATION</SMALL> <SMALL>OF</SMALL> I<SMALL>NDENTURE</SMALL></U><SMALL></SMALL>.&nbsp;&nbsp;All the provisions of this Second Supplemental
Indenture shall be deemed to be incorporated in, and made a part of, the Indenture; and the Indenture, as supplemented and amended by this Agreement, shall be read, taken and construed as one and the same instrument. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">10. <U>T<SMALL>HE</SMALL> T<SMALL>RUSTEE</SMALL></U><SMALL></SMALL>.&nbsp;&nbsp;The Trustee shall not be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">11.
<U>E<SMALL>FFECTIVENESS</SMALL> <SMALL>OF</SMALL> T<SMALL>HIS</SMALL> S<SMALL>ECOND</SMALL> S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL></U><SMALL></SMALL>.&nbsp;&nbsp;Upon the execution of this Second Supplemental Indenture by the Company,
the Guarantors, and the Trustee, the Indenture shall be amended and supplemented in accordance herewith, and this Second Supplemental Indenture shall form a part of the Indenture for all purposes, and the parties hereto and every Holder of Notes
shall be bound hereby; <I>provided, however</I>, that the Amendments will not become effective and operative unless and until the Operative Time shall have occurred, at which time such Amendments shall immediately become effective and operative for
all purposes of the Indenture without further action by any Person, and simultaneously therewith the Notes and the Securities Guarantees shall be deemed supplemented and amended for all purposes, as and to the same extent as the Indenture has been
supplemented and amended hereby.&nbsp;In the event that the Exchange Agreement is terminated without the Closing having occurred, the Amendments will not become effective and operative, and this Supplemental Indenture shall immediately upon such
termination be of no further force or effect.&nbsp;The Company shall give the Trustee prompt written notice of the occurrence of the Operative Time or the termination of the Exchange Agreement.&nbsp;For the avoidance of doubt, nothing in this Second
Supplemental Indenture shall effect in any way the deletion and replacement, or intentional omission, of any Article, Section, clause or other provision of the Base Indenture specified in Section 102 of the First Supplemental Indenture, which
Section 102 shall remain in full force and effect subject only to the amendments specified in this Second Supplemental Indenture, or amend the Base Indenture as it may apply to any Securities other than the Notes. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-C-A-3 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit A</U> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed and delivered, all as of the date first above written. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Dated: [<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], 2016 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">APPROACH RESOURCES INC., as the Company</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Name: &nbsp;&nbsp;[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Title: &nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">GUARANTORS</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Name: &nbsp;&nbsp;[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Title: &nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I>G<SMALL>UARANTOR</SMALL> S<SMALL>IGNATURE</SMALL> B<SMALL>LOCKS</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> <SMALL>ADDED</SMALL></I><SMALL></SMALL>]</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">TRUSTEE</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Wilmington Trust, National Association,</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;as Trustee</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Authorized Signatory</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-C-A-4 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit B</U> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>The Consent Letters </B></FONT></P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Instructions: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Please complete the form below as needed to indicate the action desired for owned issues. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">All submissions must be on
the participant&#146;s letterhead and must have that participant&#146;s medallion stamp.</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">You must submit completed forms via the WINS application. A user
guide to the process can be found here: <U>http://www.dtcc.com/~/media/Files/Downloads/Settlement-Asset-Services/Issuer%20Services/WINS-User-Guide-Demand-and-Dissents.pdf</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">For questions or additional forms, send requests via electronic mail to: </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>demandanddissent@dtcc.com </U></B></FONT></P>

<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CONSENT OF NOTEHOLDER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>TO SUPPLEMENTAL INDENTURE </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Date: November 2, 2016 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Depository Trust Company </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Proxy Department </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2">55 Water
Street-25</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Floor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">New York, NY 10041 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: Demand and Dissent </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;Approach Resources Inc.7.00% Senior Notes due 2021 - CUSIP: 03834A AA1 </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;[<I><U>Insert DTC Participant Name &amp; Account Number</U></I><U>]</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Dear Partner: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Please cause your nominee, Cede &amp; Co., to sign one copy of the attached letter (the
&#147;<U>Consent Letter</U>&#148;) in order to enable our customer to exercise its right to consent with respect to $[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>] principal amount
of the above-referenced securities credited to our DTC Participant account on the date hereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition to acknowledging that this request is subject
to the indemnification provided for in DTC Rule 6, the undersigned hereby certifies to DTC and Cede &amp; Co, that the information and facts set forth in the Consent Letter are true and correct, including the following: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The aggregate principal amount of the securities credited to our DTC Participant account that are beneficially owned by our customer, and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">There have been no prior requests to DTC or Cede &amp; Co, for execution of a letter similar to the attached Consent Letter with respect to the principal amount of securities
