Preview
CONFIDENTIAL
3% UBS MAVERICK
NATURAL RESOURCES
Strictly Confidential
Maverick Natural Resources
Florida Divestiture
Data Room Presentation
August 2021
UBS_00004-001
CONFIDENTIAL
Table of contents
Section 1 Process Overview.
Section 2 Executive Summary.
Section 3 Jay PDP Overview. 16
Section 4 Jay Land and Operations. 22
Section 5 Jay Commercial and Product Marketing 31
Section 6 Jay Geology and Upside. 43
Section 7 South Florida PDP Overview.
Section 8 South Florida Land and Operations. 59
Section 9 South Florida Commercial and Product Marketing, 63
Section 10 South Florida Geology and Upside 73
Section 11 Jay and S. Florida P&A, ARO & Regulatory. 78
Section 12 Net Profits Interest. 83
Section 13 Conclusion 88
Appendix A Appendix. 90
3% UBS
UBS_00004-002
CONFIDENTIAL
Section 1
Process Overview
3% UBS
UBS_00004-003
CONFIDENTIAL
Legal Acknowledgement & Disclaimer
This presentation (‘Presentation’) has been prepared solely for high-level informational briefing purposes regarding a potential transaction (the ‘Potential Transaction’) involving the acquisition of certain assets
Assets") owned by Maverick Natural Resources (’Maveri and does not purport to be all-inclusive or to contain all information that recipient may want to evaluate the Assets or the Potential Transaction.
‘As a preconion to Maverick authorizing you and your company you" or "your company" or recipient’) to review this Presentation, you, on behalf of yourself and your company, acknowledge and agree with the
foll
(@) ‘This Presentation is being provided in accordance with and pursuant to the Confidentiality Agreement between Maverick and your company, and nothing in this Presentation shall be construed as iting or
modifying the terms of the Confidentiality Agreement in any way.
(o) Maverick expressly disclaims any and all iabilily and responsibility for and associated with the quality, accuracy, completeness, relevance or materiality of the information contained herein, Maverick disclaims
any and all representations and warranties with respect to Maverick or the Assets, express, statutory, Implied or othenwise, including, without imitation, as to (i) location, capacity and status of any facies, (i)
‘environmental or physical condition of any facilites (including absence of patent or latent defects), (ii) volumes of reserves or resources, (v) existence of any and all prospects or opportunities, (v) costs, expenses,
revenues, receipts, prices, accounts receivable or accounts payable, (vi) contractual, economic or financial information, (vi) operational or financial performance and viability, fing withoutlr present or future
value or anticipated income or profits, (vii ttle to any Assets, (be) compliance with laws and regulations, (x) federal, state or local income or other tax consequences, (xi) merchantability, and (xi fitness for a particular
purpose or any purpose,
() Certain statements, estimates and projections with respect to anticipated future performance of Maverick or the Assets reflect various assumptions and analyses which may or may not prove to be correct; the
actual performance may vary from historical performance and from the forecasted information and such variations may be material; and differing interpretations of contractual and other information and data may exist
land your company shall not rely on the interpretations provided herein,
(@ ‘You will conduct your own Independent evaluation and analysis of the information contsined herein and satisfy yourself as to the quality, accuracy, completeness, relevancy and materiality of the same; and
‘you will rely solely on your own independent evaluation and analysis ofthe information contained herein when deciding whether or not to submita bid, enter into a definitive purchase and sale agreement and/or
‘consummate the Potential Transaction
() Unless and until a definitive written agreement covering a Potential Transaction is executed by an authorized representative of Maverick and your company having the express authority to bind such party to a
transaction of the size and nature of such Potential Transaction, neither Maverick nor your company is of will be under any obligation whatsoever (legal or equitable) to conclude any transaction. Unless included in such
definitive wnitten agreement, no communications (written or oral) may be relied upon by your company as the basis for taking any action, foregoing any opportunity or incurring any costs, and no such communications
create or will create any obligations whatsoever (al law or in equity)on the part of ellher Maverick or your company,
0 Except where otherwise expressly indicated, this Presentation speaks as of the date hereof. Neither the delivery of this Presentation nor the conduct of the Potential Transaction with the recipient shall, under
any circumstances, create any implication that there has been no change with regard lo the Assets or the affairs of Maverick since the date hereof. In furnishing this Presentation, no member of Maverick undertakes any
‘obligation to update any of the information contained herein or to correct any inaccuracies which may become apparent,
@ ‘This Presentation is not an offer to sell or invitation to purchase the Assets, whether in relation to this transaction or otherwise, and does not otherwise create any form of obligation, commitment or
Fecommendation whatsoever on the part of Maverick. YoU AND YOUR COMPANY MUST INFORM YOURSELVES ABOUT AND OBSERVE ALL APPLICABLE LEGAL AND REGULATORY REQUIREMENTS, INCLUDING, BUT NOT LIMITED TO,
‘THOSE UNDER APPLICABLE ANTITRUST OR SECURITIES LAWS AND REGULATIONS.
