Painted Pony Pete Ltd PDPYF

Metrics of CP / LEG deal

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Acquisition metrics

Based on the above expectations for the Legacy arrangement, the estimated acquisition metrics are as follows:

 

1. 2015 cash flow multiple:
   • 6.8 times based on production of approximately 20,000 barrels of oil equivalent per day;
   • Netback of approximately $31 per barrel of oil equivalent;
2. Production:
   • Approximately $76,000 per producing barrel of oil equivalent based on 20,000 barrels of oil equivalent per day;
3. Reserves:
   • $14.87 per 2P barrel of oil equivalent (recycle ratio of 2.1 times);
   • $24.60 per 1P barrel of oil equivalent (recycle ratio of 1.3 times).