referred to therein. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The undersigned understands that letters similar to the attached Consent Letter are being forwarded by other
beneficial owners of the above-referenced securities whose holdings, together with the principal amount referred to above, constitute a majority of the principal amount of the above-referenced securities now outstanding. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Please make the Consent Letter available for pick-up by
[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I>INSERT NAME OF DTC PARTICIPANT</I>]</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Medallion Stamp </FONT></P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CONSENT OF NOTEHOLDER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>TO SUPPLEMENTAL INDENTURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">Date: November 2, 2016 </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">One Ridgmar Centre </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway, Suite 800 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Attn: Josh Dazey, Vice President, General Counsel and Assistant Secretary </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>RE:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B>&nbsp;&nbsp;Approach Resources Inc.7.00% Senior Notes due 2021 - CUSIP: 03834A AA1 (the &#147;<U>Notes</U>&#148;) </FONT></TD></TR></TABLE>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Reference is made to the base indenture, dated as of June
11, 2013, by and among Approach Resources Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), the guarantors party thereto, and Wilmington Trust, National Association, as successor trustee (the &#147;<U>Trustee</U>&#148;), as amended,
supplemented, restated or otherwise modified from time to time (the &#147;<U>Base Indenture</U>&#148;),&nbsp;and the First Supplemental Indenture to the Base Indenture, dated as of June 11, 2013, by and among the Company, the guarantors party
thereto and the Trustee, as amended, supplemented, restated or otherwise modified from time to time (the &#147;<U>First Supplemental Indenture</U>&#148; and, collectively with the Base Indenture, the &#147;<U>Indenture</U>&#148;), pursuant to which
the Notes were issued.</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The undersigned Beneficial Owner (as defined below) hereby represents and warrants that the undersigned is the Beneficial Owner of
the Notes of the above-referenced issue in the principal amount stated below.&nbsp;At the request of Participant, on behalf of the undersigned Beneficial Owner of the Notes, Cede &amp; Co., as the registered Holder of the Notes, hereby consents to
amendments (the &#147;<U>Amendments</U>&#148;) to the Indenture that, if and when they become effective, will: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete in their entirety the following sections of the First Supplemental Indenture: Section 1106; Section 1107; Section 1110; Section 1111; Section 1112; Section 1113; Section
1114; Section 1115; Section 1116; and Section 1117; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete in their entirety clauses (4), (5), (6) and (7) of Section 601 of the First Supplemental Indenture and clauses (3) and (4) of Section 901 of the Indenture;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete the phrase &#147;or to consummate a purchase of Notes when required pursuant to Section 1110 or Section 1115 of this Supplemental Indenture&#148; from clause (3) of
Section 601 of the First Supplemental Indenture; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete the phrase &#147;, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for
the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary,&#148; from each of clause (9) and clauses (10)(a), (b), and (c) of Section 601 of the First Supplemental Indenture each time it appears therein; and
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete those definitions and cross references in Section 201 of the First Supplemental Indenture that, by virtue of the foregoing amendments, are no longer used in the Indenture
or the Notes. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Amendments will be set forth in a Second Supplemental Indenture to the Indenture, attached hereto as <B><U>Annex
A</U></B>, and will become effective only at the time, and subject to the conditions precedent, specified therein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This letter should be read in
conjunction with similar letters which the undersigned understands are being forwarded by other Beneficial Owners of the Notes whose holdings, together with the principal amount of the Notes specified below, constitute a majority of the principal
amount of the Notes now outstanding.&nbsp;Accordingly, for the purposes of Section 1002 of the First Supplemental Indenture, the undersigned, together with other Beneficial Owners of the Notes which together aggregate in excess of 50% of the
principal amount of the Notes, will have duly consented to the Amendments.</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">While Cede &amp; Co., is furnishing this consent letter as the registered
Holder of the Notes, it does so at the request of the Participant and only as a nominal party for the true party in interest, Wilks Brothers, LLC (the &#147;<U>Beneficial Owner</U>&#148;). Cede &amp; Co. has no interest in this matter other than to
take those steps which are necessary to ensure that the Beneficial Owner is not denied its rights to consent to the Amendments as the beneficial owner of the </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Notes, and Cede &amp; Co. assumes no further responsibility in this matter. This Consent, and every proxy or agency authority granted herein, is coupled with an interest and is irrevocable, is a
continuing consent as such term is used in the Indenture and shall bind every Holder, now or hereafter, of the Notes. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Cede &amp; Co</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">BY:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>EXECUTION BY BENEFICIAL OWNER</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:3%"><FONT STYLE="font-family:ARIAL" SIZE="2">The
