Epstein Secrets

n. Forecasts And Rhros Year End Dee 31 2014A 2015E FY EPS 1USD) 4.95 -0.70 Iliyidendyietc11%) 0.6 0.7 Sea Onto* EWA ostinsfam etyma, 401* Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

l weighting between our NAV at LT prices of $80/$4.50 and a 9.0x target 2016 DACF multiple. A downside risk includes operational missteps in the Eagle Ford, which will negatively affect growth projection. Forecasts And Rhros Year End Dee 31 2014A 2015E FY EPS 1USD) 4.95 -0.70 Iliyidendyietc11%)

de a greater than expected production growth rate, meanwhile downside risks include operational missteps which will adversely affect production. Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

rigs per month in the northern SpraberryNVolfcamp beginning in July contingent on continued strength in the oil markets and following a sale of its Eagle Ford midstream business. We look for timing of potential production impact and growth and capital implications for 2016. Cost Reductions: Look for deta

) P/E (x) Revenue (USD) Source: Deutsche Bank estimates, company data 1 Includes the impact of FAS123R requiring the expensing of stock options. Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

rigs per month in the northern Spraberry/Wolfcamp beginning in July contingent on continued strength in the oil markets and following a sale of its Eagle Ford midstream business. We look for timing of potential production impact and growth and capital implications for 2016. IICost Reductions: Look for de

2.5 8.05 584 7977 578 Average 3.8x 7.78 559 SAO 648 Spread vatilpher Qualify Gas 2.34 240 2.28 228 Saw Ofurrobrawst Norategrfreweift Deutsche Bank Securities Inc. ca. 47 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086606 SDNY_GM_00232790 EFTA01385322

492 290 CEP 5.25%'23 Wanton 8 %Fusin 3.3x 101.0 5.03 280 525 303 OAS 6.875%73 1Aileton 3.8x 102.3 591 383 5.89 393 SIM 850%'23 Eagle Ford 8 Fbrrrian 4.6x 102.3 5.53 344 5.40 343 1ALL 6.25% '23 Weston 4.1x 100.8 6.07 386 6.15 396 1APX 5.25%'24 Fbrrrian 8 Waelcer 4.0x

ion target has been maintained (FY 17E production target is down a modest 3%). That leaves us with just three names where there has been a genuine Deutsche Bank Securities Inc. Page 57 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0086616 CONFIDENTIAL SDNY_GM_00232800 EFTA01385332

panded their footprint in their core basins - not just established Permian players, but also companies in second tier basins like Bakken (Oasis) or Eagle Ford (Sanchez). During this period, corporate strategies revolved around fundamental sector views (long term oil prices, preferred basins) and financial