(hy Maverick reserves the right, at any time, in its sole and absolute discretion, and without any financial obligation or liability of any kind, to negotiate with any party individually or simultaneously with other
prospective purchasers. In addition, Maverick expressly reserves the right, with or without cause and without giving any explanation or reason and without prior notice at any time or times to: modity or terminate any or
all of the procedures pertaining to the Potential Transaction, terminate discussions with any or all prospective purchasers, reject any and all offers andor accept any offers on any terms and conditions, or negotiate with
‘any party or parties with respect to the Potential Transaction, and Maverick will have no liability to any prospective purchaser or any other person as a consequence thereof. In evaluating offers submitted,
determinations of compliance or noncompliance with any procedures will be solely and completely judged by Maverick, in its sole and absolute discretion, and Maverick will make a determination with respectto which
offer or offers, if any, it wil consider further or accept. In this regard, Maverick has no obligation to accept any offer, regardless of whether or not such offer(s) represents the highest consideration proposed by any of
the prospective purchasers,
IF You DETERMINE THAT YOU CANNOT (OR ARE UNWILLING TO) COMPLY WITH THE FOREGOING PRECONDITIONS TO THE DISCLOSURE OF THIS PRESENTATION, YOU SHOULD INMEDIATELY CEASE THE REVIEW, NOTIFY MAVERICK AND
RETURN THIS PRESENTATION.
Di isclaimers
to be referenced throughout the presentatio1
Disclaimer 1 ~ Statements made herein represent Maverick’s interpretation of contractual rights and obligations. Differing interpretations may exist. Please see contracts and comespondence in the VDR
for additional information,
Disclaimer2 Differing interpretations of data may exist. Participants shall conduct their own independent evaluation and analysis of the data.
Disclaimer3 ~ Future performance and pricing may vary from historical performance and pricing and such variations may be material.
aun Portions of this document include intellectual property of P2ES Holdings, LLC and are used herein by permission. Copyright© 2019 P2ES Holdings, LLC All Rights
UBS_00004-004
CONFIDENTIAL
Data Room, VDR and Q&A Process
Data Room Process
° 2 to 3 hour session
° Presentation covers major value properties and key themes
- This presentation and supplemental data are available on the VDR.
Virtual Data Room ("VDR")
° You should have already received access to the password protected online data room
° The VDR contains certain detailed information that will not be reviewed today
- Launch VDR - reserve report, net LOS summaries and initial information
- Full VDR — supporting documentation
VDR updates
- Updates will be posted from time to time and contained in a separate section of the VDR
- Please check for updates; you may not be notified when updates are posted
Questions and Answers ("Q&A")
° Please submit all questions via email to MaverickFi@ubs.corn
° Answers will be returned as soon as possible
° If appropriate, a conference call may be arranged to address a number of questions
° Do not call individuals (including Maverick) with questions/requests
Sources of Data & Evaluation
° UBS has utilized data from Maverick, its own databases, public sources, and private data from
licensing agreements
° Forecasts in this presentation and included in the VDR are from UBS, incorporating feedback
from discussions held with Maverick
3% UBS
UBS_00004-005
CONFIDENTIAL
Process / Contact Information
Process Timeline
Transaction effective date of June 1, 2021 August 2021
Timing S$ MT Ww t FS
- Online VDR available starting early August 1 2 3 4
- Data room presentations available August 11 — September 17, 2021 8 9 10 1 12 13 14
- Bids due on or before September 23, 2021 ("Bid Date") 15 16 V7 18 19 20 21
- Bid instructions will be provided approximately 10 days prior to Bid Date 22 23 24 25 26 ar 28
Evaluation materials will include: 29 30 31
- 1P reserve report in ARIES and PHDWin September 2021
- Supporting financial, technical, land and operations data Ss oM T
- Information on key upsides
If you are interested in signing a Confidentiality Agreement, please email 10 11
MaverickFl@ubs.com 12 13 14 15 16 7 18
Please direct all Q&A regarding the assets to MaverickFi@ubs.com 19 20 21 24 25
Visit our website at www.ubs.com/adadvisory 26 27 28 29
Data Room Presentations
(Bid Date
(Holiday
Key Contacts
Daniel Kohl Brandon Scott Taylor McClain Jennifer Covey Jessica Lewis
Head of A&D Advisory Director Director Senior Advisor Senior Advisor
+1-713-331 4661 +1-713-331 4613 +1-713-331 4610 +1-713-331 4690 +1-713-331 8329
laniel.kohi@ubs.corm randon,scott@ubs.com taylor. meciain@ubs.com jennifer.covey@ubs.com iessica.lewis@ubs.com
3% UBS
UBS_00004-006
CONFIDENTIAL
Section 2
Executive Summary
3% UBS
UBS_00004-007
CONFIDENTIAL
Maverick Florida Divestiture
~47,071 Net Acres | Net Production of 3.5 mboepd? |
Proved Net PV,, of $236mm? | Net Cash Flow of
Ava MEARE Resources, LLC (“Maverick’) is offering for sale certain Florida and Alabama assets (‘the Properties"). Maverick has retained
UBS Securities LLC (“UBS”) as the exclusive financial advisor for this transaction. Maverick’s preference is to sell the properties in a single cash
transaction, but will consider offers on individual packages.