undersigned Beneficial Owner of the Notes set forth below hereby instructs the Custodian of the Notes held on behalf of the Beneficial Owner to execute this consent letter. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="72%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name&nbsp;of&nbsp;Beneficial&nbsp;Owner:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Wilks Brothers, LLC</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(Print&nbsp;Name&nbsp;of&nbsp;Authorized&nbsp;Signature):</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan D. Neff</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Signature:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/s/ Morgan D. Neff</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(Print&nbsp;Name&nbsp;of&nbsp;Authorized&nbsp;Signature):</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew D. Wilks</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Signature:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/s/ Matthew D. Wilks</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="89%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Address:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">17010 IH-20, Cisco, Texas 6437, Attention Morgan Neff and Matt
Wilks</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Phone:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">(817) 850-3698</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Fax:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="68%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Total&nbsp;Principal&nbsp;Amount&nbsp;Owned:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>EXECUTION BY CUSTODIAN (DTC PARTICIPANT)</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:3%"><FONT STYLE="font-family:ARIAL" SIZE="2">The
undersigned Custodian (DTC Participant) hereby executes this consent letter pursuant to the instructions set forth above by the Beneficial Owner. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name&nbsp;of&nbsp;Custodian:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(Print&nbsp;Name&nbsp;of&nbsp;Authorized&nbsp;Signature):</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Signature:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="89%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Address:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Phone:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Fax:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Total&nbsp;Principal&nbsp;Amount&nbsp;With&nbsp;Respect</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="61%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">to&nbsp;Which&nbsp;This&nbsp;Demand&nbsp;Letter&nbsp;is&nbsp;Given:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>EXECUTION BY REGISTERED HOLDER</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:3%"><FONT STYLE="font-family:ARIAL" SIZE="2">The
undersigned Registered Holder hereby executes this consent letter pursuant to the instructions of the Custodian (DTC Participant). </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="70%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name&nbsp;of&nbsp;Registered&nbsp;Holder:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Cede&nbsp;&amp; Co.</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">(Print&nbsp;Name&nbsp;of&nbsp;Authorized&nbsp;Signature):</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Signature:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="89%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Address:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">c/o The Depository Trust Company</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">55&nbsp;Water Street</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="97%"></TD></TR>

<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">New York, New York 10041</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Phone:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">(212)</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Fax:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">(212)</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Total&nbsp;Principal&nbsp;Amount&nbsp;With&nbsp;Respect</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="60%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">To&nbsp;Which&nbsp;This&nbsp;Demand&nbsp;Letter&nbsp;is&nbsp;given:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Instructions: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Please complete the form below as needed to indicate the action desired for owned issues. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">All submissions must be on
the participant&#146;s letterhead and must have that participant&#146;s medallion stamp. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">You must submit completed forms via the WINS application. A
user guide to the process can be found here: <U>http://www.dtcc.com/~/media/Files/Downloads/Settlement-Asset-Services/Issuer%20Services/WINS-User-Guide-Demand-and-Dissents.pdf</U> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">For questions or additional forms, send requests via electronic mail to: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><U><B>demandanddissent@dtcc.com</B></U> </FONT></P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CONSENT OF NOTEHOLDER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>TO SUPPLEMENTAL INDENTURE </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Date: November 2, 2016 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Depository Trust Company </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Proxy Department </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2">55 Water
Street-25</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Floor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">New York, NY 10041 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Attention: Demand and Dissent </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc.7.00% Senior Notes due 2021 - CUSIP: 03834A AA1 </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I><U>Insert DTC Participant Name &amp; Account Number</U></I>] </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Dear Partner: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Please cause your nominee, Cede &amp; Co., to sign
one copy of the attached letter (the &#147;<U>Consent Letter</U>&#148;) in order to enable our customer to exercise its right to consent with respect to $[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT>] principal amount of the above-referenced securities credited to our DTC Participant account on the date hereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In addition to acknowledging that this request is subject to the indemnification provided for in DTC Rule 6, the undersigned hereby certifies to DTC and Cede &amp; Co, that the information and facts set forth in
the Consent Letter are true and correct, including the following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The aggregate principal amount of the securities credited to our DTC Participant account that are beneficially owned by our customer, and </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">There have been no prior requests to DTC or Cede &amp; Co, for execution of a letter similar to the attached Consent Letter with respect to the principal amount of securities
