ACQUISITION PHILOSOPHY AND FOCUS

DEAL SIZE

• $5 million to $2 billion +

PRIMARY CONSIDERATIONS

Quality

The ability to deliver exceptional performance metrics with high probability

Impact

The size and potential to be significantly accretive to our existing portfolio

Running Room

The ability to grow production, reserves and value beyond current PDP

Control

The ability to control development through capital pace

The ability to control application of technology through operatorship
or magnitude of ownership

SECONDARY CONSIDERATIONS

• Geography
• Operational synergy
• Commodity markets