Investment Considerations Reserve Table? Leasehold
° Jay Package: Production of 2,795 PvTO
boepd! from 79 wells (46 producers 4, r.spo° (mmboe) (mm) Jay Field Package
34 $123 ° *
and 33 injectors) . ~21,126 total net JeyriesProves 155 si75 °
acres (98% operated leasehold), South Florida PDP. 38 849 AL
100% HBP South Florida Proved 49 $61
S. Florida Package: Production of Pay
753 boepd' from 9 wells. Very =~ was
shallow decline oil wells (~5%2)
provide predictable performance eo om ee
and stable cash flow oe,
Bonet 3ee
Jay Package: $37.7mm? 2021 cash flow, oil volumes sold to Shell BU 7aS FL $e
refinery via direct pipeline, realizing consistently low oil diff Bap Pont
‘Maverick Wells i
Jay Package: Cash flows augmented by strong realized pricing ° mooxing
on sulfur from plant byproducts, and NGL components including 8 pcs rp
propane and butane natok Sena ons
S. Florida Package: Oil is trucked and stored in Tampa, sold via South Florida Package C
| eorsia
barge network to various refiners at attractive realizations
tee 2 a Fi
Nosy
Jay Package: Significant additional available plant processing _
capacity, with multiple redundant systems to minimize operational
downtime
Ll Froriso
v
Jay Package: Quality, low risk infill drilling and nitrogen miscible suas coker 8. Florida
flood optimization opportunities
© Pmidicng
° S. Florida Package: Low risk, high IRR workover opportunities © ect
tenet ty oat
3 UBS i Estimated June 2024
Effective Date as of 6/1/21; NYMEX Strip as of 7:28/21 (WTH; 2021; $71.03; 2022: $65.84; 2023: $60.72; 2024: $57.11; 2025+: $54.74,
UBS_00004-008
CONFIDENTIAL
Jay Package PDP
46 PDP Wells | Net Production of 2.8 mboepd! I PDP Net Reserves of 9.2 mmboe? | PDP Net
PV of $123mm?
Key DP Highlights PDP Wells and Units
° Low-decline production base of 2.8 mboepd' (~100% liquids) with
steady cash flow of $3.3mm/month' from 46 active wells. High
iA
operator ownership with a WI/NRI of ~93%/72%
Reserves are long-life with a PDP R/P of 9.1 years \
Production flows into an owned and operated processing plant, Escambia
adding revenue and value via oil, propane, butane and sulfur sales
streams
_
Additional producer and injector drilling opportunities are funded =A
within PDP cash flows and provide strong production growth, while or
mainii fr aR cash flow positive o,
Pro luction Prot
10,000
sonal Foes 1,000
AL
Se eae
Be,
©.
FL
oO so
tc gs _
|
~~ Escambia
1,000 P) of
fe
100 ~ ry 80,
3o
100
SUBS
‘Well Status
° Producing Santa/Rosa
10 10 ° Injection
19 1/21 1/23 1/25 127 @ say Plant
Historical Net Oil (mboe/d) Projected Net Oil (mboe/d) — OilPipeline
Historical Net NGL (mboe/d) Projected Net NGL (mboe/d) —— Gas Pipeline &
Historical Net Sulfur (mton/d) Projected Net Sulfur (mton/d)
CTaey unit outine
Leasehold a
3 UBS i Estimated June 2024
Effective Date as of 6/1/21; NYMEX Strip as of 7:28/21 (WTH; 2021; $71.03; 2022: $65.84; 2023: $60.72; 2024: $57.11; 2025+: $54.74,
UBS_00004-009
CONFIDENTIAL
Jay Field High Quality Conventional Reservoir
Jay Field Structure Map Jay Field Overview
- Smackover production ° Jay Field is a combination structural & stratigraphic trap
NM) ~
oe ~~ ©) - Nerphiet production
exhibiting three-way closure, situated at depths of 15,000"
to 16,000°
Ss _Pollerdiautt system > The key producing interval, the highly porous and
b.—] as
“4 Ss
oe
| permeable Upper Smackover, is capped by Buckner
anhydrite, and pinches out at northem end of the field at
fe
a
cali the Pollard Fault System
Discovered in 1970, waterflood began in 1974, Miscible
iF ea na WAG process in 1981
x . The field contains an estimated OOIP of 1,029 mmbo
(NSAI 1/1/2015) with approximately 466 mmbo recovered
‘% Is to date (45.3% RF)
by ware eReS ee) % se
oy)4
Jay Smackover Type Log
ee e oy
Fa,
oe Box
4
8 ce q
ck
‘Bi
ae NS
i
<_—pa
Po! Perm
—
7
<
‘i Anhydrite
Z 4 ee Sai —
Ae Upper
aw at Loe Smackover
ty Al Key Reservoir Stats
‘Smackover ‘Avg. Depth 15,500"
SoPhiH Gross / Net Thickness 350'/ 100'
amf Avg. Porosity 5%
Perm range 10 - 500 md Lower
Avg. Sw 13% ‘Smackover
Reservoir Pressure 7,000 psia i mr
Norphlet
Reservoir Temp 285 deg F
3% UBS 50.7 deg
Oil Gravity API
UBS_00004-010
CONFIDENTIAL
Jay Development Opportunities: Recent Infill Successes
12 PUD soon | 4 Producers and 8 Injectors | PUD Net Reserves of 6.2 mmboe’ | PUD Net
P Vagocost,
$8 em i drill opportunities optimize recovery factors and