referred to therein. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The undersigned understands that letters similar to the attached Consent Letter are being forwarded by other
beneficial owners of the above-referenced securities whose holdings, together with the principal amount referred to above, constitute a majority of the principal amount of the above-referenced securities now outstanding. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Please make the Consent Letter available for pick-up by
[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">[<I>INSERT NAME OF DTC PARTICIPANT</I>]</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Medallion Stamp </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">2 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CONSENT OF NOTEHOLDER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>TO SUPPLEMENTAL INDENTURE </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">Date: November 2, 2016 </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">One Ridgmar Centre </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">6500 West Freeway, Suite 800 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fort Worth, Texas </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Attn: Josh Dazey, Vice President, General Counsel and Assistant Secretary </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>RE:</B> Approach Resources Inc.7.00% Senior Notes due 2021 - CUSIP: 03834A AA1 (the &#147;<U>Notes</U>&#148;) </FONT></P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Reference is made to the base indenture, dated as of June
11, 2013, by and among Approach Resources Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), the guarantors party thereto, and Wilmington Trust, National Association, as successor trustee (the &#147;<U>Trustee</U>&#148;), as amended,
supplemented, restated or otherwise modified from time to time (the &#147;<U>Base Indenture</U>&#148;), and the First Supplemental Indenture to the Base Indenture, dated as of June 11, 2013, by and among the Company, the guarantors party thereto and
the Trustee, as amended, supplemented, restated or otherwise modified from time to time (the &#147;First Supplemental Indenture&#148; and, collectively with the Base Indenture, the &#147;<U>Indenture</U>&#148;), pursuant to which the Notes were
issued. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The undersigned Beneficial Owner (as defined below) hereby represents and warrants that the undersigned is the Beneficial Owner of the Notes of
the above-referenced issue in the principal amount stated below. At the request of Participant, on behalf of the undersigned Beneficial Owner of the Notes, Cede &amp; Co., as the registered Holder of the Notes, hereby consents to amendments (the
&#147;Amendments&#148;) to the Indenture that, if and when they become effective, will: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete in their entirety the following sections of the First Supplemental Indenture: Section 1106; Section 1107; Section 1110; Section 1111; Section 1112; Section 1113; Section
1114; Section 1115; Section 1116; and Section 1117; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete in their entirety clauses (4), (5), (6) and (7) of Section 601 of the First Supplemental Indenture and clauses (3) and (4) of Section 901 of the Indenture;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete the phrase &#147;or to consummate a purchase of Notes when required pursuant to Section 1110 or Section 1115 of this Supplemental Indenture&#148; from clause (3) of
Section 601 of the First Supplemental Indenture; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete the phrase &#147;, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for
the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary,&#148; from each of clause (9) and clauses (10)(a), (b), and (c) of Section 601 of the First Supplemental Indenture each time it appears therein; and
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">delete those definitions and cross references in Section 201 of the First Supplemental Indenture that, by virtue of the foregoing amendments, are no longer used in the Indenture
or the Notes. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Amendments will be set forth in a Second Supplemental Indenture to the Indenture, attached hereto as <B><U>Annex
A</U></B>, and will become effective only at the time, and subject to the conditions precedent, specified therein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This letter should be read in
conjunction with similar letters which the undersigned understands are being forwarded by other Beneficial Owners of the Notes whose holdings, together with the principal amount of the Notes specified below, constitute a majority of the principal
amount of the Notes now outstanding. Accordingly, for the purposes of Section 1002 of the First Supplemental Indenture, the undersigned, together with other Beneficial Owners of the Notes which together aggregate in excess of 50% of the principal
amount of the Notes, will have duly consented to the Amendments. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">While Cede &amp; Co., is furnishing this consent letter as the registered Holder of the
Notes, it does so at the request of the Participant and only as a nominal party for the true party in interest, SDW Investments, LLC (the &#147;<U>Beneficial</U> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
<U>Owner</U>&#148;). Cede &amp; Co. has no interest in this matter other than to take those steps which are necessary to ensure that the Beneficial Owner is not denied its rights to consent to
the Amendments as the beneficial owner of the Notes, and Cede &amp; Co. assumes no further responsibility in this matter. This Consent, and every proxy or agency authority granted herein, is coupled with an interest and is irrevocable, is a
continuing consent as such term is used in the Indenture and shall bind every Holder, now or hereafter, of the Notes. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:ARIAL" SIZE="2">Very truly yours, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Cede &amp; Co </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:ARIAL" SIZE="2">BY:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">4 </FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>EXECUTION BY BENEFICIAL OWNER</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:3%"><FONT STYLE="font-family:ARIAL" SIZE="2">The
undersigned Beneficial Owner of the Notes set forth below hereby instructs the Custodian of the Notes held on behalf of the Beneficial Owner to execute this consent letter. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="72%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name&nbsp;of&nbsp;Beneficial&nbsp;Owner:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW Investments, LLC</FONT></P></TD></TR>
</TABLE>