sweep efficiency Jay Injection Patterns, PDP, Injectors and PUDs
- Significant remaining inventory with Jay current recovery factor
of 46%, comparable Smackover analog fields have recovery
factors of ~60% 1A
Current identified inventory of4 new Producers and 8 new
a oF ea
Cutis
injectors 4
Improved WAG performance optimized with lower recovery AL
patterns as observed in Jay Field Ne -
Opportunities de-risked by two recent Maverick new-drills in 2018- FL 1B «®
19 in the 4B flood pattern, adding over 560 bopd as of May 2021
A
Jay Field RFs from Field Injection Patters 2B
Pattern Maturity BA
Total Production f? e4
ase — A ake
- oat 3B et*@
O50 ewer
booed
pe L—_— ees
Aap BA
Wy
®
fe
UBS ee BA
f Well Status a
f ® Producing o
: A Injecting 5B
i PUD Locations es
oo bs 10 as 20 as
A, Injector
now ) Producer
Injector Patterns
ay Fett ave ratte 3, atten 18 pattern 28 (Cay Unit Outline
Patten et tem 3a, Pattern 38 patter 48
Pattern 42 natin SAB
3% UBS Effective Date
as of 6/1/21; NYMEX Strip as of 7/28/21 (WTI; 2021: $71.03; 2022: $85.84; 2023: $60.72; 2024: $57.11; 2025+: $54.74. 10
UBS_00004-011
CONFIDENTIAL
South Florida Package PDP
9 PDP Wells | Net Production of 753 bopd1 | PDP Net Reserves of 3.8 mmboe? | PDP Net
PV19 of $49mm?
Key DP Highlights PDP Wells and Units
° Low-decline production base of 753 bopd' (100% oil) with steady Charlotte Glades
cash flow of ~$1.0mm/month' from 9 active wells
Long-life reserves with a PDP R/P of 13.9 years
Current identified inventory of four recompletions provides strong
production growth funded within PDP cash flows West Felda |
Lee
Gross Production Profile
oe Hendry
Historical] Forecast
10,000 .
unniland
1,000
fy
Near flat production
100
10 fe Collier
mena |
1 4
Ph Qh yO gh Ph WP gh GP PH SUBS
Maverick Wells
—Historical Gross (mboe/d) Projected Gross (mboe/d) ° Producing
© Disposal
[south unis
Leasehold
3 UBS i Estimated June 2024
Effective Date as of 6/1/21; NYMEX Strip as of 7:28/21 (WTH; 2021; $71.03; 2022: $65.84; 2023: $60.72; 2024: $57.11; 2025+: $54.74,
"
UBS_00004-012
CONFIDENTIAL
South Florida Geology and Upside
° South Florida Fields produce from the Sunniland Formation Sunniland Reef Depositional Cross Section
° Key trend follows core reef facies along a NW-SE trend
° TOP OF SUNNILAND
4 PDNP Wells that require minimum cost to turn back on
- Collier 34-5 well was producing 70 bopd in November ST
2020 and is currently down due to an ESP failure
SE
South Florida Fields PELLETAL MUDSTONE
seed RUDIST
se on’ GASTROPOD
& MLO! ID RUDIST
Sunoco JEN
West Felda Palm Beach BURROWS PELLETS-OS TRACODS-FORAMS-
Hendry MUDSTONE
« SEAWAR SUNNILAND SHOREWARD »
e |1 REEF
| Sunniland
| Bear Island Collier 34-5 PDNP Well (bopd)
% 100
90
Broward 80
Collier 70
60
i> 50
Raccoon Point
o 40
30
SUBS 20
‘Sunniland Reef Trend 10
0
be
Maverick Leasehold
Monroe
[22% south FL Fields
3 UBS Source: Mitchel-Tapping 1986
2
UBS_00004-013
CONFIDENTIAL
Jay Field Production Profile and Development Plan
Modest capital program generates strong production growth while remaining free cash flow positive
Net Operating Cash Flow and Capex Profile*
u
$50 $300
F so $250
g $200
Cl
2 $30
a uo
$150
ia Cf© »
g $20
$100
lS 8
Es10
Fe
Preview
CONFIDENTIAL 3% UBS MAVERICK NATURAL RESOURCES Strictly Confidential Maverick Natural Resources Florida Divestiture Data Room Presentation August 2021 UBS_00004-001 CONFIDENTIAL Table of contents Section 1 Process Overview. Section 2 Executive Summary. Section 3 Jay PDP Overview. 16 Section 4 Jay Land and Operations. 22 Section 5 Jay Commercial and Product Marketing 31 Section 6 Jay Geology and Upside. 43 Section 7 South Florida PDP Overview. Section 8 South Florida Land and Operations. 59 Section 9 South Florida Commercial and Product Marketing, 63 Section 10 South Florida Geology and Upside 73 Section 11 Jay and S. Florida P&A, ARO & Regulatory. 78 Section 12 Net Profits Interest. 83 Section 13 Conclusion 88 Appendix A Appendix. 