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<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Print&nbsp;Name&nbsp;of&nbsp;Authorized&nbsp;Signature):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Morgan D. Neff</FONT></P></TD></TR>
</TABLE>
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<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/s/ Morgan D. Neff</FONT></P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Print&nbsp;Name&nbsp;of&nbsp;Authorized&nbsp;Signature):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Matthew D. Wilks</FONT></P></TD></TR>
</TABLE>
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<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">/s/ Matthew D. Wilks</FONT></P></TD></TR>
</TABLE>
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<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">17010 IH-20, Cisco, Texas 6437, Attention Morgan Neff and Matt Wilks</FONT></P></TD></TR>
</TABLE>
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<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phone:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">(817) 850-3698</FONT></P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="68%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;Principal&nbsp;Amount&nbsp;Owned:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>EXECUTION BY CUSTODIAN (DTC PARTICIPANT)</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:3%"><FONT STYLE="font-family:ARIAL" SIZE="2">The
undersigned Custodian (DTC Participant) hereby executes this consent letter pursuant to the instructions set forth above by the Beneficial Owner. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name&nbsp;of&nbsp;Custodian:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Print&nbsp;Name&nbsp;of&nbsp;Authorized&nbsp;Signature):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phone:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;Principal&nbsp;Amount&nbsp;With&nbsp;Respect</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="61%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to&nbsp;Which&nbsp;This&nbsp;Demand&nbsp;Letter&nbsp;is&nbsp;Given:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><U>EXECUTION BY REGISTERED HOLDER</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:3%"><FONT STYLE="font-family:ARIAL" SIZE="2">The
undersigned Registered Holder hereby executes this consent letter pursuant to the instructions of the Custodian (DTC Participant). </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="28%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name&nbsp;of&nbsp;Registered&nbsp;Holder:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">Cede&nbsp;&amp; Co.</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="61%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Print&nbsp;Name&nbsp;of&nbsp;Authorized&nbsp;Signature):</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">c/o The Depository Trust Company</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">55&nbsp;Water Street</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="95%"></TD></TR>

<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2"> New York, New York 10041</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="88%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phone:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">(212)</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="91%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">(212)</FONT></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="62%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;Principal&nbsp;Amount&nbsp;With&nbsp;Respect</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="60%"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To&nbsp;Which&nbsp;This&nbsp;Demand&nbsp;Letter&nbsp;is&nbsp;given:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit D</U> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Charter Amendment </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>EXHIBIT D </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>CERTIFICATE OF AMENDMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>RESTATED </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CERTIFICATE OF
INCORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>APPROACH RESOURCES INC. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources
Inc., a corporation organized and existing under the laws of the State of Delaware (the&nbsp;&#147;<B>Corporation</B>&#148;), hereby certifies as follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">1. The name of the Corporation is Approach Resources Inc. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2. The
Board of Directors of the Corporation, acting in accordance with the provisions of Section&nbsp;141 and 242 of the Delaware General Corporation Law, adopted resolutions to amend Section&nbsp;4.1 of the Restated Certificate of Incorporation of the
Corporation so that the first paragraph thereof is hereby amended and replaced as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">The total number of shares of all classes of
stock that the Corporation shall have the authority to issue is 190,000,000, of which 180,000,000 of such shares shall be Common Stock, all of one class, having a par value of $0.01 per share (&#147;<B>Common Stock</B>&#148;), and 10,000,000 of such
shares shall be Preferred Stock, having a par value of $0.01 per share (&#147;<B>Preferred Stock</B>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">3. This Certificate of Amendment was
submitted to the stockholders of the Corporation and was duly adopted by the required vote of stockholders of the Corporation in accordance with Section&nbsp;242 of the Delaware General Corporation Law. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">4. This Certificate of Amendment shall become effective immediately upon being duly filed with the Secretary of State of the State of Delaware. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-D-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Amendment as of [<FONT
STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], 201[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:ARIAL" SIZE="2">APPROACH RESOURCES INC.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">J. Ross Craft</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">Chief Executive Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">C<SMALL>ERTIFICATE</SMALL> <SMALL>OF</SMALL> A<SMALL>MENDMENT</SMALL> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-D-2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit E</U> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Company Closing Certificate </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>OFFICER&#146;S CERTIFICATE </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>of </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>APPROACH RESOURCES INC.
</B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>[</B><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B></FONT><B>]
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This Officer&#146;s Certificate (this &#147;<B>Certificate</B>&#148;) is delivered by Approach Resources Inc., a Delaware corporation (the
&#147;<B>Company</B>&#148;), to each of Wilks Brothers, LLC, a Texas limited liability company (&#147;<B>Wilks Brothers</B>&#148;) and SDW Investments, LLC, a Texas limited liability company (&#147;<B>SDW</B>&#148;) (Wilks Brothers and SDW,
collectively, the &#147;<B>Noteholders</B>&#148; and each, a &#147;<B>Noteholder</B>&#148;), pursuant to <U>Section 6.b.(iii)</U> of that certain Exchange Agreement, dated November 2, 2016 (the &#147;<B>Exchange Agreement</B>&#148;), by and between
the Company and the Noteholders. Capitalized terms used herein, and not otherwise defined herein, have the respective meanings given to such terms in the Exchange Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The undersigned officer of the Company hereby certifies on behalf of the Company, solely in his capacity as an authorized officer of the Company, and not in any individual capacity, as follows: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Each of the representations and warranties of the Company contained in <U>Section 4.d(i)</U> were true and correct in all respects (other than in respect of <I>de minimis</I>
inaccuracies) as of the date of the Exchange Agreement, and the representations and warranties of the Company contained in <U>Section 4.d.(ii)</U> were true and correct in all material respects on and as of the date of the Exchange Agreement and the
date of Closing, with the same force and effect as though made on and as of Closing. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Each of the representations and warranties of the Company contained in <U>Section 4</U> of the Exchange Agreement (other than those contained in <U>Section 4.d.(i)</U> and
<U>Section 4.d.(ii)</U>) were true and correct in all respects on and as of the date of the Exchange Agreement and the date of Closing, with the same force and effect as though made on and as of Closing, except (A) to the extent that any
representation or warranty is made as of specified date, in which case such representation or warranty shall be true and correct as of such specified date, and (B) for such failures to be true and correct (without giving effect to any limitation as
to &#147;materiality&#148; or Material Adverse Effect&#148; set forth in any individual representation or warranty) that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company has complied with and performed in all material respects all covenants and agreements required to be performed or complied with by it under the Exchange Agreement at
or prior to the Closing, except for the covenants set forth in <U>Section 2.a.</U> and <U>Section 5.e.</U> of the Exchange Agreement (to the extent required to be complied with at or prior to the Closing), which the Company has performed and
complied with in all respects. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">To the undersigned&#146;s knowledge, as of the date of this Certificate the condition specified in <U>Section 6.b.(vi)</U> of the Exchange Agreement is satisfied.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">As of the date of this Certificate the condition specified in <U>Section 6.b.(vii)</U> of the Exchange Agreement is satisfied. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[Remainder of Page Intentionally Left Blank] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-E-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, the undersigned has executed this Certificate on behalf of the Company as of the date first stated
above. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>APPROACH RESOURCES INC.</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[OFFICER&#146;S CERTIFICATE OF THE COMPANY] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-E-2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><U>Exhibit F</U> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Noteholders Closing Certificate </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>OFFICER&#146;S CERTIFICATE </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>of </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>WILKS BROTHERS, LLC
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>and </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>SDW
INVESTMENTS, LLC </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>[</B><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"><B></B></FONT><B>] </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This Officer&#146;s Certificate (this &#147;<B>Certificate</B>&#148;) is delivered by each of Wilks Brothers, LLC, a Texas limited liability company (&#147;<B>Wilks
Brothers</B>&#148;) and SDW Investments, LLC, a Texas limited liability company (&#147;<B>SDW</B>&#148;) (Wilks Brothers and SDW, collectively, the &#147;<B>Noteholders</B>&#148; and each, a &#147;<B>Noteholder</B>&#148;), to Approach Resources
Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), pursuant to <U>Section 6.c.(iii)</U> of that certain Exchange Agreement, dated November 2, 2016 (the &#147;<B>Exchange Agreement</B>&#148;), by and between the Company and the
Noteholders. Capitalized terms used herein, and not otherwise defined herein, have the respective meanings given to such terms in the Exchange Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The undersigned officer of each of the Noteholders hereby certifies on behalf of each of the Noteholders, solely in his capacity as an authorized officer of each of
the Noteholders, and not in any individual capacity, as follows: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Each of the representations and warranties of each Noteholder contained in <U>Section 3.a.</U> were true and correct in all respects, and all other representations and warranties
of each Noteholder contained in <U>Section&nbsp;3</U> were true and correct in all material respects on and as of the date of the Exchange Agreement and the date of Closing, with the same force and effect as though made on and as of Closing.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Each Noteholder has complied with and performed in all material respects all covenants and agreements required to be performed or complied with by it under the Exchange Agreement
at or prior to the Closing, except for the covenants set forth in <U>Section 2.b.</U> of the Exchange Agreement, which the Company has performed and complied with in all respects. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-F-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, the undersigned has executed this Certificate on behalf of the Company as of the date first stated
above. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">WILKS BROTHERS, LLC</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top">
<P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top">
<P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">SDW INVESTMENTS, LLC</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top">
<P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top">
<P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Name:</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Title:</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">[OFFICER&#146;S CERTIFICATE OF THE NOTEHOLDERS] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">B-F-2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><A NAME="toc290542_40"></A>Annex C </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CERTIFICATE OF AMENDMENT </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>RESTATED </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>CERTIFICATE OF INCORPORATION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>APPROACH RESOURCES INC.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Approach Resources Inc., a corporation organized and existing under the laws of the State of Delaware (the&nbsp;&#147;<B>Corporation</B>&#148;),
hereby certifies as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">1. The name of the Corporation is Approach Resources Inc. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">2. The Board of Directors of the Corporation, acting in accordance with the provisions of Section&nbsp;141 and 242 of the Delaware General Corporation Law, adopted resolutions to amend Section&nbsp;4.1 of the