90 3% UBS UBS_00004-002 CONFIDENTIAL Section 1 Process Overview 3% UBS UBS_00004-003 CONFIDENTIAL Legal Acknowledgement & Disclaimer This presentation (‘Presentation’) has been prepared solely for high-level informational briefing purposes regarding a potential transaction (the ‘Potential Transaction’) involving the acquisition of certain assets Assets") owned by Maverick Natural Resources (’Maveri and does not purport to be all-inclusive or to contain all information that recipient may want to evaluate the Assets or the Potential Transaction. ‘As a preconion to Maverick authorizing you and your company you" or "your company" or recipient’) to review this Presentation, you, on behalf of yourself and your company, acknowledge and agree with the foll (@) ‘This Presentation is being provided in accordance with and pursuant to the Confidentiality Agreement between Maverick and your company, and nothing in this Presentation shall be construed as iting or modifying the terms of the Confidentiality Agreement in any way. (o) Maverick expressly disclaims any and all iabilily and responsibility for and associated with the quality, accuracy, completeness, relevance or materiality of the information contained herein, Maverick disclaims any and all representations and warranties with respect to Maverick or the Assets, express, statutory, Implied or othenwise, including, without imitation, as to (i) location, capacity and status of any facies, (i) ‘environmental or physical condition of any facilites (including absence of patent or latent defects), (ii) volumes of reserves or resources, (v) existence of any and all prospects or opportunities, (v) costs, expenses, revenues, receipts, prices, accounts receivable or accounts payable, (vi) contractual, economic or financial information, (vi) operational or financial performance and viability, fing withoutlr present or future value or anticipated income or profits, (vii ttle to any Assets, (be) compliance with laws and regulations, (x) federal, state or local income or other tax consequences, (xi) merchantability, and (xi fitness for a particular purpose or any purpose, () Certain statements, estimates and projections with respect to anticipated future performance of Maverick or the Assets reflect various assumptions and analyses which may or may not prove to be correct; the actual performance may vary from historical performance and from the forecasted information and such variations may be material; and differing interpretations of contractual and other information and data may exist land your company shall not rely on the interpretations provided herein, (@ ‘You will conduct your own Independent evaluation and analysis of the information contsined herein and satisfy yourself as to the quality, accuracy, completeness, relevancy and materiality of the same; and ‘you will rely solely on your own independent evaluation and analysis ofthe information contained herein when deciding whether or not to submita bid, enter into a definitive purchase and sale agreement and/or ‘consummate the Potential Transaction () Unless and until a definitive written agreement covering a Potential Transaction is executed by an authorized representative of Maverick and your company having the express authority to bind such party to a transaction of the size and nature of such Potential Transaction, neither Maverick nor your company is of will be under any obligation whatsoever (legal or equitable) to conclude any transaction. Unless included in such definitive wnitten agreement, no communications (written or oral) may be relied upon by your company as the basis for taking any action, foregoing any opportunity or incurring any costs, and no such communications create or will create any obligations whatsoever (al law or in equity)on the part of ellher Maverick or your company, 0 Except where otherwise expressly indicated, this Presentation speaks as of the date hereof. Neither the delivery of this Presentation nor the conduct of the Potential Transaction with the recipient shall, under any circumstances, create any implication that there has been no change with regard lo the Assets or the affairs of Maverick since the date hereof. In furnishing this Presentation, no member of Maverick undertakes any ‘obligation to update any of the information contained herein or to correct any inaccuracies which may become apparent, @ ‘This Presentation is not an offer to sell or invitation to purchase the Assets, whether in relation to this transaction or otherwise, and does not otherwise create any form of obligation, commitment or Fecommendation whatsoever on the part of Maverick. YoU AND YOUR COMPANY MUST INFORM YOURSELVES ABOUT AND OBSERVE ALL APPLICABLE LEGAL AND REGULATORY REQUIREMENTS, INCLUDING, BUT