Restated Certificate of Incorporation of the Corporation so that the first paragraph thereof is hereby amended and replaced as follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:5%"><FONT STYLE="font-family:ARIAL" SIZE="2">The total number of shares of all classes of stock that the Corporation shall have the authority to issue is 190,000,000, of which 180,000,000 of
such shares shall be Common Stock, all of one class, having a par value of $0.01 per share (&#147;<B>Common Stock</B>&#148;), and 10,000,000 of such shares shall be Preferred Stock, having a par value of $0.01 per share (&#147;<B>Preferred
Stock</B>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">3. This Certificate of Amendment was submitted to the stockholders of the Corporation and was duly adopted by the required vote of
stockholders of the Corporation in accordance with Section&nbsp;242 of the Delaware General Corporation Law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">4. This Certificate of Amendment shall
become effective immediately upon being duly filed with the Secretary of State of the State of Delaware. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">C-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Amendment as of [<FONT
STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>], 201[<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9679;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>]. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="2">APPROACH RESOURCES INC.</FONT></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">J. Ross Craft</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Chief Executive Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">C<SMALL>ERTIFICATE</SMALL> <SMALL>OF</SMALL> A<SMALL>MENDMENT</SMALL> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">C-2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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<TR>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2"> <P STYLE="font-size:48px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>APPROACH RESOURCES INC.</I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B><I>6500 WEST FREEWAY, SUITE 800</I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>ONE RIDGMAR
CENTRE</I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>FORT WORTH, TEXAS 76116</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investor Address Line 1</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investor Address Line 2</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Investor Address Line 3</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investor Address Line 4</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investor Address Line 5</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">John Sample</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1234 ANYWHERE STREET</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">ANY CITY, ON A1A 1A1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2">


<IMG SRC="g290542pc_pg001b.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
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<P STYLE="margin-top:0px;margin-bottom:1px">


<IMG SRC="g290542pc_pg001anew.jpg" ALT="LOGO">
</P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g290542pc_pg001cnew.jpg" ALT="LOGO">
</P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE></DIV> </DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

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<TD VALIGN="middle" ROWSPAN="3" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="5">|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;|&nbsp;&nbsp;|</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px" BGCOLOR="#f2f2f2">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>VOTE BY INTERNET - www.proxyvote.com</B></FONT></P>
<P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Use the Internet to transmit your voting instructions and for electronic delivery of
information up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction
form.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS</B></FONT></P>
<P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">If you would like to reduce the costs incurred by our company in mailing proxy
materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and,
when prompted, indicate that you agree to receive or access proxy materials electronically in future years.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>VOTE BY PHONE - 1-800-690-6903</B></FONT></P> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then
follow the instructions.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>VOTE BY MAIL</B></FONT></P>
<P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Mark, sign and date your proxy card and return it in the postage-paid envelope we
have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px" BGCOLOR="#f2f2f2">
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;____</B></FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;____</B></FONT></P> <P STYLE="font-size:36px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;____</B></FONT></P> <P STYLE="font-size:36px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;____</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;____</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;____</B></FONT></P></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>

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<TR STYLE="font-size:1px">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px" BGCOLOR="#f2f2f2">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px" BGCOLOR="#f2f2f2">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="middle" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONTROL&nbsp;#&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman" SIZE="5"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB><FONT
STYLE="FONT-FAMILY:'WINGDINGS 3'">&#103;</FONT><B></B><B><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></B></FONT></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0000000000000000&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32" COLSPAN="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD HEIGHT="32" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD>
<TD HEIGHT="32" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#f2f2f2">
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NAME</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY NAME INC. - COMMON</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY NAME INC. - CLASS A</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY NAME INC. - CLASS
B</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY NAME INC. - CLASS C</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY NAME INC. - CLASS D</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY NAME INC. - CLASS
E</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY NAME INC. - CLASS F</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY NAME INC. - 401 K</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SHARES</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:8px" BGCOLOR="#f2f2f2">
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;123,456,789,012.12345</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;123,456,789,012.12345</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;123,456,789,012.12345</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;123,456,789,012.12345</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;123,456,789,012.12345</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;123,456,789,012.12345</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;123,456,789,012.12345</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;123,456,789,012.12345</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px" BGCOLOR="#f2f2f2"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PAGE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1&nbsp;&nbsp;&nbsp;&nbsp;
OF&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS
FOLLOWS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9746; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">KEEP THIS PORTION FOR YOUR RECORDS
</FONT></P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt dashed #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">DETACH AND RETURN THIS
PORTION ONLY </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:2px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="19"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>The Board of Directors recommends you vote
FOR</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>proposals 1, 2 and 3.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>For</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Against</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-RIGHT:2px solid #000000"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Abstain</B></FONT></P></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>1</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="19"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">The issuance of shares of Common Stock in connection