NOT LIMITED TO, ‘THOSE UNDER APPLICABLE ANTITRUST OR SECURITIES LAWS AND REGULATIONS. (hy Maverick reserves the right, at any time, in its sole and absolute discretion, and without any financial obligation or liability of any kind, to negotiate with any party individually or simultaneously with other prospective purchasers. In addition, Maverick expressly reserves the right, with or without cause and without giving any explanation or reason and without prior notice at any time or times to: modity or terminate any or all of the procedures pertaining to the Potential Transaction, terminate discussions with any or all prospective purchasers, reject any and all offers andor accept any offers on any terms and conditions, or negotiate with ‘any party or parties with respect to the Potential Transaction, and Maverick will have no liability to any prospective purchaser or any other person as a consequence thereof. In evaluating offers submitted, determinations of compliance or noncompliance with any procedures will be solely and completely judged by Maverick, in its sole and absolute discretion, and Maverick will make a determination with respectto which offer or offers, if any, it wil consider further or accept. In this regard, Maverick has no obligation to accept any offer, regardless of whether or not such offer(s) represents the highest consideration proposed by any of the prospective purchasers, IF You DETERMINE THAT YOU CANNOT (OR ARE UNWILLING TO) COMPLY WITH THE FOREGOING PRECONDITIONS TO THE DISCLOSURE OF THIS PRESENTATION, YOU SHOULD INMEDIATELY CEASE THE REVIEW, NOTIFY MAVERICK AND RETURN THIS PRESENTATION. Di isclaimers to be referenced throughout the presentatio1 Disclaimer 1 ~ Statements made herein represent Maverick’s interpretation of contractual rights and obligations. Differing interpretations may exist. Please see contracts and comespondence in the VDR for additional information, Disclaimer2 Differing interpretations of data may exist. Participants shall conduct their own independent evaluation and analysis of the data. Disclaimer3 ~ Future performance and pricing may vary from historical performance and pricing and such variations may be material. aun Portions of this document include intellectual property of P2ES Holdings, LLC and are used herein by permission. Copyright© 2019 P2ES Holdings, LLC All Rights UBS_00004-004 CONFIDENTIAL Data Room, VDR and Q&A Process Data Room Process ° 2 to 3 hour session ° Presentation covers major value properties and key themes - This presentation and supplemental data are available on the VDR. Virtual Data Room ("VDR") ° You should have already received access to the password protected online data room ° The VDR contains certain detailed information that will not be reviewed today - Launch VDR - reserve report, net LOS summaries and initial information - Full VDR — supporting documentation VDR updates - Updates will be posted from time to time and contained in a separate section of the VDR - Please check for updates; you may not be notified when updates are posted Questions and Answers ("Q&A") ° Please submit all questions via email to MaverickFi@ubs.corn ° Answers will be returned as soon as possible ° If appropriate, a conference call may be arranged to address a number of questions ° Do not call individuals (including Maverick) with questions/requests Sources of Data & Evaluation ° UBS has utilized data from Maverick, its own databases, public sources, and private data from licensing agreements ° Forecasts in this presentation and included in the VDR are from UBS, incorporating feedback from discussions held with Maverick 3% UBS UBS_00004-005 CONFIDENTIAL Process / Contact Information Process Timeline Transaction effective date of June 1, 2021 August 2021 Timing S$ MT Ww t FS - Online VDR available starting early August 1 2 3 4 - Data room presentations available August 11 — September 17, 2021 8 9 10 1 12 13 14 - Bids due on or before September 23, 2021 ("Bid Date") 15 16 V7 18 19 20 21 - Bid instructions will be provided approximately 10 days prior to Bid Date 22 23 24 25 26 ar 28 Evaluation materials will include: 29 30 31 - 1P reserve report in ARIES and PHDWin September 2021 - Supporting financial, technical, land and operations data Ss oM T - Information on key upsides If you are interested in signing a Confidentiality Agreement, please email 10 11 MaverickFl@ubs.com 12 13 14 15 16 7 18 Please direct all Q&A regarding the assets to MaverickFi@ubs.com 19 20 21 24 25 Visit our website at www.ubs.com/adadvisory 26 27 28 29 Data Room Presentations (Bid Date (Holiday Key Contacts Daniel Kohl Brandon Scott Taylor McClain Jennifer Covey Jessica Lewis Head of A&D Advisory Director Director Senior Advisor Senior Advisor +1-713-331 4661 +1-713-331 4613 +1-713-331 4610 +1-713-331 4690 +1-713-331 8329 laniel.kohi@ubs.corm randon,scott@ubs.com taylor. meciain@ubs.com jennifer.covey@ubs.com iessica.lewis@ubs.com 3% UBS UBS_00004-006 CONFIDENTIAL Section 2 Executive Summary 3% UBS UBS_00004-007 CONFIDENTIAL Maverick Florida Divestiture ~47,071 Net Acres | Net Production of 3.5 mboepd? | Proved Net PV,, of $236mm? | Net Cash Flow of Ava MEARE Resources, LLC (“Maverick’) is offering for sale certain Florida and Alabama assets (‘the Properties"). Maverick has retained UBS Securities LLC (“UBS”) as the exclusive financial advisor for this transaction. Maverick’s preference is to sell the properties in a single cash transaction, but will consider offers on individual packages. Investment Considerations Reserve Table? Leasehold ° Jay Package: Production of 2,795 PvTO boepd! from 79 wells (46 producers 4, r.spo° (mmboe) (mm) Jay Field Package 34 $123 ° * and 33 injectors) . ~21,126 total net JeyriesProves 155 si75 ° acres (98% operated leasehold), South Florida PDP. 38 849 AL 100% HBP South Florida Proved 49 $61 S. Florida Package: Production of Pay 753 boepd' from 9 wells. Very =~ was shallow decline oil wells (~5%2) provide predictable performance eo om ee and stable cash flow oe, Bonet 3ee Jay Package: $37.7mm? 2021 cash flow, oil volumes sold to Shell BU 7aS FL $e refinery via direct pipeline, realizing consistently low oil diff Bap Pont ‘Maverick Wells i Jay Package: Cash flows augmented by strong realized pricing ° mooxing on sulfur from plant byproducts, and NGL components including 8 pcs rp propane and butane natok Sena ons S. Florida Package: Oil is trucked and stored in Tampa, sold via South Florida Package C | eorsia barge network to various refiners at attractive realizations tee 2 a Fi Nosy Jay Package: Significant additional available plant processing _ capacity, with multiple redundant systems to minimize operational downtime Ll Froriso v Jay Package: Quality, low risk infill drilling and nitrogen miscible suas coker 8. Florida flood optimization opportunities © Pmidicng ° S. Florida Package: Low risk, high IRR workover opportunities © ect tenet ty oat 3 UBS i Estimated June 2024 Effective Date as of 6/1/21; NYMEX Strip as of 7:28/21 (WTH; 2021; $71.03; 2022: $65.84; 2023: $60.72; 2024: $57.11; 2025+: $54.74, UBS_00004-008 CONFIDENTIAL Jay Package PDP 46 PDP Wells | Net Production of 2.8 mboepd! I PDP Net Reserves of 9.2 mmboe? | PDP Net PV of $123mm? Key DP Highlights PDP Wells and Units ° Low-decline production base of 2.8 mboepd' (~100% liquids) with steady cash flow of $3.3mm/month' from 46 active wells. High iA operator ownership with a WI/NRI of ~93%/72% Reserves are long-life with a PDP R/P of 9.1 years \ Production flows into an owned and operated processing plant, Escambia adding revenue and value via oil, propane, butane and sulfur sales streams _ Additional producer and injector drilling opportunities are funded =A within PDP cash flows and provide strong production growth, while or mainii fr aR cash flow positive o, Pro luction Prot 10,000 sonal Foes 1,000 AL Se eae Be, ©. FL oO so tc gs _ | ~~ Escambia 1,000 P) of fe 100 ~ ry 80, 3o 100 SUBS ‘Well Status ° Producing Santa/Rosa 10 10 ° Injection 19 1/21 1/23 1/25 127 @ say Plant Historical Net Oil (mboe/d) Projected Net Oil (mboe/d) — OilPipeline Historical Net NGL (mboe/d) Projected Net NGL (mboe/d) —— Gas Pipeline & Historical Net Sulfur (mton/d) Projected Net Sulfur (mton/d) CTaey unit outine Leasehold a 3 UBS i Estimated June 2024 Effective Date as of 6/1/21; NYMEX Strip as of 7:28/21 (WTH; 2021; $71.03; 2022: $65.84; 2023: $60.72; 2024: $57.11; 2025+: $54.74, UBS_00004-009 CONFIDENTIAL Jay Field High Quality Conventional Reservoir Jay Field Structure Map Jay Field Overview - Smackover production ° Jay Field is a combination structural & stratigraphic trap NM) ~ oe ~~ ©) - Nerphiet production exhibiting three-way closure, situated at depths of 15,000" to 16,000° Ss _Pollerdiautt system > The key producing interval, the highly porous and b.