with the Initial Exchange and the Follow-On Exchange Offer pursuant to NASDAQ Stock Market Rules 5635(b) and 5635(d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-RIGHT:2px solid #000000"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="19"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">The amendment to our Restated Certificate of
Incorporation to increase the number of authorized shares of Common Stock to 180,000,000 shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-RIGHT:2px solid #000000"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>3</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="19"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">The approval of an adjournment of the Special Meeting,
if necessary or appropriate, to establish a quorum or to permit further solicitation of proxies for proposals 1 and 2 if there are not sufficient votes at the time of the Special Meeting cast in favor of one or both</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-RIGHT:2px solid #000000"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-LEFT:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="24"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="23"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>NOTE: </B>Such other business as may properly come before the meeting or any adjournment thereof.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="81"></TD>
<TD HEIGHT="81" COLSPAN="2"></TD>
<TD HEIGHT="81" COLSPAN="2" STYLE="BORDER-LEFT:2px solid #000000">&nbsp;</TD>
<TD HEIGHT="81" COLSPAN="4"></TD>
<TD HEIGHT="81" COLSPAN="2"></TD>
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<TD HEIGHT="81" COLSPAN="6"></TD>
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<TD HEIGHT="81" COLSPAN="2"></TD>
<TD HEIGHT="81" COLSPAN="2"></TD>
<TD HEIGHT="81" COLSPAN="2"></TD>
<TD HEIGHT="81" COLSPAN="2"></TD>
<TD HEIGHT="81" COLSPAN="2"></TD>
<TD HEIGHT="81" COLSPAN="2" STYLE="BORDER-LEFT:2px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="4" ALIGN="right">


<IMG SRC="g290542pc_pg001f.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">For address change/comments, mark here.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="1">(see reverse for instructions)</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Yes</B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:1px" align="left"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>No</B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:1px" align="left"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>&#9744;<B></B><B></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" align="left"><FONT
STYLE="font-family:Times New Roman" SIZE="4"> &nbsp;</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B><B></B><B>&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="4">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="1">Please indicate if you plan to attend this meeting</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#9744;</FONT></TD>
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<TD COLSPAN="4" VALIGN="top"></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="7" ROWSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#f2f2f2"> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Investor Address Line 1</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="1">Investor Address Line 2</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Investor Address Line 3</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Investor Address Line 4</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="1">Investor Address Line 5</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">John Sample</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">1234 ANYWHERE STREET</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="1">ANY CITY, ON A1A 1A1</FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="13"><FONT STYLE="font-family:Times New Roman" SIZE="1">Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint
owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name, by authorized officer.</FONT></TD>
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<TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="1"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" BGCOLOR="#f2f2f2"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>SHARES</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>JOB&nbsp;#</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="top" BGCOLOR="#f2f2f2"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" BGCOLOR="#f2f2f2"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>CUSIP&nbsp;#</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>SEQUENCE&nbsp;#</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-LEFT:2px solid #000000; BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="1">Signature&nbsp;[PLEASE&nbsp;SIGN&nbsp;WITHIN&nbsp;BOX]</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="1">Date</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="1">Signature&nbsp;(Joint&nbsp;Owners)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:Times New Roman" SIZE="1">Date</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE="BORDER-BOTTOM:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #000000; BORDER-BOTTOM:2px solid #000000" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="52%"></TD></TR>


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</TABLE> <P STYLE="font-size:72px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:16px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


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<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Important Notice Regarding the Availability of Proxy Materials for the Special Meeting:</B> The Notice&nbsp;&amp;
Proxy Statement is available at <U>www.proxyvote.com</U></FONT></P></TD></TR>
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<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE="BORDER-LEFT:2px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5e5e5" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#e5e5e5"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Approach Resources
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Special Meeting of
Stockholders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>January 26,
2017, 2:00 p.m. Central Time&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>This proxy is solicited on behalf of the Board of
Directors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:1px" align="left"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #000000; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned hereby appoints J. Ross Craft and J.
Curtis Henderson, or either of them, as proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side of this ballot, all of the shares of Common Stock of Approach
Resources Inc. that the undersigned is entitled to vote at the Special Meeting of Stockholders to be held at 2:00 p.m., Central Time on January 26, 2017 at One Ridgmar Centre, 6500 West Freeway, Suite 800, Fort Worth, Texas 76116, and any
adjournment or postponement thereof.</FONT></P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>This proxy, when properly executed, will be
voted in the manner directed herein. If no such direction is made, this proxy will be voted in accordance with the Board of Directors&#146; recommendations.</B></FONT></P></TD>
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<IMG SRC="g290542pc_pg002.jpg" ALT="LOGO">
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<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="font-size:48px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address change/comments:</B></FONT></P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
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<TR STYLE="font-size:1px">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #000000; padding-right:8px">&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(If you noted any Address Changes and/or Comments above, please mark corresponding
box on the reverse side.)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #000000; padding-right:8px"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #000000; padding-right:8px">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Continued and to be signed on reverse side</B></FONT></P></TD>
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