—] as “4 Ss oe | permeable Upper Smackover, is capped by Buckner anhydrite, and pinches out at northem end of the field at fe a cali the Pollard Fault System Discovered in 1970, waterflood began in 1974, Miscible iF ea na WAG process in 1981 x . The field contains an estimated OOIP of 1,029 mmbo (NSAI 1/1/2015) with approximately 466 mmbo recovered ‘% Is to date (45.3% RF) by ware eReS ee) % se oy)4 Jay Smackover Type Log ee e oy Fa, oe Box 4 8 ce q ck ‘Bi ae NS i <_—pa Po! Perm — 7 < ‘i Anhydrite Z 4 ee Sai — Ae Upper aw at Loe Smackover ty Al Key Reservoir Stats ‘Smackover ‘Avg. Depth 15,500" SoPhiH Gross / Net Thickness 350'/ 100' amf Avg. Porosity 5% Perm range 10 - 500 md Lower Avg. Sw 13% ‘Smackover Reservoir Pressure 7,000 psia i mr Norphlet Reservoir Temp 285 deg F 3% UBS 50.7 deg Oil Gravity API UBS_00004-010 CONFIDENTIAL Jay Development Opportunities: Recent Infill Successes 12 PUD soon | 4 Producers and 8 Injectors | PUD Net Reserves of 6.2 mmboe’ | PUD Net P Vagocost, $8 em i drill opportunities optimize recovery factors and sweep efficiency Jay Injection Patterns, PDP, Injectors and PUDs - Significant remaining inventory with Jay current recovery factor of 46%, comparable Smackover analog fields have recovery factors of ~60% 1A Current identified inventory of4 new Producers and 8 new a oF ea Cutis injectors 4 Improved WAG performance optimized with lower recovery AL patterns as observed in Jay Field Ne - Opportunities de-risked by two recent Maverick new-drills in 2018- FL 1B «® 19 in the 4B flood pattern, adding over 560 bopd as of May 2021 A Jay Field RFs from Field Injection Patters 2B Pattern Maturity BA Total Production f? e4 ase — A ake - oat 3B et*@ O50 ewer booed pe L—_— ees Aap BA Wy ® fe UBS ee BA f Well Status a f ® Producing o : A Injecting 5B i PUD Locations es oo bs 10 as 20 as A, Injector now ) Producer Injector Patterns ay Fett ave ratte 3, atten 18 pattern 28 (Cay Unit Outline Patten et tem 3a, Pattern 38 patter 48 Pattern 42 natin SAB 3% UBS Effective Date as of 6/1/21; NYMEX Strip as of 7/28/21 (WTI; 2021: $71.03; 2022: $85.84; 2023: $60.72; 2024: $57.11; 2025+: $54.74. 10 UBS_00004-011 CONFIDENTIAL South Florida Package PDP 9 PDP Wells | Net Production of 753 bopd1 | PDP Net Reserves of 3.8 mmboe? | PDP Net PV19 of $49mm? Key DP Highlights PDP Wells and Units ° Low-decline production base of 753 bopd' (100% oil) with steady Charlotte Glades cash flow of ~$1.0mm/month' from 9 active wells Long-life reserves with a PDP R/P of 13.9 years Current identified inventory of four recompletions provides strong production growth funded within PDP cash flows West Felda | Lee Gross Production Profile oe Hendry Historical] Forecast 10,000 . unniland 1,000 fy Near flat production 100 10 fe Collier mena | 1 4 Ph Qh yO gh Ph WP gh GP PH SUBS Maverick Wells —Historical Gross (mboe/d) Projected Gross (mboe/d) ° Producing © Disposal [south unis Leasehold 3 UBS i Estimated June 2024 Effective Date as of 6/1/21; NYMEX Strip as of 7:28/21 (WTH; 2021; $71.03; 2022: $65.84; 2023: $60.72; 2024: $57.11; 2025+: $54.74, " UBS_00004-012 CONFIDENTIAL South Florida Geology and Upside ° South Florida Fields produce from the Sunniland Formation Sunniland Reef Depositional Cross Section ° Key trend follows core reef facies along a NW-SE trend ° TOP OF SUNNILAND 4 PDNP Wells that require minimum cost to turn back on - Collier 34-5 well was producing 70 bopd in November ST 2020 and is currently down due to an ESP failure SE South Florida Fields PELLETAL MUDSTONE seed RUDIST se on’ GASTROPOD & MLO! ID RUDIST Sunoco JEN West Felda Palm Beach BURROWS PELLETS-OS TRACODS-FORAMS- Hendry MUDSTONE « SEAWAR SUNNILAND SHOREWARD » e |1 REEF | Sunniland | Bear Island Collier 34-5 PDNP Well (bopd) % 100 90 Broward 80 Collier 70 60 i> 50 Raccoon Point o 40 30 SUBS 20 ‘Sunniland Reef Trend 10 0 be Maverick Leasehold Monroe [22% south FL Fields 3 UBS Source: Mitchel-Tapping 1986 2 UBS_00004-013 CONFIDENTIAL Jay Field Production Profile and Development Plan Modest capital program generates strong production growth while remaining free cash flow positive Net Operating Cash Flow and Capex Profile* u $50 $300 F so $250 g $200 Cl 2 $30 a uo $150 ia Cf© » g $20 $100 lS 8 Es10 Fe